Australian Broker Call

Citi rates ABB as Buy (1) -

Citi considers ACCC’s final decision on voice fee reduction as disappointing but sees no impact on Aussie Broadband's FY26 EBITDA.  FY27 EBITDA forecast trimmed by -$3m and FY28 by -$6m.

Consensus EBITDA forecasts for FY27-28 remain well above the broker's forecasts, though Citi still sees upside risk given its  conservative wholesale and E&G assumptions. Mitigation could come from higher hosted-number fees, which have fallen materially over time and carry minimal incremental cost.

Overall, the broker is more positive on Aussie Broadband following the removal of regulatory overhang, given ongoing market-share gains and growth from More/Tangerine, E&G and wholesale.

Buy with unchanged target of $6.15.

Target price is $6.15 Current Price is $4.86 Difference: $1.29
If ABB meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.01, 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

Morgans rates AIS as Accumulate (2) -

Morgans expects the strength seen in copper prices in the last six months to carry into 2026, maintaining the bullish outlook as supply stays structurally tight. Disruptions, declining grades and project delays have resulted in lower supply and increasing competition for scarce future growth.

The broker lifted 2026 copper price forecast by 14% and 2027 by 8%. The preferred stock is Capstone Copper for pure copper exposure and South32 for diversified base/precious metals exposure.

In the case of Aeris Resources, the broker factored in an equity raise in October and updated cash and debt balance, apart from new copper price forecasts. This led to a -4% cut to the underlying EBITDA forecast for FY26, but FY27 rises by 17%.

Accumulate maintained, with cut in target price to 60c from 62c.

Target price is $0.60 Current Price is $0.54 Difference: $0.06
If AIS meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.62, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates ANZ as Trim (4) -

Morgans retains a Trim rating on ANZ Bank due to the “compressed” total return at current share price levels.

Although the valuation multiple is attractive relative to its peers, the broker views the bank as relatively more complex. This is due to higher exposures to institutional and international activities and higher reliance on wholesale and term deposit funding.

The analyst tweaks EPS forecasts for FY26 up 2% and FY27 up 1%.Target price slips to $32.57 from $33.09.

Target price is $32.57 Current Price is $36.04 Difference: minus $3.47 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.43, suggesting downside of -7.4% (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

Morgan Stanley rates BEN as Underweight (5) -

Morgan Stanley notes APRA has directed Bendigo & Adelaide Bank to conduct a root-cause review of broader non-financial risk issues and imposed a -$50m operational risk capital add-on. Meanwhile, AUSTRAC has opened an AML/CTF enforcement investigation.

The $50m charge implies -17bp CET1 impact, broadly as expected by the broker, but regulators signalled further actions remain possible. The broker believes the bank's remediation will extend beyond AML/CTF, with costs still unclear, and highlighted its forecasts assume $100m pre-tax provisions.

Underweight. Target unchanged at $9.60. Industry View: In-Line.

Target price is $9.60 Current Price is $10.14 Difference: minus $0.54 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.27, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Ord Minnett rates BEN as Accumulate (2) -

APRA has imposed an operational risk capital charge of -$50m on Bendigo & Adelaide Bank post the bank's warning it had discovered compliance issues with anti-money laundering and counter-terror financing, Ord Minnett explains.

The analyst notes the -$50m capital charge equals around $600m in risk weighted assets and will remove -17bps off the bank's CET1 capital ratio, which is now expected to reach 10.82% over 2H26.

Despite full year savings from redundancies and productivity gains over the balance of FY26, Ord Minnett has remained circumspect around Bendigo achieving business as usual.

No change to $11 target and Accumulate rating. The broker downgraded EPS forecasts earlier this month.

Target price is $11.00 Current Price is $10.14 Difference: $0.86
If BEN meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.27, suggesting downside of -0.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Macquarie rates BMN as Outperform (1) -

Macquarie emphasises the ongoing works at Etango are going well, with Bannerman Energy continuing to award and start key contracts, with detailed design ongoing.

Bulk earthworks are 51% complete compared to 42% in October and foundations for the primary crusher and stockpile have been successfully poured. The HPGR tertiary crusher has been delivered and the permanent water supply pipeline installation is around 16% advanced.

