Australian Broker Call

Ord Minnett rates 29M as Upgrade to Buy from Accumulate (1) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

29Metals is upgraded to Buy from Accumulate with an unchanged target of 55c. EPS forecasts are cut by -10% for 2026.

Target price is $0.55 Current Price is $0.36 Difference: $0.195
If 29M meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 47.2% (ex-dividends)

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 AAI as Downgrade to Hold from Buy (3) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

Alcoa is downgraded to Hold from Buy with an unchanged $103 target.

Target price is $103.00 Current Price is $101.74 Difference: $1.26
If AAI meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

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 ABG as No Rating (-1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

No rating or target for Abacus Group as it is under research restriction at Macquarie.

Current Price is $0.99. Target price not assessed.

Current consensus price target is $1.23, suggesting upside of 25.0% (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

Ord Minnett rates ALD as Buy (1) -

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

Ord Minnett reiterates that refiners are its preferred choices to play the current volatility given leverage to refining margins is higher than producer leverage to oil and LNG. Buy rating retained for Ampol with a $35.50 target. 

Target price is $35.50 Current Price is $33.27 Difference: $2.23
If ALD meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.50, suggesting upside of 6.2% (ex-dividends)

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 AMP as Buy (1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The target for AMP eases to $1.60 from $1.65.

Target price is $1.60 Current Price is $1.29 Difference: $0.315
If AMP meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 40.5% (ex-dividends)

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 ANZ as Overweight (1) -

Morgan Stanley believes the outlook for the Australian economy has weakened, with rate hikes, tight fiscal policy and the global energy shock all pointing to downside risks.

The broker also notes the average return of major banks was worse than the market in March, underperforming the ASX200 and delivering average shareholder returns of -9.2%.

Recent developments could fundamentally shift operating conditions, Morgan Stanley adds, with trading multiples elevated and consensus estimates assuming earnings drivers remain favourable.

There are also early signs major bank mortgage and household deposit growth is moderating from strong levels of 2025, while over the past three months business loan growth at ANZ Bank has been flat, compared with CommBank growing at 12% in the lead among the majors.

Overweight rating. Target is $37.80. Industry view: Cautious.

Target price is $37.80 Current Price is $36.63 Difference: $1.17
If ANZ meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.96, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in September.

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

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

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

A price of US$100/barrel is forecast for the first half of 2026 for Brent before a gradual retreat to US$85/barrel in the second half. LNG prices are assumed at US$20/mmBtu in the first half and remain elevated for the rest of the year.

Ord Minnett downgrades APA Group to Lighten from Hold, maintaining a steady target at $8.30.

Target price is $8.30 Current Price is $9.86 Difference: minus $1.56 (current price is over target).
If APA meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.46, suggesting downside of -15.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates ARF as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Arena REIT falls to $3.90 from $3.99. Outperform rating maintained.

Target price is $3.90 Current Price is $3.35 Difference: $0.55
If ARF meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 17.4% (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

Morgan Stanley rates ASX as Underweight (5) -

Morgan Stanley notes there were no new findings from the final report from ASIC, considered a "good outcome" for ASX.

The company has made progress on several findings from the interim report such as cutting the dividend while clearing & settlement boards now have only independent directors.

ASX has retained FY26 cost growth guidance of 20-23% and has flagged it will provide FY27 cost growth guidance by the end of June. The broker is looking for more clarity on the medium-term cost profile and more confidence in the durability of revenue growth.

Target is $49.05. Underweight retained. Industry view: In-Line.

Target price is $49.05 Current Price is $52.77 Difference: minus $3.72 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.17, suggesting upside of 6.4% (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

Ord Minnett rates ASX as Hold (3) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The target for ASX rises to $59.85 from $58.95. Hold rating unchanged.

Target price is $59.85 Current Price is $52.77 Difference: $7.08
If ASX meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $56.17, suggesting upside of 6.4% (ex-dividends)

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

UBS rates AUB as Buy (1) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group ((IAG)) and Suncorp Group ((SUN)) address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

Buy-rated Insurance Australian Group and QBE are preferred, with AUB Group favoured over Steadfast Group ((SDF)) among brokers.

AUB Group is Buy rated with an unchanged $34 target price.

Target price is $34.00 Current Price is $23.92 Difference: $10.08
If AUB meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $33.55, suggesting upside of 38.8% (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

Ord Minnett rates BHP as Accumulate (2) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

West Australian iron ore shipments are flagged to come in below market expectations due to Cyclone Narelle, with no change in the Accumulate rating for BHP Group and an unchanged $54 target price.

