Australian Broker Call

Morgans rates AIH as Buy (1) -

According to Morgans, Advanced Innergy's 1H26 result was as generally as expected. Revenue was -2% y/y and -5% below the analyst's forecast. Higher gross margins to 36.8% boosted the gross profit to align with estimates.

Efficiencies generated across the business as well as a positive impact from Ovun assisted margins. Positively, the order book rose 32% y/y to GBP116m, up 50% including a new long-term EV battery protection contract.

Management reiterated guidance and Morgans highlights at the IPO offshore wind and battery protection materials were nominated as the high growth segments. The traditional subsea market is now anticipated to see some major tailwinds.

The stock is viewed as "cheap" at 8x EV/EBIT and with a weaker 1H26 in the rear view mirror, the broker argues the outlook has improved. Buy rated with an unchanged $1.45 target.

Target price is $1.45 Current Price is $0.85 Difference: $0.6
If AIH meets the Morgans target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Bell Potter initiates coverage on Aurum Resources with a Speculative Buy rating and $1.30 target, citing strong exploration success in Cote d'Ivoire.

The report highlights Aurum's 4.38Moz combined resource base across the Boundiali and Napie gold projects.

Bell Potter also notes management's strong ownership alignment and cost advantages from operating an in-house drilling fleet.

The broker believes recent resource growth was achieved at a competitive discovery cost of around $15-$17 per ounce.

Target price is $1.30 Current Price is $0.55 Difference: $0.75
If AUE meets the Bell Potter target it will return approximately 136% (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 BPG as Speculative Buy (1) -

Black Pearl's FY26 result reflected strong ARR growth, Bell Potter notes, though higher operating costs weighed on earnings and cash flow. Annual recurring revenue (ARR) rose 114% to NZ$26.8m, while recognised revenue increased 77% to NZ$13.7m.

The broker highlights ongoing scaling within Pearl Engine, with daily data ingestion rising almost 48% since September 2025.

Management has also introduced a cost-led operating model and identified integration synergies following the B2BRocket acquisition.

Bell Potter retains a Speculative Buy rating, though lowers its valuation to $1.33 from $1.82.

Target price is $1.33 Current Price is $0.53 Difference: $0.805
If BPG meets the Bell Potter target it will return approximately 153% (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

UBS rates BXB as Buy (1) -

UBS observes recent inventory and sales data suggest consumer goods demand remains subdued, although conditions appear stable rather than deteriorating.

The analyst notes Brambles' key US and European retail customers are maintaining disciplined inventory levels, while FMCG suppliers continue to hold elevated stock relative to pre-Covid norms.

The broker believes Brambles is well placed to achieve FY26 sales guidance, with limited risk to current earnings expectations despite a softer volume backdrop.

While weak demand could create some pressure for FY27 sales growth forecasts, UBS considers earnings expectations appropriately reset following recent downgrades. Buy retained with an unchanged $23.80 target price.

Target price is $23.80 Current Price is $16.55 Difference: $7.25
If BXB meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $21.36, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates CIA as Hold (3) -

Champion Iron's FY26 result was weaker than expected by Bell Potter, with softer realised prices and higher unit costs weighing on earnings.

The broker also highlights a reduced final dividend, reflecting management's decision to preserve liquidity amid volatile macroeconomic conditions.

The board recently revised its dividend framework and now targets payouts of 30%-40% of trailing six-month free cash flow (FCF).

Bell Potter expects FCF to improve from FY27 as capital expenditure declines and Direct Reduction Pellet Feed (DRPF) production ramps up.

The broker retains a Hold rating and lowers its target to $4.85 from $5.00.

Target price is $4.85 Current Price is $4.78 Difference: $0.07
If CIA meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in CAD. 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 CNI as Overweight (1) -

Morgan Stanley notes Centuria Capital is repositioning its ResetData business from a liquid cooling specialist toward a GPU-as-a-service business model.

ResetData, which is 50% owned by Centuria, remains loss-making, though the broker highlights significant revenue upside if its 818 Bourke Street facility reaches full utilisation.

The company also announced a heads of agreement for a potential 13MW deployment, subject to securing customer demand commitments.

Centuria is pursuing more than 200MW of potential power supply opportunities across its property platform for future data centre developments, the analysts note.

The broker views management's decision against building full-scale data centres as financially prudent.

Target $2.05. Overweight rating. Industry View: In-Line.

Target price is $2.05 Current Price is $1.92 Difference: $0.13
If CNI meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 0.7% (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

Citi rates COL as Buy (1) -

Citi highlights Australian discretionary retail sales were unexpectedly strong in April. Household goods and clothing and footwear categories are accelerating despite weaker retailer trading updates and cautious industry commentary.

