Australian Broker Call

Bell Potter rates 6KA as Speculative Buy (1) -

6K Additive reported December 2025 quarterly revenue of US$5.6m and 2H2025 revenue of US$10m versus Bell Potter's US$8m forecast. The company is now funded and focused on completing a 5x scale-up of US spherical powder production capacity to 1,000 tpa.

Preliminary design for the expansion is complete and the company expects to break ground on major works in the current quarter. 6K Additive has a competitive advantage in the production of high-value metal powders for the fast-growing global Additive Manufacturing sector, Bell Potter notes.

Speculative Buy, Target $1.45.

Target price is $1.45 Current Price is $1.02 Difference: $0.43
If 6KA meets the Bell Potter target it will return approximately 42% (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

Macquarie rates A4N as No Rating (-1) -

Alpha HPA's $225m capital raise supports HPA First project's Stage 2 delivery, lifting steady-state EBITDA by 13% but increasing build costs by $150m, Macquarie highlights.

The funding mix is now 45% equity, 48% debt/royalties and 7% grants. Project execution is progressing well and refreshed economics point to FY31 EBITDA of $289m, supported by stronger semiconductor demand and improved pricing, the broker explains.

Near-term earnings are downgraded due to dilution and a slower ramp-up, but long-term upside is underpinned by AI-driven chip demand and Alpha’s high-performance alumina proposition.

The broker is on research restriction, so no target price or rating.

Current Price is $0.73. Target price not assessed.

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 AIS as Accumulate (2) -

Aeris Resources' Dec Q was solid, Morgans suggests. Cracow continues its strong performance and Tritton operated broadly to plan. Exploration success remains key for ongoing growth and reserve/resource expansion to drive value.

Morgans' earnings forecasts and valuation have been upgraded to reflect the company’s improved earnings outlook for the remainder of FY26 in the current copper and gold price environment.

The broker acknowledges Aeris is a higher risk exposure given its reliance on execution and exploration success. However, improving balance sheet metrics post its recent raise and exposure to favourable commodities provides a credible pathway to value creation.

Target rises to 70c from 60c, Accumulate retained.

Target price is $0.70 Current Price is $0.62 Difference: $0.08
If AIS meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates ALX as Outperform (1) -

Traffic trends for Atlas Arteria's toll roads showed little surprise in the December quarter, Macquarie observes.

APRR traffic was broadly in line, with a favourable mix as heavy vehicle volumes slightly outperformed, and the trend is seen steady. Despite the French tax levy being extended for another year, the company has sufficient cash to sustain the $0.40/share dividend, the broker notes.

Greenway's underlying traffic growth of 6-7% points to a structural recovery and supports future price increases of around 5%. Skyway delivered a solid 4Q2025, with truck traffic set to normalise in 2026, although car volumes remain below pre-roadworks levels, the broker highlights.

Outperform. Target unchanged at $5.55.

Target price is $5.55 Current Price is $4.97 Difference: $0.58
If ALX meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley views Atlas Arteria's 4Q2025 update, including traffic metrics, as largely meeting expectations. APRR was flat y/y, with the analyst seeing robust French employment and a recovery in French and Spanish trade in 2H2025.

Chicago Skyway traffic over the quarter rose 2% y/y and was in line with 2019, with Dulles Greenway up 5% y/y but down -12% on 2019, which the broker views as the impacts of the US government shutdown.

Equal-weight retained with an unchanged target of $5.09. Industry View: In-Line.

Target price is $5.09 Current Price is $4.97 Difference: $0.12
If ALX meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates ALX as Hold (3) -

Morgans' target price for Atlas Arteria is reduced -16c to $4.58 in response to mild forecast traffic and revenue adjustments and an update to spot AUDEUR and AUDUSD. It also assumes a one-year extension of the temporary supplemental tax in France into 2026.

40c dividend guidance (which Morgans believes can be at least sustained until later this decade, given sufficient cash reserves) offers an attractive cash yield, supported largely by the APRR.

Hold retained.

Target price is $4.58 Current Price is $4.97 Difference: minus $0.39 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.21, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates ALX as Neutral (3) -

Atlas Arteria's 4Q2025 group revenue missed UBS's expectations by -0.4% in constant currency, with APRR toll revenue rising 1.5% y/y, which was below the anticipated 2.4% growth.

Adelaide revenue also missed the analyst's growth forecast at 4% y/y against the forecast 6.7% growth. Chicago Skyway rose 10% y/y, almost double the broker's forecast, on average daily traffic up 2.6%, the most robust growth in years.

Dulles Greenway's toll revenue lifted 4.2% y/y, with Warnow Tunnel down -5.6% y/y on a fall of average daily traffic -9.8% due to comps of roadworks on competing routes.

No change to Neutral rating. Target slips to $5.15 from $5.20.

