Australian Broker Call

Bell Potter rates 4DX as Speculative Buy (1) -

Bell Potter raises its target for 4DMedical by $1.50 to $6.00 and retains a Speculative Buy rating.

Management has announced planned enrolments for a Clear study, a prospective trial comparing its CT:VQ exam against CT pulmonary angiography (CTPA), the current standard of care for diagnosing pulmonary embolism.

The study is seen as an important step in supporting broader adoption of the technology following FDA approval in September 2025.

While no additional regulatory approval is required, the clinical data is expected to help drive uptake in emergency departments and inpatient settings, the broker explains.

Bell Potter estimates the addressable market opportunity at around US$2.5bn annually and expects adoption to accelerate from FY28.

Target price is $6.00 Current Price is $3.85 Difference: $2.15
If 4DX meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

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

Ord Minnett rates 4DX as Sell (5) -

Ord Minnett assesses the updates from 4DMedical and reviews the US commercialisation opportunity and suspects a risk investors are over estimating the core nuclear VQ market, with analysis indicating around 440,000 scans per annum compared with the 1m estimated by the company.

Based on its analysis of the epidemiological industry data, the broker estimates pulmonary embolism, CTEPH and lung surgery are the key drivers of current US VQ scan volumes.

Upside will hinge on the company's ability to disrupt the CTPA market, which Ord Minnett considers a "tougher proposition" given the advantages of CTPA in an acute care setting.

Amid limited valuation support the broker remains cautious about the stock and retains a Sell rating with a $3 target.

Target price is $3.00 Current Price is $3.85 Difference: minus $0.85 (current price is over target).
If 4DX meets the Ord Minnett target it will return approximately minus 22% (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: 0.0

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

Macquarie rates APA as Outperform (1) -

APA Group is increasingly confident around gas-powered generation, Macquarie observes, which should produce the material storage investment which is its core competency. The drivers are coming from retiring coal fleet and data centre growth.

The government's gas reservation policy creates incentives for gas explorers to develop new fields and the need for storage is growing, the broker adds, with the primary opportunity in Queensland via government entities.

The bias is for developments near export terminals while state exports need to support domestic infrastructure, Macquarie notes.

Outperform. Target $10.41.

Target price is $10.41 Current Price is $10.13 Difference: $0.28
If APA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting downside of -11.0% (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

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

Bell Potter lowers its target for Abacus Storage King by -20c to $1.50 and downgrades to Hold from Buy.

These changes result from the broker's review of the implications of the REIT's proposed internalisation and emerging softness across the self-storage sector.

The proposed internalisation involves Abacus acquiring management rights from Abacus Group ((ABG)) and bringing management in-house.

Management has guided to around 6% funds from operations (FFO) accretion in FY26 from internalisation. The broker is more conservative, forecasting 4.8% earnings accretion in FY27 as higher interest costs partially offset management fee savings.

The analysts also highlight increased competition and discounting within the self-storage market, with rental growth remaining subdued and transaction activity muted amid higher funding costs.

Target price is $1.50 Current Price is $1.39 Difference: $0.11
If ASK meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 12.3% (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 BGA as Outperform (1) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests FY27 expenditure growth of 1.5%, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Macquarie's long-term view on Bega Cheese is intact, underpinned by product development and site rationalisation. Outperform. Target edges down to $6.50 from $6.60.

Target price is $6.50 Current Price is $5.39 Difference: $1.11
If BGA meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.54, suggesting upside of 21.8% (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

Citi rates BPT as Sell (5) -

Citi believes Beach Energy is approaching a potential inflection point as the Waitsia project continues to ramp up and management strengthens the balance sheet through the sale of non-core assets.

The sale of the Artisan gas exploration permit in the Perth Basin is seen as modestly positive, with increased balance sheet flexibility outweighing a slightly lower valuation than its own estimates.

Citi forecasts the company will have around $1.1bn of balance sheet capacity at 25% gearing by the end of FY27 and sees potential consolidation within the domestic energy sector as a key catalyst.

The target falls by -5c to $1.05. Sell rating maintained.

