Australian Broker Call

Ord Minnett rates A2M as Downgrade to Accumulate from Buy (2) -

At the AGM, a2 Milk Co lifted FY26 revenue growth guidance to low double-digits from high single-digit. The company cited strong year-to-date performance in infant formula, liquid milk and nutrition sales plus NZD tailwinds.

FY26 net profit is now expected to be slightly higher than FY25. Ord Minnett notes it is unusual for a company to upgrade guidance after just one quarter, but the company clearly has had a strong start, likely driven by the English-label Genesis launch.

NZD weakness should boost earnings, the broker reckons, though hedging may mute FY26 benefits, with a potential 5% uplift to FY27 if hedges roll off. FY26 EPS forecast lifted by 1.8% and FY27 by 3.2%.

Target rises to $9.60 from $9.40. Rating downgraded to Accumulate from Buy following over 8% price rise so far this month.

Target price is $9.60 Current Price is $9.36 Difference: $0.24
If A2M meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting upside of 2.5% (ex-dividends)

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: 0.5

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

Macquarie rates ASG as Outperform (1) -

Management at Autosports Group guides to 1H26 NPBT of $35-36m, a 73-78% lift on the prior year and in line with the consensus expectation, notes Macquarie.

The outcome was supported by firmer trading conditions and 17.5% growth in new-vehicle order write-ups, explains the analyst.

The broker highlights improving new-vehicle margins, easing inventory pressure and strong luxury-segment demand, alongside uplift from used, servicing, parts and recent acquisitions.

Providing immediate accretion, management will acquire 10 Barry Bourke dealerships in Victoria for circa -$34m, funded via $14m in shares and $20m in debt.

Macquarie raises its target by 33% to $4.85, maintaining an Outperform rating.

Target price is $4.85 Current Price is $4.33 Difference: $0.52
If ASG meets the Macquarie target it will return approximately 12% (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

UBS rates ASG as Buy (1) -

UBS points to favourable trading conditions for Autosports Group, evidenced in top-line growth and margin improvements year-to-date. The group has reported over $450m in incremental revenue from acquisitions in the first five months of FY26, well in excess of the over $250m target.

The trading update offered 1H26 guidance with net profit before tax of $35-$36m, up 73%-78% y/y. When including the contribution from the Barry Bourke Motors acquisition (BBA), the analyst suggests a 2-5% upgrade versus their forecast.

Further, the luxury car market has returned to growth and is outperforming the overall new vehicle market at 8% growth year-to-date against the total market at 3% growth.

The broker lifts its EPS forecasts by 4% for FY26 and 7% for FY27. Target price is raised to $4.80 from $4.20.

The stock continues to trade at a significant discount to AP Eagers ((APE)) and remains attractive, Buy rated.

Target price is $4.80 Current Price is $4.33 Difference: $0.47
If ASG meets the UBS target it will return approximately 11% (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

Morgan Stanley rates AX1 as Downgrade to Underweight from Overweight (5) -

Morgan Stanley downgrades Accent Group to Underweight from Overweight and cuts the target price to 95c from $1.80. This follows a downgrade to earnings forecasts on management's new FY26 earnings (EBIT) guidance, which missed expectations.

The retailer lowered guidance to $85-$95m, which is -23% lower than the previous consensus earnings forecast at the mid-point and notably below management's prior guidance of high-single-digit y/y earnings growth.

Trading conditions have weakened substantially with the 20-week like-for-like sales growth down to -0.4% from 0.8% in the first seven weeks and well below the consensus of 2.2% growth.

The recovery now remains uncertain, and the broker believes the risks point to further possible downside. The analyst drops their EPS forecasts by -37% for FY26 and around -28% for FY27.

Target price is $0.95 Current Price is $1.01 Difference: minus $0.065 (current price is over target).
If AX1 meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.36, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates AX1 as Downgrade to Hold from Buy (3) -

Morgans notes Accent Group FY26 update at the AGM was weak, with the company blaming tough retail conditions and heavy promotions for pressure on margins.

Group-owned sales rose 3.7% (retail like-for-like was down -0.4%), with momentum fading after early FY26 as tough retail conditions and heavy promotions hurt lifestyle footwear. Sports and wholesale, though, stayed solid with a strong 2H pipeline.

