Australian Broker Call

Citi rates 360 as Buy (1) -

Citi highlights Life360's US MAUs (monthly active users) have exceeded 50m, implying at least 1.3m net adds in 4Q2025, ahead of both 3Q growth and consensus expectations.

Given MAU growth is typically seasonally softer in 4Q, the broker is encouraged by the result as it alleviates concerns of a slowdown following the weaker 3Q update.

Buy retained. The target price for the Nasdaq listing is US$96.80.

This report was published January 6.

Target price is $47.00 Current Price is $31.55 Difference: $15.45
If 360 meets the Citi target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $52.00, suggesting upside of 58.6% (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

Ord Minnett rates ABB as Buy (1) -

The ACCC-mandated reductions in regulated voice interconnection rates from FY27 will impact Aussie Broadband's Symbio and NetSIP fixed voice networks, Ord Minnett highlights.

The net impact is seen as modest as management expects efficiency initiatives to partially offset earnings, maintaining a 12.5% EBITDA margin target in FY28. The broker notes the company continues to gain NBN market share, 8.56% in the September quarter vs 8.45% in June.

FY27 EBITDA forecast cut by -2% and FY28 by -3%. Buy retained with a lower target of $6.07 from $6.29.

This report was published January 5.

Target price is $6.07 Current Price is $4.92 Difference: $1.15
If ABB meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates ALL as Outperform (1) -

The outlook remains constructive for US casinos, according to Macquarie, with long-run analysis supporting the resilience of US gaming revenues despite a softening consumer backdrop.

Revenues rose 2% year-on-year in November 2025, with regional markets up 2% and Las Vegas down -1%, taking 2025 year-to-date growth to 3%.

Growth has been flat in Las Vegas and low single-digit in regional casinos, a pattern Macquarie expects to persist into 2026.

Outperform retained for Aristocrat Leisure. Target unchanged at $75.

This report was published on January 7.

Target price is $75.00 Current Price is $55.61 Difference: $19.39
If ALL meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $74.01, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates AMP as Accumulate (2) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in -1.5% fall in the S&P/ASX200 index in the December quarter.

In the case of AMP, the broker lifted FY25 EPS forecast by 0.8% but lowered FY26 by -0.9% and FY27 by -1.2%.

Accumulate maintained. Target unchanged at $2.05.

This report was published January 6.

Target price is $2.05 Current Price is $1.81 Difference: $0.24
If AMP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 11.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates ANN as Hold (3) -

Ord Minnett updates its financial models for stocks under coverage in the Healthcare sector for end-of-year foreign exchange rates and a higher assumed risk-free rate assumption of 4.5%, up from from 4.0%.

These changes result in negative earnings forecast changes in the low single-digits and target price downgrades of -2-9% across the broker's healthcare coverage. Valuations are noted as remaining stretched across much of the sector.

For Ansell, integration of the Kimberly-Clark personal protective equipment acquisition is viewed as successful, leaving the business on a solid footing, in the analyst's view. It's thought valuation limits share price upside.

Hold retained. Target falls to $35.52 from $37.20.

This report was released on January 7.

Target price is $35.52 Current Price is $35.58 Difference: minus $0.06 (current price is over target).
If ANN meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.47, suggesting upside of 6.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates ASX as Neutral (3) -

Citi lowers its target for ASX to $52.20 from $61.90 and maintains a Neutral rating. It's felt regulatory uncertainty has increased following ASIC’s inquiry panel, with a reset of the Accelerate Program creating material uncertainty around FY27-28 costs.

Listings activity is improving from a low base though revenue benefits are expected to lag. 

First half trading volumes and revenue are tracking slightly ahead of the broker's expectations, supported by strong cash equities and futures activity amid elevated market volatility.

Cash market volumes rose 13.5% half-on-half, while futures volumes remain near record levels despite a modest sequential dip, note the analysts.

Target price is $52.20 Current Price is $51.44 Difference: $0.76
If ASX meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $57.45, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates ASX as Outperform (1) -

Macquarie notes ASX's 2Q26 update was positive, with average daily trading volumes in equities up 27.5% year-on-year. Average daily futures volumes were also up 21.9% y/y, with growth in both 90-day bank bills and three-year bond volumes.

Capital market activity also picked up in 2Q vs 1Q, with a rise in both IPOs and secondary capital raisings.

The broker lifted FY26 EPS forecast by 1% and FY27 by 0.6%, reflecting mark-to-market.

Outperform maintained. Target cut to $58 from $64 on a higher beta in the valuation methodology due to additional capital charges imposed by ASIC and the resultant impact on payout ratio.

Target price is $58.00 Current Price is $51.44 Difference: $6.56
If ASX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $57.45, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates ASX as Hold (3) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in -1.5% fall in the S&P/ASX200 index in the December quarter.

No change to forecasts for ASX. Hold rating and $58.60 target price stays.

This report was published January 6.

Target price is $58.60 Current Price is $51.44 Difference: $7.16
If ASX meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $57.45, suggesting upside of 12.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates ASX as Upgrade to Neutral from Sell (3) -

UBS notes ASX's key trading metrics were strong, with futures average daily volumes up 22% y/y in December and 1H26 growth of 10.5%, well ahead of 5% consensus.

Cash equities turnover rose 25% in December, capital raisings surged 33% y/y, and 1H26 activity materially exceeded expectations, the broker highlights.

While regulatory and cost risks remain elevated and clarity is likely to emerge only gradually through 2H26, the broker reckons these risks now appear priced in. ASX is trading at a 1.07x PE relative to ASX200, its lowest level in over 20 years and well below long-term averages.

Rating upgraded to Neutral from Sell. Target lifted to $54.85 from $53.00, implying 20.9x PE.

Target price is $54.85 Current Price is $51.44 Difference: $3.41
If ASX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $57.45, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates ATA as Accumulate (2) -

Atturra flagged a disputed contract termination that will negatively impact 1H26 and FY26 earnings. Morgans reckons the termination is unusual and expects it to be a contained issue, though any legal proceedings are likely to extend over several years.

