Australian Broker Call

Citi rates 360 as Buy (1) -

Citi notes the Sensor Tower app data for July evidenced a pick in US MAUs to the second highest MAU net adds in two years, against a decline in downloads in July.

Total MAU for Life360 grew 22% y/y in July compared to June at 20% growth y/y.

The analyst remains hesitant to draw too many takeaways from the app data to reported financial metrics, but MAUs is likely to be one of the key focuses for the market at the upcoming 2Q2026 results.

Buy. Target $31.95.

Target price is $31.95 Current Price is $29.55 Difference: $2.4
If 360 meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.41, suggesting upside of 8.1% (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: 1.0

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

Morgans rates AIS as Buy (1) -

Aeris Resources delivered a FY26 EBITDA result of $285m that beat estimates with operating cash flow up 37%. Morgans points out the business is now unhedged following final Cracow gold hedge deliveries.

FY27 guidance is for group copper production of 22-27,000t and gold production of 42-50,000 ounces. This is in line with expectations while capital expenditure guidance of $280m-$343m is well above prior estimates.

Morgans observes the acquisition of the South Cobar copper project materially strengthens the long-term outlook for Tritton, adding higher-confidence resources and supporting a credible 10-year-plus mine plan.

The target edges up to $0.55 from $0.53 and a Buy rating is maintained.

Target price is $0.55 Current Price is $0.39 Difference: $0.165
If AIS meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting upside of 68.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 1.0

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

Macquarie rates AMC as Outperform (1) -

Amcor reports on 12 August. Macquarie is at bottom end of $3.98-4.03 FY26 earnings per share guidance, as is consensus.

Fast Moving Consumer Goods (FMCG) June volumes have modestly surprised to upside, Macquarie notes, with a volume-over-price strategy. Amcor's June Q volumes should show improvement versus the March Q's -1.5%.

The stock continues to inversely correlate with oil prices, Macquarie notes, hence any potential Middle East de-escalation is positive in this regard. Macquarie believes Amcor is managing controllables well regarding raw materials and synergies.

Outperform and $72 target retained.

Target price is $72.00 Current Price is $66.82 Difference: $5.18
If AMC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $67.57, suggesting downside of -0.5% (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: 0.8

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

UBS rates AMC as Buy (1) -

UBS points out industrial shares have outperformed the ASX200 over the last quarter as investors seek out perceived earnings resilience and defensive growth characteristics.

Amcor is noted for trading at a near cyclical low PER and is expected to generate resilient EPS growth, assisted by merger synergies.

No change to Buy rating and $80 target.

Target price is $80.00 Current Price is $66.82 Difference: $13.18
If AMC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $67.57, suggesting downside of -0.5% (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: 0.8

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

Macquarie rates AMP as Neutral (3) -

At first take, Macquarie highlights AMP's 1H26 result was "very strong" despite the pre-release. Underlying net profit after tax grew 32.8% with an interim DPS of 3c which was up 50% y/y.

A further $150m share buyback was announced. First half net flows for the platform were a beat on both the analyst's and consensus forecasts with S&I also a beat.

Controllable costs were indicated as unchanged while the NIM was downgraded by around -1.25% to a range of 1.25%-1.35% versus the broker's prior forecast of 126bps and consensus at 1.27bps.

Macquarie likes the ongoing stabilisation of the underlying business. As the Bank becomes a less significant contributor, the valuation of the overall business is expected to improve, the analyst states.

Neutral rated. Target $1.94.

Target price is $1.94 Current Price is $2.18 Difference: minus $0.24 (current price is over target).
If AMP meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.11, suggesting downside of -8.7% (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

Ord Minnett rates ARB as Buy (1) -

While Australian new vehicle sales rose 0.5% in July and marked the strongest July on record, Ord Minnett notes most ARB Corp-relevant models were weak.

The broker was encouraged by the improvement in Toyota Hilux and Ford Ranger sales, which returned to growth, although considers it too early to determine whether this will be sustained.

Buy rating. Target is $27.80.

