Australian Broker Call

Bell Potter rates A1M as Buy (1) -

Bell Potter highlights ongoing M&A activity in the copper sector, pointing to strategic moves by global majors including BHP Group ((BHP)), Rio Tinto ((RIO)) and South-African Harmony Gold to secure copper supply.

Harmony’s US$1.03bn acquisition of MAC Copper ((MAC)), following BHP’s OZ Minerals deal and its rejected Anglo American bid, reinforces the view that it is cheaper to acquire than build, suggests the broker.

AIC Mines' Eloise project compares favourably against peers, in the analysts' view, with recent PFS data suggesting growth plans could be executed for significantly less capital than greenfield alternatives.

Even factoring in debt funding of $60m, the cost of scaling Eloise is considered highly competitive.

Bell Potter believes the AIC Mines' share price is materially lagging the copper price. The broker retains a Buy rating and a 67c price target.

Target price is $0.67 Current Price is $0.34 Difference: $0.335
If A1M meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 141.4% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates A1M as Buy (1) -

AIC Mines reported drill results at the Jericho deposit, which showed high grades and copper mineralisation. Shaw and Partners notes they will increase the overall size of the mineral resource and boost the indicated resource category.

The broker has once again reminded investors recent copper-focused takeovers on the ASX deliver a clear signal: if equity markets continue to undervalue developers and explorers, global majors will seize the opportunity.

The broker notes New World Resources ((NWR)) is trading above its bid price, suggesting further acquisition is likely in the copper arena.

The company is the analysts' preferred copper producer, providing leveraged exposure to the Australian dollar copper price, consistent production and future growth.

Target $1.10. Buy.

Target price is $1.10 Current Price is $0.34 Difference: $0.765
If A1M meets the Shaw and Partners target it will return approximately 228% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 141.4% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates AIS as Buy (1) -

Bell Potter highlights ongoing M&A activity in the copper sector, pointing to strategic moves by global majors including BHP Group ((BHP)), Rio Tinto ((RIO)) and South-African Harmony Gold to secure copper supply.

Harmony’s US$1.03bn acquisition of MAC Copper ((MAC)), following BHP’s OZ Minerals deal and its rejected Anglo American bid, reinforces the view that it is cheaper to acquire than build, suggests the broker.

The analysts believe Aeris Resources offers deep value, with the Tritton Copper Mine broadly comparable to more capital-intensive peers like New World Resources' ((NWC)) development project.

The broker notes Aeris also holds the Cracow Gold Mine, two advanced development assets, and a suite of copper projects flagged for sale.

Bell Potter retains a Buy rating and a 35c price target.

Target price is $0.35 Current Price is $0.17 Difference: $0.18
If AIS meets the Bell Potter target it will return approximately 106% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 83.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates ASX as Neutral (3) -

The ASX's investor update revealed higher depreciation and amortisation starting in FY26 by -$20m, which is above Citi analyst's forecast.

Operating cost growth at around 5.5% for FY25 and between 4% and 7% for FY26 sits slightly above the broker's expectations, with around 2% due to regulatory costs related to the company's Accelerate program.

Citi tweaks EPS forecasts lower by -2% for FY26 and FY27 and views the stock as "fairly inexpensive" given the regulatory risks overhanging the company.

The rating is highlighted as a weak Neutral. Target lifted to $71.60 from $71.20.

Target price is $71.60 Current Price is $72.46 Difference: minus $0.86 (current price is over target).
If ASX meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $65.40, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates ASX as Neutral (3) -

ASX offered FY26 opex and capex growth guidance for FY26, with capex coming in at the top end of the range for FY25 and FY26 and unchanged for FY27 onwards.

Macquarie notes the change aligns with consensus expectations, while opex, including depreciation and amortisation, is the major miss against consensus.

Management's expense growth guidance sits at 8% to 11% versus the analyst's forecast of 8.8% and consensus at 7.2%.

Macquarie lifts FY25 earnings by 1.6% for improved trading volumes and opex guidance at the mid-point of the 6%-9% range.

Target price lifted to $66 from $65. Neutral rating retained.

Target price is $66.00 Current Price is $72.46 Difference: minus $6.46 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $65.40, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

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 ASX as Underweight (5) -

Morgan Stanley notes ASX's expenses are re-accelerating in FY26, with the guidance of 8-11% growth vs the consensus estimate of 7%.

The broker is surprised by not just higher cost guidance for the third year in a row, but also the fact this is despite FY26 benefiting from $17m in cost savings. The negative news on costs is not in the price, the broker highlights.

