Australian Broker Call

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

Bell Potter believes Adore Beauty's trading update for the first 47 weeks of FY26 has reset expectations in a negative sense. FY26 earnings (EBITDA) are now expected at around $4m versus the broker's prior $7.2m forecast.

This weaker outlook reflects softer sales growth and a higher fixed cost base following the rollout from zero to 20 stores over the past two years, the analysts explain.

While FY27 guidance implies improving profitability, the broker adopts a more conservative stance on sales and margins amid weaker consumer conditions and higher employee costs.

Bell Potter lowers its EBITDA forecasts by -45% for FY26 and by around -50% for FY27-FY28.

The broker cuts its target to 39c from $1.00 and downgrades to Hold from Buy.

Target price is $0.39 Current Price is $0.34 Difference: $0.05
If ABY meets the Bell Potter target it will return approximately 15% (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

Bell Potter rates AEL as Buy (1) -

Bell Potter views Amplitude Energy's acquisition of a 50% stake in the Artisan gas discovery from Beach Energy ((BPT)) as materially derisking the East Coast Supply Project (ECSP).

It's felt less risk will be achieved via greater scale, blending opportunities and reduced reliance on exploration success.

The broker highlights Artisan more than doubles ECSP gas reserves and supports gross production of 60TJ/day over an initial five-year period.

The analysts expect the acquisition to remain fully funded from existing cash and debt facilities, with no changes made to earnings forecasts given first production is expected from 2H28.

Bell Potter raises its target to $2.90 from $2.70 and retains a Buy rating.

Target price is $2.90 Current Price is $1.72 Difference: $1.185
If AEL meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 59.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates AEL as Outperform (1) -

Macquarie is positive about Amplitude Energy's acquisition of a 50% stake in Beach Energy's ((BPT)) Artisan gas field for $58.3m and a $3.75/GJ royalty.

Post Amplitude's poor drilling results, the acquisition substantially reduces the risks on further exploration results for the supply of fuel to the Athena gas plant, the analyst explains.

Artisan is highlighted for being worth more in the hands of Amplitude than Beach, including a shorter distance to the existing pipeline and the absence of hot tapping for existing T-connections on pipeline, the broker states.

EPS forecasts for FY26 are unchanged with FY27 estimate lifted by 6.1%. Target price rises 7.1% to $3 per share. Outperform retained.

Target price is $3.00 Current Price is $1.72 Difference: $1.285
If AEL meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 59.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ALC as Buy (1) -

Alcidion Group has finalised its previously announced EPR contract with UHSussex, with total contract value exceeding $35m over an initial seven-year term.

Bell Potter believes the agreement strengthens Alcidion's credibility in the UK market, with implementation anticipated over 18 months and initial go-live targeted for June 2027.

Around $8.5m in revenue is expected to be recognised in FY26, increasing confidence EBITDA guidance above $5m will be achieved.

Bell Potter modestly raises its FY26 revenue forecast and notes the contract should contribute around $3.5m-$4.0m in recurring annual revenue. Buy rating and 16c target are retained.

Target price is $0.16 Current Price is $0.11 Difference: $0.05
If ALC meets the Bell Potter target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BPT as Underperform (5) -

Macquarie views the sale of Artisan gas field to Amplitude Energy ((AEL)) & O.G. Energy for $70m cash (upfront) and $140m royalties over an estimated 2028-2036 as a "sensible move".

The inferred transaction value of around $130m post-tax or $3.50/GJ monetising Beach's exploration success from 2021 when it discovered Artisan, the analyst explains, and permits the sale of a capex intensive asset.

Management is noted for continuing to focus on a low-cost strategy which aims to keep all-in-development costs well below $10/GJ with longer-dated opportunities at scale.

Target price is lifted by 12.8% on the sale. No change in Underperform rating. EPS estimates are trimmed by -8.7% for FY26 and -2.3% for FY27.

Target price is $0.88 Current Price is $1.12 Difference: minus $0.235 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Ord Minnett rates BRE as Speculative Buy (1) -

Brazilian Rare Earths has formally appointed a CEO and board for Alurion Resources ahead of a December half listing.

Ord Minnett considers this another positive step in establishing the entity as a standalone bauxite, gallium and critical minerals development company.