The broker expects Etango's final investment decision to be ready in the next 3-6 months, subject to uranium and equity market conditions. The view is more equity funding at a higher share price level and less debt funding is the best funding stack for both Namibian developers.

Slight changes to the share count result in the analyst tweaking EPS forecasts lower by -1.8% for FY26 and -4.9% for FY27. No change to Outperform rating and $5.50 target price.

Target price is $5.50 Current Price is $2.90 Difference: $2.6
If BMN meets the Macquarie target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates BOE as Downgrade to Neutral from Buy (3) -

Boss Energy has retracted its 2021 Enhanced Feasibility Study (EFS) for the Honeymoon project after finding major issues with resource continuity, leachability and overlap of mineralisation, Citi notes.

It is now redesigning the wellfield with wider 75-100m spacing vs 40m originally, though management couldn’t cite clear operating precedents for such wide spacing.

The broker reckons this leaves permeability and lateral connectivity of the aquifer as the key risk to be tested in an updated EFS due 3Q2026.

No change to FY26 guidance, but the broker trimmed FY27 output assumptions. Target drops to $1.25 from $2.20, and the rating is downgraded to Neutral from Buy.

Target price is $1.25 Current Price is $1.18 Difference: $0.07
If BOE meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 47.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates BOE as Neutral (3) -

Post a long review and what transpired as disappointing drilling and leach results, Macquarie highlights Boss Energy's new management has withdrawn its Honeymoon enhanced feasibility study.

The delineation drilling started in mid-September and is due to continue until 2Q2026, with a resource update expected in 3Q2026.

Management is trying to work out how to move forward by commercialising what has become apparent as lower-grade ore and a more challenging resource, instead of accepting a short resource life at Honeymoon, the analyst explains.

Macquarie lifts FY26 EPS forecast by 8% on marginally higher production of 1.65mlb and lowers FY27 by -13% on lower production of 1.66mlbs from 1.8mlbs.

The broker cuts the target price by -36% to $1.25 on reduced long term production, higher costs and a shorter mine life. Neutral rating unchanged.

Target price is $1.25 Current Price is $1.18 Difference: $0.07
If BOE meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 47.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates BOE as Underweight (5) -

Morgan Stanley notes lower grades at Boss Energy's Honeymoon have driven a material deviation from prior assumptions, prompting a new feasibility study due in 3Q2026.

FY26 guidance remains unchanged but the flat guidance for FY27 production is -20% below the broker's and the consensus estimates. A 15% higher cost (ASIC) forecast is 13% more than the broker's estimate and 28% higher than consensus.

Early work on new feasibility study suggests longer residence times, 40-90 days vs 5, may lift recovery but likely imply higher upfront capex and a longer ramp-up, leaving execution risk elevated, the broker underlines.

Underweight. Target $1.85. Industry View: Attractive.

Target price is $1.85 Current Price is $1.18 Difference: $0.67
If BOE meets the Morgan Stanley target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 47.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Ord Minnett rates BOE as Hold (3) -

Boss Energy announced the previous assumptions around Honeymoon were erroneous, with the current mine plan, production and costs now expected to be impacted from FY27 onwards.

Ord Minnett notes management has outlined a possible alternative with a focus on extensive, low-grade mineralisation that might be able to be recovered with wide-spaced wells. The plan needs to be tested to see if it is viable.

The broker has lowered its uranium output by -40% and earnings (EBITDA) by -35%, with lower cash costs and sustaining capex. The anticipated completion of the new feasibility study is September quarter 2026.

Target price is cut to $1.15 from $2.10 previously, with no change in Hold rating.

Target price is $1.15 Current Price is $1.18 Difference: minus $0.03 (current price is over target).
If BOE meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting upside of 47.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates BOQ as Upgrade to Accumulate from Hold (2) -

Morgans upgrades Bank of Queensland to Accumulate from Hold due to the recent share price weakness, while tweaking EPS forecasts down by -1% for FY26 and lifting FY27 by 1%.

The analyst notes the bank's asset base is more concentrated than its larger peers in the very competitive home lending market, but it has disadvantages in scale, funding costs and technology compared to the majors.

As the stock is now trading below the broker's intrinsic value estimate, with an attractive yield, it has been upgraded.

Target price is raised to $7.03 from $6.87.

