Australian Broker Call

UBS rates BHP as Neutral (3) -

With the BHP Group share price having outperformed Rio Tinto in recent months, UBS examines whether the valuation gap remains justified. BHP's consistently higher earnings (EBITDA) margin across its portfolio is noted.

The conclusion: the broker believes current valuation multiples offer a more attractive risk-reward for BHP Group than Rio Tinto.

While retaining Neutral ratings on both stocks, the broker continues to prefer BHP.

Target of $60 retained for BHP Group.

This is a summary of research by UBS on July 14.

Target price is $60.00 Current Price is $58.71 Difference: $1.29
If BHP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $61.05, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Citi rates CAR as Buy (1) -

Citi has analysed CAR Group's sites/apps and other data inputs, concluding there are weakening trends into the end of FY26.

Notably, APP traffic slowed in May/June with used car sales down -16% y/y in June, which may be pointing to weakening used car demand for FY27, the analyst highlights.

Trader Interactive dealer listings also declined by -8% y/y, which may indicate weakening has commenced, albeit the broker points out dealers listed on Trader Interactive do not align with reported dealer numbers.

Citi lowers revenue forecasts marginally for FY26 and -1% for FY27/FY28. EPS forecasts are trimmed by -1.1% for FY26 and -1.4% for FY27.

Target price is downgraded to $30.60 from $34.70, which reflects a lower PER multiple ascribed to the stock to align with peer valuations.

Buy rating reiterated. The stock is trading at 14x FY27 earnings (EBITDA) on lower than mid-cycle earnings.

Target price is $30.60 Current Price is $25.47 Difference: $5.13
If CAR meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $32.56, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates CCP as Resume Coverage with Outperform (1) -

Credit Corp recently withdrew its proposal to acquire Humm Group ((HUM)) and Macquarie resumes coverage with an Outperform rating and $13.83 target.

The core business is considered fundamentally unchanged post the withdrawal of the proposal and the trading update in May reaffirmed FY26 net profit guidance.

The broker observes the business is a disciplined operator with strong consumer lending momentum, better US collections and a robust Australasian market.

Visibility on FY27 debt purchasing remains mixed but Macquarie considers the valuation attractive at around 8x PE.

Target price is $13.83 Current Price is $12.82 Difference: $1.01
If CCP meets the Macquarie target it will return approximately 8% (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 CGF as Buy (1) -

Futher to yesterday's update, Citi raises the target price on Challenger to $11.90 from $10, Buy rated.

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Citi upgrades its earnings forecasts across most diversified financials under coverage after stronger global equity markets and tighter credit spreads boosted mark-to-market valuations.

The analysts make only minor changes to Challenger's FY26 earnings forecasts, with stronger fixed income returns largely offset by weaker alternative assets, property and equities.

Looking ahead, the broker lifts its earnings forecasts to reflect recently launched products and lower dilution from capital notes.

Uncertainty surrounding an upcoming change to the company's earnings reporting basis is noted.

Buy. Target $10.

Target price is $11.90 Current Price is $10.49 Difference: $1.41
If CGF meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.55, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates COG as Buy (1) -

Bell Potter reviews the environment ahead of the results for COG Financial Services. While finding it hard to envisage broking and aggregation making an impact, this is countered by novated business.

The recent commitment from the government has extended the adjustment on electric vehicles and made this measure permanent, which the broker assesses will be a multi-year outcome, enhanced through successful tendering.

Bell Potter is less positive on operating leverage and A&E finance prospects, which lack visibility.

Lower incremental margins have led to slightly lowered estimates. Buy rating retained. Target is reduced to $2.10 from $2.30.

Target price is $2.10 Current Price is $1.43 Difference: $0.675
If COG meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 38.0% (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 COH as Sell (5) -

Ahead of August reporting season, Citi points out it remains below consensus earnings forecasts for Cochlear and Ramsay Health Care ((RHC)).

The analyst believes there are downside risks to Cochlear's FY27 outlook.

No change to Sell rating and $100 target price.

Target price is $100.00 Current Price is $123.20 Difference: minus $23.2 (current price is over target).
If COH meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.03, suggesting downside of -8.0% (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

Citi rates CSL as Neutral (3) -

Citi retains a Neutral rating on CSL with a $110 target and believes there may be scope for a re-rating if a credible CEO with experience is appointed.