Target price is $1.05 Current Price is $1.11 Difference: minus $0.055 (current price is over target).
If BPT 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 $1.10, suggesting upside of 1.3% (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

Macquarie rates CKF as Neutral (3) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% in FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

The target for Collins Foods is reduced to $8.80 from $11.10 and a Neutral rating is retained.

Target price is $8.80 Current Price is $8.33 Difference: $0.47
If CKF meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.91, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates COG as Buy (1) -

Bell Potter lowers its earnings forecasts for COG Financial Services by -2%-4%, reflecting softer capital expenditure trends and a modest increase in expected credit loss provisions.

While construction activity remains mixed, the broker continues to see a clear pathway for more than 15% growth in novated leasing.

Such growth is supported by rising electric vehicle adoption, new market entrants and the annualisation of acquisitions in FY27, the analysts explain.

Commentary also highlights the potential for a sector re-rating as automotive order backlogs remain elevated, despite ongoing discounting and supply constraints affecting dealer profitability.

Bell Potter retains its Buy rating and $2.30 target.

Target price is $2.30 Current Price is $1.51 Difference: $0.79
If COG meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 41.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates COL as Outperform (1) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% in FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

A preference is retained for Coles Group, given its value positioning. Outperform retained. Target is raised to $24.10 from $23.80.

Target price is $24.10 Current Price is $21.55 Difference: $2.55
If COL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $23.86, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates CSL as Hold (3) -

Ord Minnett takes a closer look at the earnings downgrade delivered by CSL in mid-May as well as recent results from rivals.

Analysis shows an improved revenue margin outlook for the key Behring business and "respectable" recovery in immunoglobulin revenue growth to 5-6% on a constant currency basis.

Cost savings in the Seqirus business should drive growth in FY27 of around 7% even as revenue growth in the key North American market rises just 3%.

In the case of Vifor, the nephrology division will be hurt by losing exclusivity rights for Injectefer, which is used to treat iron deficiency anaemia, as generic variants will enter the US market from July.

The latest review leads the broker to cut estimates for EPS by -0.3% for FY26 and by -2.5% for FY27 while the target drops to $117 from $135. Hold rating.

Target price is $117.00 Current Price is $92.56 Difference: $24.44
If CSL meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $132.37, suggesting upside of 43.7% (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

Macquarie rates DMP as Neutral (3) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Although retaining a Neutral rating for Domino's Pizza Enterprises, the broker envisages -20% downside risk to earnings expectations. Target is reduced to $17.40 from $20.40.

Target price is $17.40 Current Price is $16.55 Difference: $0.85
If DMP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $19.81, suggesting upside of 24.2% (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 EBO as Outperform (1) -

Macquarie reduces FY27-FY28 EBITDA forecasts for Ebos Group by -3% and now assumes $20m per annum of unrecoverable diesel/packaging costs.

The broker takes a closer look at the wholesaler mark-up, including CSO pool top ups, and continues to forecast a net gain for the company.

Overall the risks are skewed to the upside and the balance sheet is robust, Macquarie concludes, and long-term volume data reveals the defensive nature of animal/healthcare segments. Target is reduced to NZ$36.44 from NZ$38.05. Outperform rating retained.

Current Price is $16.15. Target price not assessed.

Current consensus price target is $25.64, suggesting upside of 62.0% (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

Macquarie rates EDV as Underperform (5) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Macquarie retains an Underperform rating for Endeavour Group as it progresses through a recovery plan. Target is steady at $2.80.

Target price is $2.80 Current Price is $2.84 Difference: minus $0.04 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting upside of 9.3% (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 GNC as Hold (3) -

Bell Potter has lowered its forecasts for GrainCorp following ABARES' June crop report, which projects a -27% year-on-year decline in the east coast winter crop. A -19% fall in southeastern canola production is also forecast.

The broker expects lower crop receivals and reduced canola crush volumes, although stronger crush margins should provide a partial offset.

Commentary explains the June forecast has historically understated final crop outcomes, but highlights August and September as critical months for yield development given the potential for drier conditions.

The target falls to $5.20 from $5.90 and the broker retains a Hold rating.

Target price is $5.20 Current Price is $4.91 Difference: $0.29
If GNC meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in September.