Target price is $7.03 Current Price is $6.45 Difference: $0.58
If BOQ meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgans rates CBA as Sell (5) -

Morgans continues to rate CommBank as a Sell with a $99.81 target price up from $96.07 previously, while tweaking EPS forecasts for FY26 and FY27 up by 1%.

The analyst points out the bank has the highest return on equity, the lowest cost of capital, leading technology and the largest position in the residential property market. However, the current valuation is considered too high, with potential medium-term returns viewed as too compressed.

Target price is $99.81 Current Price is $155.00 Difference: minus $55.19 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.17, suggesting downside of -24.8% (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

Morgan Stanley rates CHC as Overweight (1) -

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker notes Charter Hall didn’t update AUM when it upgraded EPS guidance last month. Property AUM was $66.8bn at Jun-25 and rose to $69.4bn by Aug-25, including the CCRF launch.

Into the 1H26 results, absent another EPS upgrade, the broker believes a key share price catalyst could be AUM beating consensus, noting consensus is at $72.3bn by December 2025..

Target $27.75. Overweight. Industry View: In-Line.

Target price is $27.75 Current Price is $25.28 Difference: $2.47
If CHC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting downside of -6.7% (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 COI as Speculative Buy (1) -

Comet Ridge has agreed to acquire Santos' ((STO)) 42.86% interest in the Mahalo gas project for $40m, with up to $20m in contingent payments tied to production milestones, Morgans notes. Ownership rises to 100% from 57.14%, with the company assuming operation of the Mahalo Gas Hub.

The analyst is very positive and sees the transaction as highly value accretive, with an inferred acquisition cost of $0.16/GJ to a max price of $0.24/GJ versus the broker's prior valuation of around $1.02/GJ.

The deal is dependent on Comet securing funding, with settlement at the final investment decision or June 30 2026, whichever comes first.

Speculative Buy. Target retained at 25c.

Target price is $0.25 Current Price is $0.12 Difference: $0.13
If COI meets the Morgans target it will return approximately 108% (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

Morgans rates CSC as Buy (1) -

Morgans expects the strength seen in copper prices in the last six months to carry into 2026, maintaining the bullish outlook as supply stays structurally tight. Disruptions, declining grades and project delays have resulted in lower supply and increasing competition for scarce future growth.

The broker lifted 2026 copper price forecast by 14% and 2027 by 8%. The preferred stock is Capstone Copper for pure copper exposure and South32 for diversified base/precious metals exposure.

Underlying net profit forecast for Capstone Copper increased by 12% for FY25 and by 78% for FY26.

Buy, with lift in target price to $17.40 from $16.10

Target price is $17.40 Current Price is $14.12 Difference: $3.28
If CSC meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $16.24, suggesting upside of 13.6% (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

Morgan Stanley rates DXS as Underweight (5) -

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker believes Dexus screens cheap, trading around a -20% discount to NTA while peers sit at/above NTA.

However, fund outflows, recycling high-yield assets into lower-yield developments, and Atlassian completion dilution keep the broker Underweight on the stock.

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

Target price is $7.95 Current Price is $7.13 Difference: $0.82
If DXS meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.07, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates EVN as Underperform (5) -

Macquarie forecasts Evolution Mining's 2Q26 gold output at 186.8koz, broadly in line with consensus, with Ernest Henry expected to lag while Red Lake is likely to outperform.

Cost (AISC) is estimated at $1,815/oz, 6% above consensus, with Mt Rawdon the main cost headwind. The broker expects Ernest Henry and Northparkes to benefit from stronger copper by-product credits.

FY26 production forecast is 730koz,  around the midpoint of guidance, and AISC at 1,756/oz, slightly below the midpoint of the guided range.

Underperform. Target unchanged at $10.10.

Target price is $10.10 Current Price is $12.52 Difference: minus $2.42 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.44, suggesting downside of -17.3% (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

Morgans rates EVN as Trim (4) -

Morgans expects the strength seen in copper prices in the last six months to carry into 2026, maintaining the bullish outlook as supply stays structurally tight. Disruptions, declining grades and project delays have resulted in lower supply and increasing competition for scarce future growth.

The broker lifted 2026 copper price forecast by 14% and 2027 by 8%. The preferred stock is Capstone Copper for pure copper exposure and South32 for diversified base/precious metals exposure.

