Australian Broker Call

Citi rates A2M as Buy (1) -

Citi sees positive read-through for a2 Milk Co from competitor Danone’s 3Q25 results. It showed strong growth in specialised nutrition, especially in China, North Asia, and Oceania, with infant milk formula the key driver of performance.

The broker notes both companies benefit from continued strength in English-label products over China-label ones.

An update is expected from a2 Milk at the AGM on November 20.

Target price is $9.29 Current Price is $9.33 Difference: minus $0.04 (current price is over target).
If A2M meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.17, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Bell Potter rates AHC as Buy (1) -

Bell Potter assesses Austco Healthcare delivered a strong first quarter FY26 revenue and earnings (EBITDA) margin performance, driven by both organic and acquired growth.

Revenue rose around 51% year-on-year to $23.2m, while earnings (EBITDA) reached around $4.2m for a margin of about 18.1%, up from 16% a year earlier.

The analysts attribute the circa 210bps margin improvement to operating leverage from recent systems integrator acquisitions that enhanced efficiency and supplier pricing.

Organic growth remains in double digits, highlights the broker, supported by rising demand for Austco’s nurse call systems and a $54.6m order book.

Bell Potter retains a Buy rating and a 55c target price.

Target price is $0.55 Current Price is $0.41 Difference: $0.14
If AHC meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates ANN as Neutral (3) -

Ansell has upgraded its FY26 EPS guidance by around 3% at the midpoint of the range, Citi notes, due to FX changes, better freight costs, and other productivity gains.

The analyst notes consensus is positioned around the previous range, and a positive reaction is anticipated in the stock.

Neutral rated with a $35.50 target price.

Target price is $35.50 Current Price is $36.31 Difference: minus $0.81 (current price is over target).
If ANN meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.67, suggesting downside of -3.6% (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: 0.0

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

Ord Minnett rates ANN as Hold (3) -

At the AGM, Ansell upgraded FY26 EPS guidance by 3%, mainly from favourable FX movements. The company stated the trading backdrop so far this FY has been in line with expectations, Ord Minnett highlights.

Improved margins are expected from currency gains, Kimberly-Clark synergies, manufacturing efficiencies, and lower freight costs.

The broker remains concerned about tariff risks, noting a further 30% tariff would require 9% price hikes on US sales to offset the impact.

FY26 EPS forecast raised by 3.5% and FY27 by 2.1%.

Hold. Target rises to $37.20 from $36.20.

Target price is $37.20 Current Price is $36.31 Difference: $0.89
If ANN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $34.67, suggesting downside of -3.6% (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: 0.0

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

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

Austal's FY26 EBIT guidance of $135m provided at the AGM was 4% above consensus and Macquarie's forecasts, implying 19% y/y growth. Adjusting for the MMF3 submarine contract, the underlying EBIT growth forecast is around 4%.

The broker points to the company's guidance upgrade sequence for FY25, which went from $80m at AGM, to not less than $80m at 1H25 result and to not less than $100m just before the FY25 result.

TATS program settlement was completed, with US$92m cash received and no further earnings impact expected.

For context, the TATS issue was about cost and schedule pressures from design delays in the shipbuilding contract with the US Navy, which, following resolution, frees the company to focus on more profitable work.

The broker lifted FY26 EBIT forecast to around $134m from $130m following the guidance. FY26 EPS forecast upgraded by 4% and FY27 by 2%.

Target rises to $8.10 from $7.95. Rating upgraded to Outperform from Neutral.

Target price is $8.10 Current Price is $6.81 Difference: $1.29
If ASB meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.99, suggesting upside of 15.4% (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

Bell Potter rates BOE as Buy (1) -

Boss Energy produced 385klbs of uranium (U3O8) in the first quarter FY26, 11% higher quarter-on-quarter and above its 365klbs forecast, highlights Bell Potter. A further 45klbs was received from the Alta Mesa joint venture.

The broker notes sales of 400klbs at an average realised price of US$74.7/lb generated $57m revenue, with costs (AISC) improving to $50/lb from $52/lb.

Cash rose $11.2m after $36m in receipts and a $15m loan repayment, while inventory increased to 1.44mlbs.

Bell Potter highlights the Honeymoon Review, due this quarter, as the key near-term catalyst.

Buy. Target unchanged at $2.90.

Target price is $2.90 Current Price is $1.91 Difference: $0.995
If BOE meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.30, suggesting upside of 20.4% (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

Citi rates BOE as Buy (1) -

Boss Energy shares rose around 20% after record Honeymoon production slightly exceeded consensus, aided by sector optimism following Cameco’s US reactor expansion, explains Citi.

While shares remain down around -24% year-to-date, the broker expects the upcoming Honeymoon Review before Christmas to address resource continuity and leachability issues.

Citi suggests success could mark an inflection point for confidence in wellfield optimisation and head grade performance.

The broker reckons Boss Energy is on a credible recovery path within a structurally bullish uranium market.

Target price falls to $2.20 from $2.70. Buy rating retained.

Target price is $2.20 Current Price is $1.91 Difference: $0.295
If BOE meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.30, suggesting upside of 20.4% (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

Morgan Stanley rates BOE as Underweight (5) -

At first quarter results, management at Boss Energy maintained FY26 guidance across all metrics, notes Morgan Stanley, with the Honeymoon Review results expected this quarter.

Honeymoon production of 0.386mlbs was -3.5% below the broker's forecast but 3% above consensus, supported by record drummed output as wellfield four came online.

Sales of 0.4mlbs exceeded forecasts by the broker and consensus, with an average realised uranium price of US$74.7/lb.

C1 costs of -$34/lb were materially lower than expected, down -19% versus Morgan Stanley’s estimates due to timing factors and reagent optimisation.

Morgan Stanley views potential ongoing reagent benefits as a key cost driver ahead of the Honeymoon Review.

Underweight. Target $1.85. Industry View: Attractive.

Target price is $1.85 Current Price is $1.91 Difference: minus $0.055 (current price is over target).
If BOE meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.30, suggesting upside of 20.4% (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

Ord Minnett rates BOE as Hold (3) -

Boss Energy delivered a strong September quarter (1Q26) update, with sales of 500klb, 38% above consensus, and cost (AISC) of A$50/lb, well below estimates and guidance.

