Australian Broker Call

Bell Potter rates A4N as Speculative Buy (1) -

Alpha HPA delivered a June quarter report that showed the semiconductor sector has again dominated activity and Bell Potter notes stage 1 sales rose to $289,000 on 5.5t of product.

The company has confirmed the HPA First Project Stage 2 build is on budget and on schedule, with the broker estimating around -$250m has been spent from a total capital budget of $699m.

In the second half, the company is expected to add to existing offtake volumes and a key catalyst will be drawing down on the committed EFA-NAIF debt facility by the end of 2026, commentary suggests.

Speculative Buy rating and $1.50 target price.

Target price is $1.50 Current Price is $0.54 Difference: $0.965
If A4N meets the Bell Potter target it will return approximately 180% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 121.2% (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

Morgan Stanley rates AGL as Underweight (5) -

Morgan Stanley expects retail electricity customer churn to rise in July as cost-of-living pressures, new pricing rules and Origin Energy's recent data breach encourage more households to switch providers.

The broker believes AGL Energy and Origin Energy face the greatest risk, noting retail transfers typically increase following the annual reset of default market offers.

Also, New South Wales, Queensland and South Australia are introducing Victoria-style limits of one price increase per year, the analysts note.

Morgan Stanley does not expect the market structure to change materially but estimates the loss of -100,000 customers would reduce earnings (EBIT) by around -$20m for each company.

For AGL Energy: Target is $9.28. Underweight rating. Industry View: In-Line.

Target price is $9.28 Current Price is $8.39 Difference: $0.89
If AGL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.04, suggesting upside of 18.5% (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

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

Morgan Stanley expects the Australian Infrastructure sector to remain supported by the defensive appeal of heavy, low-obsolescence assets.

The broker's view holds despite headwinds from higher fuel prices, weaker bulk freight volumes linked to El Nino and rising bond yields.

The analysts prefer Transurban Group and Auckland International Airport, citing high-quality assets, pricing power and inflation-linked earnings.

An underweight rating is maintained for Aurizon Holdings due to downside risk to FY27 earnings from contract expiries and mixed impacts from El Nino.

Equal-weight rating for Auckland International Airport with a target of NZ$8.67. Industry View: In-Line.

Current Price is $7.21. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Bell Potter rates AL3 as Speculative Buy (1) -

Bell Potter observes AML3D has finished FY26 in a strong position with orders of $16.8m going into FY27. The company has identified a global sales pipeline of $78m.

The broker notes the technology is particularly suited to maritime applications, with strong leverage to demand from the US Navy's industrial base. Over FY27 the company is expected to increase deployment of ARCEMY systems in the US and Europe.

Speculative Buy maintained. Target is reduced to 35c from 40c.

Target price is $0.35 Current Price is $0.10 Difference: $0.252
If AL3 meets the Bell Potter target it will return approximately 257% (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 ALL as Outperform (1) -

Macquarie notes Sensor Tower downloads for Product Madness fell -16% y/y in 2Q2026, which is a slowdown from 1Q of -9%.

Hearts of Vegas rose 7% y/y, Cashman Casino grew 4% and Lightning Link up 3%, which has now generated growth for six straight quarters.

Aristocrat Leisure is Outperform rated with a $65 target.

Target price is $65.00 Current Price is $62.00 Difference: $3
If ALL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $64.61, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ANZ as Neutral (3) -

Macquarie doesn't envisage downside earnings risks to backward-looking 2H26 results and 3Q26 updates but does see more subdued commentary for the banks around the outlook.

CommBank ((CBA)) is expected to deliver a 1%-2% beat on consensus, as is Bendigo & Adelaide Bank ((BEN)), but guidance is expected to be weak with a "material" slowdown in lending growth and rising competition for mortgages.

Cost management is also anticipated to come into focus for FY27-FY28, as well as indications around declining credit quality.

The analyst sees some downside risks to ANZ Bank's earnings with higher pressure on margins, offset by the relative valuation and the ongoing cost out. 

No change to Neutral rating and $32.50 target price.

Target price is $32.50 Current Price is $36.89 Difference: minus $4.39 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.52, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates APA as Buy (1) -

Citi asserts rising M&A activity in Australian gas pipeline infrastructure underpins meaningful valuation upside for APA Group.

Morgan Stanley's acquisition of Epic Energy for $1bn is calculated as implying a 10% premium to APA Group's current 13x FY25 EV/EBITDA which, in the broker's view, means the market is mispricing its asset quality.

Citi points to media reports of first gas sales from Beetaloo in a matter of weeks, with interest from multiple customers to draw Beetaloo gas.

