Australian Broker Call

Citi rates ABB as Buy (1) -

Aussie Broadband recorded strong September app downloads and website traffic, according to Citi, despite increased competition and aggressive pricing ahead of speed upgrades.

The company's net additions slowed in September but rebounded strongly in early October, explain the analysts, thanks to competitive pricing, strong network quality, and an appealing value proposition.

Ongoing market share gains are anticipated through the Black Friday period.

Buy. Target unchanged at $6.15.

Target price is $6.15 Current Price is $5.86 Difference: $0.29
If ABB meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 6.8% (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) -

Post the successful completion of a $150m equity raising, Macquarie notes Amplitude Energy will be able to partake in a four-well drilling operation using the Equinox semi-sub rig.

The analyst views the drilling campaign could add over 15c per share in value and be part of Victoria's solution to gas supply challenges.

Amplitude's 50% share of Otways assets is valued at 10c per share or $315m.

Macquarie lowers its EPS forecasts by -19% in FY26 and -17% in FY27 due to additional shares on issue. Target price is set at 35c.

Post research restrictions, the stock is ascribed an Outperform rating and is a top pick for East Coast gas exposure.

Target price is $0.35 Current Price is $0.23 Difference: $0.125
If AEL meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 36.4% (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

Macquarie rates AFG as Outperform (1) -

Australian Finance Group reported 1Q26 total lodgements, up 26.5% on the previous year, with high-margin security lodgements up an estimated 22.7% on the prior quarter, according to Macquarie. Volumes rose 17.7%, with average loan size up 7.4%.

Home loan data lodgements are estimated at around $1.9bn in 1Q26, up 5.4% versus 4Q25.

The analyst lifts its EPS estimates by 3.5% to 4.3% on the back of the robust nature of recent lodgement activity, which is expected to flow into settlements.

Target price is lifted by Macquarie to $2.96 from $2.86, underpinned by operating leverage and improved funding. Outperform.

Target price is $2.96 Current Price is $2.39 Difference: $0.57
If AFG meets the Macquarie 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: 0.5

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

Citi rates ALL as Buy (1) -

Light & Wonder has seen the Nevada Court reverse its June 2025 ruling. Citi explains this now grants Aristocrat Leisure access to discovery of mathematical models used in certain hold-and-spin games released since 2021.

The broker believes this development could help Aristocrat identify whether its trade secrets were used in Light & Wonder titles beyond Dragon Train and Jewel of the Dragon.

Citi expects the ongoing litigation to weigh on Light & Wonder’s share price into 2026, with fact discovery due to close in December 2025 and expert discovery in March 2026.

Buy. Target $71 for Aristocrat Leisure.

Target price is $71.00 Current Price is $64.72 Difference: $6.28
If ALL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $73.94, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates AMP as Overweight (1) -

Macquarie Group will halve its superannuation investment menu, reducing around 700 options by up to 50% in November 2025, observes Morgan Stanley.

This move, targeting smaller asset managers, is in line with APRA’s push for tighter trustee oversight. It also aligns with Macquarie’s strategy to limit risk after its -$100m compensation payout relating to Shield Investments, explains the broker.

Morgan Stanley notes Macquarie’s wrap platform could miss out on future inflows as a result of these menu changes.

This outcome could potentially lead to a reallocation of assets under management (AUM) growth towards competing platforms such as Hub24, Netwealth Group, and AMP, suggest the analysts.

Overweight retained for AMP. Target price $1.95. Industry View: In-Line.

Target price is $1.95 Current Price is $1.79 Difference: $0.16
If AMP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates AMP as Downgrade to Accumulate from Buy (2) -

AMP reported net inflows of $311m in the September quarter (3Q25), with $629m platform inflows offset by -$345m outflows from its super & investment (S&I) arm.

Ord Minnett notes this was the sixth consecutive quarter of platform net inflows, and S&I returned to net outflow after just one quarter of net inflow. Total AUM rose 3.6% to $159.5bn.

The broker sees potential for inflow into S&I from rival disruptions (Shield Master Trust, First Guardian).

No changes to FY25-26 EPS forecasts, and a tiny -0.1% reduction to FY27.

Target rises to $2.05 from $1.95 on higher available capital post-class action settlements. Rating downgraded to Accumulate from Buy following 15% gains so far this month.

Target price is $2.05 Current Price is $1.79 Difference: $0.26
If AMP meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 8.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates ANZ as Neutral (3) -

Post ANZ Bank's new CEO outlining its strategic goals, Macquarie does not see the bank as likely to be able to meet its stated targets.