Sales benefited from enCore Energy's loan repayment in uranium, Ord Minnett notes. Cost savings stemmed from lixiviant optimisation and reagent changes, which may offer permanent reductions pending confirmation in December.

The Honeymoon review remains the key uncertainty, and with drilling expected to continue through 4Q26, the broker is cautious about review completeness.

The company plans FY26 sales alignment with production (1.6Mlb) via forward market sales rather than new RFP bids, expecting higher future prices, the broker highlights.

Target unchanged at $2.10. Hold retained, with post-FY26 outlook dependent on Honeymoon review outcomes.

Target price is $2.10 Current Price is $1.91 Difference: $0.195
If BOE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.30, suggesting upside of 20.4% (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

Shaw and Partners rates BOE as Buy (1) -

Boss Energy delivered a solid September quarter (1Q26) update, with production, sales, and pricing all in line with Shaw and Partners' forecasts and costs better than expected.

The company re-iterated FY26 guidance for 1.6Mlb production, cash cost of US$27-29/lb and AISC cost of US$41-45/lb. The broker highlights the strong balance sheet with $48m cash, 1.4Mlb inventory, and no debt.

Outcome of the Honeymoon Review is being awaited, and in the broker's view, valuation sensitivity primarily hinges on additional wellfield capex requirements. 

A US$5/lb plus or minus revision to wellfield capex would impact its Boss Energy valuation by approximately $0.22/share. Pending the review, the broker lifted its sustaining wellfield capex assumption to US$12/lb from US$7/lb

Buy, High Risk. Target unchanged at $2.85..

Target price is $2.85 Current Price is $1.91 Difference: $0.945
If BOE meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $2.30, suggesting upside of 20.4% (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

Citi rates CGF as Buy (1) -

Citi believes the outlook for Challenger has improved after APRA’s latest response paper on longevity product capital settings signaled positive reform. The proposed changes are seen as materially positive, though slightly more conservative than Challenger had sought.

While a final verdict is still pending, the analyst explains APRA’s principles-based approach grants more discretion to company-appointed actuaries, aligning with Challenger’s preference.

The broker points out the implementation date has been pushed to July 1, 2026, meaning no benefit will flow through FY26 guidance, and any capital return is likely delayed.

Buy rating. Target $10.25

Target price is $10.25 Current Price is $9.10 Difference: $1.15
If CGF meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting downside of -0.9% (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

UBS rates CGF as Buy (1) -

UBS feels APRA’s draft capital standards for annuity products are incrementally positive for Challenger, implying stronger capital efficiency and potential valuation upside.

The broker's revised capital modeling shows a “Day 1” common equity tier 1 (CET1) benefit of around $400m at a 75% fixed income mix, potentially rising to $1bn if this increases to 85%.

UBS expects the changes to lift its EPS forecasts by 3-4%, dividends (DPS) by 9-20% post capital management, and return on equity (ROE) to 13-14% from around 12% currently.

UBS retains a Buy rating and an unchanged $10.10 target price.

Target price is $10.10 Current Price is $9.10 Difference: $1
If CGF meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting downside of -0.9% (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

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

Management at Centuria Industrial REIT tightened FY26 earnings guidance to 18.2-18.5c from 18.0-18.5c. Morgan Stanley explains this change reflects interest savings from the early repurchase of $325m exchangeable notes at a 3.5% coupon.

Distributions per security remain guided at 16.8c. Occupancy was broadly steady around 95% and leasing incentives near 15%, highlight the analysts.

Leasing activity totaled 42,500sqm, mostly renewals, including a 10-year lease with Tesla at Derrimut achieving a 133% spread.

Morgan Stanley highlights a new agreement with Telstra Group ((TLS)) to unlock land for a potential 40MW data centre in Clayton, Victoria, expected post-FY28.

Equal-weight rating. Target $3.63. Industry view: In-Line.

Target price is $3.63 Current Price is $3.57 Difference: $0.06
If CIP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 3.3% (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

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

Macquarie upgrades Capricorn Metals to Neutral from Underperform, with a $13 target retained, as the 1Q26 report was pre-announced with few surprises.

The miner produced around 32koz, or circa 27% of the FY26 midpoint of guidance, which management retained.

All-in-sustaining costs were better than expected by 5% versus consensus, but sales fell and missed the analyst's forecast by -11% and consensus by -13%.

Cash also came in lower by -3% versus the broker's estimate and -6% below consensus, attributed to lower sales.

Target price is $13.00 Current Price is $12.32 Difference: $0.68
If CMM meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.03, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates COL as Buy (1) -

First up: Citi analysts do not expect today's market update by Coles Group to trigger material revisions to consensus forecasts.

Earlier today, Coles reported Supermarkets LFL sales growth of 4.6% for 1Q26,in line with forecasts by both Citi and consensus.

As per the broker's initial follow-up, growth is being powered by online while Supermarkets growth has continued at similar levels into 2Q26 to date.

Citi suggests this will allay fears there has been a recent shift in market share back to Woolworths Group ((WOW)) following the latter's market update yesterday.

Also: Liquor sales remain challenged, with LFL sales growth down by -1.4%.

Buy. Target $25.40.

Target price is $25.40 Current Price is $22.71 Difference: $2.69
If COL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.91, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CWP as Buy (1) -

Cedar Woods Properties delivered a strong first quarter update, assesses Bell Potter, upgrading FY26 profit growth guidance to 15% from 10%, supported by robust market conditions and accelerating project momentum.

The broker highlights record pre-sales of $763m, providing multi-year earnings visibility, with around $410m expected to settle in FY26 and $353m across FY27-FY28.

The analysts attribute the upgraded profit guidance to higher sales velocity and price growth, noting management’s conservative track record suggests further upside potential.

Bell Potter lifts its target price to $9.70 from $8.75 and retains a Buy rating.

Target price is $9.70 Current Price is $8.59 Difference: $1.11
If CWP meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates CWP as Buy (1) -

At the 1Q26 update, Cedar Woods Properties upgraded FY26 net profit growth guidance to 15% from 10% with over 90% of FY26 unit settlements presold, providing record earnings visibility.