The analyst sees this as a positive for APA Group and will assist with the group's initial investment in the Sturt Plateau Pipeline and over time support the Beetaloo basin pipeline, the analyst states, subject to generating cost-effective gas.

Citi's bull case is also underpinned by Beetaloo Energy's planned 2GW gas-backed data centre complex near Darwin, highlighting the emerging role of gas infrastructure in powering Australia's digital economy. Buy rating and $11.10 target.

Target price is $11.10 Current Price is $10.32 Difference: $0.78
If APA meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.44, suggesting downside of -8.1% (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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley expects the Australian Infrastructure sector to remain supported by the defensive appeal of heavy, low-obsolescence assets.

The broker's view holds despite headwinds from higher fuel prices, weaker bulk freight volumes linked to El Nino and rising bond yields.

The analysts prefer Transurban Group and Auckland International Airport, citing high-quality assets, pricing power and inflation-linked earnings.

An underweight rating is maintained for Aurizon Holdings due to downside risk to FY27 earnings from contract expiries and mixed impacts from El Nino.

Underweight rating for Aurizon Holdings with a target of $3.51. Industry View: In-Line.

Target price is $3.51 Current Price is $4.20 Difference: minus $0.69 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.71, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Macquarie rates BEN as Underperform (5) -

Macquarie doesn't envisage downside earnings risks to backward-looking 2H26 results and 3Q26 updates but does see more subdued commentary for the banks around the outlook.

CommBank ((CBA)) is expected to deliver a 1%-2% beat on consensus, as is Bendigo & Adelaide Bank, but guidance is expected to be weak with a "material" slowdown in lending growth and rising competition for mortgages.

Cost management is also anticipated to come into focus for FY27-FY28, as well as indications around declining credit quality.

An Underperform rating is kept for Bendigo & Adelaide Bank with a $9.00 target.

Target price is $9.00 Current Price is $11.01 Difference: minus $2.01 (current price is over target).
If BEN 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 $10.36, suggesting downside of -7.1% (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

Macquarie rates BOQ as Underperform (5) -

Macquarie doesn't envisage downside earnings risks to backward-looking 2H26 results and 3Q26 updates but does see more subdued commentary for the banks around the outlook.

CommBank ((CBA)) is expected to deliver a 1%-2% beat on consensus, as is Bendigo & Adelaide Bank ((BEN)), but guidance is expected to be weak with a "material" slowdown in lending growth and rising competition for mortgages.

Cost management is also anticipated to come into focus for FY27-FY28, as well as indications around declining credit quality.

Macquarie believes there is considerable downside risk to pre-provision earnings, and the earnings forecasts are -2% and -6% for FY27/FY28, respectively, below consensus.

An Underperform rating is kept for Bank of Queensland with a $5.25 target.

Target price is $5.25 Current Price is $6.48 Difference: minus $1.23 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.46, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates BXB as Buy (1) -

UBS believes concerns over Brambles' US pallet quality are easing, with its latest annual survey of US customers indicating quality has strengthened as a competitive advantage over rival suppliers.

Commentary notes customer satisfaction has reached its highest level since the pandemic, while intentions to use more pooled pallets, expectations for organic volume growth and pricing outlook have all improved.

Although seeing modest downside risk to FY27 consensus earnings guidance, the broker believes this caution is already reflected in the share price.

UBS reiterates its Buy rating and lifts its target to $24.30 from $23.80, citing an attractive valuation and improving investor confidence.

Target price is $24.30 Current Price is $19.06 Difference: $5.24
If BXB meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $21.32, suggesting upside of 10.7% (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: 0.5

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

Morgan Stanley rates CAR as Overweight (1) -

Morgan Stanley expects FY26 results for the Australian Technology, Media and Telecommunications (TMT) sector to be shaped by several key themes.

These include data centre demand and funding, AI-led software recovery, macroeconomic risks for online classifieds and satellite disruption to telecommunications.

It's felt key debates will include the durability of software earnings following recent share price weakness. Morgan Stanley also expects higher-than-usual CEO and CFO turnover as technological change and stakeholder pressures intensify.

The broker's highest-conviction picks remain NextDC and Infratil, reflecting strong earnings visibility, growing confidence in data centre demand and both stocks' outperformance of the broader market this year.

Least-preferred sectors are traditional media and telecommunications. The former is due to the ongoing structural shift in advertising towards digital platforms and streaming.

The telecommunications risk relates to satellite technology and other emerging technologies which present longer-term competitive risks.

The analysts see macroeconomic risks for online classifieds such as REA Group, Seek and CAR Group from softer housing and employment markets.

Target price for CAR Group is $32. Overweight. Industry view is In-Line.