The company cut FY26 EBIT guidance sharply cut to $85-95m, down -14% to -23% y/y from prior high-single digit growth expectations. This compared with the previous consensus of $117.3m.

The broker made material downgrades to forecasts, resulting in a -27% cut to FY26 EBIT and a -24% cut to FY27.

Target trimmed to $1.10 from $1.65. Rating downgraded to Hold from Buy, with the broker seeing limited near-term catalysts that would drive the stock price higher.

Target price is $1.10 Current Price is $1.01 Difference: $0.085
If AX1 meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates AX1 as Downgrade to Neutral from Buy (3) -

UBS downgrades Accent Group to Neutral from Buy with a lower target price of $1.10 from $1.70 on the back of the group's trading update, which was weaker than expected.

Like-for-like sales were down -0.4% for the first 20 weeks of FY26 versus 0.8% growth in the first seven weeks as trading slowed. Gross margins for weeks 1-18 of 1H26 were down -160bps versus a year earlier.

Management's FY26 guidance pointed to a flat FY26 result and 1H/2H26 earnings (EBIT) of $55m/$60m, below consensus at $80m/$38m, respectively.

The analyst lowers their EPS estimates by -31% for FY26 and -26% for FY27, arising from lower sales revenue, fewer new stores and higher cost of doing business.

Target price is $1.10 Current Price is $1.01 Difference: $0.085
If AX1 meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.36, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates BHP as Neutral (3) -

Macquarie notes BHP Group reportedly approached Anglo American again three weeks before the merger with Teck Resources is voted on.

The approach was apparently rejected and BHP has confirmed it is no longer looking at combining the two companies and will concentrate on organic growth.

Under the UK Takeover Code, the group is subject to a standstill unless a competing offer is announced, or Anglo American agree to re-engage, or the takeover panel allows talks.

The analyst reckons a door has now been opened which was previously considered as closed. Macquarie prefers Rio Tinto ((RIO)) over BHP which is Neutral rated with a $44 target.

Target price is $44.00 Current Price is $40.37 Difference: $3.63
If BHP meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $45.48, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BXB as Neutral (3) -

UBS highlights US retailer stock intensity (inventory-to-cost of goods sold) has remained stable at levels noted in June but remains some -2% below pre-Covid levels and up 2% over the last year, inferring slight inventory restocking.

UK/EU retailers are below pre-Covid by -2% and up 1% on a year earlier, a similar trend to the US, the analyst remarks.

Nielsen data to October shows food is down -2.4% y/y and US home and personal care (HPC) volumes are down -3.8% y/y with EU food volumes down -0.1% and EU HPC down -0.7%.

The analyst notes the negative industry sales data aligns with Brambles' guidance for a slowing of like-for-like volume momentum in 1H26. The update also matches Amcor's ((AMC)) September quarter volumes, down -3% y/y.

No change to Neutral rating and $25.65 target. No change to the broker's earnings forecasts.

Target price is $25.65 Current Price is $23.25 Difference: $2.4
If BXB meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.78, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates CAR as Buy (1) -

UBS's online classified tracker showed CAR Group's inventories continued their falling trend, down -5% y/y, with dealer stock slightly up (2%) but private listings down sharply (-13%).

New vehicle inventories were down -2% y/y, improving from the recent trend, and used were down -5% y/y, broadly steady vs the 3-month average.

As a share of market, however, the company's inventories rose to 58%, up 1% m/m of market, while competitors Gumtree slipped to 22% and Carsguide stayed at 20%. Trader Interactive platforms were flat-to-slightly up m/m but mixed y/y.

The broker highlights its Quant crowding data suggests CAR Group remains a crowded long trade.

Buy. Target price $46.50.

Target price is $46.50 Current Price is $33.42 Difference: $13.08
If CAR meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $42.15, suggesting upside of 26.5% (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

Ord Minnett rates CHC as Hold (3) -

Charter Hall lifted FY26 operating EPS growth guidance by 6% on stronger investment activity, higher deal volumes and equity inflows. DPS growth guidance was left intact at 6%.