Shaw and Partners highlights a strong September quarter as the company benefits from macroeconomic tailwinds and Australia's structural housing shortage. Settlements were up 17% q/q.

The broker lifted FY26-28 forecasts, now expecting 18% net profit growth in FY26.  Strong housing demand and price increases have been factored in, and margins are expected to exceed 28% in FY26.

The broker's estimates suggest 30% of its FY27-28 sales forecasts are covered in current pre-sales.

Buy, High Risk. Target rises to $9.35 from $8.25.

Target price is $9.35 Current Price is $8.59 Difference: $0.76
If CWP meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Data#3's 1H26 profit before tax (PBT) guidance of $32-34m at the AGM exceeded expectations, including Macquarie's forecast of $33.5m. Softness in software is being offset by strong Infrastructure Solutions growth.

The broker estimates the company needs to deliver $8m higher PBT in 2H to reach its FY26 forecast of $75m, but sees risks weighted to the downside.

Based on NAB's SME survey showing a decline in capex expectations, the broker is of the view purchasing by SMEs remain on hold.

In the near term, valuation is seen as balanced at 28x P/E, but long-term tailwinds from tech inflation and software usage remain, though SaaS is seen as a drag.

Minor revisions made to FY26-27 forecasts. Target rises to $9.85 from $9.15.

Rating downgraded to Neutral from Outperform.

Target price is $9.85 Current Price is $9.53 Difference: $0.32
If DTL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.09, suggesting upside of 2.2% (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

Morgan Stanley rates DTL as Overweight (1) -

Management at Data#3 has guided to 1HFY26 profit before tax (PBT) of $32-34m, around 5% ahead of consensus at the midpoint, implying to Morgan Stanley a normal 45/55 1H/2H earnings split.

Underlying profit remains robust, assesses the broker, with adjusted first half earnings (EBIT) up around 7% year-on-year despite software timing headwinds linked to Microsoft incentive changes.

The analysts anticipate a stronger second half, supported by an improving IT cycle, rising infrastructure gross profit and continued services momentum. Medium-term upside is expected via large project opportunities, including the Brisbane Olympics and Paralympics.

Overweight. Target $9.50. Industry View: In Line. 

Target price is $9.50 Current Price is $9.53 Difference: minus $0.03 (current price is over target).
If DTL meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.09, suggesting upside of 2.2% (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

Citi rates DXS as Neutral (3) -

Citi assesses the latest operational update provided by Dexus management at the AGM as cautious optimism amid improving business confidence.

Office occupancy eased to 91.2% from 92% in June, with incentives rising to 28.7% from 26.8%, though industrial leasing spreads remained strong at 36%. The remaining under-rented portion of Dexus's industrial portfolio sits at 9.5%.

Management re-affirmed guidance for funds from operations (FFO) of 44.5-45.5cpu and distributions of 37cpu for FY26.

Citi sees Dexus outperforming peers in occupancy and incentives. Buy rating with a $7.80 target price.

Target price is $7.80 Current Price is $7.61 Difference: $0.19
If DXS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates DXS as Underweight (5) -

The heading "Just Chugging Along" adopted by analysts at Morgan Stanley sums up Dexus's 1Q26, with metrics largely in line with expectations. FY26 guidance was maintained for funds from operations (FFO) of 44.5-45.5cpu and distributions of 37cpu.

Office occupancy declined to 91.2% from 92.3%, consistent with management’s forecast for a trough around 90. Incentives rose to 28.7% from 26.8%, influenced by leases in Perth and North Sydney, explains the broker.

Industrial incentives increased to 19.5% due to a large deal and office park lease, though leasing spreads remained strong at 36%, highlight the analysts.

Underweight. Target price $7.95. Industry View: In-Line.

Target price is $7.95 Current Price is $7.61 Difference: $0.34
If DXS meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates DXS as Buy (1) -

Dexus' 1Q26 office leasing rose by 21% on the five-year average to 49,000sqm, notes UBS, though occupancy (by area) eased by -110bps to 90.7%.

Incentives increased to 28.7% from 26.8%, driven by large Perth and North Sydney deals, while logistics incentives also rose to 19.5% amid softer leasing volumes, observe the analysts.

Funds from operations (FFO) guidance of 44.5-45.5cpu and distributions of 37cpu are unchanged.

The broker highlights valuation support, with the stock trading at a -15% discount to net tangible assets (NTA), but cautions on low growth and limited near-term catalysts.

UBS retains a Buy rating and an unchanged $8.60 target price.

Target price is $8.60 Current Price is $7.61 Difference: $0.99
If DXS meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates EBO as Outperform (1) -

Ebos Group reconfirmed FY26 underlying earnings (EBITDA) guidance of $615-$635m, making 7% growth at the midpoint and an estimated 3% organic growth, Macquarie notes, with both the analyst and consensus estimates close to the midpoint.

Positively, the $360m distribution centre renewal spend is finishing in 2H26, with the Kemps Creek facility up and running this month. Ebos will have a complete Australian footprint, the analyst explains, post the opening of a new Contract Logistics Facility in Perth in early 2026.

The First Pharmacy Wholesaler agreement will increase around 15% to $4.2bn over five years, with management pointing to an increased cap for high-cost medicines to $223 from $54. This is expected to be positive for the growth of specialty medicines.

Outperform rating and NZ$39.78 target unchanged.

Current Price is $24.57. Target price not assessed.

Current consensus price target is $31.94, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates ELV as Outperform (1) -

Macquarie notes Elevra Lithium announced 1Q26 production and realised prices which met expectations, with costs coming in better than expected by 34%. Shipments were below expectations by -25% as the miner delayed sales for higher lithium prices.

Mined ore over the quarter of 338kt was below the analyst's forecast by -10%, with a robust concentrator utilisation rate at 87%.

Outperform rating retained. Target slips by -5% to $5.20 from $5.50. 

As one of only two lithium producers in North America, Macquarie believes Elevra could be ascribed a premium valuation as the US government seeks critical minerals supply security.