Target price is $32.00 Current Price is $25.00 Difference: $7
If CAR meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $32.41, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates CBA as Underperform (5) -

Macquarie doesn't envisage downside earnings risks to backward-looking 2H26 results and 3Q26 updates but does see more subdued commentary for the banks around the outlook.

CommBank is expected to deliver a 1%-2% beat on consensus, as is Bendigo & Adelaide Bank ((BEN)), but guidance is expected to be weak with a "material" slowdown in lending growth and rising competition for mortgages.

Cost management is also anticipated to come into focus for FY27-FY28, as well as indications around declining credit quality.

A slight miss on the DPS is expected for CommBank, with the analyst forecasting only a 5c rise y/y, rather than the recent 10c.

CommBank is Underperform rated with a $111 target. EPS forecasts are tweaked lower for FY27, with a -2% downgrade in the FY27 DPS forecast.

Target price is $111.00 Current Price is $176.07 Difference: minus $65.07 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $123.11, suggesting downside of -31.1% (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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley looks at the key issues for the Australian REITs sector heading into FY26 results. Potential is seen for sector consolidation or equity raisings given wide discounts to net tangible assets (NTA) across many listed REITs.

The broker remains positive on Charter Hall, believing consensus forecasts for around 10% FY27 earnings growth are achievable even if fund inflows halve from FY26 levels.

The broker is least positive on Lendlease Group, citing slow progress on asset sales, limited earnings transparency and uncertainty following management changes.

Investor attention is expected to focus on Stockland and Mirvac, with their results providing key insight into residential settlements and property market conditions.

For Charter Hall: Overweight. Target $26.89. Industry View: In-Line.

Target price is $26.89 Current Price is $22.89 Difference: $4
If CHC meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 6.2% (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 CMM as Outperform (1) -

Capricorn Metals has announced Mt Gibson pre-feasibility study project with pre-production capex of $474m with a 19-year mine life and steady-state production of 260koz/pa.

Macquarie notes the new five-year plan, called Range 200 for production growth to 410koz in FY31 from 145koz in FY27.

The aspiration target is production of 500kpa within five years, assisted by a second processing hub at Golden Range.

EPS forecasts are lifted 2% for FY26 and unchanged for FY27. The upgrades in EPS forecasts are 13% for FY29 and 16% for FY30.

Target price rises 4% to $16.30. No change in Outperform rating.

Target price is $16.30 Current Price is $13.70 Difference: $2.6
If CMM meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $17.75, suggesting upside of 31.2% (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

Citi rates DXS as Neutral (3) -

Dexus has divested three office properties in Sydney and Brisbane, generating $715m and putting the business ahead of its FY25-FY27 divestments target of $2bn. Settlement is expected in October and sale proceeds are to be used to reduce pro forma gearing by -2% on realisation.

Citi remains cautious about the office sector and Dexus amid short-term headwinds from APAC-related losses and elevated finance costs, although this latest update is considered relatively positive. Neutral rating and $6.50 target.

Target price is $6.50 Current Price is $5.73 Difference: $0.77
If DXS meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 15.3% (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

Bell Potter rates EOS as Buy (1) -

Electro Optic Systems delivered first half revenue of $169m as the regional conflicts supported demand for its products. The cash balance of $256m at the end of June was ahead of Bell Potter's estimates.

Guidance for 2026 revenue has been upgraded to $280m-$300m from $240m-$270m, driven by detailed work to optimise plans for production as well as the current order book. The contract backlog as of June 2026 was $846m.

Buy rating, with the target edging up to $12.60 from $12.50.

Target price is $12.60 Current Price is $7.45 Difference: $5.15
If EOS meets the Bell Potter target it will return approximately 69% (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

Ord Minnett rates EOS as Speculative Buy (1) -

Electro Optic Systems delivered record first-half revenue of $169m, 89% ahead of Ord Minnett's forecast. This was driven by ongoing wars which supported demand for its products.

2026 revenue guidance has been upgraded to $280m–300m and, the broker notes, comes off the back of a record unconditional order book of $846m at the end of June.

Speculative Buy rating retained with the target lifted to $11.75 from $11.45.

Target price is $11.75 Current Price is $7.45 Difference: $4.3
If EOS meets the Ord Minnett target it will return approximately 58% (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 EVN as Neutral (3) -

Evolution Mining has made a binding offer to acquire Carnaby Resources ((CNB)) for -$213m, which Citi notes is a 60.4% premium to the last close. The key asset is the Greater Duchess project which has a resource of 29.2mt at 1.3% copper and 0.2g/t gold.

The project is located in close proximity to the Ernest Henry operations, which underpins upside in terms of integration and leverages the existing infrastructure and latent mill capacity, the broker points out.

The offer is considered "fair" by Citi, given the short lead time to production and limited requirement for investment in infrastructure. Neutral rating and $15 target.