Historically, banks have a poor record of achieving medium-term targets, notably for return on equity and capital ratios.

The analyst highlights ANZ's announced targets of cost savings at -$800m by FY26 and $500m in synergies from the Suncorp bank acquisition as notably "bold".

The aim is to outperform its banking peers on both costs and revenues. For Macquarie, the major risk is underperforming the revenue targets and losing market share.

Including the strategic updates, the broker's EPS estimates are largely unchanged. Neutral rated with a $34 target.

Target price is $34.00 Current Price is $36.61 Difference: minus $2.61 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.62, suggesting downside of -14.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates ARB as Accumulate (2) -

ARB Corp's first quarter FY26 update was slightly softer than expected by Morgans, with group sales up 3.8% versus consensus of 5.6%.

The broker highlights strong Export growth of 17.6%, particularly in the US, offset by slower Aftermarket performance of 1% due to fitter shortages, a changing vehicle mix, and reduced accessorisation rates.

Gross margins remain under pressure from FX headwinds and weaker factory recoveries, note the analysts. Improvement is expected through FY26 as domestic conditions stabilise and new vehicle launches and product availability lift sales.

Morgans trims its FY26, FY27 and FY28 earnings forecasts by -2.4%, -3.8% and -1.7%, respectively. The target price is lowered to $42.60 from $44.50. Accumulate rating maintained.

Target price is $42.60 Current Price is $37.45 Difference: $5.15
If ARB meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $43.05, suggesting upside of 19.6% (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 AUB as Neutral (3) -

UBS has a Neutral rating and $35.50 target price on AUB Group.

The company's AGM is on November 13.

Target price is $35.50 Current Price is $31.84 Difference: $3.66
If AUB meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $37.14, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates AV1 as Buy (1) -

Bell Potter notes Adveritas' 16% q/q ARR (annual recurring revenue) growth in 1Q26 to $12.2m was ahead of its $12.0m forecast. Net operating cash flow of -$2.4m missed the broker's -$1.8m forecast due to lower cash receipts, partly offset by lower payments.

The company stated lower receipts were due to several clients renewing their prepaid contracts early, but a "significant" rise is expected in 2Q26.

The broker lifted FY26-27 ARR forecasts by 3% each, leading to a narrower EBITDA loss forecast for FY26 and a 20% rise to FY27.

Buy. Target rises to 23c from 20c as the broker also lifted EV/revenue valuation multiple to 10x from 8.5x.

Target price is $0.23 Current Price is $0.17 Difference: $0.065
If AV1 meets the Bell Potter 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

Bell Potter rates AVH as Speculative Sell (5) -

In a preliminary update of 3Q25, Avita Medical reported revenue of US$17m, down -12% y/y and -8% q/q, and below consensus of US$20m.

Bell Potter highlights the revenue until 3Q of US$54m compares with the low end of guidance of US$76m, making a downgrade likely (3Q25 result and investor call is on November 7).

The company again missed its Orbimed revenue covenant by US$600K, requiring another waiver, and also announced exit of CEO Jim Corbett, making Chairman Cory Vance the interim CEO.

The broker reckons a major cost rationalisation and potential consolidation are likely, given the -US$10m/quarter cash burn and stagnant growth. The company may also be a target for consolidation well below its underlying value, in the broker's view.

Speculative Sell maintained. Target cut to $1.20 from $1.50. 

Target price is $1.20 Current Price is $1.37 Difference: minus $0.17 (current price is over target).
If AVH meets the Bell Potter target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

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

Macquarie has upgraded Aurizon Holdings to Outperform from Neutral, highlighting value in the stock despite a two-month delay in appointing a new Chair. The broker also notes the signalling of a second decision on the partial sale of the network business.

Aurizon’s operational performance remains neutral. Below rail continues to underperform the regulated benchmark as expected, while above rail volumes are yet to recover. Consequently, Macquarie leaves the EBITDA outlook unchanged at $1.68-1.75bn.

The company introduced its first dividend guidance at $0.19-0.20 per share. Long-term network assumptions have been extended to 2050, pushing out the demand slowdown to 2040.

Macquarie has made small adjustments to its EPS forecasts, lifting FY26 by 0.1% and FY27 by 1.8%. The target price rises to $3.70 from $3.34, driven by a higher network valuation.

Target price is $3.70 Current Price is $3.35 Difference: $0.35
If AZJ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting downside of -5.7% (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

Macquarie rates BGL as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target price on Bellevue Gold to $1.70, marking a 33% upgrade. No change in Outperform rating.