Underweight. Target unchanged at $57.80.

Target price is $57.80 Current Price is $72.46 Difference: minus $14.66 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $65.40, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates ASX as Sell (5) -

ASX’s Investor Day confirms the technology reset strategy remains on track, particularly the CHESS Stage 1 clearing upgrade scheduled for 4QFY26, yet UBS notes costs continue to rise.

In particular, depreciation and amortisation (D&A) is now expected to reach circa -$110m by FY28, one year earlier than previously forecast by the analysts.

Guidance for FY26 costs growth of between 8-11% exceeds consensus expectations, notes the broker, driven by a capex catch-up and rising operational resilience spend.

UBS highlights  revenue offsets from new initiatives remain longer-dated and less predictable, with no immediate fee changes until FY27.

The broker retains its Sell rating and lowers the target price to $69.10 from $69.50.

Target price is $69.10 Current Price is $72.46 Difference: minus $3.36 (current price is over target).
If ASX meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $65.40, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates AX1 as Buy (1) -

Accent Group has guided to FY25 earnings (EBIT) of $108-118m, which is a -17-19% miss against the consensus forecast for $133m, observes Bell Potter.

Group like-for-like sales were down -1% for the second half to date, with recent trading deteriorating further to -2.5% over the past 16 weeks, led by weakness in lifestyle brands, explains the broker.

Gross margins declined by -80bps year-on-year for the period, due to inventory management challenges and heightened promotional activity, note the analysts.

The broker lowers its profit forecasts by -20%,-18%, and -17%, respectively, across FY25-27 and factors in the recent share placement to Frasers Group.

Sports remains the relative outperformer, and Bell Potter anticipates medium-term upside from the rollout of Sports Direct in Australia, targeting 50 stores over six years.

The target is lowered to $2.10 from $2.60. Buy rating retained.

Target price is $2.10 Current Price is $1.81 Difference: $0.295
If AX1 meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 70.2% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates AX1 as Overweight (1) -

Morgan Stanley notes Accent Group's FY25 EBIT guidance is a -18% miss vs consensus, with gross margins -80bps lower y/y in 2H to date vs a -70bps fall in the first seven weeks.

Elevated promotional activity amid challenging trading conditions was a key factor. No change to the broker's forecasts.

Overweight. Target unchanged at $2.50.

Target price is $2.50 Current Price is $1.81 Difference: $0.695
If AX1 meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 70.2% (ex-dividends)

The company's fiscal year ends in June.

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 AX1 as Buy (1) -

UBS notes Accent Group’s FY25 EBIT guidance (mid-point) is -19% below the consensus estimate for $134.2m and -20% below its own estimate of $136.7m.

Trading momentum has softened since the first seven weeks of 2H25, observes the broker (in an early impression), which saw like-for-like sales growth of 2.2% and a gross margin decline of -70bps.

For weeks 8-23, like-for-like sales fell -2.5%, with gross margins contracting a further -84bps, reflecting subdued category growth.

Buy. Target $2.45.

Target price is $2.45 Current Price is $1.81 Difference: $0.645
If AX1 meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 70.2% (ex-dividends)

The company's fiscal year ends in June.

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 BHP as Neutral (3) -

UBS believes the Jansen potash project will be a key growth contributor for BHP Group. Stage 1 is on track for first production by late 2026 and full ramp-up by FY29, followed by Stage 2 achieving 8.5mtpa by FY32.

Jansen could deliver around 60-65% earnings (EBITDA) margins at a potash price of US$300-350/t, notes the broker. High cash conversion (more than 80%) and low sustaining capex, could generate around US$1.8bn in free cash flow annually from FY33.

The analysts remain cautious on near-term potash pricing due to planned supply growth (including BHP’s), which exceeds expected demand increases. More positively for the price, geopolitical risks and project delays could tighten supply and support prices.

UBS retains a Neutral rating and maintains its $40.00 price target.

Target price is $40.00 Current Price is $38.34 Difference: $1.66
If BHP meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $42.87, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett highlights lab tests from Brazilian Rare Earths' high-grade Monte Alto sample showed mixed rare earth carbonate can be readily produced along with uranium recovery.

The broker believes this is an endorsement of the company's plan to produce four product streams from the direct feed ore.

Next studies will focus on the separation of NdPr and the testing of the by-product recoveries in saleable form.

Speculative Buy. Target unchanged at $6.30.

