Australian Broker Call

Bell Potter rates BPT as Hold (3) -

Beach Energy delivered June quarter production of 4.9mmboe and sales of 4.7 mmboe along with revenue of $400m. Bell Potter observes the business is in a "production replacement cycle" and production growth should return in FY27 along with an easing of capital expenditure.

The Waitsia ramp up continues, averaging 121TJ/day against nameplate of 250TJ/day as the compressor performance issues are progressively resolved.

The broker is positive on the company's exposure to Australian east coast gas markets while maintaining a cautious approach to global oil markets. Hold rating. Target is reduced to $0.95 from $1.15.

Target price is $0.95 Current Price is $0.88 Difference: $0.075
If BPT meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 0.5% (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 BPT as Sell (5) -

Citi remains cautious on Beach Energy, citing ongoing uncertainty around Waitsia's reliability despite management downplaying recent compressor issues.

The broker wants to see sustained production following the September maintenance program before adopting a more constructive stance. A June quarter production and sales miss was largely offset by stronger outcome on net debt, Citi explains.

The analyst expects an updated capital management framework to be more conservative than consensus anticipates, potentially disappointing investors hoping for a higher dividend. The approach is still seen as prudent given balance sheet funding requirements.

While Otway and Taroom provide attractive medium-term growth opportunities, Citi sees downside risk to near-term earnings and dividend expectations. Unchanged Sell rating and 80c target.

Target price is $0.80 Current Price is $0.88 Difference: minus $0.075 (current price is over target).
If BPT meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.88, suggesting upside of 0.5% (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

Macquarie rates BPT as Underperform (5) -

On further inspection following yesterday's initial comments below, the target price has been raised to 80c from 75c, reflecting the increased cash balance. The Underperform rating is retained.

****

In an early assessment of Beach Energy's 4Q activities report, Macquarie notes outcomes were broadly in line with expectations. Management will release a capital management framework review update at its full-year result August 6.

June quarter production of 4.9mmboe was in line with the broker's forecast and -3% below consensus. Revenue of $400m also matched the broker's estimate but fell -6% short of consensus due to weaker sales volumes.

The average realised gas price of $11.10/GJ was broadly in line with Macquarie's estimate.

Net debt fell to $387m, leaving gearing below forecasts, though the broker expects the dividend to be reduced as management prioritises balance sheet strength.

Commentary notes Waitsia continues to face commissioning issues, with remaining work scheduled during a planned September shutdown.

Target price is $0.80 Current Price is $0.88 Difference: minus $0.075 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.88, suggesting upside of 0.5% (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

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

Morgan Stanley expects the reaction to the Beach Energy June quarter will be "muted" as sales and production missed estimates, offset by supportive LNG pricing.

The company expects continued improvement at Waitsia in the current quarter, with the exception of a 24-day shutdown in September.

The broker notes the Thylacine West 1 intervention has been completed while the Artisan interest has been sold down and the La Bella 2 development well discontinued. The company will report its FY26 results on August 6.

Equal-weight maintained. Target is $0.88. Industry view: In-line.

Target price is $0.88 Current Price is $0.88 Difference: $0.005
If BPT meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 0.5% (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

UBS rates BPT as Sell (5) -

UBS retains a Sell rating on Beach Energy and lowers its target by -10c to 85c after the June quarter missed expectations on weaker Waitsia production. FY26 output fell marginally below the revised guidance range.

The broker expects management to adopt a more conservative dividend policy to preserve balance sheet flexibility and fund future growth opportunities.

Earnings forecasts are lowered over FY26-FY28 to reflect lower production at Waitsia and the Otway Basin.

Commentary notes ongoing commissioning challenges, lower-for-longer domestic gas prices and uncertainty over future production growth continue to weigh on the investment outlook.

Target price is $0.85 Current Price is $0.88 Difference: minus $0.025 (current price is over target).
If BPT meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.88, suggesting upside of 0.5% (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 CSL as Neutral (3) -

Citi's latest survey of 103 US neurologists suggests immunoglobulin (Ig) prescribing for chronic inflammatory demyelinating polyneuropathy (CIDP) remains broadly stable despite ongoing concerns about future prescribing intentions.

CIDP accounts for more than 20% of CSL's Ig sales. The broker believes physician caution and treatment stickiness continue to support demand in practice.