Offsetting that outcome is the expected ongoing uncertainty and concerns around nearly all of the biotech's major sales segments.

Target price is $110.00 Current Price is $122.96 Difference: minus $12.96 (current price is over target).
If CSL meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $132.16, suggesting upside of 8.7% (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

Citi rates EBO as Buy (1) -

Ahead of August reporting season, Citi sees upside risks from Ebos Group's FY27 guidance and the broker's earnings (EBITDA) growth forecasts are above consensus.

Buy rated with a $24.50 target.

Target price is $24.50 Current Price is $18.80 Difference: $5.7
If EBO meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $25.14, suggesting upside of 34.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

UBS initiates coverage of Elevra Lithium with a Buy rating and a $12.00 target, highlighting the company's strong balance sheet, expansion plans and leveraged exposure to a recovery in lithium prices.

Production from the North American Lithium (NAL) operation is expected to more than triple by FY36, supported by staged expansions and the longer-term development of the Moblan project.

While acknowledging execution, permitting and lithium price risks, the broker believes Elevra offers more than 30% valuation upside. Earnings are forecast well above consensus on a more bullish long-term lithium price outlook.

This is a summary of research by UBS on July 14.

Target price is $12.00 Current Price is $8.89 Difference: $3.11
If ELV meets the UBS target it will return approximately 35% (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 FPH as Neutral (3) -

Ahead of August reporting season, Citi believes Fisher & Paykel Healthcare could come into favour later in the year with forecast teens mid-term earnings growth forecast.

Ahead of the outcome of the Section 232 investigation into the US med tech industry, with outcomes expected in September, the analyst prefers to remain on the "sidelines".

Target price NZ$40. Neutral rated.

Current Price is $33.08. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

UBS rates GQG as Buy (1) -

UBS believes GQG Partners is adopting a more pragmatic approach to artificial intelligence after increasing its exposure to technology stocks, including Nvidia, following a prolonged period of underperformance.

While the broker expects fund outflows to remain elevated in the near term, it believes the company still offers a defensive investment supported by an attractive dividend yield.

UBS retains a Buy rating and lowers its target to $1.95 from $2.00.

This is a summary of research by UBS on 14 July.

Target price is $1.95 Current Price is $1.40 Difference: $0.55
If GQG meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 31.5% (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: 0.5

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

Macquarie rates IRE as Resume Coverage with Outperform (1) -

Macquarie resumes coverage of Iress with an Outperform rating and $7.65 target. At the company's  AGM the trading update was in line with prior guidance.

The broker observes new business, such as APAC Wealth, GTMD and the UK, is underpinned by recurring revenue and a path to margin expansion. 2026 guidance is for cash EBITDA of $116m-123m, implying growth of 15%-23%.

Macquarie points out recent geopolitical events and the macro impact have caused the company to guide revenue towards the lower end of the $520m-528m range.

The broker sets the terminal growth rate at 2.8% to reflect medium-term risk from AI disruption to the company's platforms and service offering.

Target price is $7.65 Current Price is $6.37 Difference: $1.28
If IRE meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 55.4% (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

Bell Potter rates LDX as Reinstate Coverage with Buy (1) -

Bell Potter reinstates coverage of Lumos Diagnostics with a Buy rating and 8.6c target.

The company's FebriDx is a key value driver which assesses a patient's immune response to distinguish bacterial from non-bacterial illnesses after 10 minutes via a single fingerstick blood sample.

The broker observes there is now a clear path to commercial success following FDA approval after some setbacks. A CLIA waiver and reimbursement from CMS means a starting gross margin of 60% with capacity to increase this to 80% over time.

A six-year US$317m distribution agreement with PHASE Scientific establishes a way to US$130m in annual revenue by FY32.

Target price is $0.09 Current Price is $0.09 Difference: $0
If LDX meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgans rates LGI as Buy (2) -

LGI offered a FY26 trading update for 11 months including the registration of five new carbon sites to 25, robust ACCU (Australian carbon credit creation), up 17% y/y to end of May, and electricity generation which was in line with Morgans' expectations, up 33% y/y to 130GWh.

