Australian Broker Call

Bell Potter rates A1M as Buy (1) -

AIC Mines announced 4Q26 copper production of 3,106t in concentrate from its Eloise mine with AISC of $6.15/lb, meeting production and cost guidance for the third consecutive year, Bell Potter highlights.

A recent site visit to Eloise delivered a higher degree of confidence in the mine expansion program, including mill commissioning starting in the December quarter, 2026.

Management intends to announce an updated outlook for FY27/FY28 and FY29 production targets on July 20, the analyst points out.

EPS forecasts are trimmed by -13% for FY26, -8% for FY27 and -9% for FY28. Target price slips to 90c from $1.

Buy rating retained.

Target price is $0.90 Current Price is $0.67 Difference: $0.23
If A1M meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates AEM as Buy (1) -

Ord Minnett views Advanced Energy Minerals' supply agreement with Swiss ceramics manufacturer Zurcher Freres as an important validation of its higher-value nano-high purity alumina (HPA) products.

While initial sales volumes are expected to be modest, the broker believes the agreement provides a valuable reference customer and could help win broader ceramics industry business.

Commentary notes nano-HPA commands premium pricing of around US$30-US$40/kg, above the company's current average realised price.

The broker retained its Speculative Buy rating and 90c target, with securing larger offtake agreements remaining the key catalyst.

Target price is $0.90 Current Price is $0.40 Difference: $0.5
If AEM meets the Ord Minnett target it will return approximately 125% (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

Macquarie rates AFG as Outperform (1) -

Macquarie notes mortgage lodgement activity growth has moderated for Australian Finance Group to 1.4% in the June quarter, albeit still at a record $28.1bn. Higher-margin AFG Securities lodgement activity continues to grow, up 30%.

The broker adjusts EPS estimates for FY26 up by 0.4% and down by -7.1% for FY27. Downgrades of -5%-6% to forecast EPS are made for FY28 to reflect revised expectations of lodgement activity, net interest margins and loan book growth.

Outperform. Target is reduced to $2.26 from $3.01.

Target price is $2.26 Current Price is $1.65 Difference: $0.615
If AFG meets the Macquarie target it will return approximately 37% (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

Citi rates AMP as Buy (1) -

AMP's first half underlying profit guidance of $170m-$180m is around 25% above prior consensus, Citi highlights. This outcome was driven primarily by a much stronger-than-expected contribution from its China Partnerships business, the analyst explains.

Citi notes earnings from the partnerships more than doubled year-on-year, supported by solid funds under management growth at China Life Pension Company, suggesting profits have reset to a sustainably higher level.

The broker raises FY26 earnings forecasts by 13% and FY27-FY28 by 7%, retains a Buy rating and lifts its target to $2.15 from $1.91.

Target price is $2.15 Current Price is $1.90 Difference: $0.25
If AMP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

AMP has signalled first half net profit will be around 21%-29% ahead of prior market expectations, underpinned by growth of 24% in underlying net profit from its China partnerships as well as stronger investment income.

Ord Minnett upgrades 2026 estimates following the update but also envisages potential for further upgrades when the first half results are published on August 6.

Contributions from the China partnerships have grown to around 40% group net profit, with the broker observing most of the growth is attributable to the China Life partnership. This compares with just 12% for the AMP Bank division.

Ord Minnett changes its valuation methodology as a result and raises EPS estimates for 2026 by 19.1%, and by 13.5% for 2027 and 2028. Rating is downgraded to Accumulate from Buy on valuation grounds following the surge in the share price. Target rises to $2.00 from $1.85.

Target price is $2.00 Current Price is $1.90 Difference: $0.1
If AMP meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 0.1% (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

UBS rates AMP as Buy (1) -

AMP has guided to first half underlying profit of $170-180m, which is well ahead of UBS' prior estimates. Some of this is one-off, such as the North guarantee gains of $5m and carried partnership interests of $13m, with revaluations down -$12m.

The broker still expects the recurring result will be closer to around $169m.

The main driver is a strong China joint venture partnership and, while the market has been reluctant to value what it perceives as opaque profit streams, growth appears very strong. This now comprises one third of recurring group profits.