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 HVN as Downgrade to Neutral from Outperform (3) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Macquarie downgrades Harvey Norman to Neutral from Outperform, assessing furniture and apparel will be the major drag on growth. Target is reduced to $4.50 from $6.60.

Target price is $4.50 Current Price is $4.50 Difference: $0
If HVN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 18.9% (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

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

Morgan Stanley expects national house prices to decline by -5% to -10% and housing turnover to fall by -20% to -30%, creating earnings headwinds for the domestic consumer discretionary sector and downside risk to forecasts.

Industry view is downgraded to Cautious from In-Line.

The broker expects lower house prices to weigh on consumer confidence and spending, while reduced turnover is likely to dampen renovation activity and demand for trades.

Hardware retailers are viewed as the most exposed to the housing reset, including Wesfarmers' ((WES)) Bunnings and Metcash ((MTS)), while JB Hi-Fi ((JBH)) and Harvey Norman face risks through weaker consumer confidence. Morgan Stanley notes The Good Guys is particularly exposed within the JB Hi-Fi group.

The broker lowers FY27 same-store sales growth and margin assumptions for hardware and big-ticket retailing, resulting in EPS forecast downgrades for Wesfarmers, Metcash and JB Hi-Fi. Morgan Stanley continues to favour staples, with Overweight ratings on Coles Group ((COL)), Sigma Healthcare ((SIG)) and Bega Cheese ((BGA)).

Equal-weight rating retained. Target falls to $4.70 from $5.40. Industry View: Cautious. EPS forecasts are lowered by -5.7% for FY27 and -4.7% for FY28.

Target price is $4.70 Current Price is $4.50 Difference: $0.2
If HVN meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting upside of 18.9% (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

Bell Potter rates IDX as Buy (1) -

Bell Potter notes diagnostic imaging activity strengthened in April, with rolling 12-month services growth and benefits growth improving to 3.8% and 9.1%, respectively.

MRI deregulation continues to drive utilisation growth, the analysts note, with rolling 12-month MRI benefits growth accelerating to around 14.9%.

CT activity has also improved in early 2026, which the broker believes may reflect the introduction of the national lung cancer screening program.

Integral Diagnostics is viewed as a key beneficiary, having secured around 20% of screening program volumes. Meanwhile, it's noted traditional diagnostic radiology remains in structural decline as activity continues to shift towards MRI services.

Buy rating and $3.80 target are unchanged for Integral Diagnostics.

Target price is $3.80 Current Price is $2.12 Difference: $1.68
If IDX meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 70.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates IDX as Overweight (1) -

Morgan Stanley initiates coverage of Integral Diagnostics with an Overweight rating, citing attractive long-term industry fundamentals and supportive policy changes that are expected to drive earnings growth.

The broker expects diagnostic imaging demand to be supported by population growth, ageing demographics and rising utilisation.

MRI and CT volumes are also expected to benefit from recent regulatory reforms. Industry benefits growth is forecast at 7.4% annually between FY25 and FY30.

Morgan Stanley forecasts an 18% EPS compound annual growth rate (CAGR) over FY25-FY28 for Integral. Scope for further margin expansion is seen through greater adoption of artificial intelligence and teleradiology.

A target of $3.50 is set.

Target price is $3.50 Current Price is $2.12 Difference: $1.38
If IDX meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 70.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Macquarie downgrades Inghams Group to Underperform from Neutral as cyclical headwinds are compounding a competitive environment. Target is steady at $1.80.

Target price is $1.80 Current Price is $2.06 Difference: minus $0.26 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.40, suggesting upside of 20.6% (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

Macquarie rates JBH as Outperform (1) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Besides the staples, the broker likes the long-term opportunity in "price leaders" that have structural tailwinds such as JB Hi-Fi and retains an Outperform rating. Target is reduced to $98 from $106.

Target price is $98.00 Current Price is $71.05 Difference: $26.95
If JBH meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $84.91, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates JBH as Underweight (5) -

Morgan Stanley expects national house prices to decline by -5% to -10% and housing turnover to fall by -20% to -30%, creating earnings headwinds for the domestic consumer discretionary sector and downside risk to forecasts.

Industry view is downgraded to Cautious from In-Line.

