Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Morgan Stanley expects the FY26 reporting season for Australian small-cap companies to be shaped by investor positioning after the Small Ordinaries index fell -10% this year.

It's felt resilience, earnings quality and artificial intelligence opportunities will dominate discussions.

The broker's highest-conviction pick is Life360, believing the company's business model has proved resilient despite the recent software sector sell-off. Additional upside is seen from artificial intelligence initiatives.

Morgan Stanley's least preferred stock is Bapcor, citing a difficult consumer environment, elevated gearing, management turnover and ongoing industry consolidation risks. 

For Life360: Target $32. Overweight rating. Industry view: In Line.

Target price is $32.00 Current Price is $25.15 Difference: $6.85
If 360 meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $31.81, suggesting upside of 21.0% (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

Bell Potter rates 6KA as Speculative Buy (1) -

6K Additive posted strong second quarter momentum amid demand across its key markets, Bell Potter observes.

The result was largely underpinned by the metal powders business, in particular titanium, nickel and refractory metals. Alloys revenue was flat quarter on quarter.

The company continues to expand engagement with the US Defence Logistics Agency for converting depot refractory metal scrap into high-value powders.

The broker retains a Speculative Buy rating and the target is raised to $1.50 from $1.45.

Target price is $1.50 Current Price is $0.70 Difference: $0.8
If 6KA meets the Bell Potter target it will return approximately 114% (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

Morgans rates 6KA as Speculative Buy (1) -

6K Additive delivered a strong June quarter, assesses Morgans, with revenue rising 63% to US$7.1m as both its Powder and Alloy businesses exceeded expectations. The order backlog increased 23% over the quarter.

The broker notes strong demand across defence, aerospace and critical minerals markets continues to outstrip production capacity.

The Burgettstown expansion of 6K Additive's headquarters and advanced manufacturing campus in Burgettstown, Pennsylvania, remains on schedule for initial production by the end of 2026.

Morgans lifts its 2026 revenue forecast by 5%, raises its target to $1.31 from $1.30 and maintains a Speculative Buy rating, citing strong execution, ample funding and favourable US reshoring initiatives.

Target price is $1.31 Current Price is $0.70 Difference: $0.61
If 6KA meets the Morgans target it will return approximately 87% (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

Macquarie rates ALQ as Outperform (1) -

Macquarie found the AGM update from ALS Ltd positive with momentum driven by the minerals business and first quarter revenue growth tracking above first half guidance.

Commodities leverage is showing amid strong sample flows and pricing. The broker observes the share price is now -10% below a typical EPS correlation and at a -5% discount to global peers. Outperform rating. Target edges up to $24.00 from $23.50.

Target price is $24.00 Current Price is $21.82 Difference: $2.18
If ALQ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.48, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Macquarie rates ALX as Neutral (3) -

Atlas Arteria reported traffic at APRR was weak in the second quarter, with revenue declining -1.4%.

Macquarie notes, at first glance, the positive aspect was truck traffic, which was up 2.3%, while light vehicle traffic declined -5.1%, the third consecutive quarter of no growth.

Skyway traffic grew 4.7%, reflecting roadwork on alternative routes, while underlying truck traffic remains negative. Greenway traffic grew 5.3%, below the broker's expectation, albeit remaining on a positive trend.

Neutral rating. Target is $5.02.

Target price is $5.02 Current Price is $5.07 Difference: minus $0.05 (current price is over target).
If ALX meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in December.

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 AMP as Buy (1) -

China Life Pension Company (CLPC) was the stand-out for AMP's 1H2026 profit guidance update and is now generating around 33% of underlying profits for the company, UBS highlights. This has now beaten all the other key growth segments at AMP.

The analyst believes CLPC can continue to grow earnings strongly, underpinning medium-term upside risk for the total group.

CLPC is forecast to grow AUM between around 15%-20% by FY30, having grown them at 23% p.a. over the last 10-years. Operating profits have grown at a faster rate of 35% p.a. due to operating leverage. Buy rated.

EPS forecasts are tweaked higher. The target price rises to $2.55 from $2.19 due to the lift in the China JV valuation to 15x, implying valuations for CLPC/CLAMP of $1.9bn, up from $1.4bn, previously.

Target price is $2.55 Current Price is $2.14 Difference: $0.41
If AMP meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates ANZ as Overweight (1) -

Morgan Stanley believes the strong revenue tailwinds supporting the major banks in Australia over the past two years are fading as net interest margins (NIMs) peak and mortgage growth slows.

The broker lowers its FY27-FY28 earnings forecasts by an average of -2%-4%, expecting intensifying mortgage competition, higher deposit costs and weaker housing activity to pressure revenue growth.

On a one-year view, Morgan Stanley's preferred major banks are ANZ (Overweight), followed by National Australia Bank (Underweight), Westpac (Underweight) and CommBank (Underweight).

Commentary notes ANZ Bank is supported by a stronger capital position, lower risk profile and self-help cost initiatives that could drive earnings upgrades. It is also the cheapest major bank relative to its five-year average price-to-earnings multiple.

Target rises to $34.50 from $34.00. Industry view is Cautious.

Target price is $34.50 Current Price is $37.22 Difference: minus $2.72 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.60, suggesting downside of -8.3% (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

Bell Potter rates AR1 as Buy (1) -

Austral Resources Australia will terminate its obligations to Glencore and Secover under the Anthill Project Agreement, which "ringfenced" copper production from the Anthill open pit for the repayment of historical debt obligations.

The company will now retain all the economic benefit with consideration for the buy-out totalling $52m, comprising $37.6m cash and $14.4m equity. The equity component will be via issue of 159.8m new shares at 9c each.

Bell Potter lauds the outcome, believing it creates a step change in the outlook for the company. It is now a stand-alone pure copper play with plans to lift heap leach production to 20,000tpa in 2027.

Buy rating and 17c target maintained.

Target price is $0.17 Current Price is $0.06 Difference: $0.108
If AR1 meets the Bell Potter target it will return approximately 174% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates AZJ as Neutral (3) -

Aurizon Holdings finished FY26 strongly yet Macquarie suspects, given the nature of its take-or-pay contracts, leverage from robust coal volumes is likely to be limited. Bulks have rebounded with firm grain, iron ore and concentrate volumes.

The scope for a surprise, the broker believes, centres on the dividend and whether the company will favour a higher pay-out over another share buyback.

The FY27 outlook is considered positive although Macquarie points out the core coal haulage business is not growing. Neutral. Target edges up to $4.09 from $4.00.

Target price is $4.09 Current Price is $4.22 Difference: minus $0.13 (current price is over target).
If AZJ meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.73, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Morgan Stanley rates BAP as Underweight (5) -

Morgan Stanley expects the FY26 reporting season for Australian small-cap companies to be shaped by investor positioning after the Small Ordinaries index fell -10% this year.

It's felt resilience, earnings quality and artificial intelligence opportunities will dominate discussions.

The broker's highest-conviction pick is Life360, believing the company's business model has proved resilient despite the recent software sector sell-off. Additional upside is seen from artificial intelligence initiatives.

Morgan Stanley's least preferred stock is Bapcor, citing a difficult consumer environment, elevated gearing, management turnover and ongoing industry consolidation risks.