Target price is $5.15 Current Price is $4.97 Difference: $0.18
If ALX meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates BBT as Buy (1) -

Ord Minnett notes betr Entertainment's December quarter turnover rose 25% to $444m (incl. TopSport), with organic growth of 13% well ahead of management's estimate of 2-3%. Customer activation drove 8.8k net new active customers, up 5.7% q/q.

Net win margins were temporarily weaker at 8.5%, below the company's 10-11% target due to a favourites-heavy Spring Carnival. On the positive side, exit run-rate margins at 11% and Jan to-date of 0.8% point to improvement into 2H26, the broker explains.

Target cut to 38c from 46c on EBITDA forecast and valuation revisions. Buy retained, with the broker highlighting the company trades at a cheap multiple of only 7x FY27 EBITDA.

Target price is $0.38 Current Price is $0.25 Difference: $0.13
If BBT meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates BGL as Buy (1) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

Bellevue Gold remains Buy rated with a higher target of $2.25 from $2.05. The EPS forecasts are raised by 16% for FY26 and 23% for FY27. The analyst likes the stock as it approaches a cash "inflection point".

Target price is $2.25 Current Price is $1.89 Difference: $0.36
If BGL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting upside of 26.0% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Brazilian Rare Earths' December quarter (4Q2025) highlights included Carester REO offtake partnership, completion of the Amargosa bauxite scoping study, and a $120m capital raise. Cash lifted to $162m.

The broker sees the company's plan to spin out the Amargosa bauxite project by mid-2026 as value accretive, given the limited bauxite value currently reflected in the share price.

Target rises to $7.50 from $7.00 on a lift in REO price assumptions for the March quarter. Speculative Buy maintained.

Target price is $7.50 Current Price is $3.80 Difference: $3.7
If BRE meets the Ord Minnett target it will return approximately 97% (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

Bell Potter rates BUB as Upgrade to Speculative Buy from Hold (1) -

Bubs Australia's Dec Q net revenue of $29.9m was up 4% year on year. US infant formula growth was up 46% to $17.4m and the main driver of revenue growth, Bell Potter notes.

Product manufacturing costs were up 60% and correspond to the previously disclosed requirement to reset inventory positions in the US. Bubs continues to progress with its US FDA application for permanent access.

Bell Potter upgrades to Buy (Speculative) from Hold. Dec Q revenue growth was consistent with expectations and new management looks to be increasing brand support, resulting in a more consistent US revenue profile.

Target rises to 18c from 17c.

Target price is $0.18 Current Price is $0.14 Difference: $0.04
If BUB meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 43.6% (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 BUB as Accumulate (2) -

Bubs Australia's 1H26 revenue rose 14% y/y, driven by strong US growth, up 47%, which offset the contraction in  Australia, China and ROW (rest of world), Ord Minnett observes.

Cash outflows continued, with FDA permanent access approval now in the final stages and a revised corporate strategy expected later this quarter.

FY26 guidance was maintained, with the broker making only minor forecast tweaks. Accumulate rating and 18c target are unchanged.

Target price is $0.18 Current Price is $0.14 Difference: $0.04
If BUB meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 43.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates CHN as Buy (1) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

Chalice Mining remains Buy rated with a $3 target, up from $2.75. No change to EPS forecasts.

Target price is $3.00 Current Price is $2.24 Difference: $0.76
If CHN meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 39.0% (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

Bell Potter rates CIA as Hold (3) -

Champion Iron reported Dec Q earnings of C$152m, slightly ahead of Bell Potter. Impressively for the broker, Champion decreased Bloom Lake inventories by 1.1Mt to 0.6Mt over the quarter. 

The Direct Reduction Pellet Feed (DRPF) project has commenced commissioning, with first high-grade production and shipments expected by the end of 1H 2026.

While Bell Potter expects iron content price premiums for this product, full value-in-use premiums are unlikely to be realised until longer- term offtake is secured. Free cash flow is seen improving from 2026 as capex rolls off, supporting debt services and ongoing dividends.

Hold retained, target falls to $5.55 from $5.65.

Target price is $5.55 Current Price is $5.88 Difference: minus $0.33 (current price is over target).
If CIA meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. 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 CNU as Outperform (1) -

Chorus' total connections fell by -8k q/q in the December quarter (2Q26), with fibre additions offset by copper churn, Macquarie highlights. Fibre uptake continues to trend higher despite seasonal student churn and record data usage, the broker observes.

While economic headwinds and plan downgrades are weighing on near-term ARPU (average revenue per user), the broker expects the company to deliver its medium-term MAR. Fibre connection growth and scheduled price increases are seen as supportive of this outlook.

A simplified operating model, cost control leverage and potential second-tier revenue opportunities underpin confidence in a sustainable dividend outlook, which is expected to exceed inflation rise.