Target price is $1.70 Current Price is $1.38 Difference: $0.32
If BGL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 19.2% (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 BIO as Buy (1) -

Bell Potter observes Biome Australia delivered another record quarterly result (1Q26) with cash receipts of $7.1m, up 84% y/y and positive operating cash flow of $0.9m.

Sales were up 40% y/y to $5.94m, with 50% domestic pharmacy sell-through, supporting the broker's FY26 sales forecast of $26.7m. Gross margins were strong at over 61% and the broker expects EBITDA growth to continue in the quarters to come.

The broker notes the company is managing capacity constraints via external storage until a new warehouse opens in 2Q26, which could cause some overlapping rent costs.

Buy. Target rises to $1.00 from $0.95 on a lower risk-free rate of 11.6% (WACC) in the valuation. No change to forecasts.

Target price is $1.00 Current Price is $0.47 Difference: $0.535
If BIO meets the Bell Potter target it will return approximately 115% (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 CGF as Buy (1) -

In the 3Q25 update, Challenger reported 4% y/y rise in life new business sales, driven by lifetime and institutional fixed-term annuities.

Funds under management (FUM) fell -3% q/q, with $2.3bn in market gains offset by -$4.9bn in outflows, Bell Potter notes.

The broker's analysis of the proposed APRA reforms suggests the illiquidity premium reforms may lift discount rates by 55bps, reducing annuity liabilities and leading to a -$2.8bn reduction in required capital. In stress scenarios, the benefit could be much higher.

The broker trimmed FY26 EPS forecast by -2.5% and FY27 by -3.5%. Dividend forecasts cut by -2.5% and -3.6% for FY26-27, respectively.

Buy. Target rises to $10.25 from $9.50, mainly on lower WACC in valuation.

Target price is $10.25 Current Price is $8.87 Difference: $1.38
If CGF meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 2.2% (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

Macquarie rates CMM as Underperform (5) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lowers Capricorn Metals' target price to $13, down -8%, with no change in Underperform rating.

Target price is $13.00 Current Price is $14.57 Difference: minus $1.57 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.03, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates COG as Accumulate (2) -

COG Financial Services has acquired an additional 14% stake in Fleet Network, a salary packaging and novated leasing business, lifting its total ownership to 92.4%.

Morgans notes the -$23.9m deal, valued at 6.1 times earnings (EBITDA), is expected to be 5% accretive to earnings per share after amortisation (EPSA).

The acquisition follows the recent purchase of EasiFleet and reinforces management’s strategy to expand market share in novated leasing, explains the analyst.

Combined recent acquisitions have boosted EPSA by 13-14%, notes Morgans, with the novated segment expected to deliver 10% annual growth.

The broker raises its FY26 and FY27 earnings forecasts by 2% and 5%, respectively, increases its target price to $2.63 from $2.14, and maintains an Accumulate rating.

Target price is $2.63 Current Price is $2.30 Difference: $0.33
If COG meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 10.1% (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 COH as Underweight (5) -

Looking out to FY26, Morgan Stanley notes management at Cochlear has previously guided to FY26 profit of $435-460m, with a stronger skew to the second half due to the timing of the Nexa implant launch.

The analysts' profit forecasts sit around -2% below the consensus estimates for both 1H26 and FY26.

Based on consensus estimates, FY26 guidance implies to the broker second-half profit growth of 13-25%.

Morgan Stanley expects commentary at the upcoming October 23 AGM to focus on Nexa uptake and any adjustments to FY26 guidance.

The broker retains an Equal-weight rating and a $280 target price. Underweight rating. Industry View: In-Line.

Target price is $280.00 Current Price is $285.64 Difference: minus $5.64 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $306.74, suggesting upside of 6.8% (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

Macquarie rates DPM as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target on DPM Metals by 26% to $47 with no change in Outperform rating.

Target price is $47.00 Current Price is $38.00 Difference: $9
If DPM meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates EVN as Underperform (5) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts Evolution Mining's target price by 25% to $9.50. No change to Underperform rating.

Target price is $9.50 Current Price is $11.67 Difference: minus $2.17 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.81, suggesting downside of -11.6% (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

Macquarie rates GGP as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target price on Greatland Resources to $10.50, up 21%, with no change in Outperform rating.

Target price is $10.50 Current Price is $8.97 Difference: $1.53
If GGP meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.50, suggesting upside of 25.3% (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 GMD as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Genesis Minerals' target price is lifted 23% by Macquarie to $8 with no change in Outperform rating. Genesis remains the broker's top mid-cap stock pick.