The company cut FY26 underlying EBITDA guidance by -24% to $30m due to the disputed contract, with earnings weighted to 2H26.  A return to normal operations is expected in 2H26, with no ongoing balance sheet impact.

The broker trimmed FY26 revenue forecast by -5% and underlying EBITDA by -24%, and FY27 EBITDA forecast by -7%.

Accumulate retained. Target lowered to 80c from 95c.

This report was published January 6.

Target price is $0.80 Current Price is $0.67 Difference: $0.13
If ATA meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.02, suggesting upside of 49.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates BHP as Accumulate (2) -

Based on Ord Minnett’s estimates, Rio Tinto, BHP Group, and Fortescue all shipped more ore than the market expected in December.

These producers are tracking within respective company guidance for 2025 and FY26, notes the analyst.

For BHP Group, the broker maintains its $48 target and Accumulate rating.

Target price is $48.00 Current Price is $47.70 Difference: $0.3
If BHP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $45.82, suggesting downside of -3.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BPT as Neutral (3) -

UBS notes the Australian government’s Gas Market Review recommends introducing a Domestic Gas Reservation Policy from Jan 2027 and consider removal of some existing policies/agreements.

The proposed policy would require LNG exporters to supply 15-25% of gross production to the domestic market after meeting all existing contracts, strengthening current obligations. Significant uncertainty remains, with industry consultation expected in 1H2026 ahead of possible legislation in 2H2026.

The broker sees the most negative impact on Santos/GLNG, while the impact on Origin Energy/APLNG is seen as neutral, and downside gas price risk is seen for Beach Energy.

FY26 EPS forecast for Beach Energy trimmed by -17% and FY27 by -4%. No change to Neutral rating and $1.20 target price.

This report was published January 6.

Target price is $1.20 Current Price is $1.09 Difference: $0.115
If BPT meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 1.2% (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 CBO as Upgrade to Buy from Accumulate (1) -

Cobram Estate Olives is acquiring 100% of Californian Olive Ranch for US$173.5m, funded through cash, debt and issuance of US$70m in vendor notes, Ord Minnett observes.

The broker considers the price as reasonable, given the 10.8x EV/EBITDA multiple and at least 9% EPS accretion estimated from FY27. Synergy forecasts of US$12m in FY27, rising to US$20m by FY30 is achievable in the broker's view.

The deal significantly expands Cobram’s Californian footprint and market dominance, prompting an upgrade to Buy from Accumulate. Target rises to $3.65 from $3.51.

This report was published January 5.

Target price is $3.65 Current Price is $3.85 Difference: minus $0.2 (current price is over target).
If CBO meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.28, suggesting downside of -14.5% (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

Ord Minnett rates CGF as Accumulate (2) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in -1.5% fall in the S&P/ASX200 index in the December quarter.

The broker's Accumulate rating for Challenger is underpinned by its attractive valuation and the potential for regulatory changes that could lower market exposure and enhance annuities growth. FY26 EPS forecast cut by -0.3% and FY27 by -0.4%.

No change to $9.85 target.

This report was published January 6.

Target price is $9.85 Current Price is $9.41 Difference: $0.44
If CGF meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.86, suggesting upside of 4.8% (ex-dividends)

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 CHN as Speculative Buy (1) -

Chalice Mining's pre-feasibility study (PFS) for the Gonneville project was broadly in line with Morgans' expectations, with upside from lower Stage 1 capex and improved palladium payabilities.

The project remains on track for first production in early 2030, with environmental approvals the key timing risk, while the broker's bull case implies a 2-year capital payback.

The broker highlights supportive macro trends are emerging as palladium markets tighten and policy shifts favour hybrid vehicles, underpinning demand.

Speculative Buy retained. Target rises to $4.50 from $2.90 on higher palladium prices and updated PFS assumptions.

This report was published January 6.

Target price is $4.50 Current Price is $2.39 Difference: $2.11
If CHN meets the Morgans target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $2.66, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates CKF as Buy (1) -

China’s beef import restrictions could pose a headwind for Collins Foods if beef prices decline materially, Citi notes, as KFC is an indirect beneficiary of high beef prices.

Despite this risk, the broker notes KFC retains solid same-store sales growth opportunities in Australia through new dayparts and menu innovation, while Germany offers growth via store rollouts and acquisitions.

The broker points to encouraging early results from the breakfast trial at Sydney airport, and notes successful broader rollouts could drive FY27 same-store sales upside.  In the near-term, though, momentum is more likely from beverage innovation via the KWENCH trial.

With European margins expected to improve and FY26 net profit growth guided to the mid–high teens, the company remains Buy-rated with an unchanged target of $12.85.

This note is based on reports published January 5 and January 7.

Target price is $12.85 Current Price is $10.53 Difference: $2.32
If CKF meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.14, suggesting upside of 13.8% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates COH as Hold (3) -

Ord Minnett updates its financial models for stocks under coverage in the Healthcare sector for end-of-year foreign exchange rates and a higher assumed risk-free rate assumption of 4.5%, up from from 4.0%.

These changes result in negative earnings forecast changes in the low single-digits and target price downgrades of -2-9% across the broker's healthcare coverage. Valuations are noted as remaining stretched across much of the sector.

While short-term earnings risks persist for Cochlear, the company’s business model remains attractive, suggests the broker, supported by an oligopolistic industry structure. Superior technology and a large total addressable market are thought to lend additional support.

Hold retained due to an elevated valuation multiple. Target falls to $281 from $295.

This report was released on January 7.

Target price is $281.00 Current Price is $262.61 Difference: $18.39
If COH meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $301.07, suggesting upside of 14.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates CPU as Neutral (3) -

Macquarie highlights softer forward interest rate curves, which have the effect of lowering the broker's FY26-27 forecast margin income for Computershare, modestly pressuring forecast earnings.

According to the analyst, each 25bps bond yield movement shifts group EPS by about 1.9%.

