Australian Broker Call

Citi rates 360 as Buy (1) -

Citi notes after mixed data in previous months, growth in US monthly average users (MAU) rebounded strongly in October, rising 21% y/y, the fastest pace since May 2025 and consistent with September’s rate.

MAUs increased by 1.3m to 54.6m, compared with a 1.2m rise in August. US app downloads grew 9% y/y in October, accelerating from 4% in September, while international triple-tier MAUs climbed 37% y/y from 31% the month before.

Total global MAUs rose 27% y/y to 113m, with net adds of 1.8m, up from 1.3m in September.

The analyst also notes headcount growth continues to moderate, rising 13% y/y versus 15% in the prior month.

Buy. Target $47.

Target price is $47.00 Current Price is $51.36 Difference: minus $4.36 (current price is over target).
If 360 meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.50, suggesting downside of -2.5% (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: 0.9

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

Bell Potter rates 4DX as Speculative Buy (1) -

4DMedical’s September 2025 FDA approval for its CT:VQ product has reignited investor interest, Bell Potter notes, marking a pivotal milestone for the company’s US expansion trajectory.

The FDA clearance is seen as a revenue inflexion point, with Centers for Medicare & Medicaid Services (CMS) reimbursement underpinned by clear medical necessity.

The broker views the commercial rollout as following the path of successful ASX-listed peers, such as Pro Medicus ((PME)) and Telix Pharmaceuticals ((TLX)), with re-imboursement and adoption driving the next growth phase.

The comparison to Pro Medicus is also from its position as a software provider offering virtually limitless scalability and margin expansion, explains the broker.

Expanded Stanford and clinical partnerships are seen as validating CT:VQ’s real-world utility and accelerating usage across major US hospitals.

Bell Potter retains a Buy (Speculative) rating and increases its target to $2.25 from $1.05.

Target price is $2.25 Current Price is $1.60 Difference: $0.655
If 4DX meets the Bell Potter target it will return approximately 41% (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

Macquarie rates AMP as Neutral (3) -

Following a review of APRA's monthly statistics, Macquarie notes AMP's mortgage growth remains below system, reflecting management’s focus on margin over volume.

As of September, Gross loans and acceptances (GLAA) at AMP Bank were up 2.3% since Dec 2024, lagging market growth of 5.2%, and -45bps below the broker's estimate for December 2025.

The broker reminds AMP Bank contributed 27% to the group's net profit 1H25, and will monitor GLAA trends as the key gauge of margin-volume trade-off discipline.

FY25 EPS forecast lifted by 3.5% and FY26 by 7.6% to account for the remodelling of Chinese partnerships in corporate expenses.

Neutral. Target rises to $1.92 from $1.80.

Target price is $1.92 Current Price is $1.76 Difference: $0.16
If AMP meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates BRL as Downgrade to Speculative Buy from Buy (1) -

Ord Minnett lowers its target for Bathurst Resources to 80c from 88c and downgrades to Speculative Buy from Buy following release of the Buller Plateaux prefeasibility study (PFS). Capex and opex were higher-than-expected by the broker. 

The study outlines a 15-year mine life extension to the 1.2mtpa export operation. This development, together with the 22mt Tenas reserve, underpins expansion to 2.5mtpa by FY30, explain the analysts.

This represents the strongest growth profile within Ord Minnett's resources coverage, with output expected to rise 70% on an equity basis versus 17% for peers. Consolidated free cash flow (FCF) is expected to reach around NZ$70m by FY31, implying a 39% yield.

Target price is $0.80 Current Price is $0.63 Difference: $0.17
If BRL meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates CSC as Buy (1) -

Capstone Copper's September quarter (3Q25) copper output fell -3.7% q/q to 55kt but was 2% above consensus, with cash costs flat at US$2.42/lb, -6% below consensus (better).

The decline was partly due to issues at Mantoverde, where a mill motor failure cut throughput to 27.5kt/day (-14% vs nameplate). Citi notes repairs were completed in October, but further early-4Q disruptions are expected, keeping output similar to 3Q.