Value is being built for Brazilian Rare Earths ahead of the listing, the broker observes and retains a Speculative Buy rating and $6.25 target.

Ord Minnett values Alurion at $1.20/share based on a 5mtpa DSO trucking case, US$65/t pricing and upfront expenditure of -US$119m. Beyond this there is potential upside from the development of 470mt of non-DSO material with beneficiation.

Target price is $6.25 Current Price is $6.38 Difference: minus $0.13 (current price is over target).
If BRE meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates CHC as Overweight (1) -

Charter Hall has upgraded FY26 EPS guidance to $1.03 the security and Morgan Stanley highlights the fact the company appears unconcerned about setting too high a base for FY27, being confident momentum will continue.

The broker acknowledges the business has defied the view that higher rates mean less flows to real estate, having established recently a new office partnership and a 50-50 partnership for a $600m IP6 warehouse, underpinned by fresh equity.

The broker also notes additional industrial partnerships are well advanced for deployment in FY27. Target is $26.89. Overweight. Industry View: In-Line.

Target price is $26.89 Current Price is $20.62 Difference: $6.27
If CHC meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $23.47, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates CHC as Accumulate (2) -

Charter Hall has revised guidance for FY26 operating EPS to $1.03 per security, supported by growth in property funds management.

New funds have recently been launched across the industrial, social infrastructure and data exchange segments with the aim of $3.5bn in assets under management, Ord Minnett notes.

After expansion of the capitalisation rate in office AUM, the broker cuts its estimates for operating EPS by -4.4% in FY26 and -0.4% in FY27, which leads to a reduction in the target to $22.00 from $22.70. Accumulate retained.

Target price is $22.00 Current Price is $20.62 Difference: $1.38
If CHC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.47, suggesting upside of 16.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates CHC as Buy (1) -

Further to the Charter Hall trading update and its third FY26 EPS upgrade this year, UBS increases the target to $24.75 from $24.50, retaining a Buy rating.

The broker observes the stock delivered a total negative return of -17% over the past six months, underperforming the A-REIT200 by around -10%.

Following a pullback it now trades on a P/E ratio of 18.4x, largely in line with its 10-year average and offers the prospect of double-digit EPS growth, UBS adds.

Target price is $24.75 Current Price is $20.62 Difference: $4.13
If CHC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $23.47, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates CRN as Buy (1) -

UBS assesses the impact of the Shanxi coal mine incident, with supply disruptions potentially tightening metallurgical coal markets and lifting prices. On May 22 a gas explosion struck the Liushenyu coal mine, and around 82 fatalities have been confirmed.

Coronado Global Resources offers the highest exposure to metallurgical coal price movements in the broker's coverage while Whitehaven Coal may serve as a lower-risk and more liquid way to play the sector.

Buy rating and $0.38 target maintained.

Target price is $0.38 Current Price is $0.26 Difference: $0.12
If CRN meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.39, suggesting upside of 48.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates EDV as Neutral (3) -

Ahead of the investor briefing on May 27, UBS retains a Neutral rating and $3.45 target on Endeavour Group, suggesting caution regarding the retail recovery, amid cyclical and structural headwinds and despite a "broadly resilient" hotels division.

Current balance sheet targets and the dividend payout ratio guidance may be revised, while the investor focus will be on comments about the resilience of the balance sheet.

The broker also anticipates quantification of cost savings and financial markers. UBS will be looking for details on sales optimisation and marking to market of rents for the former ALE Property Trust sites.

Target price is $3.45 Current Price is $3.11 Difference: $0.34
If EDV meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 12.5% (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

UBS rates FMG as Neutral (3) -

UBS assesses the impact of the Shanxi coal mine incident, with supply disruptions potentially tightening metallurgical coal markets and lifting prices. To the extent this narrows steel mill margins, lower grade iron ore discounts could tighten and potentially affect Fortescue.

On May 22 a gas explosion struck the Liushenyu coal mine, and around 82 fatalities have been confirmed.

The broker retains a Neutral rating and $19.40 target, noting that the company has just widened low-grade discounts on Super Special Fines and Fortescue Blend Fines for May shipments.