The broker expects lower house prices to weigh on consumer confidence and spending, while reduced turnover is likely to dampen renovation activity and demand for trades.

Hardware retailers are viewed as the most exposed to the housing reset, including Wesfarmers' ((WES)) Bunnings and Metcash ((MTS)), while JB Hi-Fi and Harvey Norman ((HVN)) face risks through weaker consumer confidence. Morgan Stanley notes The Good Guys is particularly exposed within the JB Hi-Fi group.

The broker lowers FY27 same-store sales growth and margin assumptions for hardware and big-ticket retailing, resulting in EPS forecast downgrades for Wesfarmers, Metcash and JB Hi-Fi. Morgan Stanley continues to favour staples, with Overweight ratings on Coles Group ((COL)), Sigma Healthcare ((SIG)) and Bega Cheese ((BGA)).

Underweight rating kept for JB Hi-Fi. Target lowered to $66.50 from $68.80. Industry view: Cautious. EPS estimates lowered by -3.2% for FY27.

Target price is $66.50 Current Price is $71.05 Difference: minus $4.55 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $84.91, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

Morgan Stanley believes Lendlease Group is unlikely to achieve its target of reducing gearing to around 15% by the end of June 2026.

This view by the analysts holds unless the group receives a significant amount of cash from uncontracted asset sales over the coming weeks.

The broker also sees a risk that gearing at year-end exceeds the 32.9% reported at the first-half result, highlighting ongoing balance sheet pressure despite recent asset sale activity.

Equal-weight rating retained. Target reduced to $3.25 from $3.89. Industry View: In-Line.

A summary of the broker's initial research follows.

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

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

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

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

Target price is $3.25 Current Price is $2.69 Difference: $0.56
If LLC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 70.5% (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

Citi rates MP1 as Buy (1) -

Citi views Megaport's latest contract wins as further evidence of strong demand for its AI infrastructure offering.

The new contracts, with a total contract value (TCV) of US$330m, could contribute around $165m in earnings (EBITDA) by FY28 and approximately $220m at full run-rate. It's felt management's projected payback period of 16-22 months could prove conservative.

The broker believes the establishment of an on-demand GPU pool is strategically aligned with Megaport's network strengths and may offer more attractive returns than large contracted deals.

Network momentum remains strong, the analysts highlight, with annual recurring revenue (ARR) growth accelerating to 25% in constant currency terms.

Revenue guidance was tightened, while earnings margin guidance was maintained.

An equity raise was also launched, involving a fully underwritten 1 for 3.08 entitlement offer at $14.30/share, raising a total of $827.3m.

Target $15.65. Buy.

Target price is $15.65 Current Price is $16.61 Difference: minus $0.96 (current price is over target).
If MP1 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 $16.52, suggesting downside of -0.6% (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

Macquarie rates MTS as Neutral (3) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

The target for Metcash is steady at $3 and a Neutral rating is retained.

Target price is $3.00 Current Price is $3.01 Difference: minus $0.01 (current price is over target).
If MTS meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.24, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Morgan Stanley expects national house prices to decline by -5% to -10% and housing turnover to fall by -20% to -30%, creating earnings headwinds for the domestic consumer discretionary sector and downside risk to forecasts.

Industry view is downgraded to Cautious from In-Line.

The broker expects lower house prices to weigh on consumer confidence and spending, while reduced turnover is likely to dampen renovation activity and demand for trades.

Hardware retailers are viewed as the most exposed to the housing reset, including Wesfarmers' ((WES)) Bunnings and Metcash, while JB Hi-Fi and Harvey Norman ((HVN)) face risks through weaker consumer confidence. Morgan Stanley notes The Good Guys is particularly exposed within the JB Hi-Fi group.

The broker lowers FY27 same-store sales growth and margin assumptions for hardware and big-ticket retailing, resulting in EPS forecast downgrades for Wesfarmers, Metcash and JB Hi-Fi. Morgan Stanley continues to favour staples, with Overweight ratings on Coles Group ((COL)), Sigma Healthcare ((SIG)) and Bega Cheese ((BGA)).

For Metcash, Equal-weight rating retained. Target slips to $3.20 from $3.40. Industry View: Cautious. EPS estimates are lowered by -1.9% for FY27 and -4.5% for FY29.