Target price is $15.00 Current Price is $11.51 Difference: $3.49
If EVN meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 19.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates FBU as Underperform (5) -

Fletcher Building upgraded earnings (EBIT) guidance for FY26 and Macquarie lifts its earnings forecast to align with the change of 4% higher at the midpoint ex Land Development contributions.

A&NZ volume indices grew over 4Q26 with the analyst assuming 1.5% y/y growth for FY27 versus 1% for FY26.

In FY27, a more challenging NZ residential volume outlook is anticipated and ongoing subdued activity in non-residential and infrastructure as well as softer real prices. Policy support for import competition is also flagged.

EPS forecasts are tweaked higher by 3% in FY26 and 2% in FY27.

Target price rises to NZ$1.74 from $1.65, with no change in Underperform rating.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $2.76, suggesting downside of -12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.5

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

Morgan Stanley rates IFT as Overweight (1) -

Morgan Stanley expects FY26 results for the Australian Technology, Media and Telecommunications (TMT) sector to be shaped by several key themes.

These include data centre demand and funding, AI-led software recovery, macroeconomic risks for online classifieds and satellite disruption to telecommunications.

It's felt key debates will include the durability of software earnings following recent share price weakness. Morgan Stanley also expects higher-than-usual CEO and CFO turnover as technological change and stakeholder pressures intensify.

The broker's highest-conviction picks remain NextDC and Infratil, reflecting strong earnings visibility, growing confidence in data centre demand and both stocks' outperformance of the broader market this year.

Least-preferred sectors are traditional media and telecommunications. The former is due to the ongoing structural shift in advertising towards digital platforms and streaming.

The telecommunications risk relates to satellite technology and other emerging technologies which present longer-term competitive risks.

Target price for Infratil is NZ$16.60. Overweight. Industry view is In-Line.

Current Price is $12.91. Target price not assessed.

Current consensus price target is $14.49, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.9

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

Morgans rates IMR as Speculative Buy (1) -

Imricor Medical Systems has secured its first US commercial sale of the NorthStar mapping system to Rady Children's Hospital. Morgans assesses this is a new vertical, cardiac interventions, which expands the addressable market by US$250m.

Management has highlighted both clinical and economic benefits, including eliminating radiation exposure, superior imaging, lower hospital costs and improved catheterisation lab utilisation.

Additional sales are expected to follow and Morgans retains a Speculative Buy rating and $2.94 target.

Target price is $2.94 Current Price is $2.00 Difference: $0.94
If IMR meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates KMD as Buy (1) -

UBS believes KMD Brands' investment case has shifted from balance sheet concerns to earnings delivery following last quarter's highly dilutive equity raising.

The broker notes the stock trades on an FY27 price/earnings multiple of around 7x, well below its long-term average of 10x, suggesting an attractive valuation.

Website traffic at Kathmandu improved during the quarter alongside stronger Google search interest in hiking. The analysts believe this signals a turnaround in brand engagement and market share after prolonged weakness.

UBS cautions its latest consumer survey indicates spending intentions in New Zealand's outdoor category remain broadly unchanged over the next 12 months.

Following a 1:25 share consolidation on July 1, UBS has a NZ$3.50 target and maintains its Buy rating.

Current Price is $1.44. Target price not assessed.

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates LDX as Buy (1) -

Lumos Diagnostics received US$7m in the June quarter, triple the prior quarter and reflecting the US$5m milestone payment from PHASE Scientific following the CLIA waiver approval.

This drove operating cash flow to over US$2.7m. The company reports that 60 days after commercial launch the FebriDx roll-out is running ahead of expectations.

The upcoming US flu season should mean a heightened level of FebriDx orders in the September and December quarters. Bell Potter highlights the key catalysts remain utilisation, in the lead up to the flu season, and contract wins in urgent care. Buy rating maintained. Target is 25c.

Target price is $0.25 Current Price is $0.10 Difference: $0.15
If LDX meets the Bell Potter target it will return approximately 150% (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 LNW as Outperform (1) -

Macquarie notes Sensor Tower data show SciPlay's app downloads were down -23% y/y in 2Q2026 which represents a slowdown from previous quarters.

Downloads for Monopoly Slots and Hot Shot Casino continued to lift y/y but downloads for the rest of the social casino portfolio slipped y/y.

The analyst views social casino download metrics should be taken with a "grain of salt".

Light & Wonder is Outperform rated with an unchanged $200 target price.

Target price is $200.00 Current Price is $109.70 Difference: $90.3
If LNW meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $188.00, suggesting upside of 60.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates LOT as Downgrade to Neutral from Outperform (3) -

Lotus Resources has conducted a 1-for-1 rights issue at a -67% discount, a $35m convertible with a detachable warrant at 85c, Macquarie highlights.

