Australian Broker Call

Macquarie rates 29M as Neutral (3) -

29Metals delivered weaker copper production yet stronger byproducts in the June quarter, Macquarie observes. 2026 guidance has been maintained with first half copper/zinc of 11,200t/3200t within expected ranges.

2026 guidance for gold and silver is also in line with expectations, with first half gold production at 5400 ounces and silver at 255,000 ounces.

The broker observes water levels are no longer a restriction for restarting production of Capricorn while approval of the tailings storage facility 3 is a critical catalyst for a final decision. Neutral retained. Target is reduced to 26c from 28c.

Target price is $0.26 Current Price is $0.23 Difference: $0.03
If 29M meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in December.

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 29M as Hold (3) -

Copper production from 29Metals missed forecasts in the June quarter yet Morgans asserts sales of copper along with zinc, gold and silver production made up for this, which meant revenue was 30% ahead of forecasts.

Copper production of 4800t was affected by lower grades and recoveries. The broker asserts the Golden Grove by-product base has proven to offset near-term copper volatility with the resulting cash and liquidity a "welcome buffer".

Morgans continues to look for progress on non-dilutive funding options at Capricorn Copper over coming quarters. Hold rating. Target edges down to $0.26 from $0.27.

Target price is $0.26 Current Price is $0.23 Difference: $0.03
If 29M meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in December.

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 A1N as Sell (5) -

Going into the August reporting season, UBS highlights the media advertising industry remains volatile. The latest SMI data saw 3Q26 free-to-air down -8% and continuing to weaken into the 4Q, down -13%.

The 2H26 finished down -10.6% which is in line with the analyst's forecast of -10.3%. Poor consumer and business confidence are weighing on ad spend.

With the broker forecasting another RBA rate hike in August of 25bps, a -3% fall in ad spend is forecast in FY26, from -1%, previously.

Sell rating with 20c target unchanged for ARN Media. The simplification of the business on core operations is viewed positively, including the sale of the Hong Kong advertising business for $5.6m and settlement with a prior radio host.

Target price is $0.20 Current Price is $0.26 Difference: minus $0.06 (current price is over target).
If A1N meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.32, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Bell Potter rates AAL as Hold (3) -

Alfabs Australia's June quarter update show demand remains aligned with hired mining equipment with the daily hire rate up 0.9% q/q.

Work in hand for the engineering division continued to shrink, down -21% q/q. The company is looking to opportunities from government and industrial projects, Bell Potter points out.

After accounting for the inferred earnings (EBITDA) guidance at the 2026 Investor Day, EPS forecasts are downgraded by -43% for FY26, -53% in FY27 and -41% in FY28 due to reduced mining sector revenue and falling earnings (EBITDA) margin expectations.

Target price slips to 27c with a Hold rating retained.

Target price is $0.27 Current Price is $0.27 Difference: $0
If AAL meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

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

Citi rates ABB as Buy (1) -

After analysing recent web traffic and app downloads, Citi assesses mixed data points for Aussie Broadband.

The consensus forecast for subscriptions is seen as too high as it does not appear to account for the removal of low-cost Buddy.

Buddy customers were migrated to Tangerine Telecom in March after the August 2025 sale.

Target $6.25. Buy.

Target price is $6.25 Current Price is $4.90 Difference: $1.35
If ABB meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting upside of 26.0% (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

Bell Potter rates AEL as Buy (1) -

Amplitude Energy's June quarter production was in line with AEMO's data.

Orbost production was noted by Bell Potter at an average of 65.5TJ/day versus the previous quarter at 67.8TJ/day, attributed to softer spot prices.

Realised prices for the quarter were $10.25/GJ down from $10.44/GJ in the March quarter.

The stock remains a full leverage play on the southern east coast gas market with most of the sales under stable contracted prices, the broker explains.

FY26 guidance of 27.6BJ was expected between prior guidance and the analyst expects management to offer FY27 guidance with its FY26 results in August.

No change to Buy rating with an unchanged $2.50 target price.

Target price is $2.50 Current Price is $1.40 Difference: $1.105
If AEL meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 72.5% (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

Macquarie rates AEL as Outperform (1) -

Fourth quarter production from Amplitude Energy was largely in line with expectations. Whilst the latest gas market interventions meant a structural oversupply in domestic markets, Macquarie believes incentives may ultimately be required to encourage investment in backfill supply.