Ord Minnett considers the outlook for Charter Hall as upbeat, and upgraded forecasts for partnership income, fund asset revaluations and development earnings. The broker, though, expects gearing to rise to 10% by the end of December.

FFO per security estimate raised by 7.2% for FY26 and by 6.4% for FY27. Target rises to $23.40 from $21.35.

Hold maintained.

Target price is $23.40 Current Price is $24.64 Difference: minus $1.24 (current price is over target).
If CHC meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.92, suggesting downside of -3.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates CRN as Sell (5) -

UBS reiterates its Sell rating on Coronado Global Resources following a 3Q trading update, as met coal markets remain soft and the broker sees slowing progress on cost-out, capital discipline and execution.

Stanwell’s proposed support package is essential given the company's cash burn, suggest the analysts.

It's thought a new coal supply agreement to 2043, a US$265m five-year facility, and conditional prepayments provide short-term liquidity but also constrain long-term capital returns.

UBS tapers its sales forecasts and near-term cost reductions yet notes optimisation potential in 2026–27. Higher sustaining capital and Stanwell extensions weigh on value, cutting the broker's price target by -27% to 19 cents.

Target price is $0.19 Current Price is $0.25 Difference: minus $0.06 (current price is over target).
If CRN meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.26, suggesting upside of 12.2% (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: -0.4

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

UBS rates CSC as Initiation of coverage with Buy (1) -

UBS initiates coverage of Capstone Copper with a Buy rating and $16.00 target, citing a greater than 10% five-year copper production compound annual growth rate (CAGR).

The analysts also highlight attractive EV/EBITDA multiples versus peers for 2026 and 2027 of 5.3x and 3.9x, respectively.

The broker models output rising circa 70% to 370ktpa by 2031, driven by Mantoverde’s ramp-up to 130ktpa by 2028 and Santo Domingo development post-2030.

UBS sees funding for Capstone's US$375m share of Santo Domingo as manageable under a less than1.0x leverage target.

UBS highlights a constructive short- and long-term copper outlook, noting recent supply disruptions at Codelco, Anglo, Teck, Ivanhoe and Freeport-McMoRan's Grasberg mine intensify the sector’s already structural supply constraints.

Target price is $16.00 Current Price is $12.06 Difference: $3.94
If CSC meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 30.6% (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

UBS rates DNL as Neutral (3) -

Upon further analysis of Dyno Nobel's FY25 results, UBS raises its target to $3.55 from $3.35 and retains a Neutral rating.

A summary of the broker's initial research follows.

UBS’s first snapshot take of Dyno Nobel was a “solid” FY25 result, with FY26 basically in line with both the broker’s and consensus expectations.

FY25 earnings (EBIT) rose 23%, which was a beat on both the analyst’s and consensus forecasts, with underlying net profit after tax up 6%, below both UBS and consensus, and operating cash flow rising 98%, a miss.

FY26 explosives outlook is expected at $460-$500m, with an earnings skew to 2H26 of 40:60. Phosphate Hill is guided between 790mt-850mt, which assumes FY26 operation.

The analyst points to explosives guidance slightly above expectations and the restart of the buyback with $470m remaining. 

Target price is $3.55 Current Price is $3.26 Difference: $0.29
If DNL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.55, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Shaw and Partners rates GTK as Buy (1) -

Gentrack Group won a new customer in the UK for its g2.0 billing solution integrated with Salesforce, shortly after Genesis Energy ((GNE)) went live in NZ.

Shaw and Partners highlights the deal supports the company's new logo win strategy, proving g2’s portability across markets and applicability to water. It strengthens the company's UK B2B water leadership.

The company remains the broker's top pick with a Buy rating, and an unchanged target of $11.80.

Gentrack Group is reporting FY25 results today.

Target price is $11.80 Current Price is $6.61 Difference: $5.19
If GTK meets the Shaw and Partners target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $9.77, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. 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

Citi rates IFT as Buy (1) -

Citi slightly lowered Infratil's FY26 net profit forecast to account for the minority stake in its earnings.

No change to Buy rating and $12.34 target price.

As background, the broker's target price for the NZX listing is NZ$14.20.