Target price is $6.30 Current Price is $2.22 Difference: $4.08
If BRE meets the Ord Minnett target it will return approximately 184% (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 CAR as Buy (1) -

Citi observes used vehicle sales in Brazil have risen substantially in May, up 28% year-on-year compared to a rise of 13% year-on-year in April.

Some of the May strength can be attributed to a weak May comparison in 2024, the analyst explains, with April 2024 sales rising 24% year-on-year. Brazil's used car sales are currently up 14% year-to-date for 2H25, compared to 11% annual growth in 1H25.

Citi estimates Car Group's Webmotors will grow 28% annually in constant currency terms over 2H25, which is a slight decrease from 1H25 at 30%, with higher financing costs noted as a contributing factor.

Comparing Car to REA Group ((REA)) and Seek ((SEK)), the stock has underperformed on a 12-month basis due to slowing US growth and macro concerns, 

Citi believes the market is under appreciating the growth from Boats and data analysis through structured solutions for investment (SSI) while lowering the total income growth forecast for FY26 to 10% revenue growth.

Buy. Target unchanged at $42.

Target price is $42.00 Current Price is $36.58 Difference: $5.42
If CAR meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $41.30, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

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 CGF as Buy (1) -

Although largely as anticipated, Citi stresses the APRA release on capital settings for longevity products, i.e., annuities, is "unequivocally positive" for Challenger due to more favorable requirements than currently in place.

Digging into the details, the analyst believes the factor used for the spread as part of the illiquidity premium formula is less than what was originally expected. The change in the reference benchmark could be more positive, but is hard to assess at face value.

Citi suggests a better understanding of the changes from APRA will become apparent when they come into effect in 2026.

The stock remains Buy-rated with a $7.55 target.

Target price is $7.55 Current Price is $7.97 Difference: minus $0.42 (current price is over target).
If CGF meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.64, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

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

Morgan Stanley believes APRA’s proposed changes to annuity capital requirements will improve Challenger’s capital efficiency and reduce earnings volatility, with potential uplift in return on equity.

The analysts note this could support better client pricing and annuity sales, although earnings margins may narrow due to asset reallocation and pricing shifts.

Morgan Stanley expects the reforms to favour Challenger’s capital position, but flags upside may already be priced in, with the stock having re-rated in recent months.

Morgan Stanley retains an Equal-weight rating and a $6.45 target price. Industry view is In-Line.

Target price is $6.45 Current Price is $7.97 Difference: minus $1.52 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.64, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates CGF as Buy (1) -

UBS believes proposed regulatory changes from APRA to annuity capital requirements could unlock meaningful value for Challenger.

Changes to annuity capital requirements are designed to reduce capital intensity and limit pro-cyclicality, which tends to amplify the impact of market downturns, explains the broker.

The analysts' forecasts remain unchanged ahead of greater clarity due from draft standards. Buy rating and $9.15 target retained.

Target price is $9.15 Current Price is $7.97 Difference: $1.18
If CGF meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Shaw and Partners rates CLG as Hold (3) -

Close the Loop's trading update painted a grim picture for 2H25, with the company expecting flat revenue vs 1H but EBITDA to be -50% lower.

Operational challenges, including a lack of volume growth from core partner HP and high refurbishment costs, were to blame.

Shaw and Partners made sharp cuts to forecasts for FY25-27. In addition, the broker believes the balance sheet could become a concern with FY25 net debt to EBITDA likely to reach 3.6x vs 0.9x in FY24. 

The broker is expressing caution about covenant risks and thinks an equity raise cannot be ruled out. Hold. Target cut to 10c from 50c.

Target price is $0.10 Current Price is $0.05 Difference: $0.052
If CLG meets the Shaw and Partners target it will return approximately 108% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates CLV as Buy (1) -

Clover expects FY25 net profit to be 20% above consensus at $5.5m on solid demand from key western infant milk formula manufacturers and better-than-expected 2H gross margins.

UBS lifted its FY25 sales forecast by 6% and expects FY26 sales to grow by 8%. The broker estimates 2H gross margin at 31.4% vs 29.6% in 1H, but to slow to 30.2% from FY26 onwards.

Buy. Target rises to 68c from 60c. 

Target price is $0.68 Current Price is $0.51 Difference: $0.175
If CLV meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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

Morgan Stanley rates COH as Underweight (5) -

Cochlear has downgraded FY25 profit guidance to $390-400m from $410-430m, implying to Morgan Stanley negative half-on-half and year-on-year growth in 2H25.

The downgrade is due to weaker-than-expected processor upgrades, slowing cochlear implant unit sales in developed markets, and market share losses, explains the broker.