Target price is $5.20 Current Price is $3.76 Difference: $1.44
If ELV meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates EOL as Initiation of coverage with Buy (1) -

Ord Minnett initiated coverage of Energy One with a Buy rating and target price of $24.47.

The broker's positive view is based on expectations of 17% compounded annual revenue growth between FY25-28, driven by climate transition tailwinds, European expansion, and a fragmented market.

EBITDA margin is estimated to expand to 32% by FY30 from 17% in FY25, supporting 49% compounded annual EPS growth.

The broker points to exceptional unit economics (LTV/CAC over 30x), highlighting strong competitive advantage and scalability. LTV/CAC is a key metric used to assess the profitability and efficiency of customer acquisitions in subscription or SaaS businesses.

The stock is trading at 8.5x FY26E EV/Sales and 19x FY27E EV/EBITDA, offering upside potential, in the broker's view, as growth and margin momentum drive re-rating.

Target price is $24.47 Current Price is $19.44 Difference: $5.03
If EOL meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates INR as Speculative Buy (1) -

Management at ioneer has released upgraded economics for its 100%-owned Rhyolite Ridge lithium-boron project in Nevada.

Bell Potter highlights a 19% lift in net present value (NPV) to US$2.2bn and production increases of 9% for lithium hydroxide and 7% for boric acid.

All-in sustaining costs (AISC) are -US$4,628/t lithium carbonate equivalent (LCE), with capital expenditure unchanged, reflecting enhanced process efficiency and higher ore throughput of 3.4mtpa, note the analysts.

The upgrade strengthens funding prospects ahead of a final investment decision (FID), suggests Bell Potter, supported by a US$996m US Department of Energy loan. Increased uncontracted lithium volumes also are seen as boosting partner appeal.

Bell Potter retains a Speculative Buy rating and a 36c target price.

Target price is $0.36 Current Price is $0.18 Difference: $0.18
If INR meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates JBH as Buy (1) -

In a rapid response to today's trading update, Citi analysts note JB Hi-Fi Australia's 1Q26 sales increased by 6% with LFL sales growth of 5%, in line with its own projections.

The Good Guys grew LFL y/y sales by 2.4%, which missed Citi's 5% forecast. JB Hi-Fi New Zealand grew strongly, with LFL sales increasing by 24.3% y/y.

Citi analysts are forecasting an improvement in trading in 2Q26, given the continued consumer spending shift to Black Friday sales, with 6.7% LFL growth expected in 2Q26 for JB Hi-Fi Australia.

Today's response also highlights Citi's earnings forecasts (unchanged) currently sit circa 3% ahead of the FY26 group EBIT consensus.

Buy. Target $120.

Target price is $120.00 Current Price is $113.52 Difference: $6.48
If JBH meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $108.97, suggesting upside of 0.5% (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

Citi rates JHX as Neutral (3) -

James Hardie Industries’ AGM delivered several significant board changes, which Citi views as incrementally positive.

Chair Anne Lloyd and two legacy directors were voted off, while three Azek directors were elected, signaling to the broker investor appetite for governance renewal.

The analysts expect a new chair appointment could enhance governance, remuneration alignment and investor engagement, easing recent governance concerns.

Neutral rating. Target $33.

Target price is $33.00 Current Price is $33.87 Difference: minus $0.87 (current price is over target).
If JHX meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.93, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in March.

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 JIN as Neutral (3) -

Jumbo Interactive has announced yet another acquisition, this time of Dream Giveaways for -US$37.6m.

Citi explains the target is a well-established B2C brand and digital market proposition in the US prize draw market, specialising in high-value, automotive themed giveaways.

As per the broker's quick follow-up, the acquisition price implies a 7.8x EV/adjusted EBITDA multiple on FY25 earnings, representing a slight discount to where Jumbo itself trades (8.1x FY25 EV/EBITDA).

The transaction will be financed via a combination of $20.9m in cash and $36.9m in existing debt. Jumbo expects the acquisition to deliver low-to-mid single-digit EPS accretion in the first 12 months post-completion.

Equally noted: the current management at Dream Giveaways will remain in place. The board at Jumbo Interactive will review the current dividend payout ratio of 65-85% of statutory NPAT and provide an update at the AGM on 11th November.

Target $11.80. Neutral.

Target price is $11.80 Current Price is $12.75 Difference: minus $0.95 (current price is over target).
If JIN meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.56, suggesting upside of 11.8% (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

Ord Minnett rates LTR as Sell (5) -

Liontown Resources' September quarter (1Q26) realised prices disappointed, driving shares down -13% despite stronger production and shipments, Ord Minnett observes.

Realised price of US$700/t SC6 compares with the broker's free cash flow  (FCF) break-even estimate of US$1,075/t for FY26, though this is expected to fall to US$900/t in FY27 as unit cost declines with scale.

The broker highlights operations are on track, with open-pit completion and underground ramp-up progressing as planned. FY26 is expected to be a transition year, with cash burn to ease but FCF to stay negative without a lithium price recovery.

FY26 EPS forecast trimmed by -0.8% but FY27 lifted by 11.1% on lower costs and interest expenses.

Sell. Target price 75c.

Target price is $0.75 Current Price is $1.03 Difference: minus $0.28 (current price is over target).
If LTR meets the Ord Minnett target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.76, suggesting downside of -33.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

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

Morgan Stanley observes Lynas Rare Earths will build a new heavy rare earth (HRE) separation facility in Malaysia to meet growing ex-China demand, supported by proceeds from its recent $900m equity raising.

The plant will cost around -$180m, process up to 5ktpa of HRE feedstock (up from 1.5ktpa currently) and begin producing samarium, gadolinium, yttrium, lutetium, dysprosium and terbium from April 2026.

Feedstock will be sourced from Mt Weld and future projects, explain the analysts, with construction staged over two years.

Morgan Stanley sees Lynas well positioned in the global race to expand rare earth production but notes rising government-backed supply may pressure long-term pricing.

Equal-weight. Target $19.45. Industry View: Attractive.

