Australian Broker Call

Ord Minnett rates A4N as Speculative Buy (1) -

Ord Minnett compares Alpha HPA  to Advanced Energy Minerals as emerging high-purity alumina producers positioned to benefit from growing demand in semiconductor and data centre applications.

While both employ proprietary low-cost processing technologies and can produce ultra-high-purity, low-alpha products, the broker views Advanced Energy Minerals as the lower-risk investment.

Advanced Energy's commercial plant is already built and targeting nameplate production by 2028, the analysts explain. Alpha HPA's larger-scale facility remains under construction, with full ramp-up targeted around 2031.

The broker notes Alpha HPA offers greater long-term production scale, but believes Advanced Energy Minerals provides other advantages.

These include superior value at current prices given its smaller market capitalisation, lower execution risk and stronger forecast free cash flow (FCF) yield at full production. 

Speculative Buy and 90c target for Alpha HPA.

Target price is $0.90 Current Price is $0.78 Difference: $0.12
If A4N meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 51.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates AAL as Hold (3) -

Alfabs Australia has outlined a comprehensive growth strategy, Bell Potter observes, with a well-articulated plan of capital allocation. The  company envisages opportunities to grow earnings both organically and through acquisitions.

The target is for a 2x-3x improvement in free cash flow by 2028 and already there are signs this is happening, the company asserts, amid the consolidation of its mining workshops and cost reductions of -$3m per annum.

The broker retains a Hold rating to reflect ongoing execution risk pertaining to the turnaround. Target is reduced to $0.29 from $0.36 to reflect softer engineering revenue and EBITDA margin expectations over the medium term.

Target price is $0.29 Current Price is $0.26 Difference: $0.035
If AAL meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates AEM as Speculative Buy (1) -

Ord Minnett updates its valuation assumptions for Advanced Energy Minerals, incorporating higher foreign exchange rates, a higher cost of capital and revised product specifications.

A shift to lower-value gamma 3N5 (99.95% purity) product and a delay in expected sales weigh on forecasts, the analysts explain.

While these changes reduce the broker's net asset valuation to $0.86 from $1.52, the target price is maintained at $0.90 through a higher earnings (EBITDA) multiple.

Ord Minnett continues to view Advanced Energy Minerals as a low-cost high-purity alumina producer, supported by proprietary processing technology and low-cost hydroelectric power.

The broker retains a Speculative Buy rating, highlighting offtake agreements and a potential Stage 2 expansion as key catalysts.

Separately, the broker compares Advanced Energy Minerals to Alpha HPA as emerging high-purity alumina producers positioned to benefit from growing demand in semiconductor and data centre applications.

While both employ proprietary low-cost processing technologies and can produce ultra-high-purity, low-alpha products, the broker views Advanced Energy Minerals as the lower-risk investment.

Advanced Energy's commercial plant is already built and targeting nameplate production by 2028, the analysts explain. Alpha HPA's larger-scale facility remains under construction, with full ramp-up targeted around 2031.

The broker notes Alpha HPA offers greater long-term production scale, but believes Advanced Energy Minerals provides other advantages.

These include superior value at current prices given its smaller market capitalisation, lower execution risk and stronger forecast free cash flow (FCF) yield at full production. 

Target price is $0.90 Current Price is $0.40 Difference: $0.5
If AEM meets the Ord Minnett target it will return approximately 125% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates ALX as Neutral (3) -

IFM Investors has today raised its takeover offer for Atlas Arteria to a "best and final" $5.10 per security, up from $4.75, and declared the bid largely unconditional.

At first glance, Citi notes the revised offer matches the value previously implied if IFM reached a 45% stake and provides investors with immediate cash certainty.

The broker highlights IFM is prevented by ASIC from increasing the bid further unless a competing proposal emerges.

The analysts believe the absence of a substantial holder notice suggests IFM has yet to secure meaningful acceptances. It's also noted IFM may acquire shares on-market ahead of the June 25 offer deadline.