More positively, the analyst highlights Cochlear has launched its new Nexa system, including the Nucleus 8 Nexa processor and Kanso 3, with features such as upgradeable firmware and internal memory.

Morgan Stanley remains cautious, seeking further clarity on the impact of slowing unit sales and upcoming reimbursement changes in FY26. An Underweight rating and a $267 target price are maintained. Industry View: In-Line.

Target price is $267.00 Current Price is $272.31 Difference: minus $5.31 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $284.12, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates COH as Hold (3) -

Cochlear downgraded FY25 earnings guidance by circa -4% due to a sharper-than-expected decline in services revenue, explains Ord Minnett.

This revenue is now expected to fall by a low double-digit percentage versus prior guidance for a single-digit decline.

The broker expects services revenue to return to growth in FY26, supported by new customer acquisitions and the launch of the Kanso 3 Sound Processor.

The analyst highlights Cochlear has also unveiled its Nucleus Nexa System, which includes firmware upgrade capability, internal memory, and all-day battery life, with rollout beginning in Asia-Pacific and Europe.

Ord Minnett considers Cochlear structurally well positioned with an $8bn addressable market by 2030, high barriers to entry, and product advantages, but views these strengths as already priced in. Unchanged Hold rating and a $285 target price.

Target price is $285.00 Current Price is $272.31 Difference: $12.69
If COH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $284.12, suggesting upside of 4.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates CTT as Downgrade to Speculative Sell from Speculative Hold (5) -

Cettire delivered FY25 to-date revenue of $693.8m, up 1.7% year-on-year, but with adjusted earnings (EBITDA) of just $0.5m, well below consensus at $7.8m, notes Bell Potter.

April-May trading was notably weaker, observe the analysts, with sales down -21% year-on-year and an adjusted -$6.9m earnings loss, including -$2m in currency losses. Cash fell to $45m from $76m at the end of the third quarter.

The broker downgrades its earnings forecasts, now expecting a -20% revenue decline in the June quarter and only modest growth of 3-12% over FY26-27.

A return to EBITDA profitability is now expected in the third quarter of FY26, one quarter later than the analysts had previously anticipated.

Bell Potter cuts its price target to 28c from 47.5c and downgrades to Speculative Sell from Speculative Hold.

Target price is $0.28 Current Price is $0.32 Difference: minus $0.04 (current price is over target).
If CTT meets the Bell Potter target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

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

Bell Potter rates EDV as Initiation of coverage with Hold (3) -

Bell Potter initiated coverage of Endeavour Group with a Hold rating and target price of $4.50.

The broker notes the company grew revenue at a 3.8% compounded annual rate over FY20-24, but for FY25, it expects a -2% decline as challenging macro conditions impacted discretionary spending.

For FY26-27, the analyst expects 4% revenue growth on higher contribution from hotel renewals and easing cost-of-living pressures.

The broker's EPS forecasts for FY25-26 are in line with consensus, while FY27 is -2% below.

Target price is $4.50 Current Price is $4.11 Difference: $0.39
If EDV meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

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 EGL as Buy (1) -

Bell Potter transferred Environmental Group's coverage to Ritesh Varma, and the new analyst has remodelled forecasts by raising revenue and EBITDA margin forecasts.

Following the recent acquisition and continued success of the Fulton Boiler distribution agreement, the broker expects the company to deliver on its FY25 guidance.

No change to EPS estimates, but target price rises to 38c from 37c.

The broker notes the stock trades at 9.8x NTM EV/EBITDA which is a -3% discount to international peers, and hence is seen offering an attractive entry point.

Buy retained.

Target price is $0.38 Current Price is $0.25 Difference: $0.128
If EGL meets the Bell Potter target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Bell Potter rates NEU as Buy (1) -

Bell Potter notes Neuren Pharmaceuticals will soon start the phase 3 trial for its second drug NNZ-2591, following strong results from the phase 2 trial in December 2023.

The broker is optimistic about the drug's prospects following a conversation with key opinion leaders. The drug will also have opportunities beyond Phelan-McDermid Syndrome, where the phase trial could begin in 2026, the broker notes.

Buy. Target unchanged at $20.

Target price is $20.00 Current Price is $13.90 Difference: $6.1
If NEU meets the Bell Potter target it will return approximately 44% (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

Shaw and Partners rates PEN as Hold (3) -

Shaw and Partners expects Peninsula Energy to resume trading in the coming weeks after it provided an update about making good progress on the Lance uranium project.