Target price is $19.45 Current Price is $15.28 Difference: $4.17
If LYC meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $13.65, suggesting downside of -7.3% (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

Ord Minnett rates LYC as Sell (5) -

Lynas Rare Earths unveiled a new element of its Lynas 2030 plan, aiming to separate six additional rare earth elements (REE) and consider four more, Ord Minnett notes.

The company plans a $180m heavy REE separation facility in Malaysia, expanding production of Dy, Tb, Sm, Gd, and Y from April 2026 onward. The strategy targets supply dislocation between China and the West, expanding downstream and partnering with JS Link (Korea) and Noveon (US).

The broker notes shares fell as markets focused on potential REO trade developments between Trump and Xi, highlighting any settlement would be negative for REO sentiment.

The September quarter update today is being watched for more details on the new plan and cash flow impacts.

Sell. Target unchanged at $10.

Target price is $10.00 Current Price is $15.28 Difference: minus $5.28 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.65, suggesting downside of -7.3% (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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences’ 1Q FY26 revenue of $3.6m was flat y/y and down around -14% q/q, as MetaXplore growth was offset by the decline in legacy and base products, explains Bell Potter.

MetaXplore (the company's flagship gut microbiome analysis test) volumes rose 12% in Australia and 83% in the UK, with over 800 clinicians ordering tests, reflecting strong market penetration, highlight the analysts 

Free cash flow (FCF) was -$5.7m with $14m cash on hand and a $3m Research and Development Tax Incentive (R&DTI) refund expected in the second quarter.

Bell Potter expects growth to resume in the second half of FY26. The broker's Buy (Speculative) rating is retained.. The target falls to 14c from 16c.

Target price is $0.14 Current Price is $0.08 Difference: $0.064
If MAP meets the Bell Potter target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates MLX as Buy (1) -

Ord Minnett notes Metals X's September quarter (3Q25) production was weak (2.3kt tin-in-concentrate) due to mill issues, but operations recovered and cash rose to $280m.

Renison mine remains highly profitable, in the broker's view, with a 10-year life, strong grades, and upside from the Ringrose discovery and Rentails expansion.

Tight global tin supply due to Myanmar, Indonesia disruptions supports robust pricing. The broker believes the company's outlook is supported by tin exposure, potential Greentech stake increase, and likely start of franked dividend payments attracting retail investors.

Buy. Target lifted to $1.05 from $0.80 on better-than-expected tin price performance.

Target price is $1.05 Current Price is $0.84 Difference: $0.215
If MLX meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates MND as Buy (1) -

Citi assesses Monadelphous Group’s acquisition of Kerman Contracting as a strong strategic fit, with potential synergies.

The deal was struck at an attractive 2x EV/EBITDA in the broker's estimate, highlighting value discipline. The broker notes Kerman’s $100m revenue adds roughly 4% to Monadelphous' FY26-27 group revenue and 9-9.5% to E&C revenue.

The broker reckons the acquisition will enhance the company’s E&C growth profile and diversification beyond resources.

Overall, E&C revenue growth is expected to outpace M&IS in FY26, with Kerman providing further upside from 2H26 onwards.

Buy. Target price $23.60.

Target price is $23.60 Current Price is $22.53 Difference: $1.07
If MND meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $22.13, suggesting downside of -3.4% (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 MP1 as Outperform (1) -

Macquarie details how enterprises are re-architecting networks, notably in hybrid and multi-cloud, with AI increasing cloud costs by 30% y/y, a benefit to Megaport through its network automation.

The growing software capability supports underlying product demand from telcos, which should also drive Megaport's wallet share and higher annual recurring revenue per customer.

With the US banning HK Telecom from US interconnect, a competitor, this is a positive shift for the company's competitive position, the analyst states.

Macquarie lifts its EPS forecasts by 7% for FY26 and 5% for FY27. Target price is raised by 9.5% to $18.50 from $16.90 previously.

No change to Outperform rating.

Target price is $18.50 Current Price is $15.72 Difference: $2.78
If MP1 meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates MPL as Neutral (3) -

Management at Medibank Private outlined new FY30 growth aspirations at its investor day, positioning the business as a broader health company, observes Citi.

FY28 targets include more Live Better members, increased Acute Home Health enrolments, and expanded clinical prevention services to underpin long-term growth, explains the analyst.

Citi highlights Medibank’s goal for at least $200m in Medibank Health earnings and over 26.8% market share in resident private health insurance (PHI) by FY30.

Citi retains a Neutral rating and a $5.05 target price.

Target price is $5.05 Current Price is $4.84 Difference: $0.21
If MPL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates MPL as Overweight (1) -

Medibank Private’s Health Immersion Day reinforced Morgan Stanley's confidence in management's ability to grow earnings while strengthening Australia’s health system.

The broker highlights Medibank’s goal to exceed $200m in Medibank Health earnings by FY30, implying around 20% annual growth supported by new care models, system reform and acquisitions.

Initiatives in prevention, virtual care and wellbeing rewards should add about $26m in private health insurance (PHI) value by FY30, forecasts the broker, lifting earnings by around 10%.

Overweight rating. Target $5.55. Industry View: In-Line.

Target price is $5.55 Current Price is $4.84 Difference: $0.71
If MPL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates MPL as Neutral (3) -

Medibank Private’s Health Immersion Day highlighted to UBS the growing importance of its Medibank Health division, now contributing around 9% of operating profit.

Management has invested over -$300m in non-insurance operations and aims to more than double Medibank Health’s profit to over $200m by FY30. This implies around 21% annual growth, including 16% organic, explain the analysts.

UBS expects this expansion and associated synergies could lift group earnings by roughly 10% by FY30.

Downside risks include greater political scrutiny on private health insurance margins and limited M&A visibility, keeping the broker cautious.

UBS retains a Neutral rating and raises its target price to $5.35 from $5.25.

Target price is $5.35 Current Price is $4.84 Difference: $0.51
If MPL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 3.8% (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

Citi rates NCK as Buy (1) -

Citi analysts left Nick Scali’s AGM incrementally more positive on the outlook. Stronger-than-expected A&NZ sales and an improving UK sales trajectory more than offset higher UK losses, which have weighed on profit guidance, notes the broker.