Target price is $19.40 Current Price is $21.86 Difference: minus $2.46 (current price is over target).
If FMG meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.03, suggesting downside 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: -0.1

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

Macquarie rates GMD as Outperform (1) -

Magnetic Resources ((MAU)) shareholders vote on the scheme of arrangement for Genesis Minerals to acquire 100% of the miner.

Ahead of the June 3 vote Macquarie includes Magnetic's resource base of 2.4Moz at 1.7g/t Au which will feed the Laverton processing plant which has a current capacity of 3Mtpa. It will also allow for the expansion to 4.5Mt-5Mtpa.

The analyst also includes a new mill at Tower Hill (Leonora) with 3.5Mt-4Mtpa capacity for a cost of $300m. First construction is expected in 1Q27.

Management has indicated it will offer a new medium term outlook referred to as "Aspire 500" in 1Q27. The broker's new forecasts align with this outlook.

FY29-FY33 estimated production is at 49koz which is 16% above consensus and AISC of $2,285/oz, -6% below consensus.

Outperform rated with a lower target of $9, down -1%.

Target price is $9.00 Current Price is $6.40 Difference: $2.6
If GMD meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 48.7% (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 GMG as Buy (1) -

In a further updates post the Goodman Group conference call, Citi adds the expanding 6.4GW power bank, strong funding position and capital partnership structure are key supports for accelerating data centre growth.

The analyst views planned asset recycling into HomeCo-style vehicles as an underappreciated earnings opportunity.

Target $40. Buy rated.

***

At first look, Citi notes Goodman Group's 3Q26 trading update confirms the group will achieve at least 9% operating EPS growth for FY26 which the analyst interprets as a 'floor not a ceiling' target.

It is believed management has intentionally adopted a "conservative" stance and realised performance fees and ongoing development completions offer potential EPS upside risks above the stated 9%.

Development work in progress stands at $14.5bn at quarter end with data centres some 73% representation, and the work in progress is expected to grow to around $18bn by June 2026.

Citi highlights an "impressive" 8.7% yield on cost for new commencements worth $4bn over the period.

Buy rated. Target $40.

Target price is $40.00 Current Price is $30.05 Difference: $9.95
If GMG meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $34.42, suggesting upside of 14.7% (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 GMG as Outperform (1) -

In a flash update, Macquarie notes Goodman Group 3Q26 trading update which confirmed FY26 operating EPS is on track to achieve 9% growth with upside potential from performance fees and percentage development completion.

There was no new update regarding data centre lease contracts. The analyst points to advanced commercial terms with customers across several projects globally and contracted commitments are anticipated over the rest of 2026.

Management flagged data centre work in progress is expected to be over $14bn by June 2026 and total work in progress of around $18bn versus $14.5bn currently.

Total power bank rose while the absence of new contracts and market expectations above guidance makes for a "mixed" update, Macquarie states.

Outperform rated. Target $32.03.

Target price is $32.03 Current Price is $30.05 Difference: $1.98
If GMG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $34.42, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates GMG as Buy (1) -

Ahead of the third quarter update, UBS expects Goodman Group to deliver operating EPS growth of 10% in FY26.

The main item the broker will be on the watch for is the partnership in SYD01, which remains the last of the FY26 work-in-progress projects to be partnered.

UBS estimates yields of 9.5% for the GEDCDP portfolio and LAX01, following recent deals.

The company has flagged its intention to announce data centre leases in Japan and/or European in FY26 which the broker believes would be well received. Buy rating and $33.92 target.

Target price is $33.92 Current Price is $30.05 Difference: $3.87
If GMG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $34.42, suggesting upside of 14.7% (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 GNC as Upgrade to Outperform from Neutral (1) -

With the positive shift in seasonal conditions in recent weeks, including rainfall across the wheatbelt and moderating dry conditions in northern NSW and QLD, Macquarie has upgraded GrainCorp to Outperform from Neutral on a tactical shift.

Commentary suggests the better outlook and conditions indicate a higher probability of a full planting program across the east coast of Australia.

A possible El Nino later in the year remains a risk which could reduce rainfall and weigh on final yields, the broker states.

EPS forecasts are lifted by 9% for FY26 on expected exports to 6Mt, and FY27 EPS forecast rises 31% due to GrainCorp receivals, exports and margins.