The broker now forecasts FY26 margin income of US$724m, reflecting forward curves on 2 January 2026. This compares to management's most recent FY26 margin income guidance of US$720m in constant currency.

The Neutral rating and $36.00 target are unchanged.

This report was published on January 6.

Target price is $36.00 Current Price is $34.00 Difference: $2
If CPU meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $37.32, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Ord Minnett rates CPU as Accumulate (2) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in a -1.5% fall in the S&P/ASX200 index in the December quarter.

In the case of Computershare, the broker trimmed FY26 EPS forecast by -0.5%. Accumulate maintained, and target price is $39.30. 

This report was published January 6.

Target price is $39.30 Current Price is $34.00 Difference: $5.3
If CPU meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $37.32, suggesting upside of 9.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Ord Minnett rates CSL as Hold (3) -

Ord Minnett updates its financial models for stocks under coverage in the Healthcare sector for end-of-year foreign exchange rates and a higher assumed risk-free rate assumption of 4.5%, up from from 4.0%.

These changes result in negative earnings forecast changes in the low single-digits and target price downgrades of -2-9% across the broker's healthcare coverage. Valuations are noted as remaining stretched across much of the sector.

For CSL, the analyst believes margin expansion in the dominant Behring division, delivery of announced cost savings, and successful execution of the new R&D model are key drivers.

Hold retained. Target falls to $217 from $235.

This report was released on January 7.

Target price is $217.00 Current Price is $170.00 Difference: $47
If CSL meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $229.36, suggesting upside of 31.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Ord Minnett rates CTD as No Rating (-1) -

Corporate Travel Management obtained a reduced $140m debt facility, including a $65m bank guarantee for IATA requirements and a $75m revolver with $40m unrestricted. 

Ord Minnett reckons these provide short-term operating support, though long-term financial certainty remains unclear. Lenders have also extended reporting deadlines for FY25 and 1H26 results to 30 June 2026.

The company reported net cash of $162.4m at 30 November, which the broker estimates reduces to $34m on a pro-forma basis after factoring in known European repayment obligations and A&NZ credit impairments.

Rating remains suspended. No target price.

This report was published January 5.

Current Price is $0.00. Target price not assessed.

Current consensus price target is $12.98, suggesting downside of -19.3% (ex-dividends)

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 DMP as Buy (1) -

Following a review of Domino's Pizza Enterprises, UBS upgraded FY26-28 EPS forecasts after lifting margin assumptions. This was driven by increased confidence in FY26 cost savings and further savings potential beyond FY27.

The broker is also now more confident the earnings multiples will be re-rated, lifting its own FY26 EV/EBIT valuation multiple to 16x from 15x. EPS forecast for FY26 increased by 1.1%, FY27 by 2.6% and FY28 by 3%.

Next catalyst is 1H26 result on February 26.

Buy maintained. Target rises to $24.00 from $21.50 on EPS upgrades and a higher valuation multiple.

This report was published January 6.

Target price is $24.00 Current Price is $22.26 Difference: $1.74
If DMP meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.58, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates ELD as Buy (1) -

Citi notes China’s beef import restrictions may pressure beef/cattle prices, but the impact is likely to be offset by global protein shortages, strong international demand, and elevated domestic consumption.

In the broker's estimate, the restrictions affect only 6% of Australia’s beef exports, with volumes likely redirected to markets such as South East Asia, Korea and Japan over 2026.

The broker, therefore, retains a positive view on Elders, with livestock expected to contribute 15% of the forecast FY26 group gross profit of $817m.

Buy rating and $8.45 target price stays.

This report was published January 5.

Target price is $8.45 Current Price is $7.30 Difference: $1.15
If ELD meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.70, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates EOS as Speculative Buy (1) -

Electro Optic Systems secured a strategically significant $33m RWS (Remote Weapon Systems) contract with General Dynamics just before Christmas, Ord Minnett notes. This marks its return to the US market and its third contract win in 10 days.

The order book ended 2025 at around $525m, including the conditional HELW contract, nearly four times the year before, supporting upgrades to FY26 and FY27 EBITDA estimates.

The broker lifted FY26 EBITDA forecast by 2% and FY27 by 13%, while retaining FY25 estimate at the upper end of guidance range.

Speculative Buy remains, with a higher target price of $12.44 from $11.18.

This report was published January 5.

Target price is $12.44 Current Price is $9.45 Difference: $2.99
If EOS meets the Ord Minnett target it will return approximately 32% (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

Ord Minnett rates FMG as Accumulate (2) -

Based on Ord Minnett’s estimates, Rio Tinto, BHP Group, and Fortescue all shipped more ore than the market expected in December.

These producers are tracking within respective company guidance for 2025 and FY26, notes the analyst.

For Fortescue, the broker sees management on track to ship around 202mt in FY26, in line with market expectations and toward the top end of the 195-205mt guidance range.

The $23 target price and Accumulate rating are unchanged.

Target price is $23.00 Current Price is $22.80 Difference: $0.2
If FMG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.81, suggesting downside of -12.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Citi rates GGP as Buy (1) -

Citi highlights strong December quarter gold production of 86.3koz for Greatland Resources, 9% ahead of the pre-announcement consensus forecast.

FY26 production is tracking well above guidance, notes the broker, with output annualising at 334koz versus a 260-310koz guidance range, supporting Citi’s 324koz forecast.

Lower-than-expected costs underpin an FY26 costs (AISC) estimate of $2,331/oz, explains the analyst, below both guidance and consensus.

Net cash of $948m exceeded Citi's expectation, strengthening balance sheet confidence. The broker remains bullish on the copper price for the near-term, and raises its 3Q26 copper price forecast to US$1,300/t from US$1,200/t.

The target rises to $13.50 from $11.90. Buy retained.

Target price is $13.50 Current Price is $11.38 Difference: $2.12
If GGP meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.63, suggesting upside of 11.0% (ex-dividends)

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 HUB as Neutral (3) -

Citi forecasts Hub24 will report strong flows in Q2 of FY26, with potential upside to flows.