The company has resolved its dispute with the building contractor and will finalise funding options and sales book restructuring.

The company flagged significantly lower production in 2026 and 2027, but didn't formally provide an update. The broker will revise its forecasts once the company updates.

The analyst is optimistic about the Lance project and expects the company to scale up to 1.8Mlb in line with the plan, though the ramp-up schedule, contract book and financing remain unclear at this stage.

Hold. Target unchanged at $1.

Target price is $1.00 Current Price is $0.62 Difference: $0.38
If PEN meets the Shaw and Partners target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates PLS as Overweight (1) -

Morgan Stanley views Pilbara Minerals’ March 2025 Mineral Resource update at Pilgangoora as a significant positive. The update revealed a 13% lift in grade and 24% increase in contained lithium oxide versus the broker's depletion model.

The total Mineral Resource rose by 39mt to 446mt at 1.28% Li2O (containing 5.7mt lithium oxide), driven by exploration success in the Central area and pit optimisation which removed -53mt of lower-grade material, explains the broker.

Measured and Indicated (M&I) Resources increased 14% to 376mt at 1.29% Li2O, or 4.8mt contained lithium oxide.

Morgan Stanley expects these updates to support lower operating costs, extended mine life, and improved conversion potential to Reserves.

The broker maintains a price target of $1.70 and an Overweight rating. Industry View: In-Line.

Target price is $1.70 Current Price is $1.34 Difference: $0.36
If PLS meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's five-year production outlook came in better than Macquarie's and consensus expectations by 17% and 9%, respectively, while all-in-sustaining-costs were lower than the analyst's forecast by -4% and higher than consensus.

The miner flags production of around 2.6moz of gold from FY26-FY30, some 17% above Macquarie's estimate of 2.3moz and 9% over consensus. FY26 production guidance is -4% below expectations, and FY27 is broadly in line.

Capex is flagged at -US$878m from FY26-FY30, above Macquarie and consensus by 21% and 40%, respectively.

Macquarie lowers EPS forecasts by -15%, -30%, -41% for FY26-FY28 due to production cuts, and upgrades FY29-FY30.

Macquarie retains an Outperform rating, and the target price lifts 5% to $4.

Target price is $4.00 Current Price is $3.76 Difference: $0.24
If PRU meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

UBS rates PRU as Buy (1) -

Perseus Mining published a five-year outlook where average production of 525kozpa was within the 500-600kozpa range, but fell short of UBS' expectation.

Cost forecast of US$1,450/oz was also 15% higher than the broker's forecast. The analyst revised its forecast, resulting in a -8% cut to FY26 earnings and a -34% cut to FY27.

The broker notes the company is well-funded, but because spending will be front-loaded, free cash flow could be depressed initially.

Buy. Target cut to $4.20 from $4.40.

Target price is $4.20 Current Price is $3.76 Difference: $0.44
If PRU meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.6

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

Bell Potter rates PWH as Buy (1) -

Bell Potter has revised forecasts for PWR Holdings, expecting margins to be impacted by potential US tariffs. The broker believes the company may not be able to pass on the entire tariff impact.

The analyst took into account the fact some products may not be subject to tariffs and the company benefits from US-based operations, but it still imports raw materials from countries including China and Germany.

Some impact on revenue is also forecast, with a -2% downgrade to FY26 and -3% to FY27. Net profit margin for FY25 and FY26 estimated at 7.7% and 13.2%, respectively, vs 17.8% in FY24.

Buy. Target cut to $8.00 from $8.50.

Target price is $8.00 Current Price is $6.40 Difference: $1.6
If PWH meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.26, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

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 REA as Buy (1) -

Citi views Seek ((SEK)) and REA Group as potential beneficiaries of RBA interest rate cuts, with CAR Group ((CAR)) less so.

The RBA is forecast to cut in August, September, and November, which would bring the cash rate to 3.1%, with the possibility of one cut being front-loaded into July.

Buy. Target unchanged at $275.

Target price is $275.00 Current Price is $238.49 Difference: $36.51
If REA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $269.57, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates REA as Neutral (3) -

Residential listing volumes slipped by -10% in May compared to a year earlier, with declines evident across most cities and regions, Macquarie details, with year-to-date volumes up 1%.

Sydney and Melbourne were down -8% and -12%, respectively in May, with FY25 year-to-date growth of 2% and 0%, respectively, for the two major cities.

The analyst is forecasting listing growth of 1.5% for REA Group, made up of 5% growth in 1H25 and -2% in 2H25.