Unfortunately, Citi also notes a meaningful increase in first-line prescribing of Argenx's Vyvgart, with its share of new treatment starting to double to 20% from 10%. Competitive pressure could gradually increase over time.

Vyvgart is an FcRn inhibitor, a newer class of medicine that lowers disease-causing antibodies rather than replacing antibodies like Ig therapy.

Target for CSL is $110. Neutral rating.

Target price is $110.00 Current Price is $117.94 Difference: minus $7.94 (current price is over target).
If CSL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $130.84, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Ord Minnett rates CSL as Hold (3) -

Ord Minnett takes a look at its modelling for CSL ahead of the FY26 results on August 18. This drives modest upgrades to FY27 and FY28 estimates. As a result, the target rises to $123.30 from $121.50.

The broker expects FY26 numbers to largely align with market expectations, forecasting revenue for FY26 at US$15.5bn. The performance of CSL Behring will be the key consideration for investors, the broker adds, with immunoglobulin revenue expected to be flat and albumin down -10%.

Seqirus FY26 revenue is forecast to fall -7% and Vifor revenue to increase 6%. A Hold rating is maintained given substantial uncertainty surrounding the earnings outlook.

Target price is $123.30 Current Price is $117.94 Difference: $5.36
If CSL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $130.84, suggesting upside of 13.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Morgans rates CWY as Buy (1) -

Morgans retains a Buy rating and $2.80 target for Cleanaway Waste Management after the company indicated FY26 underlying earnings (EBIT) will be around $470m. This is near the midpoint of guidance and slightly above forecasts by the broker and consensus.

The update implies to the analyst 14% annual EBIT growth, marking a fourth consecutive year of mid- to high-teen growth.

Morgans raises its FY26 EBIT forecast by 1%, lifting earnings per share by around 2%.

While free cash flow (FCF) is expected to remain subdued in FY26, the broker anticipates a stronger FY27 supported by cost savings and improved cash conversion.

Target price is $2.80 Current Price is $2.31 Difference: $0.49
If CWY meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 26.2% (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

Bell Potter rates ELS as Buy (1) -

Elsight posted unaudited revenue of $11.8m in the second quarter, 9% ahead of Bell Potter's forecasts and up 211% year-on-year. The broker estimates around 18% of revenue was generated from non-OEM customers.

The company expects to report net profit ahead of $10m, implying at least a 43% margin. This appears driven by slower-than-expected scaling of costs.

Bell Potter asserts the business has developed a market-leading product, leveraged to the proliferation of unmanned systems in both defence and commercial contexts.

Target is raised to $8.20 from $8.10 and a Buy rating is maintained.

Target price is $8.20 Current Price is $6.45 Difference: $1.75
If ELS meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates GPT as Buy (1) -

Citi is impressed with GPT Group's Macarthur Square asset that occupies a structurally advantaged position in Sydney's southwest corridor. The target population is expected to expand by around 20% to 658,000 in five years.

The centre is the largest in its trading area and the broker finds the transition to a full-time, on-site management team meaningful, with 85 leasing deals completed in the past 12 months.

Citi opines the data-led approach by the company gives Macarthur Square access to institutional-grade leasing intelligence not previously available under Lendlease ((LLC)) management.

Buy rating and $6 target.

Target price is $6.00 Current Price is $4.93 Difference: $1.07
If GPT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.57, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates JHX as Buy (1) -

James Hardie Industries has upgraded its 1Q2026 EBITDA guidance to a range of US$399m–US$407m. At the midpoint, this is around 9% ahead of consensus forecast of US$368m, Citi highlights in a quick response.

Siding & Trim revenue guidance was particularly strong, up 11% at the midpoint, implying around 16% pro forma growth. The analyst emphasises this is a robust result but believes most of the volume growth is being driven by a reversal in destocking.

After adjusting forecasts for the underlying market, the broker believes James Hardie has gained market share. Against a tough backdrop, this is considered a "solid" update.

Buy. Target price $36.50.

Target price is $36.50 Current Price is $34.85 Difference: $1.65
If JHX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $35.27, suggesting downside of -4.7% (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: 0.3

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

Morgans rates JHX as Trim (4) -

Today's preliminary first quarter FY27 results by James Hardie Industries exceeded Morgans' expectations. At first glance, consolidated net sales and earnings (EBITDA) came in around 9% above forecasts by the broker and consensus.