Target price is $12.34 Current Price is $10.02 Difference: $2.32
If IFT meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.34, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates LIC as Buy (1) -

Citi notes Lifestyle Communities' AGM update shows sales momentum improving since 1Q26, echoing Ingenia Communities' ((INA)) recent AGM tone.

Net sales lifted to 43 in 7 weeks from end-1Q26 vs 50 across the 13 weeks of 1Q26, signalling a Melbourne recovery. Contracts on hand were up slightly to 240, with 150 likely in FY26.

The broker highlights debt reduction is ahead of plan, with net debt falling to $338m at 31 October from $460m at June 2025, beating the December target.

Buy retained as risk eases and valuation looks cheap at 1.03x NTA versus Ingenia's 1.32x. Target unchanged at $7.

Target price is $7.00 Current Price is $5.42 Difference: $1.58
If LIC meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates LOV as Buy (1) -

After a thorough review, Citi notes Lovisa Holdings' comparables are still expected to improve, although gains from Claire’s disruption and Series 5 refurbishments may materialise later than anticipated.

The broker checked out a new Series 5 store on Friday and felt the updated layout is effective at drawing more customers inside. FY26 net profit forecast lifted by 1% on higher sales run rate.

Buy retained and target trimmed to $38.45 from $42.50 as lower peer multiples offset earnings upgrade.

Early comments from the broker follow:

In an initial impression from the AGM, Citi suspects there could be minor earnings upgrades for Lovisa Holdings. This would stem from better sales growth, with the company reporting year-to-date sales growth of 26.2%, ahead of consensus.

The broker's focus is on what has driven slower like-for-like sales in recent times, and what benefit may come from the closure of Claire's in the US, as well as easier comparables over the remaining six weeks of the first half.

Target price is $38.45 Current Price is $30.02 Difference: $8.43
If LOV meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 28.9% (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 LOV as Upgrade to Outperform from Neutral (1) -

Macquarie notes Lovisa Holdings’ update showed softer like-for-like growth of about 2.1%, below consensus but slightly ahead of the broker's expectations. Total sales rose 26.2% in 1H26 so far as new stores continued to perform well.

The analyst notes slower store rollout and emerging competitive pressure from Harli and Harpa, though Google search interest suggests no major shift yet.

Gross margin discipline remains a key strength, in Macquarie's view, with minimal promotional risk.

Macquarie lowers its target to $37.30 from $40.90 on more conservative multiples. Following the -14% share-price fall post update, the broker upgrades Lovisa to Outperform from Neutral.

Target price is $37.30 Current Price is $30.02 Difference: $7.28
If LOV meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

At first glance, the Lovisa Holdings trading update at its AGM, showed total sales up 26.2%, higher than consensus estimate of 22% growth for 1H26. However, annual comparisons are not linear. Morgan Stanley notes, tracking at 3.5% growth vs 1H26 consensus at 5.4%.

Notably, there are signs of a slowdown compared to the two-year comparisons, given trading is usually easier in 1H and reverses in the 2H.

The analyst believes the rate of store rollouts is lagging but does oscillate from month to month, pointing to 2H25 with a heavy slew of an additional 88 stores vs 43 in 1H25. Management offered no comments on margins, which is usual.

Equal-weight rated. Target $42. Industry view: In-line.

Target price is $42.00 Current Price is $30.02 Difference: $11.98
If LOV meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 28.9% (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

UBS rates LOV as Neutral (3) -

Lovisa Holdings offered a trading update at its AGM, with total like-for-like sales for the first 20 weeks up 26.2% y/y vs 10% a year earlier. Slowdown was noted from weeks 9-20 to 25% from 28% growth in the first 8 weeks.

Net store growth came in at 44 with 60 openings, which resulted in UBS lowering their EPS forecasts by -7.7% for FY26 and -9.8% for FY27 on lower store growth, reduced gross margins and higher cost of doing business/sales.

The jewellery retailer is passing on higher cost of goods via price rises.

Target price is reduced to $33 from $42. Neutral rating unchanged.

Target price is $33.00 Current Price is $30.02 Difference: $2.98
If LOV meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 28.9% (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 MAQ as Outperform (1) -

Macquarie reiterates its Outperform rating for Macquarie Technology after management reaffirmed expectations for marginal EBITDA growth in FY26. This outcome would mark a twelfth straight year of expansion, highlights the analyst.