The issue is described as a "rescue package" to allow for production to restart at the Kayelera mine and processing plant.

The analyst attributes the financial travails to the location of the mine, which has become a major logistics challenge, including the trucking of diesel and sulphuric acid in and out of Malawi.

A lack of debt/working capital and the Middle East war with higher diesel and acid prices also weighed on Lotus.

First U308 production is now targeted for September. EPS forecasts are downgraded and the target price cut by -81% to 25c.

Macquarie downgrades the stock to Neutral from Outperform.

Target price is $0.25 Current Price is $0.25 Difference: $0
If LOT meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.44, suggesting upside of 351.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates MLX as Buy (1) -

Ord Minnett highlights a "solid" June quarter from Metals X which came despite difficult conditions at Renison. The broker notes profitable operations and cash support the Rentails project.

The share price remains sensitive to the global tin price, while growth is the other catalyst Ord Minnett points out. Greentech is suspected to be "off the menu" but an investment decision for Rentails is anticipated by the end of 2026. Other targets are longer term.

Buy rating retained. Target is $2.00.

Target price is $2.00 Current Price is $1.57 Difference: $0.43
If MLX meets the Ord Minnett 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

Bell Potter rates MMA as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiates coverage of Maronan Metals with a Speculative Buy rating and 76c target.

The Maronan project is a high-grade, long-life polymetal deposit in Queensland and includes a resource of 122m ozs silver, 2mt lead, 271,000t copper, 760,000 ozs gold and 18,000t zinc.

A 40,000m diamond drill program is targeting conversion of the resource, with an updated estimate expected late in 2026.

The broker envisages material upside to the preliminary economic assessment and with the potential to develop a larger on-site processing facility.

Target price is $0.76 Current Price is $0.38 Difference: $0.385
If MMA meets the Bell Potter target it will return approximately 103% (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

Morgan Stanley rates MYR as Overweight (1) -

Morgan Stanley highlights a weaker-than-expected end to FY26 for Myer. Subdued consumer spending, higher fuel prices, interest rate rises and an unusually warm start to winter weighed on sales, the analysts explain.

The broker notes stronger promotional activity also pressured gross profit, while increased discounting around Amazon's Prime Day compounded trading conditions.

Management maintained guidance for the cost of doing business (CODB) at around 29% of sales but flagged the FY26 results will include an assessment of potential impairments and other significant items.

Target $0.55. Overweight. Industry View: Cautious.

Target price is $0.55 Current Price is $0.22 Difference: $0.33
If MYR meets the Morgan Stanley target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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 NAB as Neutral (3) -

Macquarie doesn't envisage downside earnings risks to backward-looking 2H26 results and 3Q26 updates but does see more subdued commentary for the banks around the outlook.

CommBank ((CBA)) is expected to deliver a 1%–2% beat on consensus, as is Bendigo & Adelaide Bank ((BEN)), but guidance is expected to be weak with a "material" slowdown in lending growth and rising competition for mortgages.

Cost management is also anticipated to come into focus for FY27–FY28, as well as indications around declining credit quality.

National Australia Bank's success on deposit growth could be offset by the softer macro outlook and the bank's exposure to SMEs.

Commentary suggests the market is likely to focus on credit quality. National Australia Bank is Neutral rated with a $39 target.

Target price is $39.00 Current Price is $40.94 Difference: minus $1.94 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.85, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in September.

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 NXT as Overweight (1) -

Morgan Stanley expects FY26 results for the Australian Technology, Media and Telecommunications (TMT) sector to be shaped by several key themes.

These include data centre demand and funding, AI-led software recovery, macroeconomic risks for online classifieds and satellite disruption to telecommunications.

It's felt key debates will include the durability of software earnings following recent share price weakness. Morgan Stanley also expects higher-than-usual CEO and CFO turnover as technological change and stakeholder pressures intensify.

The broker's highest-conviction picks remain NextDC and Infratil, reflecting strong earnings visibility, growing confidence in data centre demand and both stocks' outperformance of the broader market this year.

Least-preferred sectors are traditional media and telecommunications. The former is due to the ongoing structural shift in advertising towards digital platforms and streaming.

The telecommunications risk relates to satellite technology and other emerging technologies which present longer-term competitive risks.

Target price for NextDC is $18. Overweight. Industry view is In-Line.

Target price is $18.00 Current Price is $13.70 Difference: $4.3
If NXT meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $19.16, suggesting upside of 44.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley expects retail electricity customer churn to rise in July as cost-of-living pressures, new pricing rules and Origin Energy's recent data breach encourage more households to switch providers.