Management attributed the stronger performance to market share gains and execution rather than an improvement in US housing demand.

Siding & Trim led the outperformance, the analyst highlights, while Decorative, Roofing & Accessories also exceeded guidance as channel inventories normalised.

James Hardie will release its full first quarter results on August 6.

Target $36. Trim.

Target price is $36.00 Current Price is $34.85 Difference: $1.15
If JHX meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.27, suggesting downside of -4.7% (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: 0.3

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

Citi rates LYC as Sell (5) -

Lynas Rare Earths' June quarter production shortfall was driven by transition-zone ore at Mt Weld rather than processing constraints, Citi observes.

Management will make operational adjustments rather than additional capital expenditure to address the issue.

Record average selling prices and stronger-than-expected dysprosium and terbium production reflected renewed Chinese export controls, the analysts explain.

Citi believes future heavy rare earth production growth will now depend on ore grades rather than processing capacity.

Higher capital expenditure of US$294m reflects investment in non-China supply chains and tighter purity specifications, weighing on near-term free cash flow.

Sell. Target $9.50.

Target price is $9.50 Current Price is $15.38 Difference: minus $5.88 (current price is over target).
If LYC meets the Citi target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.38, suggesting upside of 15.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates LYC as Outperform (1) -

On further inspection following the initial response below, Macquarie has lowered EPS forecasts by -21% for FY26 and -28% for FY27, with the target price reduced by -7% to $20.50.

The 4Q26 update was disappointing, but as one of the few Western rare earths producers operating at commercial scale, Macquarie maintains the stock continues to warrant a premium valuation.

Outperform is retained.

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In an early assessment, Macquarie retains an Outperform rating on Lynas Rare Earths despite today's weaker-than-expected June quarter operational report.

Rare earth oxide production of 3,481t came in -10% below consensus and -5% below Macquarie's forecast, whilst NdPr production missed both by -15%.

Production was affected by ore quality issues at both the Malaysian Lynas Advanced Materials Plant (LAMP) and Kalgoorlie facilities.

Revenue also missed consensus on lower sales volumes, whilst cash finished ahead of expectations at $1.21bn.

A 63% increase in heavy rare earth expansion capital expenditure disappointed, with investors now focused on the Kalgoorlie ramp-up and CEO succession planning, Macquarie suggests.

Target price is $20.50 Current Price is $15.38 Difference: $5.12
If LYC meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $17.38, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates LYC as Upgrade to Lighten from Sell (4) -

Ord Minnett observes Lynas Rare Earths is struggling to approach nameplate of 10,000tpa at Mount Weld, even with its vast experience.

The broker downgrades production forecasts in the wake of the June quarter, where output fell to 1857t, and this reduces earnings estimates.

Yet the company is a beneficiary of strong rare earth prices amid solid cash flow and the rating is increased to Lighten rather than Sell.

That said, Ord Minnett believes there is better value in smaller names. Target is raised to $15 from $14.

Target price is $15.00 Current Price is $15.38 Difference: minus $0.38 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.38, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates LYC as Buy (1) -

UBS retains a Buy rating on Lynas Rare Earths but lowers its target to $22.75 from $23.60 after weaker-than-expected June quarter production and higher capital expenditure.

NdPr production of 1,857t missed UBS' forecast for 2,200t due to ore quality issues at Mt Weld, reducing sales volumes despite record revenue of $289m.

The broker believes the operational issues are temporary but adopts a more conservative production outlook for FY27-FY28.

The analyst remains positive on Lynas' leading ex-China position and growing exposure to higher-value heavy rare earths as market fundamentals continue to strengthen.

Target price is $22.75 Current Price is $15.38 Difference: $7.37
If LYC meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $17.38, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates MME as Speculative Buy (1) -

MoneyMe delivered a first half result that was largely in line with Morgans' expectations. It's felt momentum in originations augurs well for the second half, with management expected to provide a balance between profitability and growth.

FY26 gross revenue increased 20% to $249m, broadly in line with the analyst's forecast. June quarter revenue rose 27% year-on-year and 13% quarter-on-quarter to $70m.