FY26-27 EPS forecasts downgraded on lift in depreciation forecasts. Outperform maintained. Target rises to NZ$10.26 from NZ$9.83 on roll forward.

Current Price is $8.20. Target price not assessed.

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: 0.5

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

Citi rates ELD as Buy (1) -

Citi returned from Elders' investor day, positive on the company's near-term outlook.

The broker notes the company is moving to a rolling five-year plan post-FY26 from a three-year plan, with Delta synergies accelerated to $8m and reduced execution risk.

Progress on the Killara feedlot sale was encouraging, while organic and acquisitive growth remains a key focus despite ACCC changes, the broker highlights.

Buy retained. Target $8.45.

Target price is $8.45 Current Price is $7.37 Difference: $1.08
If ELD meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.74, suggesting upside of 16.8% (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

Macquarie rates ELD as Outperform (1) -

Elders' investor day updates pointed to improving momentum as seasonal conditions normalise, Macquarie observes. Strength in Real Estate, elevated livestock prices and Legacy business delivered around 20% y/y EBIT growth in 1Q26.

The broker notes medium-term earnings growth is supported by increased backward integration, the new divisional structure and Delta synergies, with further upside as integration deepens across the network.

FY26 EPS forecast trimmed by -2% on lower AgChem gross margin, and FY27-30 cut by -2% to -3% on lower margin plus softer Agency expectations.

Outperform maintained. Target rises to $8.40 from $8.25 on lift in peer multiples.

Target price is $8.40 Current Price is $7.37 Difference: $1.03
If ELD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.74, suggesting upside of 16.8% (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

UBS rates EVN as Sell (5) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

No change to Sell rating on Evolution Mining with a higher target of $12.90 from $12.20.

UBS lifts EPS forecasts by 10% for 2026 and 22% for 2027 due to the higher gold price assumption.

Target price is $12.90 Current Price is $14.71 Difference: minus $1.81 (current price is over target).
If EVN meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.28, suggesting downside of -4.3% (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

Bell Potter rates GMD as Buy (1) -

Genesis Minerals hit records across the portfolio in the Dec Q, broadly beating Bell Potter's expectations and consensus. 

The second half looks to be shaping up nicely, the broker suggests, with increased productivity anticipated in the June Q, particularly at Jupiter and Hub as stripping and pre-stripping investments are being made over the March Q.

Bell Potter believes Genesis Minerals to be a high-quality gold producer, expanding production underpinned by a large Mineral Resource portfolio (18.6Moz), into a rising gold price environment.

Target price $9.90. Buy retained. 

Target price is $9.90 Current Price is $7.59 Difference: $2.31
If GMD meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $8.71, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates GMD as Outperform (1) -

Macquarie describes Genesis Minerals' December quarter (2Q26) report as strong. Production of 74.3koz and AISC (cost) of $2,635/oz both beat consensus, with net cash of $342m and no debt.

The broker notes the company is on track to meet FY26 guidance. On the negative side, Tower Hill growth capex was increased to $220-240m with approvals secured and early works underway, but an updated LOM (life of mine) plan is still pending, the broker highlights.

FY62E EPS forecast downgraded by -1% on slightly higher costs, but 3-7% upgrades made to FY27-30 forecasts on lower long-term cost assumptions ahead of Tower Hill production.

Outperform. Target rises to $8.70 from $8.40.

Target price is $8.70 Current Price is $7.59 Difference: $1.11
If GMD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.71, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates GMD as Accumulate (2) -

Ord Minnett assesses Genesis Minerals' December quarter (2Q26) report as slightly weaker than expected, mainly due to 36% higher growth capex vs its estimate. This offset the better-than-expected costs (-5%), and net cash was -13% lower than expected on lower sales volumes, prices and higher capex.

The company maintained the FY26 production guidance and flagged longer-term LOM (life of mine) update in 2H26. The broker's current assumptions imply production growth to 400koz/year by FY30 at $2,050/oz AISC (cost).

Accumulate rating unchanged. Target trimmed to $8.15 from $8.40 following downgrade to FY26 EPS.

Target price is $8.15 Current Price is $7.59 Difference: $0.56
If GMD meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.71, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates GMD as Buy (1) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

Genesis Minerals remains Buy rated with a higher target of $10 from $8.50 due to its growth profile.

UBS raises EPS forecasts by 20% for FY26 and 25% for FY27.

Target price is $10.00 Current Price is $7.59 Difference: $2.41
If GMD meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.71, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates IMM as Speculative Buy (1) -

In January, Immutep received $30.2m cash upfront payment from Dr Reddy’s as part of the out-licensing deal for Efti in Emerging Market territories outside North America, EU, Japan, China. This will likely result in positive operating cash flow in the March Q.