The broker believes AGL Energy and Origin Energy face the greatest risk, noting retail transfers typically increase following the annual reset of default market offers.

Also, New South Wales, Queensland and South Australia are introducing Victoria-style limits of one price increase per year, the analysts note.

Morgan Stanley does not expect the market structure to change materially but estimates the loss of -100,000 customers would reduce earnings (EBIT) by around -$20m for each company.

For Origin Energy: Target $10.35. Underweight rated. Industry View: In-Line.

Target price is $10.35 Current Price is $10.65 Difference: minus $0.3 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.35, suggesting upside of 6.7% (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

Morgan Stanley rates REA as Overweight (1) -

Morgan Stanley expects FY26 results for the Australian Technology, Media and Telecommunications (TMT) sector to be shaped by several key themes.

These include data centre demand and funding, AI-led software recovery, macroeconomic risks for online classifieds and satellite disruption to telecommunications.

It's felt key debates will include the durability of software earnings following recent share price weakness. Morgan Stanley also expects higher-than-usual CEO and CFO turnover as technological change and stakeholder pressures intensify.

The broker's highest-conviction picks remain NextDC and Infratil, reflecting strong earnings visibility, growing confidence in data centre demand and both stocks' outperformance of the broader market this year.

Least-preferred sectors are traditional media and telecommunications. The former is due to the ongoing structural shift in advertising towards digital platforms and streaming.

The telecommunications risk relates to satellite technology and other emerging technologies which present longer-term competitive risks.

The analysts see macroeconomic risks for online classifieds such as REA Group, Seek and CAR Group from softer housing and employment markets.

Target price for REA Group is $230. Overweight. Industry view is In-Line.

Target price is $230.00 Current Price is $156.19 Difference: $73.81
If REA meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $186.25, suggesting upside of 14.3% (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

Morgan Stanley rates SEK as Overweight (1) -

Morgan Stanley expects FY26 results for the Australian Technology, Media and Telecommunications (TMT) sector to be shaped by several key themes.

These include data centre demand and funding, AI-led software recovery, macroeconomic risks for online classifieds and satellite disruption to telecommunications.

It's felt key debates will include the durability of software earnings following recent share price weakness. Morgan Stanley also expects higher-than-usual CEO and CFO turnover as technological change and stakeholder pressures intensify.

The broker's highest-conviction picks remain NextDC and Infratil, reflecting strong earnings visibility, growing confidence in data centre demand and both stocks' outperformance of the broader market this year.

Least-preferred sectors are traditional media and telecommunications. The former is due to the ongoing structural shift in advertising towards digital platforms and streaming.

The telecommunications risk relates to satellite technology and other emerging technologies which present longer-term competitive risks.

The analysts see macroeconomic risks for online classifieds such as REA Group, Seek and CAR Group from softer housing and employment markets.

Target price for Seek is $21. Overweight. Industry view is In-Line.

Target price is $21.00 Current Price is $13.16 Difference: $7.84
If SEK meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $19.88, suggesting upside of 41.4% (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

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

Sandfire Resources posted a strong result for the fourth quarter, with net cash of $353m beating Morgans' forecasts. The company is now free of debt.

FY27 production guidance is in line with forecasts and capital expenditure is expected to be higher than previously anticipated.

The strength of the result has the broker confident in the company's ability to execute on its plans for Matsa and Motheo, and is the second consecutive year it has made up considerable ground in the fourth quarter and met guidance.

As the stock is now approaching fair value and the near-term upside is thus seen as limited, the rating is downgraded to Accumulate from Buy. Target is unchanged at $22.00.

Target price is $22.00 Current Price is $19.24 Difference: $2.76
If SFR meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.55, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Ord Minnett rates SFR as Accumulate (2) -

Sandfire Resources finished FY26 with copper production up 38% in the final quarter, with Ord Minnett observing the benefits of higher-grade A4 in the mix and less weather-related interruptions.

Guidance for FY27 copper production signals a flat outcome with unit costs expected to rise incrementally.

The broker incorporates the results and outlook to match management commentary, highlighting that a successful track record means there is no reason to deviate from guidance.

Accumulate retained. Target is reduced to $19.20 from $19.85.

Target price is $19.20 Current Price is $19.24 Difference: minus $0.04 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.55, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Bell Potter rates SMI as Speculative Buy (1) -

Bell Potter believes recent infill drilling has further enhanced confidence in Santana Minerals' 100%-owned Bendigo-Ophir Gold Project in New Zealand.

A high-grade intercept within the first planned open pit is expected to improve resource grade, thickness and confidence, supporting stronger early mining cash flow while de-risking the initial development stage.

The broker also notes the project remains on track for a final Fast Track Approvals decision in December after the company brought forward the submission of final consent conditions to late August.