Still, Mantoverde's output beat the consensus by 5%, with cash costs also outperforming at US$2.27/lb, thanks to a flexible design plan.

Target rises to $16.30 from $11. Buy maintained.

Target price is $16.30 Current Price is $13.77 Difference: $2.53
If CSC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $15.91, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates CSL as Buy (1) -

Citi highlights CSL's capital markets event (Nov 4-6) comes in the backdrop of challenges, including a FY25 guidance cut and the indefinite delay of the Seqirus spin-off.

Partner Daiichi Sankyo recently cut FY25 US IV iron sales forecasts for Injectafer/Venofer by -16%/-14%, respectively, adding pressure.

The broker believes management faces the task of rebuilding investor confidence and addressing near-term sentiment risks.

Buy. Target trimmed to $225 from $230.

Target price is $225.00 Current Price is $175.39 Difference: $49.61
If CSL meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $243.24, suggesting upside of 37.4% (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: 0.7

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley’s analysis of the US immunoglobulin market shows distributed volumes have grown by more than 8.6% annually over the past 15 years and over 8% annually over the past decade.

The broker notes that rising demand has been driven by broader clinical use of immunoglobulin in key conditions, along with improved diagnosis and awareness.

Additional growth is being supported by increased utilisation linked to Car-T therapies.

Morgan Stanley remains positive on the medium- to long-term outlook for the market, citing sustained demand growth and stable supply dynamics.

The broker retains an Overweight rating and $248 target, viewing the stock as offering an attractive risk/reward profile, with an Industry View of In-Line.

Target price is $248.00 Current Price is $175.39 Difference: $72.61
If CSL meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $243.24, suggesting upside of 37.4% (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: 0.7

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

Citi rates DNL as Neutral (3) -

Dyno Nobel provided a trading update last month, so Citi doesn't expect any major surprises at the upcoming FY25 result, due Nov 10.

Of interest will be updates on the Perdaman offtake and Phosphate Hill, the final pieces in the company's fertiliser strategy. The broker believes retaining Phosphate Hill until an orderly FY26 closure might be a reasonable option given current DAP prices.

Focus now shifts to the explosives segment, particularly Dyno Nobel Explosives' growth and earnings quality and volume trends for DNA/DNAP.

Neutral maintained, as the broker needs to see stronger AN volume growth in EMEA and LATAM without margin dilution to turn positive. Target unchanged at $3.50.

Target price is $3.50 Current Price is $3.24 Difference: $0.26
If DNL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates DRO as Buy (1) -

DroneShield has secured a $25.3m LATAM defence contract, with delivery and payment expected between 4Q25 and 1Q26, notes Bell Potter. The contract is viewed as a major uplift from prior reseller orders by the same party totalling $2.9m since 2019.

The broker lifts its 2025 EPS forecast by 20%, reflecting a $10m revenue increase from the LATAM contract award, and estimates its 2025 and 2026 revenue forecasts of $210m and $297m are 97% and 6% secured, respectively.

The analysts see recurring European drone incursions as strengthening demand for counter-drone systems, potentially expediting new contracts despite US delays from the government shutdown.

Bell Potter retains a Buy rating and target of $5.30.

Target price is $5.30 Current Price is $3.83 Difference: $1.47
If DRO meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates DRR as Neutral (3) -

Macquarie observes Deterra Royalties' September quarter report (1Q26) was broadly in line, except for lower gold offtake revenue, which has since been divested.

Volumes from Mining Area C rose 3% q/q to 32.4Mdmt, slightly above consensus, though the broker noted some disappointment with realised prices, which came in -5% below expectations.

Thacker Pass progressed well, with the first DOE loan drawdown reducing project risk and the first lithium still targeted for end-2027. The broker reckons the CEO transition could refresh M&A and cost management, with scope for diversification beyond iron ore.

EPS forecast for FY26 lowered by -13% on La Preciosa's milestone payment, but FY27-31 estimates updated by 4-8% on lower corporate costs.