Overall, retail sales growth slowed to 4.7% year-on-year from 5.6% in March. The broker explains this primarily reflects softer food sales following Easter timing effects and the unwinding of pantry stocking seen previously.

Alcohol and tobacco sales also remained weak, though Citi notes the decline moderated relative to recent months.

The broker expects discretionary category growth to ease in coming months and continues to favour JB Hi-Fi and Coles Group as its preferred retail exposures.

For Coles Group, target of $23. Buy.

Target price is $23.00 Current Price is $21.52 Difference: $1.48
If COL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.81, suggesting upside of 9.6% (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 DDR as Upgrade to Overweight from Equal-weight (1) -

After a further review of Dicker Data's AGM trading update, Morgan Stanley raises its target by 70c to $11.00 and upgrades to Overweight from Equal-weight. Industry-view: In-line.

Momentum was supported by pricing tailwinds, resilient demand and improving customer urgency, the analysts explain.

Morgan Stanley also notes lower-cost inventory and contained interest expenses continue supporting margins and earnings growth.

A summary of the broker's initial assessment yesterday follows.

At first glance, Morgan Stanley observes Dicker Data had a strong first four months of 2026 with the risk to earnings revisions to the upside. Revenue was up 13%, gross profit up 19% and pre-tax profit up 46%.

Commentary complains there was very little information about AI-related revenue that should accelerate. The outlook is considered positive across all categories while endpoint solutions such as PCs will likely moderate as AI/data centre projects accelerate.

Target price is $11.00 Current Price is $10.23 Difference: $0.77
If DDR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.85, suggesting upside of 4.7% (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

Morgans rates EDV as Hold (3) -

Management highlighted at the Endeavour Group Investor Day the view around the current operating business model as being far too complicated and bureaucratic. A cost reduction of $300m is targeted for by FY29 including $100m in FY27, Morgans highlights.

Changes include "right-sizing" labour, better productivity, simplification of processes and streamlining supply chains.

The dividend payout ratio has been changed to a 50%-75% payout from 70%-75% for better funding optionality. Management is also selling the non-core winery and vineyard assets which opens up the capacity to focus on high-performing brands.

EPS forecasts are tweaked lower with the target price downgraded to $2.80 from $3.30. A Hold rating is retained.

Target price is $2.80 Current Price is $2.86 Difference: minus $0.06 (current price is over target).
If EDV meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting upside of 8.5% (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

Bell Potter rates GLF as Buy (1) -

Management at Gemlife Communities reaffirmed 2026 guidance at its AGM, with settlement and earnings targets tracking broadly in line with expectations.

The broker highlights stable average selling prices and home build margins near 50%, despite cost pressures from diesel, trades and recent interest rate increases.

Channel checks also suggest to the analysts recent project releases in Victoria and Queensland continue achieving sales despite softer housing conditions.

Bell Potter retains a Buy rating, though lowers its target to $5.65 from $6.15 following forecast adjustments for higher development and overhead costs.

Target price is $5.65 Current Price is $4.59 Difference: $1.06
If GLF meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.46, suggesting upside of 20.5% (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

Macquarie rates HCW as Upgrade to Outperform from Neutral (1) -

A new operator has been announced for the Mount Private Hospital. The new lease will commence in the first quarter of FY27 with operations underwritten by the Western Australian government.

Macquarie assumes a 20% incentive from the second half of FY27, at which point it is also assumed distributions will be reinstated as well as HealthCo Healthcare & Wellness REIT's distributions to security holders.

Alternative operators for all remaining Healthscope hospitals have been granted due diligence by the receiver.

The broker calculates the current share price implies a -40% fall in the asset value of Healthscope, while the deal for the Mount hospital provides a greater degree of comfort that the re-leasing process is nearing conclusion.

Rating is upgraded to Outperform from Neutral and the target lifted to $0.83 from $0.67.

Target price is $0.83 Current Price is $0.72 Difference: $0.11
If HCW meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates HCW as Underweight (5) -

Morgan Stanley believes HealthCo Healthcare & Wellness REIT's announcement of a new operator for Mount Hospital as a positive step toward resolving the ongoing Healthscope lease uncertainty.

The lease will transfer to Bethesda Health Care, backed by a Western Australian government guarantee, with the new agreement commencing during 1QFY27.

While face rent remains unchanged, incentives attached to the lease are expected to reduce the asset valuation by -10%-15%.