Now cash profitable, the broker highlights near-term risks and the fact the stock trades at a discount versus valuation. Hence a Speculative Buy rating is retained.

Risks flagged include ongoing macro uncertainty, softening consumer demand and interest-rate pressures. Target is steady at $0.21. Speculative Buy rating retained.

Target price is $0.21 Current Price is $0.08 Difference: $0.13
If MME meets the Morgans target it will return approximately 163% (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 MPL as Neutral (3) -

Macquarie has surveyed major Australian health insurers to assess expectations for policyholder growth in FY27 and points out underlying indexation, on a 12-month view, is deteriorating while volume trends are offsetting this in the short term.

The industry forecasts policyholder growth of around 1.9% for the market in FY27.

The broker justifies its long-standing negative outlook on the sector by noting that volume growth will normalise over the longer term but indexation challenges will be increased by "outsized nurse wage inflation".

Neutral rating and $4.90 target is maintained for Medibank Private.

Target price is $4.90 Current Price is $5.11 Difference: minus $0.21 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.14, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates MQG as Neutral (3) -

At first glance, Citi assesses Macquarie Group's first quarter update at today's AGM is broadly in line with expectations. Commodities and Global Markets (CGM) delivered the strongest performance, the broker highlights, benefiting from energy market volatility.

Banking and Financial Services (BFS) guidance was modestly qualified to reflect uncertainty following the Federal Budget's impact on housing activity, the analysts explain.

Little change is anticipated to consensus earnings forecasts, with stronger commodities earnings offsetting softer banking conditions.

The broker believes the appointment of Greg Ward as chief executive, replacing Shemara Wikramanayake, is a logical internal succession that should be well received by investors.

Target $240. Neutral.

Target price is $240.00 Current Price is $254.93 Difference: minus $14.93 (current price is over target).
If MQG 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 $251.26, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

UBS rates MQG as Neutral (3) -

After an initial review by UBS, today's first quarter trading update by Macquarie Group was broadly in line with the broker's expectations.

The analyst notes a "solid" start to FY27 despite a softer outlook for Banking and Financial Services (BFS). UBS views incoming BFS head Ben Perham positively.

Commodities and Global Markets (CGM) again provided the strongest earnings contribution, UBS observes, benefiting from US gas and power trading. Macquarie Asset Management (MAM) also reported higher assets under management (AUM).

The broker retains a Neutral rating and $250 target, explaining Macquarie's premium valuation reflects confidence in management despite earnings remaining partly dependent on market conditions and asset sales.

Target price is $250.00 Current Price is $254.93 Difference: minus $4.93 (current price is over target).
If MQG meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $251.26, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in March.

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

Morgans rates MSV as Downgrade to Accumulate from Speculative Buy (2) -

Morgans downgrades its rating for Mitchell Services to Accumulate from Speculative Buy following recent share price strength, while maintaining its 60c target.

The June quarter exceeded the broker's revenue expectations as drilling activity accelerated, with average operating rigs rising to 62 and finishing the year at 65.

Revenue of $56.5m comfortably exceeded the analyst's forecast of $51.3m, increasing from $48.5m in the previous quarter and $50.5m a year earlier.

Despite higher mobilisation costs, commentary notes the full-year earnings (EBITDA) margin improved to 20.6%, the strongest in a decade.

A net cash position of $3.5m and robust cash generation have increased confidence in a higher fully franked dividend, with Morgans lifting its final dividend forecast to 3c per share from 2c.

Target price is $0.60 Current Price is $0.56 Difference: $0.04
If MSV meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates NHF as Underperform (5) -

Macquarie has surveyed major Australian health insurers to assess expectations for policyholder growth in FY27and points out underlying indexation, on a 12-month view, is deteriorating while volume trends are offsetting this in the short term.

The industry forecasts policyholder growth of around 1.9% for the market in FY27.

The broker justifies its long-standing negative outlook on the sector by noting that volume growth will normalise over the longer term but indexation challenges will be increased by "outsized nurse wage inflation".

Underperform rating and $6.05 target retained for nib Holdings.