Target price is $54.00 Current Price is $51.23 Difference: $2.77
If BHP meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $52.67, suggesting downside of -0.1% (ex-dividends)

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 BOQ as Buy (1) -

Citi notes Bank of Queensland today announced a strategic partnership and $3.7bn equipment finance loan sale. It's expected these will unlock around $300m of capital for shareholder returns via a buyback and special dividend.

The transaction will improve capital efficiency, reduce funding needs and deliver modest return on equity (ROE) and EPS accretion, the analyst highlights at first glance.

However, the broker also points to weaker-than-expected terms, including a short initial 12-month forward flow agreement and a lower sale premium, resulting in a small CET1 drag.

While the capital return is likely to be well received, Citi flags uncertainty around future economics and fee generation under the new structure, given the flexible arrangement.

Buy. Target price $7.15.

Target price is $7.15 Current Price is $6.80 Difference: $0.35
If BOQ meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in August.

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 BWP as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for BWP Trust is unchanged at $3.90. Outperform rating maintained.

Target price is $3.90 Current Price is $3.63 Difference: $0.27
If BWP meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 9.8% (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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley believes the outlook for the Australian economy has weakened, with rate hikes, tight fiscal policy and the global energy shock all pointing to downside risks.

The broker also notes notes the average return of major banks was worse than the market in March, underperforming the ASX200 and delivering average shareholder returns of -9.2%.

Recent developments could fundamentally shift operating conditions, Morgan Stanley adds, with trading multiples elevated and consensus estimates assuming earnings drivers remain favourable.

There are also early signs major bank mortgage and household deposit growth is moderating from strong levels of 2025, while over the past three months business loan growth has been strongest at CommBank (12%) among the majors.

Underweight rating retained. Target is $131.20. Industry view: Cautious.

Target price is $131.20 Current Price is $172.80 Difference: minus $41.6 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.58, suggesting downside of -27.6% (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

Ord Minnett rates CGF as Buy (1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The $9.85 target and Buy rating for Challenger are unchanged.

Target price is $9.85 Current Price is $8.26 Difference: $1.59
If CGF meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.60, suggesting upside of 18.8% (ex-dividends)

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 CHC as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Charter Hall falls to $20.71 from $24.53. Outperform rating maintained.

Target price is $20.71 Current Price is $18.55 Difference: $2.16
If CHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.89, suggesting upside of 33.0% (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 CIP as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Centuria Industrial REIT falls to $2.84 from $3.20. Neutral rating maintained.

Target price is $2.84 Current Price is $2.87 Difference: minus $0.03 (current price is over target).
If CIP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.30, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates CLW as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Charter Hall Long WALE REIT falls to $3.28 from $3.75. Neutral rating maintained.

Target price is $3.28 Current Price is $3.35 Difference: minus $0.07 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.00, suggesting upside of 20.1% (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 CNI as Upgrade to Outperform from Neutral (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Centuria Capital falls to $1.78 from $2.02. Rating upgraded to Outperform from Neutral.

Target price is $1.78 Current Price is $1.53 Difference: $0.255
If CNI meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates CPU as Hold (3) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The target for Computershare falls to $35.20 from $36.75. Hold maintained.

Target price is $35.20 Current Price is $28.33 Difference: $6.87
If CPU meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $35.30, suggesting upside of 24.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Macquarie rates CQR as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Charter Hall Retail REIT falls to $3.91 from $4.15. Outperform rating maintained.

Target price is $3.91 Current Price is $3.68 Difference: $0.23
If CQR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.14, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates CSL as Neutral (3) -

Macquarie notes the US Federal Trade Commisssion (FTC) has granted early termination of the Hart–Scott–Rodino Antitrust Improvements Act (HSR) waiting period for CSL’s clazakizumab licensing deal with Eli Lilly.

This effectively clears the US antitrust review and removing a key regulatory hurdle, the analyst explains.

The agreement provides CSL with upfront and milestone payments, while retaining rights to the high-value cardio-renal indication, with Lilly taking responsibility for broader development and commercialisation.

With regulatory risk reduced, Macquarie highlights focus now shifts to clinical and regulatory execution, particularly the Phase III trial in end-stage kidney disease patients.

Neutral rating. Target $176.