The stock remains a preferred platform exposure going into the August results and a Buy rating is maintained. Target rises to $2.19 from $1.91.

Target price is $2.19 Current Price is $1.90 Difference: $0.29
If AMP meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates BHP as Neutral (3) -

Citi views BHP Group's June quarter production as broadly in line with expectations.

Copper output reached 492kt (in line with consensus) and iron ore shipments recovered 9% from the previous quarter.

The broker expects FY26 unit costs to finish towards the bottom end of guidance. Gold and silver by-product credits remain a key tailwind.

Escondida's FY27 copper guidance was unchanged. Flat output at Spence and Copper SA is expected to offset lower production at Antamina.

Citi believes BHP's copper performance remains ahead of peers, with better unit costs expected to support low-single-digit upgrades to the FY26 consensus earnings forecast.

Neutral. Target $63.

Target price is $63.00 Current Price is $59.14 Difference: $3.86
If BHP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $60.88, suggesting upside of 6.0% (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: 0.2

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

Macquarie rates BHP as Neutral (3) -

Further to BHP Group's fourth quarter update, which was in line, Macquarie adjusts EPS estimates up by 7% for FY26 and down by 4% for FY27.

The broker was pleased with the recovery from a wet third quarter at BMA, suspecting El Nino may help the asset into FY27.

The copper guidance downgrade was disappointing, with Macquarie pointing out the Copper SA asset is a "home for substantial capital over the next decade" and operating issues may cast doubt on the execution risk for investors.

Neutral rating retained along with a $55 target.

Target price is $55.00 Current Price is $59.14 Difference: minus $4.14 (current price is over target).
If BHP meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.88, suggesting upside of 6.0% (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: 0.2

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

Morgan Stanley rates BHP as Overweight (1) -

BHP Group's June quarter production is broadly in line with Morgan Stanley's expectations. Coal was the standout, with BMA and NSW Energy Coal production comfortably exceeding consensus forecasts, the broker observes.

Copper and iron ore production met market expectations, while lower copper grades at Escondida and downtime at Carrapateena weighed on FY27 guidance.

The broker expects little impact on consensus earnings forecasts, even though FY27 guidance was around -2% below its own estimates.

Net debt of around US$9bn was in line with Morgan Stanley's forecast and around 5% better than consensus.

Overweight rating. Target $67.50. Industry view: Attractive.

Target price is $67.50 Current Price is $59.14 Difference: $8.36
If BHP meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $60.88, suggesting upside of 6.0% (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: 0.2

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

Ord Minnett rates BHP as Hold (3) -

BHP Group delivered initial production guidance for FY27 that was short of expectations, although June quarter volumes were largely in line.

Ord Minnett now expects a -12% drop in group copper production primarily because of a lower feed grade at Escondida, which accounts for almost two-thirds of the company's copper production.

Net debt was reduced in the quarter, helped by the receipt of US$5bn from asset sales, which underpins net debt guidance of US$9bn going forward.

Amid further funds from asset sales of up to US$4bn in FY27, and considering the target range for net debt is US$10bn–US$20bn, Ord Minnett expects a higher final dividend may be paid in August. Hold rating and $61 target.

Target price is $61.00 Current Price is $59.14 Difference: $1.86
If BHP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $60.88, suggesting upside of 6.0% (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: 0.2

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

UBS rates BHP as Neutral (3) -

BHP Group delivered a strong finish to FY26, UBS observes, with guidance for production and unit costs achieved in all assets albeit copper at the lower end of the range.

Net debt guidance of $9bn was slightly below expectations with the benefit from disposals and strong free cash flow.

The company has approved the Ministers North sustaining project in the Pilbara and has submitted the environmental impact statement for Cerro Colorado. Jansen is also progressing to plan.

UBS trims its earnings estimates, lowering the target to $59 from $60. A Neutral rating is maintained.