Earnings (EBITDA) margin expansion is expected in 1H26 though margins are likely to be down half-on-half as management increases investment, explains the broker.

The target falls to $101.5 from $109.00 due to lower peer multiples, explains Citi. Neutral maintained.

Target price is $101.50 Current Price is $93.64 Difference: $7.86
If HUB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $112.41, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates IAG as Buy (1) -

Insurance Australia Group's 2.5ppt increase in whole-of-account quota share to 35% was unexpected but appears attractively priced, Citi highlights. It supports margin accretion despite higher ceded premiums.

The broker reckons RACQI’s integration into the main CAT program should deliver synergies, while mark-to-market gains underpin solid investment returns.

FY26 EPS forecast lifted by 1% but FY27 and FY28 estimates trimmed by -1%. Buy retained, with unchanged target of $9.

The broker believes the valuation premium to Suncorp Group ((SUN)) remains justified, with scope for modest further expansion given its superior downside earnings protection.

This report was published January 7.

Target price is $9.00 Current Price is $7.97 Difference: $1.03
If IAG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.04, suggesting upside of 13.5% (ex-dividends)

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 IAG as Equal-weight (3) -

Insurance Australia Group has integrated RACQ into its reinsurance program following favourable 1 Jan 2026 renewals, lowering maximum event retention to $325m while maintaining main CAT cover limits, Morgan Stanley notes.

While aggregate cover offers slightly less protection due to higher quota share usage, the insurer has diversified its reinsurer panel and added $1.5bn in RACQ premiums.

The broker reckons Insurance Australia Group should see modest margin upside, given global property reinsurance pricing is down -10% to -15%. This will, however, be partly offset by greater use of multi-year covers.

Equal-weight maintained. Target unchanged at $8.80 and Industry View remains In-Line.

This report was published January 7.

Target price is $8.80 Current Price is $7.97 Difference: $0.83
If IAG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.04, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates IAG as No Rating (-1) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in a -1.5% fall in the S&P/ASX200 index in the December quarter.

The broker cut Insurance Australia Group's FY26 EPS forecast by -7.1% but lifted FY27 by 1.4%. Research restriction remains, and therefore there's no rating or target price.

This report was published January 6.

Current Price is $7.97. Target price not assessed.

Current consensus price target is $9.04, suggesting upside of 13.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates IFL as Hold (3) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in a -1.5% fall in the S&P/ASX200 index in the December quarter.

The broker lifted Insignia Financial's FY26 EPS forecast by 0.9% but trimmed FY27 by -2.4%.

No change to Hold rating and $4.80 target price.

This report was published January 6.

Target price is $4.80 Current Price is $4.62 Difference: $0.18
If IFL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Citi rates IFT as Buy (1) -

Infratil published an external valuation for CDC data centre business, which rose 2.5% in the December 2025 quarter vs the September quarter, driven by additional contracted and built capacity

This lifted Infratil's NAV by $173m or 1.5%. Citi notes the stock now trades at a -35% discount to NAV, far wider than its historical -15% average, implying meaningful upside.

Buy retained and target is unchanged at $12.34.

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

This report was published January 7.

Target price is $12.34 Current Price is $9.83 Difference: $2.51
If IFT meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.82, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in March.

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 IFT as Initiation of coverage with Accumulate (2) -

Morgans has initiated coverage of Infratil with an Accumulate rating and target price of $11.30.

The broker highlights Infratil is a high-quality structural growth investor targeting 11-15% post-fee returns, with a long-term track record of 18% annual returns over the last 30 years.

At a -30% discount to NAV, a re-rating to a more normal -20% discount could drive 10% share price upside, in the broker's view. Further gains can be supported by ongoing NAV growth, the broker adds.

Key near-term valuation catalysts include the January 2026 CDC independent expert valuation update, potential contract wins and asset divestments at or near book value. Further derisking of renewable investments such as Longroad and Gurin Energy are also potential catalysts.

This report was published January 6.

Target price is $11.30 Current Price is $9.83 Difference: $1.47
If IFT meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $11.82, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates JDO as Overweight (1) -

Judo Capital reiterated its FY26 gross loans and advances guidance of $14.2-14.7bn and profit before tax of $180-190m. Morgan Stanley reckons this should underpin consensus earnings and support the share price.

The broker notes the December quarter loan growth to $13.4bn met expectations, with management citing strong momentum. 

Morgan Stanley expects the bank to achieve its 1H26 margin target of 3.0%, despite some recent upward pressure on term deposit pricing. Overweight retained with unchanged target of $2.15. Industry View: Overweight.

This report was published January 7.

Target price is $2.15 Current Price is $1.75 Difference: $0.4
If JDO meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 16.0% (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

Macquarie rates LNW as Outperform (1) -

The outlook remains constructive for US casinos, according to Macquarie, with long-run analysis supporting the resilience of US gaming revenues despite a softening consumer backdrop.

Revenues rose 2% year-on-year in November 2025, with regional markets up 2% and Las Vegas down -1%, taking 2025 year-to-date growth to 3%.

Growth has been flat in Las Vegas and low single-digit in regional casinos, a pattern Macquarie expects to persist into 2026.

Outperform retained for Light & Wonder. Target unchanged at $170.

This report was published on January 7.

Target price is $170.00 Current Price is $156.90 Difference: $13.1
If LNW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates MFG as Underperform (5) -

Magellan Financial's December quarter net outflows of -$0.3bn were better than Macquarie's estimate of -$1.1bn and consensus of -$1.4bn.

Institutional inflows offset retail outflows, resulting in funds under management (FUM) rising to $39.9bn, up 1.6% vs the broker's forecast. Improved flows and higher FUM drove a 2.5% upgrade to the broker's FY27 EPS forecast, with FY26 forecast lifted by 0.9%.

Despite this, the underperform rating was retained, given downside EPS risk from lower associate profits and sub-advisory fees.

Target lifted to $8.55 from $8.40, after a downgrade on January 5 to $8.40 from $8.65.