The company's Otway project is progressing and on track for FID in the current quarter, with 2028 slated for first gas.

The broker lowers gas price assumptions for uncontracted gas to $10/gigajoule in FY27 to reflect a structural oversupply created with a 20% domestic gas reservation.

Outperform retained. Target is reduced to $2.15 from $2.55.

Target price is $2.15 Current Price is $1.40 Difference: $0.755
If AEL meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 72.5% (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 AEL as Buy (1) -

Amplitude Energy delivered a "solid" fourth quarter Morgans asserts, while noting the share price performance in the year to date has been disappointing amid gas reservation policy uncertainty.

Revenue did slip because of softer Victorian and South Australian spot prices though by less than the broker had allowed for. FY26 group production of 27.6 PJe was up 3% and revenue of $285.8m was up 7%.

Morgans assesses the long-term value upside on offer has increased and maintains a Buy rating, with the target rising to $3.05 from $3.00.

Target price is $3.05 Current Price is $1.40 Difference: $1.655
If AEL meets the Morgans target it will return approximately 119% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 72.5% (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

Ord Minnett rates AEL as Buy (1) -

Ord Minnett observes the June quarter production outcome for Amplitude Energy was in line with expectations and realised prices remain firm despite the current softness in gas markets.

The outlook for production in FY27 is lifted incrementally following recent improvements at Orbost, with modest growth expected to 28.1 PJ.

The company's net debt position of $37m was slightly lower than anticipated despite higher capital expenditure, which suggests to Ord Minnett cost controls are better. Buy rating maintained. Target is raised to $2.65 from $2.60.

Target price is $2.65 Current Price is $1.40 Difference: $1.255
If AEL meets the Ord Minnett target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 72.5% (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

Macquarie rates AIA as Outperform (1) -

Auckland International Airport delivered a traffic update for June that was "clearly weak", Macquarie asserts, with international passengers down -4% and domestic down -5%.

This reflected softer NZ conditions, elevated fuel costs and disruptions in the Middle East. The broker considers the weakness capacity-led rather than evidence of impairment in structural demand, as load factors remain resilient and route-specific disruptions are obvious.

Forecasts for FY26 and FY27 are lowered. Macquarie points out the airport remains a scarce "gateway infrastructure asset" with medium-term leverage to an international recovery. Outperform rating and NZ$9.31 target price.

Current Price is $7.11. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates ALD as Neutral (3) -

UBS comes off restriction on Ampol with a Neutral rating (from Buy prior to restriction) and a higher post-restriction target of $36.65 from $31.50 in July 2025.

Post the completion of the EG Group Australian transaction, adding around 470 new EG sites lifts earnings (EBITDA) forecasts in 2H26 by $104m and increments Ampol's network to circa 1,100 sites.

The analyst views the U-Go conversions are proceeding well, pointing to over $300k earnings (EBITDA) forecast per site. The broker sees earnings upside risk to forecasts if management aims to convert more sites.

The stock has re-rated to what is considered a fair value around 9.3x 2027 earnings (EBITDA), hence the Neutral rating despite upside risk to earnings.

Target price is $36.65 Current Price is $37.14 Difference: minus $0.49 (current price is over target).
If ALD meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.69, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

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 BHP as Neutral (3) -

In a flash update, Macquarie notes BHP Group announced June quarter results which met expectations. 

West Australian iron ore shipments came in at 75.1Mt, just above production of 74.8Mt with management pointing out production did well post the wet weather.

Copper production of 492kt was in line with expectations. Escondida was above expectations at 312kt, while Spence missed and SXEW rose 46% q/q. Antamina missed by -10% at 35kt, due to a failure at a conveyor belt.

Met coal was better than anticipated at 5.9Mt, up 14% on better yields and stripping, the broker states. 

The stock is rated Neutral with a $55 target.

Target price is $55.00 Current Price is $60.56 Difference: minus $5.56 (current price is over target).
If BHP 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 $61.05, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Morgans rates BHP as Hold (3) -

After initially assessing today's June quarter operational report by BHP Group, Morgans believes FY26 ended strongly, with June quarter production broadly in line with expectation. FY27 copper guidance was, however, lower than expected.

Metallurgical and energy coal operations delivered the standout performance, the analyst highlights, Coal production at both BMA and NSW Energy Coal exceeded consensus, supported by stronger stripping volumes and operational improvements.