The cash balance and upfront payment provide the company with cash runway “well into Q2 CY27 (2027)”, Bell Potter notes.

Bell Potter has modestly increased probability of success assumptions ahead of the near-term futility analysis, resulting in an increase in target to 65c from 60c. Speculative Buy retained.

Target price is $0.65 Current Price is $0.40 Difference: $0.25
If IMM meets the Bell Potter target it will return approximately 63% (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 JMS as Outperform (1) -

Macquarie notes Jupiter Mines' Tshipi mine's December quarter (2Q26) production/sales of 840.7kt/867.6kt beat its forecasts by 2% and 5%, respectively. However, weaker realised prices and adverse FX drove EBITDA miss of -47% and net profit by -49%.

The broker cut FY26 EPS forecast by -6% on lower 2Q26 earnings, and made minor tweaks in later years.

No change to Outperform rating. Target retained at 29c on shift in valuation methodology that also reflect commodity headwinds.

Target price is $0.29 Current Price is $0.28 Difference: $0.01
If JMS meets the Macquarie 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: 1.0

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

Ord Minnett rates LOT as Speculative Buy (1) -

Lotus Resources' Kayelekera mine returned to mining in the December quarter (2Q26) for the first time since 2014, Ord Minnett highlights. Mill recoveries outperformed at 82% U3O8 despite early start-up and acid supply issues.

However, production at nameplate levels and first U3O8 shipments have been pushed back by one quarter, the broker notes, leading to trimming of its FY26 EPS forecast.

Target cut to $4.20 and Speculative Buy maintained, with the broker noting Lotus is its preferred ASX-listed uranium exposure.

Target price is $4.20 Current Price is $3.05 Difference: $1.15
If LOT meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.62, suggesting upside of 35.7% (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

Morgans rates M7T as Buy (1) -

Mach7 Technologies posted its Dec Q cashflow report, reporting a breakeven operating cashflow following marked improvements in cash collection and a streamlined expense position through normalised billing and lower staff costs.

Expectations heading in were modest, Morgans notes, following the VHA (Veterans Health Administration) discontinuation and FY26 reset. Against that, the company delivered a cleaner quarter with better cashflow, cost control and commercial progress. 

Morgans sees meaningful topline growth outstripping cost base growth over the next few years, which should result in decent operating leverage rolling through.

The broker expects strong news flow around new contracts as well as outlook improvements, with recent deal flow likely to increase visibility in top-tier accounts and sustain a stronger pipeline opportunity. Buy and 76c target retained.

Target price is $0.76 Current Price is $0.42 Difference: $0.34
If M7T meets the Morgans target it will return approximately 81% (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

Morgans rates MEK as Buy (1) -

Meeka Metals delivered its Dec Q operating result as the Murchison Gold Project continues to ramp up. Gold production increased 28% quarter on quarter to 9.1koz and was in-line with Morgans' forecast.

Grade outperformance is partially offsetting lower-than-expected throughput. Looking ahead, improvements in mill throughput, driven by underground production, remains key to maintaining alignment with pre-feasibility study forecasts, Morgans suggests.

Meeka is rapidly progressing ramp up of the Murchison Gold Project, producing unhedged and debt-free. Buy and 33c target retained.

Target price is $0.33 Current Price is $0.24 Difference: $0.09
If MEK meets the Morgans target it will return approximately 38% (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 MIN as Upgrade to Outperform from Neutral (1) -

The highlight of Mineral Resources' December quarter report was production beats across key assets, driving a reduction in net debt to $4.9bn, Macquarie points out. 

The broker notes improved lithium asset performance underpinned higher production guidance, while Onslow continues to push capacity limits. 

FY26 EPS forecast lifted by 30%, with further upgrades of 28-67% in FY27-30 following portfolio-wide assumption changes. Target rises to $70 from $56 on earnings upgrades plus a lift in valuation multiples to 8x from 6.5x.

Rating upgraded to Outperform from Neutral.

Target price is $70.00 Current Price is $57.15 Difference: $12.85
If MIN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $60.58, suggesting upside of 8.0% (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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X posted a solid Dec Q cash flow report, Morgans suggests. Highlights included a capital raise, which has taken the funding question off the table and receipt of the largest Rover Plus order to date. 

Micro-X is a leader in cold cathode x-ray technology, focused on the medical imaging markets. Key catalysts include receipt of additional Rover sales orders, commencement of the Head CT human imaging trial and monetisation of non-core security assets.

Speculative Buy and 16c target retained.

Target price is $0.16 Current Price is $0.09 Difference: $0.07
If MX1 meets the Morgans target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates NEC as Neutral (3) -

Nine Entertainment has announced the acquisition of QMS with the sale of radio assets. UBS likes the acquisition, as it offers Nine exposure to premium street "furniture" and the billboard market.