The analyst was let down by the deferral of the commissioning of Mugga Lane battery expansion project until FY27 as the company continues to wait for final network approval.

Electricity price forecasts have been trimmed for FY27 and a 10-month Mugga Lane contribution for FY27 is now being assumed.

EPS forecasts are downgraded by -25% for FY27 and -38% for FY28.

Target price falls to $3.10 from $4.53. No change to Buy rating.

Target price is $3.10 Current Price is $2.54 Difference: $0.56
If LGI meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates LNQ as Speculative Buy (1) -

Linq Minerals has full assays from the first three holes of the maiden drilling at Monza, within the Gilmore gold/copper project. Holes were drilled to test and expand a high-grade zone identified from historical drilling.

Highlighted intersections include 208m at 0.61% copper from 38m including 5m at 5.36% copper from 124m and 24m at 0.94% copper from 201m.

Bell Potter considers the results are a competitive start and further strong indications could materially upgrade prospectivity at the site. Speculative Buy rating. Target is unchanged at $0.90.

Target price is $0.90 Current Price is $0.28 Difference: $0.62
If LNQ meets the Bell Potter target it will return approximately 221% (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 MIN as Outperform (1) -

Macquarie expects Onslow shipments for Mineral Resources will be up 8% in the fourth quarter, at 9.7mt with costs in line at $60/wmt.

Lithium production is expected to be 123,000t with Mount Marion ahead 9% offset by a -4% miss to expectations at Wodgina.

The broker trims the target to $85 from $86 and retains an Outperform rating.

Target price is $85.00 Current Price is $58.90 Difference: $26.1
If MIN meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $78.00, suggesting upside of 29.5% (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 MMI as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of Metro Mining with a Buy rating and a $2.50 target, highlighting its position as a low-cost, pure-play bauxite producer with logistical advantages over Guinean competitors.

Earnings and free cash flow (FCF) are expected to improve as the company completes debottlenecking logistics to lift shipments above 7Mtpa, reducing unit costs and increasing operating leverage.

Metro's debt-free balance sheet is seen as supporting the potential for buybacks ahead of fully franked dividends from 2029.

Key catalysts, according to Ord Minnett, include higher shipment volumes and any reduction in Guinea's bauxite exports. It's noted proximity to China (at Cape York Peninsula) provides highly competitive margins against larger mines in Guinea.

Target price is $2.50 Current Price is $1.47 Difference: $1.03
If MMI meets the Ord Minnett target it will return approximately 70% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Bell Potter rates MYG as Buy (1) -

Mayfield Group will buy the switchboards division of Nilsen (SA), including the N-series product and associated intellectual property, for $4m in cash. The deal should complete by July 31 with progressive transfer of employees and assets through to October 31.

The division supplies products to commercial, industrial, infrastructure, defence, mining, utilities and data centre construction markets. Bell Potter observes this broadens the switchboard offering across key growth markets in Australia.

A Buy rating is reiterated with the target reduced to $3.20 from $3.40 to reflect the application of a higher weighted average cost of capital in the valuation model.

Target price is $3.20 Current Price is $2.63 Difference: $0.57
If MYG meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates NCK as Buy (1) -

Ahead of the August reporting season, Bell Potter revisits the earnings outlook for Nick Scali.

The analyst has confidence in FY26 forecasts and indicators tracked for topline growth suggest the seasonal peak into June 30 has performed in line with expectations.

The outlook for FY27 is more cautious, now, with challenging trading conditions flagged over the next three quarters and most likely a cyclical low point for retailers.

Nick Scali is expected to outperform the average retailer peer group, the broker states; EPS forecasts are trimmed by -7% for FY27 and -10% for FY28.

Target price declines to $22 from $25, with no change in Buy rating.

Target price is $22.00 Current Price is $15.61 Difference: $6.39
If NCK meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $16.66, suggesting upside of 8.0% (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

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

Ord Minnett lowers its target for Nick Scali by -$1.00 to $14.00 and downgrades to Lighten from Hold after materially lowering FY27-FY28 earnings forecasts.

The broker expects weaker housing turnover following recent tax changes, subdued consumer sentiment and ongoing macroeconomic challenges in the UK to weigh on furniture demand. A delay in profitability for the company's UK operations is now anticipated.