For Bapcor: Target 25c. Underweight rating. Industry view: In Line.

Target price is $0.25 Current Price is $0.43 Difference: minus $0.18 (current price is over target).
If BAP meets the Morgan Stanley target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.41, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Macquarie rates BGL as Outperform (1) -

Bellevue Gold has guided to FY27 production of 150-170,000 ozs, below Macquarie's estimates. This initial guidance appears conservative, albeit in line with prior targets of around 40,000 ozs/qtr.

Operations at the Bellevue gold mine have now reached steady state. The broker models a production ceiling of 180,000 ozs/year in the longer term.

The fourth quarter results of 41,600 ozs and FY27 guidance drive downgrades of -70% to FY26 EPS estimates and -19% to FY27 estimates. Outperform maintained. Target is reduced to $1.70 from $2.00.

Target price is $1.70 Current Price is $1.35 Difference: $0.355
If BGL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 39.1% (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

UBS rates BGL as Buy (1) -

Bellevue Gold pre-released a robust June quarter production update of 41.6koz, bringing FY26 at 144koz, above the mid-point of guidance, UBS explains.

The latest update showed AISC for the quarter at $2,604/oz and growth capex of $20m which were basically aligned with forecasts. Management has continued to shrink the hedge book which could now be "extinguished" by FY27, according to the analyst.

FY27 production guidance of 150koz-170koz missed the broker's prior forecasts and AISC of $2,800/oz-$3,100/oz was indicated. Production guidance also missed the gold producer's prior guidance.

EPS forecasts are downgraded by -8% for FY27 and -11% for FY28. A free cash flow yield of 15% for FY27 makes the stock attractive.

Buy rating maintained with a lower target of $1.60 from $1.80.

Target price is $1.60 Current Price is $1.35 Difference: $0.255
If BGL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 39.1% (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

Macquarie rates BMN as Outperform (1) -

Bannerman Energy is making progress at Etango, Macquarie observes, continuing early works and investing $18.6m in the June quarter. Bulk earthworks are now 92% complete.

Finalisation of the CNNC transaction in the September quarter will be a key milestone with a final investment decision to follow shortly thereafter.

The broker points out the business has materially de-risked its funding and development with the CNNC partnership. Outperform rating. The stock is one of Macquarie's top picks in the uranium sector. The target is reduced to $5.00 from $5.55 on equity dilution.

Target price is $5.00 Current Price is $2.91 Difference: $2.09
If BMN meets the Macquarie target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting upside of 58.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates BPG as Speculative Buy (1) -

Black Pearl's annual recurring revenue grew 95% to $27.2m in the first quarter although quarter-on-quarter it slowed to a focus on profitability and cash generation, Bell Potter notes.

The company expects EBITDA quarterly losses to narrow to a range of -$1.0m-$1.5m by the third quarter amid ongoing synergies from B2BRocket as well as top-line growth.

The broker retains a Speculative Buy rating and reduces the target to $1.20 from $1.33.

Target price is $1.20 Current Price is $0.36 Difference: $0.84
If BPG meets the Bell Potter target it will return approximately 233% (excluding dividends, fees and charges).

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: 1.0

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

Morgan Stanley rates BRG as Overweight (1) -

Breville Group is the third of Morgan Stanley's highest-conviction ideas in the small-/mid-cap space heading into the August reporting season.

Management is expected to deliver FY26 earnings (EBIT) in line with guidance and consensus despite tariff and supply chain disruptions.

The broker expects FY27 earnings growth to re-accelerate, supported by resilient premium consumer demand, market share gains and improving gross margins. Further upside is seen via structural growth in the coffee category and benefits from cost reduction initiatives.

Target $38.20. Overweight rating. Industry View: In-Line.

Target price is $38.20 Current Price is $31.76 Difference: $6.44
If BRG meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 14.8% (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 BWP as Neutral (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around an -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

BWP Trust is Neutral rated with a higher target of $3.89 from $3.87.

Target price is $3.89 Current Price is $3.91 Difference: minus $0.02 (current price is over target).
If BWP meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.00, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgan Stanley reviews upcoming Industrial sector results.

The broker's highest-conviction is Qantas Airways, believing Project Sunrise and ongoing fleet renewal will improve the quality and earnings power of its international business.

The analysts' earnings forecasts remain around 8% above consensus.

Morgan Stanley is most cautious on Brambles, citing repair cost inflation, automation-related pallet quality headwinds and a challenging pricing environment.

The broker maintains an Equal-weight rating on Brambles with a $19 target. Industry view: In line.

Target price is $19.00 Current Price is $19.25 Difference: minus $0.25 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.32, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley believes the strong revenue tailwinds supporting the major banks in Australia over the past two years are fading as net interest margins (NIMs) peak and mortgage growth slows.

The broker lowers its FY27-FY28 earnings forecasts by an average of -2% to -4%, expecting intensifying mortgage competition, higher deposit costs and weaker housing activity to pressure revenue growth.

On a one-year view, Morgan Stanley's preferred major banks are ANZ (Overweight), followed by National Australia Bank (Underweight), Westpac (Underweight) and CommBank (Underweight).

Target for CommBank falls to $123.50 from $125.00. Industry view is Cautious.

Target price is $123.50 Current Price is $178.78 Difference: minus $55.28 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $122.86, suggesting downside of -31.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

UBS rates CGF as Downgrade to Neutral from Buy (3) -

UBS has downgraded Challenger to Neutral from Buy, warning that accelerating growth is likely to come at the expense of margins.

The company's $6bn Term Annuity Backed Note program and expansion into offshore reinsurance could add more than $8bn, or over 30%, to Life assets under management within three-to-five years.

The broker has raised its forecast for Life assets under management growth to a 10% CAGR over FY26-FY29, from 7%.

However, increased investment in lower-margin fixed income assets and narrowing credit spreads are expected to reduce Life margins from 2.99% in FY27 to around 2.65% by FY29, creating downside risk to consensus earnings forecasts.

UBS lowers its FY27 and FY28 EPS forecasts by -2% but expects stronger asset growth to support earnings further out. The price target rises to $11.30 from $11.00, with the downgrade reflecting limited valuation upside and near-term margin risks.

Target price is $11.30 Current Price is $10.54 Difference: $0.76
If CGF meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.61, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates CHC as Buy (1) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around an -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall.

Charter Hall is one of UBS' top Buy calls ahead of earnings with a higher target of $26 from $24.75 with earnings expected to exceed consensus in FY27.

Target price is $26.00 Current Price is $23.28 Difference: $2.72
If CHC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.97, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates CIP as Buy (1) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around an -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Centuria Industrial REIT is Buy rated with a new target of $3.39 from $3.40.

Target price is $3.39 Current Price is $3.05 Difference: $0.34
If CIP meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates CLW as Sell (5) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around an -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Charter Hall Long WALE REIT remains a key Sell rating into earnings with a higher target of $3.50 from $3.45.

Target price is $3.50 Current Price is $3.81 Difference: minus $0.31 (current price is over target).
If CLW meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.91, suggesting upside of 1.9% (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

UBS rates CMM as Buy (1) -

UBS details the Mt Gibson study update and proposed journey to 500koz p.a. indicated much higher contributions from the underground operations than previously expected.

Capricorn Metals' base case now includes more gold in the mine plan.