Morgan Stanley notes uncertainty remains around the remaining Healthscope leases and cautions distributions could remain under pressure.

Unchanged Underweight rating and 70c target. Industry view: In-Line.

Target price is $0.70 Current Price is $0.72 Difference: minus $0.02 (current price is over target).
If HCW meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.83, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates HMC as Buy (1) -

HealthCo REIT's update on the Healthscope hospital portfolio has reduced a major overhang for HMC Capital, with Bethesda Health Care to assume operations at Mount Private Hospital under a WA government-backed lease guarantee.

UBS believes the announcement highlights the attractiveness of HMC's hospital assets and growing government support for private healthcare infrastructure.

The broker also notes alternative operators have been identified for the remaining 10 Healthscope hospitals, improving confidence that rental income can be maintained.

This supports the pathway towards management's target of more than 40c pre-tax EPS in FY27, alongside cost synergies, capital management initiatives and mandate deployment. Buy retained with a $3.70 valuation.

Target price is $3.70 Current Price is $2.99 Difference: $0.71
If HMC meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates IAG as Neutral (3) -

Citi believes the resolution of the Greensill case is a major positive development for Insurance Australia Group.

The insurer has indicated a settlement will not materially impact on its FY26 results or financial position and the portion of the case settled represents more than 50% of the potential claims, the analyst highlights.

There are remaining proceedings against the insurer from Credit Suisse and White Oak. The aggregate claimed amount is $3bn-plus interest. The broker hopes these will also be settled soon.

Neutral rated. Target $8.50.

Target price is $8.50 Current Price is $7.57 Difference: $0.93
If IAG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates IEL as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades IDP Education to Underperform from Neutral, envisaging risks in achieving FY26 EBIT guidance.

The negative thesis is based on numerous negatives facing the company including weak visa volumes, a stronger Australian dollar and soft demand signals for IELTS.

The China roll-out of IELTS is progressing well, the broker observes, yet it is insufficient to offset the broader weakness. Estimates for EPS are lowered by -4.7% for FY26 and FY27 by -31.9%.

Long-term thesis is intact, Macquarie adds, as foreign student demand should return and policy settings should improve. Target is reduced to $2.35 from $5.45.

Target price is $2.35 Current Price is $2.66 Difference: minus $0.31 (current price is over target).
If IEL meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.33, suggesting upside of 94.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates IMR as Speculative Buy (1) -

With several near-term positive catalysts on the horizon, Morgans believes Imricor Medical Systems can be re-rated.

The med-tech company is commercialising its MRI-guided cardiac ablation which incorporates a fully integrated system, the analyst explains, including equipment, consumables and software.

Notably, the US atrial flutter trial is moving towards FDA approval in 2H2026 and the trial of the ventricular tachycardia is happening in Europe.

Post the $60m capital raise, Imricor has a proforma cash balance of $108m. EPS estimates are raised 10.1% for FY26 and 19.5% for FY28.

Target price moves to $2.61 from $2.63, previously on some share dilution and changes to the discounted cash flow model.

Speculative Buy rating maintained.

Target price is $2.61 Current Price is $1.74 Difference: $0.87
If IMR meets the Morgans target it will return approximately 50% (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

Bell Potter rates IMU as Speculative Buy (1) -

Bell Potter highlights first patient enrolment in Imugene's Phase 1b cohort investigating azer-cel alongside BTK inhibitor therapies for rare forms of non-Hodgkin's lymphoma.

The broker sees a significant unmet need in relapsed or refractory lymphoma patients, particularly those unsuitable for traditional Chimeric Antigen Receptor T-cell therapy (CAR-T) manufacturing timelines.

Azer-cel's off-the-shelf availability and favourable safety profile could expand patient eligibility and support rapid trial enrolment, commentary suggests.

The broker also points to encouraging earlier trial data, which showed an 81% overall response rate across first-time NHL patients to CAR-T therapies.

Bell Potter retains a Speculative Buy rating with an unchanged $0.25 target.

Target price is $0.25 Current Price is $0.12 Difference: $0.135
If IMU meets the Bell Potter target it will return approximately 117% (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 JBH as Buy (1) -

Citi highlights Australian discretionary retail sales were unexpectedly strong in April. Household goods and clothing and footwear categories are accelerating despite weaker retailer trading updates and cautious industry commentary.

Overall retail sales growth slowed to 4.7% year-on-year from 5.6% in March. The broker explains this primarily reflects softer food sales following Easter timing effects and the unwinding of pantry stocking seen previously.

Alcohol and tobacco sales also remained weak, though Citi notes the decline moderated relative to recent months.