Target price is $176.00 Current Price is $138.93 Difference: $37.07
If CSL meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $205.76, suggesting upside of 46.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Ord Minnett rates CVN as Buy (1) -

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

A price of US$100/barrel is forecast for the first half of 2026 for Brent before a gradual retreat to US$85/barrel in the second half. LNG prices are assumed at US$20/mmBtu in the first half and remain elevated for the rest of the year.

Ord Minnett retains a Buy rating for Carnarvon Energy with a $0.14 target.

Target price is $0.14 Current Price is $0.11 Difference: $0.035
If CVN meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates DBI as Buy (1) -

Citi highlights Dalrymple Bay Infrastructure as a strong candidate for most portfolios in the current environment, as the broker sees near term upgrades and certainty to earnings.

With upward pressure on CPI, the TIC base component is likely to positively surprise, the report suggests, while the NECAP charge has leverage to the increasing yields, at a time when the base is increasing materially.

Offsetting these positives will be higher interest costs, though the broker notes some 85% of the debt is hedged. Buy.

Target price is $6.00 Current Price is $5.02 Difference: $0.98
If DBI meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.58, suggesting upside of 11.6% (ex-dividends)

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 DGT as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for DigiCo Infrastructure REIT falls to $3.30 from $3.54. Outperform rating maintained.

Target price is $3.30 Current Price is $1.74 Difference: $1.56
If DGT meets the Macquarie target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 100.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates DMP as Upgrade to Neutral from Sell (3) -

Citi's research update discusses the tailwinds supporting Domino's Pizza Enterprises in the near term, as well as an update on the latest web/app traffic trends with the support of Citi’s Research Innovation Lab to gather insights on how sales may be tracking in key markets.

The conclusion drawn is the trading update is likely to reveal improved SSS ("same stores sales") performance relative to the rather dismal looking January/February update and on this basis the rating is upgraded to Neutral from Sell.

The update also refers to today's market update by Guzman y Gomez ((GYG)) which triggered a 19.80% rally in the shares. Citi points out Domino's Pizza Enterprises is equally heavily shorted.

No changes to earnings forecasts have been included. The new target is $17.50 (up 5c) as "higher peer multiples are offset by the lower market multiple".

Target price is $17.50 Current Price is $15.98 Difference: $1.52
If DMP meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 22.2% (ex-dividends)

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 DXI as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Dexus Industria REIT falls to $2.62 from $2.93. Outperform rating maintained.

Target price is $2.62 Current Price is $2.30 Difference: $0.32
If DXI meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.62, suggesting upside of 16.1% (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 DXS as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Dexus falls to $6.91 from $7.55. Outperform rating maintained.

Target price is $6.91 Current Price is $5.84 Difference: $1.07
If DXS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.12, suggesting upside of 20.3% (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

Ord Minnett rates EMR as Upgrade to Hold from Lighten (3) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

Emerald Resources is upgraded to Hold from Lighten with an unchanged $6.20 target.

Target price is $6.20 Current Price is $5.66 Difference: $0.54
If EMR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Ord Minnett rates FMG as Accumulate (2) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

West Australian iron ore shipments are flagged to come in below market expectations due to Cyclone Narelle, with no change in the Accumulate rating for Fortescue and an unchanged $22.50 target price.

Target price is $22.50 Current Price is $20.25 Difference: $2.25
If FMG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.46, suggesting downside of -1.0% (ex-dividends)

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

Ord Minnett rates GGP as Buy (1) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

The analyst views a production guidance upgrade is likely for Greatland Resources before its FY26 results with the prior guidance for 260k-310koz which is below consensus around 313koz. The stock is Buy rated with a $19 target.

Target price is $19.00 Current Price is $12.85 Difference: $6.15
If GGP meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 20.2% (ex-dividends)

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 GMG as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Goodman Group falls to $32.03 from $32.20. Outperform rating maintained.

Target price is $32.03 Current Price is $26.08 Difference: $5.95
If GMG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $34.53, suggesting upside of 31.0% (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

Macquarie rates GOZ as Downgrade to Neutral from Outperform (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Growthpoint Properties Australia falls to $2.02 from $2.58. The rating is downgraded to Neutral from Outperform..

Target price is $2.02 Current Price is $2.12 Difference: minus $0.1 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting upside of 14.1% (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

Macquarie rates GPT as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for GPT Group falls to $4.97 from $5.70. Outperform rating maintained.

Target price is $4.97 Current Price is $4.45 Difference: $0.52
If GPT meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.53, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in December.