Proposed peak production 260koz came in 20% above the analyst's forecast. Life of mine of 3.6Moz is in line but is over an additional year which results in expected life of mine production to average approximately -5% lower.

Capex is $60m or 14% above the broker's forecast and AISC are as expected. The update is, on balance, viewed as positive with more production sooner, UBS states.

Target price remains at $1.47 with a Buy rating.

Target price is $1.47 Current Price is $13.58 Difference: minus $12.11 (current price is over target).
If CMM meets the UBS target it will return approximately minus 89% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.87, suggesting upside of 3.1% (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

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

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Centuria Capital is upgraded to Buy from Neutral with a lower target price of $2.11 from $2.34. The REIT is yielding 7% with the share price discounting no value for ResetData or Bass.

Target price is $2.11 Current Price is $1.51 Difference: $0.605
If CNI meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates CNU as Outperform (1) -

Macquarie expects Chorus to become a simpler, fibre-led infrastructure business with improving earnings visibility and attractive dividend profile.

FY26 results should confirm this, with the broker noting EBITDA is tracking towards the upper end of the NZ$710m-NZ$730m guidance.

The fourth quarter update may have "tempered the connection-inflection narrative" yet Macquarie believes it does not weaken the investment case as fibre connections still grew.

Commentary acknowledges the debate among investors centres on whether fibre pricing and uptake can offset fixed wireless competition and residual copper declines.

Macquarie retains an Outperform rating and unchanged NZ$10.26 target.

Current Price is $7.93. Target price not assessed.

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

UBS rates COF as Neutral (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Centuria Office REIT remains Neutral rated with a downgrade in the target by -10.9% to 90c from $1.01, previously. Earnings forecasts are lowered by -5% for FY27 and -5.2% for FY28.

Target price is $0.90 Current Price is $0.91 Difference: minus $0.01 (current price is over target).
If COF meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.89, suggesting downside of -3.5% (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

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

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Charter Hall Retail REIT is upgraded to Buy from Neutral with a 13% rise in the target price to $4.30 from higher EPS forecasts and lower weighted average cost of capital assumptions.

It is trading on a -20% discount to NTA and a 6.8% yield with stronger growth expected in FY27.

Target price is $4.30 Current Price is $3.99 Difference: $0.31
If CQR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates CRD as Speculative Buy (1) -

Conrad Asia Energy's Mako project is on schedule for first gas in the December quarter, with final regulatory approval expected in coming weeks. Bell Potter notes on completion it will have a 22.875% operating interest in the project through its 91.5% held subsidiary, West Natuna Exploration.

In parallel, the company is progressing farm-out discussions for minority and non-operating interests in its offshore acreage in Aceh where a 3D seismic survey is planned for the second half of 2026.

The broker reduces the target to $1.05 from $1.10. Speculative Buy.

Target price is $1.05 Current Price is $0.55 Difference: $0.5
If CRD meets the Bell Potter target it will return approximately 91% (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

Macquarie rates CSL as Neutral (3) -

In a flash update from Macquarie, CSL is now required to obtain clinical evidence to support the regulatory approval process for Horizon 2, the analyst points out, after discussions with the US FDA and European Medicines Agency.

Guidance in November 2025 explained no additional clinical data would be needed after the FDA reviewed comparability data and protocol in June last year.

Post staff turnover at the FDA team on the Horizon 2 case, CSL will now have unanticipated costs for the additional data which is considered a negative catalyst for FY27 guidance, the broker highlights.

The clinical trial is also likely to delay Horizon 2 benefits for at least one year. Management had previously factored in a circa 10% rise in yield from Horizon 2 between FY29-FY32.

Neutral rated. Target $114. Earnings forecasts do not include Horizon 2.

Target price is $114.00 Current Price is $119.52 Difference: minus $5.52 (current price is over target).
If CSL 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 $130.84, suggesting upside of 2.7% (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: 0.4

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

Bell Potter rates DRO as Buy (1) -

In its first half trading update, DroneShield has guided to revenue of $125.8m, up 74%, while 2026 revenue is expected to be in the range of $250m-$270m, up 15%-25%.

The update underwhelmed Bell Potter, given the annual revenue guidance was -17%-23% below consensus expectations.

Orders secured in the remainder of 2026 are more likely to form part of committed revenue in 2027 and beyond, although the broker points out there remains upside to guidance from orders arising outside the sales pipeline.

The company is experiencing increased competition in the US. Bell Potter believes it can still grow share, given its verifiable product superiority. Buy rating retained. Target is reduced to $2.50 from $4.80.

Target price is $2.50 Current Price is $1.81 Difference: $0.695
If DRO meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 DRO as Lighten (4) -

DroneShield's trading update with 1H2026 preliminary revenue of $125.8m, a rise of 74% y/y might sound good, but for Ord Minnett it marks the end of a "spectacular" 18 months of growth.

2026 revenue guidance of $250m came in below prior guidance of $270m and well below the broker's forecast of $328m. The guidance infers a decline of around -6% revenue in the second half.

Gross margin fell by -500bps even though recurring revenue rose 144% y/y in 1H2026 to $14.2m, inferring to the analyst a gross profit miss at $75m versus the forecast of $104m.

New orders for the balance of 2026 will be shifted into 2027. Ord Minnett lowers revenue forecasts by -20% for 2026, -21% for 2027 and -28% for 2028.

Lighten retained. Target price declines by -30% to $1.60.

Target price is $1.60 Current Price is $1.81 Difference: minus $0.205 (current price is over target).
If DRO meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 DVP as Buy (1) -

The fourth quarter update from Develop Global revealed improving recoveries and processed ore grades along with higher-than-expected operating costs at Woodlawn.

Bell Potter was disappointed by the latter but notes the business has strong leverage to copper, zinc and lithium prices. M&A activity is considered a potential short-term catalyst.

Quarterly revenue of $63m was ahead of estimates and included a strong final quarter at the Bellevue mine. Buy rating. Target is reduced to $6.50 from $7.20.

Target price is $6.50 Current Price is $5.58 Difference: $0.92
If DVP meets the Bell Potter target it will return approximately 16% (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 DXS as Neutral (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Dexus remains Neutral rated with a lower target of $6.12 from $6.86. Earnings forecasts are trimmed for FY27-FY28.

Target price is $6.12 Current Price is $5.87 Difference: $0.25
If DXS meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates DYL as Outperform (1) -

Deep Yellow is advancing its Tumas project and has flagged an expenditure review. Macquarie estimates around US$577m, pending the update.

The company has also confirmed project financing with Nedbank is available and now must decide the extent to which it wants debt in the capital structure.

The broker finds room for the stock to perform as it commits to Tumas and retains an Outperform rating. Target is reduced to $2.00 from $2.25 on share dilution.

Target price is $2.00 Current Price is $1.32 Difference: $0.685
If DYL meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 70.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates EBR as Buy (1) -

EBR Systems has flagged a recent event where two patients were implanted with the WiSE system and suffered serious complications, one of which was fatal.

The problem related to post-implant echocardiograms which were used outside of the IFUs for the WiSE system and occurred when an ultrasound probe was placed near the implanted device.

The events did not relate to the implant procedure itself or effective functioning of the pacing device. The hospital concerned has not been disclosed, but has stopped implantation pending a review.