Store expansion is also expected to disappoint, with the Australian network now forecast to remain below its long-term potential.

Target price is $14.00 Current Price is $15.61 Difference: minus $1.61 (current price is over target).
If NCK meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.66, suggesting upside of 8.0% (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

Citi rates PME as Buy (1) -

Pro Medicus remains a top healthcare stock pick for Citi. The analyst views 30% sales growth as achievable, again.

The analyst notes Pro Medicus has put in place another deal with a smaller AI player to grow its own ecosystem.

The broker believes general market sentiment towards SaaS stocks has, on occasion, impacted the Pro Medicus share price.

No change to $240 target price. Buy.

Target price is $240.00 Current Price is $194.84 Difference: $45.16
If PME meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $221.17, suggesting upside of 15.4% (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

Morgans rates PME as Accumulate (2) -

Morgans identified errors in its prior earnings forecast models due to a linking error which has now been rectified.

There is no change to the $230 target price and Accumulate rating.

Pro Medicus is viewed as one of the highest quality businesses listed on the ASX with the stock's valuation the main risk to the stock.

Target price is $230.00 Current Price is $194.84 Difference: $35.16
If PME meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $221.17, suggesting upside of 15.4% (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

Ord Minnett rates POL as Speculative Buy (1) -

Ord Minnett retains its Speculative Buy rating on Polymetals Resources despite a softer-than-expected June quarter, reflecting lower silver production from the Upper North Lode (UNL).

The broker expects silver output and free cash flow (FCF) to improve as mining from the UNL ramps up following the curing of a stope void.

Commentary suggests repayment or refinancing of a $28m environmental bond could help narrow the stock's valuation discount.

Ord Minnett lowers its earnings forecasts by around -5% and reduces its target to $1.15 from $1.25, while continuing to see around 39% upside to the broker's assessment of fair value.

Target price is $1.15 Current Price is $0.83 Difference: $0.32
If POL meets the Ord Minnett target it will return approximately 39% (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 PPT as Neutral (3) -

Further to yesterday's update below, Citi raises the target price on Perpetual to $18.40 from $17. Neutral rated.

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Citi upgrades its earnings forecasts across most diversified financials under coverage after stronger global equity markets and tighter credit spreads boosted mark-to-market valuations.

The analysts at Citi lift their FY27 earnings forecasts for Perpetual by around 3%, reflecting stronger offshore equity markets and a stable Australian dollar against the US dollar.

While net fund outflows remain a headwind, the broker believes EQT's takeover offer for Perpetual should provide near-term support for the share price.

Neutral rated. Target $17.

Target price is $18.40 Current Price is $18.92 Difference: minus $0.52 (current price is over target).
If PPT meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.78, suggesting upside of 10.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

UBS raises its target for Rural Funds to $2.32 from $2.10 and upgrades to Buy from Neutral. The sale of cattle properties and water assets for $256m is expected to reduce gearing to within management's target range.

The broker believes the transaction will be earnings accretive through lower debt costs and management fees whilst providing additional funding capacity for growth initiatives.

Potential upside is also seen from a higher J&F guarantee and the improved balance sheet is believed to remove a key overhang on the stock.

To explain the guarantee, Rural Funds owns a portfolio of feedlots and cattle properties that are leased to JBS Australia. Rather than owning the cattle itself, Rural Funds provides a guarantee that supports loans used to finance the purchase and feeding of cattle.

This is a summary of research by UBS on 14 July.

Target price is $2.32 Current Price is $2.20 Difference: $0.12
If RFF meets the UBS target it will return approximately 5% (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 RHC as Neutral (3) -

Ahead of August reporting season, Citi points out it remains below consensus earnings forecasts for Cochlear ((COH)) and Ramsay Health Care.

The analyst believes there is scope for the UK operations to miss expectations.

Neutral rated with an unchanged $42 target price.

Target price is $42.00 Current Price is $42.98 Difference: minus $0.98 (current price is over target).
If RHC meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.36, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

ResMed has issued a field safety notice for its Astral 100/150 ventilators manufactured before 2024.