Neutral. Target rises to $4.40 from $4.20.

Target price is $4.40 Current Price is $4.04 Difference: $0.36
If DRR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 11.5% (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

Citi rates EDV as Neutral (3) -

After further analysis, Citi trimmed Endeavour Group's target price to $3.92 from $4.18.

Neutral retained.

Previously the broker wrote:

Following a conference call with Endeavour Group after the quarterly update, the key takeaway for Citi was pressure on 1H26 gross margins. Heightened promotional activity and lapping last year’s limited promotions during DC disruptions were the reasons.

Lost sales and profit from Victorian DC disruptions is unlikely to be regained. The company will unveil an updated strategy developed by Jane Hrdlicka and Bain at a Strategy Day in Apr-May 2026. 

The broker notes retail competition is intensifying, especially online (10% of sales), with ongoing promotions and new entrants like Amazon impacting share recovery post-DC issues.

Target price is $3.92 Current Price is $3.61 Difference: $0.31
If EDV meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 9.9% (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 IDX as Buy (1) -

Integral Diagnostics delivered a strong start to FY26, assesses Ord Minnett, with first quarter like-for-like Australian revenue up 8.3%, driven by MRI deregulation tailwinds.

The analysts feel a higher-margin mix and Capitol Health synergies will support management's FY26 earnings (EBITDA) margin target of around 21%, up 90bps year-on-year.

The broker highlights accelerating MRI volumes, the ramp-up of new greenfield clinics, and scale benefits as key drivers of margin expansion through 2H26. Operating leverage and sector valuation support are expected to sustain earnings momentum.

Ord Minnett retains a Buy rating and $3.30 target.

Target price is $3.30 Current Price is $2.60 Difference: $0.7
If IDX meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 36.1% (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

Bell Potter rates IGL as Buy (1) -

IVE Group has acquired Brisbane-based print business Impressu owned by Domino’s Pizza Enterprises ((DMP)) and Budget Mail Services (a small Sydney-based mail and communications business) for -$13.5m and -$1m, respectively.

Bell Potter notes the group has also struck a marketing services agreement with Domino’s Pizza Enterprises, which is expected to generate revenue of more than $80m during the initial 6 plus 2-year term.

The broker upgrades its FY26-FY28 earnings (EBITDA) forecasts by 1-4%, assuming gradual revenue ramp-up and full Impressu synergies by FY28. The acquisitions and agreement are seen as supporting long-term growth and reinforcing FY26 guidance.

Bell Potter retains a Buy rating and raises its target by 5% to $3.25.

Target price is $3.25 Current Price is $2.86 Difference: $0.39
If IGL meets the Bell Potter target it will return approximately 14% (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 INR as Speculative Buy (1) -

ioneer has released updated economics for Rhyolite Ridge with reduced leach retention times lifting ore processing rates by around 13% for only a -2% recovery loss, highlights Ord Minnett.

This outcome improves lithium yield and boosts lithium and boric acid output by 7% and 9%, respectively, lowering costs and enhancing project returns, notes the broker.

The analysts estimate costs (AISC) of around -US$5,000/t lithium carbonate equivalent, leaving Rhyolite Ridge well positioned on the global cost curve. It's believed improved economics and uncommitted 9.5ktpa production will attract new strategic partners.

Target price is lifted to 35c from 30c with no change to the Speculative Buy rating.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If INR meets the Ord Minnett target it will return approximately 94% (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

Macquarie rates IPH as Outperform (1) -

IPH Ltd's Australian filing volumes fell -14.8% year-on-year in October, Macquarie observes, while market activity rose 8.1%, reducing IPH’s market share to 25.7%. The analyst highlights around 70% of income remains recurring, offsetting near-term weakness in filings.

The broker notes US Patent Cooperation Treaty (PCT) filings, a 12-18 month lead indicator, remain soft at -6.7% on a rolling quarterly basis, correlating with weaker Australian volumes.

Filing data for prior months shows only modest positive revisions as activity continues to stabilise, explains Macquarie.