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 GSS as Downgrade to Speculative Hold from Buy (3) -

Bell Potter downgrades Genetic Signatures to Speculative Hold from Speculative Buy, with a lower target price of 10c from 55c, due to increased uncertainty around the outlook, with few signs of a turnaround post the FDA clearance in 2024.

The company announced a major organisational restructure and cost-out initiatives less than one month after CEO Maria Halasz started.

Over the last two years, cash burn stood at circa -$2m per quarter, with $30m in cash at the end of December 2025. The cost-out plans, including a reduction in staff by -30, should support Genetic Signatures out to 2028, the analyst explains.

Target price is $0.10 Current Price is $0.08 Difference: $0.02
If GSS meets the Bell Potter target it will return approximately 25% (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

Citi rates GYG as Sell (5) -

At first glance, Citi notes Guzman y Gomez saw an acceleration in 3Q26 Australian like-for-like sales, which the market is likely to be positively disposed about as it was above consensus but inline with the analyst's forecasts, and has been achieved at a time of disruption with management.

Like-for-like Australian sales rose 6.6% in 3Q26 from 4.8% in 2Q26, with the Uber Eats strategic partnership viewed as possibly a tailwind.

US like-for-like sales rose to 2.2% from -1.1% in 2Q26 but could be viewed as a miss versus the first seven-week update in 2H26, equivalent to 1Q26 at 6.7%.

The company is on track to achieve 32 new restaurants in Australia for FY26.

Sell. Target $16.55.

Target price is $16.55 Current Price is $15.20 Difference: $1.35
If GYG meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.03, suggesting upside of 26.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates HCW as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for HealthCo Healthcare & Wellness REIT falls by -10c to 67c. Neutral rating maintained.

Target price is $0.67 Current Price is $0.71 Difference: minus $0.035 (current price is over target).
If HCW meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.80, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates HDN as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for HomeCo Daily Needs REIT falls to $1.12 from $1.33. Neutral rating maintained.

Target price is $1.12 Current Price is $1.21 Difference: minus $0.085 (current price is over target).
If HDN 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 $1.31, suggesting upside of 9.3% (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 HMC as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for HMC Capital falls to $3.71 from $3.96. Outperform rating maintained.

Target price is $3.71 Current Price is $2.52 Difference: $1.19
If HMC meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 45.9% (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

Ord Minnett rates IAG as No Rating (-1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The broker is currently restricted on research coverage for Insurance Australia Group. No target or rating supplied.

Current Price is $7.28. Target price not assessed.

Current consensus price target is $8.15, suggesting upside of 12.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates IAG as Buy (1) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group and Suncorp  Group ((SUN)) address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

Buy-rated Insurance Australia Group and QBE are preferred, with AUB Group ((AUB)) favoured over Steadfast Group ((SDF)) among brokers.

Target price for Insurance Australia Group moves to $8.70 from $8.55. FY26 EPS forecast slips -5.9%.

Target price is $8.70 Current Price is $7.28 Difference: $1.42
If IAG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.15, suggesting upside of 12.1% (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

Ord Minnett rates IFL as Hold (3) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The $4.80 target and Hold rating for Insignia Financial are unchanged.

Target price is $4.80 Current Price is $4.75 Difference: $0.05
If IFL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Ord Minnett rates IGO as Accumulate (2) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

The analyst reckons IGO Ltd will miss market expectations for its lithium output and operating earnings due to weather issues, and production was already lagging the run rate needed to meet FY26 guidance at the start of the quarter.

The stock is Buy rated with an unchanged $9.70 target.

Target price is $9.70 Current Price is $7.95 Difference: $1.75
If IGO meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.96, suggesting upside of 9.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates KAR as Buy (1) -

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

A price of US$100/barrel is forecast for the first half of 2026 for Brent before a gradual retreat to US$85/barrel in the second half. LNG prices are assumed at US$20/mmBtu in the first half and remain elevated for the rest of the year.

Among producers Karoon Energy, which owns the Bauna field offshore Brazil and the Who Dat field in the Gulf of Mexico, is Ord Minnett's preferred option.

Buy rating maintained. Target rises to $2.40 from $2.30.

Target price is $2.40 Current Price is $2.12 Difference: $0.28
If KAR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting downside of -8.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

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

UBS upgrades KMD Brands to Buy from Neutral post the 1H26 earnings (EBITDA) result, which came in slightly higher than management's guidance range of NZ$8m-NZ$12m, as well as a deeply discounted circa NZ$65m equity raising.