Target price is $27.80 Current Price is $20.22 Difference: $7.58
If ARB meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $24.03, suggesting upside of 19.3% (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

UBS rates BSL as Buy (1) -

UBS points out industrial shares have outperformed the ASX200 over the last quarter as investors seek out perceived earnings resilience and defensive growth characteristics, the analyst highlights.

The analyst points out BlueScope Steel has a robust EPS growth outlook which is underscored by structurally high US steel manufacturing spreads.

Buy rated with a $37.50 target.

Target price is $37.50 Current Price is $34.77 Difference: $2.73
If BSL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.27, suggesting upside of 0.6% (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 CKF as Neutral (3) -

Post McDonald's 2Q result, Citi believes there are a few reasons to be "cautious" on Collins Foods, which the analyst stresses is Neutral rated.

McDonald's picked up market share in the 2Q in Australia and Germany, two of the QSR's key markets. The broker also sees McDonald's has a "first mover advantage" on the launch of a new beverage platform, launched in Germany in May and July in Australia.

Citi questions whether improved foot traffic from Collins Foods' new Kwench beverages platform can underpin growth in same-store sales versus the high inflationary pressures in the Australian economy.

Neutral rated. Target $10.30.

Target price is $10.30 Current Price is $8.19 Difference: $2.11
If CKF meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $9.51, suggesting upside of 16.9% (ex-dividends)

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

Citi rates EDV as Buy (1) -

Endeavour Group announced underlying net profit after tax of $363m which was broadly in line with consensus and Citi's expectations.

Indications infer some improvement in sales momentum confirming the view price cuts are boosting demand, the analyst states.

Several below-the-line financial metrics, including 2H26 restructuring and strategy review costs of -$53m were concerning as well as asset impairments of -$194m of which some -$45m relates to 75 retail stores or circa 4% of the network.

Citi views this as possible investment needed in stores which is currently not factored in. The suggestion made is the level of underinvestment in retail and hotel might be a lot higher than originally appreciated.

The group is facing multiple headwinds, including higher inflation, wages growth and a challenging retail backdrop, commentary highlights.

Buy. Target $3.25.

Target price is $3.25 Current Price is $3.43 Difference: minus $0.18 (current price is over target).
If EDV meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -9.1% (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

Macquarie rates EDV as Underperform (5) -

Endeavour Group's preliminary FY26 underlying earnings were -0.7% below consensus, with underlying profit -1.5% below. Retail remains the focus, Macquarie suggests, with earnings -1.2% below, though Hotels was 0.3% ahead.

The trajectory of sales in Retail has sequentially improved, Macquarie notes. Total growth was 2.1% year on year in the final 9 weeks of the year following 0.7% in first 16 weeks of 2H26 and +0.2% in 1H26.

Macquarie nevertheless retains a cautious view of the category, forecasting approximately zero growth in FY27. Broader cost pressures are persisting, particularly wages, which the broker sees as offsetting cost-outs.

Target falls to $2.70 from $2.80, Underperform retained.

Target price is $2.70 Current Price is $3.43 Difference: minus $0.73 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgan Stanley rates EDV as Underweight (5) -

Endeavour Group has flagged slightly lower net profit and EBIT for FY26 compared with prior forecasts.

There are meaningful significant items and Morgan Stanley notes the -$80m write-down relates mainly to legacy technology, intangibles and PPE that is obsolete or no longer used following the strategy review.

The broker retains an Underweight rating and $3 target. Industry view is Cautious.

Target price is $3.00 Current Price is $3.43 Difference: minus $0.43 (current price is over target).
If EDV meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -9.1% (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

Morgans rates EDV as Downgrade to Trim from Hold (4) -

Endeavour Group has provided preliminary numbers for its FY26 result, with underlying sales, EBIT and net profit largely in line.

The company has announced -$372m in one-off costs relating to the write-down of carrying value for assets as well as those costs associated with the implementation of its review.

Morgans believes this is fundamentally a good business, supported by well-known brands such as Dan Murphy's and BWS, yet the sales environment is soft and competition continues to be intense, while management's new strategy carries execution risk.

As a result, the broker downgrades to Trim from Hold, raising its target to $3.20 from $2.80 because of an uplift in peer valuation multiples.