The analysts see scope for medium-term recovery supported by cost savings, improved cash generation, and structural IP demand.

Macquarie retains an Outperform rating and $5.55 target.

Target price is $5.55 Current Price is $3.70 Difference: $1.85
If IPH meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $5.97, suggesting upside of 55.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates LNW as Buy (1) -

In a preview to Light & Wonder's release of 3Q25 financials, scheduled for Thursday morning (AEDT), Citi analysts suggest the market's focus will be on how the business can achieve the high implied growth in 4Q25 to meet the 2025 AEBITDA guidance range of US$1,430m-US$1,470m.

Apparently, consensus currently sits at US$1,430m.

For 3Q25, Citi forecasts Group revenue of US$844m and AEBITDA of US$357m, alongside margin expansion, with the shift to DTC helping SciPlay.

Buy rated with $176.00 price target. The analysts acknowledge there may continue to be share price volatility associated with the litigation, listing change and uncertainty into 4Q25.

Target price is $176.00 Current Price is $112.03 Difference: $63.97
If LNW meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $187.83, suggesting upside of 61.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates ORG as Neutral (3) -

Macquarie describes Origin Energy's September quarter update (1Q26) as broadly meeting expectations, with APLNG EBITDA slightly weaker but Energy Markets performing well.

APLNG EBITDA fell -$24m on lower export volumes and prices, down -13%, prompting the broker to see oil prices as a continued headwind.

Energy Markets saw demand return to 1Q23 levels, with strong customer gains (Kraken) offsetting solar/battery impacts. Lower volatility, however, reduces potential for trading profits.

Octopus Energy accounts grew 0.56m, up 3.3%, mainly in UK, Germany, and Japan, though Europe remains subscale.

The company lifted depreciation guidance by $100m vs FY25 due to Eraring and battery account policy. The broker expects this to lift EBITDA, D&A, and interest expenses while net debt/EBITDA is seen rising to 2.6x by FY27, but with no cash flow impact.

FY26 EPS forecast trimmed by -5.5% and FY27 by -4.5%.  Target rises to $11.80 from $11.34. Neutral retained.

Target price is $11.80 Current Price is $12.37 Difference: minus $0.57 (current price is over target).
If ORG 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 $12.44, suggesting upside of 4.5% (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

UBS rates ORG as Buy (1) -

UBS analysts saw Origin Energy releasing a largely in-line quarterly performance with higher domestic production and realised prices pushing revenue some 2% above consensus.

The eye-catching sentence out of the broker's update: "expect Eraring power station to likely operate to 2030 and see considerable upside potential to consensus EM EBITDA over FY28-30 from this".

Origin Energy also announced various accountancy treatment changes, including depreciating fair value recognised for Octopus at acquisition, and this has forced modest near-term reductions to EPS forecasts (but not DPS).

UBS' view is based on the assessment that Origin can continue to grow its dividend profile supporting a circa 5% net yield.

Target $14.10. Buy.

Target price is $14.10 Current Price is $12.37 Difference: $1.73
If ORG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.44, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates PPM as Buy (1) -

Citi has a positive view on Pepper Money's planned role in acquiring Westpac's ((WBC)) $21bn RAMS mortgage book, along with a consortium. The news has since been confirmed with KKR in the consortium.

The broker believes an acquisition will quadruple Pepper Money's servicing AUM to over $19bn, adding scale with minimal credit risk. A partial offset is the high run-off rate of the RAMS portfolio.

For now, the broker lifts FY26 EPS forecast by 1% and FY27 by 7%, supported by rising mortgage volumes, stable credit quality, and improving net interest margins.

Buy. Target rises to $2.70 from $2.40.

Target price is $2.70 Current Price is $2.38 Difference: $0.32
If PPM meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley notes pricing concerns have led to QBE Insurance's de-rating and raised value-trap concerns. The broker expects a solid 3Q25 update but sees positive catalysts as more likely at the FY25 result.

The 3Q25 update on November 27 is expected to be supported by low catastrophe losses and steady investment yields.