Target price is $8.00 Current Price is $6.81 Difference: $1.19
If GMD meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.89, suggesting upside of 4.2% (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 GQG as Buy (1) -

GQG Partners declared a 3Q25 dividend of US3.7c at 90% payout, UBS notes, with profitability likely 4% above its forecast. The dividend growth of 3.9% q/q  outpaced FUM growth of 1.1%, indicating improved margins and lower costs.  

Key drivers include higher EM weighting in FUM, lower cost growth, and reduced distribution costs. Based on its tracker, the broker reckons outflows to mid-October were around -US$500m, but retained its forecast for -US$2bn outflow for October. 

EPS forecast for FY25 lifted by 1.8% and by 2.4% for FY26 to factor in higher earnings implied by the 3Q dividend.

Buy. Target rises to $2.30 from $2.25.

Note: The above is a summary of research released by UBS last Friday.

Target price is $2.30 Current Price is $1.60 Difference: $0.705
If GQG meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 51.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates GYG as Neutral (3) -

UBS highlights Guzman y Gomez's Australian restaurant network stood at 231 stores as of mid-October, up 4 vs 1Q26 update and 7 higher since FY25.

The broker retains its forecast for 239 stores at the end of 1H26 vs the consensus of 238.

Neutral. Target price $26.50.

Target price is $26.50 Current Price is $25.35 Difference: $1.15
If GYG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $30.10, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates HUB as Neutral (3) -

Citi notes Macquarie Group's ((MQG)) decision to restrict its superannuation investment to around $500bn (according to sources), thereby limiting its menu to around 60 funds. This could have positive implications for Hub24 and Netwealth Group, in the broker's view.

Advisers are already exploring alternative platforms, notes the broker.

The analysts highlight Hub24's 10% share price rise versus Netwealth’s 4% gain, following the announcement by Macquarie.

The different share price reaction is attributed to speculation Netwealth may also reduce its investment menu and Hub24 could potentially acquire Macquarie’s book.

Citi considers an acquisition by Hub24 plausible but cautions historical fund transfers have caused adviser churn.

Unchanged target for Hub24 is $109. Neutral.

Target price is $109.00 Current Price is $105.25 Difference: $3.75
If HUB meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $104.59, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates HUB as Overweight (1) -

Macquarie Group will halve its superannuation investment menu, reducing around 700 options by up to 50% in November 2025, according to Morgan Stanley.

This move, targeting smaller asset managers, is in line with APRA’s push for tighter trustee oversight and Macquarie’s strategy to limit risk after its -$100m compensation payout relating to Shield Investments, explains the broker.

Morgan Stanley notes Macquarie’s wrap platform could miss out on future inflows as a result of these menu changes.

This outcome could potentially lead to a reallocation of assets under management (AUM) growth towards competing platforms such as Hub24, Netwealth Group, and AMP, suggest the analysts.

Target price of $115 and Overweight rating retained for Hub24. Industry View: In-Line.

Target price is $115.00 Current Price is $105.25 Difference: $9.75
If HUB meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $104.59, suggesting downside of -2.7% (ex-dividends)

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 IAG as Buy (1) -

UBS notes Australian general insurance stocks fell sharply last week, with Insurance Australia Group down -8%, on what appears to be an overreaction to negative headlines

Slower top-line growth, credit exposure fears and falling bond yields were the likely reasons.

The broker reckons the share price reaction likely overstates fundamental deterioration, given moderate credit risks and manageable yield impacts.

Buy retained for Insurance Australia Group. Target price $9.65.

Target price is $9.65 Current Price is $7.75 Difference: $1.9
If IAG meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 15.1% (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 IFT as Buy (1) -

This morning, management at Infratil announced the acquisition of an additional 4.92% stake in Contact Energy ((CEN)), lifting its holding to 14.3%.

The acquisition, valued at -NZ$437.7m based on Contact Energy’s NZ$8.95 closing price, was partly funded through equity. Infratil issued shares to TECT Holdings at NZ$12.43 per share to cover 50% of the purchase.

At first glance, Citi views the transaction as a continuation of Infratil's portfolio recycling strategy, redeploying proceeds from the sale of underperforming assets such as RetireAustralia and Manawa into higher-growth opportunities.

The broker expects limited near-term share price impact but sees this as supportive of long-term growth potential.

Citi retains a Buy rating and NZ$14.10 target ahead of Infratil's 13 November results.