Neutral. Target $4.80.

Target price is $4.80 Current Price is $5.08 Difference: minus $0.28 (current price is over target).
If ALX meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.67, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates AX1 as Neutral (3) -

Citi views Frasers' bid to acquire shares in Accent Group as highly opportunistic, noting no premium is being paid and the current PER multiple of around 6.9x FY27 earnings represents a cyclical trough for the retailer.

The analyst believes the share purchases should provide a lower bound for the share price, with 65c now viewed as a floor valuation. Citi raises its target price to 65c from 60c.

Separately, management at Accent Group has today responded to Frasers Group's latest comments, particularly around board composition, costs and dividends at Accent.

At first glance, Citi considers criticism of chairman Lawrence Myers unfair given his recent appointment and strong governance credentials.

Nonetheless, a more constructive relationship between Frasers and Accent's board is seen as necessary to maximise the potential of the Sports Direct rollout in Australia.

On costs, the analysts note Accent has already outlined a substantial efficiency program targeting gross savings of $40m and store portfolio optimisation initiatives.

Management should be given time to execute these plans, in the broker's view.

Citi reiterates its support for a lower dividend payout ratio and debt reduction, given Accent's gearing is higher than many discretionary retail peers.

Target price is $0.65 Current Price is $0.65 Difference: $0
If AX1 meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.66, suggesting downside of -10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates BMN as Initiation of coverage with Buy (1) -

UBS initiates coverage on Bannerman Energy with a Buy rating and $5.15 target. The recently announced CNOL (CNNC Overseas Limited) deal enables a funding pathway for the development of the Etango project.

The broker is upbeat on the outlook for the U308 price and forecasts a long-term price of US$100/lb by 2028, up from US$85/lb, which boosts the outlook for Etango's financial metrics.

Completion risk is considered "minimal", with first production expected in 2028. A final investment decision, along with the CNOL deal and early works underway, are all positives for the burgeoning developer.

Additional capex of an estimated circa US$30m is noted for a 207mlb resource base, supporting steady-state production of around 3.5mlbs over a 27-year mine life.

Target price is $5.15 Current Price is $3.14 Difference: $2.01
If BMN meets the UBS target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 41.7% (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 BPT as Sell (5) -

UBS has lifted its near-term oil price forecasts due to the extended closure of the Strait of Hormuz, with the analyst expecting a slow resumption of flows, including 90% of lost supply returning within six months.

The broker raises its 3Q2026 Brent forecast by US$20/bbl to US$105/bbl and its 4Q2026 forecast by US$10/bbl to US$90/bbl. The 2027 forecast is increased by US$5/bbl to US$85/bbl.

The price could also rise above US$120/bbl, albeit briefly, with inventories falling to "critical" levels.

Beach Energy remains Sell rated with a lower target price of 95c from $1. The analyst expects additional downward revisions to production over the current quarter and challenges for commissioning Waitsia to remain.

Target price is $0.95 Current Price is $1.08 Difference: minus $0.125 (current price is over target).
If BPT meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.10, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Ord Minnett rates BRE as Speculative Buy (1) -

Brazilian Rare Earths has released the prospectus for the proposed listing of Alurion Resources, which will hold the Amargosa bauxite-gallium project.

Ord Minnett notes the IPO is seeking to raise $30m-$50m at $1.05 per share, implying a market capitalisation of $236m-$256m and an enterprise value of around $208m.

This is seen as an attractive relative to the broker's $400m valuation for the project. The spin-out is expected to leave Alurion with a strong balance sheet to advance development activities.

The raising will be combined with an in-species distribution to existing Brazilian Rare Earths shareholders.

The broker retains a Speculative Buy rating and $6.95 target.

Target price is $6.95 Current Price is $5.26 Difference: $1.69
If BRE meets the Ord Minnett target it will return approximately 32% (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 CHI as Upgrade to Outperform from Neutral (1) -

Channel Infrastructure has updated guidance after securing a government diesel storage contract and accelerating the timing of several smaller private storage agreements.