Copper and iron ore production broadly matched the broker's expectations.

Commentary notes FY27 copper guidance of 1.65Mt-1.80Mt came in below the consensus forecast due to lower forecast grades at Escondida and potential disruptions at Carrapateena and Prominent Hill.

BHP's financial results are due on 18 August.

Hold rating maintained. Target $59.80.

Target price is $59.80 Current Price is $60.56 Difference: minus $0.76 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $61.05, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

UBS rates COH as Neutral (3) -

UBS observes Envoy Medical's totally implantable Cochlear implant (TICI) is achieving results which compare to Cochlear's feasibility study in terms of better hearing.

The analyst points out Cochlear's TICI has seemingly produced more robust results when an external processor is used.

While acknowledging the Envoy device could become a credible competitor to Cochlear's device, both companies' studies have been relatively small and both had patient-related issues, the broker states.

A Neutral rating and $106 target retained on the stock.

Target price is $106.00 Current Price is $124.00 Difference: minus $18 (current price is over target).
If COH meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.03, suggesting downside 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

Citi rates COL as Buy (1) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

For Coles Group, the $23 target and Buy rating are unchanged.

Target price is $23.00 Current Price is $22.69 Difference: $0.31
If COL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $24.00, suggesting upside of 6.3% (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

Macquarie rates CWY as Outperform (1) -

Macquarie has a positive view on the Cleanaway Waste Management strategy, noting an inflection in free cash flow is expected in FY27, with profitability lifting amid capex discipline that should drive returns.

The company is targeting productivity and efficiency gaps and the broker assesses a -35% discount to US peers offers opportunity, while execution will be key. The company will report its FY26 results on August 20.

Target is lowered to $3.30 from $3.35 and an Outperform rating is maintained.

Target price is $3.30 Current Price is $2.34 Difference: $0.96
If CWY meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $2.95, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates EMV as Speculative Buy (1) -

Observing from EMVision Medical Devices' June quarter update, the cash burn has continued at a moderate rate with net operating cash flows at around $1.27m, Bell Potter explains.

Cash costs rose slightly to around $3.6m and grant funding fell by around -$2m over the quarter.

The company also pointed to preparation for a pre-submission meeting with the FDA around the proposed claims and performance thresholds needed for DeNovo clearance.

The analyst highlights around 17 quarters of funding available, which is considered as "comfortable", as EMVision Medical Devices moves forward with the EMU pivotal trial and three First Responder feasibility studies.

No change to Speculative Buy and a $3.15 target price.

Target price is $3.15 Current Price is $1.76 Difference: $1.39
If EMV meets the Bell Potter target it will return approximately 79% (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

Bell Potter rates EVN as Buy (1) -

Bell Potter considers Evolution Mining announced a "solid" June quarter update which came in as the second best quarter of FY26.

Copper and gold production missed expectations but positively Ernest Henry returned to full production and had its best quarterly performance, the analyst highlights.

AISC declined this quarter, and the gold producer met its guidance range of 710koz-780koz at 714koz of gold and AISC of $1,717/oz.

Commentary suggests FY27 guidance offered insights into steady production, with higher sustaining capex and AISC outlook.

EPS forecasts are trimmed by -6% for FY26 and -15% for FY27. No change to Buy rating. Target price is lowered to $15.10 from $16.45.

Target price is $15.10 Current Price is $11.34 Difference: $3.76
If EVN meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 22.7% (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 EVN as Neutral (3) -

Evolution Mining's June quarter result was softer than expected by Citi, with gold production of 180koz missing the consensus estimate by -4% and costs (AISC) of -$1,706/oz worse by -7%.

Record realised copper prices of $19,314/t and stronger-than-expected copper production partly offset weaker gold output, the analyst explains.

June quarter capital expenditure of -$345m exceeded both Citi and consensus forecasts, although closing cash of $1.35bn met expectations despite a $406m dividend.

Commentary notes Ernest Henry recovered strongly from weather disruptions, helping Evolution meet FY26 production, cost and capital expenditure guidance.

Target $15. Neutral.

Target price is $15.00 Current Price is $11.34 Difference: $3.66
If EVN meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 22.7% (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 EVN as Neutral (3) -

Macquarie notes Evolution Mining generated $374m in cash flow during the fourth quarter despite gold prices falling -13%.