Target price is $3.20 Current Price is $3.01 Difference: $0.19
If MTS meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates MVF as Hold (3) -

Bell Potter notes fertility sector conditions remain challenging, with stimulated IVF cycle activity continuing to weaken.

Rolling 12-month stimulated cycle growth remains below historical averages, reflecting ongoing pressure across key markets and creating a headwind for Monash IVF, the broker highlights.

Frozen embryo transfer activity was broadly unchanged in April, while three-gene carrier screening volumes rebounded strongly. The broker suggests increased genetic screening may support future IVF demand and revenue growth.

It's noted broader macroeconomic pressures continue to weigh on the sector.

For Monash IVF: Hold rating and 77c target.

Target price is $0.77 Current Price is $0.71 Difference: $0.065
If MVF meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 18.3% (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 NEC as Outperform (1) -

Macquarie suspects the advertising market may be approaching a cyclical low amid early signs of business confidence improving.

Nine Entertainment generates more than 60% of earnings from the Australian and New Zealand advertising markets and the fourth quarter of FY26 may be a low point as business confidence has improved since March.

Assuming inflation does not worsen materially, the broker is optimistic regarding the advertising market in FY27. The broker forecasts $296m in net revenue and $86m in EBITDA for QMS.

Revenue synergies and initiatives are not included in estimates and may be addressed at the June 15-16 QMS investor briefing.

Outperform rating maintained. Target is reduced to $1.05 from $1.15.

Target price is $1.05 Current Price is $0.94 Difference: $0.115
If NEC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.14, suggesting upside of 22.6% (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 NST as Buy (1) -

Shares of Northern Star Resources rallied around 13% after activist investor Elliott Investment Management disclosed an approximate 4% stake and called for a formal strategic review to unlock shareholder value.

Elliott cited recent operational challenges and the company's relative underperformance against peers, arguing the shares trade at an undemanding valuation, Citi observes.

In response, Northern Star acknowledged Elliott's engagement and reiterated its focus on delivering FY26 guidance.

The analyst highlights the KCGM mill expansion remains on track for completion in early FY27 and that the search for a new Managing Director is underway.

Target $29.70. Buy.

Target price is $29.70 Current Price is $21.03 Difference: $8.67
If NST meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $27.79, suggesting upside of 27.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates PLS as Neutral (3) -

Post Pilbara Minerals' March quarter results and UBS' changes to lithium price forecasts, the broker adjusts EPS forecasts by -6% for FY26, up 10% for FY27 and up 37% for FY28.

The analyst notes production estimates are largely in line with consensus, but the anticipated recovery in lithium prices places earnings forecasts well above consensus expectations.

The target price rises to $6.75 from $5.20. However, a Neutral rating is retained as UBS believes the improved outlook is largely reflected in the current share price.

Target price is $6.75 Current Price is $6.55 Difference: $0.2
If PLS meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.81, suggesting downside of -10.1% (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

Macquarie rates PME as Outperform (1) -

Pro Medicus announced a diverse range of new contracts, with Macquarie highlighting Beth Israel Lahey Health signing a $90m, seven-year Full Stack contract and cloud-based application agreement. This is the second-largest contract secured in FY26 after UCHealth.

The analyst also points to a notable win with the University of Maryland Medical System, which signed a $23m, five-year cloud-based Viewer/Workflow contract. The contract was previously held by a competitor.

While smaller at $16m over seven years, the TidalHealth contract is also a Full Stack agreement and includes the Cardiology offering, the broker explains. Pro Medicus now has a 10% market share and is progressing well towards Macquarie's forecast 15% market share assumption for FY30.

Earnings forecasts are tweaked. The Outperform rating is retained, with the target price reduced to $221 from $244 due to an earnings downgrade for FY26 and a change in the discount rate.

Target price is $221.00 Current Price is $160.08 Difference: $60.92
If PME meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $218.67, suggesting upside of 36.0% (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

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management's affiliate Metrics Credit provided an investor update on its listed funds following ASIC's private credit surveillance, Macquarie observes.

The update outlined the composition of the investment committee, governance arrangements, and information relating to conflicts of interest and other related-party transactions.