Target price is $8.55 Current Price is $9.30 Difference: minus $0.75 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.46, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Citi rates MND as Buy (1) -

Monadelphous Group won its second major E&C contract in two weeks, lifting work in hand to $2.2bn and covering 81% of Citi's estimated revenue for the next 12 months. The broker points to upside from smaller work packages.

Overall, the broker sees potential upside risk to FY26-27 revenue forecasts as E&C activity ramps up, particularly in 2H26 with major M&IS shutdown works.

With margins expected to improve modestly through FY26, the broker believes the risk to sequential margin trends is skewed to the upside. The current forecast is for 6.8% EBITDA margin in 1H26, rising to 6.9% in 2H26.

Buy retained with unchanged target price of $28.75.

This report was published January 6.

Target price is $28.75 Current Price is $26.79 Difference: $1.96
If MND meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.02, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates MPL as Neutral (3) -

Despite solid 1Q25 resident growth, Citi expects the 1H26 result to show a disciplined Medibank Private, prioritising policy quality and retention, while its non-resident segment drives stronger growth.

The broker reckons organic momentum is likely to continue and the Better Medical acquisition is positioning the group toward its $200m FY30 profit target.

EPS forecasts for FY26-28 lifted modestly, resulting in a lift in target price to $5.10 from $5.05. Neutral retained.

This report was published January 7.

Target price is $5.10 Current Price is $4.75 Difference: $0.35
If MPL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 9.8% (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 MPL as Neutral (3) -

While underlying indexation is clearly weakening for Australian Health Insurers on a 12-month view, Macquarie notes short-term volume growth is partially offsetting this pressure.

Over the longer term, the broker expects volumes to normalise, exacerbating indexation headwinds.These challenges are likely to be further amplified by outsized nurse wage inflation in FY27, reinforcing the broker’s long-standing negative view on the sector.

In reviewing January 2026, the analyst points to a moderation in promotional activity, with the number of insurers offering incentives declining over the month.

Among listed funds, only nib Holdings increased the number of free weeks offered, while Medibank Private and ahm reduced promotional support, notes Macquarie.

The analyst (in a subsequent report) expects Medibank’s 1H26 policyholder growth to fall short of investor expectations, while margins remain supported as premium rate increases accelerate.

The Neutral rating is kept and the target is increased to $4.90 from $4.70 for Medibank Private.

These reports were published on January 6 and January 7.

Target price is $4.90 Current Price is $4.75 Difference: $0.15
If MPL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates MPL as Accumulate (2) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in -1.5% fall in the S&P/ASX200 index in the December quarter.

The broker reckons the earnings outlook for nib Holdings is stronger and the valuation more appealing than rival Medibank Private. FY26 EPS forecast for Medibank cut by -0.5% but FY27 lifted by 1.1%.

Accumulate maintained. Target unchanged at $5.10.

This report was published January 6.

Target price is $5.10 Current Price is $4.75 Difference: $0.35
If MPL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 9.8% (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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X raised $6.2m via share placement at 8c, with major shareholder Billion Prima contributing $3m and lifting its stake to 8.5%.

Morgans notes the capital raise, combined with grants and confirmed sales, significantly strengthens the company's funding outlook, with $22.7m in contracted payments expected from FY26 onwards.

The funds will support Rover Plus sales expansion (notably in the US), the Australian head CT clinical trial, and monetisation of its security technology.

Speculative Buy remains. Target trimmed to 16c from 17c on minor dilution.

This report was published January 6.

Target price is $0.16 Current Price is $0.09 Difference: $0.069
If MX1 meets the Morgans target it will return approximately 76% (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 NHF as Buy (1) -

Citi reckons the market appears overly bearish on nib Holdings despite management reaffirming 1H26 underwriting operating profit is tracking to expectations.

The broker notes arhi (Australian residents health insurance) margins are supported by claims inflation of 4.9% versus a 5.79% rate rise. 

Despite risks around approved rate increases and near-term one-offs at nib Thrive, the broker highlights NZ operations are stabilising and iihi (international inbound health insurance) margins remain strong, skewing risk to the upside.

Buy maintained. Target cut to $8.15 from $8.90 following a -2% cut to FY26 EPS forecast and removal of the previous 10% premium to valuation.

This report was published January 7.

Target price is $8.15 Current Price is $6.70 Difference: $1.45
If NHF meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.79, suggesting upside of 14.7% (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

Macquarie rates NHF as Underperform (5) -

While underlying indexation is clearly weakening for Australian Health Insurers on a 12-month view, Macquarie notes short-term volume growth is partially offsetting this pressure.

Over the longer term, the broker expects volumes to normalise, exacerbating indexation headwinds.These challenges are likely to be further amplified by outsized nurse wage inflation in FY27, reinforcing the broker’s long-standing negative view on the sector.

In reviewing January 2026, the analyst points to a moderation in promotional activity, with the number of insurers offering incentives declining over the month.

Among listed funds, only nib Holdings increased the number of free weeks offered, while Medibank Private and ahm reduced promotional support, notes Macquarie.

The analyst (in a subsequent report) notes a lower risk profile for nib Holdings, given the new CEO has been in place for over 12 months.

The Underperform rating is kept and the target is raised to $6.10 from $5.60 for nib Holdings.

These reports were published on January 6 and January 7.

Target price is $6.10 Current Price is $6.70 Difference: minus $0.6 (current price is over target).
If NHF 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 $7.79, suggesting upside of 14.7% (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

Ord Minnett rates NHF as Buy (1) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in -1.5% fall in the S&P/ASX200 index in the December quarter.

In the case of nib Holdings, the broker reckons the earnings outlook is stronger and the valuation more appealing than rival Medibank Private. FY26 EPS forecast cut by -5.0% but FY27 lifted by a modest 0.1%.

Buy maintained. Target trimmed to $8.25 from $8.50.

This report was published January 6.