Current Price is $11.00. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

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 ILU as Neutral (3) -

Macquarie highlights Iluka Resources announced "weak" third quarter results, with mineral sand sales down -38% against consensus forecasts, and zircon, rutile and synthetic rutile revenue declining -41%.

The miner sold 64.6t of the latter, a miss on consensus by -42%, with synthetic rutile an -80% miss.

Full-year sales guidance for synthetic rutile has been withdrawn due to poor market conditions. Macquarie has lowered its 1H2026 sales forecasts for synthetic rutile to 40kt from 80kt. Net debt rose to $703m, which sits above consensus at $294m.

The update resulted in slight changes to the analyst's 2025 earnings (EBITDA) forecast and a lift in EPS estimates by over 50%.

Retain Neutral rating and $7.10 target. The discussions for Australia and US critical mineral agreements could improve the investment proposition for Iluka Resources.

Target price is $7.10 Current Price is $8.10 Difference: minus $1 (current price is over target).
If ILU 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 $6.49, suggesting downside of -14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates ILU as Overweight (1) -

Iluka Resources' 3Q synthetic rutile (SR) production of 58kt came in 5.5% above Morgan Stanley’s forecast, driven by full kiln capacity, though SR sales of 10kt were -78% below forecast due to shipment timing.

The broker notes take-or-pay contracts remain valid, offsetting delayed sales, and Iluka has clarified SR supply to Venator of 58kt, 63kt, and 35kt for 2025, 2026, and 2027, respectively.

It's noted discussions with customers continue regarding offtake obligations amid uncertainty at Venator’s Greatham facility.

Zircon production was broadly in line with consensus, note the analysts, while rutile and synthetic rutile pricing softened modestly. Projects at Balranald and Eneabba remain on schedule.

Morgan Stanley expects Iluka to miss 2025 SR sales guidance but maintains its 2026 mineral sands recovery outlook.

Overweight.Target unchanged at $8.60. Industry View: Attractive.

Target price is $8.60 Current Price is $8.10 Difference: $0.5
If ILU meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting downside of -14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates ILU as Sell (5) -

Ord Minnett notes Iluka Resources released its September quarter report early after a key synthetic rutile (SR) customer was sold to LB Group, prompting the company to withdraw SR sales guidance.

The broker notes the market reaction was initially negative, but sentiment improved as investors focused on long-term rare earths (REO) potential.

The broker recognises weak conditions in mineral sands but notes Iluka is prioritising cash flow management, as it should.

Sell. Target unchanged at $6.

Target price is $6.00 Current Price is $8.10 Difference: minus $2.1 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.49, suggesting downside of -14.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates L1G as Neutral (3) -

UBS has a Neutral rating and 79c target on L1 Group.

L1 Group is the new name for the merged entities Platinum Asset Management and L1 Capital, and the merger took effect on October 1.

Target price is $0.79 Current Price is $1.09 Difference: minus $0.3 (current price is over target).
If L1G meets the UBS target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Citi rates LNW as Buy (1) -

Light & Wonder has seen the Nevada Court reverse its June 2025 ruling. Citi explains this now grants Aristocrat Leisure access to discovery of mathematical models used in certain hold-and-spin games released since 2021.

The broker believes this development could help Aristocrat identify whether its trade secrets were used in Light & Wonder titles beyond Dragon Train and Jewel of the Dragon.

Citi expects the ongoing litigation to weigh on Light & Wonder’s share price into 2026, with fact discovery due to close in December 2025 and expert discovery in March 2026.

Citi retains a Buy rating and $176 target price for Light & Wonder.

Target price is $176.00 Current Price is $117.06 Difference: $58.94
If LNW meets the Citi target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $188.33, suggesting upside of 66.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Citi rates MQG as Neutral (3) -

Macquarie Group has agreed, via its infrastructure funds MIP IV and MIP V and co-invest partners, to sell Aligned Data Centers to a consortium for US$40bn. This is the largest global data centre deal to date, highlights Citi.

The broker estimates a potential performance fee of around $1.5bn from the transaction, though recognition is likely deferred towards 2030 given the funds’ duration.

The analysts note consensus forecasts for the next two years are already elevated and must be achieved to justify the current circa 20x price-to-earnings multiple.

The broker retains a Neutral rating and a $200 target price.

Target price is $200.00 Current Price is $226.76 Difference: minus $26.76 (current price is over target).
If MQG meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $225.77, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in March.

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

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

Macquarie Group will halve its superannuation investment menu, reducing around 700 options by up to 50% in November 2025, according to Morgan Stanley.