FY27 guidance will be published on August 19 and the broker forecasts downside to costs and capital expenditure versus consensus expectations and upside to dividends.

The company is reviewing its dividend policy ahead of the results and has reiterated it will not accumulate excess cash.

Management expects inflation to add $150-160/oz to FY27 AISC and sustaining capital to increase by $50-60m.

Macquarie retains a Neutral rating, assessing the stock is trading at a fair valuation. Target is reduced to $11.50 from $12.00.

Target price is $11.50 Current Price is $11.34 Difference: $0.16
If EVN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 22.7% (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 Buy (1) -

Morgans found the fourth quarter production result and guidance for FY26 from Evolution Mining largely in line with prior expectations.

Gold production was 180,000 ozs and copper production 19,000t in the fourth quarter, up 6% and 73%, respectively, as the latter recovered from the rainfall event at Ernest Henry in the third quarter.

No formal guidance for FY27 was provided although management signalled a 4%-5% inflationary impact on AISC with an incremental $120-150m in capital expenditure not previously factored into the model.

The broker retains a Buy rating, reducing the target to $14.60 from $16.00.

Target price is $14.60 Current Price is $11.34 Difference: $3.26
If EVN meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 22.7% (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 EVN as Accumulate (2) -

FY26 production from Evolution Mining exceeded Ord Minnett's expectations amid a better performance at Northparkes. The net cash position and outlook for free cash flow presents options to enhance returns and fast track organic opportunities, the broker adds.

In the absence of any known M&A an increased dividend is assumed. Minor upgrades are made to FY26 estimates amid lower costs and an Accumulate rating is maintained. Target rises to $12.80 from $12.65.

Target price is $12.80 Current Price is $11.34 Difference: $1.46
If EVN meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates EVN as Neutral (3) -

Evolution Mining's June quarter update was basically in line with UBS' expectations.

Gold production of 180koz and copper at 19koz as anticipated although AISC was higher than consensus forecasts by $150/oz at $1,706/oz. The analyst believes the higher costs are a "sign of things to come".

Management noted lower throughput at Ernest Henry by -10% y/y and overall inflation around 4%-5% as well as increased sustainable capex, up $50m-$60m y/y.

The broker believes there are downside risks to consensus earnings forecasts with its own forecasts below the market across FY27/FY28 on more elevated costs/capex.

Neutral rating retained. Target slips to $12 from $12.20.

Target price is $12.00 Current Price is $11.34 Difference: $0.66
If EVN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting upside of 22.7% (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 HVN as Sell (5) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

While the broker's forecasts are adjusted slightly lower for Harvey Norman, the $4.20 target is retained. Sell.

Target price is $4.20 Current Price is $4.72 Difference: minus $0.52 (current price is over target).
If HVN meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.24, suggesting upside of 10.4% (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 ILU as Resume Coverage with Outperform (1) -

Macquarie resumes coverage of Iluka Resources with an Outperform rating and $8.40 target, noting the recent rare earth concentrate supply agreement with the VHM Goshen project has further diversified feedstock sources.

Zircon pricing improved, with the broker noting improving Chinese sentiment and tight premium zircon supply supported the recovery.

In contrast, titanium feedstock markets remain weak amid soft demand and rutile prices were depressed throughout the second quarter.

Target price is $8.40 Current Price is $6.46 Difference: $1.94
If ILU meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates JBH as Buy (1) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

While the broker's forecasts are adjusted slightly lower for JB Hi-Fi, the $85 target is retained. Buy.

Target price is $85.00 Current Price is $77.62 Difference: $7.38
If JBH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $84.63, suggesting upside of 6.8% (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 JHX as Outperform (1) -

Macquarie observes affordability pressures are weighing on US contractors although, while confidence has improved slightly, geopolitically-induced cost inflation remains a headwind.

James Hardie Industries is preferred for US building materials exposure with a range of self-help initiatives driving the broker's optimism. Outperform. Target is $39.60.

Target price is $39.60 Current Price is $37.15 Difference: $2.45
If JHX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.27, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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 JHX as Overweight (1) -

Morgan Stanley notes fibre cement held a 23% share in new housing data for 2025 released by the US Census Bureau. This preserves the 1.2 percentage point gain achieved in 2024.