Target price is $8.25 Current Price is $6.70 Difference: $1.55
If NHF meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.79, suggesting upside of 14.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates NIC as Buy (1) -

Nickel Industries sold a 10% stake in its Excelsior Nickel Cobalt (ENC) project in Indonesia to Korea’s Sphere Corp. Ord Minnett notes the price implies a US$2.4bn valuation for the whole project, above the US$2.1bn valuation it previously estimated.

The transaction implies a US$9.00/lb nickel price, higher than the broker's long-term forecast of US$8.75/lb, which would lift the company's NPV to $2.30/share from $1.90 if adopted, Ord Minnett highlights.

The deal strengthens valuation support, with ENC commissioning in 1Q2026 and licence expansions expected to drive share price upside amid tighter Indonesian supply.

Buy rating and $1.90 target price are unchanged.

This report was published January 5.

Target price is $1.90 Current Price is $1.01 Difference: $0.89
If NIC meets the Ord Minnett target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 16.5% (ex-dividends)

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

Citi rates NST as Neutral (3) -

Northern Star Resources downgraded FY26 production guidance to 1.6-1.7Moz from 1.7-1.8Moz, due to unplanned maintenance, Citi highlights.

Most of the cut was already reflected in consensus, which stood at 1.7Moz at the end of December, implying a -3% difference, the broker notes. 

The broker trimmed FY26 production forecast by -4% and lifted AISC (cost) estimate by 2%, resulting in a -10.8% cut to FY26 EPS forecast. Neutral maintained. Target cut to $27.50 from $28.10.

This report was published January 5.

Target price is $27.50 Current Price is $25.36 Difference: $2.14
If NST meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $28.54, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources reported a weak December quarter, assesses Macquarie, after unplanned maintenance cut sales to 348koz (a -13% miss against consensus), prompting a downgrade by management to FY26 production guidance.

Guidance has been reduced to 1,600-1,700koz, with production now heavily weighted to the second half as KCGM performance improves following crusher repairs, explains the analyst.

The broker lifts its forecast costs and cuts FY26 profit by -9%, while awaiting updated costs (AISC) guidance later this month.

Macquarie retains an Outperform rating and reduces its target to $31 from $32.

This report was published on January 6.

Target price is $31.00 Current Price is $25.36 Difference: $5.64
If NST meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $28.54, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates NST as Downgrade to Hold from Accumulate (3) -

Northern Star Resources reported weaker operational performance in the December quarter, leading to a downgrade in FY26 production guidance to 1.6-1.7Moz from 1.7-1.8Moz. This was due to operational disruptions, with revised cost guidance expected on 22 January.

Following the second consecutive guidance miss, Morgans has adopted a more cautious short-to-medium term outlook for the company. The broker cut FY26 sales estimate by -9% to 1,589koz and lifted AISC (cost) forecast to A$2,770/oz.

FY26 EBITDA forecast trimmed by -16% and EPS estimate by -22%.

Rating downgraded to Hold from Accumulate. Target cut to $26.00 from $27.41, partly offset by a higher gold price assumption of US$3,500/oz from US$3,250.

This report was published January 6.

Target price is $26.00 Current Price is $25.36 Difference: $0.64
If NST meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.54, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates NWL as Buy (1) -

Citi expects Netwealth Group will report strong flows in the 2Q of FY26.

The broker maintains a Buy rating given the share price is trading at a discount to the analysts' valuation and due to potential upside from a large broker win.

Target falls to $29.80 from $30.65.

Target price is $29.80 Current Price is $25.62 Difference: $4.18
If NWL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $33.23, suggesting upside of 27.4% (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 ORG as Underweight (5) -

Morgan Stanley notes Origin Energy's announcement on December 30 related to US$1bn equity raising by Kraken Technologies, where it will invest US$140m and waive NEM exclusivity.

The funding values the platform at US$8.65bn, implying $1.70/share for Origin's 22.7% stake. New investors include a major Kraken customer, supporting subscriber growth expectations of 87m by FY27 from 74m in FY25.

The broker notes Octopus Energy is also raising US$320m, and while its post-money valuation was not disclosed, Morgan Stanley's estimate for Origin's stake is $0.55/share.

Underweight retained, with unchanged target of $11.11. Industry View: In-Line.

This report was published January 6.

Target price is $11.11 Current Price is $11.22 Difference: minus $0.11 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.20, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates ORG as Buy (1) -

UBS notes the Australian government’s Gas Market Review recommends introducing a Domestic Gas Reservation Policy from Jan 2027 and consider removal of some existing policies/agreements.

The proposed policy would require LNG exporters to supply 15-25% of gross production to the domestic market after meeting all existing contracts, strengthening current obligations. Significant uncertainty remains, with industry consultation expected in 1H2026 ahead of possible legislation in 2H2026.

The broker sees the most negative impact on Santos/GLNG, while the impact on Origin Energy/APLNG is seen as neutral, and downside gas price risk is seen for Beach Energy.

FY26 and FY27 EPS forecasts for Origin Energy lifted 1% each. No change to Buy rating and $14.10 target price.

This report was published January 6.

Target price is $14.10 Current Price is $11.22 Difference: $2.88
If ORG meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $12.20, suggesting upside of 7.8% (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

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

Ord Minnett initiated coverage of Pacific Lime and Cement with a Buy rating and target price of 50c.

Formerly Mayur Resources, the company has pivoted to building materials, with its key asset the Central Lime & Cement (CLC) project near Port Moresby, underpinned by a large 382Mt limestone resource.

Papua New Guinea’s reliance on imported clinker and quicklime creates a compelling opportunity for CLC, supported by high local prices, tariffs, low costs and SEZ tax benefits on downstream processing, the broker highlights. 

The lime segment is the standout, forecast to deliver over 35% ROIC, become cashflow positive in FY28, and is valued at $319m, with first kilns due online in early 2027.

This report was published January 5.

Target price is $0.50 Current Price is $0.31 Difference: $0.19
If PLA meets the Ord Minnett target it will return approximately 61% (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

Ord Minnett rates PPE as Buy (1) -

PeopleIN sold its underperforming health brands (First Choice Care and Edmen) for $20.25m, strengthening the balance sheet and enabling renewed focus on accretive M&A and core verticals, Ord Minnett highlights.