Target price is $59.00 Current Price is $59.14 Difference: minus $0.14 (current price is over target).
If BHP meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $60.88, suggesting upside of 6.0% (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: 0.2

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

Morgans rates CBA as Sell (5) -

Morgans trims its FY27 and FY28 earnings forecasts for Commonwealth Bank by -1% and -2%, respectively, ahead of August 12 results. Lower loan growth assumptions drive the broker's changes.

Lending growth is expected to remain solid despite weaker investment property lending. Net interest margin forecasts were unchanged.

The broker's lower revenue forecasts were partly offset by reduced cost and impairment assumptions.

Morgans retained its Sell rating. The target price falls to $117.63 from $119.40.

Target price is $117.63 Current Price is $173.13 Difference: minus $55.5 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $123.11, suggesting downside of -28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Citi rates COL as Buy (1) -

Citi welcomes today's announcement by management at Coles of its decision to end discussions with TPG over a potential acquisition of Greencross. It's felt this news will be well received, with the share price likely to trade higher.

In an early assessment, the broker feels negative investor feedback contributed to the outcome. Citi has consistently argued Coles should instead use its strong balance sheet for capital management.

Buy rating. Target $23.

Target price is $23.00 Current Price is $22.56 Difference: $0.44
If COL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.00, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates COL as Outperform (1) -

Coles Group is no longer interested in acquiring Greencross. Macquarie, in a quick response to today's announcement, comments the withdrawal removes an overhang, albeit the market may still price lingering questions on strategy given share price performance around news.

The broker quotes from Coles' announcement that the company "applies a disciplined approach to acquisitions, and as one of Australia’s leading retailers, regularly assesses strategic opportunities that may complement its existing business."

All in all, Macquarie states the long-term strategy in the Supermarkets business remains intact, and it continues to be attracted to the upside offered via private label and retail media.

Outperform. Target $25.10.

Target price is $25.10 Current Price is $22.56 Difference: $2.54
If COL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.00, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates ELV as Outperform (1) -

Macquarie observes the lithium price has corrected yet equities have sold off more sharply, reflecting weak sentiment amid expectations for earnings downgrades in the short term.

The broker asserts the tight fundamentals in the second half of 2026 could support futures markets but equities are increasingly focused on the 2027 market balances.

Incorporating fourth-quarter preliminary results for Elevra Lithium leads Macquarie to reduce FY26 EBITDA estimates by -52% whilst forecasts for FY27 and beyond are largely unchanged.

Outperform retained. Target is $14.50.

Target price is $14.50 Current Price is $8.82 Difference: $5.68
If ELV meets the Macquarie target it will return approximately 64% (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

UBS rates ELV as Buy (1) -

UBS expects strong June quarter results for lithium producer as well as a marked improvement in free cash flow, boosted by improved margins from higher lithium prices.

In response to a recovery in lithium prices, producers have turned back to their growth plans. The analyst believes the market is not fully discounting the capital needs for the next expansion phase for the sector.

The analyst recently initiated coverage on the stock, which is seen as a robust growth story, fully funded. Buy rated with a $12 target.

Target price is $12.00 Current Price is $8.82 Difference: $3.18
If ELV meets the UBS target it will return approximately 36% (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 HVN as Buy (1) -

Bell Potter joins the ranks of analysts with rising concerns over the earnings outlook for discretionary retailers, like Harvey Norman in FY27.

Although trading conditions over the 2H26 were noted as challenging, the broker remains confident in FY26 earnings forecasts, but highlights a more conservative approach for FY27 forecasts.

FY27 is viewed as the cyclical low point for most retailers, the analyst states. Net profit after tax forecasts are cut by -7% for FY27 and -11% for FY28.

Target price falls to $6 from $6.70. No change in Buy rating.

Target price is $6.00 Current Price is $4.75 Difference: $1.25
If HVN meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates IGO as Outperform (1) -

Macquarie observes the lithium price has corrected yet equities have sold off more sharply, reflecting weak sentiment amid expectations for earnings downgrades in the short term.

The broker asserts the tight fundamentals in the second half of 2026 could support futures markets but equities are increasingly focused on the 2027 market balances.

IGO Ltd remains Macquarie's preference in the sector. Outperform. Target is $10.50.