Target price is $3.20 Current Price is $3.43 Difference: minus $0.23 (current price is over target).
If EDV meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -9.1% (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

Ord Minnett rates EDV as Lighten (4) -

Endeavour Group provided preliminary FY26 results which revealed margin compression. Ord Minnett notes weak sales growth was largely expected but costs are elevated and the company is yet to show the benefit of cost reduction initiatives.

Endeavour Group expects to recognise -$372m in pre-tax significant items, largely comprising asset impairments as well as -$58m in costs associated with the strategy review and restructuring.

The broker points out that, to date, there is limited evidence the new strategy is working so investors need to be patient. Lighten rating retained. Target is $2.70.

Target price is $2.70 Current Price is $3.43 Difference: minus $0.73 (current price is over target).
If EDV meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.17, suggesting downside of -9.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates EDV as Neutral (3) -

Endeavour Group provided a trading update that revealed underlying EBIT of $845m that was below UBS estimates. Sales were up 1.3%. The broker adjusts FY26 EPS estimates down by -3.7%.

Neutral rating is retained amid caution around the retail recovery and headwinds that are both structural and cyclical. This is offset by positive hotel trends, with the broker noting socialisation is supporting bar & food growth although gaming growth rates have moderated. Target is raised to $3.50 from $3.25.

Target price is $3.50 Current Price is $3.43 Difference: $0.07
If EDV meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting downside of -9.1% (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

Morgans rates GDF as Buy (1) -

Garda Property provided FY26 results that reflected growth of 54% with FFO of 11.1c, beating both guidance and Morgans' forecasts. The lending book did the heavy lifting as deployed capital tripled and loan returns averaged 20%.

The property portfolio remains stable. The broker points out the "dual-engine" business model generates income growth from the industrial property portfolio while the private credit lending book is positioned to benefit from higher rates. Buy rating retained. Target rises to $1.30 from $1.15.

Target price is $1.30 Current Price is $1.09 Difference: $0.21
If GDF meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 1.0

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

Citi rates JHX as Buy (1) -

Post the distribution announcement with Boise Cascade and James Hardie Industries, Citi sees substantial upside to the potential cost savings and synergy targets, although disclosure is expected to be limited.

The analyst awaits further information and revenue synergy outcomes from the combined national platform.

Buy. Target price $42.60

Target price is $42.60 Current Price is $40.21 Difference: $2.39
If JHX meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $41.30, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

UBS rates JHX as Neutral (3) -

UBS upgrades FY27 and FY28 EPS estimates for James Hardie Industries by 6% and 4%, respectively, ahead of the first quarter results.

The target PE multiple is raised to reflect the recent re-rating of key US BMAT peers given the broader sector rotation into US industrials/housing and the target price is lifted to $40 from $30. Neutral retained.

Target price is $40.00 Current Price is $40.21 Difference: minus $0.21 (current price is over target).
If JHX meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.30, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Bell Potter rates LNW as Buy (1) -

Light & Wonder delivered earnings in the second quarter that were ahead of Bell Potter's estimates.

North American Premium and Grover leased units grew by 652 and 277, respectively, ahead of guidance, while the non-premium installed base fell, driven by VLT replacements that should have a positive impact on gaming revenue in the second half.

Bell Potter now expects EBITDA growth at the lower end of the company's guidance range of mid-to-high single digits for the full year, with a resumption of top-line growth occurring in the fourth quarter. Buy rating. Target is reduced to $183 from $190.

Target price is $183.00 Current Price is $118.00 Difference: $65
If LNW meets the Bell Potter target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $185.00, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates LNW as Buy (1) -

Light & Wonder announced adjusted earnings (EBITDA) up 9% y/y for 2Q2026 results which was around 6% higher than Citi's expectations and circa 4% above consensus.

The robust result accordingly takes some of the pressure off management to meet 2026 guidance, commentary suggests.

Notably, next week's Australian Gaming Expo will offer an insight into the new gaming content to be released, the report suggests.

Earnings forecasts are largely unchanged with a Buy rating retained alongside a $149 target price.

Target price is $149.00 Current Price is $118.00 Difference: $31
If LNW meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $185.00, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates LNW as Outperform (1) -

Light & Wonder reported US$156m June Q profit, up 16% year on year, and 12% ahead of consensus. It may be seen as a low-quality result, Macquarie suggests, with revenues missing and costs beating (i.e. lower).