While the divestment represents a loss versus the $60m purchase price, the broker notes it was struck at a 6.2x EV/EBITDA multiple, above the group’s trading multiple. Net debt reduced to zero post-settlement.

The company outlined a three-pillar growth strategy focused on Queensland infrastructure and labour shortages, selective acquisitions, and operational efficiency.

Buy retained, with a marginally higher target price of $1.20 from $1.19.

This report was published January 5.

Target price is $1.20 Current Price is $0.86 Difference: $0.345
If PPE meets the Ord Minnett target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates QBE as Outperform (1) -

Macquarie anticipates FY26 guidance by QBE Insurance will be broadly in line with market forecasts. Guidance is expected to include a combined operating ratio (COR) of 92.5% and mid-single-digit gross written premium growth on a constant currency basis.

The broker forecasts stable catastrophe allowances and ongoing remediation of the global property portfolio, with limited portfolio churn affecting group growth.

Mark-to-market movements lift the analyst's FY25 profit forecasts but slightly reduce FY26 and outer-year expectations, reflecting investment income assumptions.

Macquarie retains an Outperform rating and lowers its target to $22.90 from $23.90.

This report was published on January 6.

Target price is $22.90 Current Price is $19.94 Difference: $2.96
If QBE meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $22.93, suggesting upside of 15.3% (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: 0.8

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

Ord Minnett rates QBE as Hold (3) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in a -1.5% fall in the S&P/ASX200 index in the December quarter.

Mark-to-market yield adjustments and expected adverse weather have weighed on FY26 forecasts for QBE Insurance. Hold retained despite valuation appeal as the broker reckons the insurance cycle hasn't yet bottomed, limiting near-term earnings growth.

FY25 EPS forecast lifted by 0.1% and FY26 by 0.8%. Target unchanged at $22.

This report was published January 6.

Target price is $22.00 Current Price is $19.94 Difference: $2.06
If QBE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $22.93, suggesting upside of 15.3% (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: 0.8

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

Ord Minnett rates REH as Buy (1) -

Reece has expanded its share buyback program to $450m, with a lift in on-market buyback to $85m from $50m following a $365m off-market buyback in October.

Ord Minnett reckons this signals confidence in long-term prospects, disciplined capital allocation, and management’s view that the stock is undervalued. Leverage is expected to rise modestly but remain at a conservative level at 1.5x net debt/EBITDA.

While near-term trading conditions remain challenging due to expectations of a slow recovery in housing conditions, Reece continues to invest through the cycle in support of its long-term growth strategy, the broker highlights.

Buy maintained and target is unchanged at $14.50.

This report was published January 5.

Target price is $14.50 Current Price is $13.30 Difference: $1.2
If REH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.11, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates RHC as Hold (3) -

Ord Minnett updates its financial models for stocks under coverage in the Healthcare sector for end-of-year foreign exchange rates and a higher assumed risk-free rate assumption of 4.5%, up from from 4.0%.

These changes result in negative earnings forecast changes in the low single-digits and target price downgrades of -2-9% across the broker's healthcare coverage. Valuations are noted as remaining stretched across much of the sector.

Concerns over the durability of any margin recovery at Ramsay Health Care continue to constrain the analyst's view. Hold retained. Target falls to $33.97 from $34.75.

This report was released on January 7.

Target price is $33.97 Current Price is $34.93 Difference: minus $0.96 (current price is over target).
If RHC 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 $35.50, suggesting downside of -0.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates RIO as Accumulate (2) -

Based on Ord Minnett’s estimates, Rio Tinto, BHP Group, and Fortescue all shipped more ore than the market expected in December.

These producers are tracking within respective company guidance for 2025 and FY26, notes the analyst.

For Rio Tinto, the broker raises its 2025 EPS forecast by 0.9%, prompting an increase in the target price to $150.00 from $147.00. Accumulate rating maintained.

Target price is $150.00 Current Price is $154.73 Difference: minus $4.73 (current price is over target).
If RIO 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 $134.42, suggesting downside of -11.9% (ex-dividends)

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett updates its financial models for stocks under coverage in the Healthcare sector for end-of-year foreign exchange rates and a higher assumed risk-free rate assumption of 4.5%, up from from 4.0%.

These changes result in negative earnings forecast changes in the low single-digits and target price downgrades of -2-9% across the broker's healthcare coverage. Valuations are noted as remaining stretched across much of the sector.

ResMed remains Ord Minnett's preferred sector exposure, delivering a forecast EPS compound annual growth rate of around 10% across FY25-28 despite recent downgrades.

For FY26, earnings are expected to grow 14%, driven by 9% revenue growth and supported by a net cash position of US$1.2bn, underpinning the potential for an expanded buyback or higher dividends.

Buy retained. Target falls to $44.56 from $48.80.

This report was released on January 7.

Target price is $44.56 Current Price is $36.50 Difference: $8.06
If RMD meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $47.95, suggesting upside of 28.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Ord Minnett rates SDF as Hold (3) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in a -1.5% fall in the S&P/ASX200 index in the December quarter.

Ongoing pressure on commercial insurance premium rates, rather than personal lines, underpins the broker's Hold rating on Steadfast Group despite its valuation appeal. Target cut to $5.70 from $5.80.

This report was published January 6.

Target price is $5.70 Current Price is $5.27 Difference: $0.43
If SDF meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 15.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates SGH as Outperform (1) -

SGH Ltd's bid for BlueScope Steel's ((BSL)) non-North American business in consortium with Steel Dynamics US is strategically sound, Macquarie believes. It is driven by regional growth potential and a resilient coatings segment that mitigates cyclical steel risks.

The broker expects a potentially extended bidding process with scope for changes to initial terms. Overall, SGH is seen as well-positioned to acquire the assets, with deal economics remaining the key determinant.

The broker reckons accretion and leverage outcomes are relatively robust given favourable multiple arbitrage.