Channel checks suggest to the analyst a positive relationship between Total TV and out-of-home advertising (QMS). Management has indicated around $20m in cost synergies, which can be achieved by FY29 via back office functions and efficiency.

The broker raises EPS forecasts by 6% for FY26 and 21% for FY27, with a tweak lower in target price to $1.22 from $1.24 due to the move to a net debt balance sheet. No change to Neutral rating.

Target price is $1.22 Current Price is $1.15 Difference: $0.07
If NEC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 24.4% (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

UBS rates NEM as Buy (1) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

The target price on Newmont Corp is raised by 29% to $245 from $190 with the EPS forecast lifted by 27% for 2026 and 29% for 2027.

Target price is $245.00 Current Price is $173.28 Difference: $71.72
If NEM meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $194.80, suggesting upside of 24.9% (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

Bell Potter rates NOU as Buy (1) -

Noumi’s Dec Q sales were ahead of Bell Potter's expectations largely driven by a stronger performance in the Dairy & Nutritionals platform. While there is no formal guidance for FY26, Noumi has noted that it expects to announce an improvement in earnings in 1H26.

Top line growth in the quarter was ahead of expectations (as was the Sep Q) and driven by growth in the dairy platform and a continued shift in revenue mix toward Milklab branded plant revenues.

Target falls to 18c from 19c, Buy retained.

Target price is $0.18 Current Price is $0.12 Difference: $0.06
If NOU meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates NST as Downgrade to Sell from Neutral (5) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

The analyst downgrades Northern Star Resources to Sell from Neutral due to valuation concern with recent operational issues and lower leverage to the gold price upgrade from reduced production and hedge book. Target price rises to $28.30 from $26.90

UBS lifts EPS forecasts by 12% for 2026 and 26% for 2027 due to the higher gold price assumption.

Target price is $28.30 Current Price is $28.94 Difference: minus $0.64 (current price is over target).
If NST meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.72, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates NTU as Speculative Buy (1) -

After delays to Northern Minerals' Wolverine mine, due to lenders assessing the definitive feasibility study, Ord Minnett defers the anticipated start date to late-2028 from late-2027. Target price falls to 4.7c from 5.4c previously.

The US Import/Export Bank is considering loaning up to around US$230m for the circa $600m capex.

No change in Speculative Buy rating. Target unchanged at 5c.

Target price is $0.05 Current Price is $0.03 Difference: $0.017
If NTU meets the Ord Minnett target it will return approximately 57% (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

Morgans rates NUZ as Speculative Buy (1) -

Following FDA clearance, the imminent start of the Phase 2/3 trial and the removal of the funding overhang, Neurizon Therapeutics now offers one of the cleanest entry points seen in the past 18 months, Morgans suggests. Major risks are cleared and a condensed catalyst runway lies ahead, in the broker's view.

Morgans views Neurizon as a strong proposition in the rare disease space with significant near-term catalysts in a condensed timeframe and precedent for an accelerated approval pathway.

While considerable clinical risk remains, the broker views NUZ-001 as a drug with a sound scientific basis in ALS (motor neuron disease), strong safety profile, and promising hint of potential efficacy above existing treatments.

Dilution from the recent raising sees target reduce to 28c from 39c. Speculative Buy retained.

Target price is $0.28 Current Price is $0.09 Difference: $0.19
If NUZ meets the Morgans target it will return approximately 211% (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

Macquarie rates OBM as Downgrade to Neutral from Outperform (3) -

Ora Banda Mining's December quarter (2Q26) production of 32koz missed Macquarie's and consensus expectations, and AISC (cost) of $3,505/oz was materially higher. This led to a 16% increase in FY26 cost guidance, with growth capex also lifted by $57m.

Higher costs drove downgrades to the broker's EPS forecasts of -25% for FY26 and -10% for FY27.  

Positively, the broker notes drilling results remain encouraging and acceleration of the 3Mtpa plant study could provide upside if ongoing exploration success converts into reserves.

Target cut to $1.40 from $1.50. Rating downgraded to Neutral from Outperform.

Target price is $1.40 Current Price is $1.28 Difference: $0.12
If OBM meets the Macquarie target it will return approximately 9% (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 ORG as Buy (1) -

Origin Energy's December quarter (2Q26) update showed resilient renewables earnings despite weak variable renewable energy (VRE) pricing, Citi highlights. Strong NSW wind generation is reducing volatility.

The broker reckons high VRE penetration in 1H26 could pressure wholesale prices but should be offset by stronger wind output and reduced outages, limiting downside risk. Earnings remain supported by fleet reliability and long volatility exposure, with Eraring Stage 1 on track and extending this benefit through the energy transition.

FY26 EBITDA estimate trimmed by -7% but group core net profit forecast is 4% higher after D&A adjustment from Eraring's extension to April 2029. 

