Australian Broker Call

Bell Potter rates A4N as Speculative Buy (1) -

Alpha HPA has updated on its marketing, with offtake letters of intent exceeding 12,000tpa along with further maturity in commercial supply agreements from stage 1 production.

Bell Potter assesses the company is in a strong position to meet the conditions needed to draw on its $400m in debt funding from Export Finance Australia and the Northern Australia Infrastructure Facility.

Demand modelling, particularly from the AI data centre-driven semiconductor sector, provides further confidence in respect of debt conditions and future expansion.

No change to Speculative Buy rating and $1.50 target price.

Target price is $1.50 Current Price is $0.86 Difference: $0.645
If A4N meets the Bell Potter target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates A4N as Downgrade to Accumulate from Speculative Buy (2) -

Following a 15% rise in the share price since initiation of research coverage, Ord Minnett downgrades its rating for Alpha HPA to Accumulate from Speculative Buy and retains a 90c target.

Yesterday, management reported a sharp increase in letters of intent (LOIs) for its proposed Gladstone Stage 2 plant, with commitments rising to 12,350tpa from 6,900tpa at March-end.

The increase was driven by four new LOIs, the analysts explain, including a significant 5,000tpa commitment for high-purity aluminium products destined for lithium-ion battery applications.

Ord Minnett believes this milestone should satisfy conditions attached to a combined $400m loan package from Northern Australia Infrastructure Facility (NAIF) and Export Finance Australia, materially reducing funding risk for the project.

The broker also notes Alpha HPA now sees potential demand growth of 40,000tpa by 2030, well above the planned 10,000tpa Gladstone capacity.

Target price is $0.90 Current Price is $0.86 Difference: $0.045
If A4N meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 35.3% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett assesses the value implications of Brazilian Rare Earths' planned spin-out of the Amargosa project into Alurion.

While the transaction is focused on bauxite assets, Alurion will also inherit the giant Pele rare earth discovery, providing long-term exploration upside, the analysts suggest.

The broker assigns a heavily risked valuation of $1.60 per share to Alurion and values Brazilian Rare Earths at $5.40 per share on an ex-Alurion basis. The latter reflects the company's  focus on the Monte Alto and Sulista rare earth projects.

Ord Minnett retains a Speculative Buy rating and $6.95 target.

Target price is $6.95 Current Price is $5.24 Difference: $1.71
If BRE meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

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 CHC as Buy (1) -

Charter Hall has acquired Sonic Healthcare's ((SHL)) Brisbane laboratory through a $445m sale-and-leaseback transaction, with the asset to be held by Charter Hall-managed vehicles.

Citi highlights the deal includes a 20-year lease with a further 30 years of options and annual CPI-linked rent reviews capped at 3.5%.

The broker views the transaction as supportive of funds under management (FUM) growth and expects further deployment of recently raised equity during FY27.

Citi also anticipates additional sale-and-leaseback opportunities as institutional demand for long-duration inflation-protected assets remains strong.

The analysts retain a Buy rating and raise the target to $26.50 from $23.00.

Target price is $26.50 Current Price is $23.63 Difference: $2.87
If CHC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.28, suggesting upside of 4.1% (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 CKF as Neutral (3) -

Citi remains cautious on Collins Foods ahead of its FY26 result on June 30, citing a softer consumer backdrop and ongoing inflationary pressures on food and labour costs. A Neutral rating and $10.45 target are retained

The broker sees both opportunities and risks in KFC's newly unveiled global brand relaunch. This change-up includes refreshed restaurant formats, menu innovation and updated branding aimed at improving relevance with younger consumers.

Initiatives such as new beverage offerings, expanded sauce ranges and greater emphasis on snacking are expected to support same-store sales growth over time.

The scale of the refresh may also reflect growing competitive pressures, Citi cautions, particularly as newer chicken-focused chains gain traction in Australia.

