Australian Broker Call

Citi rates AAI as Buy (1) -

Citi views Alcoa's acquisition of South32 Group's ((S32)) bauxite, alumina and aluminium assets, excluding Mozal, as strategically consistent with management's previously stated growth plans, given the operational overlap in Australia and Brazil.

The broker notes the transaction is predominantly cash funded and will largely be driven by future alumina and aluminium prices.

While Alcoa shares may face near-term pressure from the equity component of the deal, Citi expects the acquisition to be earnings accretive through calendar 2025, 2026 and 2027, and supports the company's longer-term growth strategy.

Buy rated. Target US$76.

Current Price is $71.80. Target price not assessed.

Current consensus price target is $97.50, suggesting upside of 39.2% (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: 1.0

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

Ord Minnett rates AAI as Buy (1) -

Alcoa will purchase the alumina/aluminium assets of South32 for US$4.1bn, comprising US$3.1bn in cash and US$1bn in Alcoa scrip. There will be a further payout of US$750m dependent on alumina and aluminium prices out to 2030.

Ord Minnett considers the transaction strategically sound for both companies. For Alcoa it provides a major boost to its alumina and aluminium output at a much lower price than it would otherwise cost to construct new smelters and refineries.

The broker concedes there are concerns for Alcoa shareholders, such as a delay in any capital return and greater exposure to alumina in a weak part of the cycle, as well as complications from the expansion of its geographic footprint.

Buy rating and $100 target maintained.

Target price is $100.00 Current Price is $71.80 Difference: $28.2
If AAI meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $97.50, suggesting upside of 39.2% (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: 1.0

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

Bell Potter rates AGE as Speculative Buy (1) -

Bell Potter highlights the maiden 12Mlb U308 mineral resource estimate at the Plumbush deposit has lifted the total Samphire resource to 30Mlbs, with further drilling planned through 2026 to expand the resource base.

An updated mineral resource estimate is expected in early 2027, followed by a bankable feasibility study in mid-2027, the analyst explains.

Recent field recovery trial results have exceeded expectations, achieving around 70% uranium recovery and confirming favourable permeability, further de-risking the in-situ recovery project.

Bell Potter retains its Speculative Buy recommendation on Alligator Energy, noting the company received $5.5m in cash on the completion of the sale of the Alligator Rivers tenement to DevEx Resources ((DEV)).

Target rises to 8c per share from 7c, previously. 

Target price is $0.08 Current Price is $0.05 Difference: $0.027
If AGE meets the Bell Potter target it will return approximately 51% (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 AGL as Buy (1) -

Citi expects data centre electricity demand to triple by FY30, growing at around a 25% CAGR and increasing its share of National Electricity Market demand to around 5% from 2%.

The broker believes this structural increase in electricity consumption, combined with coal retirements and slower replacement capacity, will tighten supply-demand dynamics and drive higher wholesale power prices over the medium term.

Citi believes electricity markets are underestimating the risks of a more volatile energy transition, with delays to renewable generation, transmission and storage likely to extend the role of thermal generation and increase the value of dispatchable assets, battery storage and gas peakers.

APA Group ((APA)) is viewed as a beneficiary through behind-the-meter power solutions and gas infrastructure demand.

FY26 and FY27 earnings forecasts for AGL Energy are cut by -4% and -13%, respectively, with the target price lowered to $11.00 from $11.50. Buy rating retained.

Target price is $11.00 Current Price is $8.39 Difference: $2.61
If AGL meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $10.35, suggesting upside of 24.9% (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

Citi rates ALL as Buy (1) -

Upon further consideration from the initial take on the investor day, the analyst believes it was largely in line with consensus expectations.

There are no changes to earnings forecasts with a Buy rating retained and a $61 target. Citi believes the market is becoming more confident again with visibility of earnings momentum and a lower AUD.

***

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

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

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

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

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

Buy rated. Target $61.

Target price is $61.00 Current Price is $59.98 Difference: $1.02
If ALL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $64.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ALL as Outperform (1) -

Macquarie takes stock of the investor briefing from Aristocrat Leisure noting the ongoing land-based gambling and interactive market share opportunities.

The briefing highlighted the company's dominant cross-channel position and enterprise approach to game development. Slot manufacturers are AI beneficiaries, the broker adds, and in time this will support operating leverage.

Macquarie suggests the business is under-earning when considering product performance, which supports market share opportunities.

The report concludes Interactive remains the main debate and with improved investor sentiment ultimately a re-rating catalyst.

Outperform rating. Target rises to $65 from $60.

Target price is $65.00 Current Price is $59.98 Difference: $5.02
If ALL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $64.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates ALL as Buy (1) -

After the briefing from Aristocrat Leisure, UBS suggests there may be some "relief" that it is holding onto its US$1bn FY29 Interactive revenue target.