Bell Potter notes this is an issue of user error and does not impact the company's ability to continue to sell the system or other hospitals' capacity to conduct the implants. Buy rating. Target is reduced to $0.90 from $2.00 amid increased perceived risk.

Target price is $0.90 Current Price is $0.29 Difference: $0.61
If EBR meets the Bell Potter target it will return approximately 210% (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 GLF as Buy (1) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Gemlife Communities is Buy rated with a lower target of $5.40 from $5.50.

Target price is $5.40 Current Price is $4.37 Difference: $1.03
If GLF meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates GMD as Buy (1) -

Genesis Minerals produced 70,766 ounces of gold in the June quarter with sales of 77,797 ounces at an average realised price of $6975/oz.

Revenue of $480m beat Bell Potter's estimates, underpinned by higher sales volumes and a drawdown of gold-in-circuit and bullion inventory.

The company has finished the quarter with net cash of $320m after funding the consideration for Magnetic Resources. Bell Potter considers the Vault Metals ((VAU)) integration a significant near-term catalyst which will establish the company as a top-3 Australian producer.

Buy rating maintained. Target is reduced to $9.20 from $9.75.

Target price is $9.20 Current Price is $6.08 Difference: $3.12
If GMD meets the Bell Potter target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $8.85, suggesting upside of 47.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates GMD as Buy (1) -

Genesis Minerals has published guidance for FY27 as a "standalone" as the proposed merger with Vault Minerals ((VAU)) is targeted for completion in November.

Production and capital expenditure are in line with Citi's estimates. Cost estimates (AISC) are higher than expected at $2750-$3050/oz.

FY26 unaudited net profit is $540m-$550m and in line with expectations. The broker now expects the company to benefit from a de-risked capital expenditure profile, retaining a Buy rating and $10 target.

Target price is $10.00 Current Price is $6.08 Difference: $3.92
If GMD meets the Citi target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $8.85, suggesting upside of 47.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates GMD as No Rating (-1) -

Genesis Minerals posted fourth quarter gold sales of 77,800 ozs which beat Macquarie's estimates. AISC of $2797/oz was 9% above forecasts.

Open pit mining is underway at Tower Hill, with first ore expected in FY28.

Completion of the merger with Vault Minerals ((VAU)) would remove the need for the planned -$140m in Tower Hill mill expenditure in FY27, making the transaction timing important for capital commitments, the broker adds.

Macquarie is restricted on providing a rating or target at present.

Current Price is $6.08. Target price not assessed.

Current consensus price target is $8.85, suggesting upside of 47.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates GMD as Buy (1) -

On the back of a slightly weaker 4Q26 update for Genesis Minerals, the analyst lowers the target to $6.70 from $7.

AISC was up 18% while gold sales rose 10% and spending growth declined by –9%. Cash of $520m met expectations and FY27 guidance was relatively aligned with production forecasts but higher by 10% for flagged AISC.

The analyst likes the merger with Vault Metals ((VAU)) and points to $1.5bn in operational synergies, better asset quality and group production expected to lift by around 18% to circa 770koz p.a. by FY29.

The stock remains Buy rated.

Target price is $6.70 Current Price is $6.08 Difference: $0.62
If GMD meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.85, suggesting upside of 47.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates GMG as Buy (1) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group and Charter Hall ((CHC)).

UBS has Goodman Group as one of its top picks and believes it could achieve a sizeable performance fee in FY27 which would underpin the analyst's 115% EPS growth forecast. Data centre leasing deals should start coming in over 1H27.

Buy rated. Target is raised to $34.09 from $33.92.

Target price is $34.09 Current Price is $29.58 Difference: $4.51
If GMG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $35.01, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates GPT as Buy (1) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

GPT Group remains Buy rated with a higher target of $5.60 from $5.40.

Target price is $5.60 Current Price is $5.11 Difference: $0.49
If GPT meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 7.7% (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

UBS rates HDN as Downgrade to Neutral from Buy (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around an -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

HomeCo Daily Needs REIT is downgraded to Neutral from Buy with a lower target price of $1.35 from $1.40. The REIT is exposed to a housing slowdown with 40% of income from large format retail tenants.

Target price is $1.35 Current Price is $1.27 Difference: $0.08
If HDN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates IGO as Outperform (1) -

Greenbushes led the way to a strong outcome for IGO Ltd in the fourth quarter, Macquarie observes, with the outage at CGP3 shorter than feared.

The TLEA cash balance is estimated to have increased to $425m by the end of FY26; yet, given ongoing funding requirements at Kwinana and volatility in the lithium market, a near-term dividend appears unlikely.

There is scope for higher IGO dividends when liquidity exceeds $500m, under the company's capital management plan, and Macquarie estimates liquidity reached $700m by June.

Outperform. Target is $10.50.

Target price is $10.50 Current Price is $6.99 Difference: $3.51
If IGO meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Morgan Stanley assesses IGO Ltd's June quarter was broadly solid, with stronger-than-expected production at both Greenbushes and Nova offset by higher operating costs and lower recoveries at Greenbushes.

FY27 Greenbushes production guidance was broadly in line with the broker's forecasts but around -3% below consensus. Unit cost guidance exceeded both Morgan Stanley and market expectations despite lower capital expenditure.

The analysts maintain an Equal-weight rating, citing balanced risk and reward as stronger operational performance is offset by higher costs and FY27 production guidance that remains below consensus.

Target $6.95. Equal-weight. Industry View: Attractive.

Target price is $6.95 Current Price is $6.99 Difference: minus $0.04 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.64, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates ILU as Outperform (1) -

Second quarter sales of zircon, synthetic rutile and ilmenite were stronger than Macquarie expected and Iluka Resources expects shipments will be weighted to the second half of 2026.

The broker had been constructive on zircon but the strength of the market in the quarter was a surprise. Limited supply of high-quality zircon has translated to a US$215/t FOB contract price.

Macquarie upgrades 2026 earnings estimates by 21% and retains an Outperform rating. Target is steady at $8.00.

Target price is $8.00 Current Price is $6.13 Difference: $1.87
If ILU meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 23.3% (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

Morgan Stanley rates ILU as Overweight (1) -

Morgan Stanley notes Iluka Resources delivered a stronger-than-expected June quarter, with zircon, rutile and synthetic rutile sales significantly exceeding forecasts.

This performance underpinned better-than-expected free cash flow (FCF), earnings (EBITDA) and net debt outcomes.

The broker notes zircon prices were slightly below expectations during the quarter, although higher contract prices for the September quarter reflect tight high-grade supply.

Balranald continues to ramp up, and the Eneabba rare earths refinery remains on schedule, the analysts highlight.

Overweight rating. Target is $7.95. Industry View: Attractive.

Target price is $7.95 Current Price is $6.13 Difference: $1.82
If ILU meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 23.3% (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

Ord Minnett rates ILU as Buy (1) -

Iluka Resources announced a robust 4Q update with mineral sands sales of 157kt which beat consensus by 79% and generated revenue of $286m, some 66% higher than consensus, Ord Minnett points out.

Zircon, rutile and synthetic rutile production beat by circa 100kt, as inventory was drawn down. The analyst anticipated zircon and synthetic rutile stocks will be gone by the end of FY26.