This move, targeting smaller asset managers, is in line with APRA’s push for tighter trustee oversight and Macquarie’s strategy to limit risk after its $100m compensation from Shield Investments, explains the broker.

It's noted about $50bn of Macquarie's $160bn platform funds under management (FUM) relates to super, with only a small portion likely affected.

Morgan Stanley estimates wealth contributes around 2.5% of Macquarie's group revenue and less than 2% of earnings, meaning limited EPS impact even if 10% of super FUM exits.

Equal-weight rating and $226 target unchanged. Industry View: In-Line. 

The changes at Macquarie could potentially leading to a reallocation of assets under management (AUM) growth towards competing platforms such as Hub24, Netwealth Group, and AMP, suggest the analysts.

Target price is $226.00 Current Price is $226.76 Difference: minus $0.76 (current price is over target).
If MQG meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $225.77, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates NEM as Neutral (3) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target price on Newmont Corp by 9% to $153 with no change in Neutral rating.

Target price is $153.00 Current Price is $149.96 Difference: $3.04
If NEM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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 NST as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target price on Northern Star Resources by 19% to $30, retaining an Outperform rating. The stock remains the broker's preferred large-cap gold producer, followed by Newmont and Evolution Mining.

Target price is $30.00 Current Price is $26.05 Difference: $3.95
If NST meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $26.40, suggesting upside of 4.8% (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 NWL as Buy (1) -

Citi notes Macquarie Group's ((MQG)) decision to restrict its superannuation investment to around $500bn (according to sources), thereby limiting its menu to around 60 funds. This could have positive implications for Hub24 and Netwealth Group, in the broker's view.

Advisers are already exploring alternative platforms, notes the broker.

The analysts highlight Hub24's 10% share price rise versus Netwealth’s 4% gain, following the announcement by Macquarie.

The different share price reaction is attributed to speculation Netwealth may also reduce its investment menu and Hub24 could potentially acquire Macquarie’s book.

Citi considers an acquisition by Hub24 plausible but cautions historical fund transfers have caused adviser churn.

Unchanged target for Netwealth Group is $35. Buy.

Target price is $35.00 Current Price is $32.09 Difference: $2.91
If NWL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.50, suggesting upside of 0.5% (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

Morgan Stanley rates NWL as Overweight (1) -

Macquarie Group will halve its superannuation investment menu, reducing around 700 options by up to 50% in November 2025, according to Morgan Stanley.

This move, targeting smaller asset managers, is in line with APRA’s push for tighter trustee oversight and Macquarie’s strategy to limit risk after its -$100m compensation payout relating to Shield Investments, explains the broker.

Morgan Stanley notes Macquarie’s wrap platform could miss out on future inflows as a result of these menu changes.

This outcome could potentially lead to a reallocation of assets under management (AUM) growth towards competing platforms such as Hub24, Netwealth Group, and AMP, suggest the analysts.

The Overweight rating and $41.50 target are retained for Netwealth Group. Industry View: In-Line. 

Target price is $41.50 Current Price is $32.09 Difference: $9.41
If NWL meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $32.50, suggesting upside of 0.5% (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

Macquarie rates OBM as Upgrade to Neutral from Underperform (3) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts Ora Banda Mining's target to $1.40 from $1.10, with earnings estimates up 31% in FY26 and 137% in FY27. Rating is upgraded to Neutral from Underperform.

Target price is $1.40 Current Price is $1.35 Difference: $0.055
If OBM meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

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 PRU as Neutral (3) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target price on Perseus Mining to $5.50, up 12% with no change in Neutral rating.

Target price is $5.50 Current Price is $5.17 Difference: $0.33
If PRU meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 5.9% (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: 0.3

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

Citi rates QAN as Buy (1) -

Qantas Airways and Virgin Australia are both recording similar domestic growth rates in the first quarter of FY26, according to Citi.

The broker views the risk/reward balance as more favourable for Qantas, supported by its stronger performance metrics and outlook. It's noted management at Virgin had higher expectations and may require stronger pricing or capacity gains to meet them.

Qantas is outperforming on capacity growth, according to the analysts, while Jetstar (Qantas) continues to deliver notably stronger short-haul international expansion compared with Virgin's largely flat schedule.

The $13.60 target and Buy rating are kept for Qantas Airways.

Target price is $13.60 Current Price is $10.63 Difference: $2.97
If QAN meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 21.8% (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 RHC as Neutral (3) -

Ramsay Health Care continues to face broad operational challenges, assesses Citi, despite modest currency tailwinds offset by higher tax and financing costs.