Bell Potter retains its Speculative Buy rating and unchanged $1.70 target, continuing to expect project approval.

Target price is $1.70 Current Price is $0.41 Difference: $1.29
If SMI meets the Bell Potter target it will return approximately 315% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates SMR as Downgrade to Hold from Buy (3) -

Stanmore Resources has refinanced its corporate debt, reducing borrowing margins by -100 basis points. Morgans observes financial flexibility is enhanced by removing around US$70m in scheduled principal repayments per annum through to maturity on 30th June 2029.

Group ROM production has exceeded expectations in the June quarter and reflects a strong rebound from weather-related disruptions in the first quarter. Saleable production was 3.37mt, ahead of the broker's forecasts by 1.8%, and coal sales of 3.37mt were 3.3% ahead.

Morgans assesses, while metallurgical coal prices can move materially above consensus, the company's production profile is beginning to decline and earnings capacity, in the absence of higher commodity prices, will reduce.

Rating is downgraded to Hold from Buy with the target steady at $2.80.

Target price is $2.80 Current Price is $2.72 Difference: $0.08
If SMR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

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: 0.5

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

Ord Minnett rates SMR as Buy (1) -

Stanmore Resources reported 3.3mt of production and 3.4mt of sales in the June quarter. Net debt of US$72m was higher than Ord Minnett expected.

On a positive note, the company has refinanced its term debt to US$250m, providing balance sheet flexibility ahead of the funding of Isaac Downs extension.

The broker lifts cost assumptions for 2026 and 2027 to account for downside risks from diesel and broader inflationary pressures. Target dips to $3.90 from $3.95. Buy retained.

Target price is $3.90 Current Price is $2.72 Difference: $1.18
If SMR meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

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: 0.5

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

Bell Potter rates SNT as Speculative Buy (1) -

Bell Potter notes Syntara closed FY26 with $13.5m in cash following fourth quarter operating cash burn of $3.6m and an $8.9m capital raising. Its lead asset, amsulostat, continues to be the key driver of the investment thesis.

The main issue for the broker is how the phase 2b trial will be funded with the timing of any deal difficult to predict. Beyond amsulostat, the other two assets will report clinical data in the second half of 2026. Speculative Buy rating and six cents target unchanged.

Target price is $0.06 Current Price is $0.02 Difference: $0.038
If SNT meets the Bell Potter target it will return approximately 173% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SPK as Buy (1) -

UBS believes Spark New Zealand's proposed sale of its Digital Services division could unlock shareholder value on two fronts.

A sale at more than 10x earnings (EBITDA) could add around 20c per share to the broker's valuation whilst highlighting the stronger profitability of the core Connectivity business.

The proposed restructure aligns with Spark's SPK-30 (five year) strategy and should simplify the business, with any sale proceeds potentially supporting capital returns, the analyst explains.

UBS notes the current share price values the company at a discount to its Connectivity business alone and reiterates its Buy rating with an unchanged NZ$3.00 target.

Current Price is $1.62. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. 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 TCL as Equal-weight (3) -

Morgan Stanley believes investor concerns over downside risk to Transurban's FY27 dividend guidance may be overstated. High-frequency traffic data indicate Victorian traffic recovered during July after a subdued April and May.

The broker notes higher fuel prices, discounted Victorian public transport fares, work-from-home legislation and a softer economy have weighed on traffic volumes. It's noted stronger North American traffic partly offset these headwinds.

As Victoria contributes around 31% of FY27 proportional earnings (EBITDA), Morgan Stanley estimates a 1% increase in average daily Victorian traffic would lift FY27 free cash flow (FCF) by around 0.5c per share.

In a separate report, Morgan Stanley expects the Australian Infrastructure sector to remain supported by the defensive appeal of heavy, low-obsolescence assets.

The broker's view holds despite headwinds from higher fuel prices, weaker bulk freight volumes linked to El Nino and rising bond yields.

The analysts prefer Transurban Group and Auckland International Airport, citing high-quality assets, pricing power and inflation-linked earnings.

An underweight rating is maintained for Aurizon Holdings due to downside risk to FY27 earnings from contract expiries and mixed impacts from El Nino

Equal-weight rating for Transurban Group with a target of $14.68. Industry View: In-Line.

Target price is $14.68 Current Price is $14.62 Difference: $0.06
If TCL meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.36, suggesting downside of -2.4% (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 TLS as Overweight (1) -

Morgan Stanley expects FY26 results for the Australian Technology, Media and Telecommunications (TMT) sector to be shaped by several key themes.

These include data centre demand and funding, AI-led software recovery, macroeconomic risks for online classifieds and satellite disruption to telecommunications.