The data may be lagging but the broker believes it provides a useful indicator of the structural material conversion underpinning siding & trim forecasts. Vinyl declined -1 percentage point to 26%. Fibre cement remains -10 percentage points below Morgan Stanley's 33% terminal share assumption.

Following James Hardie Industries' first quarter results in early August the next major catalyst will be the investor briefing on September 15.

Unchanged Overweight rating and $38 target. Industry view is In-Line.

Target price is $38.00 Current Price is $37.15 Difference: $0.85
If JHX meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.27, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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 L1G as Neutral (3) -

June quarter FUM for L1 Group came in 2% above consensus but below UBS' forecast by -4.7% at $19.1bn.

Quarter-on-quarter growth lifted by 12.4% due to markets improving. The miss on the analysts' forecasts was attributed to weaker than expected performance from the Gold fund and weaker flows for the Long/Short Fund and the Capital Global Long Short Strategy/Fund.

Outflows from Platinum remained high at -$308m, similar to the prior quarter.

Management guidance for 2H26 realised performance fees are highlighted as 7% above the UBS forecast due to the Catalyst Fund.

EPS forecasts are trimmed by -2.6% in FY26 and -5% for FY27. Neutral rating retained with an unchanged $1.25 target price.

Target price is $1.25 Current Price is $1.13 Difference: $0.12
If L1G meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates MGR as Buy (1) -

Citi expects stronger rental growth to become an increasingly important demand driver for Australian housing developers. Annualised rental growth accelerated to around 7% in June after the May Budget changes.

While rental yields remain below mortgage costs, the broker believes rising rents should encourage more first-home buyers to purchase whilst also improving returns for property investors.

Investor demand is increasingly shifting towards master-planned communities, with Stockland's investor sales rising to around 36% from a historical 20%-25%.

Although softer demand may persist through the September quarter as buyers absorb higher interest rates, Citi expects a recovery into late 2026 and 2027. Buy ratings are retained for Stockland (preferred) and Mirvac Group.

Target price $2.00 for Mirvac Group.

Target price is $2.00 Current Price is $1.69 Difference: $0.315
If MGR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 18.1% (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 MTS as Upgrade to Neutral from Sell (3) -

Citi lowers FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

Citi upgrades Metcash to Neutral from Sell, with the broker citing weaker share price performance and changes to consensus earnings expectations. Target rises by 20c to $3.00.

Target price is $3.00 Current Price is $2.92 Difference: $0.08
If MTS meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

UBS rates NEC as Neutral (3) -

Going into the August reporting season, UBS highlights the media advertising industry remains volatile. The latest SMI data saw 3Q26 free-to-air down -8% and continuing to weaken into the 4Q, down -13%.

The 2H26 finished down -10.6% which is in line with the analyst's forecast of -10.3%. Poor consumer and business confidence are weighing on ad spend.

With the broker forecasting another RBA rate hike in August of 25bps, a -3% fall in ad spend is forecast in FY26, from -1%, previously.

Nine Entertainment's free-to-air revenue is expected to decline by -6% y/y in 2H26, below the metro marker fall of -10.6% due to better market share performance, the analyst states.

The content deal with Microsoft is seen as positive and the NRL rights deal as a better result than feared.

Target price slips by -6% to 94c from $1. Earnings are downgraded by -5% over the longer term. Neutral rated.

Target price is $0.94 Current Price is $0.97 Difference: minus $0.025 (current price is over target).
If NEC meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.13, suggesting upside of 14.1% (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 considers Netwealth Group's June quarter update soft but broadly in line with expectations. Custodial net flows fell -16% year on year to $3.1bn as elevated outflows reflected a small number of ultra-high-net-worth accounts, the analysts explain.

The broker expects core flow weakness to persist through the first half of FY27. This view holds despite custodial funds under administration (FUA) and funds under management (FUM) modestly exceeding forecasts on stronger market gains.

Management reaffirmed FY27 guidance, including $18bn-$20bn in net flows and an earnings (EBITDA) margin of around 47%.

Citi retains a Buy rating, expecting minimal changes to consensus forecasts following the update.

Target $29.10. Buy.

Target price is $29.10 Current Price is $23.17 Difference: $5.93
If NWL meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $28.86, suggesting upside of 23.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates NWS as Buy (1) -

Going into the August reporting season, UBS highlights the media advertising industry remains volatile. The latest SMI data saw 3Q26 free-to-air down -8% and continuing to weaken into the 4Q, down -13%.