However, at the FY25 result in February 2026, the broker sees several key potential catalysts. They include buybacks, reserve release guidance, a stronger FY26 combined ratio outlook, lower CAT costs, tighter reinsurance, and better product-level disclosure.

Minor revisions to earnings estimates. Target falls to $23.50 from $25.00 as the broker puts slightly more weight to its bear case probability.

Overweight retained. Industry View: In-Line.

Target price is $23.50 Current Price is $19.61 Difference: $3.89
If QBE meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $24.19, suggesting upside of 24.2% (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

Macquarie rates RMD as Outperform (1) -

Following a full review of ResMed's 1Q26 results, Macquarie trimmed FY26 EPS forecast by -1% and FY27 by -0.3%, mainly on interest and D&A revisions.

Outperform. Target rises to $49.20 from $48.60 on model roll-forward and forex revisions.

In a quick response previously, the broker wrote:

Macquarie comments revenue and non-GAAP profit seem both largely in line with market consensus and its own expectations.

Gross margin of 62.0% was up 280bps YoY, driven by manufacturing and logistics efficiencies and component cost improvements. Macquarie points out this was 20bps/60bps above its and consensus' estimate.

Also: ResMed expects to conduct buybacks of US$150m in each quarter in FY26, an increase from US$100m in 4Q25.

Outlook guidance remains unchanged. Quarterly dividend of US$0.60 is in line with the 4Q25 dividend.

Macquarie highlights ResMed remains a preferred sector exposure. 

Target price is $49.20 Current Price is $37.83 Difference: $11.37
If RMD meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $49.01, suggesting upside of 29.8% (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: 0.9

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

UBS rates RMD as Buy (1) -

ResMed's September quarter (1Q26) core EBIT rose 19% y/y, beating UBS's forecast by 1%, driven by strong OSA (obstructive sleep apnea) patient growth, margin expansion, and tariff exemption.

Sleep sales grew 8% y/y, missing the broker's forecast of 9% but RoW devices and US masks were in line. The broker notes the RoW device sales indicate a stable market share despite Philips’ return, supported by stronger branding, products, and sales execution.

SaaS growth slowed to 6% y/y as the company exits lower-margin IT services, while gross margin rose 280bps to 62% from efficiency gains, with further improvement expected.

The broker expects EPS to grow at a compounded annual rate of 12% in FY26-27, 1% above consensus. EPS forecasts (non-GAAP) lifted by 1% each for FY26-27.

Buy. Target rises to US$335 from US$325.

Current Price is $37.83. Target price not assessed.

Current consensus price target is $49.01, suggesting upside of 29.8% (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: 0.9

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

Morgan Stanley rates SDF as Overweight (1) -

Morgan Stanley expects Steadfast Group's share price to outperform the market over the next 60 days, following the -19% drop vs -2% decline in the ASX200 in the past week.

The broker believes the sell-off, triggered by the CEO’s temporary departure and softer FY26 premium growth, is overdone.

Upside risk seen to earnings growth if the company accelerates its US expansion, with the broker noting experienced leadership depth to drive growth.

Overweight. Target unchanged at $6.74.  Industry View: In-Line.

Target price is $6.74 Current Price is $5.21 Difference: $1.53
If SDF meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates SUN as Neutral (3) -

Macquarie revised forecasts for Suncorp Group following further clarity on group costs at the investor day, resulting in a -6.9% downgrade to FY26 EPS forecast and a -5.9% cut to FY27.

On the headline basis, FY26 guidance was unchanged, with gross written premium growth seen at mid-single digits, UITR top half of 10-12%, hazard allowance $1.77b, and 30bps reserve releases.

The highlight for the broker was the intention to reinvest tech savings for growth and retire legacy systems post-migration. The company also plans a 40% tech capex capitalisation over 7 years and expects AI investment payback in 2 years.

The broker's models include $400m buy-backs over FY26 with a further $300m in FY27.

Neutral. Target trimmed to $19.60 from $20.60.