Underlying adjusted EBITDA forecast for Evolution Mining increased by 9% for FY26 and by 20% for FY27.

Trim maintained, with lift in target price to $11.10 from $10.00.

Target price is $11.10 Current Price is $12.52 Difference: minus $1.42 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.44, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Macquarie rates GMD as Outperform (1) -

At the December quarterly, Macquarie forecasts Genesis Minerals' 2Q26 gold production of 65.9koz, -4% below consensus due mainly to lower Laverton grades.

Cost (AISC) is estimated at $2,775/oz, 3% above consensus, largely due to lower expected production in the quarter.

For FY26, the broker's forecast is 280koz, slightly above the midpoint of guidance, and AISC at $2,579/oz, slightly below the midpoint of the $1,700-1,900/oz range.

Target unchanged at $8.40. Outperform maintained. Genesis Minerals is among the broker's key picks in the mid-caps space.

Target price is $8.40 Current Price is $6.88 Difference: $1.52
If GMD meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates GMG as Overweight (1) -

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker reckons Goodman Group's -20% underperformance in 2025 could unwind if commitments on capex, capital partners and customers are delivered over the next year.

A near-term catalyst is the 1H26 result, where SYD01 (Artarmon) partnership updates and possible EPS upgrades could drive better newsflow, assuming the European JV is sufficiently advanced,

Overweight. Target $41.50. Industry View: In-Line.

Target price is $41.50 Current Price is $28.66 Difference: $12.84
If GMG meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 29.4% (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

Morgans rates GNC as Accumulate (2) -

GrainCorp announced the sale of GrainsConnect Canada for CA$150m, with completion due in 1H2026, with an expected loss of -$5m to -$10m to be recognised on the sale. This infers the business is being sold below book value, Morgans highlights.

Management updated FY26 grain receivals guidance to 11-12mt, which is below the prior forecast of 12.1mt and is down from 13.3mt in FY25, which suggests to the analyst a much lower market for the crop size.

Australian grain is trading at a premium to US grain, which is making it less competitive. Management will offer FY26 guidance at the AGM on Feb 18, as usual.

Morgans lowers FY26 earnings (EBITDA) forecast by -7% for reduced grain receivals and export volumes.

No change to Accumulate rating. Target lowered to $8.95 from $9.05.

Target price is $8.95 Current Price is $7.13 Difference: $1.82
If GNC meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $8.43, suggesting upside of 19.7% (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

Morgan Stanley rates GPT as Overweight (1) -

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

With the management team refreshed, the broker sees 2026 as an execution year for GPT Group, launching new third-party products, bringing in new third-party capital sources, and deploying sale proceeds.

If these initiatives land at scale, the broker reckons 2026 will be a clear “success” year for the business.

Overweight. Target price $6.32. Industry View: In-Line.

Target price is $6.32 Current Price is $5.58 Difference: $0.74
If GPT meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

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 GYG as Sell (5) -

Citi took a closer look at Guzman y Gomez's US growth opportunity, assessing the key drivers of success, and introducing two proprietary datasets developed in-house (Citi Research Innovation Lab).

Despite some improved momentum in Chicago and better restaurant ratings, the broker still sees low odds of sustained US success due to limited differentiation vs Chipotle. Tough local structural headwinds and a softer fast-casual backdrop also weigh.

The broker sees an exit unlikely in the near term, but reckons it would be earnings-positive if it occurs.

No change to Sell rating and $21.05 target.

Target price is $21.05 Current Price is $20.82 Difference: $0.23
If GYG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $28.43, 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 IEL as Neutral (3) -

IDP Education will shift Australia/UK student placement revenue recognition to the census date, around 1 month post-enrolment, from 1H26 onwards. This will align accounting with other regions and better match revenue to cash flows while reducing contract assets, Macquarie highlights.

The change is expected to eliminate $98m of the $137m Jun-25 contract assets, broadly consistent with revenue previously pulled forward in 2H25 (mostly Australia, plus UK seasonality).

FY26 revenue and adjusted EBIT are seen falling -$2m, implying to the broker, IDP expects Australia/UK intake growth in Jul-26 and Sep-26, respectively, suggesting a small underlying guidance uplift of 1.6%.