Target price is $10.45 Current Price is $8.51 Difference: $1.94
If CKF meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.91, suggesting upside of 25.4% (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

UBS rates DMP as Buy (1) -

UBS has lowered its Domino's Pizza Enterprises store network forecasts for 2H26 and beyond, with a reduction of -2 stores in A&NZ, -13 in Asia, and -25 in Europe over 2H26, according to the broker's regular tracking.

The analyst notes the reductions do not align with the "systemic" lowering announced in February this year, but do reflect the ongoing assessment of the network and a focus on profitable franchisees.

The broker now forecasts more subdued store closures and highlights the company is in a transition phase, with cost savings of some $100m targeted.

EPS forecasts are trimmed and the target price lowered to $22 from $24, with no change to the Buy rating.

Target price is $22.00 Current Price is $15.88 Difference: $6.12
If DMP meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $18.47, suggesting upside of 12.9% (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

Bell Potter rates DXC as Buy (1) -

Bell Potter assesses the impact of the share buyback on Dexus Convenience Retail REIT, calculating it is generating a 1.6% positive spread per dollar employed.

The buyback appears more attractive than developments at this stage and the broker estimates 0.4% FFO/share accretion in FY27 on completion.

Buyback completion, Glass House stage 2 and fund-through developments are forecast to lift gearing to 36.6% in FY28, approaching  the top of the 25-40% policy range. Further divestment of regional assets is anticipated.

Buy rating maintained. Target is reduced to $3.15 from $3.25. The broker transfers coverage to Michael Armstrong.

Target price is $3.15 Current Price is $2.67 Difference: $0.48
If DXC meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates EOS as Speculative Buy (1) -

Management at Electro Optic Systems has reported continued strong enquiry levels across its remote weapon systems, high-energy laser weapons, space and Marss Group NiDAR products.

Unfortunately, the company also cautioned that revenue recognition from recent Marss orders remains uncertain due to ongoing global military supply chain constraints.

Guidance is for FY26 revenue of $240m-$270m excluding Marss. In response, Ord Minnett has adopted a more conservative delivery profile, reducing FY26-FY28 revenue forecasts by -9%, -13% and -15%, respectively.

The broker lowers its target to $11.00 from $11.15 and retains a Speculative Buy rating, citing a $726m order book and favourable defence spending trends.

Target price is $11.00 Current Price is $8.74 Difference: $2.26
If EOS meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

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 GMG as Buy (1) -

Citi remains constructive on Australian industrial property, noting demand continues to outpace supply and national rents rose 1.4% year-on-year in the March quarter. It's also noted vacancy rates have stabilised at around 5%-6%, among the lowest globally.

Goodman Group remains the broker's highest-conviction pick, supported by a 6.4GW power bank and $14.5bn development pipeline, of which 73% relates to data centres.

Citi views lease execution across key markets including Tokyo, Paris, Los Angeles and Australia as the primary near-term catalyst.

GPT Group is Citi's preferred value opportunity, while Stockland is favoured among large-cap residential developers.

Unchanged Buy rating and $40 target for Goodman Group.

Target price is $40.00 Current Price is $32.26 Difference: $7.74
If GMG meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $34.68, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates GOZ as Buy (1) -

Growthpoint Properties Australia has delivered a "stable" update that reaffirms FY26 guidance of FFO of 23-23.6c per security, Citi highlights in a first take. The distribution of 18.4c is unchanged.

Office occupancy has improved to 95% and the company appears on track for a record year in office leasing. The broker observes the stock is trading at a -24.8% discount to reported NTA that reflects ongoing investor caution about office-exposed A-REITs.

Citi expects the supply/demand balance will gradually improve over the medium term, a key re-rating catalyst. Buy rating and $2.60 target.

Target price is $2.60 Current Price is $2.33 Difference: $0.27
If GOZ meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting downside of -0.8% (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

Citi rates GPT as Buy (1) -

Citi remains constructive on Australian industrial property, noting demand continues to outpace supply and national rents rose 1.4% year-on-year in the March quarter. It's also noted vacancy rates have stabilised at around 5%-6%, among the lowest globally.