Phase 1 of IC3 SuperWest remains on schedule for 3Q26, funded by the expanded $450m debt facility, explains the broker, while subdivision work for the new greater than 150MW data-centre site continues.

The analyst notes ongoing investment in AI infrastructure and disciplined headcount management.

Macquarie trims its target by around -1% to $96.60.

Target price is $96.60 Current Price is $61.08 Difference: $35.52
If MAQ meets the Macquarie 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

UBS rates MND as Neutral (3) -

At its November 10 trading update, Monadelphous Group reported it was encountering robust trading conditions for the first four months of FY26.

Management's 1H26 revenue guidance of around $1.5bn sits 23% above UBS' previous estimate and reflects higher construction activity from a record FY25 order book, which rose 22% to $2.7bn.

FY26 revenue growth is guided at 20-25% versus the analyst's forecast of 24% growth, with a higher 1H skew at 53% versus 47% in 2H.

UBS raises its EPS forecasts by 24% for FY26, with an expected 15% three-year CAGR in EPS from FY25 to FY28.

The stock is trading at the top end of its historical valuation range. Neutral rated with a higher target price of $27 from $21.

Target price is $27.00 Current Price is $25.82 Difference: $1.18
If MND meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $27.02, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates MVF as Speculative Buy (1) -

Monash IVF's trading update at the AGM was softer than expected due to weak industry cycles, Australian market share losses and fewer new patient registrations, Morgans observes.

The company now expects FY26 net profit to come in at the low end of the $20-23m guidance. The broker cut FY26 net profit estimate by -11.3% and FY27 by -12.5%.

Speculative Buy. Target trimmed to 90c from 96c.

Target price is $0.90 Current Price is $0.61 Difference: $0.29
If MVF meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 2.3% (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 OCA as Outperform (1) -

Oceania Healthcare's interim result (March year-end) showed like-for-like earnings (EBITDA) up 23% as cost-out and improved Care execution lifted margins, explains Macquarie. Strong applications point to a solid 2H26 settlement profile.

Applications remain robust, the analyst notes, supporting a solid lift in 2H settlement volumes, which should help clear stock and strengthen free cash flow and debt reduction.

Total sales rose 5% y/y, with resales strong and new-sale timing issues expected to unwind, while village occupancy improved to 83.7%, highlights the broker.

Care earnings continued their step-change, with EBITDA per bed at a post-FY19 high and further upside to come, in Macquarie's view.
Outperform. Target price rises to NZ$1.04 from NZ$0.99.

Current Price is $0.73. Target price not assessed.

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates QUB as Buy (1) -

Qube Holdings has received an all-cash takeover offer from Macquarie Asset Management at $5.20 per share, which values the company at an enterprise value of $11.8bn, a 28% premium to the last traded price.

The high-level process deed that has been entered into gives exclusive due diligence through to February 1 and the ability to meet any competing bids.

Post a binding implementation agreement, the board intends to recommend the deal.

Buy rated from Citi. Target $4.90.

Target price is $4.90 Current Price is $4.07 Difference: $0.83
If QUB meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates REA as Buy (1) -

UBS notes Domain is ramping sales/marketing, lifting app download share to 65% (up 28% y/y) and reversing web-visit declines, up 30% m/m vs 3-month average of -5%.

Domain has now closed the gap vs REA Group to 3pts from 27pts. However, REA’s active app user share is still steady, so the key watch for the broker is whether Domain’s download gains convert into active users over time.

The broker notes national new listings fell 2% y/y in the four weeks to Nov 16, similar to recent Cotality/Proptrack trends. Capital city mix is improving, with Sydney and Melbourne up 6-12% y/y while other cities declined, implying a 2Q26 geographic tailwind.

The broker's Quant crowding data suggests REA remains a crowded long trade. Buy. Target price $255.

Target price is $255.00 Current Price is $196.56 Difference: $58.44
If REA meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $256.46, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates REH as Neutral (3) -

After a full review, Citi made small cuts to Reece's FY26-27 EBITDA forecasts as a downgrade in margin estimates offset stronger sales forecasts.

Overall, the broker regards the AGM update as an in-line result. Neutral, with a reduced target of $12.40 from $13.10.