Buy maintained with unchanged target of $13.

Target price is $13.00 Current Price is $11.80 Difference: $1.2
If ORG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.07, suggesting upside of 2.9% (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 ORG as Neutral (3) -

Origin Energy's electricity market volumes remained flat to soft in the December quarter despite solid customer growth, with lower volatility and weak pricing limiting upside risk, Macquarie observes.

APLNG production was in line, and dividend guidance of $700-950m was maintained, though softer realised pricing weighed on revenue. Octopus continues to deliver strong customer growth, led by non-UK markets, the broker notes.

Earnings forecasts are trimmed due to softer forward curves, lower EBITDA in FY27-28 and higher depreciation. FY26 EPS forecast trimmed by -1.6% and FY27 by -6.6%.

Neutral rating and $11.25 target are unchanged.

Target price is $11.25 Current Price is $11.80 Difference: minus $0.55 (current price is over target).
If ORG meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.07, suggesting upside of 2.9% (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 ORG as Hold (3) -

Origin Energy announced 2Q26 LNG production and revenue which met market expectations but came in above Ord Minnett's forecasts, alongside higher average realised price for the period.

Management's FY26 LNG guidance came in at 640-680PJ from 635-680PJ and the analyst forecasts 671PJ. Cash distribution from the APLNG business was $700-$950m, above both Ord Minnett's and consensus estimates.

The broker raises EPS forecast by 4.1% for FY26 due to higher LNG sales while lowering FY27 by -5.2% on higher assumed D&A charges and a lower output for Octopus.

Target price is raised to $11 from $10.80 with no change in Hold rating.

Target price is $11.00 Current Price is $11.80 Difference: minus $0.8 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.07, suggesting upside of 2.9% (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

Bell Potter rates PLS as Hold (3) -

PLS Group reported quarterly spodumene concentrate production of 208kt. Lithium recoveries were 76% -- a strong result, Bell Potter suggests, despite processing higher levels of low quality ore.

In the current quarter, PLS’ board will assess a potential restart of the Ngungaju processing plant, with approval contingent on confidence in sustained lithium market pricing.

Bell Potter maintains Hold. PLS’ earnings and cash flow will strengthen with around 200ktpa of idled spodumene concentrate capacity that can be rapidly reactivated into improved lithium prices. Target rises to $4.60 from $4.55.

Target price is $4.60 Current Price is $4.29 Difference: $0.31
If PLS meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 9.4% (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

Citi rates PLS as Neutral (3) -

Citi notes PLS Group hasn't yet approved the Ngungaju restart, though a board decision is expected in the March quarter. Early works are underway and production would follow around 4 months post-approval, the broker explains.

At the high level, the broker points to hesitation also from Liontown ((LTR)) on expansion, which suggests continued scepticism around the medium-term lithium outlook, despite some recent market improvement.

No change to PLS's FY26 guidance, while realised pricing of US$1,336/t SC6 materially outperformed peers, the broker highlights. Focus remains on Ngungaju timing and the P2000 feasibility study update due in March.

Neutral. Target price $5.25.

Target price is $5.25 Current Price is $4.29 Difference: $0.96
If PLS meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates PLS as Neutral (3) -

Commenting on PLS Group's December quarter report, Macquarie notes sales were 6% ahead of consensus and realised prices materially exceeded expectations. The company benefited from lagged pricing and the January lithium price rally, while production was broadly in line.

Preparation work is underway for the Ngungju restart ahead of expected board approval in 3Q26, though timing is already reflected in the broker's base-case assumptions.

Sharp increase to FY26 EPS forecast (small number) but no change thereafter. Neutral rating and $4.50 target are unchanged. 

Target price is $4.50 Current Price is $4.29 Difference: $0.21
If PLS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 9.4% (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 PLS as Overweight (1) -

PLS Group retained FY26 guidance, including the restart of Nhungaju remaining under consideration, with a decision expected in the March quarter according to Morgan Stanley.

Production for 2Q26 came in at 208kt, some -2.2% below the analyst's forecast and -2.5% lower than consensus, with recovery around 76% despite constrained ore.

Ore mined was higher than forecast by 26.2% and 18.6% above consensus on more elevated mining rates and fleet, while processed ore missed on waste stripping and wear on the crusher, the analyst explains. Shipments were better than expected, as was average realised price.

Costs were higher and cash rose to $954m, with around $1.6bn in liquidity.

Target $5.25. Overweight. Industry View: Attractive. Morgan Stanley prefers PLS to IGO ((IGO)) which remains Underweight rated.

Target price is $5.25 Current Price is $4.29 Difference: $0.96
If PLS meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 9.4% (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

Citi rates PRU as Neutral, High Risk (3) -

Perseus Mining lifted FY26 group AISC (cost) guidance by 9% at the December quarter release, with 3% attributable to higher royalties and the remaining 6% driven by operational factors, Citi observes.