FY26 EPS forecast trimmed by -2.2% and FY27 lifted by 0.1%. Neutral rating and $6 target are unchanged.

Target price is $6.00 Current Price is $5.69 Difference: $0.31
If IEL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting upside of 12.8% (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 JDO as Upgrade to Buy from Accumulate (1) -

Morgans upgrades Judo Capital to Buy from Accumulate due to the recent share price weakness and lowers the FY27 EPS estimate by -3%.

The analyst notes Judo does not aim to pay dividends, as capital will be reinvested to support loan growth. While noting the bank is higher risk with no dividend yield, it is also a challenger operating entirely in the SME business banking sector.

This is expected to underpin earnings growth over FY26-FY27 and the broker reckons the stock could be worth $3 per share by the end of the decade.

Target price slips to $2.02 from $2.04.

Target price is $2.02 Current Price is $1.71 Difference: $0.315
If JDO meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker reckons Lendlease Group's 1H26 result could look soft, particularly if a Figtree write-down is taken, while gearing is seen elevated and a buyback remains uncertain.

Overall, near-term optics may be challenging, the broker highlights, with conditions potentially improving toward June 2026.

Equal-weight. Target is steady at $6.58. Industry View: In-Line.

Target price is $6.58 Current Price is $4.97 Difference: $1.61
If LLC meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.35, suggesting upside of 27.3% (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

Morgan Stanley rates LOV as Upgrade to Overweight from Equal-weight (1) -

After reassessing its thesis, Morgan Stanley views Lovisa Holdings'  recent growth volatility as temporary rather than structural and upgrades the stock to Overweight from Equal-weight on four key drivers.

They include hard-to-replicate propositions, resilient through-cycle LFL (like-for-like) growth, upside-biased long-term store rollout, and attractive valuation after the recent pullback.

The broker reminds its forecast is for 22% EPS growth and 20% EBIT growth for FY25-28. 

Target trimmed to $38 from $42 on lower multiple in valuation to 27x from 35x, with the broker noting this is below the company's five-year average. Industry view: In-line.

Target price is $38.00 Current Price is $28.85 Difference: $9.15
If LOV meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $36.71, suggesting upside of 19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker expects Mirvac Group's 1H26 update to be relatively straightforward, with the loss-making apartments already written down in FY25 and no major swings expected in capitalised interest.

Any FY26 guidance upgrade will hinge on securing and progressing capital partnering deals over the next 1-2 months, in the broker's view.

Equal-weight. Target unchanged at $2.45. Industry View: In-Line.

Target price is $2.45 Current Price is $2.08 Difference: $0.37
If MGR meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 19.9% (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 MQG as Equal-weight (3) -

With Macquarie Group pivoting toward alternatives, Morgan Stanley highlights its forecasts point to near double-digit FY27 net profit growth, with upside if capital markets rebound strongly.

The broker updated forecasts for the sale of the Northern Hemisphere public asset manager, lifting FY26 net profit forecast by 3.5% but trimming FY27-28E by -2.5%. The broker notes earnings growth slow as Macquarie Asset Management's AUM shrinks and ROE recovers toward 12.5%.

Upside to FY27 forecasts hinges on faster alternative AUM growth (organic or bolt-on M&A) and a stronger capital markets recovery, which could materially lift gains on sale and earnings, in the broker's view.

Equal-weight remains. Target rises to $221 from $216. Industry View: In-Line.

Target price is $221.00 Current Price is $197.60 Difference: $23.4
If MQG meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $223.20, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in March.

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 NAB as Sell (5) -

Morgans retains a Sell rating on National Australia Bank while lifting the target price to $32.56 from $31.46.

The analyst does not believe the elevated valuation multiple can be justified relative to the expected return and risk profile, with the most constrained capital position of its peer group.

Target price is $32.56 Current Price is $41.79 Difference: minus $9.23 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.68, suggesting downside of -10.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates NEM as Outperform (1) -

Newmont Corp will publish 4Q25 quarterly and FY26 guidance on 20 Feb 2026, and has flagged 2026 attributable output broadly in line with 2025 guidance of around 5.6Moz, Macquarie highlights.