Confidence in growing Interactive revenue may be partially countered by margins, the broker adds, with management hesitant to promise material margin expansion.

Key guidance has been reiterated otherwise. The company's content franchises continue to dominate.

UBS also assesses AI is more an opportunity than threat for incumbent slot suppliers. Buy rating and $69.40 target maintained.

Target price is $69.40 Current Price is $59.98 Difference: $9.42
If ALL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $64.61, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates BIO as Buy (1) -

Biome Australia announced its FY26 trading update with sales expected to be around $23.9m, a rise of 30% y/y but below Bell Potter's forecast of around $25.6m.

Contrary to historical skew, 2H sales growth will be lower than 1H sales growth with both international and domestic coming in under expectations.

Management pointed to a challenging environment with pharmacy wholesaling not managing to meet retail demand. Biome Australia has been lowering inventory levels.

The analyst questions whether cost inflation is weighing on wholesalers.

Biome reiterated its Vision 27 sales guidance of three-year cumulative sales of around $75m-plus. The broker has downgraded its FY27 sales forecast to align with guidance, which results in earnings forecasts being lower also for FY27/FY28.

Target price slips to 75c from $1.00 with no change in Buy rating.

Target price is $0.75 Current Price is $0.31 Difference: $0.44
If BIO meets the Bell Potter target it will return approximately 142% (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

Bell Potter rates CAR as Buy (1) -

Ahead of the August earnings report, Bell Potter lowers earnings forecasts for CAR Group with the current and medium-term macro environment taken into consideration.

The analyst highlights North American RV shipment have fallen -9.4% FY26 to date which is a proxy for second hand RV inventory turnover.

In terms of spot check of RV dealers on the Trade Interactive platform, there has been around a -6% decline in inventory turnover versus the start of FY26.

The CommercialTrader, US unit truck sales turnover has plateaued FY26 year to date. The broker expects high single digit revenue growth in Australia.

Management has retained FY26 guidance since FY25 result. Bell Potter lowers the target price to $34.60 from $39.80 and retains a Buy rating.

Target price is $34.60 Current Price is $25.60 Difference: $9
If CAR meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $33.16, suggesting upside of 28.5% (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

Bell Potter rates CAT as Buy (1) -

Bell Potter believes Catapult Sports' recent share price underperformance, a -5% decline in the June quarter, is difficult to justify given its global market leadership, high recurring revenue, positive free cash flow, proprietary data and strong balance sheet.

The broker suggests the valuation gap may reflect investor preference for larger-cap technology stocks, with scope for quality mid-cap names to benefit if the sector rally broadens.

There are no changes to earnings forecasts with the analyst continuing to expect strong FY27 growth in annual contract value, revenue and EBITDA.

Bell Potter retains its Buy rating and $4.65 target, arguing the current valuation remains attractive despite limited near-term catalysts ahead of the November result.

Target price is $4.65 Current Price is $3.14 Difference: $1.51
If CAT meets the Bell Potter target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 71.1% (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: 1.0

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

Bell Potter rates CGS as Buy (1) -

Ahead of Cogstate's 4Q26 update, Bell Potter notes contract sales around $20m would be well received by the market given new contract sales can be lumpy.

The analyst expects starting revenue backlog to rise by around $4m from the 3Q update; while the company may not report unaudited FY26 revenue, the broker forecasts $59.3m, which includes $3.2m for 4Q.

Overall, there are no changes to earnings forecasts and a Buy rating with $3.20 target is retained. The quarterly update is due on 8 July.

Target price is $3.20 Current Price is $2.69 Difference: $0.51
If CGS meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

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

Morgans rates CKF as Buy (1) -

Morgans considers the FY26 result from Collins Foods robust in light of the tough conditions. Australia is the current driver of earnings with KFC Australia in the first half to date flagging same-store sales growth of 4%.

The broker believes the stock remains undervalued given its growth profile. A strong balance sheet means it is well-placed to fund its German expansion, accelerate the roll-out of Kwench and pursue further bolt-on acquisitions in Germany.

The broker also likes the stock for its strong leverage to improvements in the domestic consumer environment. Buy rating retained. Target is reduced to $10.60 from $12.50.

Target price is $10.60 Current Price is $7.98 Difference: $2.62
If CKF meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

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

UBS suggests, strategically, Collins Foods is doing the right thing as it expands into new segments and new products as well as geographically.

The operating environment in FY27 will present challenges, the broker adds, as while like-for-like sales in Australia have started strongly, comparables will become more difficult.

