Weekly Reports | Jul 20 2026
Weekly update on stockbroker recommendation, target price, and earnings forecast changes.
By Mark Woodruff
Guide:
The FNArena database tabulates the views of seven major Australian and international stockbrokers: Citi, Bell Potter, Macquarie, Morgan Stanley, Morgans, Ord Minnett, and UBS.
For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio.
Ratings, consensus target price and forecast earnings tables are published at the bottom of this report.
Summary
Period: Monday July 13 to Friday July 17, 2026
Total Upgrades: 10
Total Downgrades: 13
Net Ratings Breakdown: Buy 65.56%; Hold 27.93%; Sell 6.51%
For the week ending Friday, July 10, 2026, FNArena recorded ten upgrades and thirteen downgrades in ratings for individual ASX-listed stocks from seven brokers monitored daily.
Citi and Macquarie downgraded Woolworths Group to sell or equivalent on valuation grounds following recent share price strength, after respective targets were raised by $2.00 to $34.00 and by $3.00 to $37.00.
Retailers, both discretionary and staples, including both supermarket heavyweights, are battling for a share of an increasingly pressured consumer wallet as explained in https://fnarena.com/index.php/2026/07/15/supermarkets-behemoths-remain-in-focus/
The tables below reveal reductions in target prices were broadly equal with increases while reductions in earnings forecasts were slightly larger than rises.
In last week’s article, EchoIQ, which develops artificial intelligence software to help detect heart disease earlier using echocardiograms (I.e. heart ultrasounds), topped the table for increase in average earnings forecast.
This time around, in an apparent contradiction, the company appears atop the table for positive change to average target as well as the negative table for average earnings forecasts.
Morgans raised its target price to $1.85 from $1.30, driven by a forecast medium-term acceleration of revenues though the broker’s FY26 forecast suffered from dilution after management de-risked the commercial pathway via a $110m placement.
Prior to the placement, the company secured a distribution partnership with Pro Medicus, giving EchoSolv access to Pro Medicus’ US hospital customer base, offering a materially larger and higher-quality distribution channel.
Financial services company AMP and Peter Warren Automotive appear second and third for positive change to consensus targets with rises of 11% and 8%, respectively.
Ord Minnett explained management at AMP signalled first half net profit will be around 21%-29% ahead of prior market expectations, underpinned by growth of 24% in underlying net profit from its China partnerships as well as stronger investment income.
UBS notes the market has so far been reluctant to value opaque profit streams from the China partnerships, which now comprise one third of recurring group profits.
For Peter Warren Automotive, Morgans raised its target to $1.04 from 73 cents after removing the proposed Wakeling Automotive acquisition from its forecasts due to uncertainty over the timing and completion of the transaction, while also revising margin and operating cost assumptions.
Separately, the broker notes June new vehicle deliveries rose 7% year-on-year, leaving first-half 2026 volumes broadly in line with the prior corresponding period despite a softer May.
Telix Pharmaceuticals heads up the week's ranking for positive change to average forecast earnings.
Despite a 41% year-to-date rally in its share price, Citi retained the stock as one of its preferred healthcare picks.
It’s felt there is considerable further upside as the company progresses towards a potential resubmission of its Zircaix kidney cancer imaging agent and the possible approval and launch of Pixclara for brain cancer imaging.
The broker initiated a positive 30-day catalyst watch on the stock, expecting a strong second-quarter 2026 update.
Dalrymple Bay Infrastructure Fund is next with a 15% rise in average earnings forecast. Morgans raised its target to $5.47 from $5.31, reflecting forecast revisions, a valuation roll-forward and a modest reduction in the discount rate.
The company owns and operates the Dalrymple Bay Terminal, one of the world's largest metallurgical (steelmaking) coal export terminals.
The broker believes consensus is too optimistic through FY28, while, from FY29 onwards, earnings growth is being underestimated.
Alternative asset manager Navigator Global Investments also had a good week, with consensus earnings forecast rising by around 11%.
The company, which owns stakes in private investment managers rather than directly managing money itself, delivered a stronger-than-expected June quarter, with Ord Minnett highlighting better-than-expected fund performance and net inflows across its suite of portfolios.
Macquarie highlighted Lighthouse Investment Partners generated net inflows of US$690m, while the NGI Strategic business also delivered growth.
The recently completed Stable Growth Portfolio acquisition is expected to provide an additional earnings contribution from the first quarter of FY27.
Telecommunications company Aussie Broadband appears further down the table for positive earnings forecast revisions.
While SpaceX is reshaping the long-term telecommunications landscape, analysts believe Aussie’s near-term earnings outlook and valuation remain attractive as detailed in https://fnarena.com/index.php/2026/07/16/aussie-broadband-and-the-threat-from-spacex/?pass=1
On the flipside, the average target for financial technology company Iress fell by -12% last week after Outperform-rated Macquarie resumed research coverage with a $7.65 target, well below the $10.98 average target of two peers.