Target price is $10.50 Current Price is $6.88 Difference: $3.62
If IGO meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 35.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates IGO as Buy (1) -

UBS expects strong June quarter results for lithium producers as well as a marked improvement in free cash flow, boosted by improved margins from higher lithium prices.

In response to a recovery in lithium prices, producers have turned back to their growth plans. The analyst believes the market is not fully discounting the capital needs for the next expansion phase for the sector.

The analyst forecasts Greenbushes production of 371kt which is in line with consensus for the quarter with uncertainty around the CGP3 fire and its impact on the outlook for FY27. The optimised life of mine plan, expected in the September quarter is seen as a key catalyst.

Buy rated with an unchanged $9.65 target.

Target price is $9.65 Current Price is $6.88 Difference: $2.77
If IGO meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $9.08, suggesting upside of 35.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates IMB as Speculative Buy (1) -

Morgans believes security monitoring provider Intelligent Monitoring's acquisition of ADT UK Residential for -$345m is transformational, providing a major expansion into the UK security market at an attractive valuation.

The acquisition is expected to more than double group earnings (EBITDA) to around $130m.

The broker forecasts FY28 earnings (EBITDA) to rise 124%, with earnings per share increasing 23%. Net leverage is expected to increase to around three times earnings.

Morgans retains its Speculative Buy rating and lifted its target price to $1.20 from $1.00.

Target price is $1.20 Current Price is $0.62 Difference: $0.585
If IMB meets the Morgans target it will return approximately 95% (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

Morgans rates LTR as Upgrade to Accumulate from Trim (2) -

Morgans believes the recent sell-off in lithium equities has restored valuation support, with the weakness reflecting higher near-term supply expectations rather than deteriorating demand.

The broker notes spodumene prices have retreated from almost US$3,000/t in May to around US$2,200/t. It is felt demand remains resilient.

Capital expenditure forecasts have increased across the sector as producers accelerate growth spending. Whilst this will weigh on near-term free cash flow, Morgans expects it to support higher production and lower unit costs over time.

The target for Liontown falls by -50c to $1.70 largely due to a lower assumed valuation multiple. The rating is upgraded to Accumulate from Trim.

Target price is $1.70 Current Price is $1.40 Difference: $0.305
If LTR meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 60.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates LTR as Buy (1) -

UBS expects strong June quarter results for lithium producers as well as a marked improvement in free cash flow, boosted by improved margins from higher lithium prices.

In response to a recovery in lithium prices, producers have turned back to their growth plans. The analyst believes the market is not fully discounting the capital needs for the next expansion phase for the sector.

The analyst forecasts 99kt from Kathleen Valley for 4Q26, some -14% below consensus. A catch-up in shipments is anticipated after the March quarter to sales forecast of 112kt.

An expansion update to ramp up to a 2.8mtpa plant by June 2027 is expected in the 1Q27.

Buy with no change in $2.50 target price.

Target price is $2.50 Current Price is $1.40 Difference: $1.105
If LTR meets the UBS target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 60.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Microba Life Sciences experienced a difficult 4Q with revenue down 2% y/y, albeit up 21% on the prior quarter with FY26 revenue falling 6% y/y, well below Bell Potter's forecast.

The fall was attributed to the decline in legacy revenues from discontinued products, supplements and partnerships.

Positively, the analyst states, most of the wind-down is now finished. Around 20% of total revenue is expected from discontinued products in FY26.

After adjusting for a $5m placement and $1m share purchase program as well as expected additional equity capital raising (cash on hand stood at $7.9m at the end of June), the broker's target price falls to 5c from 12c.

The stock is downgraded to Speculative Hold from Speculative Buy.

Target price is $0.05 Current Price is $0.04 Difference: $0.008
If MAP 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:

Market Sentiment: 0.5

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

Morgans rates MAP as Speculative Buy (1) -

Morgans believes Microba Life Sciences' June quarter provides its strongest evidence yet that the enterprise account strategy is gaining traction, while progress is not reflected in the share price.