Synthetic rutile kilns are expected to restart in early 2027. Debt levels have been trimmed by -$144m over the quarter to $273m, which has moderated concerns around an equity raising, and this is no longer expected.

Buy rating retained with an unchanged target price of $8.50.

Target price is $8.50 Current Price is $6.13 Difference: $2.37
If ILU meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $7.43, suggesting upside of 23.3% (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

Bell Potter rates IPD as Speculative Buy (1) -

ImpediMed delivered incremental improvement in unit volumes in the fourth quarter, although Bell Potter notes the efforts to reduce operating expenditure by -$5m per annum had some one-off impacts.

Cash receipts increased $1m to $4.3m compared with the prior quarter while net operating cash outflows increased to -$4.9m. The cash burn should finally improve from the first quarter of FY27, the broker observes, as operating expenditure reductions take effect.

The company has now restructured its sales team with two new roles to focus on commercial infrastructure and deepening customer relationships. Speculative Buy rating maintained with a target of $0.015.

Target price is $0.02 Current Price is $0.00 Difference: $0.011
If IPD meets the Bell Potter target it will return approximately 275% (excluding dividends, fees and charges).

Current consensus price target is $0.02, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates IPD as Speculative Buy (1) -

Morgans assesses ImpediMed made modest operational progress during the June quarter, although Sozo unit sales remain below the level required to achieve cash-flow break-even.

The broker notes reimbursement coverage for breast cancer-related lymphoedema has expanded to 95% of the US population, supporting longer-term adoption.

Annual cost reductions of around -$5m are expected to materially lower cash burn from FY27.

The target price is halved to $0.01 on lower revenue forecasts. Speculative Buy retained in the belief wider insurance coverage and lower costs will support future growth.

Target price is $0.01 Current Price is $0.00 Difference: $0.006
If IPD meets the Morgans target it will return approximately 150% (excluding dividends, fees and charges).

Current consensus price target is $0.02, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates JHX as Overweight (1) -

Morgan Stanley believes James Hardie remains well positioned despite a subdued US housing market, with growing home equity lending providing an emerging tailwind for its Repair & Remodel (R&R) business over time.

The broker expects share gains, resilient margins and an ageing US housing stock to support earnings growth, while any recovery in US housing activity offers additional upside.

Morgan Stanley raises its FY27-FY29 earnings forecasts by 1%-6%, and retains an Overweight rating, citing strong execution and confidence the company can continue outperforming despite near-term housing market headwinds.

Target is increased by $4 to $42. Industry view is In-Line.

Target price is $42.00 Current Price is $38.06 Difference: $3.94
If JHX meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.63, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

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

Morgans lowers its target for Karoon Energy by -2c to $1.75 and downgrades to Hold from Buy, citing a more balanced risk-reward profile after a 20% share price rally since late June.

Second quarter production of 1.09mmboe was around -4% below the consensus estimate. The analyst explains this outcome reflected planned maintenance at the Bauna FPSO, shut-ins at the SPS-92 and PRA-2 wells, and the Who Dat E-riser leak.

Stronger oil prices more than offset lower production, the analyst explains, with revenue of US$116.4m exceeding consensus by 4%.

The broker believes Karoon Energy's June quarter marked an operational turning point, with Bauna returning to production and positioning the company for a strong improvement in free cash flow (FCF) during H2 of 2026.

It is now felt that operational risk has shifted to the non-operated Who Dat asset in the Gulf of Mexico.

Target price is $1.75 Current Price is $1.71 Difference: $0.04
If KAR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

UBS rates LNW as Buy (1) -

Two weeks ago, Light & Wonder reiterated its 2Q2026 earnings guidance, ahead of its result on Aug 5, with UBS pointing out the share price rallied 8% in response, indicating the stock's sensitivity to earnings risk.

Ahead of the result, UBS forecasts earnings (AEBITDA) growth of 7% y/y to US$375m which is 2% above consensus. A further 6% growth is required to meet the broker's 14% 2026 EPS earnings growth forecast to US$1.80.

The analyst believes Light & Wonder represents the highest shareholder return in gaming coverage over the next year and is trading at 9.5x 2026 guidance. Consensus sits some -10% below guidance.

The stock is also trading at a -60% discount to Aristocrat Leisure ((ALL)). UBS believes the discount should be considerably lower.

Buy rated with a higher target of $216 from $210.

Target price is $216.00 Current Price is $116.86 Difference: $99.14
If LNW meets the UBS target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $188.86, suggesting upside of 57.0% (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 MIN as Outperform (1) -

Mineral Resources announced a 5% beat on Onslow shipments and costs came in -11% under consensus' expectation, Macquarie notes in a flash update.

Pilbara hub was also better than expected on shipments by 13% and costs -9% below expectations.

Lithium performance was very robust with Mt Marion up 21% and Wodgina up 32%, also beating on shipments and costs.

Mining services beat on volumes by 17% and net debt for the June quarter was in line at $4.3bn.

Outperform rated with an $85 target. The strong June quarter update places Mineral Resources in a strong position going into the FY26 result when FY27 guidance will be offered, commentary concludes.

Target price is $85.00 Current Price is $53.10 Difference: $31.9
If MIN meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $77.40, suggesting upside of 39.2% (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

Ord Minnett rates MYR as Hold (3) -

Higher interest rates and petrol prices have continued to weigh on the domestic consumer, Ord Minnett explains with Myer announcing a soft trading update.

Gross profits for FY26 are now expected to fall by -2.1% to -2.5% as consumer sentiment drags on sales and higher promotional expenses are incurred to boost demand.

The slowdown in demand accelerated in 2H26 with comparable sales down -2.1% in the last 19 weeks, representing a fall of -5.4% in June and -4% in July. Positively, the cost of doing business to sales ratio of 29% met expectations.

EPS forecasts are lowered and the target price declines to 24c from 32c. Hold rated. The "worse than feared" update saw a decline in the share price of -12%.

Target price is $0.24 Current Price is $0.22 Difference: $0.025
If MYR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Morgan Stanley rates NAB as Underweight (5) -

Morgan Stanley believes the strong revenue tailwinds supporting the major banks in Australia over the past two years are fading as net interest margins (NIMs) peak and mortgage growth slows.

The broker lowers its FY27-FY28 earnings forecasts by an average of -2%-4%, expecting intensifying mortgage competition, higher deposit costs and weaker housing activity to pressure revenue growth.

On a one-year view, Morgan Stanley's preferred major banks are ANZ (Overweight), followed by National Australia Bank (Underweight), Westpac (Underweight) and CommBank (Underweight).

Target for National Australia Bank falls by -50c to $34. Industry view is Cautious.

Target price is $34.00 Current Price is $41.21 Difference: minus $7.21 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.77, suggesting downside of -6.1% (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

Morgans rates NEM as Buy (1) -

Newmont Corp delivered a broadly in-line second-quarter result, Morgans observes, with stronger-than-expected production and lower-than-feared costs.

Solid free cash flow (FCF) largely offset the impact of lower realised gold prices and the temporary disruption at Cadia, the analyst explains.

The company's ability to absorb operational issues at a major asset is seen as highlighting the strength of its diversified portfolio.

Capital returns remain amongst the best in the gold sector after returning US$1.9bn to shareholders during the quarter, the broker points out.