Earlier in the week, Morgans lowered target prices across its Technology, Media & Gaming coverage to reflect higher discount rates, resulting in a $10.35 target for Iress, down from $10.95. A Buy rating was retained.
The average target for environmental services company LGI, which captures methane from landfill sites and converts it into renewable energy and carbon credits, fell by -11%.
Management's FY26 growth update via social media highlighted five new registered carbon sites, taking the total to 25 from 20 at the first half, alongside strong Australian Carbon Credit Unit (ACCU) creation and electricity generation in line with expectations.
Morgans felt these outcomes would more than offset the delayed commissioning of the Mugga Lane expansionary battery project.
Weaker commodity prices are expected to weigh on near-term earnings, with FY27 likely to mark a temporary step back before growth resumes.
Longer term, the broker remains positive on LGI, citing a development pipeline around four times FY25 levels and the ongoing rollout of its battery portfolio.
Appearing below EchIQ on the ranking for negative change to forecast earnings are commodity exposures Iluka Resources and 29Metals.
Average earnings for Iluka (specialising in mineral sands and rare earths) fell for no other reason than Macquarie resuming coverage after a period of research restriction.
While the Overweight-rated broker sees early signs of recovery in zircon markets, weak titanium dioxide (TiO2) feedstock markets continue to act as an earnings headwind.
Construction of the Eneabba Phase 3 (EP3) rare earths refinery remains on track for completion in the second half of 2027, requiring investors to maintain a longer-term investment horizon as the project's value is progressively realised.
29Metals delivered weaker copper production yet stronger byproducts in the June quarter, Macquarie observed. 2026 guidance has been maintained with first half targets for copper and zinc within expected ranges.
Morgans explained copper production for the quarter was affected by lower grades and recoveries. Golden Grove's by-product credits have helped offset near-term copper volatility with the resulting cash and liquidity seen as a "welcome buffer".
Macquarie observed water levels are no longer a restriction for restarting production at flagship copper mine Capricorn Copper, while approval of the tailings storage facility 3 is a critical catalyst for a final decision.
Total Buy ratings remain historically elevated at 65.56%, with Sell ratings at just 6.51%, leaving 27.93% on Neutral/Hold.
Upgrade
ARB CORPORATION LIMITED ((ARB)) Upgrade to Buy from Accumulate by Morgans .B/H/S: 4/2/0
Morgans notes June new vehicle deliveries rose 7% year-on-year to around 131,000 units, bringing first-half 2026 volumes broadly in line with the prior corresponding period despite a softer May.
The broker highlights June deliveries for BYD surged to around 18,900 units, lifting first-half sales to 52,300, almost matching the company's full-year 2025 total.
For ARB Corp, Morgans looks through weaker near-term new vehicle sales, arguing the company's domestic aftermarket business has historically proved more resilient than vehicle volumes through the cycle.
While FY26 EPS forecasts are trimmed modestly, the broker upgrades its FY27-FY28 forecasts on easing Toyota supply constraints and favourable currency movements, which should support margins.
Morgans upgrades its rating to Buy from Accumulate with a target of $22.35, up from $22.04.
LIONTOWN LIMITED ((LTR)) Upgrade to Accumulate from Trim by Morgans .B/H/S: 4/2/0
Morgans believes the recent sell-off in lithium equities has restored valuation support, with the weakness reflecting higher near-term supply expectations rather than deteriorating demand.
The broker notes spodumene prices have retreated from almost US$3,000/t in May to around US$2,200/t. It is felt demand remains resilient.
Capital expenditure forecasts have increased across the sector as producers accelerate growth spending. Whilst this will weigh on near-term free cash flow, Morgans expects it to support higher production and lower unit costs over time.
The target for Liontown falls by -50c to $1.70 largely due to a lower assumed valuation multiple. The rating is upgraded to Accumulate from Trim.
MAGELLAN FINANCIAL GROUP LIMITED ((MFG)) Upgrade to Accumulate from Hold by Morgans .B/H/S: 1/2/1
Magellan Financial's fourth quarter update revealed a drop in assets under management by -$1bn to $36.7bn amid -$2.5bn in net outflows. Morgans observes a soft quarter, with the outflows a step up from recent trends and well above the average of the past four quarters.
While the company has execution risk in turning around the funds management business, the broker believes the merger with Barrenjoey reinvigorates the overall outlook.
The balance sheet is strong and with the recent pull back in the share price there is now more upside to the target so the rating is upgraded to Accumulate from Hold. Target is lowered to $11.26 from $11.29.
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