Maiden first half FY26 profit guidance of $33-35m sits slightly below the $35.9m consensus,

Citi highlights the UK gross margin also exceeded expectations, reinforcing confidence in the company’s international expansion strategy. UK losses are expected to narrow from the second quarter of FY26 and to be eliminated soon after.

The broker highlights a 58.3% gross margin in the first quarter, above the 58% breakeven level, and anticipates further upside.

Citi cuts its FY26 net profit after tax forecast by -2% following the guidance and raises its FY27 forecast by 2% on better A&NZ sales momentum and on increased confidence in the UK business. 

Target price is lifted to $28.85 from $24.40. Buy rated.

Target price is $28.85 Current Price is $25.35 Difference: $3.5
If NCK meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $25.35, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates NCK as Outperform (1) -

Macquarie highlights Nick Scali's 1Q26 update infers the retailer is picking up market share in A&NZ in its core business. Same-store sales orders were up 11% year-to-date in 1H26 despite a weak macro outlook, as shown by peers, the broker notes.

The strong net profit after tax guidance offered by management for A&NZ at $39-40m suggests growth has not been generated by major promotions.

The analyst believes Nick Scali is again showing it can acquire, refurbish, and generate growth across stores with its UK business and anticipates a breakeven position in FY26.

Macquarie's 1H26 net profit after tax forecast is within guidance, with upside risks. The analyst raises EPS estimates by 13% for FY26 and 5% for FY27 on A&NZ sales momentum and gross margin expansion in the UK.

Target rises to $28.20 from $21.90. No change to Outperform rating.

Target price is $28.20 Current Price is $25.35 Difference: $2.85
If NCK meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $25.35, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Nick Scali reported a strong September quarter (1Q26), Ord Minnett observes, with Australasian same-store sales up 11% y/y and UK sales up 10% y/y.

The broker expects sales momentum to lift in 1H26, supporting 7-9% revenue growth guidance and solid 2H profits.

UK performance is improving, with gross margins up to 58.3% from 41% when Fabb stores were acquired. However, sales at $51m annualised remain below the $53m break-even target, especially with the required marketing spend, the broker highlights.

EPS forecast for FY26 raised by 5.8% and FY27 by 4.1%. Target lifted to $19 from $18.

Rating downgraded to Sell from Lighten on valuation grounds. The broker regards market expectations as overly optimistic on UK performance, and notes domestic spending faces headwinds from persistent inflation.

Target price is $19.00 Current Price is $25.35 Difference: minus $6.35 (current price is over target).
If NCK meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.35, suggesting downside of -1.3% (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

Bell Potter rates PGC as Buy (1) -

Paragon Care will expand its Southeast Asian presence with the -$28.4m acquisition of Singapore-based Somnotec Group, which also operates in Malaysia, Indonesia, the Philippines and Thailand.

The broker notes Somnotec generated $40m revenue in 2024 and complements Paragon’s $101m regional business through a broad range of diagnostic and medical equipment brands.

Citi expects Somnotec’s founder will remain CEO for at least two years, helping integration and revenue synergies.

The acquisition, funded partly through debt, is expected to be earnings accretive from FY26.

Bell Potter lifts its target price to 49c from 47c and retains a Buy rating.

Target price is $0.49 Current Price is $0.31 Difference: $0.18
If PGC meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates QBE as Buy (1) -

Citi reckons QBE Insurance's 3Q25 update (expected on Nov 27) could provide some clarity around the balance between growth and earnings.

Premium rate rises slowed to 0.8% in 2Q25, and while there's a possibility it would turn negative in 3Q, the broker expects it to remain broadly similar.

Still, the overall pricing trend is downward, the broker highlights, with potential property rate pressure by Jan 2026. The broker expects the update to show QBE is on track to meet FY25 COR guidance, aided by favourable CAT variance and solid investment income.

Buy. Target trimmed to $25.60 from $26.20 on forex adjustments.

Target price is $25.60 Current Price is $20.11 Difference: $5.49
If QBE meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $24.41, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Bell Potter rates QPM as Speculative Buy (1) -

QPM Energy's first quarter FY26 production was affected by delays restarting the Townsville Power Station after major maintenance. Gas supply averaged 25.2TJ/day and sales 24TJ/day versus the broker’s 29TJ/day forecast for sales.

Electricity generation across the Townsville and Moranbah plants totalled 36,433MWh, below expectations due to the delayed Townsville Power Station recommissioning, explain the analysts.

Management expects stronger production over the next 18 months as it supports additional gas contracts and advances the Isaac Power Station project. A final investment decision is due in early 2026.

Bell Potter retains a Speculative Buy rating with a 9c target price.

Target price is $0.09 Current Price is $0.04 Difference: $0.048
If QPM meets the Bell Potter target it will return approximately 114% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates QPM as Speculative Buy (1) -

QPM Energy's September quarter (1Q26) revenue of $15m met expectations, though cash of $19m was slightly below forecast due to rehabilitation payments, Ord Minnett notes.

Lower lease costs (-$15m y/y) improved cash flow flexibility, supporting the broker's estimate of $3m free cash flow (FCF) in 2Q26 as power prices rise.

Focus for the company remains on finalising the Isaac Power Station (IPS) funding, which could unlock $57m FCF by FY28 (44% yield). Commissioning remains on track for mid-2027, with turbine delivery and grid connection progressing, the broker highlights.

Speculative Buy. Target unchanged at 13c, with risks skewed to the upside.

Target price is $0.13 Current Price is $0.04 Difference: $0.088
If QPM meets the Ord Minnett target it will return approximately 210% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates REA as Buy (1) -

REA Group's first quarter national listings fell -8%, cycling strong prior-year comparisons, though Bell Potter expects conditions to improve in the second half of FY26.

The broker forecasts listings down -6% in the first half but up 5% in the second, driving broadly flat full-year volumes, supported by a likely rate cut later in the RBA cycle.

The analysts observe CoStar’s early traction with Domain but believes REA’s audience moat remains dominant, with more than triple the visitor traffic across platforms.

The broker highlights REA’s strong free cash flow (FCF) and balance sheet capacity for reinvestment.