The broker is modelling FY26 production of 5.55Moz, slightly above 5.51Moz consensus, but higher cost (AISC) of US$1,905/oz vs consensus of US$1,760/oz. For 4Q25, the broker forecasts 1,417koz gold production, in line with consensus and cost of US$1,685/oz, -1% lower than consensus.

The broker sees incoming CEO Natasha Viljoen prioritising tighter operational execution and cost-reduction programs.

Outperform and $175 target are unchanged.

Target price is $175.00 Current Price is $148.51 Difference: $26.49
If NEM meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $169.40, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Morgans rates NEM as Accumulate (2) -

Morgans expects the strength seen in copper prices in the last six months to carry into 2026, maintaining the bullish outlook as supply stays structurally tight. Disruptions, declining grades and project delays have resulted in lower supply and increasing competition for scarce future growth.

The broker lifted 2026 copper price forecast by 14% and 2027 by 8%. The preferred stock is Capstone Copper for pure copper exposure and South32 for diversified base/precious metals exposure.

Adjusted EBITDA forecast for Newmont Corp increased by 1% for FY25 and by 4% for FY26.

Accumulate retained, with lift in target price to $162 from $148.

Target price is $162.00 Current Price is $148.51 Difference: $13.49
If NEM meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $169.40, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Macquarie rates NST as Outperform (1) -

Ahead of Northern Star Resources' 2Q26 report on 22 January 2026, Macquarie expects gold production of 387.5koz, -7% below the consensus. Cost (AISC) is expected at $2,783/oz, 6% above the consensus.

A more cautious outlook, mainly lower assumed Kalgoorlie (KCGM) grades has resulted in the broker lowering FY26 EPS forecast by -5%.

FY26 production estimate is trimmed to 1,701koz, the bottom end of the 1,700-1,850koz range.

Outperform. Target cut to $32 from $34.

Target price is $32.00 Current Price is $26.72 Difference: $5.28
If NST meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $27.80, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates NWL as Buy (1) -

Citi notes Netwealth Group's customer compensation follows industry precedent and clears an overhang on the stock, supporting adviser/end-client confidence.

The main watchpoint for the broker is whether tighter risk controls become too restrictive and curb future flows, though it left its flow forecasts unchanged. FY26 opex forecast is trimmed slightly, including -$1m below-the-line costs, with incremental opex of  $31m, up 19% y/y,  broadly in line with guidance.

Further governance/research hiring lifts the broker's FY27 opex growth to 15% y/y, taking EBITDA margin -30bps lower to 49.9%, though evidence suggests hiring momentum is slowing despite strong headcount growth.

Target cut to $30.65 from $35.00. Buy maintained, with the broker still seeing upside risk to its flow forecasts, supported by potential wealth broker mandate wins, possibly emerging in 2H26.

Target price is $30.65 Current Price is $27.00 Difference: $3.65
If NWL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $33.35, suggesting upside of 31.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates NWL as Neutral (3) -

Netwealth Group announced it has agreed to compensate its members impacted by First Guardian to the tune of -$100m post the conclusion of the ASIC investigation, Macquarie details. Management has agreed to upgrade governance,

The compensation is due to be funded from cash and debt, with possibly partial reimbursement from insurance.

Governance will be improved across several areas, including new teams, extra roles in investment management and research, greater integration of governance and adviser oversight, and improved transparency of investment options.

Management reconfirmed FY26 net flows will not significantly diverge from FY25.

Macquarie retains a Neutral rating and a $33.05 target price, down from $33.75 previously. The broker's EPS forecasts are lowered by -1.4% for FY26 and -1.8% for FY27.

Target price is $33.05 Current Price is $27.00 Difference: $6.05
If NWL meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $33.35, suggesting upside of 31.2% (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 NWL as Hold (3) -

Netwealth Group has agreed with ASIC to pay -$100m in compensation to investors in First Guardian, as well as an undertaking, Ord Minnett explains, to strengthen its governance processes, which aligns with APRA's findings.

While a short term negative, the analyst views the outcome as removing uncertainty over the stock, with management seeking to engage an independent expert to review its high-risk investment options and governance framework.

The broker has included a -$71m post tax impact on net profit after tax for 1H26, with FY26-FY28 forecasts lowered by up to -3%.

Target price slips to $27.75 from $29. No change in Hold rating.