2026 earnings guidance implies 5%-9% growth, with Macquarie's forecast remaining at the low end, at 5%. Improved game performance and cost management, supporting sustainably higher margins, are identified as key earnings and re-rating catalysts.

Macquarie has Light & Wonder trading on a 10x 12-month forward PE, which is a -50% discount to ASX300 Industrials and despite a 15% three-year earnings CAGR. Target falls to $180 from $200, Outperform retained.

Target price is $180.00 Current Price is $118.00 Difference: $62
If LNW meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $185.00, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates LNW as Overweight (1) -

Light & Wonder delivered earnings in the second quarter that were ahead of expectations, with Morgan Stanley noting lower corporate costs and a modest beat to forecasts for iGaming and SciPlay.

The momentum in the installed base, ex Grover, is weaker than expected which the broker suspects will disappoint the market. The company remains committed to deleveraging.

Morgan Stanley retains an Overweight rating and $186 target. Industry view is: In-Line.

Target price is $186.00 Current Price is $118.00 Difference: $68
If LNW meets the Morgan Stanley target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $185.00, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates LNW as Buy (1) -

Light & Wonder delivered revenue of US$828m in the second quarter, largely in line with Morgans' estimates. Growth in land-based gaming and iGaming more than offset the ongoing softness in SciPlay.

The highlight for the broker was the margin, amid disciplined cost management and a favourable mix. Gains are expected to hold throughout the rest of the year even as the mix shifts towards lower-margin outright sales. Buy rating. Target rises to $174 from $168.

Target price is $174.00 Current Price is $118.00 Difference: $56
If LNW meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $185.00, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates LNW as Buy (1) -

Light & Wonder revealed EBITDA grew 9% in the second quarter, ahead of estimates, as UBS noted softer-than-expected revenue was countered by better margins.

Corporate costs were lower than expected and provided a material benefit. Full-year guidance has been reiterated for mid-to-high single-digit EBITDA growth. Gaming fundamentals remain strong, the broker adds, and a Buy rating is retained. Target is reduced to $210 from $216.

Target price is $210.00 Current Price is $118.00 Difference: $92
If LNW meets the UBS target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $185.00, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates MGR as Buy (1) -

Citi highlights that following recent investor discussions on the upcoming results for housing stocks, post the broker's recent upgrade, concern is over the outlook and guidance for residential developers.

The analyst notes investors are expecting FY27 earnings guidance to reflect y/y declines in earnings due to reduced residential volumes.

The broker reiterates flattish FY27 earnings forecasts for both Mirvac Group and Stockland ((SGP)) and postulates investors might be adopting a too cautious attitude.

Citi retains a Buy rating on Mirvac with Stockland the preferred stock. Target $2.

Target price is $2.00 Current Price is $1.82 Difference: $0.18
If MGR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates NEU as Buy (1) -

Bell Potter is reminded that Neuren Pharmaceuticals is eligible for a US$35m milestone payment upon first EU commercial sales of Daybue, likely in the fourth quarter of 2026. Acadia's second quarter sales were up 30% year-on-year and 23% quarter on quarter.

Acadia has lifted 2026 sales guidance to US$480m-$510m and, the broker points out, if it hits the upper end of the range, this could trigger payment to Neuren of the US$50m one-off milestone that is dependent on sales within North America exceeding US$500m in 2026.

Buy rating maintained. Target rises to $25.50 from $23.50.

Target price is $25.50 Current Price is $21.64 Difference: $3.86
If NEU meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $26.33, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates NEU as Outperform (1) -

Neuren Pharmaceuticals' June Q royalty income rose 34% year on year and 24% quarter on quarter to US$13m following a successful broader US launch of powder formulation DAYBUE STIX. 

FY26 DAYBUE net sales guidance rises 4%, implying 5% higher royalty income, Macquarie notes.

Acadia anticipates a DAYBUE launch in Germany in early Dec Q with six-month free pricing, and named the Nordics and Austria as other markets to follow. The Japan trial readout is on track for Sep-Nov 2026, with regulatory submission expected in 2027.