The broker reckons the company may look to divest its stake in Predictive Discovery ((PDI)) to fund the acquisition of an operating asset, though there is risk of overpaying if acquisition efforts become too aggressive.

Reserve updates are targeted at Nyanzaga in 3Q26, Yaoure at the end of FY26, and Edikan in December 2026.

Target rises to $6.30 from $5.70. Neutral, High Risk maintained.

Target price is $6.30 Current Price is $5.90 Difference: $0.4
If PRU meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.55, suggesting upside of 16.3% (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 PRU as Downgrade to Neutral from Buy (3) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

The analyst downgrades Perseus Mining to Neutral from Buy due to higher costs (royalties) and the recent share price strength. Target price rises to $7.10 from $6.65.

UBS lowers FY26 EPS forecast by -9% and raises FY27 by 9%

Target price is $7.10 Current Price is $5.90 Difference: $1.2
If PRU meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.55, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Ord Minnett rates QPM as Speculative Buy (1) -

Ord Minnett continues to be upbeat on QPM Energy with expected free cash flow around $45m by FY28, noting the Powerlink Connection Agreement as a significant factor in de-risking funding and timing on grid connection.

The integrated power system remains on schedule with gas turbines expected in the March quarter. QPM Energy's balance sheet remains solid with $32m in cash and around $100m facility despite weaker electricity prices impacting 2Q26.

No change to Speculative Buy and 10c target.

Target price is $0.10 Current Price is $0.04 Difference: $0.06
If QPM meets the Ord Minnett target it will return approximately 150% (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

Ord Minnett rates QUB as Hold (3) -

Ord Minnett notes Macquarie Asset Management has offered notice to extend the due diligence period for Qube Holdings to February 15. The broker also notes Macquarie views the value of Qube as outlined in its proposal as unchanged.

The analyst believes the offer of $5.20 undervalues the longer-term value that can be unlocked, given the scarcity of infrastructure assets of such scale, as well as earnings quality and multiplicity of verticals.

Hold rated with a $5.20 target.

Target price is $5.20 Current Price is $4.77 Difference: $0.43
If QUB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 8.5% (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

Citi rates RMD as Buy (1) -

Citi views ResMed's 2Q26 results as solid, with both top and bottom line beating consensus and close to its estimates. The broker believes forex could become a headwind for margins, but the 62.4% FY26 margin estimate still looks achievable.

While near-term upside may be capped by valuation and software revenue risks, the broker reckons consensus estimates should edge higher into 2H on strong execution.

Minor tweaks to forecasts, resulting in a trimming of the target price to $50 from $51, mainly on the forex impact. Buy maintained.

Target price is $50.00 Current Price is $37.54 Difference: $12.46
If RMD meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $47.23, suggesting upside of 27.7% (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 RMD as Outperform (1) -

Macquarie highlights ResMed's 2Q26 (December quarter) revenue, gross profit and net profit were 2% ahead of expectations, with gross margin 30bps above its forecast.

Strong growth across masks/accessories, up 14% y/y, and devices, up 7% y/y, continues to drive margin expansion, supported by manufacturing efficiencies and lower component costs, the broker explains.

The company increased FY26 gross margin guidance to 62-63% from 61-63%, with Macquarie now at the midpoint after also incorporating potential FX impacts. 

FY26 EPS forecast lifted by 1% and FY27 by 2%, after the results beat and small increase in gross margin forecast.

Outperform. Target trimmed to $47.50 from $49.20, higher AUD/USD offset the positive impact of EPS upgrades.

Target price is $47.50 Current Price is $37.54 Difference: $9.96
If RMD meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $47.23, suggesting upside of 27.7% (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

Morgan Stanley rates RMD as Overweight (1) -

ResMed announced a revenue beat of 2% against Morgan Stanley and consensus, with the gross margin of 62.3%, some 20bps above the analyst's forecast and consensus. It was also up 310bps y/y due to operational efficiencies and cost betterment for the 2Q26 update.

The medtech company generated free cash flow of US$1.8bn over the last year, with net cash of US$735m at year-end. The analyst assumes a share buyback of US$175m per quarter for 3Q/4Q26.

Morgan Stanley lifts EPS forecasts by over 1% for FY26-FY28 with target price retained at US$310.

Retain Overweight with scope for increased share of addressable markets. Industry View: In-Line.

Current Price is $37.54. Target price not assessed.

Current consensus price target is $47.23, suggesting upside of 27.7% (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

Morgans rates RMD as Upgrade to Buy from Accumulate (1) -

Morgans saw ResMed yet again delivering a better-than-forecast quarterly performance, describing the December quarter update as a "beat across the board." It featured double-digit revenue and earnings growth, further gross margin expansion and solid cash generation.