Autumn listing volumes were down -5%, with the election most likely pulling forward volumes into March, up 6% year-on-year, compared to April/May down -11%/-10%, respectively.

Macquarie retains a positive view on listings over the medium term, with rate cuts of -75bps expected over the balance of 2025.

The Neutral rating and $265 target are maintained for REA Group.

Target price is $265.00 Current Price is $238.49 Difference: $26.51
If REA meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $269.57, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates SEK as Buy (1) -

Citi views Seek and REA Group ((REA)) as potential beneficiaries of RBA interest rate cuts, with Car Group ((CAR)) less so.

The RBA is forecast to cut in August, September, and November, which would bring the cash rate to 3.1%, with the possibility of one cut being front-loaded into July.

Seek remains Buy rated. The broker suspects some possible short-term downside. No change to target price at $28.50.

Target price is $28.50 Current Price is $23.84 Difference: $4.66
If SEK meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $27.91, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in June.

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 SLC as Buy (1) -

Citi explains a pickup in Origin Energy ((ORG)) net additions in 2H25 could underwrite a period of earnings upgrades for Superloop, with management acting ahead of NBN to raise prices ahead of wholesale price increases.

The analyst suggests early signs of churn rates post the rate increases, when combined with financial year-end promotions, are moving lower than previous periods.

Citi stresses there are multiple growth levers for Superloop, including Smart Communities, with options for inorganic growth due to the positive balance sheet.

Target price is raised to $3.55, the stock remains Buy rated.

Target price is $2.65 Current Price is $2.87 Difference: minus $0.22 (current price is over target).
If SLC 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 $2.71, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

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 SSM as Buy (1) -

Citi continues to retain a positive view on Service Stream ahead of the company's pre-blackout call, with trading momentum in 2H25 retained from the first half, albeit likely to be more skewed toward 1H due to telco and utilities.

Defence procurement contracts are meeting the expected targets, while tender costs are flagged as in line with the first half.

Management is positive on utilities earnings in 2H25, underpinned by margin expansion, with the analyst pointing to between three and four opportunities of $50 million per annum or higher.

Target remains at $2 with a Buy rating.

Target price is $2.00 Current Price is $1.98 Difference: $0.025
If SSM meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates TLG as Speculative Buy (1) -

Talga Group announced all appeals against its Nunasvaara natural graphite project licence have been dismissed by the Swedish government.

This means the project now has all the major permits for mine and refinery, and is now awaiting rezoning decision by the municipality, likely on June 16.

Bell Potter expects the company to focus on offtake deals and funding requirements over the next six months, with debt likely favoured. There may be potential for strategic equity too, the broker notes, in exchange for guaranteed offtake.

Speculative Buy. Target cut to $1.00 from $1.90 on dilution and project timing revisions. The forecasts assume a $426m equity raise at 40c/share.

Target price is $1.00 Current Price is $0.48 Difference: $0.52
If TLG meets the Bell Potter target it will return approximately 108% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

UBS rates TLX as Buy (1) -

UBS attended Telix Pharmaceuticals' investor day in New York City and now has more understanding of the breadth of its products and expertise to drive growth. 

The broker expects revenue diversification and growth to continue with the launch of Gozellix and potential approval and launch of Zircaix and Pixclara. The geographic expansion of Illuccix is another positive.

The company's revenue will fund more development, driving growth over the next six years, the broker highlights.

Buy. Target unchanged at $36.

Target price is $36.00 Current Price is $25.65 Difference: $10.35
If TLX meets the UBS target it will return approximately 40% (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 ZIP as Buy (1) -

Yesterday, management at Zip Co upgraded FY25 cash earnings (EBITDA) guidance to $160m from $153m, underpinned by strong US momentum, observes Citi.

During April and May there was 40% year-on-year growth in Total Transaction Volume (TTV).

Credit performance remains steady, assesses the broker, despite accelerating customer acquisition, supporting reinvestment in marketing to drive further growth.

Citi expects FY26 operating costs to worsen (rise) by -15%, but forecasts margin expansion of around 80bps and estimates a $5m earnings uplift for every -25bps interest rate cut in Australia.

The analyst expects new products (Pay in 8, Pay in 2) as well as Zip card to underpin increased spend per customer in FY26 with the earnings (EBITDA) forecast for FY26 above consensus by 9%.

Target price lifts to $3.10 from $3 and Buy rating remains.

Target price is $3.10 Current Price is $2.68 Difference: $0.42
If ZIP meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

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