Target price is $27.75 Current Price is $27.00 Difference: $0.75
If NWL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.35, suggesting upside of 31.2% (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 PRU as No Rating (-1) -

Macquarie forecasts Perseus Mining's 2Q26 gold production of 101koz, in line with consensus, as the miss at Sissingue is offset by stronger production at Yaoure.

Cost (AISC) is estimated at US$1,6805/oz, 4% above consensus, mainly on lower Sissingue production.

For FY26, the broker expects the company to maintain the production and cost ranges, with its own forecast -1% at midpoint for production and 2% higher on cost.

Perseus Mining is on restricted coverage with no target price.

Current Price is $5.56. Target price not assessed.

Current consensus price target is $5.78, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

UBS rates RIO as Neutral (3) -

Rio Tinto's Rhodes Ridge JV has approved a US$191m feasibility study for Stage 1, targeting around 50Mtpa by 2030, with a further 50Mtpa Stage 2 likely. This will make it a key replacement project for Pilbara capacity, UBS highlights.

The high-grade project is expected to be highly value accretive, delivering an IRR (internal rate of return) of around 25-30% and improving Pilbara grade to 61%. Unit cost is seen lower by up to -US$2/t, and margins higher by over US$3.5/t.

Feasibility completion is expected by 2029. Despite strong economics, the focus on replacement rather than growth supports a Neutral rating.

Separately, the broker returned from Rio's Argentina lithium deep dive with increased confidence in portfolio optionality, execution, asset quality and country outlook. The broker noted a pathway to 10-12% global market share by 2035 at low US$6/kg C1 costs and over 50% EBITDA margins by 2030.

Minor revisions to forecasts. Target price $140. 

The report was published yesterday.

Target price is $140.00 Current Price is $142.88 Difference: minus $2.88 (current price is over target).
If RIO meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $133.92, suggesting downside of -6.4% (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: -0.1

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

Macquarie rates RMS as Outperform (1) -

At the December quarterly, Macquarie expects Ramelius Resources to report 2Q26 gold production of 43.7koz, -6% below consensus. The broker is factoring a conservative Mt Magnet grade assumption as lower Cue open-pit grades flow through.

Cost (AISC) is estimated at $1,807/oz, 5% above consensus, largely due to lower expected output in the quarter.

For FY26, the broker's forecast is 195koz, the midpoint of guidance, and AISC at $1,825/oz, slightly above the midpoint of the $1,700-1,900/oz range.

Target unchanged at $4.60. Outperform maintained. Ramelius Resources is the broker's preferred stock among mid-caps.

Target price is $4.60 Current Price is $3.78 Difference: $0.82
If RMS meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 12.5% (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

Morgans rates S32 as Buy (1) -

Morgans expects the strength seen in copper prices in the last six months to carry into 2026, maintaining the bullish outlook as supply stays structurally tight. Disruptions, declining grades and project delays have resulted in lower supply and increasing competition for scarce future growth.

The broker lifted 2026 copper price forecast by 14% and 2027 by 8%. The preferred stock is Capstone Copper for pure copper exposure and South32 for diversified base/precious metals exposure.

In the case of South32, the broker updated forecast for higher copper prices plus mark-to-market moves in silver, aluminium and zinc/lead, alongside higher FY26 D&A to US$783m in line with guidance. The net effect is a -14% downgrade to FY26 EBITDA, with smaller revisions to FY27. 

Buy, with lift in valuation-based target price to $4.30 from $3.75

Target price is $4.30 Current Price is $3.40 Difference: $0.9
If S32 meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 9.8% (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: 0.7

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

Morgans rates SFR as Hold (3) -

Morgans expects the strength seen in copper prices in the last six months to carry into 2026, maintaining the bullish outlook as supply stays structurally tight. Disruptions, declining grades and project delays have resulted in lower supply and increasing competition for scarce future growth.

The broker lifted 2026 copper price forecast by 14% and 2027 by 8%. The preferred stock is Capstone Copper for pure copper exposure and South32 for diversified base/precious metals exposure.

Underlying net profit forecast for Sandfire Resources increased by 21% for FY26 and by 47% for FY27.

Hold, with lift in target price to $17.50 from $15.80.