Earnings came in 19% better than the analyst's forecasts and reflected a sales turnaround for Kathmandu, up 12% y/y and over 200bps gross margin recovery versus 2H25. A turnaround in Rip Curl is not expected until FY27, though there are signs of stabilisation in wholesale.

Earnings forecasts are lowered on average by around -4% for FY26-FY28, with EPS estimates over the same period down circa -63% due to the equity issue.

With debt reduction and recapitalisation there is scope for a re-rating into FY27 as the company moves to a turnaround from survival, UBS explains. Target price is lowered by -50% to NZ$0.14 per share from NZ$0.28.

Current Price is $0.07. Target price not assessed.

The company's fiscal year ends in July.

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: 1.0

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

Macquarie rates LLC as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Lendlease Group falls to $4.99 from $5.46. Outperform rating maintained.

Target price is $4.99 Current Price is $3.22 Difference: $1.77
If LLC meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $5.15, suggesting upside of 62.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates LOV as Hold (3) -

Bell Potter retains a Hold rating on Lovisa Holdings and downgrades its target price to $24 from $33.50 previously.

The analyst notes the trading update at 1H26 results for the first seven weeks of 2H26 saw total sales up 21.5% y/y and group comparable sales up 1.6% y/y, which is below expectations and 1H26 at 2.2%.

A&NZ weakness has offset the stronger performance from US markets. Net profit after tax forecasts decline by -11% for FY26 and FY27, with EPS estimates down -13%, respectively.

Bell Potter remains cautious on the softer consumer backdrop and possible costs for new brand initiatives and investments in market share and new store rollouts.

Target price is $24.00 Current Price is $21.00 Difference: $3
If LOV meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.78, suggesting upside of 43.1% (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 LTR as Downgrade to Hold from Accumulate (3) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

Liontown is downgraded to Hold from Accumulate with a lower target of $1.80 from $1.90.

Target price is $1.80 Current Price is $1.70 Difference: $0.105
If LTR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 13.1% (ex-dividends)

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 MGR as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Mirvac Group falls by -9% to $2.22. Outperform rating maintained.

Target price is $2.22 Current Price is $1.71 Difference: $0.515
If MGR meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 29.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates MIN as Accumulate (2) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

West Australian iron ore shipments are flagged to come in below market expectations due to Cyclone Narelle. 

Buy rating and $65 target retained for Mineral Resources.

Target price is $65.00 Current Price is $52.68 Difference: $12.32
If MIN meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $68.20, suggesting upside of 25.0% (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

Ord Minnett rates MPL as Upgrade to Buy from Accumulate (1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The $5.10 target for Medibank Private is unchanged and the rating is upgraded to Buy from Accumulate. 

It's noted health insurers are less are less exposed to investment income, resulting in modest EPS forecast upgrades.

Target price is $5.10 Current Price is $4.44 Difference: $0.66
If MPL meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 15.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates MPL as Neutral (3) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group ((IAG)) and Suncorp Group ((SUN)) address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

Medibank Private is Neutral rated with a $4.85 target down from $4.90.

Target price is $4.85 Current Price is $4.44 Difference: $0.41
If MPL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 15.4% (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

Morgan Stanley rates NAB as Underweight (5) -

Morgan Stanley believes the outlook for the Australian economy has weakened, with rate hikes, tight fiscal policy and the global energy shock all pointing to downside risks.

The broker also notes notes the average return of major banks was worse than the market in March, underperforming the ASX200 and delivering average shareholder returns of -9.2%.

Recent developments could fundamentally shift operating conditions, Morgan Stanley adds, with trading multiples elevated and consensus estimates assuming earnings drivers remain favourable.

There are also early signs major bank mortgage and household deposit growth is moderating from strong levels of 2025, while over the past three months business loan growth at National Australia Bank was 9%, compared with CommBank at 12% in the lead among the majors.

Underweight. Target is $39.80. Industry view: Cautious.

Target price is $39.80 Current Price is $41.80 Difference: minus $2 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.55, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in September.

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

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

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

New Hope is downgraded to Lighten from Hold with an unchanged target of $4.70.

Target price is $4.70 Current Price is $5.84 Difference: minus $1.14 (current price is over target).
If NHC meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.30, suggesting downside of -9.4% (ex-dividends)

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

Ord Minnett rates NHF as Buy (1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The $8.25 target and Buy rating for nib Holdings are unchanged. It's noted health insurers are less are less exposed to investment income, resulting in modest EPS forecast upgrades.