Macquarie believes the company's import terminal and pipeline assets provide a stable earnings base of around $100m earnings (EBITDA), supporting reliable dividends and downside protection.

The broker argues Channel Infrastructure is evolving from a single-asset operator into a broader energy and industrial platform. Additional growth opportunities include storage expansion, third-party developments and precinct monetisation.

Macquarie believes these options are not fully reflected in the share price and raises its target to NZ$3.38 from NZ$2.77. The rating is also upgraded to Outperform from Neutral.

Current Price is $2.61. Target price not assessed.

The company's fiscal year ends in December.

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

UBS rates COH as Neutral (3) -

UBS has made further downgrades to Cochlear's EPS estimates of -2% for FY26 and -3% for FY27 on the back of lower expected Middle East contributions and feedback from the US market, albeit slightly reassuring, the analyst states.

Given the recent earnings downgrades, the broker anticipates management will be conservative in its FY27 guidance, which is likely to result in a wide-ranging profit outlook, with the midpoint assuming ongoing difficult trading conditions.

The analyst expects the midpoint of current consensus to be lower than current forecasts. Longer term, the market outlook remains positive.

The stock remains Neutral rated with a lower target price of $106 from $109.

Target price is $106.00 Current Price is $103.75 Difference: $2.25
If COH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $116.03, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Bell Potter rates DGT as Buy (1) -

Bell Potter highlights the "seemingly exponential acceleration" in data centre construction which has been calculated contributing 1.9% of Australia's GDP.

The broker has ascertained the winners will be those with power, construction adaptability and the agility to retrofit existing facilities for fast deployment.

DigiCo Infrastructure REIT, in Bell Potter's view, presents the most upside opportunity through the acceleration of its SYD1 expansion, which is able to capture current demand and boost EBITDA above consensus expectations amid an improved balance sheet position.

Buy rating and $3.40 target.

Target price is $3.40 Current Price is $2.44 Difference: $0.96
If DGT meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $3.56, 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

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

Morgans lowers its target for Domino's Pizza Enterprises to $17.60 from $25.00 and downgrades to Hold from Buy. Despite lower sales expectations, earnings forecasts remain broadly intact as cost savings offset revenue pressure, the analysts explain.

The company faces a more challenging trading environment than previously anticipated by the broker, prompting lower same-store sales forecasts across all regions.

Rising labour, food and payment processing costs in Australia and New Zealand are noted, alongside ongoing weakness in Japan and foreign exchange headwinds.

While management's cost-out initiatives are supporting profitability, Morgans sees little evidence of a volume recovery in the near term.

Target price is $17.60 Current Price is $15.90 Difference: $1.7
If DMP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.76, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates FBU as Underperform (5) -

Fletcher Building is reviewing its Residential and Land Development division as part of a strategy to reduce debt and refocus on its core building products manufacturing and distribution businesses.

Macquarie notes the market appears to be pricing in a favourable outcome, including significant sale proceeds and a valuation re-rating.

It's felt these expectations may prove difficult to achieve given weak housing market conditions, elevated inventories and declining residential demand indicators.

Macquarie also highlights risks to earnings from the remaining businesses following recent and potential divestments.

The broker maintains an Underperform rating and NZ$1.65 target, citing a predominantly negative risk profile.

Current Price is $2.61. Target price not assessed.

Current consensus price target is $2.76, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.5

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

UBS rates FRW as Neutral (3) -

UBS proposes the investment case for Freightways Group centres around growth in Express Package volumes as the NZ economy improves, as well as a return to more sustainable earnings growth.

Margins are expected to lift, underpinned by higher industry pricing, improved facility utilisation and lower IT costs, the broker explains.

At current share price levels, the stock is considered to be discounting the forecast 3-year CAGR in EPS at 19x earnings, versus a longer-term average PER valuation of 17x.