Target price is $17.50 Current Price is $17.04 Difference: $0.46
If SFR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $15.38, suggesting downside of -8.9% (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

Morgan Stanley rates SGP as Overweight (1) -

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker believes Stockland could tighten FY26 residential settlement guidance (currently 7.5k-8.5k lots) as Queensland sales are running 10 months ahead of settlements versus 7 months elsewhere. This gives good visibility by the 1H26 result, due 16 Feb 2026.

The range could be narrowed toward the upper end, in the broker's view. An FFO guidance upgrade is less certain due to a strong 2H earnings skew.

Overweight. Target unchanged at $6.90. Industry View: In-Line.

Target price is $6.90 Current Price is $5.87 Difference: $1.03
If SGP meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.51, suggesting upside of 10.7% (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

Morgans rates TWE as Hold (3) -

Morgans exclaims “we feared”, but much worse than anticipated, as Treasury Wine Estates has downgraded 1H26 guidance for earnings (EBIT) to $225-$235m. This is lower by -40% to -42.5% on 1H25 and below consensus at $333.4m.

Penfolds earnings are flagged to decline by -20%, Treasury Americas by -67% and Treasury Collective by -56.5%. Management did not provide any quantitative FY26 guidance, only remarking 2H26 earnings should be higher than 1H26, which was impacted by Californian distribution.

The analyst notes the new CEO is implementing an organisation-wide transformation program referred to as TWE Ascent and aims for a $100m annual improvement in costs, with initial benefits in FY27.

Morgans cuts its earnings (EBIT) forecasts by -19.9% for FY26 and -29% for FY27. Target price slips to $5.25 from $6.10. No change to Hold rating.

Target price is $5.25 Current Price is $4.95 Difference: $0.3
If TWE meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 3.6% (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 TWE as Neutral (3) -

Treasury Wine Estates' 1H26 EBITS guidance of $225-235m was well below UBS's forecast of $326m and consensus of $344m. Divisional gaps vs consensus were led by weaker Americas and Collective, plus softer Penfolds, UBS observes.

The broker points to a rise in leverage with ND/EBITDAS around 2.5x in 1H26 and expected to go higher in FY26 and above the 1.5–2.0x target range for the next two years.

The company's “Ascent” transformation targets $100m annual savings from FY27. The broker cut FY26 EPS forecast by -37% and FY27 by -40%, and dividend to zero.

Target cut to $5.25 from $6.25. Neutral retained. 

This report was published yesterday.

Target price is $5.25 Current Price is $4.95 Difference: $0.3
If TWE meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting upside of 3.6% (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

Morgan Stanley rates VCX as Underweight (5) -

Following meetings with REITs under its coverage, Morgan Stanley has penned its thoughts ahead of the February reporting season.

The broker reminds Vicinity Centres has a history of upgrading or tightening FFO guidance toward the top end at 1H results, and FY26 could follow that pattern.

At the same time, the broker notes consensus is already priced at the top of the range, at 15.2c, limiting upside surprise.

Underweight. Target unchanged at $2.68. Industry View: In-Line.

Target price is $2.68 Current Price is $2.53 Difference: $0.15
If VCX meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Ord Minnett rates VGL as Buy (1) -

Ord Minnett notes Vista International is due to report 2025 results in early 2026 and, ahead of the announcement, the analyst tweaks earnings forecasts lower to include softer-than-expected box office for 2025.

US domestic box office is expected to end 2025 with some weakness, with the analyst estimating US$9bn in revenue versus US$9.4bn previously. Total revenue for FY25 is forecast at NZ$165.8m, below guidance by -NZ$1.2m.

The broker also points out the potential Warner Brothers and Netflix deal would impact cinema revenue, with a possible lowering in movies released to cinemas.

The stock continues to be rated Buy with an unchanged target price of $3.22.

Target price is $3.22 Current Price is $2.22 Difference: $1
If VGL meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 66.4% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates WBC as Sell (5) -

Morgans sees potential for Westpac to deliver share price upside if management can close the gap on its peer, like CommBank, by achieving its FY29 targets for cost-to-income and ROTE.

The analyst lifts EPS estimates for FY26 and FY27 by 3%, while retaining a Sell rating and a $32.20 target price, up from $31.30.

Target price is $32.20 Current Price is $38.25 Difference: minus $6.05 (current price is over target).
If WBC meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.63, suggesting downside of -10.5% (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