Goodman Group remains the broker's highest-conviction pick, supported by a 6.4GW power bank and $14.5bn development pipeline, of which 73% relates to data centres.

GPT Group is Citi's preferred value opportunity, while Stockland is favoured among large-cap residential developers.

Unchanged Buy rating and $6.00 target for GPT Group.

Target price is $6.00 Current Price is $5.10 Difference: $0.9
If GPT meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates GYG as Buy (1) -

The UBS June Australian Retail & Consumer Store Network Tracker observes the progress of store roll-outs. The analyst notes Guzman y Gomez's store network stood at 251 as at June 16, a rise of nine restaurants since 3Q26, up 14% since 1H26 and 27% since FFY25.

Management's FY26 opening guidance is 32 stores, following 31 openings in FY25. At the 1H26 result, the company indicated 18 were planned for 2H26, with five opened in 3Q26 and 13 required in 4Q26 to meet guidance, the broker explains.

The stock remains Buy rated with a $24 target.

Target price is $24.00 Current Price is $19.31 Difference: $4.69
If GYG meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $25.54, suggesting upside of 34.7% (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 KAR as Downgrade to Underperform from Neutral (5) -

Karoon Energy has downgraded 2026 production guidance to 7.2-8.2mmboe amid continued problems at Who Dat. Guidance has been cut because production that was curtailed from the E-manifold will not be coming online in 2026 as previously thought.

Production is 3000 boe/d (NRI) which the broker expects could recover to 7-8000 boe/d by the second half of 2027 as the A1 sidetrack well comes online shortly and the G1 sidetrack comes online in the second half of this year.

Macquarie notes the shares are already down -25% from the war peak, but further downside is expected as the Strait of Hormuz re-opens and tanker traffic increases. Rating is downgraded to Underperform from Neutral and the target lowered to $1.50 from $2.00.

Target price is $1.50 Current Price is $1.65 Difference: minus $0.145 (current price is over target).
If KAR meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.98, suggesting upside of 37.2% (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

Morgans rates KAR as Upgrade to Hold from Trim (3) -

Morgans observes Karoon Energy is in a difficult position amid multiple operating issues while enjoying a "bump" in earnings as a result of the Middle East war.

The Who Dat operations have continued to be problematic, with the operator now warning the failed riser is a more protracted problem than previously thought and limited production is not expected to be restored until at least the second half of FY27.

The 2026 budget is now under review with the company considering how to optimise expenditure. The stock is down -20% over two sessions, the broker points out, and now trading close to the revised target price.

As a result the rating is raised back to Hold from Trim and the target lowered to $1.67 from $1.90.

Target price is $1.67 Current Price is $1.65 Difference: $0.025
If KAR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 37.2% (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

Ord Minnett rates KAR as Buy (1) -

Karoon Energy announced a downgrade to its 2026 group production guidance of -11% to 7.2mbbls-8.2mbbls due to operational issues, which have resulted in a significant reduction in output from the Who Dat JV.

Ord Minnett notes the share price fell -12% following the update and has downgraded its EPS forecasts by -2.9% for 2026 and -12.3% for 2027.

The target price slips to $2.30 from $2.40, with no change to the Buy rating.

Target price is $2.30 Current Price is $1.65 Difference: $0.655
If KAR meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 37.2% (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: 0.2

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

UBS rates LOV as Buy (1) -

The UBS June Australian Retail & Consumer Store Network Tracker observes the progress of store roll-outs.

The analyst notes Lovisa Holdings' store network stood at 1,140 as at June 16, a rise of 45 stores since 1H26, driven by the rollout of new stores in Europe and the Americas.

A&NZ is unchanged at 219 since 1H26, Asia is up one store to 71, Africa & the Middle East is up two stores to 110, Europe is up 30 stores to 404, and the Americas are up 16 stores to 299.