To become more upbeat on the share price, UBS reckons an earnings-accretive acquisition in Australia would be required.

EPS forecasts are trimmed slightly for FY26/FY27. The Neutral rating is retained with a target price of NZ$14.45, up from NZ$14.20.

Current Price is $11.35. Target price not assessed.

Current consensus price target is $13.87, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Bell Potter rates GMG as Buy (1) -

Bell Potter highlights the "seemingly exponential acceleration" in data centre construction which has been calculated contributing 1.9% of Australia's GDP.

The broker has ascertained the winners will be those with power, construction adaptability and the agility to retrofit existing facilities for fast deployment.

Goodman Group is considered a key listed A-REITs beneficiary of this theme over the long-term and a Buy rating and $35.50 target are maintained.

Target price is $35.50 Current Price is $31.52 Difference: $3.98
If GMG meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $34.68, suggesting upside of 8.4% (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

Citi rates GPT as Buy (1) -

Citi notes GPT Group's GWSCF has acquired 50% interests in Sunshine Plaza and Macarthur Square for $1.2bn from Lendlease Group's ((LLC)) Australian Prime Property Fund Retail.

The analyst highlights the valuation aligns with independent assessments and, upon completion, GPT will own 100% of Macarthur Square. Both assets are classified as super-regional shopping centres, with settlement expected in July.

Citi believes the transaction reflects management's medium-term strategy of expanding its investment management platform through third-party capital partnerships.

The broker argues GPT Group's current discount to NTA is unjustified. A Buy rating and $6.00 target price are retained.

Target price is $6.00 Current Price is $5.11 Difference: $0.89
If GPT meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 5.1% (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 IEL as Buy (1) -

Ord Minnett updates its forecasts for IDP Education following industry consultations and emerging evidence of weaker student demand and higher visa rejection rates across key markets including Australia, the UK and Canada.

The broker lowers its FY27 and FY28 earnings forecasts by -23.6% and -24.5%, respectively, reflecting lower expected volumes across both the IELTS testing and student placement businesses. Together these divisions account for more than 80% of group revenue.

While earnings expectations have been lowered, Ord Minnett expects management to deliver meaningful cost savings and remains comfortable with the balance sheet.

The broker cuts its target to $4.75 from $8.00 (last research update appears to be a year ago) but retains a Buy rating. The share price decline is considered excessive relative to the deterioration in operating conditions.

Target price is $4.75 Current Price is $2.13 Difference: $2.62
If IEL meets the Ord Minnett target it will return approximately 123% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 76.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates MVF as Hold (3) -

Bell Potter adjusts earnings estimates for Monash IVF as guidance has been lowered to underlying net profit in a range of $17-18m from a range of $20-23m previously.

The downgrade reflects Australian stimulated cycles on a recurring 12-month basis that are down -1.9%, amid continuing difficulty in market conditions. Countering this is improvement the company is starting to witness in market share.

The broker suggests the lower guidance is more about the macro settings rather than branding issues, while noting the international business is continuing to grow. Hold maintained. Target is $0.75.

Target price is $0.75 Current Price is $0.69 Difference: $0.065
If MVF meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates NWL as Neutral (3) -

Netwealth Group's absence from the preview list of top five platforms by NPS score in the upcoming 2026 Australian Financial Advice Landscape report may reflect fallout from First Guardian, UBS highlights.

While HUB24 retained the top ranking and incumbent platforms narrowed the gap to specialist providers.

Management has argued Netwealth's addressable market extends well beyond the $1.2bn direct platform market, highlighting a sizeable opportunity within industry superannuation balances held by wealthier members.

The analyst notes consensus expectations for FY27/FY28 margins of 49-50% may prove optimistic as the company enters an investment phase, with margins potentially tracking -100-200bps lower year-on-year.  

UBS retains a positive long-term view on Netwealth's growth opportunity but highlights ongoing debate around growth versus margin expansion.