Neuren's strong cash position also enables pipeline acceleration, Macquarie notes, potentially providing significant long-term upside. Target rises to $23.00 from $19.10, Outperform retained.

Target price is $23.00 Current Price is $21.64 Difference: $1.36
If NEU meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.33, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates NST as Hold (3) -

Northern Star Resources has revealed higher gold sales, which combined with inventory adjustments has meant better cost performance in the fourth quarter. Ord Minnett's FY26 EBITDA estimates improve 3% as a result.

Early commissioning of KCGM will be key in determining the outlook for FY27, before new management starts in October and potentially re-bases FY28 expectations. More data in relation to the ramp-up will become available through FY27 and should allow the company to more accurately forecast estimates beyond FY28.

As a result, Northern Star Resources will not be providing guidance for the outer years at its FY26 results. Hold rating maintained. Target rises to $20.30 from $19.90.

Target price is $20.30 Current Price is $21.49 Difference: minus $1.19 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.18, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management's FY26 underlying profit rose 21% year on year, driven by 28% FUM growth, with net flows 19% of opening FUM, -5-7% below consensus.

Pacific Asset Management (PAM), now wholly owned by Pinnacle, agreed to acquire 100% of AVI Global Trust. AVI manages GBP1.9bn FUM, Macquarie notes.

Macquarie's Outperform rating reflects attractive organic growth, supported by FUM growth, net flows, and operating leverage, plus potential accretive M&A.

Target falls to $23.95 from $25.11.

Target price is $23.95 Current Price is $19.25 Difference: $4.7
If PNI meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $22.00, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

Macquarie rates PXA as Outperform (1) -

Pexa Group's NSW settlement activity declined -11.6% year on year in July, a deterioration from 3.1% growth in June and the weakest month since Feb 2023 (-13.8%), Macquarie notes.

Queensland activity declined -0.3% year on year in June, following 0.8% growth in May and 9.9% in April. Applying 75/25% NSW/QLD weighting, Macquarie estimates Pexa's national activity increased 2.3% in June, improving from a decline of -2.9% in May.

Formal commitment from additional Tier-1 lenders is likely to incentivise the other Tier-1 lenders to onboard with Pexa quickly, Macquarie believes, driving rapid market share gains. Outperform and $14.85 target retained.

Target price is $14.85 Current Price is $7.70 Difference: $7.15
If PXA meets the Macquarie target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 61.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates RIO as Neutral (3) -

Citi points out the highlight of Rio Tinto's 1H2026 result was the productivity positives resulting from cost management against an inflationary backdrop.

Management announced around US$5bn in asset sales planned for the end of 2026 which should support lower net debt to low single-digits by the end of 2027, along with free cash flow generation.

The stock's valuation is starting to become more appealing given the relative underperformance to its peers year-to-date, but the exposure to a growth segment pipeline, like copper is in higher-risk areas, which is expected to dampen outperformance, the analyst states.

The target $171. Maintain Neutral.

Target price is $171.00 Current Price is $176.34 Difference: minus $5.34 (current price is over target).
If RIO meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $170.25, suggesting downside of -3.1% (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: 0.0

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

Bell Potter rates SGH as Buy (1) -

Ahead of the FY26 result, Bell Potter forecasts group EBIT growth of 2.7% for SGH Ltd, within guidance. Boral is expected to be the main contributor, amid its continued product price & volume growth and modest profitability enhancement.

The broker is also encouraged by the order intake reported by Sandvik and Epiroc, which have historically demonstrated a strong correlation to lagged WesTrac revenue growth.

Strong free cash flow generation should support active capital management initiatives by SGH Ltd, Bell Potter adds, retaining a Buy rating and lifting the target to $51 from $50.

Target price is $51.00 Current Price is $46.32 Difference: $4.68
If SGH meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $52.83, suggesting upside of 13.3% (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

UBS rates SGH as Buy (1) -

UBS points out industrial shares have outperformed the ASX200 over the last quarter as investors seek out perceived earnings resilience and defensive growth characteristics.