Lovisa's total sales growth has largely been generated by net new store growth over the last 10 years, and the broker anticipates this trend will continue.

Buy rated with a $26 target.

Target price is $26.00 Current Price is $22.78 Difference: $3.22
If LOV meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $29.74, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates MEI as Outperform (1) -

Meteoric Resources has reported a strong performance from its pilot plant at Caldeira, delivering more than 200kg of MREC since late 2025, highlighting throughput above nameplate and May MREO recovery at 80% and TREO at 74%.

Additional upside may come from earlier mining of higher-grade zones. Macquarie assesses the stock is lagging peers in product marketing and downstream engagement and asserts pilot plant operations will support renewed offtake discussions and present a near-term catalyst.

Outperform rating maintained as the broker continues to envisage value in the stock with the target unchanged at $0.45.

Target price is $0.45 Current Price is $0.18 Difference: $0.275
If MEI meets the Macquarie target it will return approximately 157% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 86.3% (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

Morgans rates NGI as Buy (1) -

Morgans updates forecasts for Navigator Global Investments following completion of the entitlement offer and the lifting of research restrictions after the acquisition of a portfolio of alternative asset manager interests.

These include 17 alternative asset managers from Stable Asset Management alongside a new strategic partnership.

Morgans considers the transaction strategically attractive with projected double-digit EPS accretion in year one. EBITDA guidance for FY26 has been updated to US$100m-104m, below the broker's prior forecasts.

FY27 and FY28 estimates for EPS are lifted by 9% and 13%, respectively, to incorporate the earnings accretion from the transaction.

Buy rating. Target rises to $3.42 from $2.97.

Target price is $3.42 Current Price is $2.41 Difference: $1.01
If NGI meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 44.8% (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: 1.0

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

UBS rates OCA as Buy (1) -

UBS explains that over the last three months, retirement village operators have indicated a relatively calm backdrop, with some signs of improving demand and operations, against a backdrop of subdued New Zealand housing activity.

Management across the operators remains focused on strengthening balance sheets through lower inventory levels and higher cash flow generation, the analyst explains.

Oceania Healthcare is Buy rated with a NZ$1.00 target price.

Current Price is $0.59. Target price not assessed.

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

Market Sentiment: 1.0

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

Citi rates RGN as Buy (1) -

Region Group's June 2026 property valuation update reinforced Citi's positive view, with portfolio value rising by $94.8m to $4.6bn and net tangible assets (NTA) increasing by 3 cents per security.

At a share price of $2.43, the stock trades at an approximate -8.1% discount to NTA, the analysts highlight.

The broker views Region as a defensive convenience retail exposure, supported by supermarket-anchored centres and non-discretionary spending.

Revenue growth is expected to outpace costs over the next two years due to improved cost management and fixed-cost lease structures.

Buy rating. Target $2.60.

Target price is $2.60 Current Price is $2.43 Difference: $0.17
If RGN meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 0.7% (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 RIO as Neutral (3) -

UBS highlights that current iron ore prices sit around 5%, or roughly 85Mt, inside the global cost curve, which should provide a degree of support against any significant further downside.

Should iron ore prices trend lower, UBS expects lower-cost, higher-margin producers such as Rio Tinto and BHP Group ((BHP)) to prove more resilient than more operationally leveraged peers including Fortescue ((FMG)) and Mineral Resources ((MIN)).

The Neutral rating and $183 target are maintained for Rio Tinto.

Target price is $183.00 Current Price is $188.72 Difference: minus $5.72 (current price is over target).
If RIO meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $178.25, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.1

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

UBS rates RYM as Buy (1) -

UBS explains that over the last three months, retirement village operators have indicated a relatively calm backdrop, with some signs of improving demand and operations, against a backdrop of subdued New Zealand housing activity.

Management across the operators remains focused on strengthening balance sheets through lower inventory levels and higher cash flow generation, the analyst explains.