Target price is $19.60 Current Price is $19.35 Difference: $0.25
If SUN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $22.63, suggesting upside of 18.3% (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 VMM as Speculative Buy (1) -

Viridis Mining and Minerals is advancing its Colossus rare earth project in Brazil, following release of the prefeasibility study (PFS) and completion of an $11.5m capital raising, notes Ord Minnett.

The analysts believe the company’s acquisition of a site in Pocos de Caldas for a demonstration plant marks a key step toward de-risking development and validating technical assumptions.

Progress is noted on environmental approvals and ongoing engagement with strategic partners, including the Brazilian institutions BNDES (Brazilian National Bank for Economic and Social Development) and FINEP (Federal Agency for Studies and Projects), to structure project funding.

The analysts expect upcoming pilot operations to clarify processing viability and strengthen offtake negotiations.

Ord Minnett retains a Speculative Buy rating and raises its target to $3.60 from $3.34.

Target price is $3.60 Current Price is $1.30 Difference: $2.3
If VMM meets the Ord Minnett target it will return approximately 177% (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 WBC as Neutral (3) -

Following a full review of Westpac's FY25 results, Citi lifted FY26 EPS forecast by 1.4% and FY27 by 2.5% on a more upbeat revenue growth forecast, partly offset by higher costs.

Neutral. Target rises to $38.50 from $37.75.

In the early take, the broker wrote:

Citi assesses Westpac's FY25 result as "solid" vs market expectations, with statutory net profit of $6.916m ahead of its forecast and the consensus by 1-1.5%.

Core earnings met expectations as higher revenues offset the higher-than-expected costs (1%) due to higher UNITE spend. Guidance for UNITE was lifted for FY26, but the broker reckons it is still within the $2bn total program.

Group net interest margin (NIM) of 1.94% met expectations, supported by replicating portfolio and deposit repricing benefits, though Banking & Wealth NIM fell -18bps, mainly due to differing loan and deposit growth.

CET1 capital (12.53%) was 10-20bps ahead of expectations, which the broker considers a strong outcome considering the target of over 11.25%. 

Overall, the broker points to effective NIM management and productivity gains under the Fit for Growth program, offsetting higher investment. UNITE execution risk is seen easing, and balance sheet strength is expected to be well-received, in the broker's view.

Target price is $38.50 Current Price is $39.82 Difference: minus $1.32 (current price is over target).
If WBC 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 $34.48, suggesting downside of -14.4% (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

Macquarie rates WBC as Underperform (5) -

After a full analysis of Westpac's FY25 results, Macquarie lifted FY26-28 EPS forecasts by 1%.

Underperform retained. Target rises to $32 from $31.50.

Previously, the broker wrote:

In a flash update on Westpac, Macquarie notes the bank announced results that generally met expectations, although from an underlying perspective the outcome was softer.

Higher expenses and a lower 4Q25 margin, down as expected by around -5bps to circa 1.8%, impacted pre-provision operating profit.

Management guidance was generally more subdued as portfolio tailwinds subside, the analyst notes, alongside increased expenditure on Unite.

The sale of RAMS supported capital and underpinned the payout ratio and 77c final dividend, which was 1c above the estimate.

Target price is $32.00 Current Price is $39.82 Difference: minus $7.82 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.48, suggesting downside of -14.4% (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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley's overall view of Westpac's FY25 results was that 2H25 was good and the strong capital position will support loan growth and help maintain payout at the top end of the range.

Further buybacks and more special dividends are seen as possibilities, too. The broker estimates surplus capital could be as high as $4.8bn on a pro forma basis vs $3.1bn flagged by the bank. 

On costs, the broker sees a flat outlook, with just 1% increase each in FY27 and FY28, and assumes $1.5bn in savings over 3 years from Fit for Growth, UNITE, and productivity programs.

Loan growth ex-RAMS was 6.5% in FY25, led by non-housing, up 12%, and the broker now forecasts 6% growth in FY26 and 5.5% in FY27 as mortgage momentum improves.