Target price increases 3% to $6.10 from $5.90 on FY26 earnings forecast changes.

Target price is $6.10 Current Price is $4.90 Difference: $1.2
If GNC meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in September.

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 GYG as Sell (5) -

Citi retains a Sell rating on Guzman y Gomez with a target of $18.35 from $16.55 previously, noting management's decision to leave the US market is positive for earnings from FY27 onwards.

On the negative side, the failure of the US business has reduced the potential total addressable market for the QSR operator.

EPS forecasts are lowered by -5% for FY26 due to a downgrade in Australian earnings (EBITDA) estimates to align with FY26 guidance.

FY27 and FY28 EPS forecasts are lifted by 21% and 10%, respectively, arising from the removal of US losses.

Target price is $18.35 Current Price is $19.86 Difference: minus $1.51 (current price is over target).
If GYG meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.66, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates IFT as Buy (1) -

Citi expects the Infratil share price to weaken following today's FY27 earnings (EBITDA) guidance miss, around -13% below market expectations at the midpoint.

At first glance, the broker notes FY26 proportionate earnings of NZ$974m were broadly in line with guidance and consensus.

The broker attributes the weaker outlook to softer earnings from telecommunications business One NZ and radiology businesses, alongside higher development spending and corporate costs.

Net asset value rose by NZ$2.3bn to NZ$20.6bn, driven primarily by CDC and Contact Energy, with net asset value (NAV) per share increasing 4% from 1H26.

Citi notes Infratil now trades at an -8% discount to NAV versus a historical average discount of between -14%-15%.

Target $12.87. Buy.

Target price is $12.87 Current Price is $13.06 Difference: minus $0.19 (current price is over target).
If IFT meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.09, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in March.

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: 0.9

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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley notes sodium-ion batteries are moving into commercial deployment with its expert analyst envisaging China's sodium-ion deployment rising towards 1,000 gigawatt hours by 2035 and with energy density already around 175Wh/kg making it viable for budget EVs and light trucks.

Sodium-ion is expected to increasingly replace lithium iron phosphate in mass-market applications, and the latter's share in entry-level passenger vehicles falling below 20% by 2031 and sodium-ion rising to 50%.

Underweight for IGO Ltd. Target is $6.85. Industry View: Attractive.

Target price is $6.85 Current Price is $9.22 Difference: minus $2.37 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.66, suggesting downside of -8.5% (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

UBS rates MIN as Buy (1) -

UBS assesses the impact of the Shanxi coal mine incident, with supply disruptions potentially tightening metallurgical coal markets and lifting prices. To the extent this narrows steel mill margins, lower grade iron ore discounts could tighten and potentially affect Mineral Resources.

On May 22 a gas explosion struck the Liushenyu coal mine, and around 82 fatalities have been confirmed.

The broker retains a Buy rating and $83 target for Mineral Resources, noting with the Middle East conflict supporting higher aluminium, thermal coal and iron ore, its spot fair value shows the most upside relative to the base case.

Target price is $83.00 Current Price is $71.53 Difference: $11.47
If MIN meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $73.20, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates NXG as Buy (1) -

A detailed construction update is expected in June from NexGen Energy regarding the transition to execution on Rook 1 following the approval earlier this year of a construction licence.

UBS notes, at its core, the project is a tier-1, high-grade underground development but one where execution, particularly shaft sinking and early-stage ground conditions, remains the defining risk.

The first 150-200m of shaft sinking remains the most complex and highest risk phase of delivery. The broker retains a Buy rating and $21 target.

Target price is $21.00 Current Price is $15.26 Difference: $5.74
If NXG meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $20.37, suggesting upside of 35.5% (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

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

Morgan Stanley notes sodium-ion batteries are moving into commercial deployment with its expert analyst envisaging China's sodium-ion deployment rising towards 1,000 gigawatt hours by 2035 and with energy density already around 175Wh/kg making it viable for budget EVs and light trucks.

Sodium-ion is expected to increasingly replace lithium iron phosphate in mass-market applications, and the latter's share in entry-level passenger vehicles falling below 20% by 2031 and sodium-ion rising to 50%.

Equal-weight rating and $5.60 target retained for PLS. Industry view: Attractive.