Like-for-like sales in Europe are down 7.6% and UBS finds it hard to determine how much is driven by circumstances outside the company's control such as the current heatwave and the Middle East war.

In light of the increased uncertainty, the broker downgrades to Neutral from Buy until becoming more comfortable around these issues. Target is reduced to $8.90 from $13.50.

Target price is $8.90 Current Price is $7.98 Difference: $0.92
If CKF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Ord Minnett rates COH as Hold (3) -

Ord Minnett has reviewed the outlook for the healthcare sector post the end of the June quarter to adjust for some currency changes which has resulted in some EPS forecast changes.

A Hold rating is retained on Cochlear with a target of $133 down from $135.70. EPS forecasts are tweaked lower for FY27 and FY28.

The outlook for the stock remains uncertain due to weaker growth prospects over the medium-to-longer term, the analyst states.

Target price is $133.00 Current Price is $118.45 Difference: $14.55
If COH meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $113.20, suggesting downside of -5.9% (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 COL as Buy (1) -

Coles Group has confirmed it is in talks with private equity group TPG to acquire Greencross subject to price and terms.

Citi has concerns over the deal were it to go ahead with a cautious attitude on any private equity deal, and in this instance particularly for a business that has been for sale for an extended period of time.

An equity capital raising is unlikely to be well received by investors, the analyst believes, adding the transaction could be debt funded were it to proceed.

The broker also views the pets category as a crowded market with Bunnings ((WES)) having achieved major share gains.

Citi reckons Coles management may "wish" to assess the market's reaction to the proposal which sent the stock down over -7% during the trading day.

Equally, the broker counters Coles should compete with Greencross' Petbarn and focus on the supermarket business.

Buy rated. Target $23.

Target price is $23.00 Current Price is $23.35 Difference: minus $0.35 (current price is over target).
If COL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.86, suggesting upside of 3.3% (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 COL as Accumulate (2) -

Coles Group has confirmed it is in talks to buy Greencross Pet Wellness, owner of veterinary clinics and the Petbarn chain.

A potential price was not quantified but Ord Minnett notes media reports suggest around $4bn, which is around the same level as a mooted IPO of the Greencross business earlier in 2026.

No changes to estimates are made at this stage given the lack of detail.

The broker notes the supply chain is top-tier and the company's Witron distribution centre and Ocado customer fulfilment have capacity to absorb the whole Greencross supply chain, bar live pets.

The pet category is also seen as offering an attractive growth option. Accumulate rating and $23 target.

Target price is $23.00 Current Price is $23.35 Difference: minus $0.35 (current price is over target).
If COL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.86, suggesting upside of 3.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates CSL as Neutral (3) -

Citi notes Akebia announced the early stoppage of the VOICE trial after Vafseo demonstrated superiority to EPO (erythropoietin) in reducing the combined risk of hospitalisation and mortality in dialysis patients with chronic kidney disease-related anaemia.

The outcome is positive for CSL, whose joint venture with Fresenius Medical Care distributes both Vafseo and Mircera to dialysis clinics.

While Mircera generates significantly higher sales, Vafseo carries stronger margins, with the analyst noting the transition could be earnings supportive.

The broker cautions the benefit is likely to be temporary as Vafseo is expected to lose its favourable US reimbursement status next year, placing downward pressure on pricing.

Neutral rating and $110 target are retained.

Target price is $110.00 Current Price is $118.37 Difference: minus $8.37 (current price is over target).
If CSL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $131.01, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Ord Minnett rates CSL as Hold (3) -

Ord Minnett has reviewed the outlook for the healthcare sector post the end of the June quarter to adjust for some currency changes which have resulted in some EPS forecast changes.

CSL remains Hold rated with EPS forecast tweaked slightly lower for FY27.

Target price rises to $121.50 from $117.00. It is Ord Minnett's view that uncertainty remains over the earnings outlook.

Target price is $121.50 Current Price is $118.37 Difference: $3.13
If CSL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $131.01, suggesting upside of 11.1% (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: 0.4

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

Citi rates EDV as Buy (1) -

The Victorian government has announced that every licensed venue in the state will be allowed to stay open overnight on Friday and up to an hour after the Socceroos game versus Egypt on Saturday morning.

Citi believes the World Cup will have been a tailwind for Endeavour Group's hotels business since mid June, noting several state governments have announced extended trading hours around this elimination game.

The benefit is considered especially significant in Victoria which comprises 24% of the company's hotel network and should be even greater should Australia win and advance to the round of 16 where they would likely play Argentina.

Citi retains a Buy rating for the stock, envisaging potential for higher market share in retail from new management's price strategy. Target is $3.25.