Bell Potter trims its target price to $256 from $284 and retains a Buy rating.

Target price is $256.00 Current Price is $219.38 Difference: $36.62
If REA meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $270.32, suggesting upside of 26.3% (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

Macquarie rates SDR as Outperform (1) -

SiteMinder reported constant currency annual recurring revenue growth of 27.5% in 1Q26, which met the level achieved in FY25. Macquarie expects the rate will rise further into 2H26 with the ramp-up of Smart Platform.

Management restated a robust revenue growth outlook with ongoing improvements in underlying earnings (EBITDA) and free cash flow, as well as the rule of 40 performance, the analyst explains.

While the stock has re-rated since initiation of coverage, the broker envisages further scope for re-rating as SiteMinder achieves a better track record of meeting and exceeding expectations, and Smart Platform improves.

The analyst tweaks EPS estimates by -2% for FY26 and up 1% for FY27. Target price is lifted 5% to $8.55 from $8.11. No change to Outperform rating.

Macquarie transfers coverage of the stock to Mitchell Sonogan from Sophia Mulligan.

Target price is $8.55 Current Price is $7.69 Difference: $0.86
If SDR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.17, suggesting upside of 11.5% (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

Morgan Stanley rates SDR as Overweight (1) -

Management at Siteminder reaffirmed strong momentum at its AGM, with annual recurring revenue (ARR) growth continuing in line with the 27.2% achieved in FY25, highlights Morgan Stanley. No detail was provided on growth mix across product lines.

The broker notes improvements in earnings (EBITDA) and free cash flow (FCF) margins, consistent with solid Rule of 40 performance, and expects the update to be well received.

FY26 consensus forecasts imply ARR of $327.8m, up 20% year-on-year, and revenue growth of 25.8%, which Morgan Stanley views as achievable given current momentum.

The analyst maintains an Overweight rating and $7.70 target price. Industry view: In-Line.

Target price is $7.70 Current Price is $7.69 Difference: $0.01
If SDR meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.17, suggesting upside of 11.5% (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 SGQ as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage on St. George Mining with an Outperform rating and a 20c target price.

The miner has exposure to two critical minerals, niobium and rare earths, which are in the US top 10 critical minerals list and could support potential project funding for around US$0.4bn capex needs, as estimated by the analyst.

The Araxá project has several upside levers, including resource growth, as the next niobium producer, as it is located next to the world’s largest producer. This offers potential for faster delivery to market through the existing infrastructure.

The broker believes St. George Mining offers attractive value, with Araxá providing around a 30% internal rate of return.

Target price is $0.20 Current Price is $0.11 Difference: $0.095
If SGQ meets the Macquarie target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates STX as Neutral (3) -

Strike Energy is utilising cheap third-party gas as the Walyering field at 23Tj/day over 1Q26 is in decline.

Macquarie notes 1Q26 sales of 0.39MMboe, slightly above forecast at 0.38MMboe, from increased third-party purchases, with sales revenue of $18.8m and a lower realised gas price of $7.38/Gj.

The completion of Carnarvon Energy's placement of $86m has increased Strike's liquidity to $140m, comprising cash of $105m and undrawn debt of $35m.

Macquarie raises its FY26 EPS estimate on lower D&A for Walyering and lifts FY27/FY28 forecasts by 77% and 14%, respectively, due to ongoing lower D&A on Walyering post impairment.

Neutral rating retained with an 11c target price, up 10% post a review of forward costs.

Target price is $0.11 Current Price is $0.11 Difference: $0.005
If STX meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 72.7% (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

Citi rates UNI as Buy (1) -

In a quick response to today's AGM update provided by Universal Store, Citi analysts comment sales and gross margins are tracking ahead of expectations.

Hence why today's update is labeled as "strong".

As any insights into the cost of doing business (CODB) are lacking at this stage, the broker says it is too soon to assume this will also push up market consensus forecasts for the retailer's bottom line.

Buy. Target $11.28.

Target price is $11.28 Current Price is $9.40 Difference: $1.88
If UNI meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 18.9% (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 WES as Neutral (3) -

In a quick response to Wesfarmers' AGM trading update, Citi suggests today's update indicates both Bunnings and Kmart are performing in line with the update provided in August.

Officeworks has seen sales momentum continue, though a reset of this business will see EBIT in 1H26 to be down -$15-$25m on the previous period last year.

No major changes are anticipated in consensus forecasts.

Neutral. Target $90.

Target price is $90.00 Current Price is $92.66 Difference: minus $2.66 (current price is over target).
If WES meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $87.12, suggesting upside of 1.1% (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

Bell Potter rates WOW as Upgrade to Buy from Hold (1) -

Bell Potter upgrades Woolworths Group to Buy from Hold and lifts the target to $30.70 from $29.80 post the company's 1Q26 update, which revealed an encouraging trend.

Sales grew 2.5% y/y to $18,483m, slightly ahead of the broker's forecast due to Australian B2B growth. Australian food revenues lifted 2.1% y/y.

Australian B2B revenues lifted 6.2%, ahead of expectations, with some benefit from the realignment of calendar. NZ food revenues grew 2.5% y/y and W Living sales rose 3.3% y/y with Big W up 1% y/y.

Bell Potter believes the two-year downgrade cycle is coming to an end, and the stock is trading on a reasonable valuation of circa -12% discount to Coles Group ((COL)) and around a -14% discount to historical forward EV/EBITDA valuation.

Target price is $30.70 Current Price is $27.61 Difference: $3.09
If WOW meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (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

Citi rates WOW as Neutral (3) -

After a further review of Woolworths Group's 1Q26 update, Citi recommends caution in drawing a firm conclusion from one month's trading (October).

The update was encouraging, but margin trends are unclear, and the company still has work to do to execute a turnaround.

No change to forecasts. Neutral rating and $31 target unchanged.

Earlier, the broker wrote:

Citi's early take is of a softer-than-expected outcome though signs of improvement have emerged in October. Given the latter, the share price is seen as trading up today.

Australian Food like-for-like sales rose 1.6% in Q1 (Citi forecast 2.6%/consensus 2.2%), with transactions up just 0.1%, down from 0.9% in 4Q25.