Morgans lowers its target to $194 from $201 and maintains a Buy rating, citing strong FCF generation, a net cash balance and ongoing buybacks.

Target price is $194.00 Current Price is $132.78 Difference: $61.22
If NEM meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $187.20, suggesting upside of 41.4% (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 NIC as Outperform (1) -

Macquarie's quick response to today's market update reminds investors reported 2Q group EBITDA was pre-reported while divisional performance was impacted by the newly introduced Indonesian HPM formula.

ENC first production, however, is seen as a positive.

As per the broker's explanation, Hengjaya EBITDA of US$45.7m beat consensus by 33%. This was offset by a -14% miss at its HPAL division. RKEF EBITDA of US$60.3m was -16% below market expectations.

Macquarie points out ENC first nickel cathode production is expected in August 2026, supporting further exposure to higher-value battery materials markets.

Outperform. Target $1.25.

Target price is $1.25 Current Price is $0.78 Difference: $0.47
If NIC meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 89.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates OMA as Speculative Buy (1) -

Omega Oil & Gas has commenced a drill program with land access in place for the first two wells on its acreage and for a third on 45%-held and operated JV ground.

The upcoming drilling is expected to consist of four vertical wells and up to 2 horizontal sidetracks, designed to determine resource scale and the most productive fairways.

Bell Potter expects the program will cost around -$50m-$55m to mid 2027, net to the company. Results from the first vertical well at Canyon-3 are expected at the end of August.

Speculative Buy rating maintained with the target edging down to $1.40 from $1.45.

Target price is $1.40 Current Price is $0.56 Difference: $0.835
If OMA meets the Bell Potter target it will return approximately 148% (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

Citi rates ORA as Neutral (3) -

Citi notes the re-opening of the RAK facility by Orora is contingent on the sustained opening of the Strait of Hormuz and consistent economic shipping capacity.

As a result, the broker has no obvious timeline for the company regaining around 15% of capacity.

Along with the reversal of premiumisation trends and an inevitable impairment for Saverglass, the broker envisages a difficult period in terms of risk/reward for the stock.

Neutral/High Risk maintained. Target is $1.80.

Target price is $1.80 Current Price is $1.50 Difference: $0.3
If ORA meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates QAN as Overweight (1) -

Morgan Stanley reviews upcoming Industrial sector results.

The broker's highest-conviction is Qantas Airways, believing Project Sunrise and ongoing fleet renewal will improve the quality and earnings power of its international business.

The analysts' earnings forecasts remain around 8% above consensus.

Morgan Stanley is most cautious on Brambles, citing repair cost inflation, automation-related pallet quality headwinds and a challenging pricing environment.

The broker maintains an Overweight rating on Qantas with a $12.50 target. Industry view: In line.

Target price is $12.50 Current Price is $10.39 Difference: $2.11
If QAN meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.51, suggesting upside of 11.0% (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

UBS rates REP as Buy (1) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

RAM Essential Services Property Fund remains Buy rated with a lower target of 63c from 65c.

Target price is $0.63 Current Price is $0.44 Difference: $0.195
If REP meets the UBS target it will return approximately 45% (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 RGN as Downgrade to Neutral from Buy (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Region Group is downgraded to Neutral from Buy with a slightly higher target price of $2.45 from $2.40. The REIT has been a relative outperformer and is trading at the highest price to NTA discount.

Target price is $2.45 Current Price is $2.40 Difference: $0.05
If RGN meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates RIO as Neutral (3) -

Rio Tinto's first-half result was slightly ahead of UBS forecasts, the broker notes in a quick assessment, with underlying EBITDA of US$14.8bn in line, while underlying profit and cash flow beat by around 5% due largely to a lower tax charge.

Underlying EPS of US421c exceeded the broker's US389c forecast, while the US211c interim dividend was 5% ahead of consensus.

Free cash flow increased by 75% year-on-year to US$3.8bn and operating cash flow rose by 32% to US$9.2bn. Net debt of US$14.1bn was also better than the US$15.1bn consensus forecast.

FY26 guidance remains unchanged, with Pilbara costs tracking towards the upper end of guidance and copper costs below expectations.

UBS retains Neutral and its $177 price target. The broker considers the result strong and identifies Rio Tinto's planned US$5bn of asset disposals during the second half as the next potential catalyst, alongside a targeted US$1.8bn annualised productivity benefit by the end of 2026.

Target price is $177.00 Current Price is $159.53 Difference: $17.47
If RIO meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $171.08, suggesting upside of 2.8% (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: 0.0

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

Morgans rates RPL as Buy (1) -

Morgans assesses Regal Partners delivered a strong preliminary first-half result. Normalised profit doubled from a year earlier and comfortably exceeded forecasts by the broker and consensus, driven by stronger-than-expected performance fees.

Management fee income was slightly softer due to lower funds under management (FUM) margins. The analyst views this outcome as immaterial given the strong investment performance and record net inflows underpinning future FUM growth.

The broker trims its target to $4.00 from $4.20 on lower earnings forecasts.

Commentary notes the stock's undemanding valuation and Morgans' confidence in continued FUM growth through investment performance and alternative strategy expansion. Buy retained.

Target price is $4.00 Current Price is $2.68 Difference: $1.32
If RPL meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 64.3% (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

UBS rates SCG as Neutral (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on August 11 is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around an -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Scentre Group is Neutral rated with a $3.95 target, up 2.6% from the prior target of $3.85.

Target price is $3.95 Current Price is $3.95 Difference: $0
If SCG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in December.

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 SEK as Neutral (3) -

Macquarie observes the Australian jobs market is likely to weaken as the Seek Australasian job ad volumes have experienced worsening declines in the second half of FY26.

Based on recent research, the broker continues to envisage around 8% of the workforce is at high risk of AI automation, with a further 26% likely to experience some augmentation of tasks rather than complete replacement.

At the FY26 result on 12 August, Macquarie forecasts $199m in net profit, at the low end of guidance. The stock remains the least preferred within ASX-listed classifieds and a Neutral rating is maintained. Target is reduced to $15.75 from $18.50.

Target price is $15.75 Current Price is $14.06 Difference: $1.69
If SEK meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.43, suggesting upside of 31.9% (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

UBS rates SGP as Neutral (3) -

UBS points out the A-REIT 200's year-to-date return of -7% lags the ASX 200 at 4% due to ongoing inflation, higher interest rates and the post-Budget blues.

The upcoming RBA rates decision on 11 August is likely to "set the tone" for earnings season, with the broker forecasting a 25 bps hike, but the analyst sees the investment case as "compelling". The expected hike is considered a "clearing event" for the sector.

The sector is trading at an "undemanding" valuation of 14x PER and around a -8% discount to NTA, ex Goodman Group ((GMG)) and Charter Hall ((CHC)).

Stockland remains Neutral rated with a higher target price of $4.35 from $4.32.

Target price is $4.35 Current Price is $4.23 Difference: $0.12
If SGP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates SKC as Buy (1) -

UBS reiterates its Buy rating on SkyCity Entertainment with a FY28 estimated valuation on the stock of NZ$1.14 per share and a net present value of NZ$0.94, the new target price, up from NZ$0.83. The valuation gap is expected to narrow.