Target price is $3.25 Current Price is $3.37 Difference: minus $0.12 (current price is over target).
If EDV meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.11, suggesting downside of -8.9% (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

Citi rates GPT as Buy (1) -

Citi reckons GPT Group is going into the August earnings results in a considerably more robust position than the prior year.

Notably, the funds management division achieved a $610m oversubscribed equity raising with good demand from both domestic and offshore investors.

With 99.8% occupancy, retail remains strong and funds from operations are forecast to grow to 38.1c by FY28 from 34c in FY25, the analyst states.

FY27 could be a bit challenging from higher interest rates on hedges for interest costs rolling over. The stock is trading around a -16% discount to NTA of $5.81.

Citi views the valuation as "undemanding" with a favourable risk/reward offering for investors.

GPT Group is Buy rated with a $6 target. 

Target price is $6.00 Current Price is $4.83 Difference: $1.17
If GPT meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates HDN as Sell (5) -

Bell Potter transfers analyst coverage to Michael Armstrong on HomeCo Daily Needs REIT and retains a Sell rating with a lower target price of $1.25 from $1.30.

The analyst expects the REIT to reduce annual development spending to around $50m in FY27 from around $100m, with projects funded through valuation gains rather than asset sales.

While this approach preserves income and keeps gearing within target, the broker estimates it delivers only around 0.3% earnings accretion and believes capital recycling would provide stronger returns.

Leasing spreads of around 6% are forecast over the next three years, supported by constrained retail supply and exposure to neighbourhood and large-format retail centres.

FY26–FY28 funds from operations forecasts are lowered by up to -2.2%.

Target price is $1.25 Current Price is $1.27 Difference: minus $0.02 (current price is over target).
If HDN meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.29, suggesting upside of 2.1% (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 HLS as Downgrade to Sell from Hold (5) -

Ord Minnett has reviewed the outlook for the healthcare sector post the end of the June quarter to adjust for some currency changes which has resulted in some EPS forecast changes.

The broker downgrades Healius to Sell from Hold with a lower target price of 56c from 64c. No change to earnings forecasts.

The downgrade is based on valuation. The company is also expected to experience rising costs and especially wages which remain a potential headwind for earnings.

Target price is $0.56 Current Price is $0.37 Difference: $0.19
If HLS meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 19.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates HUB as Buy (1) -

Citi lowers its 4Q26 net flow forecasts for Hub24, which is due to report its quarterly update on July 21, and Netwealth Group ((NWL)) on July 16.

The expected lower net flows are due to the recent tax changes, a more challenging macro backdrop and market volatility from the Middle East war. The analyst also expects regulatory and compliance costs to continue to lift due to rising trustee scrutiny.

Hub24's hiring activity has risen while Netwealth's remains high but has slowed.

The analyst forecasts Hub24's FUA to grow 23% y/y to $138.2bn, which is 1% above consensus with market movement of $6.2bn.

The stock remains Buy rated with a lower target price of $89.10 from $103.10.

Target price is $89.10 Current Price is $76.64 Difference: $12.46
If HUB meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $101.57, suggesting upside of 33.0% (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

Ord Minnett rates HUM as Buy (1) -

Humm Group continues to encounter a challenging macro environment with the 3Q26 update coming in below Ord Minnett's expectations.

Both margins and assets under management were a miss, while group credit losses were around circa -2% and commercial segment losses have risen to -1.4%.

The analyst likes the cost-management, which is considered as "disciplined". Consumer volumes fell -11.3% and new loan origination declined by -8.6% y/y.

The stock is trading around 0.45 Price/Book and as such a Buy rating is retained on valuation grounds. Target price falls to 75c from 87c, previously.

Target price is $0.75 Current Price is $0.47 Difference: $0.28
If HUM meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ILU as No Rating (-1) -

Iluka Resources has secured additional rare earths concentrate supply with VHM for the long term supply of 100% planned production from the Goschen deposit.

Macquarie's flash response highlights ILuka intends to support Goschen’s development through a $40m secured convertible note facility, comprising an initial $10m tranche and a further $30m tranche contingent on FID, project funding milestones, and due diligence.

Macquarie is currently under research restriction, so no target or rating for Iluka Resources.

Current Price is $7.04. Target price not assessed.

Current consensus price target is $7.40, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates IPH as Neutral (3) -

Macquarie suggests modest organic earnings growth and weak US PCT activity are dragging on the outlook for IPH Ltd.

Australian filing volumes were down -3.3% in FY26, substantially lagging market activity while market share declined to 24% from 29% as a result of lower filing activity by IPH firms an increasing prevalence of self-filing in the market.

US PCT activity growth is also non-existent, down -1.8% in the June quarter. Neutral rating and $3.74 target retained.