Core testing revenue rose 45% year-on-year to a record $2.53m and operating cash outflow fell -38%. The enterprise pipeline expanded to 175 target accounts from 43 signed customers.

The broker highlights improving clinician productivity and management's target to achieve group break-even on a run-rate basis during 2027.

Morgans retained its Speculative Buy rating and 12c target, citing upside potential from further commercial traction and cost reductions.

Target price is $0.12 Current Price is $0.04 Difference: $0.078
If MAP meets the Morgans target it will return approximately 186% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates MIN as Accumulate (2) -

Morgans believes the recent sell-off in lithium equities has restored valuation support, with the weakness reflecting higher near-term supply expectations rather than deteriorating demand.

The broker notes spodumene prices have retreated from almost US$3,000/t in May to around US$2,200/t. It is felt demand remains resilient.

Capital expenditure forecasts have increased across the sector as producers accelerate growth spending. Whilst this will weigh on near-term free cash flow, Morgans expects it to support higher production and lower unit costs over time.

The target for Mineral Resources falls by -$3.00 to $68. The company's diversification across mining services and iron ore underpins a more stable earnings profile than other lithium producers in the broker's coverage.

Target price is $68.00 Current Price is $58.30 Difference: $9.7
If MIN meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $77.40, suggesting upside of 36.1% (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 NCK as Neutral (3) -

Citi believes the FY26 result for DFS Furniture, the UK's largest upholstered furniture retailer, points to softer trading conditions in the UK.

Consequently, the broker expects growth at Nick Scali's UK operations to have moderated since the company's February update.

Neutral rating. Target $14.15.

Target price is $14.15 Current Price is $15.64 Difference: minus $1.49 (current price is over target).
If NCK meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.66, suggesting upside of 7.7% (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

Macquarie rates NGI as Outperform (-1) -

Macquarie has resumed coverage of Navigator Global Investments after a period of research restriction with an Outperform rating. Strong funds under management (FUM) growth and improving flow momentum ahead of FY27 are highlighted.

Ownership-adjusted FUM rose 6% over the June quarter to US$33.6bn. Lighthouse attracted net inflows of US$690m, while the NGI Strategic business also delivered growth, the analyst observes.

The recently completed Stable Growth Portfolio acquisition is expected to provide an additional earnings contribution from the first quarter of FY27.

A $3.28 target price is set.

Target price is $3.28 Current Price is $2.49 Difference: $0.79
If NGI meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 57.8% (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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments produced a June quarter update that was better than Ord Minnett expected in terms of both performance of funds and net flows.

Lighthouse Partners also passed US$20m in assets under management, as the hedge funds and platform-only offering benefited from inflows. The broker observes the Northrock equity product did particularly well, up 4.9% in the quarter. NGI Strategic was also up 3%.

Ord Minnett retains a Buy rating and raises the target to $3.65 from $3.60.

Target price is $3.65 Current Price is $2.49 Difference: $1.16
If NGI meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 57.8% (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 NGI as Buy (1) -

Navigator Global Investments delivered assets under management growth of 6.1% in the June quarter and ahead of UBS estimates. Lighthouse underpinned the overall beat to estimates amid solid momentum in direct hedge funds.

Strategic investments produced modest growth of 3.1%. Going forward the broker envisages upside risks to forecasts for FY27, suspecting consensus estimates are too conservative on growth.

Buy rating reiterated. Target edges up to $3.85 from $3.80.

Target price is $3.85 Current Price is $2.49 Difference: $1.36
If NGI meets the UBS target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 57.8% (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

Bell Potter rates NWL as Buy (1) -

Netwealth Group announced its 4Q26 update with some slight beats, Bell Potter notes, for market movements. The outlook guidance was reconfirmed.

FUA grew to $135.7bn from $125.8bn and is slightly above consensus and the analyst's expectations with the difference attributed to market movements.

Custodial gross inflows rose 11% y/y to $8.4bn and outflows came in at -$5.3bn. Superannuation grew, up 30% y/y and wholesale remained positive, despite withdrawals.

Netwealth Group retains a Buy rating and $30 target.