The broker expects discretionary category growth to ease in coming months and continues to favour JB Hi-Fi and Coles Group as its preferred retail exposures.

For JB Hi-Fi, target of $85. Buy.

Target price is $85.00 Current Price is $73.63 Difference: $11.37
If JBH meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $86.66, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates JDO as Buy (1) -

Judo Capital has announced a $750m securitisation package backed by small-medium enterprise loans. The notes were priced at 171 basis points margin over BBSW, which Citi notes is a substantial improvement on the company's inaugural transaction September 2023.

The transaction has a minor impact on the profit & loss as the securitisation attracts higher funding costs. The broker also points out the transaction provides a material reduction in capital intensity and unlocks 60 basis points of CET1. Capital will be retained support future lending growth.

Buy rating retained. Target is $2.20.

Target price is $2.20 Current Price is $1.39 Difference: $0.81
If JDO meets the Citi target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Bell Potter highlights Mineral Resources' approval of the Mt Marion expansion and restart plans for the Bald Hill lithium operation.

The Mt Marion investment is expected to extend mine life, improve recoveries and lift spodumene concentrate production capacity.

The Bald Hill restart requires relatively modest capital and should reach full production during the December 2026 quarter, the analysts suggest.

The broker believes completion of the US$765m POSCO lithium transaction will accelerate deleveraging and improve capital allocation flexibility.

Bell Potter retains a Buy rating and raises its target to $80.50 from $75.00.

Target price is $80.50 Current Price is $70.81 Difference: $9.69
If MIN meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $75.30, suggesting upside of 3.1% (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 NXG as Buy (1) -

UBS came away from its 2026 Uranium Day increasingly constructive on the sector, highlighting strengthening uranium fundamentals and a supportive supply-demand outlook through to the end of the decade.

The broker's preferred exposures are Kazatomprom, Deep Yellow ((DYL)) and NexGen Energy, all rated Buy. The UBS global team initiated coverage on Kazatomprom and Deep Yellow recently.

UBS notes NexGen's Rook I project remains one of the highest-quality development assets globally, with higher uranium prices likely required to incentivise future supply.

The broker expects construction details to be updated in June and notes funding plans over the next 12 months are likely to preserve exposure to future uranium prices. Buy retained. Target $21.

Target price is $21.00 Current Price is $15.42 Difference: $5.58
If NXG meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $20.37, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

UBS rates PDN as Neutral (3) -

UBS came away from its 2026 Uranium Day increasingly constructive on the sector, highlighting strengthening uranium fundamentals and a supportive supply-demand outlook through to the end of the decade. The broker's preferred exposures are Kazatomprom, Deep Yellow ((DYL)) and NexGen Energy ((NXG)), all rated Buy.

Paladin Energy highlighted steady progress at the Langer Heinrich restart, with mining and production capability expected to be on track by the end of FY26 despite some near-term operational challenges in the G-Pit and J-Pit.

UBS notes cost pressures remain manageable and points to strong interest in the Patterson Lake South project, with potential customers already seeking post-2031 supply despite a final investment decision yet to be made.

Paladin plans to build out its contract book over the next 12-18 months as it evaluates funding options for the project. Neutral retained. Target $12.60.

Target price is $12.60 Current Price is $11.17 Difference: $1.43
If PDN meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.19, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

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

Morgans upgrades Shape Australia to Buy from Accumulate with a new target price of $8.65 from $8.62 post the agreement to acquire Australian Professional Shopfitters or APS.

The company is a vertically integrated retail shopfitting business with clients like Adairs ((ADH)), Bonds and Victoria Secret, the analyst notes. The cost is $20.4m upfront made up of $17.4m in cash and $3m in Shape scrip, with $9m payable over two years on a contingency basis.

APS is expected to be earnings accretive in the first full year of ownership and the broker views the acquisition as positive. It aligns with management's add on M&A strategy at a reasonable price and boosts exposure to the retail sector where Shape is under exposed.

Shape is considered a "high quality" contractor.

Target price is $8.65 Current Price is $7.16 Difference: $1.49
If SHA meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates SHA as Buy (1) -

Shape Australia will acquire Australian Professional Shopfitters for $20.4m, with a potential earn-out of $9m over the next two years. Settlement is expected on July 1, 2027 and the acquisition is estimated to be 5%-7% accretive to EPS in FY27.

Ord Minnett points out this increases the company's exposure to repeatable and programmed work, characterised by high volume and short duration turnarounds.