Metrics had AUM of $36.7bn at the end of December, comprising FUM of $20bn and debt of $16.6bn. The broker notes Pinnacle owns around 10% of Metrics.

No changes have been made to earnings forecasts for Pinnacle. Outperform rated with a retained $25.11 target price.

Target price is $25.11 Current Price is $15.60 Difference: $9.51
If PNI meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $22.17, suggesting upside of 42.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates PXA as Outperform (1) -

NSW settlement activity declined -3.8% in May, the first contraction in a year, and compares with April up 5.7% and March up 14.3%.

Applying a 75:25 NSW/Queensland weighting to reflect the relative number of dwellings, Macquarie estimates total national activity was up 6.6% in April and had deteriorated from March (13.8%).

The broker suggests formal commitment from additional tier-1 lenders is likely to incentivise others to come on board with Pexa Group quickly and drive rapid market share gains. Outperform and $19.05 target.

Target price is $19.05 Current Price is $10.55 Difference: $8.5
If PXA meets the Macquarie target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $15.40, suggesting upside of 45.9% (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 SHL as Buy (1) -

Bell Potter notes pathology activity continues to track below long-term growth averages.

Recent trends partly reflect tighter reimbursement criteria for vitamin B12 and urine MCS testing, as well as the normalisation of three-gene carrier screening volumes, the analysts explain.

The broker highlights Medicare Benefits Schedule (MBS) data does not capture much of Sonic Healthcare's domestic organic growth.

The analysts explain this growth is driven by private sector activity including government contracts, clinical trials, Department of Veterans' Affairs testing, corporate services and privately billed pathology work.

Unchanged Buy rating and $28.75 target.

Target price is $28.75 Current Price is $18.71 Difference: $10.04
If SHL meets the Bell Potter target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $24.68, suggesting upside of 31.5% (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 SIG as Outperform (1) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

Besides the staples, the broker likes the long-term opportunity in "price leaders" that have structural tailwinds such as Sigma Healthcare and retains an Outperform rating. Target is raised to $3.50 from $3.10.

Target price is $3.50 Current Price is $2.87 Difference: $0.63
If SIG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 13.3% (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 TLC as Neutral (3) -

At first glance, Citi notes from today's Lottery Corp investor day that management outlined a strategy focused on accelerating growth through product innovation and digital engagement. Greater use of data and artificial intelligence was also stressed.

Management slightly reduced its FY26 operating expense guidance to $300m-$310m from $310m-$320m and aims to keep operating expense growth below normalised revenue growth over time.

Further upside from digital adoption was also identified, with digital penetration currently at 46% in Australia. Citi notes each one percentage point increase in digital penetration is estimated to add around $6m in earnings (EBITDA).

Neutral rated with a $5.10 target.

Target price is $5.10 Current Price is $5.24 Difference: minus $0.14 (current price is over target).
If TLC 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 $5.89, suggesting upside of 13.3% (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

Macquarie rates TPG as Outperform (1) -

The trading update from TPG Telecom was "soft", in Macquarie's view although FY26 guidance was reiterated.

The company provided additional detail on the digital brand strategy, which shows annual recurring revenue per unit 31.6% higher than traditional prepaid and the cost-to-serve around -20% lower.

Spectrum amortisation of $180m by FY30 has been confirmed, which is somewhat offset at a group level by shorter-life software intangibles and will not threaten the company's investment grade credit rating, Macquarie adds.

Outperform rating while the target is reduced to $4.10 from $4.40.

Target price is $4.10 Current Price is $3.70 Difference: $0.4
If TPG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates TPG as Neutral (3) -

Post TPG Telecom's Investor Day, UBS is more circumspect on Mobile growth given postpaid subscriber trends continue to soften, with the segment still accounting for around 70% of Mobile revenue.

The broker highlights the Value/Digital segment as the key growth driver across both Mobile and Enterprise.

UBS also flags rising spectrum renewal costs as a risk to returns on invested capital if future price increases become more difficult to pass on to mobile customers.

Management has retained its FY29 cost-out target of $100m. UBS lowers FY27 EPS forecasts by -9%, while the target price edges up to $3.97 from $3.95.