No change to earnings forecasts. Outperform rating and $53.60 target are also unchanged.

Target price is $53.60 Current Price is $48.97 Difference: $4.63
If SGH meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $54.15, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates SHL as Hold (3) -

Ord Minnett updates its financial models for stocks under coverage in the Healthcare sector for end-of-year foreign exchange rates and a higher assumed risk-free rate assumption of 4.5%, up from from 4.0%.

These changes result in negative earnings forecast changes in the low single-digits and target price downgrades of -2-9% across the broker's healthcare coverage. Valuations are noted as remaining stretched across much of the sector.

For Sonic Healthcare, the analyst highlights management continues to lean on acquisitions to support earnings growth.

While the broker acknowledges some valuation support, it's felt a more positive stance is difficult to adopt given the company’s limited ability to deliver meaningful organic earnings growth over the past eight years.

Hold retained. Target falls to $23.97 from $24.50.

This report was released on January 7.

Target price is $23.97 Current Price is $22.14 Difference: $1.83
If SHL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.63, suggesting upside of 19.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates STO as Buy (1) -

UBS notes the Australian government’s Gas Market Review recommends introducing a Domestic Gas Reservation Policy from Jan 2027 and consider removal of some existing policies/agreements.

The proposed policy would require LNG exporters to supply 15-25% of gross production to the domestic market after meeting all existing contracts, strengthening current obligations. Significant uncertainty remains, with industry consultation expected in 1H2026 ahead of possible legislation in 2H2026.

The broker sees the most negative impact on Santos/GLNG, while the impact on Origin Energy/APLNG is seen as neutral, and downside gas price risk is seen for Beach Energy.

FY25 EPS forecast for Santos trimmed by -9% and FY26 by -5%. Buy retained, and target price cut to $7.80 from $8.10.

This report was published January 6.

Target price is $7.80 Current Price is $5.92 Difference: $1.88
If STO meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Ord Minnett rates SUN as Hold (3) -

Ord Minnett has reassessed insurers and diversified financials following a mixed 4Q2025, concluding that earnings growth prospects are softer than in recent periods.

Higher short-end bond yields have provided only modest uplift to insurers’ outer-year earnings forecasts. Forecasts for wealth managers have been mostly downgraded after factoring in a -1.5% fall in the S&P/ASX200 index in the December quarter.

Mark-to-market yield adjustments and expected adverse weather have weighed on 2H26 forecasts for Suncorp Group. Hold retained despite valuation appeal as the broker reckons the insurance cycle hasn't yet bottomed, limiting near-term earnings growth.

FY26 EPS forecast cut by -2.8% but FY27 lifted by 1%. Target trimmed to $20.00 from $20.50.

This report was published January 6.

Target price is $20.00 Current Price is $17.45 Difference: $2.55
If SUN meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $21.45, suggesting upside of 24.0% (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

Ord Minnett rates SYL as Accumulate (2) -

Symal Group will acquire 80% of South Australia–based Davison Earthmovers for $23.2m, valuing the business at 4.1x FY26 EV/EBITDA and adding $11m of assets. The deal will be funded from cash and is expected to be EPS accretive from year one.

Ord Minnett notes the acquisition was the company's sixth deal in 2025, and accelerates its expansion in South Australia. There's a pathway to full ownership via options over the remaining 20% at 3-4x EBITDA in 4-5 years.

The broker remains positive on the strategy but retains an Accumulate rating on valuation grounds. Target rises to $3.35 from $3.10.

This report was published January 5.

Target price is $3.35 Current Price is $3.26 Difference: $0.09
If SYL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates TSO as Speculative Buy (1) -

Morgans updated its model for Tesoro Gold to factor in the recent 15:1 share consolidation. The stock remains the broker's key pick in the South American gold space.

Target rises to $4.88 from $0.32. Speculative Buy maintained.

This report was published January 6.

Target price is $4.88 Current Price is $1.30 Difference: $3.58
If TSO meets the Morgans target it will return approximately 275% (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 TWE as Neutral (3) -

Citi’s analysis of the latest Nielsen data shows Treasury Wine Estates' Americas sales continued to materially underperform the market in the four weeks to December 27, 2025.

Sales declined -13.8% versus a -4.3% market fall, broadly consistent with the prior four-week period, notes the broker. 

Any turnaround is expected to be slow and gearing limits near term flexibility, in the analyst's view.

Neutral rating and $4.80 target are maintained.

Target price is $4.80 Current Price is $5.17 Difference: minus $0.37 (current price is over target).
If TWE meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.07, suggesting downside of -2.4% (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 VBX as Speculative Buy (1) -

VBX continues to advance the 95.9mt Wuudagu bauxite project, with Morgans highlighting drilling at Wuudagu D, E and F confirming three new discoveries outside the existing resource.

The broker is encouraged by average in-situ alumina grades around 40%, which are comparable or superior to the current reserve and supportive of beneficiation.

These discoveries are seen as potentially adding 35-55mt, materially extending mine life and lifting project value.

Morgans raises its target price to $2.10 from $1.60 and retains a Speculative Buy rating.

This report was released on January 7.

Target price is $2.10 Current Price is $0.50 Difference: $1.6
If VBX meets the Morgans target it will return approximately 320% (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

Citi rates WOR as Buy (1) -

Citi believes investor attention at Worley's 1H26 result will likely centre on restructuring costs, expected EBITA margin uplift, and backlog trends.

While book-to-burn is set to normalise, improving backlog quality toward lower-risk, reimbursable contracts should support margin resilience and medium-term upside, in the broker's opinion.

Overall, the broker sees upside risk to consensus earnings, noting the share price is overly sensitive to oil prices and undervalues balance sheet strength and earnings diversification.

Buy retained. Target trimmed to $17.00 from $17.50 as the broker factors in higher one-off costs.

This report was published January 7.

Target price is $17.00 Current Price is $13.07 Difference: $3.93
If WOR meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $17.64, suggesting upside of 36.0% (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