The 2H26 finished down 10.6% which is in line with the analyst's forecast of -10.3%. Poor consumer and business confidence are weighing on ad spend.

With the broker forecasting another RBA rate hike in August of 25bps, a -3% fall in ad spend is forecast in FY26, from -1%, previously.

News Corp remains the preferred stock pick in the sector due to the exposure to Dow Jones and Digital Realty. Buy rated with an unchanged $56 target.

Target price is $56.00 Current Price is $44.75 Difference: $11.25
If NWS meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $51.13, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates OBM as Outperform (1) -

At first glance, Macquarie notes June quarter production from Ora Banda Mining was in line with expectations, at 39,600 ounces. AISC of $3870/oz was 16% ahead of what the broker expected.

The company has released FY27 guidance, anticipating gold production of 125-140,000 ounces, -4% below Macquarie's estimate.

AISC guidance for FY27 is $3400-3600/oz, with costs remaining elevated because of third-party processing through to October.  Outperform rating and $1.40 target.

Target price is $1.40 Current Price is $1.09 Difference: $0.31
If OBM meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 60.5% (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

Citi rates PMV as Neutral (3) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

While forecasts are adjusted slightly lower for Premier Investments, the target rises to $15.30 from $12.80 given the broker's increased look through value for the company's Breville Group stake.

Target price is $15.30 Current Price is $14.00 Difference: $1.3
If PMV meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.72, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in July.

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

Citi rates REA as Buy (1) -

Citi notes June new property listings rose 13% year-on-year, accelerating from 2% growth in May. This outcome materially exceeded the broker's expectation despite weak housing indicators such as clearance rates and house prices.

The analysts suggest recent capital gains tax changes may have encouraged vendors to bring listings forward, lifting their FY26 listings forecast to a -0.5% decline versus consensus expectations for a -1.5% fall.

Only a limited earnings benefit for REA Group is anticipated as stronger June listings are likely to defer revenue into the first quarter of FY27.

Sydney and Melbourne listings improved but lagged the national growth rate, creating an unfavourable geographic mix that is expected to weigh on fourth-quarter revenue, commentary highlights.

Target $181.15. Buy.

Target price is $181.15 Current Price is $148.87 Difference: $32.28
If REA meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $184.02, suggesting upside of 15.4% (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

Citi rates RIO as Neutral (3) -

Citi views Rio Tinto's June quarter operational update as broadly in line with expectations, with iron ore shipments rising 7% year on year and exceeding the consensus estimate by 2%.

Copper production of 213kt met the consensus expectation, and aluminium and lithium output was also broadly in line.

Stronger gold and silver production, together with higher spot prices, prompted a sharp reduction in FY26 copper unit cost guidance to -US30-50c/lb from -US65-75c/lb., the analysts explain.

Resilient iron ore operations, lithium ramp-up and strong US aluminium premiums are also highlighted as positives.

Target $179. Neutral rating.

Target price is $179.00 Current Price is $165.47 Difference: $13.53
If RIO meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $172.67, suggesting upside of 5.3% (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

Macquarie rates RIO as Neutral (3) -

Rio Tinto delivered a second quarter production result that was in line with expectations. Macquarie welcomed the strong copper performance at Escondida, with higher volumes combating grade declines.

At Oyu Tolgoi planned maintenance affected mill volumes but grades were higher. Kennecott was the negative in the mix, the broker points out, with lower-than-expected refined copper production and a flash-furnace breach that is expected to take 75 days to rectify.

Neutral rating and $180 target unchanged.

Target price is $180.00 Current Price is $165.47 Difference: $14.53
If RIO meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $172.67, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgan Stanley rates RIO as Underweight (5) -

Rio Tinto delivered mined copper production in the June quarter that was down -10.2% compared with Morgan Stanley's expectations, at 168,300t. Lower cathode output reflected concentrate constraints, geotechnical resequencing, maintenance and safety shutdowns.

Refined copper of 40,300t was down -13.1% compared with the broker's estimates, with a furnace breach at Kennecott now expected to cause a 75-day shutdown.

Alumina, aluminium production were in line with expectations. Pilbara iron ore was strong, with sales of 85.3mt up 0.8% compared with the broker's estimates. Simandou production was down -67% compared with expectations because of temporary crushing reliability issues.