Target price is $3.74 Current Price is $3.75 Difference: minus $0.01 (current price is over target).
If IPH meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Bell Potter rates JIN as Hold (3) -

Bell Potter points out aggregate Oz Lotto/Powerball jackpots over $15m came in at $805m in 2H26, a decline of -31.8% y/y and up 15.8% on the previous half.

FY26 is noted as a weak year for jackpots and the analyst has lowered Jumbo Interactive's earnings (EBITDA) forecasts by -3% for FY26 and -2% for FY27 due to lower total transaction value and mark-to-market for jackpots in 2H26.

Target price falls to $7.10 from $10.40 with no change to Hold rating.

Target price is $7.10 Current Price is $6.43 Difference: $0.67
If JIN meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 52.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates MM8 as Upgrade to Buy from Speculative Buy (1) -

Medallion Metals has progressed to a producer from developer, advancing the Ravensthorpe gold project as the Cosmic Boy concentrator nears commissioning.

This has confirmed that refurbishment capital expenditure is broadly in line with the definitive feasibility study. The company is now assessing the potential for processing third-party and stockpiled material.

Morgans assesses the Forrestania gold project is emerging as one of the most advanced near-term gold/copper developments on ASX. It benefits from significant existing infrastructure and enables the company to pursue a comparatively low capital pathway to production.

Modelling is updated to incorporate a maiden Lounge Lizard underground mining inventory. Rating is upgraded to Buy from Speculative Buy and the target is raised to $0.99 from $0.87. Coverage is transferred to Flynn Tyson.

Target price is $0.99 Current Price is $0.38 Difference: $0.61
If MM8 meets the Morgans target it will return approximately 161% (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

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

Monadelphous Group has been awarded $845m in new contracts and contract extensions since the 1H26 result, which Bell Potter emphasises is well above the $580m awarded in the previous corresponding period.

Contract wins include a $380m balance-of-plant construction and installation package for the Brigalow Peaking Power Plant in Queensland, a third battery energy storage system contract at Fortescue's ((FMG)) Cloudbreak mine, maintenance contract extensions for BHP Group ((BHP)), and a sustaining capital works package for Rio Tinto's ((RIO)) Paraburdoo iron ore mine.

Higher engineering construction revenue forecasts result in increases to EPS forecasts for FY27 and FY28.

The stock is downgraded to Hold from Buy. The target price falls to $32 from $37 due to a higher cost of capital applied to the valuation.

Target price is $32.00 Current Price is $31.18 Difference: $0.82
If MND meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.28, suggesting upside of 16.3% (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 MSB as Speculative Buy (1) -

Bell Potter notes the recent failure of the clinical trial by Cynata in adult GvHD, which highlights the risks involved in drug development.

Mesoblast will shortly enrol the first of 180 patients in its randomised, double-blind label expansion study for Ryoncil, also in adult GvHD.

The broker notes the risk of failure is mitigated by several factors, including tested potency assay, more aggressive dose and a second-line patient population that has progressed following steroid therapy.

The main risk is that the control outperforms beyond what has been demonstrated in the approval study for Ruxolitinib.

The main overhang for the stock, Bell Potter contends, remains clinical trial risk, with three "massive valuation events" over the next 18 months which are not priced in.

Speculative Buy rating and target of $4.45.

Target price is $4.45 Current Price is $2.04 Difference: $2.41
If MSB meets the Bell Potter target it will return approximately 118% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates NST as Outperform (1) -

Macquarie's quick response indicates Northern Star Resources' preliminary sales for 4QFY26 have beaten consensus by some 12%.

Separately, Suresh Vadnagra will assume the role of CEO/MD from 5-Oct-26. Michael Ashforth will assume the role of Chairman.

Full results will be released on 29 July 2026.

The broker posits that, while management notes KCGM remains on track for commissioning, the ramp-up schedule remains a key risk.

More positively, commentary suggests the appointment of a new CEO from 5 October 2026 is a positive, and could now accelerate a portfolio review.

Outperform. Target $25.00.

Target price is $25.00 Current Price is $18.80 Difference: $6.2
If NST meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $27.03, suggesting upside of 36.6% (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 NWL as Buy (1) -

Citi lowers its 4Q26 net flow forecasts for Hub24 ((HUB)), which is due to report its quarterly update on July 21, and Netwealth Group on July 16.

The expected lower net flows are due to the recent tax changes, a more challenging macro backdrop and market volatility from the Middle East war. The analyst also expects regulatory and compliance costs to continue to lift due to rising trustee scrutiny.

Hub24's hiring activity has risen while Netwealth's remains high but has slowed.

The analyst forecasts Netwealth's FUA to grow 20% y/y to $135bn, 2% above consensus with market movements of $6bn. Opex growth of 25% y/y is forecast with flat margins.