Target price is $27.00 Current Price is $21.63 Difference: $5.37
If NWL meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $28.41, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates NWS as Buy (1) -

UBS emphasises the "resilience" of the News Corp share price, down -2% over the last six months versus REA Group ((REA)), down -17%, against a backdrop of geopolitical tensions and AI-related uncertainty.

Dow Jones is highlighted as the major earnings generator for News, achieving around 14% CAGR in earnings (EBITDA) and margin expansion of 1.4% p.a. from FY22-FY25.

The analyst expects Dow Jones to continue to be the central driver of earnings growth over the next three years and forecasts double-digit EBITDA growth from a total addressable market of US$3.6bn, boosted by DJ Energy and the Professional Information Business.

A Buy rating is retained, with the stock trading below its 5-year average valuation. EPS forecasts are trimmed and the target price slips to $56 from $58 on the de-rating of the REA valuation and Move outlook.

Target price is $56.00 Current Price is $42.30 Difference: $13.7
If NWS meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $51.13, suggesting upside of 22.5% (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: 1.0

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

UBS rates ORG as Buy (1) -

UBS has lifted its near-term oil price forecasts due to the extended closure of the Strait of Hormuz, with the analyst expecting a slow resumption of flows, including 90% of lost supply returning within six months.

The broker raises its 3Q2026 Brent forecast by US$20/bbl to US$105/bbl and its 4Q2026 forecast by US$10/bbl to US$90/bbl. The 2027 forecast is increased by US$5/bbl to US$85/bbl.

The price could also rise above US$120/bbl, albeit briefly, with inventories falling to "critical" levels.

Origin Energy remains Buy rated with a $13.60 target. EPS forecasts are raised by 15% for FY27.

Target price is $13.60 Current Price is $11.09 Difference: $2.51
If ORG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.85, suggesting upside of 10.1% (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 QAL as Outperform (1) -

Qualitas has acquired UK-based commercial real estate private credit manager Starz for $36.5m, providing an entry into the European private credit market.

Macquarie views the transaction as low risk given most of the purchase price relates to co-investment positions and working capital.

Management anticipates a neutral impact to EPS over the next 24 months.

The broker sees potential upside from gains on acquired co-investments, future fund raisings and cross-selling opportunities between the two businesses.

Macquarie leaves its earnings forecasts unchanged and retains an Outperform rating with a $4.16 target.

Target price is $4.16 Current Price is $2.76 Difference: $1.4
If QAL meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 35.4% (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 QUB as Equal-weight (3) -

Morgan Stanley notes, following Qube Holdings' scheme implementation deed, and progress towards shareholder meetings on June 16, if approved, the shares will be removed from the S&P/ASX100 and 200 indices and be suspended from trading from the close on June 19.

Within the S&P/ASX100, Vault Minerals ((VAU)) leads the broker's preference ranking and within the S&P/ASX 200 Develop Global ((DVP)) is considered the highest-probability replacement.

Equal-weight rating for Qube Holdings with a target of $5.15. Industry View: In-Line.

Target price is $5.15 Current Price is $5.07 Difference: $0.08
If QUB meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

On the basis of Retail Food Group's trading downgrades in FY26 and the -4.8% decline in network sales throughout the second half to date, Bell Potter downgrades its rating to Speculative Hold from Buy and lowers the target to $0.74 from $2.60.

Amid further improvements to the franchise store network quality and closure of corporate stores, net growth is expected to return in FY28.

The broker does not factor in the Firehouse Subs revenue or earnings opportunity within forward estimates, while noting further drawdowns of the company's debt facility will be used to fund investment in the venture.

While there are catalysts related to a sizeable long-term growth opportunity, Bell Potter anticipates a weak consumer backdrop throughout most of FY27, given the company's high exposure to the low-income consumer and its higher net debt position.