Neutral rated

Target price is $3.97 Current Price is $3.70 Difference: $0.27
If TPG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates TWE as Neutral (3) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

The target for Treasury Wine Estates is reduced to $4.50 from $5.30 and a Neutral rating is retained.

Target price is $4.50 Current Price is $4.11 Difference: $0.39
If TWE meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates TWE as Neutral (3) -

UBS expects investor focus at Treasury Wine Estates' June 4 Investor Briefing to centre on the balance sheet, cost savings initiatives and management structure.

The broker is seeking greater clarity on the China business, including how control of the supply chain was lost and why Penfolds has been unable to generate sufficient demand outside Australia, New Zealand and China to absorb grey market volumes.

UBS is also looking for an update on US alcohol and wine market conditions, including demand trends across demographics, price points and varietals, along with further detail on management responsibilities, including the France operations.

EPS forecasts are raised by 1.4% for FY26 and 7.1% for FY27, although they remain below consensus. The target price increases to $4.50 from $4.00. Neutral rated.

Target price is $4.50 Current Price is $4.11 Difference: $0.39
If TWE meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates WES as Outperform (1) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

The target for Wesfarmers is reduced to $84 from $87 and an Outperform rating is maintained.

Target price is $84.00 Current Price is $79.15 Difference: $4.85
If WES meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $77.30, suggesting downside 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

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

Morgan Stanley expects national house prices to decline by -5% to -10% and housing turnover to fall by -20% to -30%, creating earnings headwinds for the domestic consumer discretionary sector and downside risk to forecasts.

Industry view is downgraded to Cautious from In-Line.

The broker expects lower house prices to weigh on consumer confidence and spending, while reduced turnover is likely to dampen renovation activity and demand for trades.

Hardware retailers are viewed as the most exposed to the housing reset, including Wesfarmers' ((WES)) Bunnings and Metcash ((MTS)), while JB Hi-Fi and Harvey Norman ((HVN)) face risks through weaker consumer confidence. Morgan Stanley notes The Good Guys is particularly exposed within the JB Hi-Fi group.

The broker lowers FY27 same-store sales growth and margin assumptions for hardware and big-ticket retailing, resulting in EPS forecast downgrades for Wesfarmers, Metcash and JB Hi-Fi. Morgan Stanley continues to favour staples, with Overweight ratings on Coles Group ((COL)), Sigma Healthcare ((SIG)) and Bega Cheese ((BGA)).

Equal-weight rating retained for Wesfarmers with a lower target of $78.70 from $79.30. Industry View: Cautious.

Target price is $78.70 Current Price is $79.15 Difference: minus $0.45 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $77.30, suggesting downside 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

Macquarie rates WOW as Neutral (3) -

Macquarie assesses the outlook for the Australian consumer has weakened materially. This has been driven by economic/policy measures domestically as well as geopolitical events.

Modelling suggests expenditure growth of 1.5% FY27, well below the long-run average.

The broker favours relative defensive stocks and expects grocery to be the net beneficiary as consumers pull back from other categories.

The target for Woolworths Group is raised to $34.00 from $33.50 and a Neutral rating is retained.

Target price is $34.00 Current Price is $34.41 Difference: minus $0.41 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.34, suggesting upside of 0.7% (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

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

Morgan Stanley explains the listed AREITs in their coverage are trading at an average circa -11% discount to NTA with a wide dispersion range between different segments.

Office REITS including Centuria Office ((COF)) and Dexus ((DXS)) are trading at a -45% and -32% discount, respectively. Scentre Group ((SCG)) and Vicinity Centres ((VCX)) are at a 0% discount and the remaining REITS somewhere in between the analyst details.

The long term average Price/NTA across the REITS analysed stands at 0.97x which infers the sector on average has traded at NTA over the last 10-15 years.

The sector is viewed as looking at an "interesting valuation" and the broker believes asset devaluations like 2022-2024 are unlikely to emerge over the next 6-12 months.

Charter Hall ((CHC)) is not viewed as offering "strong" value but the stock along with Centuria Capital Group ((CNI)) are seen as "high-beta" stocks which can benefit from a change in sentiment from the market's over-cautious stance on asset valuations.

Target $2.05. Overweight rating. Industry View: In-Line.

Target price is $2.05

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