The group has announced the unconditional sale of its Auckland commercial properties to Mainland Capital for NZ$75m with settlement on 1 September as well as a conditional sale of Christchurch Casinos to Iris Capital for NZ$102m.

The narrowing of the discount is expected to be underpinned by the proposed asset sales of around NZ$295m, all up, which will allow for de-gearing of the balance sheet and the restart of dividend payments in FY27.

A FY27 recovery in tourism is anticipated and a stabilising of the NZ regulatory backdrop should also assist with improved earnings.

Current Price is $0.52. Target price not assessed.

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: 1.0

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

Morgans rates SOM as Speculative Buy (1) -

Morgans believes SomnoMed's FY26 revenue miss reflected changes to European reimbursement settings and referral pathways rather than weaker underlying demand.

Disciplined cost control enabled the company to deliver earnings (EBITDA) within guidance, the analyst highlights.

The broker believes the margin improvement story remains intact, although slower revenue growth delays the earnings inflection and increases execution risk in Europe.

Morgans lowers its target to 75c from 99c. A Speculative Buy rating is maintained given the company's resilient profitability, strong balance sheet and potential upside from improving European conditions and M&A optionality.

Target price is $0.75 Current Price is $0.47 Difference: $0.28
If SOM meets the Morgans 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

Morgans rates STO as Hold (3) -

Santos' weaker-than-expected second quarter reflected timing rather than deteriorating fundamentals, Morgans assesses.

Lower sales revenue and a reduction to FY26 production guidance are expected to be offset by stronger output from the Barossa and Pikka projects during the second half.

The broker cautions that uncertainty surrounding the Federal Government's proposed east coast gas reservation policy clouds the investment outlook, given Santos' significant domestic gas exposure.

Morgans lowers its target to $7.90 from $8.30 and maintains a Hold rating, citing a balanced valuation despite improving production and cash flow prospects.

Target price is $7.90 Current Price is $7.77 Difference: $0.13
If STO meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.14, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Citi rates TLX as Buy (1) -

Citi assesses, on the back of the second quarter sales from Telix Pharmaceuticals, that 2026 guidance is too low, even with no help from pricing and a mid single-digit forecast for sequential US volume growth across the second half.

An upgrade to guidance is tentatively expected at either the first half results or in the third quarter. Target price set at $31. Buy rated.

Target price is $31.00 Current Price is $14.47 Difference: $16.53
If TLX meets the Citi target it will return approximately 114% (excluding dividends, fees and charges).

Current consensus price target is $26.23, suggesting upside of 79.9% (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

Morgans rates TTX as Speculative Buy (1) -

Morgans believes Tetratherix is well funded to execute its commercial and regulatory strategy after reporting positive operating cash flow (OCF) in the June quarter and completing a $15.6m capital raising.

The broker highlights multiple near-term catalysts, including potential FDA approval of its bone regeneration products, the planned US launch with Superpower Health and progress across its Precision Medicine franchise.

Morgans raises its target to $8.59 from $7.15 and maintains a Speculative Buy rating, citing stronger long-term growth prospects, a lower cost base and an expanding product pipeline.

Target price is $8.59 Current Price is $7.40 Difference: $1.19
If TTX meets the Morgans target it will return approximately 16% (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 VEA as Outperform (1) -

Viva Energy has guided to first half earnings of $770m-$780m underpinned by favourable hedging and supply agreements. Macquarie suspects this is one-off in nature but should address concerns some investors have with the Vitol supply agreement.

The business appears well placed to capture strong margins and the broker raises second half refining margins to US$20/bbl. The business is dialling back the rolling out of OTR stores with new stores skewed to new-to-industry sites while conversions have slowed.

The company will introduce unmanned self-service at sites Macquarie presumes were unprofitable or loss-making and this could help on costs. Outperform maintained. Target rises to $3.70 from $3.40.

Target price is $3.70 Current Price is $2.65 Difference: $1.05
If VEA meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.97, suggesting upside of 8.9% (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

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

Viva Energy's June quarter was stronger-than-expected by Morgan Stanley. First-half replacement cost earnings (EBITDA) 'beat' forecasts by the broker and consensus, driven by stronger Commercial & Industrial and Convenience & Mobility performances.

Refining earnings remained resilient despite lower refining margins and reduced intake volumes following the Geelong refinery fire, the analysts explain.

Favourable hedging and term supply arrangements boosted Commercial & Industrial earnings but are not expected to provide the same support in the second half.

Equal-weight with a $2.39 target. Industry view: In-line.

Target price is $2.39 Current Price is $2.65 Difference: minus $0.26 (current price is over target).
If VEA 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 $2.97, suggesting upside of 8.9% (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

Ord Minnett rates VEA as Buy (1) -

Ord Minnett points out Viva Energy announced 1H2026 operating earnings (EBITDA) guidance which is 5% above forecasts and 8% above consensus expectations.

The convenience and mobility retail operations performed strongly. While commercial and industrial benefitted from supply and hedging deals, the analyst explains these had been put in place before the Middle East war.

Geelong refinery guidance was below consensus with the catalytic cracker impacting on output and higher crude premiums in June affecting refining margins.

EPS forecasts are raised by 25.1% for FY26 and 0.6% for FY27. Target price advances to $3 from $2.85. No change in Buy rating.

Target price is $3.00 Current Price is $2.65 Difference: $0.35
If VEA meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.97, suggesting upside of 8.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates VEA as Buy (1) -

Viva Energy announced a robust June quarter trading update with unaudited 1H2026 group earnings (EBITDA) some 10% above consensus expectations, UBS notes.

The beat was generated from higher earnings from both strong fuel volumes as well as the Convenience segment.

Management announced a new strategy for convenience, to convert 25–30 of its underperforming sites to an unattended offer over 2026. The strategy is noted as being not too dissimilar from Ampol's ((ALD)).

Equally, Viva is slowing the conversions of On The Run (OTR) sites to 10–15 in 2026 from 40–60, previously which lowers the capex spend.

A good arrangement with Vitol was highlighted by the analyst as smoothing procurement costs and assisted with healthy retail margins.

EPS forecasts are raised by 8% for FY26 and 3% for FY27. Buy rating retained with a higher target of $2.80 from $2.70.

Target price is $2.80 Current Price is $2.65 Difference: $0.15
If VEA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.97, suggesting upside of 8.9% (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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley believes the strong revenue tailwinds supporting the major banks in Australia over the past two years are fading as net interest margins (NIMs) peak and mortgage growth slows.

The broker lowers its FY27-FY28 earnings forecasts by an average of -2%-4%, expecting intensifying mortgage competition, higher deposit costs and weaker housing activity to pressure revenue growth.

On a one-year view, Morgan Stanley's preferred major banks are ANZ (Overweight), followed by National Australia Bank (Underweight), Westpac (Underweight) and CommBank (Underweight).

The broker notes Westpac's greater exposure to margin compression and increased risk of earnings disappointment relative to peers. Target falls by -$1.00 to $30.50. Industry view is Cautious.

Target price is $30.50 Current Price is $38.02 Difference: minus $7.52 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.68, 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

Macquarie rates WDS as Outperform (1) -

Woodside Energy delivered a "solid" second quarter with first gas achieved from Scarborough, Macquarie notes in an initial take.