The stock retains a Buy rating with a lower target price of $25.35 from $27.

Target price is $25.35 Current Price is $22.15 Difference: $3.2
If NWL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $28.18, suggesting upside of 30.1% (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 OCL as Overweight (1) -

The Defence Digital Group (DDG), part of the Australian Department of Defence, has elected not to renew its USP agreement with Objective Corp.

The contract loss has effectively forced the company into a profit warning, with management now guiding towards annual recurring revenue (ARR) broadly in line with the prior year.

Morgan Stanley explains the above suggests an impact of -$12m-17m.

In addition, Objective Corp has also not reached agreement with DDG on the ongoing licence entitlements for its ECM product. The company believes licensed user count is 85k vs circa 140k actual users.

Morgan Stanley has only responded with a brief note. Overweight. Target $21.30. The suggestion is that questions will be asked to company management post the disappointing market update.

Target price is $21.30 Current Price is $6.75 Difference: $14.55
If OCL meets the Morgan Stanley target it will return approximately 216% (excluding dividends, fees and charges).

Current consensus price target is $15.63, suggesting upside of 101.5% (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 OCL as Buy (1) -

The Australian Defence department has elected not to renew its agreement for upgraded support with Objective Corp. This, in effect, will mean Defence should continue to use the ECM without direct software engineering and upgrade support capabilities.

The company expects no impact on earnings in FY26 with annual recurring revenue ending the year in line with FY25 on a constant currency basis.

Morgans retains FY26 forecasts and, despite the near-term earnings headwinds from the loss of a key customer, continues to envisage significant opportunity to scale each of the business divisions and deliver earnings growth.

Buy rating retained. Target is reduced to $11.50 from $14.60.

Target price is $11.50 Current Price is $6.75 Difference: $4.75
If OCL meets the Morgans target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $15.63, suggesting upside of 101.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates ORG as Buy (1) -

Citi expects data centre electricity demand to triple by FY30, growing at around a 25% CAGR and increasing its share of National Electricity Market demand to around 5% from 2%.

The broker believes this structural increase in electricity consumption, combined with coal retirements and slower replacement capacity, will tighten supply-demand dynamics and drive higher wholesale power prices over the medium term.

Citi believes electricity markets are underestimating the risks of a more volatile energy transition, with delays to renewable generation, transmission and storage likely to extend the role of thermal generation and increase the value of dispatchable assets, battery storage and gas peakers.

APA Group ((APA)) is viewed as a beneficiary through behind-the-meter power solutions and gas infrastructure demand.

FY26 and FY27 earnings forecasts for Origin Energy are lowered by -6% and -4%, respectively. Target price is cut to $12.25 from $13 with Buy rating retained.

Target price is $12.25 Current Price is $11.08 Difference: $1.17
If ORG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting upside of 10.6% (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

Citi rates PPT as Neutral (3) -

Perpetual's board has rejected EQT's takeover offer at $21.64 per share, pre-dividends, which is around a 28% premium to the last six months average weighted share price, Citi notes.

It remains to be seen whether EQT returns with a higher offer. The analyst points out mark-to-market offers upside earnings risk for consensus 2H26 earnings forecasts.

Neutral rated. Target $17.

Target price is $17.00 Current Price is $18.10 Difference: minus $1.1 (current price is over target).
If PPT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.43, suggesting upside of 9.8% (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

Macquarie rates PXA as Outperform (1) -

NSW settlement activity improved 3.1% in June, returning to growth compared with the prior month, Macquarie notes. Queensland activity weakened to 0.8% in May after rising 9.9% in April.

Applying a 75/25 NSW/Queensland weighting, the broker estimates national activity declined -2.9% in May, marking the first contraction since May 25.

The broker suggests formal commitment from additional tier-1 lenders is likely to incentivise others to get on board quickly with PEXA Group and drive rapid market share gains.

Outperform retained. Target is raised to $19.30 from $19.05.

Target price is $19.30 Current Price is $10.65 Difference: $8.65
If PXA meets the Macquarie target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $15.46, suggesting upside of 41.8% (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

Ord Minnett rates RHC as Hold (3) -

Ord Minnett has reviewed the outlook for the healthcare sector post the end of the June quarter to adjust for some currency changes, which has resulted in some EPS forecast changes.

A Hold rating and $40.20 target are retained for Ramsay Health Care.

Target price is $40.20 Current Price is $43.53 Difference: minus $3.33 (current price is over target).
If RHC meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.86, suggesting downside of -8.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett has reviewed the outlook for the healthcare sector post the end of the June quarter to adjust for some currency changes which has resulted in some EPS forecast changes.

ResMed remains the top pick in the sector and the analyst reiterates its Buy rating.