The acquisition is also a vertically integrated business and, through its 5000sqm manufacturing facility, provides Shape Australia with joinery capabilities that can be, in time, leveraged to other parts of the operations.

Buy rating retained. Target rises to $8.85 from $8.50.

Target price is $8.85 Current Price is $7.16 Difference: $1.69
If SHA meets the Ord Minnett target it will return approximately 24% (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 SHV as Buy (1) -

Select Harvests' first-half result was softer than expected by Bell Potter, largely reflecting timing impacts from third-party processing and value-added product sales.

The broker notes almond pricing and crop volumes remained supportive, helping offset elevated drying costs during the period.

Management also announced a share buyback, reinstated dividends and outlined expansion plans to lift processing capacity by FY30.

Bell Potter expects stronger second-half earnings from increased external grower volumes and value-added product sales.

The broker retains a Buy rating and unchanged $5.30 target.

Target price is $5.30 Current Price is $3.90 Difference: $1.4
If SHV meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates SHV as Buy (1) -

Select Harvests is likely to deliver a record FY26 result, Ord Minnett asserts, with a substantial crop and record third-party volumes, coupled with a strong global almond price.

This has provided the company with the financial flexibility for a 10% share buyback and reintroduction of dividends, earlier than the broker had expected.

The ongoing strength of third-party volumes has resulted in FY26 and FY27 EBITDA forecasts increasing by 8% and 7%, respectively. Buy rating retained. Target rises to $5.70 from $5.05.

Target price is $5.70 Current Price is $3.90 Difference: $1.8
If SHV meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Tabcorp Holdings has experienced a drop in its share price of around -37%, Morgans observes, and while the investigation by AUSTRAC is likely to overhang the stock for the foreseeable future, it appears to be materially undervalued.

This is the second AUSTRAC enforcement action, following the -$45m civil penalty in 2017. The current investigation centres on similar breaches.

Morgans assumes $10m per annum in incremental compliance costs from FY27, but considers this a conservative estimate, as the company's business profile differs structurally from the casino precedents with a base that is overwhelmingly mass-market wagering.

The broker remains supportive of the leadership team and strategic direction and upgrades to Buy from Accumulate. Target is reduced to $1.07 from $1.20.

Target price is $1.07 Current Price is $0.73 Difference: $0.34
If TAH meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.09, suggesting upside of 40.3% (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

Ord Minnett rates TRJ as Buy (1) -

Trajan Group now expects a FX headwind of around -$4m in the second half at the revenue level and -$2m at the EBITDA level amid an appreciating Australian dollar against both the US dollar and euro.

Ord Minnett calculates this reduces FY26 revenue guidance by -2% and EBITDA by -12%, with its forecast now at $166m and $14m, respectively.

Macro pressures aside, the broker envisages a material re-rating opportunity for the stock if it can translate its better operating momentum into an improving earnings trajectory. Buy rating with the target lowered to $0.90 from $1.00.

Target price is $0.90 Current Price is $0.34 Difference: $0.56
If TRJ meets the Ord Minnett target it will return approximately 165% (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 WEB as Outperform (1) -

Web Travel reported total transaction value in FY26 of $5.8bn with a margin of 6.8%, amid strength in AI pricing conversion and direct contracting, which was ahead of Macquarie's estimates.

Whilst operating leverage was evident, underlying EBITDA growth of 23% in WebBeds was slightly below guidance. Uncertainty regarding current trading, amid the impact of the Middle East war, makes achieving its target of 50% underlying EBITDA margin in FY27 unlikely, the broker asserts.

Despite the outlook being obscured by uncertainty and amid FX headwinds that will drag on performance, particularly EUR/AUD, Macquarie assesses the ongoing investment by the company will position it well for a rebound in activity and retains an Outperform rating. Target is reduced to $4.05 from $4.34.

Target price is $4.05 Current Price is $2.54 Difference: $1.51
If WEB meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 50.2% (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

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

Web Travel has posted a FY26 result that alleviates Morgan Stanley's concerns regarding take rate pressures, exceeding expectations and driven by supply mix shift in its Americas division towards direct contracting alongside AI-enabled pricing.

The Middle East disruptions and FX headwinds are still weighing on the outlook as the Middle East takes up a disproportionately larger component of the business, at around 11% of total transaction value versus peers at low single digits.

The broker reduces EBITDA estimates for FY27-FY29 yet believes, as travel rebounds in FY28, EBITDA margin should improve. Equal-weight rating. Target lowered to $2.60 from $3.75. Industry View: In-Line.

Target price is $2.60 Current Price is $2.54 Difference: $0.06
If WEB meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 50.2% (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