Target price is $0.74 Current Price is $0.65 Difference: $0.09
If RFG meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates SCG as Neutral (3) -

UBS notes media reports that HK-linked real estate firm JY Group has acquired a 50% stake in Westfield Marion for $670m, a premium of 4% to Scentre Group's December 2025 book value.

The analyst believes this signifies a shift towards more positive sentiment around retail malls, which had been out of favour. Over the last two years, six partial stake sales in Westfield shopping centres have been completed.

The broker anticipates large mall REITs are well placed to generate low double-digit total returns going forward.

Scentre Group is Neutral rated with a $3.85 target. Vicinity Centres ((VCX)), Region Group ((RGN)) and HomeCo Daily Needs REIT ((HDN)) are the preferred retail exposures.

Target price is $3.85 Current Price is $3.86 Difference: minus $0.01 (current price is over target).
If SCG meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.00, suggesting upside of 3.1% (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

Bell Potter rates SEK as Buy (1) -

Taking into account recent economic data, Bell Potter finds the outlook mixed for Seek, noting some commentary that the current 4.35% cash rate may be the peak while GDP was softer than expected in the March quarter.

The company's April data reflected a -2.8% decline in job advertisements on platform, reinforcing a sequentially declining platform since January.

The stock remains the broker's preferred rate-sensitive classifieds exposure. Buy rating retained. Target is reduced to $18.60 from $23.90 amid earnings changes and an increase in Bell Potter's weighted average cost of capital to 10.3%.

Target price is $18.60 Current Price is $13.68 Difference: $4.92
If SEK meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting upside of 51.7% (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

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

Morgan Stanley notes residential settlements in FY27 could face slower sales on the back of the rate hikes in 2026 and the implications of the recent federal budget.

In previous slowdowns, Stockland filled the earnings void with land sell-off, joint venture profits or non-residential items.

The broker's assessment signals there is up to $1bn in non-masterplanned residential-related profits in the pipeline between now and 2032, while FY27 may be too early for any major profits out of either data centres, Kogarah industrials or Waterloo apartments.

The FY28 pipeline appears robust and could drive a higher weighting to development profits versus traditional residential over the next cycle, Morgan Stanley concludes.

Equal-weight rating and $4.90 target. Industry View: In-Line.

Target price is $4.90 Current Price is $4.23 Difference: $0.67
If SGP meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.75, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates SIG as Neutral (3) -

Sigma Healthcare has withdrawn its interest in potentially participating in the sale of Boots Group.

Citi suggests management gained two key insights from the process, namely how the market would respond to the acquisition of a larger incumbent operator in a new market, and a deeper understanding of the UK pharmacy market and its largest competitor following the Greenlight Healthcare JV.

The broker expects a strongly positive share price reaction, given the stock had fallen significantly following media speculation around a potential Boots acquisition.

Citi retains a Neutral rating and $3.20 target price. The broker believes the shares appear undervalued at current levels.

Target price is $3.20 Current Price is $2.64 Difference: $0.56
If SIG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 16.9% (ex-dividends)

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 STO as Buy (1) -

UBS has lifted its near-term oil price forecasts due to the extended closure of the Strait of Hormuz, with the analyst expecting a slow resumption of flows, including 90% of lost supply returning within six months.

The broker raises its 3Q2026 Brent forecast by US$20/bbl to US$105/bbl and its 4Q2026 forecast by US$10/bbl to US$90/bbl. The 2027 forecast is increased by US$5/bbl to US$85/bbl.

The price could also rise above US$120/bbl, albeit briefly, with inventories falling to "critical" levels.

Santos remains the preferred exposure, with a Buy rating and unchanged $8.60 target price. The stock is trading at an implied oil price of US$67/bbl.

Target price is $8.60 Current Price is $8.07 Difference: $0.53
If STO meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.28, suggesting upside of 11.5% (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: 0.6

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

Morgans rates SUL as Hold (3) -

The analyst at Morgans came away from Super Retail Group's Investor Day encouraged by management's clearer long-term growth strategy. Market share gains are being targeted through store network expansion, category growth and operational improvements.