Early commentary follows:

In an initial glance at the Reece AGM update, Citi notes the 1Q26 EBIT was down -18%. The main positive is group sales were up 8% (up 6% cfx), comprised of 2% like-for-like and 4% non-organic growth, implying the acquired stores may be larger than average.

The broker assesses this "neutral" result should have been expected given the off-market buyback. Some concerns should be erased, given positive like-for-like sales momentum in Australasia.

Target price is $12.40 Current Price is $10.98 Difference: $1.42
If REH meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.11, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Macquarie believes the worst is behind Reece and raises its target to $11.00 from $10.10 and upgrades to Neutral from Underperform.

The broker points to Reece’s 1Q26 update which showed firmer revenue momentum, with group sales up 8%, driven by a stronger-than-expected US performance and ongoing store expansion.

Margins remain soft, with 1Q EBITDA at 9.2% versus the broker’s prior 9.8%, as staff costs and higher D&A continue to weigh, although the analyst expects improvement from here.

Reece added five A&NZ stores and ten US stores, reinforcing Macquarie's confidence in the US model despite tougher competition.

Target price is $11.00 Current Price is $10.98 Difference: $0.02
If REH meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $12.11, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates REH as Upgrade to Hold from Trim (3) -

Reece's AGM update showed 1Q26 sales ahead of expectations from a bigger branch network in A&NZ and the US, but margins remained under pressure from higher costs, Morgans remarks. Management expects soft conditions to persist in the near term.

The broker lifted FY26-28 sales forecasts 7% but EBIT forecasts rose just 1%. The forecasts factor in the impact of the recent off-market share buyback of $365m.

Rating upgraded to Hold from Trim. Target rises to $11.25 from $11.10, with the broker seeing the stock as fully valued at 24.2x FY26 PE.

Target price is $11.25 Current Price is $10.98 Difference: $0.27
If REH meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.11, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates REH as Buy (1) -

Ord Minnett believes Reece's 1Q26 update showed branch expansion paying off, with year-to-date sales back in growth and margins stabilising, setting up an earnings recovery from cyclical lows.

Sales rose 8% y/y to $2.41bn (6% constant currency terms), beating expectations. Like-for-like sales increased by 2% led by A&NZ, offset by a slight US decline.

Profitability was, however, weaker, though broadly in line with expectations, and the broker expects the near-term outlook to be challenging.

Buy. Target unchanged at $14.50.

Target price is $14.50 Current Price is $10.98 Difference: $3.52
If REH meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $12.11, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates RIC as Accumulate (2) -

Ridley Corp's trading update at the AGM was softer than expected in Packaged Feeds & Ingredients, while the other divisions tracked to expectations, Morgans notes.

The company delayed the FY26-28 Growth Plan due to the acquisition of Incitec Pivot's fertiliser (IPF) division, and expects to unveil at an investor day after the 1H26 results. No formal FY26 guidance was provided  

The broker trimmed FY26 group EBITDA forecast by -3.6% and FY27 by -2.1%. However, this still assumes solid growth driven by the IPF acquisition and synergies, ongoing optimisation, new initiatives in the core business, and a potential lift in meal prices from 2H26.

Accumulate. Target cut to $3.03 from $3.25.

Target price is $3.03 Current Price is $2.62 Difference: $0.41
If RIC meets the Morgans target it will return approximately 16% (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

UBS rates SEK as Buy (1) -

UBS's November online classifieds tracker showed Seek job ad inventories fell -1% m/m but continued to dominate market share at 48%, ahead of LinkedIn at 29% (up 1% MoM) and Indeed at 23% (flat).

The broker added a new “Advanced” pricing tier (between Basic and Premium), which showed Premium prices rose 12% y/y in October and Basic was up 10% y/y, while Advanced was flat m/m. Price increases were most notable in Retail, Construction, and Trades categories.

Across Asia, volumes softened m/m and were mixed y/y, with sharp drops seen in Hong Kong and Malaysia, but y/y growth in Singapore and Indonesia.

The broker's Quant crowding data showed Seek remains a crowded short trade. Buy. Target price $31.