Over the next three years, the broker forecasts a CAGR for EPS of 12%, including 17% in FY26 before easing back to 9% growth in FY27. Net cash is forecast to reach US$1.4bn in FY27 which could support a US$800m share buyback.

Target price slips to $36.80 from $38.35, with EPS forecast tweaked lower by -2.2% for FY27 and -2.7% for FY28.

Target price is $36.80 Current Price is $28.41 Difference: $8.39
If RMD meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $40.76, suggesting upside of 39.3% (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: 0.8

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

Citi rates S32 as Buy (1) -

South32 announced the sale of almost all of its aluminium value chain to Alcoa ((AAI)) for an inferred enterprise value of up to US$5.6bn, including US$3.1bn upfront cash and around US$1bn in Alcoa shares.

Alcoa is assuming some -US$1.2bn of rehabilitation provisions.

Citi considers the price to be reasonable on spot pricing but stands below the estimated value, against a bullish assumption by the broker on aluminium.

Overhead cost savings of US$125m p.a. are expected, which could boost the company's net present value.

Citi likes the deal and sees it as simplifying South32, also suggesting that with a rise in the importance of copper to the group, re-rating of the stock could come forth.

A Buy rating is reiterated with a $6.10 target price.

Target price is $6.10 Current Price is $4.28 Difference: $1.82
If S32 meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 20.0% (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: 0.7

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

Macquarie rates S32 as Neutral (3) -

The sale of aluminium assets by South32 highlights the value in the upstream portfolio, Macquarie asserts, and is broadly value-neutral.

Acknowledging there may have been a higher valuation for the assets, the broker points out the new leaner company will have less working capital, lower gearing and lower overheads.

The residual business will be focused on upstream base metals extraction with value being driven by copper (41%) and zinc/silver/lead (50%). Manganese now comprises 7% of net asset value.

EPS estimates are increased by 3% for FY26 and 15% for FY27. Neutral retained. Target rises to $4.50 from $4.00.

Target price is $4.50 Current Price is $4.28 Difference: $0.22
If S32 meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 20.0% (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: 0.7

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

Morgan Stanley rates S32 as Overweight (1) -

The sale of the South32 aluminium portfolio to Alcoa has created a "premier base metals business", Morgan Stanley asserts, and all assets are now "well-placed" on the cost curve and offer potential for higher multiples.

The deal, post adjustments, shows a valuation discount of around -7.5% to the broker's estimates, although on accounting for cost savings post the sale it is 8% higher.

Overweight. Target is $4.85. Industry view: Attractive.

Target price is $4.85 Current Price is $4.28 Difference: $0.57
If S32 meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 20.0% (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: 0.7

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

Morgans rates S32 as Downgrade to Hold from Accumulate (3) -

South32 will sell its aluminium business to Alcoa for US$5.6bn and transfer -US$1.2bn in liabilities. Morgans has a mixed view on the sale, noting it leaves a simpler business but also a smaller and less valuable one.

The broker expects the market will judge the deal favourably, given downside potential to aluminium prices post the Middle East conflict and because of the simplification and de-risking of the company's portfolio.

The base case valuation has now been lowered but Morgans acknowledges there will be around US$3.8bn in net cash and potential to deploy this towards unlocking value in stronger markets.

Rating is downgraded to Hold from Accumulate and the target reduced to $4.50 from $5.00.

Target price is $4.50 Current Price is $4.28 Difference: $0.22
If S32 meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 20.0% (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: 0.7

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

Ord Minnett rates S32 as Buy (1) -

South32 has agreed to sell its aluminium assets to Alcoa ((AAI)) for US$4.1bn. A special dividend of at least US$500m is expected to be paid once the deal is completed, Ord Minnett points out.

The analyst believes the deal is strategically "sound" for both companies and for South32 it generates funding for growth projects in both copper and zinc.

Management is expected to concentrate on becoming a pure base metals miner. A Buy rating is retained with a $5 target.

Target price is $5.00 Current Price is $4.28 Difference: $0.72
If S32 meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 20.0% (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: 0.7

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

Ord Minnett rates SHL as Hold (3) -

Ord Minnett has reviewed the outlook for the healthcare sector post the end of the June quarter to adjust for some currency changes which has resulted in some EPS forecast changes.

A Hold rating on Sonic Healthcare is retained with a higher target of $21.50 from $21.30. EPS estimates have been tweaked slightly higher for FY26 and FY27.

The analyst sees slower volumes growth for pathology and diagnostic services, as well as rising costs, including wages, as a headwind for earnings.