Target price is $8.25 Current Price is $6.40 Difference: $1.85
If NHF meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.29, suggesting upside of 14.1% (ex-dividends)

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

UBS rates NHF as Neutral (3) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group ((IAG)) and Suncorp Group ((SUN)) address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

nib Holdings is Neutral rated with a lower target of $7.05 from $7.20. EPS forecasts are lowered for FY26 by -4.4% and tweaked higher in FY27.

Target price is $7.05 Current Price is $6.40 Difference: $0.65
If NHF meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.29, suggesting upside of 14.1% (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

Macquarie rates NSR as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The $2.63 target for National Storage REIT is unchanged. Neutral rating maintained.

Target price is $2.63 Current Price is $2.77 Difference: minus $0.14 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.76, suggesting downside of -1.1% (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

Bell Potter rates NUF as Buy (1) -

Bell Potter highlights supportive conditions into peak crop protection sales windows, alongside a sharp recovery in fish oil pricing.

The broker notes Peruvian fish oil prices have risen materially on tighter supply, supporting Nufarm’s ability to monetise inventory and improve operating performance.

Seasonal conditions across Europe, North America and Australia point to stable to improving crop activity, underpinning demand for crop protection products, while higher input prices, including glyphosate, support pricing.

Bell Potter expects these tailwinds to assist earnings and balance sheet deleveraging through stronger sales execution. Buy rated with no change to $3.60 target price.

Target price is $3.60 Current Price is $2.03 Difference: $1.57
If NUF meets the Bell Potter target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates PLS as Downgraded to Accumulate from Buy (2) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

PLS Group is downgraded to Accumulate from Buy with an unchanged $5.55 target price.

Target price is $5.55 Current Price is $5.09 Difference: $0.46
If PLS meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.11, suggesting downside of -1.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates PME as Buy (1) -

Citi highlights Pro Medicus shares have fallen some circa -50% year-to-date, and the analyst adjusts earnings forecasts for the roll-on of already won business to the latter part of the 2H26 and into FY27, and updates USDAUD currency assumptions (negligible impact).

The company announced around a 10% share buyback last week, with around $150m worth of shares to be acquired through to the end of FY27, well below the announced allowance of around $1bn.

Adjusting for the "push out" in sales, the valuation falls to $245 per share. Citi believes Pro Medicus' moat remains intact and is difficult to copy, with its customers "better off than without" its products.

Whether the new target price of $245, down from $300, is reached very much depends on investors' disposition to own SaaS businesses, as well as the specific characteristics of Pro Medicus' business, the analyst explains. Buy rated.

Target price is $245.00 Current Price is $118.84 Difference: $126.16
If PME meets the Citi target it will return approximately 106% (excluding dividends, fees and charges).

Current consensus price target is $249.83, suggesting upside of 104.8% (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 QAL as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The $4.16 target for Qualitas is unchanged.Outperform rating maintained.

Target price is $4.16 Current Price is $2.45 Difference: $1.71
If QAL meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

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 QBE as Buy (1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The $26 target and Buy rating for QBE Insurance are unchanged. 

Target price is $26.00 Current Price is $21.55 Difference: $4.45
If QBE meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.76, suggesting upside of 13.0% (ex-dividends)

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 QBE as Buy (1) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group ((IAG)) and Suncorp Group ((SUN)) address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

Buy-rated Insurance Australian Group and QBE are preferred, with AUB Group ((AUB)) favoured over Steadfast ((SDF)) among brokers.

Target price for QBE moves to $23.95 from $23.75 with EPS forecasts upgraded for FY26/FY27.

Target price is $23.95 Current Price is $21.55 Difference: $2.4
If QBE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.76, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates RIO as Accumulate (2) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

West Australian iron ore shipments are flagged to come in below market expectations due to Cyclone Narelle, with no change in the Accumulate rating for Rio Tinto. Target slips to $171 from $172. 

Rio Tinto is viewed as the most at risk of a downgrade in production guidance, albeit the analyst acknowledges it is still early in 2026.

Target price is $171.00 Current Price is $161.62 Difference: $9.38
If RIO meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $155.33, suggesting downside of -6.3% (ex-dividends)

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

Ord Minnett rates RRL as Upgrade to Hold from Sell (3) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

Regis Resources is upgraded to Hold from Sell with an unchanged $7 target.

Target price is $7.00 Current Price is $6.72 Difference: $0.28
If RRL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.84, suggesting upside of 29.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates S32 as Upgrade to Buy from Accumulate (1) -

Ahead of the quarterly reporting season, Ord Minnett marks-to-market commodity prices and forecasts some softer volumes for some companies due to seasonal maintenance shutdowns and adverse weather impacts from Cyclone Narelle, as well as diesel fuel impacts from supply challenges.