Target price is $6.05 Current Price is $7.39 Difference: minus $1.34 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.35, suggesting downside of -1.7% (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

Bell Potter rates PDN as Buy (1) -

Paladin Energy delivered quarterly uranium production of 1.3mlb with closing inventory of 1.7mlb in the June quarter. An average price of US$71/lb was realised.

Bell Potter observes the business outperformed FY26 guidance across all metrics and FY27 guidance points to production of 5.1mlb-5.6mlb.

Guidance is incorporated into modelling with the broker noting the company is engaged with the Canadian Nuclear Safety Commission, and the target for completion of public hearings for its construction licence is the end of 2027.

Buy rating retained. Target is reduced to $14.80 from $15.30.

Target price is $14.80 Current Price is $9.13 Difference: $5.67
If PDN meets the Bell Potter target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Citi rates PDN as Buy (1) -

Citi  highlights management at Paladin Energy continues to de-risk the Langer Heinrich ramp-up. Nonetheless, FY27 production is expected to be weighted to the second half due to planned maintenance in the first half.

Commentary notes Patterson Lake South is progressing towards a targeted 2028 final investment decision (FID) as permitting advances, while the Atlas discovery highlights additional resource upside.

Citi modestly lowers its FY27 production forecast to reflect scheduled downtime. Target falls by -$1.00 to $14. Buy maintained.

Target price is $14.00 Current Price is $9.13 Difference: $4.87
If PDN meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates PDN as Outperform (1) -

On further inspection post the initial response yesterday below, Macquarie lifts FY26 EPS forecasts by 130% on higher 4Q26 U308 sales and lowers FY27 EPS forecasts by -25% on lower production with FY28 lifted by 19% on higher production estimates.

Target price slips -4.5% to $12.65 due to higher sustaining capex at Langer Heinrich. Outperform retained. The analyst believes the U308 cycle has further upside with Paladin offering "attractive leverage".

****

Macquarie's quick response indicates Paladin Energy's quarterly production has beaten its own and consensus expectations, even as volumes were -5% lower than in the previous quarter.

FY27 production guidance of 5.1Mlb-5.5Mlb is a little stronger than expected, but the broker also believes consensus had higher expectations.

Also important: CNSC has granted 'sufficiency status' for PLS Construction Licence and Paladin management is aiming to complete application hearings by end-2027.

Target price is $12.65 Current Price is $9.13 Difference: $3.52
If PDN meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Ord Minnett rates PDN as Downgrade to Lighten from Hold (4) -

Paladin Energy has successfully completed the Langer Heinrich ramp up, exceeding FY26 guidance across production, sales and costs in the June quarter.

Ord Minnett points out FY27 guidance is weaker than expected at 5.1-5.6mlb while cost guidance of US$44/lb-US$48/lb is materially ahead of prior assumptions.

Cash and investments finished the year at US$265m, protecting the balance sheet. Rating is downgraded to Lighten from Hold as the FY27 EBITDA forecast drops -73%, with higher costs weighing on earnings. Target is reduced to $8.50 from $9.50.

Target price is $8.50 Current Price is $9.13 Difference: minus $0.63 (current price is over target).
If PDN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.38, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

UBS rates PDN as Upgrade to Buy from Neutral (1) -

UBS has upgraded Paladin Energy to Buy from Neutral with FY26 production/sales at the upper end of recently revised guidance and aligning with the analyst's forecasts. 

The market was focused on FY27 guidance which has come in at 5.1mlb-5.6mlb, below the broker's forecast at 5.7mlb, a softer outlook is implied, albeit management has a history of being conservative.

Production in 1H27 is flagged to be lower due to planned maintenance, lower grades and fewer operating days with a "meaningful" rise in 2H27.

On Patterson Lake South, management has signed an agreement with the Canadian Nuclear Safety Board allowing the way for obtaining a construction license by the end of 2027.

EPS forecasts are lowered by -17% for FY26 and -8% for FY27. Target price moves to $11.70 from $12.60. The current share price offers "asymmetric" upside with Paladin generating over US$45m in cash flow in the quarter to US$265m.

Target price is $11.70 Current Price is $9.13 Difference: $2.57
If PDN meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $12.38, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Bell Potter rates PPS as Buy (1) -

Bell Potter highlights the outlook provided by Praemium in its June quarter update. Advisers are seeking integrated administration services in alternative assets which is driving the uptake of multiple products.