Target price is $31.00 Current Price is $24.93 Difference: $6.07
If SEK meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $31.56, suggesting upside of 23.9% (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 SGM as Outperform (1) -

Management at Sims expects 1H26 earnings (EBIT) to land broadly in line with the $102m achieved in 2H25, a touch ahead of Macquarie’s prior $97.8m estimate and consensus of $94.9m.

The broker highlights Sims Lifecycle Services as the standout, with soaring repurposed-memory pricing driving 1H26 EBIT of $45-50m and supporting upgrades across the forecast period. Competitive dynamics remain a watchpoint.

Sims Alabama Recycling again outperformed through acquisitive growth and non-ferrous strength, while A&NZ weakened on shredder outages and complex Asian steel conditions, explains the analyst.

Macquarie lifts FY26-28 by 7-15% and raises its valuation to $18.10 from $15.70, maintaining Outperform.

Target price is $18.10 Current Price is $15.08 Difference: $3.02
If SGM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $14.72, suggesting downside of -9.8% (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

Ord Minnett rates SGM as Downgrade to Hold from Accumulate (3) -

Ord Minnett notes Sims' guidance at the AGM for a meaningful y/y 1H26 EBIT uplift, roughly matching 2H25, supported by strong volumes and firm non-ferrous prices.

The company highlighted ferrous conditions remain tough due to Chinese exports and oversupply, though electric arc furnaces (EAF) growth and tariffs are helping US scrap demand and margins.

The standout was Sims Lifecycle Services, where 1H26 EBIT is expected to exceed all of FY25 on major price rises for reusable tech components. The broker lifted the FY26 EPS forecast by 5.8% and FY27 by 0.7%.

Target rises to $14. Rating downgraded to Hold from Accumulate on valuation grounds.

Target price is $14.00 Current Price is $15.08 Difference: minus $1.08 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.72, suggesting downside of -9.8% (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

UBS rates TNE as Buy (1) -

Post an analyst change, UBS views TechnologyOne's FY25 results as generally robust with profit after tax growth of 19% y/y, above management guidance at 13-17% growth.

The rotation out of technology stocks and the company's high valuation made for a high bar on net recurring revenue metrics, with growth easing to 115%. This was within management's target of 115-120% but fell short vs FY23-1H25 at 117-119%.

The weaker update is not viewed by the analyst as a "breaking down" below 115% as the launch of AI products is a new opportunity and the ramp-up in the UK remains strong since peaking in June. Cash conversion remained at a robust 129%.

UBS trims its EPS forecasts by -2% for FY26 and FY27 and continues to anticipate over 20% p.a. profit before tax growth over the next five years, which secures its Buy rating. Target is lowered to $38.70 from $44.50.

Target price is $38.70 Current Price is $29.53 Difference: $9.17
If TNE meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $34.00, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates WJL as Buy (1) -

Ord Minnett notes Webjet Group has allowed a second bidder into due diligence after BGH/Ariadne consortium lifted its cash non-binding indicative offer to $0.91/share. This topped Helloworld Travels' ((HLO)) $0.90 offer and is up from the previously rejected $0.80 bid.

The broker doesn't see either of the two offers as compelling and maintains the Buy rating, recommending investors "take your seat, buckle up and enjoy the ride."

Target unchanged at $1.15.

Target price is $1.15 Current Price is $0.91 Difference: $0.245
If WJL meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 WTC as Buy (1) -

WiseTech Global has reaffirmed guidance for FY26 revenue of US$1.39-1.44bn and earnings (EBITDA) of US$550-585m at its AGM.

Bell Potter views the December 1 rollout of the new commercial model and initial Container Transport Optimisation (CTO) revenue as key near-term catalysts.

It is considered guidance consistency offsets the limited CTO detail and the heavier revenue skew to H2.

Forecasts have been trimmed as the analysts reduce FY26-FY28 revenue expectations by 2-3%, partly balanced by higher margin assumptions.

Bell Potter lowers its target price to $100 from $128 on lower assumed multiples due to the recent de-rating of the Technology sector and a higher weighted average cost of capital for the same reason. Buy rating retained.

Target price is $100.00 Current Price is $65.76 Difference: $34.24
If WTC meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $120.06, suggesting upside of 79.1% (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