No formal cost guidance is expected due to the ongoing uncertainty on the timing of any resolution in the Iran conflict.

South32 is upgraded to Buy from Accumulate on valuation grounds, with weather impacts flagged at its Cannington silver-lead-zinc project in north Queensland and its Groote Eylandt manganese operations in the Gulf of Carpentaria.

The target moves to $5.20 from $5.10. FY27 EPS estimate is upgraded by 7%.

Target price is $5.20 Current Price is $4.42 Difference: $0.78
If S32 meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.18, suggesting upside of 13.9% (ex-dividends)

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: 0.9

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

Macquarie rates SCG as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Scentre Group falls by -50c to $3.23. Neutral rating maintained.

Target price is $3.23 Current Price is $3.37 Difference: minus $0.14 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.96, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates SDF as Buy (1) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with NIB Holdings, QBE Insurance and AMP identified as key picks within the sector.

The target for Steadfast Group falls to $5.55 from $5.70. Buy rating retained.

Target price is $5.55 Current Price is $4.19 Difference: $1.36
If SDF meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 32.1% (ex-dividends)

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 SDF as Buy (1) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group ((IAG)) and Suncorp Group ((SUN)) address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

Buy-rated Insurance Australian Group and QBE are preferred, with AUB Group ((AUB)) favoured over Steadfast Group among brokers.

Target price for Steadfast remains unchanged at $6 with a Buy rating.

Target price is $6.00 Current Price is $4.19 Difference: $1.81
If SDF meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 32.1% (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 SGP as Outperform (1) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The broker's target for Stockland falls by -$1.00 to $4.42 due to lower volume, price and margin assumptions for master planned communities (MPC) and land lease development. Outperform rating maintained.

Target price is $4.42 Current Price is $4.12 Difference: $0.3
If SGP meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.53, suggesting upside of 39.0% (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 STO as Downgrade to Accumulate from Buy (2) -

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

A price of US$100/barrel is forecast for the first half of 2026 for Brent before a gradual retreat to US$85/barrel in the second half. LNG prices are assumed at US$20/mmBtu in the first half and remain elevated for the rest of the year.

Ord Minnett trims its rating on Santos to Accumulate from Buy and raises the target to $7.80 from $7.40.

Target price is $7.80 Current Price is $8.08 Difference: minus $0.28 (current price is over target).
If STO meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.99, suggesting downside of -1.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Ord Minnett rates SUN as Hold (3) -

Ord Minnett has reviewed its insurance and diversified financials coverage amid a backdrop of rising inflation and interest rates, following a quarter of broad underperformance despite a stronger March.

The broker expects health insurers to benefit from lower claims in an inflationary environment, while insurance brokers should gain from any recovery in premiums without near-term claims risk.

Ord Minnett’s preferred exposures remain unchanged, with nib Holdings, QBE Insurance and AMP identified as key picks within the sector.

The $18.00 target for Suncorp Group and Hold rating are maintained.

Target price is $18.00 Current Price is $15.80 Difference: $2.2
If SUN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.59, suggesting upside of 18.9% (ex-dividends)

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

UBS rates SUN as Buy (1) -

UBS prefers domestic general insurers across its coverage despite FY26 EPS downgrades driven by mark-to-market investment losses.

The broker highlights supportive sector dynamics, including strong pricing momentum in home and motor, rising bond yields, and potential gross written premium upside if Insurance Australia Group ((IAG)) and Suncorp Group address market share trends.

Insurance Australia remains the top pick, with UBS pointing to upside from RACQ margin improvements, cost efficiencies, and reinsurance profit commissions.

QBE Insurance and insurance brokers are seen as offering value despite softer commercial pricing, while UBS remains cautious on private health insurers due to claims inflation and affordability pressures.

Buy-rated Insurance Australian Group and QBE are preferred, with AUB Group ((AUB)) favoured over Steadfast ((SDF)) among brokers.

Target price for Suncorp moves to $19.25 from $19 with an ongoing Buy rating.  FY26 EPS forecast is lowered -6.7%.

Target price is $19.25 Current Price is $15.80 Difference: $3.45
If SUN meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.59, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates TLX as Buy (1) -

In a flash update, Bell Potter highlights a strong 'beat' for Telix Pharmaceuticals' 1Q26 update, with PSMA imaging revenue of US$186m beating both its own estimate (US$170m) and consensus (US$173m), driven by volume growth and market share gains in the US.