The platform operator has simplified its business model and improved operating leverage while an external independent technical review has commenced to assess productivity benefits and commercial assumptions.

Gross inflows of $2.13bn were up 14%. Bell Potter points out the broking segment experienced minimal contributions while work around uplifting the superannuation offer needs to be done.

Buy rating and $1.20 target unchanged.

Target price is $1.20 Current Price is $0.71 Difference: $0.49
If PPS meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates PPS as Buy (1) -

Ord Minnett was encouraged by some of the trends reflected in the June quarter update from Praemium, even as platform net flows were not as strong as previously expected.

Excluding the exit of some advisers, underlying net flows were up 181%. The company has reiterated a $9m target for total technology cost savings following the integration of its Technotia acquisition.

The broker is disappointed the company no longer discloses FUA data for its various platforms, making it difficult to discern product trends. Buy rating and $1.05 target.

Target price is $1.05 Current Price is $0.71 Difference: $0.34
If PPS meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates RPL as Buy (1) -

Regal Partners expects performance fees will remain strong, setting guidance for first half net profit of $90m, management fees of $110m and performance fees of $115m.

In the June quarter record net inflows of $911m were recorded. Funds under management grew 6%. Bell Potter observes flows could turn around as several "fringe drivers" are close to the "high watermark" and June was a volatile month (to the downside).

The broker reduces EPS estimates by -1% for 2026 and -2% for 2027. Buy rating maintained along with a $4.80 target.

Target price is $4.80 Current Price is $2.79 Difference: $2.01
If RPL meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 68.5% (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

Morgan Stanley rates SDR as Overweight (1) -

Ahead of results in August, Morgan Stanley highlights SiteMinder as a key pick.

The company has not provided a trading update heading into the results which suggests expectations for EBITDA of $29.9m are realistic, commentary suggests, despite FX headwinds and the war in the Middle East.

This is in contrast to several other downgrades in the travel segment and the perceived AI challenges, the broker points out.

While historically the earnings base has been small, Morgan Stanley looks ahead to FY27 and envisages greater scope for valuation support.

What is not in the price is a lower risk of AI displacement, as the partnership with Mews has embedded SiteMinder's distribution capability, countering the bear case.

Overweight rating and $6.55 target price. Industry view: In-Line.

Target price is $6.55 Current Price is $3.30 Difference: $3.25
If SDR meets the Morgan Stanley target it will return approximately 98% (excluding dividends, fees and charges).

Current consensus price target is $6.19, suggesting upside of 88.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates SEK as Buy (1) -

Citi lowers net profit after tax forecasts by -2% for FY26 and -9% for FY27, reflecting softer advertising volumes and higher depreciation and amortisation charges.

The analyst's FY27 forecast is now around -4% below consensus for Seek, yet the broker believes the company can still achieve 17% net profit after tax growth and that the market is not fully pricing in its yield potential.

ANZ yield growth of 13% is forecast for FY26, supported by increased uptake of the new Advanced tier, while wage growth of 4% underpins the platform's ability to raise prices.

In FY27, ANZ yield growth is forecast to slow to 9% as penetration of the Advanced tier matures. While ANZ web traffic is easing, Asian traffic, particularly in developed markets, is growing.

The target price is reduced by -22% to $18.80, broadly reflecting lower peer valuations. The report highlights the stock is trading at a -20% discount to Recruit, compared with its historical premium of 30%. Buy rating retained.

Target price is $18.80 Current Price is $13.78 Difference: $5.02
If SEK meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $19.78, suggesting upside of 51.0% (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

Macquarie rates SFR as Neutral (3) -

In a first take, Macquarie notes Sandfire Resources announced a "beat" on 4Q26 copper equivalent production of 47.6kt, some 7% better than expected and 3% above consensus.

Both Motheo and Matsa came in better than expected with the former's production 11% above consensus due to higher-grade volumes from the A4 pit.

Matsa was stronger due to the copper/silver mix. Cash costs positively were a beat on both. Revenue, earnings (EBITDA) beat consensus by 12%/10%. respectively on higher production and lower costs.

Net cash came in at US$353m at the end of FY26, 32% above consensus.

FY27 production guidance was in line with the current mid point forecasts for both the analyst and consensus. Neutral, Target $20.