The broker cites ongoing weakness in the Australian division, where the Joondalup partnership remains a headwind, and expects UK Hospitals to underperform in FY26 with around -40bps of earnings (EBIT) margin contraction.

The analysts cut their FY26, FY27 and FY28 earnings forecasts by -14%, -20% and -17%, respectively, citing higher leasing and interest expenses. The target price is lowered to $33 from $36. Neutral rating retained.

The broker fails to see a near-term turnaround/clear pivot point in the narrative.

Target price is $33.00 Current Price is $31.62 Difference: $1.38
If RHC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.22, suggesting upside of 8.9% (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

Macquarie rates RMS as Neutral (3) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target price on Ramelius Resources by 5% to $4.20 with no change in Neutral rating.

Target price is $4.20 Current Price is $4.02 Difference: $0.18
If RMS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates RRL as Upgrade to Neutral from Underperform (3) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie upgrades Regis Resources to Neutral from Underperform with a lift in target price to $6.80, up 7%.

Target price is $6.80 Current Price is $6.47 Difference: $0.33
If RRL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.71, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates RSG as Neutral (3) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts its target on Resolute Mining to $1.25, up 9%, with no change in Neutral rating.

Target price is $1.25 Current Price is $1.20 Difference: $0.05
If RSG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Macquarie rates SBM as No Rating (-1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie remains on research restriction.

Current Price is $0.62. Target price not assessed.

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

Citi rates SLC as Buy (1) -

Superloop recorded strong September app downloads and website traffic, according to Citi, despite increased competition and aggressive pricing ahead of speed upgrades.

The company's net additions maintained steady growth momentum, note the analysts, thanks to competitive pricing, strong network quality, and an appealing value proposition.

Ongoing market share gains are anticipated through the Black Friday period.

Buy unchanged for Superloop. Target unchanged at $3.75.

Target price is $3.75 Current Price is $3.20 Difference: $0.55
If SLC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 12.0% (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 STH as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage on StepChange with a 23c target and a Buy rating. It's felt the company is well placed across mining, energy, and government, with structural tailwinds in IT services and SAP-led ERP.

The analysts forecast FY26 revenue growth of 11% and gross margin expansion of 216bps.

The broker points to a highly fragmented SAP partner landscape in A&NZ with over 120 certified partners, creating M&A optionality for capability and scale.

Ord Minnett expects global expansion under the recently signed Woodside Energy's ((WDS)) Global Agreement into the US, Mexico, and the Caribbean.

Target price is $0.23 Current Price is $0.13 Difference: $0.1
If STH meets the Ord Minnett target it will return approximately 77% (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 STO as Downgrade to Accumulate from Buy (2) -

Ord Minnett observes Santos posted weaker-than-expected September quarter revenue and output due to the delayed Barossa project start-up.

FY25 production guidance was cut to 89-91 mmboe from 92-93 mmboe amid Cooper Basin flood impacts and slower FPSO ramp-up.

The broker is most disappointed by the cancellation of investor day following the collapsed Abu Dhabi-led takeover. It implies to the broker the company's strategic options now are debt reduction, project deliveries and higher dividends from FY27. 

EPS forecast trimmed by -7.9% for FY25 and by -6.8% for FY26, mainly on higher depreciation and amortisation charges.

Target cut to $8.10 from $8.35. Rating downgraded to Accumulate from Buy 

Target price is $8.10 Current Price is $6.17 Difference: $1.93
If STO meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $7.61, suggesting upside of 20.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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 TCG as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Turaco Gold's target is set at 80c with no change in Outperform rating.

Target price is $0.80 Current Price is $0.52 Difference: $0.28
If TCG meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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) -

Telix Pharmaceuticals delivered a solid third quarter, according to Citi, with pricing pressure in its PSMA imaging agent franchise easing following Gozellix’s launch.

The broker lifts its FY25 revenue forecast by around 2%, positioning near the midpoint of the company’s upgraded US$800-820m guidance range.

The analysts expect management to remain focused on pipeline development rather than profit for at least three more years and forecasts near-zero earnings through FY27.

Potential catalysts from the Pixclara regulatory resubmission and TLX591 safety data due this year are noted.

Citi makes minor model adjustments but keeps its $34 target price and retains a Neutral rating.

Target price is $34.00 Current Price is $16.65 Difference: $17.35
If TLX meets the Citi target it will return approximately 104% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 64.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates VAU as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Macquarie lifts the target on Vault Minerals by 37% to $1 with an unchanged Outperform rating. The stock continues to be a top pick as free cash flow is expected to triple in FY27-29 vs FY26 levels.