Production in the second quarter of 41.3mmboe was ahead of forecasts, with the mature assets in Western Australia performing better than expected.

Revenue of US$4.19bn was 14% above estimates amid higher sales volumes. LNG realisations on produced LNG of US$10.5/mmbtu were in line.

Full year production guidance has narrowed to 174-185mmboe. The Bass Strait operatorship transition has been completed and the Chevron asset swap is on track for completion in late 2026.

Outperform. Target is $32.80.

Target price is $32.80 Current Price is $32.29 Difference: $0.51
If WDS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.81, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgans rates WDS as Hold (3) -

Today's June quarter by Woodside Energy was "solid" assesses Morgans at first glance, with stronger sales volumes and pricing driving revenue above expectations.

The broker discounts around half of the revenue beat, noting US$246m of the US$517m outperformance versus consensus came from the typically low-margin marketing business.

Lower capital expenditure and continued strong performance at Sangomar were offset by higher-than-expected net debt, the analyst explains.

Net debt of around US$9.3bn is considered the key negative, driven by lease liabilities, hedge settlements and working capital movements.

Production guidance for 2026 was narrowed slightly higher and major projects remain on schedule and within budget.

Morgans notes solid operational execution but a cautious near-term outlook for oil prices despite Woodside's high-quality asset base and long-term valuation support from declining capital expenditure after 2027. Hold. Target $33.40.

Target price is $33.40 Current Price is $32.29 Difference: $1.11
If WDS meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $29.81, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

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

Web Travel's first-half trading update was broadly in line with Morgan Stanley's expectations.  A more significant announcement, the analysts suggest, was the $90m share buyback.

Strong first-half operating cash flow (OCF) conversion of more than 100% is considered a further highlight.

Morgan Stanley maintains an Equal-weight rating, citing broadly unchanged earnings expectations despite ongoing uncertainty across global travel markets.

Target $2.60. Equal-weight. Industry View: In-Line.

Target price is $2.60 Current Price is $3.29 Difference: minus $0.69 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.74, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

UBS rates WEB as Buy (1) -

UBS observes Web Travel announced 1H27 guidance with the result expected on 25 November for a total transaction volume margin of 6.7% exceeding expectations and consensus, with both previously at 6.5%.

Earnings (EBITDA) guidance including FX headwinds of -9% was 6% above the analyst's forecast and 2% higher than consensus, with cash conversions over 100%.

An on-market share buyback was also announced for up to $90m in August with a further trading update flagged for the AGM on 27 August.

Overall, the update was viewed as positive against the problems in the Middle East and the adverse forex move.

No change to Buy rating and $4.60 target price.

Target price is $4.60 Current Price is $3.29 Difference: $1.31
If WEB meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

Bell Potter rates WHC as Hold (3) -

Whitehaven Coal announced ROM production of 10.7Mt which was slightly below Bell Potter's forecast of 10.8Mt with manageable saleable production of 8.1Mt which was also a bit lower than forecast.

Improved weather in Queensland supported a rebound in ROM production, up 13% q/q while technical issues at Narrabri caused a decline in coal sales of -2% q/q.

Group realised pricing was up 7% to $222/t q/q with higher thermal and met coal prices.

Net debt came in at $1.3bn post a -US$500m payment to BMA in April with a final US$100m payment due in April 2027.

Cost reduction targets of $60m-$80m for FY26 were met. A Hold rating is retained with a lower target of $8.05 from $8.10. EPS forecast is raised by 27% for FY26 and FY27 is unchanged.

Target price is $8.05 Current Price is $7.13 Difference: $0.92
If WHC meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 18.5% (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 WHC as Outperform (1) -

Whitehaven Coal posted ROM production that was in line with expectations in FY26, with Macquarie welcoming the recovery in Queensland following wet weather in the third quarter. Geotechnical issues at Narrabri impinged on an otherwise firm outcome, the broker adds.

The company has signalled higher diesel prices may affect cost guidance for FY27. Macquarie notes the positive exposure to higher energy pricing may be offset by production issues at Narrabri. Target is reduced to $8.75 from $9.00. Outperform rating.

Target price is $8.75 Current Price is $7.13 Difference: $1.62
If WHC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates WHC as Overweight (1) -

Whitehaven Coal's June quarter was stronger than expected by Morgan Stanley. Lower unit costs and higher realised coal prices offset weaker saleable production caused by operational challenges at Narrabri, the analysts explain.

FY26 run-of-mine (ROM) production and managed coal sales finished at the top end of guidance, whilst capital expenditure and unit costs were at the lower end.

Overweight rating retained given an improved cost performance, stronger realised pricing and confidence in the company's operational execution despite minor reductions to the broker's FY27 and FY28 earnings forecasts.

Target is $8.40. Industry view: Attractive.

Target price is $8.40 Current Price is $7.13 Difference: $1.27
If WHC meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 18.5% (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

Morgans rates WHC as Upgrade to Buy from Accumulate (1) -

Whitehaven Coal delivered FY26 guidance, with run-of-mine (ROM) coal production and coal sales at the top end of guidance, Morgans highlights.

The broker notes a strong operational recovery at the company's Queensland mines despite ongoing challenges at Narrabri.

Lower unit costs, disciplined capital expenditure and recent refinancing have strengthened the balance sheet, the analyst observes, positioning the company to benefit from any recovery in coal prices.

Morgans lowers its target to $8.50 from $9.20. The rating is upgraded to Buy from Accumulate given recent share price weakness, improving operational performance and leverage to stronger long-term metallurgical and thermal coal markets.

Target price is $8.50 Current Price is $7.13 Difference: $1.37
If WHC meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates WHC as Buy (1) -

Ord Minnett highlights a miss on Whitehaven Coal's equity sales for 4Q26 update by -5% with issues in Narrabri.

Net debt was $115m above the analyst's forecast at $1.3bn, with the discharge of the second deferred payment for the Blackwater/Daunia acquisition of -US$500m.

The broker believes Whitehaven has now passed peak net debt and forecast free cash flow of $965m in FY27 should assist with degearing the balance sheet. Net debt is forecast at $1bn by 4Q27.

A recovery in Blackwater saw rest of mine production come in at 10.7mt, some 7% above forecast. Unit costs were lower at $132/t versus the $138/t forecast.

Target price is trimmed to $10.20 from $10.60 with Buy rating reiterated.

Target price is $10.20 Current Price is $7.13 Difference: $3.07
If WHC meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates WHC as Neutral (3) -

Whitehaven Coal announced a robust June quarter update showing a recovery post the weather travails of the prior quarter and coming in at the upper end of FY26 run of mine/sales guidance and the lower end of cost guidance, UBS points out.

Narrabri was a miss due to more challenging conditions and remediation issues, whilst Queensland rebounded sharply, the analyst states.

Both costs and capex were at the lower end of guidance which is likely to assist earnings and free cash flow into the FY26 result.

Net debt rose to around $1.3bn post a second deferred BMA payment of -US$500m.

EPS forecasts are trimmed by -1% to -5% for FY27/FY28 and FY26 forecast is raised 27%. Target price slips to $8 from $8.70, previously.

No change to Neutral rating.

Target price is $8.00 Current Price is $7.13 Difference: $0.87
If WHC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 18.5% (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