Key initiatives include the Ignite transformation program, expanded 4WD offerings at Supercheap Auto and BCF, regional expansion at Rebel and continued growth at Macpac, the broker notes.

Commentary explains the strategy is supported by investments in digital capabilities, data, artificial intelligence and supply chain efficiency.

Despite the positive strategic outlook, Morgans remains cautious on near-term earnings given a softer consumer backdrop and ongoing competitive pressures. The broker retains a Hold rating and raises its target to $12.30 from $11.51.

Target price is $12.30 Current Price is $12.27 Difference: $0.03
If SUL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates SYL as Buy (1) -

Morgans updates its forecasts for Symal Group to reflect the timing of recent acquisitions and higher depreciation, amortisation and interest expenses.

While the broker's earnings (EBITDA) forecasts rise for FY27 and FY28, underlying earnings forecasts have been reduced as acquisition-related costs are recognised ahead of the full earnings contribution.

Earnings growth is expected to reaccelerate in FY27 and FY28 as recently acquired businesses are integrated.

Morgans remains positive on Symal's long-term outlook, citing exposure to infrastructure, digital, energy and defence markets, alongside further acquisition opportunities.

The broker retains a Buy rating and unchanged $3.35 target. Recent share price weakness is seen as a buying opportunity.

Target price is $3.35 Current Price is $2.68 Difference: $0.67
If SYL meets the Morgans target it will return approximately 25% (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 WDS as Neutral (3) -

Management at Woodside Energy has exercised its pre-emptive rights to acquire an additional 10.47% interest in the Browse LNG project, increasing its stake to 41%. This move prevents Japanese-based INPEX Corporation from entering the joint venture.

Citi believes the transaction supports a simpler ownership structure, which could improve decision-making and reduce operational complexity. The broker also notes it removes the risk of Browse gas being diverted to INPEX's Ichthys LNG facility.

While recent LNG price strength supports project economics, Citi believes cost clarity remains the key catalyst for a re-rating.

Commentary notes significant engineering work is still required ahead of a final investment decision (FID).

Target $34. Neutral rating.

Target price is $34.00 Current Price is $31.23 Difference: $2.77
If WDS meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $30.59, suggesting upside of 3.2% (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: -0.3

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

Ord Minnett rates WDS as Sell (5) -

Woodside Energy has exercised its pre-emptive rights to acquire PetroChina's 10.7% interest in the Browse LNG project for up to -US$400m, increasing its stake to 41.3%. This deal also prevents Japanese company INPEX Corporation from joining the joint venture.

Ord Minnett views the move positively, believing it reduces execution risk and potential conflicts among project partners, given INPEX is developing the nearby Ichthys LNG project.

The broker also updates its Browse assumptions, increasing forecast development capital expenditure to -US$25bn from -US$17bn and incorporating higher domestic gas supply requirements.

The $24.75 target and Sell rating are maintained.

Target price is $24.75 Current Price is $31.23 Difference: minus $6.48 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.59, suggesting upside of 3.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

UBS rates WDS as Neutral (3) -

UBS has lifted its near-term oil price forecasts due to the extended closure of the Strait of Hormuz, with the analyst expecting a slow resumption of flows, including 90% of lost supply returning within six months.

The broker raises its 3Q2026 Brent forecast by US$20/bbl to US$105/bbl and its 4Q2026 forecast by US$10/bbl to US$90/bbl. The 2027 forecast is increased by US$5/bbl to US$85/bbl.

The price could also rise above US$120/bbl, albeit briefly, with inventories falling to "critical" levels.

Woodside Energy remains Neutral rated with the target price rising to $30.40 from $30.10, previously. 

Target price is $30.40 Current Price is $31.23 Difference: minus $0.83 (current price is over target).
If WDS meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.59, suggesting upside of 3.2% (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: -0.3

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