Net interest margin was a disappointment, missing the broker's 2H25 forecast by -1bp, and limited upside is seen unless deposits are re-priced.

Cash EPS forecast for FY26-27 upgraded by 2-3%. Underweight. Target rises to $34.10 from $32.20. Industry View: In-Line.

Target price is $34.10 Current Price is $39.82 Difference: minus $5.72 (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 $34.48, suggesting downside of -14.4% (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 WBC as Sell (5) -

While Morgans appreciates Westpac achieved a 2% rise in 2H25 cash EPS, or circa 7% growth excluding 2H25 restructuring costs, which was slightly above consensus, the stock continues to trade around all-time highs with a limited earnings growth outlook.

The analyst re-iterates clients with overweight positions sell the stock.

Net interest margin rose 3bps to 196bps and the DPS was up 1c to 77cps. The bank has pointed to lower lending margins for 1H26 excluding any timing on RBA rate cuts, with competition, near-term funding costs, and rate cuts all highlighted as uncertain factors.

CET1 capital ratio was robust, ending FY25 at 12.5%, but Morgans anticipates tighter capital and no buybacks are assumed until FY28.

The broker lowers its EPS estimates by -3% to -4% for FY26-FY27, largely resulting from the RAMS sale and higher loan write-offs. Target set at $31.30, up from $30.77 previously.

Target price is $31.30 Current Price is $39.82 Difference: minus $8.52 (current price is over target).
If WBC meets the Morgans target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.48, suggesting downside of -14.4% (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

Ord Minnett rates WBC as Sell (5) -

Westpac’s second-half FY25 result was slightly ahead of Ord Minnett's expectations, supported by minimal impairment charges and a final dividend of 77c, in line with forecast.

The analyst suggests balance sheet strength was the key positive, with stressed loans declining to 1.28% (from 1.36% in H1) of total commitments and the CET1 ratio improving to 12.53%.

The broker highlights solid deposit and business lending growth, though home loan volumes rose only modestly. Ongoing net interest margin (NIM) pressure is noted, narrowing -5bps quarter-on-quarter.

Ord Minnett retains a Sell rating on valuation and lifts its target to $31 from $30.

Target price is $31.00 Current Price is $39.82 Difference: minus $8.82 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.48, suggesting downside of -14.4% (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

UBS rates WBC as Neutral (3) -

On second consideration, UBS' price target has improved to $40 from $38 but Neutral rating remained with commentary suggesting further upside post year-to-date re-rating is now "capped".

Interestingly, not much is projected in dividend payout increases for the years ahead.

The broker's earlier response was:

A quick response to today's FY25 result release suggests Westpac's financial performance is more or less in line with forecasts, with key metrics including net profit and statutory EPS 'beating' by less than 2%.

UBS's assessment corrects for an $125m hedging gain. The bank's CET1 ratio at 12.53% is better than expected (incl consensus).

Costs rose 9% HoH due to a -$273M restructuring charge. Interim dividend of 77cps fully-franked, is in line.

Neutral rating retained with commentary highlighting the shares are still trading three standard deviations about their long term average.

UBS highlights its forecasts for FY26 and FY27 are higher than market consensus. Target $38.

Target price is $40.00 Current Price is $39.82 Difference: $0.18
If WBC meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $34.48, suggesting downside of -14.4% (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 WGN as Upgrade to Accumulate from Hold (2) -

Wagners Holding Co's outlook for South East Queensland remains strong, Morgans observes, with cement volumes at the Port of Brisbane doubling the average in September 2025.

The broker highlights a return to profitability in the concrete division, expanding batch plants at Slacks Creek and Ipswich, and growing potential in the CFT pole business targeting around 4,000 sales in FY26.

It is thought the region’s pre-Olympics activity and infrastructure pipeline will underpin sustained demand and new project wins.

Morgans upgrades to an Accumulate rating from Hold and increases its target to $3.10 from $2.90.

Target price is $3.10 Current Price is $2.82 Difference: $0.28
If WGN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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