SGH Ltd continues to trade at a discount to the ASX200 Industrials despite high-single-digit EPS growth potential outlook and a structurally robust balance sheet to support M&A, the broker explains, with scope for capital returns.

Buy rated. Target $58.

Target price is $58.00 Current Price is $46.32 Difference: $11.68
If SGH meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $52.83, suggesting upside of 13.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SGM as Buy (1) -

UBS upgrades FY27 and FY28 EPS forecasts for Sims by 14% and 2%, respectively, given a stronger North American outlook. A higher DCF valuation is partially offset by a reduction in target multiples, reflecting de-rating of peers.

Buy rating maintained. Target rises to $35.00 from $34.25.

Target price is $35.00 Current Price is $26.70 Difference: $8.3
If SGM meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $29.85, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates SGP as Buy (1) -

Citi highlights following recent investor discussions on the upcoming results for housing stocks, post the broker's recent upgrade, concern is over the outlook and guidance for residential developers.

The analyst notes investors are expecting FY27 earnings guidance to reflect y/y declines in earnings due to reduced residential volumes.

The broker reiterates flattish FY27 earnings forecasts for both Mirvac Group ((MGR)) and Stockland and postulates investors might be adopting a too-cautious attitude.

Citi retains a Buy rating on Mirvac with Stockland the preferred stock. Target $5.10.

Target price is $5.10 Current Price is $4.29 Difference: $0.81
If SGP meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 12.2% (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 SLD as Speculative Buy (1) -

Saluda Medical reported fourth quarter revenue accelerated 43%. FY26 revenue of US$90.2m exceeded upgraded guidance and was ahead of Morgans' expectations.

The broker notes the investment debate is now shifting to FY27 salesforce productivity and operating leverage. Around 60% of the US salesforce was fully trained at the end of FY26, with management targeting 70%-80% for FY27.

Morgans considers the next year will be the first meaningful test of whether the increased training could translate into materially higher revenue and improved operating margins. Speculative Buy rating and $2.94 target.

Target price is $2.94 Current Price is $0.60 Difference: $2.34
If SLD meets the Morgans target it will return approximately 390% (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 TCL as Neutral (3) -

Transurban Group's traffic data remains weak, Macquarie notes, especially as Victoria is dragging down earnings. The exception is I495 despite a 35% price increase.

Near term, Transurban is expected to be better by $20m pa, reflecting the compensation payments for toll reductions offset by the potential price discounting.

Traffic sensitivity reflects the magnitude of the fuel price changes, Macquarie suggests. Government intervention has mitigated a material amount of the increase, so the drag could diminish.

Structural upside emerges as Sydney roadworks end, providing growth in FY27, and US asset pricing power exceeds expectation. Target falls to $13.85 from $14.05, Neutral retained.

Target price is $13.85 Current Price is $14.70 Difference: minus $0.85 (current price is over target).
If TCL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates TCL as Trim (4) -

Morgans incorporates the impact of Sydney's toll reforms and the second half monthly traffic data into its forecasts for Transurban Group. The company has indicated the reforms were structured to be value neutral and not affect distributions in the near term.

The broker acknowledges the impact is mitigated by key reforms not applying until FY28.

In future years, Morgans expects EBITDA growth will be constrained by weakness in Melbourne, while interest costs will rise faster than many expect.

Trim rating retained. Target edges down to $12.63 from $12.74.

Target price is $12.63 Current Price is $14.70 Difference: minus $2.07 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.28, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates WEB as Outperform (1) -

Webjet Travel has released first half FY27 guidance, with both take-rate and earnings ahead of consensus prior to the announcement. Webjet expects 1H27 total transaction value margin to be 6.7%, an improvement on 6.5% in 1H26.

Management also announced it will commence an on-market share buyback of up to $90m. It was a solid update, Macquarie suggests, notwithstanding FX headwinds of -9% in 1H27.

The broker remains cautious on Webjet's outlook given conflict re-escalation.

Macquarie continues to see upside risk if global travel activity recovers sooner than anticipated, with Webjet's investments supporting its ability to improve margins as it scales. Target falls to $4.00 from $4.05, Outperform retained.

Target price is $4.00 Current Price is $3.46 Difference: $0.54
If WEB meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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