It's felt key debates will include the durability of software earnings following recent share price weakness. Morgan Stanley also expects higher-than-usual CEO and CFO turnover as technological change and stakeholder pressures intensify.

The broker's highest-conviction picks remain NextDC and Infratil, reflecting strong earnings visibility, growing confidence in data centre demand and both stocks' outperformance of the broader market this year.

Least-preferred sectors are traditional media and telecommunications. The former is due to the ongoing structural shift in advertising towards digital platforms and streaming.

The telecommunications risk relates to satellite technology and other emerging technologies which present longer-term competitive risks.

The analysts see macroeconomic risks for online classifieds such as REA Group, Seek and CAR Group from softer housing and employment markets.

Target price for Telstra Group is $5.30. Overweight. Industry view is In-Line.

Target price is $5.30 Current Price is $4.93 Difference: $0.37
If TLS meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 6.8% (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

Ord Minnett rates VMM as Speculative Buy (1) -

Viridis Mining & Minerals made "solid" progress across its Colossus project during the June quarter, producing its first MREC from the demonstration plant, submitting an installation licence application and signing an offtake intention with Solvay.

Ord Minnett notes advanced financing discussions are also underway with export credit agencies and lenders.

The report highlights Viridis remains a top pick in Brazil's ionic adsorption clay segment and is well-funded for a final investment decision on Colossus. Speculative Buy rating and $4.70 target.

Target price is $4.70 Current Price is $3.32 Difference: $1.38
If VMM meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates WBC as Underperform (5) -

Macquarie doesn't envisage downside earnings risks to backward-looking 2H26 results and 3Q26 updates but does see more subdued commentary for the banks around the outlook.

CommBank ((CBA)) is expected to deliver a 1%-2% beat on consensus, as is Bendigo & Adelaide Bank ((BEN)), but guidance is expected to be weak with a "material" slowdown in lending growth and rising competition for mortgages.

Cost management is also anticipated to come into focus for FY27-FY28, as well as indications around declining credit quality.

The analyst views downside risks to consensus pre-provision earnings forecasts for FY27 and FY28, due to higher expenses and weaker margins.

If management can deliver on Unite, Macquarie reckons the cost out from FY28 would see considerable earnings upside on a 3-5 year view.

Westpac has an Underperform rating and $30 target.

Target price is $30.00 Current Price is $37.68 Difference: minus $7.68 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.85, suggesting downside of -11.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Morgan Stanley rates WES as Underweight (5) -

Morgan Stanley remains selective on the Australian consumer sector ahead of FY26 results. Companies with pricing power and disciplined cost management to support earnings growth amid persistent inflationary pressures are favoured.

The broker expects housing policy changes, higher interest rates and fuel prices to weigh on consumer sentiment, leaving housing-exposed retailers such as Wesfarmers, JB Hi-Fi and Harvey Norman most at risk.

Morgan Stanley is more constructive on Coles Group and Woolworths Group than quick-service restaurants, given they are best placed to pass on price increases.

Preferred stocks are Sigma Healthcare, Coles, Bega Cheese and Light & Wonder, while least preferred are Wesfarmers, Domino's Pizza Enterprises, Endeavour Group and JB Hi-Fi.

For Wesfarmers: Underweight. Target $79. Industry View: Cautious.

Target price is $79.00 Current Price is $87.40 Difference: minus $8.4 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $79.35, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Ord Minnett rates WGX as Buy (1) -

Westgold Resources met FY26 cost guidance and slightly exceeded production guidance in the fourth quarter.

Ord Minnett awaits the new three-year outlook due in August, noting improvements made at Bluebird-South Junction have slightly offset some of the vent issues at Beta Hunt.

Expansion studies on the Murchison milling infrastructure continue. These all present potential upside risk to production relative to the base case, the broker adds. Buy rating retained. Target is reduced to $7.45 from $7.65.

Target price is $7.45 Current Price is $4.90 Difference: $2.55
If WGX meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $7.47, suggesting upside of 55.2% (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 WRK as Speculative Buy (1) -

Wrkr has raised $10m and a share purchase plan is targeting an additional $2m. Proceeds will be used to strengthen the balance sheet.

Bell Potter notes contracts are secure yet employer adoption has been slower than expected and caused delays to transactions.

Guidance is for an EBITDA loss of -$6m in FY26. Assuming no new users are added to the platform, the base case for revenue in FY27 is $24m.

The broker reduces revenue forecasts as a result, but takes comfort in the early indications that large organisations are live and contributions are annualising at $10bn.

Speculative Buy rating retained. Target is reduced to 12c from 15c.

Target price is $0.12 Current Price is $0.08 Difference: $0.045
If WRK meets the Bell Potter target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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