Underweight maintained. Target is $149.00. Industry view is Attractive.

Target price is $149.00 Current Price is $165.47 Difference: minus $16.47 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $172.67, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgans rates RIO as Hold (3) -

Rio Tinto delivered its highest first-half Pilbara production since 2018 in the June quarter while reducing 2026 copper cost guidance and signalling a 75-day rebuild of the smelter at Kennecott.

Morgans found the result largely in line with expectations, while the breach at the Kennecott smelter was a "sting in the tail", as the full rebuild will reduce refined copper and gold output in the second half.

The stock is trading close to where the broker envisages fair value and a Hold rating is maintained. Target is reduced to $163 from $165.

Target price is $163.00 Current Price is $165.47 Difference: minus $2.47 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $172.67, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Ord Minnett rates RIO as Upgrade to Buy from Accumulate (1) -

June quarter production for Rio Tinto was largely in line with Ord Minnett's expectations, supported by strong performance in the Pilbara and Oyu Tolgoi. The company has maintained 2026 guidance across its commodities.

Strong copper outcomes from Oyu Tolgoi and Escondida offset weakness at Kennecott, amid unplanned outages at the latter caused by problems with the flash furnace.

The company has indicated the Middle East war is still having a limited impact on its operations. Ord Minnett raises EPS estimates by 0.8% for 2026 and 1.2% for  2027. Target edges up to $188 from $187 and the rating is upgraded to Buy from Accumulate on valuation grounds.

Target price is $188.00 Current Price is $165.47 Difference: $22.53
If RIO meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $172.67, suggesting upside of 5.3% (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

UBS rates RIO as Neutral (3) -

Rio Tinto's June quarter iron ore production was strong and came in 2% above consensus expectations with lithium well above consensus forecasts by 8%. UBS notes copper and aluminium were in line with expectations, with FY26 production guidance unchanged.

Pilbara shipments beat the broker's forecast and consensus by around 83Mt and was up 18% q/q and 7% y/y. Unit costs were unchanged with diesel being watched closely. Realised prices were stable at US$85.2/wmt.

Construction at Simandou is now over 75% finished with the ramp up moving to 2H2028.

UBS remains Neutral rated with a $177 target price. EPS forecasts are tweaked lower for 2026 and 1% higher for 2027.

Target price is $177.00 Current Price is $165.47 Difference: $11.53
If RIO meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $172.67, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates SGP as Buy (1) -

Citi expects stronger rental growth to become an increasingly important demand driver for Australian housing developers. Annualised rental growth accelerated to around 7% in June after the May Budget changes.

While rental yields remain below mortgage costs, the broker believes rising rents should encourage more first-home buyers to purchase whilst also improving returns for property investors.

Investor demand is increasingly shifting towards master-planned communities, with Stockland's investor sales rising to around 36% from a historical 20%-25%.

Although softer demand may persist through the September quarter as buyers absorb higher interest rates, Citi expects a recovery into late 2026 and 2027. Buy ratings are retained for Stockland (preferred) and Mirvac Group.

Target price $5.10 for Stockland.

Target price is $5.10 Current Price is $4.00 Difference: $1.1
If SGP meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 19.6% (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 SIG as Neutral (3) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

Unchanged $3.20 target and Neutral rating for Sigma Healthcare. The broker seeks greater confidence in the earnings growth outlook before adopting a more constructive stance, given the stock's elevated valuation multiple.

Target price is $3.20 Current Price is $2.93 Difference: $0.27
If SIG meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 11.8% (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 SLC as Buy (1) -

Citi's analysis of web traffic and app downloads suggests stronger subscriber momentum for Superloop, with accelerating web visits indicating upside risk to consensus forecasts for growth in subscribers.

Buy. Target $3.75.

Target price is $3.75 Current Price is $3.10 Difference: $0.65
If SLC meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 18.6% (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 SUL as Buy (1) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

Unchanged $14.20 target and Buy rating for Super Retail. Citi sees the current valuation as "appealing".

Target price is $14.20 Current Price is $12.90 Difference: $1.3
If SUL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.68, suggesting upside of 4.8% (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

UBS rates SXL as Neutral (3) -

Going into the August reporting season, UBS highlights the media advertising industry remains volatile. The latest SMI data saw 3Q26 free to air down -8% and continuing to weaken into the 4Q, down -13%.