Target price is $20.00 Current Price is $18.69 Difference: $1.31
If SFR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.64, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates STO as Outperform (1) -

In a first take, Macquarie notes Santos' 2Q2026 production of 23.1MMboe was -3% below expectation and -4% lower than consensus due to a softer Alaska, WA and NT result.

Revenue over the second quarter also missed the analyst's forecast by -12% and consensus by -10% on lower KNG, gas and oil revenues due to cargo timing issues.

Free cash flow of US$376m for 1H2026 implies 2Q2026 of down -US$5m again to due cargo timing with around US$300m of proceeds from 2 Barossa and three PNG equity cargoes expected in July.

Sales guidance for 2026 was narrowed to 102MMboe-108MMboe and capex guidance retained.

Outperform rated. Target $9.

Target price is $9.00 Current Price is $7.85 Difference: $1.15
If STO meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.25, suggesting upside of 4.8% (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: 0.8

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

Morgan Stanley rates WES as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley assesses consumer stocks continue to screen expensive and while a rebound in discretionary consumer stocks occurred from mid-May, its view is the trend has limited durability.

The broker expects the reporting season will expose the weakness in consumer, as inflation problems appeared well before the energy shock and are not yet fully reflected in expectations.

While Kmart is expected to be a beneficiary of trading down and range expansion, Morgan Stanley expects a moderation in sales growth at Bunnings amid emerging correction in the domestic property market.

Wesfarmers is downgraded to Underweight from Equal-weight. Target edges up to $79.00 from $78.70. Industry View: Cautious.

Target price is $79.00 Current Price is $89.90 Difference: minus $10.9 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $79.02, suggesting downside of -10.1% (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 WGX as Outperform (1) -

Upon further inspection post the initial response yesterday below, Westgold Resources retains an Outperform rating. 

Target price slips by -15% to $7.20 due to changes in earnings (EBITDA) forecasts with FY27 downgraded by -17% on lower production and higher cost forecasts.

****

At first glance, today's release of June quarter gold production and sales by Westgold Resources exceeded Macquarie expectations.

Production of 98.9koz beat the broker's forecast by 5% (consensus by 3%), while sales rose 17% above the analyst's estimates on catch-up shipments from the prior quarter.

Costs (AISC) were broadly in line with market expectations, the analyst observes, while growth capital spending was lower than forecast.

The balance sheet strengthened further, commentary notes, ending the year debt free with $939m in cash, bullion and investments.

Macquarie expects dividends to resume with the FY26 result, after a decision not to pay a dividend in H1 of FY26.

Target price is $7.20 Current Price is $4.85 Difference: $2.35
If WGX meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $7.80, suggesting upside of 64.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates WGX as Buy (1) -

UBS assesses a mixed June quarter for Westgold Resources. Group production exceeded the broker's expectation, driven by stronger-than-forecast output at the Murchison operations, although higher purchased ore volumes diluted margins.

Production at Beta Hunt missed the analysts' forecasts due to ventilation issues restricting access to higher-grade ore, prompting UBS to lower its production and earnings forecasts for FY27 and FY28. Ongoing attractive free cash flow (FCF) generation is highlighted.

Updated FY27 guidance and a revised three-year outlook are expected with the company's August results. UBS continues to see attractive free cash flow generation.

Target falls by -50c to $7.75. Buy rating maintained.

Target price is $7.75 Current Price is $4.85 Difference: $2.9
If WGX meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $7.80, suggesting upside of 64.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ZZZ as No Rating (-1) -

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

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

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

Target price is $1.05

The company's fiscal year ends in January.

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

Market Sentiment: 0.3

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

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

29Metals delivered weaker copper production yet stronger byproducts in the June quarter, Morgan Stanley observes. 2026 guidance has been maintained with first half copper/zinc of 11,200t/3200t within expected ranges.

2026 guidance for gold and silver is also in line with expectations, with first half gold production at 5,400 ounces and silver at 255,000 ounces.

The broker observes water levels are no longer a restriction for restarting production of Capricorn while approval of the tailings storage facility 3 is a critical catalyst for a final decision. Equal-weight retained. Target is reduced to 26c from 28c.

Target price is $0.26

The company's fiscal year ends in January.

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

Market Sentiment: 0.3

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