A Buy rating is maintained on Ryman Healthcare, which remains the broker's most preferred exposure in the sector, with a NZ$3.50 target price.

Ryman Healthcare has achieved a positive turnaround through cost-outs, and the analyst sees upside from potential New Zealand healthcare reforms, as well as lower exposure to construction costs and cost inflation.

Current Price is $1.86. Target price not assessed.

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

Market Sentiment: 1.0

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

Citi rates SCG as Buy (1) -

A tour of Scentre Group's Warringah Mall at Brookvale on Sydney's Northern Beaches reinforced Citi's positive view.

Specialty sales are tracking at around 5% growth, visitation is holding at approximately 11m annually and retailer demand is exceeding available space, the analyst explains.

The broker believes the centre's affluent and diverse catchment provides resilience despite broader consumer spending pressures.

Citi also highlights the longer-term potential of a proposed 1,500-apartment, nine-tower residential development on surplus land.

The project is expected to be structured on a capital-light basis and the report concludes it could provide meaningful NTA uplift over time.

Buy rating. Target $4.40.

Target price is $4.40 Current Price is $3.86 Difference: $0.54
If SCG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 3.1% (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

UBS rates SEK as Buy (1) -

UBS highlights one of the greatest concerns and overhangs for the online classifieds sector is the potential for consumers to alter their search behaviour and move to LLMs rather than direct portals, and for LLMs to start charging online platforms for referral traffic.

The broker's global classifieds coverage estimates around 70% of traffic comes directly to websites and apps, which is viewed as less likely to be disrupted by the development of AI driven traffic sources.

The most recent web traffic data from Similarweb indicated a slow but overall rise in the proportion of web traffic referrals coming from GenAI across the broker's global coverage over the last 18 months. Overall, it remains a small share of web traffic, the analyst states.

The share of web traffic from GenAI is 0.73% for Seek, the second highest after Recruit at 0.99%. Zillow stands at 0.33%, UBS points out.

Seek is Buy rated with an $18.20 target price.

Target price is $18.20 Current Price is $13.71 Difference: $4.49
If SEK meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting upside of 50.0% (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 Neutral (3) -

Citi remains constructive on Australian industrial property, noting demand continues to outpace supply and national rents rose 1.4% year-on-year in the March quarter. It's also noted vacancy rates have stabilised at around 5%-6%, among the lowest globally.

Goodman Group remains the broker's highest-conviction pick, supported by a 6.4GW power bank and $14.5bn development pipeline, of which 73% relates to data centres.

GPT Group is Citi's preferred value opportunity, while Stockland is favoured among large-cap residential developers.

Unchanged Neutral rating and $4.30 target for Stockland.

Target price is $4.30 Current Price is $4.26 Difference: $0.04
If SGP meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 10.6% (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 SNZ as Buy (1) -

UBS explains that over the last three months, retirement village operators have indicated a relatively calm backdrop, with some signs of improving demand and operations, against a backdrop of subdued New Zealand housing activity.

Management across the operators remains focused on strengthening balance sheets through lower inventory levels and higher cash flow generation, the analyst explains.

A Buy rating is maintained on Summerset Group, with the target retained at NZ$14.00. Ryman Healthcare ((RYM)) remains the broker's most preferred exposure.

Current Price is $7.23. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates TCL as Downgrade to Sell from Hold (5) -

Transurban Group has updated on traffic across its portfolio and announced the exit from the Montreal market by divestment, incorporating an equity value loss.

Morgans observes recent strength in the share price is not reflecting the weaker traffic growth and higher interest rate environment that typically challenges valuation.

The broker recommends taking profits in overweight positions on the back of the strength in the share price and downgrades to Sell from Hold.

Traffic across the portfolio was effectively flat in May. Melbourne's Citylink remains the largest earnings contributor and traffic growth was disappointing, up 1.7%. Sydney traffic was flat in May and Brisbane traffic fell -3.2%.