In no change since the August trading update, notes the broker, total Australian Food sales increased 2.1%, while online sales growth eased to 12.9% from 14.7%.

The analysts highlight a pickup in early 2Q26, with Australian Food sales growth improving to 3.2%, New Zealand up to 3.2%, and Big W up 1%.

Target price is $31.00 Current Price is $27.61 Difference: $3.39
If WOW meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (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 WOW as Neutral (3) -

After a full review of Woolworths Group's 1Q26 update, Macquarie concludes food sales showed improvement through the quarter and into October.

Broader growth initiatives are positive, though margin pressure persists, and Nov–Dec trading will be key to meet FY26 guidance, the broker believes.

Neutral. Target trimmed to $29.60 from $30.30 after lowering FY26 EPS forecast by -3% and FY27 by -5%.

In a flash update previously,  the broker wrote:

Macquarie notes 1Q26 Australian food sales were up 1.6% compared to 2.3% a year earlier and against the 1H26 consensus estimate of 2.8% growth.

NZ food sales rose 3.7% y/y, which is above the consensus forecast of 3.2%, with management pointing to improved comps over the period. Big W sales growth of 0.6% y/y sits against the 1H26 consensus of 1.8% growth.

The analyst sees ongoing competition in the Australian food industry, with in-store sales remaining under pressure. Macquarie envisages downside risks to FY26 forecasts.

Target price is $29.60 Current Price is $27.61 Difference: $1.99
If WOW meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (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

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

Woolworths Group's first quarter FY26 supermarket sales rose 2.1%, in line with the prior trading update, notes Morgan Stanley, while sales excluding tobacco lifted 3.8%. Big W sales rose 0.4% and New Zealand Food gained 3.2%.

The broker notes comparable sales growth slowed to 1.6% from 2.9% in the fourth quarter, though early 2Q trends show improvement, with sales up 3.2% overall and 5% excluding tobacco.

Management increased promotional investment to boost traffic and counter competitor activity, explain the analysts, with modest early signs of momentum recovery flagged.

Equal-weight rating and $29.30 target retained. Industry View: In-Line.

Target price is $29.30 Current Price is $27.61 Difference: $1.69
If WOW meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates WOW as Hold (3) -

Woolworths Group's 1Q26 sales growth was in line with Morgans' forecasts but missed consensus and the management's expectations.

Australian Food sales rose 2.1% y/y vs the consensus of 3.4%, with like-for-like growth of 1.6%. The broker notes increased investment in promotions, rewards, and eCommerce drove modest improvement in volumes into early 2Q26 (October).

Fresh categories outperformed, Long-Life was mixed, with strong drinks/snacking offset by weaker baby and home essentials.

The broker reckons easing cost-of-living pressures (as suggested in surveys) and reduced cross-shopping could favour Woolworths’ large store network, although performance during the upcoming festive season will be key. Margins will be eyed.

The company retained FY26 guidance, with mid to high single-digit Australian Food EBIT growth and positive BIG W EBIT expected.

Forecasts largely unchanged. Hold maintained and target unchanged at $28.25.

Target price is $28.25 Current Price is $27.61 Difference: $0.64
If WOW meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates WOW as Buy (1) -

Ord Minnett observes Woolworths Group delivered 2.1% y/y growth in Australian Food sales in the September quarter (1Q26), in line with estimates. Sales were up 3.8% excluding tobacco, which fell -51% y/y.

Early October sales rose 3.2% y/y and 5% ex-tobacco, driven by stronger in-store and online performance, especially personalised eCommerce promotions, the broker notes. Outside the Food business, too, trading improved.

The broker considers the result as positive vs Coles Group ((COL)), after several tough quarters, though improvement is still needed. Christmas trading is seen as key as the company cycles last year's supply chain disruptions from strikes.

FY26 EPS forecast unchanged, while FY27 raised by 0.1%. Buy. Target unchanged at $33

Target price is $33.00 Current Price is $27.61 Difference: $5.39
If WOW meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (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

UBS rates WOW as Neutral (3) -

Woolworths Group’s first quarter FY26 sales rose 2.7% to $18.5bn, with Australian Food sales up 2.1%, below consensus and UBS for 2.9% and 2.5%, respectively.

The broker notes like-for-like growth of 1.6% was weaker than prior quarters, though early second-quarter trends show improvement, with sales up 3.2% and 5% excluding tobacco.

UBS attributes the 2Q recovery to better product availability, stronger promotions, and improved loyalty engagement, though non-food categories remain under pressure.

The broker trims FY26 and FY27 earnings forecasts by -0.5% and -0.7%. respectively,  and lowers its target price to $29 from $30, citing ongoing execution risks. The Neutral rating is retained.

Target price is $29.00 Current Price is $27.61 Difference: $1.39
If WOW meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $30.12, suggesting upside of 5.6% (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

Morgan Stanley rates XRO as Overweight (1) -

Morgan Stanley remains Overweight-rated on Xero, arguing the -$2.5bn Melio acquisition strengthens the company’s strategic position in the US small and medium business (SMB) market.

The broker believes combining Xero’s accounting platform with Melio’s payments capabilities creates a US$700m revenue and US$200m gross profit opportunity by 2030.

The broker's forecasts assume total payment volume rising to US$117bn from US$42bn, take-rates lifting to 0.63%, and US subscribers growing 12% annually through FY25-FY30.

A separate report by Morgan Stanley identifies Xero’s upcoming first half FY26 result on November 13 as a key catalyst likely to drive heightened share price volatility.

The broker notes shares are down -10% year-to-date and -23% since the June announcement of the Melio acquisition, amid investor concern over integration and the broader “AI eats software” narrative.

The analysts forecast high-single to low-double-digit average revenue per user (ARPU) growth, low churn and improving customer economics, with most upside in the US self-employed segment.

Its base case (50% probability) assumes revenue growth of 21% and earnings (EBITDA) growth of 11% versus the prior year.

Target $235. Industry View: Attractive.

Target price is $235.00 Current Price is $150.76 Difference: $84.24
If XRO meets the Morgan Stanley target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $213.17, suggesting upside of 45.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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