Target price is $5.60 Current Price is $6.43 Difference: minus $0.83 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.59, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates PXA as Neutral (3) -

UBS assesses the potential outcomes for Pexa Group ahead of the Independent Pricing and Regulatory Tribunal (IPART) review.

Australian exchange revenue risks appear skewed to the downside and the fall in the share price of -24% since March 31, when the tribunal first signalled its intentions, suggest the risks are now mostly priced in.

Amid further -19% value downside under the broker's base case scenario and potential volume slowdown in transactions related to property investor tax changes, UBS remains cautious and retains a Neutral rating. Target is lowered to $12.80 from $15.70.

Target price is $12.80 Current Price is $11.48 Difference: $1.32
If PXA meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.40, suggesting upside of 42.5% (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

Macquarie rates SLC as Outperform (1) -

Macquarie details how Telstra Group's ((TLS)) decision to not pass on NBN cost increases on its higher speed plans is increasing competition in the NBN market.

For Superloop the analyst notes the telco has scope to pass through NBN access costs to all customers in FY27 while Aussie Broadband ((ABB)) is noted to having less flexibility to pass on pricing.

The broker continues to see upside for Superloop if market share continues to grow as per recent years with potential targets to be announced on Investor Day (June 3).

Wholesale contract forecasts already discount a slowdown in subscriber growth from FY27 onwards re Budget changes. Sensitivity analysis indicates 16%-plus net profit after tax growth upside to forecasts if Superloop aims to "maintain" growth momentum.

Outperform rated with a $3.50 target. The stock remains cheaper than Telstra, the report highlights.

Target price is $3.50 Current Price is $3.47 Difference: $0.03
If SLC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting downside of -1.1% (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

Ord Minnett rates SSM as Buy (1) -

Service Stream will acquire RIE Group, a specialist electrical contracting business with headquarters in Queensland, for up to $8m in cash. Ord Minnett assesses RIE can achieve scale more rapidly with Service Stream ownership.

The business generates $13m in revenue through specialised commercial projects and lifecycle services and deepens Service Stream's exposure to the energy and industrial markets.

Buy rating retained. Target edges up to $2.58 from $2.56.

Target price is $2.58 Current Price is $2.28 Difference: $0.3
If SSM meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.73, suggesting upside of 16.5% (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 SYL as Buy (1) -

Morgans believes Symal Group's investor day reinforces the strength of the company's long-term growth trajectory.

Commentary refers to expanding government infrastructure investment and a substantial pipeline of tendered and early contractor involvement work.

The broker suggests management's aspirational FY30 earnings (EBIDTA) target of $200m may be achieved earlier than expected. Growth across infrastructure, energy, defence and digital markets, alongside M&A optionality are highlighted.

The investment thesis for Symal as the "picks and shovels" provider to Australia's infrastructure build-out remains intact, Morgans concludes. Unchanged $3.35 target and Buy rating.

Target price is $3.35 Current Price is $2.58 Difference: $0.77
If SYL meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates TLX as Overweight (1) -

Morgan Stanley notes press commentary that indicates Lantheus has received a take over offer from Curium Pharma for US$7bn.

Along with Telix Pharmaceuticals, Lantheus is a key player in the detection of prostate cancer. Based on consensus estimates the broker calculates a FY26/FY27 price/sales multiple of 4.6x/4.1x for Lantheus.

Applying this calculation to Telix Pharmaceuticals would imply value per share of $18.40-18.95, ahead of the current share price.

Overweight rating. Target is $22.40. Industry View: In-Line.

Target price is $22.40 Current Price is $13.43 Difference: $8.97
If TLX meets the Morgan Stanley target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $26.10, suggesting upside of 97.3% (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

UBS rates WHC as Buy (1) -

UBS assesses the impact of the Shanxi coal mine incident, with supply disruptions potentially tightening metallurgical coal markets and lifting prices. On May 22 a gas explosion struck the Liushenyu coal mine, and around 82 fatalities have been confirmed.

Whitehaven Coal may serve as a lower-risk and more liquid way to play the sector while Coronado Global Resources offers the highest exposure to metallurgical coal price movements in the broker's coverage.

Buy rating and $9.10 target maintained.

Target price is $9.10 Current Price is $8.87 Difference: $0.23
If WHC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.27, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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