The broker notes encouraging regulatory progress for Zircaix following FDA engagement, with BLA re-submission targeted for 1H26 and potential approval in late 2026 to early 2027.

Management's FY26 revenue guidance of US$950m to US$970m was reiterated and now appears achievable following the strong start, alongside confirmed R&D spend guidance.

Bell Potter identifies the key near-term catalyst as the TLX101 (Pixclara) regulatory update following NDA re-submission.

Target price is $19.00 Current Price is $12.95 Difference: $6.05
If TLX meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 89.7% (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

Macquarie rates VCX as Neutral (3) -

Higher interest rate expectations have driven low single-digit reductions to Macquarie’s REIT earnings forecasts from FY27 onwards.

The broker anticipates a structural re-rating for Retail and Industrial sectors, while Office faces de-rating risk amid growing concerns over the impact of AI on long-term space demand.

In residential, higher interest rates are expected to weigh on sales volumes and prices, with elevated construction costs, driven by oil prices and supply chain disruptions, adding further pressure on margins and earnings.

More broadly, higher nominal and real bond yields, alongside elevated geopolitical risk, are likely to dampen equity inflows into real estate, constraining assets under management (AUM) growth and funds management earnings.

The target for Vicinity Centres falls to $2.17 from $2.42. Neutral rating maintained.

Target price is $2.17 Current Price is $2.38 Difference: minus $0.21 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.54, suggesting upside of 6.3% (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

Ord Minnett rates VEA as Buy (1) -

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

Ord Minnett reiterates that refiners are its preferred choices to play the current volatility given leverage to refining margins is higher than producer leverage to oil and LNG. Buy rating retained for Viva Energy with a $2.85 target. 

Target price is $2.85 Current Price is $2.57 Difference: $0.28
If VEA meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 6.3% (ex-dividends)

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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley believes the outlook for the Australian economy has weakened, with rate hikes, tight fiscal policy and the global energy shock all pointing to downside risks.

The broker also notes notes the average return of major banks was worse than the market in March, underperforming the ASX200 and delivering average shareholder returns of -9.2%.

Recent developments could fundamentally shift operating conditions, Morgan Stanley adds, with trading multiples elevated and consensus estimates assuming earnings drivers remain favourable.

There are also early signs major bank mortgage and household deposit growth is moderating from strong levels of 2025, while over the past three months business loan growth has been second strongest at Westpac (11%) compared with CommBank (12%) among the majors.

Underweight rating and $34.40 target are maintained. Industry view: Cautious.

Target price is $34.40 Current Price is $39.85 Difference: minus $5.45 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.50, suggesting downside of -12.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Morgans rates WDS as Downgrade to Hold from Accumulate (3) -

Morgans downgrades Woodside Energy to Hold from Accumulate and lowers its target to $33.40 from $33.55.

The stock is now seen as an "active wager" on the oil crisis being more permanent. While this may be possible, the broker questions whether this should form a base case and steering strategy.

While retaining significant conviction of the portfolio quality and track record on execution, and while the current geopolitical disruption is elevating commodity prices, the share price now reflects these dynamics, Morgans asserts.

The stock has appreciated around 52% in total returns from January alone driven by the conflict and associated supply shock across crude and LNG markets.

The broker believes the investment profile has shifted from providing a hedge to "being a bet on what is an uncertain outlook".

Target price is $33.40 Current Price is $34.93 Difference: minus $1.53 (current price is over target).
If WDS meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.93, suggesting downside of -16.1% (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: -0.3

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

Ord Minnett rates WDS as Sell (5) -

Ord Minnett has reviewed its commodity price assumptions and energy sector coverage as the war in the Middle East continues amid considerable damage to production facilities in the Persian Gulf.

The review has resulted in increases to June quarter spot price assumptions, representing a rise of 33% for both Brent crude and LNG. This in turn drives steep earnings upgrades for some producers and more modest changes to others under the broker's coverage.

A price of US$100/barrel is forecast for the first half of 2026 for Brent before a gradual retreat to US$85/barrel in the second half. LNG prices are assumed at US$20/mmBtu in the first half and remain elevated for the rest of the year.

Ord Minnett retains a Sell rating for Woodside Energy and lowers its target to $25.00 from $25.75.

Target price is $25.00 Current Price is $34.93 Difference: minus $9.93 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.93, suggesting downside of -16.1% (ex-dividends)

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