Morgan Stanley points out notice relates to a potential leak that may impact on specific circuitry on the printed circuit board assembly (PCBA). In turn this may cause therapy to stop.

Management also highlighted the availability of PCBA is very limited which has flow on implications for addressing the impacted ventilators.

The analyst forecasts a potential impact to FY27 gross profit forecasts across a range of share of devices revenue by Astral 100/150 ventilators which lands at -1.5% for a 2.5% share up to a -4.6% impact from a 7.5% assumed share.

Unchanged Equal-weight rating with a US$230 target price.  Industry View: In-Line.

Current Price is $28.61. Target price not assessed.

Current consensus price target is $39.54, suggesting upside of 42.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Morgans rates RMD as Buy (1) -

The sale of MatrixCare for US$490m is viewed as a positive strategically by Morgans, while the analyst accepts the financial loss realised on the sale, compared to the purchase price US$750m is "disappointing".

From a strategic perspective it simplifies ResMed's portfolio and removes the company from a lower-growth, non-core software business.

Net funds generated will also be used to accelerate share repurchase which should offset earnings dilution from the sale, the analyst states.

Management reiterated FY26 guidance with a commitment to Brightree and Medifox Dan for its connected-care software ecosystem.

Target price is trimmed to $40.97 from $41.72. Buy retained.

Target price is $40.97 Current Price is $28.61 Difference: $12.36
If RMD meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 42.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates RYM as Outperform (1) -

Ryman Healthcare delivered a somewhat soft first quarter, Macquarie observes, with total sales of 325 units, down -4% on the prior corresponding period.

Weakness was due to there being no completions, as well as market conditions.

While the market environment remains uncertain, the broker considers this more than priced in to the stock at 0.52x P/NTA with scope to release cash and lift recurring cash flow going forward.

Care funding and reform remain the key upside opportunity, commentary suggests. Outperform. Target edges down to NZ$2.81 from NZ$2.86.

Current Price is $1.70. Target price not assessed.

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

Citi rates TLX as Buy (1) -

Despite the 41% rally in the Telix Pharmaceuticals share price, Citi retains the stock as one of its preferred health care picks.

The analyst believes there is considerably more upside as the company moves towards the possible resubmission of kidney cancer imaging agent, Zircaiz, and the potential approval and launch of Pixclara (brain cancer imaging agent).

Citi starts a positive 30-day catalyst watch on Telix; the 2Q2026 update is expected to be strong and above consensus.

Target price set at $31. Buy rated.

Target price is $31.00 Current Price is $15.78 Difference: $15.22
If TLX meets the Citi target it will return approximately 96% (excluding dividends, fees and charges).

Current consensus price target is $25.85, suggesting upside of 61.5% (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: 1.0

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

Ord Minnett rates VMM as Speculative Buy (1) -

Ord Minnett retains its Speculative Buy rating on Viridis Mining & Minerals with an unchanged $4.70 target after revising assumptions for its Colossus rare earth project in Brazil.

While adopting more conservative rare earth pricing, the broker expects removal of low-value lanthanum from the product stream to lift payability to 75% from 70%. This largely offsets the pricing impact and nudges net asset value (NAV) higher, the analysts explain.

Payability is the percentage of the value of a mineral concentrate that the buyer agrees to pay the producer.

Ord Minnett believes the project's high-value rare earth mix and Solvay partnership strengthen its commercial appeal.

The definitive feasibility study (DFS), binding offtake agreements, financing and a final investment decision (FID) are expected to be key catalysts over the remainder of 2026.

Target price is $4.70 Current Price is $3.19 Difference: $1.51
If VMM meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates WTC as Buy (1) -

At FY26 results on August 26, UBS expects WiseTech Global to guide to around 13% CargoWise revenue growth in FY27, below previous expectations but ahead of what the current share price implies.

The broker believes investor concerns over artificial intelligence, the DSV contract and the transition to the CargoWise Value Pack are overdone.

Scope is seen for margin expansion following the completion of the company's cost reduction program.

UBS retains a Buy rating and lowers its target to $65.00 from $67.00.

This is a summary of research by UBS on July 14.

Target price is $65.00 Current Price is $34.75 Difference: $30.25
If WTC meets the UBS target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $69.50, suggesting upside of 103.5% (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