Greater Washington remains the stand-out growth region with traffic up 2.4% in May. Target is reduced to $12.50 from $13.19.

Target price is $12.50 Current Price is $15.07 Difference: minus $2.57 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.26, suggesting downside of -3.8% (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

Ord Minnett rates TCL as Hold (2) -

Ord Minnett notes Transurban Group has sold its 50% stake in the Montreal A25 toll road for CA$280m to La Caisse.

The funds generated by the sale, which management noted were broadly in line with book value, will be reinvested in the US 95, 395 and 495 express lane roads in the greater Washington area, the analyst highlights.

The recycling of capital into US assets is viewed positively and considered a wise strategy.

In Australia, traffic numbers were faltering in May, with Sydney traffic growth benefiting from the M7 completion. This is expected to underpin double digit traffic growth annually over the next three years.

Offsetting this, Brisbane recorded lower traffic numbers over the period due to wet weather. The target price is lifted to $14.40 from $13.90, with a Hold rating retained.

Target price is $14.40 Current Price is $15.07 Difference: minus $0.67 (current price is over target).
If TCL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.26, suggesting downside of -3.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates TLS as Initiation of coverage with Neutral (3) -

Citi initiates research coverage on Telstra Group with a $5.50 target and Neutral rating, believing much of the upside is reflected in the share price. The medium-term outlook is considered favourable.

The mobile business remains the key earnings growth driver, with the broker expecting structurally improved industry conditions to support a roughly $1bn increase in mobile EBITDA between FY26 and FY30.

Margin expansion is also expected via AI-driven cost reductions and a continued focus on core connectivity services.

Citi believes these initiatives, combined with ongoing mobile growth and a reduced contribution from non-core businesses such as Network Applications and Services, will generate around $13bn in cash earnings over FY26-FY30.

This is expected to underpin dividend growth and support further share buybacks.

Target price is $5.50 Current Price is $5.12 Difference: $0.38
If TLS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.37, suggesting upside of 5.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates TWE as Buy (1) -

Citi sees a potential upside catalyst for Treasury Wine Estates from President Trump's threat to impose a 100% tariff on French wine imports if France does not remove its digital tax on technology companies.

It's thought higher tariffs could prompt consumers to switch to alternative wines, benefiting Treasury's largely US-produced portfolio. Any gain may be partly offset if French producers redirect exports to other markets, increasing competition, notes the analyst.

Commentary highlights French wine accounts for around 5% of US consumption volumes and a larger share of value due to its premium positioning.

Citi retains a Buy rating and $5.50 target and remains constructive on management's medium-term strategy.

Target price is $5.50 Current Price is $4.85 Difference: $0.65
If TWE meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates UNI as Buy (1) -

The UBS June Australian Retail & Consumer Store Network Tracker observes the progress of store roll-outs.

The analyst notes Universal Store's network stood at 122 as at June 12, a rise of four stores since 1H26 and up 11 since FY25.

The retailer's total sales growth is expected to be underpinned by a combination of like for like sales growth, as well as net new stores, the broker highlights.

Buy rated with a $9 target.

Target price is $9.00 Current Price is $7.05 Difference: $1.95
If UNI meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $9.71, suggesting upside of 29.9% (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

Macquarie rates WC8 as Initiation of coverage with Outperform (1) -

Wildcat Resources is advancing the Tabba Tabba lithium project in Western Australia, a large hard-rock development in a tier-1 mining jurisdiction.

Macquarie believes the stock screens attractively on an EV/MRE basis relative to more established peers, particularly in terms of the size of its resource base and advanced project status.

Further de-risking is considered likely through a definitive feasibility study, resource updates and funding milestones. The broker initiates coverage with an Outperform rating and $0.90 target.

Target price is $0.90 Current Price is $0.48 Difference: $0.425
If WC8 meets the Macquarie target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $0.85, suggesting upside of 51.8% (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