Target price is $30.00 Current Price is $23.50 Difference: $6.5
If NWL meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 22.3% (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

Citi rates NWL as Buy (1) -

Citi assesses Netwealth Group's fourth-quarter update as soft but broadly in line with expectations. Net flows fell -16% year-on-year as outflows reached a five-quarter high. Softer core flows are expected to persist through the first half of FY27.

Weakness was driven by a small number of ultra-high-net-worth clients, the analyst notes, though net flows improved through the latter part of the quarter.

Funds under administration (FUA) and funds under management (FUM) came in slightly ahead of expectations and management reaffirmed its FY26 and FY27 outlook.

Target $29.10. Buy.

Target price is $29.10 Current Price is $23.50 Difference: $5.6
If NWL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 22.3% (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

Macquarie rates NWL as Outperform (1) -

Netwealth Group delivered June quarter net flows of $3.09bn, slightly lower than Macquarie anticipated. The company has reiterated its outlook for FY27, forecasting net flows in funds under administration of $18bn-$20bn and an EBITDA margin of 47%.

Investment in capitalised software is slated at -$17m and the company also confirmed the FY26 EBITDA margin of around 49%.

The broker observes earnings growth is robust and underpinned by strong fundamentals, retaining an Outperform rating. Target is lowered to $32.25 from $32.40.

Target price is $32.25 Current Price is $23.50 Difference: $8.75
If NWL meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 22.3% (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

Morgan Stanley rates NWL as Overweight (1) -

Netwealth Group delivered net inflows in the June quarter of $15.4bn, in line with previous guidance and assisted by market movements of $6.7bn, Morgan Stanley observes.

The company has reiterated its expectations for FY26, with 49% EBITDA margins and -$12m in software capital expenditure. FY27 net flow target of $18bn–$20bn was also reiterated.

Overweight rating. Target is $31. Industry view: In-Line.

Target price is $31.00 Current Price is $23.50 Difference: $7.5
If NWL meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 22.3% (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 NWL as Accumulate (2) -

There were few surprises to Netwealth Group's 4Q26 update due to last week's pre announcement, Ord Minnett notes.

Total FUA at end of June was some 1% above consensus forecasts and reflected 20% y/y growth and up 7.9% from the prior quarter.

The FY26 results are due out on August 26 and management expects an earnings margin around 49% and capex of circa $12m,

FY27 outlook infers a target of net flows between $18m-$20m, up 17%-30% on FY27, respectively. The earnings (EBITDA) margin is anticipated to slip to around 47%. The aim is to boost the margin to 50% over the next four years.

No change to Accumulate rating and $26 target.

Target price is $26.00 Current Price is $23.50 Difference: $2.5
If NWL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $28.84, suggesting upside of 22.3% (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

Macquarie rates OBM as Outperform (1) -

Further to the fourth quarter production report from Ora Banda Mining, Macquarie reduces the target to $1.30 from $1.40 amid -4% reductions to EBITDA estimates for FY26.

FY27 guidance is for lower production and higher costs which drives -14% reduction to forecast EBITDA. The catalyst is construction progress at the new Davyhurst mill and the maiden mineral resource due for Little Gem.

The business is "firmly in its growth phase", the broker notes, with production growing to more than 300,000 ounces by FY29. The company is using its balance sheet and internal cash flows for funding. Outperform.

Target price is $1.30 Current Price is $1.08 Difference: $0.22
If OBM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 65.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates OBM as Buy (1) -

UBS observes Ora Banda Mining production was at the lower end of guidance amid impacts from weather and a miss on costs in the June quarter.

Production of 40,000 ounces missed estimates by -12%, although the broker suspects sales will come in above production in the September quarter as there were 3,000 ounces of gold left in the circuit and 8,000 ounces of contained metal in stocks at the end of June.

As the Davyhurst mill expansion has accelerated, UBS forecasts FY27 free cash flow will be negative before heading back up in FY28 as production volumes move to over 300,000 ounces by FY29. Buy rating maintained. Target is reduced to $1.45 from $1.60.