The 2H26 finished down 10.6% which is in line with the analyst's forecast of -10.3%. Poor consumer and business confidence are weighing on ad spend.

With the broker forecasting another RBA rate hike in August of 25bps, a -3% fall in ad spend is forecast in FY26, from -1%, previously.

Southern Cross Media's target price is lowered by -7% to 58c. Neutral rating retained. EPS forecasts are lowered by -26% for FY26 and lifted by 20% for FY27.

Target price is $0.58 Current Price is $0.56 Difference: $0.02
If SXL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates TLS as Neutral (3) -

Citi's analysis of web traffic and app downloads suggests weaker trends for Telstra's core brand.

Declining app downloads and monthly active users point to higher churn, supporting the broker's below-consensus post-paid subscriber forecasts.

Branded Telstra app downloads declined, while the pace of monthly active user (MAU) declines accelerated, pointing to higher customer churn.

Unchanged $5.50 target and Neutral rating.

Target price is $5.50 Current Price is $4.89 Difference: $0.61
If TLS meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 8.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates WES as Sell (5) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

Citi retains a Sell rating on Wesfarmers, citing potential downside risk to Bunnings' FY27 earnings.

The broker also considers the shares expensive relative to other retailers with comparable forecast earnings growth.

Unchanged $69 target.

Target price is $69.00 Current Price is $90.88 Difference: minus $21.88 (current price is over target).
If WES meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.97, suggesting downside of -14.0% (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 WOR as Hold (3) -

Worley has quantified the earnings (EBITA) impact of the Middle East war, now expected to be up to -$60m compared with an estimate of -$30m-$40m previously. The FX impact in the second half is estimated at around -$50m.

Over the medium term, Morgans observes there should be some support from repair activity in the Middle East and a broader uplift in global upstream hydrocarbon expenditure amid renewed energy security concerns.

The company has flagged the ongoing impact and disruption to the progress of existing projects. There have been no cancellations, rather customers continue to delay commencement.

The broker retains a Hold rating and lowers the target to $10.80 from $11.80.

Target price is $10.80 Current Price is $10.66 Difference: $0.14
If WOR meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.10, suggesting upside of 21.5% (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 WOW as Downgrade to Sell from Neutral (5) -

Citi lowers its FY27 earnings forecasts for most retailers ahead of the August reporting season after increasing cost of doing business (CODB) assumptions following the Fair Work Commission's recent decision.

The broker expects most discretionary retailers to face negative operating jaws, with operating cost growth forecast to outpace sales growth in FY27.

Citi downgrades Woolworths Group to Sell from Neutral, reflecting valuation after recent share price strength.

Target rises to $36 from $34.

Target price is $36.00 Current Price is $39.35 Difference: minus $3.35 (current price is over target).
If WOW meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.06, suggesting downside of -8.2% (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 ZZZ as Equal-weight (3) -

29Metals delivered weaker copper production yet stronger byproducts in the June quarter, Macquarie observes. 2026 guidance has been maintained with first half copper/zinc of 11,200t/3200t within expected ranges.

2026 guidance for gold and silver is also in line with expectations, with first half gold production at 5400 ounces and silver at 255,000 ounces.

The broker observes water levels are no longer a restriction for restarting production of Capricorn while approval of the tailings storage facility 3 is a critical catalyst for a final decision. Neutral retained. Target is reduced to 26c from 28c.

Target price is $1.00

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 ZZZ as Equal-weight (3) -

29Metals delivered weaker copper production yet stronger byproducts in the June quarter, Macquarie observes. 2026 guidance has been maintained with first half copper/zinc of 11,200t/3200t within expected ranges.

2026 guidance for gold and silver is also in line with expectations, with first half gold production at 5400 ounces and silver at 255,000 ounces.

The broker observes water levels are no longer a restriction for restarting production of Capricorn while approval of the tailings storage facility 3 is a critical catalyst for a final decision. Neutral retained. Target is reduced to 26c from 28c.

Brambles has downgraded FY26-27 EBIT growth expectations to 3-5% from 8-10%

and same for FY26 free cash flow guidance of US$1-$1.1bn.

Estimates are revised to below the FY26 EBITDA guidance range of $147-155m

Target price is $1.00

The company's fiscal year ends in January.

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