Target price is $1.00 Current Price is $0.79 Difference: $0.215
If VAU meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.91, suggesting upside of 21.8% (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 VGN as Neutral (3) -

Virgin Australia and Qantas Airways are both recording similar domestic growth rates in the first quarter of FY26, according to Citi.

The broker views the risk/reward balance as more favourable for Qantas, supported by its stronger performance metrics and outlook. It's noted management at Virgin had higher expectations and may require stronger pricing or capacity gains to meet them.

Qantas is outperforming on capacity growth, according to the analysts, while Jetstar (Qantas) continues to deliver notably stronger short-haul international expansion compared with Virgin's largely flat schedule.

The $3.80 target and Neutral rating are kept for Virgin Australia.

Target price is $3.80 Current Price is $3.45 Difference: $0.35
If VGN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 14.0% (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

Macquarie rates WAF as Underperform (5) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

West African Resources is set at $3 by Macquarie with no change in Underperform rating.

Target price is $3.00 Current Price is $3.04 Difference: minus $0.04 (current price is over target).
If WAF meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates WBC as Downgrade to Sell from Lighten (5) -

Westpac will take a -$273m pre-tax restructuring charge in FY25 to fund its Fit for Growth efficiency program, which is expected to deliver productivity gains of a similar scale, according to Ord Minnett.

The broker expects only modest benefits in FY25, with most savings realised through FY26 and FY27.

Ord Minnett has cut its FY25 earnings forecast by -2% but left outer-year estimates unchanged, noting the September quarter showed steady net interest margin (NIM) and sound credit quality.

While the -$2bn UNITE technology rebuild remains costly and disruptive, the broker views it as essential to Westpac’s long-term efficiency.

Ord Minnett retains its $30.00 target price but downgrades the rating to Sell from Lighten, citing limited near-term upside and a stretched valuation.

Target price is $30.00 Current Price is $38.73 Difference: minus $8.73 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.09, suggesting downside of -15.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates WGX as Outperform (1) -

Macquarie highlights the strength of the gold price, which is up 58% year-to-date, and has prompted the broker to lift its gold price forecasts for the next three years.

The analyst is now using the gold forward curve, an upgrade, for two years before a reversion to the previous outlook. Long term, the real price forecast remains unchanged at US$2500/oz.

The gold price assumption rises 12% to around US$4,207/oz for 4Q2025, the 2026 forecast price lifts by 24% to US$4,314/oz, and 2027 by 56% to US$4,403/oz. Price forecast for 2028 is up 20% to US$3,454/oz.

Westgold Resources' target price rises 32% to $7.40. Outperform rating unchanged.

Target price is $7.40 Current Price is $5.83 Difference: $1.57
If WGX meets the Macquarie target it will return approximately 27% (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 ZIP as Buy (1) -

Management at Zip Co today announced first quarter FY26 cash earnings (EBTDA) of $63m, nearly double the prior comparable period and 10% ahead of Citi’s forecast.

The analysts (at first glance) attribute this outperformance to strong US total transaction value (TTV) growth, higher revenue yields, and cost control.

The broker highlights accelerating US TTV growth of 47% year-on-year, prompting an upgrade to FY26 TTV guidance to above 40% from 35%, alongside rising yields in both the US and the A&NZ region.

The operating margin of 19.5% exceeded guidance of 16-19%.

Citi notes higher US bad debts and slower A&NZ growth, but overall sees FY26 cash earnings tracking above $260m, around 10% ahead of consensus.

Buy rating. Target $4.50.

Target price is $4.50 Current Price is $4.42 Difference: $0.08
If ZIP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates ZIP as Buy (1) -

Zip Co today reported first quarter FY26 revenue of $319m, up 33% year-on-year and 4% ahead of UBS forecasts, with cash earnings (EBTDA) of $63m, up 98%, and 14% above expectations.

In a first assessment, the broker highlights strong US growth, with total transaction value (TTV) rising 39% to $3.9bn and active customers reaching 4.4m. The A&NZ performance is seen as steady, with yields and excess spreads continuing to improve.

FY26 US TTV growth guidance was upgraded to above 40% from 35%, and the on-market buyback doubled to $100m, reflecting a strong $452m cash balance, suggest the analysts.

UBS expects consensus upgrades following this result. Buy rating. Target $5.25.

Target price is $5.25 Current Price is $4.42 Difference: $0.83
If ZIP meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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