Target price is $1.45 Current Price is $1.08 Difference: $0.37
If OBM meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 65.0% (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

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

Morgans believes the recent sell-off in lithium equities has restored valuation support, with the weakness reflecting higher near-term supply expectations rather than deteriorating demand.

The broker notes spodumene prices have retreated from almost US$3,000/t in May to around US$2,200/t. It is felt demand remains resilient.

Capital expenditure forecasts have increased across the sector as producers accelerate growth spending. While this will weigh on near-term free cash flow, Morgans expects it to support higher production and lower unit costs over time.

The broker upgrades Pilbara Minerals to Hold from Trim after lowering its target by -60c to $4.80 due largely to a lower assumed valuation multiple.

Target price is $4.80 Current Price is $4.47 Difference: $0.33
If PLS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates PLS as Neutral (3) -

UBS expects strong June quarter results for lithium producers as well as a marked improvement in free cash flow, boosted by improved margins from higher lithium prices.

In response to a recovery in lithium prices, producers have turned back to their growth plans. The analyst believes the market is not fully discounting the capital needs for the next expansion phase for the sector.

PLS Group is forecast to report 195kt of production for the quarter due on 30 July. The P2000 feasibility study is due in the December quarter with first ore targeted for mid 2029.

Neutral rated with an unchanged $5.60 target.

Target price is $5.60 Current Price is $4.47 Difference: $1.13
If PLS meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates PMT as Buy (1) -

UBS expects strong June quarter results for lithium producers as well as a marked improvement in free cash flow, boosted by improved margins from higher lithium prices.

In response to a recovery in lithium prices, producers have turned back to their growth plans. The analyst believes the market is not fully discounting the capital needs for the next expansion phase for the sector.

The analyst continues to like PMET Resources as a long-term story, citing a low-cost operation with around 800ktpa at AISC of around US$600/t from the Canadian operations.

Buy rated with an unchanged 90c target.

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

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. 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 REA as Sell (5) -

REA Group experienced a robust 4Q26 of listings in terms of volumes. National new listings rose 13% in June, including growth of 3% in Sydney and 9% in Melbourne.

Brisbane rose 22% and Perth18%. Bell Potter lifts its FY26 listings forecats to flat from -1.3%, previously.

EPS forecasts are lifted by 1.9% for FY26 and 3.7% for FY27.

Target price rises to $137 from $133 with no change in Sell rating.

Target price is $137.00 Current Price is $158.71 Difference: minus $21.71 (current price is over target).
If REA meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $184.82, suggesting upside of 14.7% (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

Citi rates REA as Buy (1) -

Citi expects REA Group to deliver an in-line FY26 result after stronger-than-expected June listings.

New listings rose 13% year-on-year in June, accelerating from 2% growth in May and comfortably exceeding expectations.

The broker expects attention to shift to the FY27 outlook. Listing volumes are forecast to stabilise in FY27 before growing in FY28, supported by expected interest rate cuts.

While Citi's forecast FY27 profit is around -5% below consensus, the broker believes the valuation remains attractive at around 30-times FY27 earnings.

A Buy rating is retained. The target rises 1% to $182.75.

Target price is $182.75 Current Price is $158.71 Difference: $24.04
If REA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $184.82, suggesting upside of 14.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates WDS as Upgrade to Outperform from Neutral (1) -

The Middle East war and crisis in the Strait of Hormuz has de-rated LNG assets in Qatar, arguably permanently, Macquarie asserts, and this may trigger M&A in LNG, making Woodside Energy a viable target.

The broker points out energy sector consolidation continues, with speculation ExxonMobil, which missed out on the Hess Guyana oil assets, is looking at LNG acquisitions including Woodside.

International deals are making sense again apparently, as US shale consolidations are done and the opportunities maturing.

Macquarie acknowledges there would be deal hurdles, including potential reluctance from the board and the large retail shareholder base.

Rating is upgraded to Outperform from Neutral as strategic appeal should support the shares on the downside. Target rises to $32.80 from $30.00.

Target price is $32.80 Current Price is $29.49 Difference: $3.31
If WDS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $29.91, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Bell Potter 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 $1.05

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