Target price is $21.50 Current Price is $20.98 Difference: $0.52
If SHL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $23.61, suggesting upside of 12.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates STO as Outperform (1) -

Santos had a strong first quarter in PNG LNG with Macquarie noting the second quarter appears to be almost as strong, with 2.2m shipments.

At Barossa, the company appears to have delivered four LNG cargoes during the second quarter and the next is scheduled to load on July 4.

The broker points out achieving start-up at Barossa and Pikka was a "huge milestone". Santos remains a top pick in large ASX energy stocks.

Lessons from the Strait of Hormuz are likely to drive renewed sector M&A while the oil price normalisation presents new opportunities for acquirers, Macquarie adds. Outperform. Target edges up to $9.00 from $8.90.

Target price is $9.00 Current Price is $7.19 Difference: $1.81
If STO meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.30, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Morgan Stanley rates TLS as Overweight (1) -

Morgan Stanley considers Telstra Group a quality, defensive stock with sustained growth in mobile revenue that underpins EBITDA and free cash flow growth while also funding a rising dividend.

Yet the broker asserts investors need to watch what happens with rival Optus, as SingTel has reaffirmed its commitment to Australia but also disclosed it is exploring the possibility of introducing a "like-minded long-term local partner" to acquire a meaningful minority stake.

Morgan Stanley will be "watching closely" because a transaction would provide valuable insight into how strategic and financial buyers price Australian telco assets and what their objectives are.

SingTel's decision to partially monetise Optus may also reflect a view that Australia is an attractive but relatively mature telco market and the broker suspects the company may recycle any sale proceeds into faster-growing assets such as Southeast Asian data centres and digital infrastructure.

Overweight. Target is $5.40. Industry view: In Line.

Target price is $5.40 Current Price is $5.03 Difference: $0.37
If TLS meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.37, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates WDS as Neutral (3) -

Woodside Energy will report its second quarter production on July 29 and Macquarie expects 40.1mmboe and US$3669m in revenue.

Major maintenance was conducted at Pluto train 1 in May, which has raised confidence in the long-awaited first gas production from Scarborough.

Once this has been achieved, the broker expects the international business, which is now half of the valuation, will be centre stage.

Commentary notes North West Shelf declines continue and it appears as if another one of the original LNG trains will soon be mothballed. Neutral rating and $30 target maintained.

Target price is $30.00 Current Price is $28.40 Difference: $1.6
If WDS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $29.44, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

Bell Potter rates WTM as Speculative Buy (1) -

Waratah Minerals has assays from 12 holes at the Spur zone as part of its ongoing drill program at Spur, NSW. Strong mineralisation is continuing both laterally and at depth while the system is extended eastward towards the Essex fault and Consols zone.

Significant intersections include 55.9m at 2.63g/t gold from 3.1m including 31.9m at 4.45g/t gold and 1m at 108g/t gold from 43m. Also 25m at 2.05g/t gold from 359m including 9m at 4.55g/t gold and 2m at 16.68g/t gold from 378m.

Bell Potter considers these excellent results which continue to build the case for the project as a "district-scale" gold system. Speculative Buy rating and $1.05 target.

Target price is $1.05 Current Price is $0.51 Difference: $0.54
If WTM meets the Bell Potter target it will return approximately 106% (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

Bell Potter rates ZZZ as Speculative Buy (-1) -

Waratah Minerals has assays from 12 holes at the Spur zone as part of its ongoing drill program at Spur, NSW. Strong mineralisation is continuing both laterally and at depth while the system is extended eastward towards the Essex fault and Consols zone.

Significant intersections include 55.9m at 2.63g/t gold from 3.1m including 31.9m at 4.45g/t gold and 1m at 108g/t gold from 43m. Also 25m at 2.05g/t gold from 359m including 9m at 4.55g/t gold and 2m at 16.68g/t gold from 378m.

Bell Potter considers these excellent results which continue to build the case for the project as a "district-scale" gold system. Speculative Buy rating and $1.05 target.

Target price is $1.05

The company's fiscal year ends in January.

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

Market Sentiment: 0.5

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

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

Waratah Minerals has assays from 12 holes at the Spur zone as part of its ongoing drill program at Spur, NSW. Strong mineralisation is continuing both laterally and at depth while the system is extended eastward towards the Essex fault and Consols zone.

Significant intersections include 55.9m at 2.63g/t gold from 3.1m including 31.9m at 4.45g/t gold and 1m at 108g/t gold from 43m. Also 25m at 2.05g/t gold from 359m including 9m at 4.55g/t gold and 2m at 16.68g/t gold from 378m.

Bell Potter considers these excellent results which continue to build the case for the project as a "district-scale" gold system. Speculative Buy rating and $1.05 target.

Target price is $1.00

The company's fiscal year ends in January.

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

Market Sentiment: 0.5

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