As operating leverage improved again, forecasts have been ever so slightly increased. Commentary highlights gross margin gains from manufacturing and logistics efficiencies.

Management has tightened FY26 guidance to 62-63% (from 61-63%), reinforcing confidence in ongoing margin progression, the broker notes.

Rating upgraded to Buy from Accumulate as, despite the quarterly 'beat', the stock's valuation remains below historical averages. The broker adds fundamentals are sound, with the outlook supported by structural tailwinds from GLP-1-driven therapies, expanding diagnosis and profitability.

Price target lifts to $47.73 from $47.04.

Target price is $47.73 Current Price is $37.54 Difference: $10.19
If RMD meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $47.23, suggesting upside of 27.7% (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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett attributes the better than expected 2Q26 update from ResMed to more robust sales of masks in the US market, which resulted in a rise in revenue of 16% in that segment.

Mask sales in the rest of the world also grew, which infers to the analyst market share grew. Gross margin rose 310bps to 62.3% and exceeded market expectations by 20bps, with management guiding to gross margin of 62%-63% up from 61%-63% previously.

The broker has lifted EPS forecasts by 1.9% for FY26 and 2.1% for FY27 on the back of higher gross margin assumptions.

Target price slips to $43.70 from $44.56 despite the higher earnings estimates on the mark to market of a stronger AUD.

Buy rating retained, with the analyst positive on ResMed, including a forecast CAGR of 11% over the next two years.

Target price is $43.70 Current Price is $37.54 Difference: $6.16
If RMD meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $47.23, suggesting upside of 27.7% (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: 1.0

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

Morgans rates RMS as Downgrade to Accumulate from Buy (2) -

Ramelius Resources reported its Dec Q result, delivering production of 45.6koz at a cost of A$1,977/oz. Ramelius remains on track to meet FY26 guidance of 185-205koz at a cost of $1,700-$1,900/oz, Morgans notes.

Importantly, Morgans points out, development at Dalgaranga has now accessed the high-grade Never Never orebody, with initial development ore stockpiled, providing a positive lead indicator for grade uplift into coming quarters.

With the long-term vision for Mt Magnet-Dalgaranga now outlined, Morgans sees Ramelius as the standout gold producer on the ASX, capable of delivering both earnings and growth - two attributes typically not synonymous.

Target rises to $5.50 from $4.50, rating pulled back to Accumulate from Buy on valuation.

Target price is $5.50 Current Price is $4.72 Difference: $0.78
If RMS meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates RMS as Buy (1) -

Ramelius Resources is removed from the Ord Minnett analyst conviction list as the share price has risen over 50% since early November.

The gold miner pre-released its headline 2Q26 metrics, with the quarterly update showing costs beat the analyst's forecasts, with all-in sustaining costs of $1,977/oz against $2,500/oz for its peers due to high grade deposits.

With the Dalgaranga addition into a bigger mill at Mt Magnet of around 4.3mtpa by FY28, cost management is expected to continue while achieving robust production growth of over 90% by FY30.

Buy rated with a $5.10 target price.

Target price is $5.10 Current Price is $4.72 Difference: $0.38
If RMS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

The analyst downgrades Ramelius Resources to Neutral from Buy with a higher target of $5.20 from $4.20.

UBS lfts EPS forecasts by 24% for FY26 and 35% for FY27.

Target price is $5.20 Current Price is $4.72 Difference: $0.48
If RMS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.96, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global saw strong 46% year on year growth in US claimed profiles to 439k in the Dec Q. US revenue grew 38% to $1.8m and drove the bulk of 13% growth at group level, Bell Potter reports.

RMA re-branded to ‘Renowned’ during the period to better reflect the combination of the RateMyAgent platform and Curated Social as part of its broader go-to-market strategy, which includes targeting large US brokerages at the enterprise level.

New and ongoing partnerships and contracts are critical for RMA to meet Bell Potter's near and medium-term forecasts. The key driver for shareholder value remains the US market, where a decline in interest rates could potentially drive an uplift for house sales and by extension activity on RMA’s platform and subscriptions.

Speculative Buy and 10c target retained.

Target price is $0.10 Current Price is $0.05 Difference: $0.05
If RMY meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates RRL as Buy (1) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

Regis Resources remains Buy rated as the miner enters a robust cash flow phase, the analyst explains, with a higher target of $9.50 from $8.55.

UBS raises EPS forecasts by 11% and 27% for FY26/FY27, respectively.

Target price is $9.50 Current Price is $8.06 Difference: $1.44
If RRL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.08, suggesting upside of 7.2% (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

UBS rates S32 as Buy (1) -

UBS continues to expect silver to be boosted by fundamentals and speculative flows, and the global precious metals team raises silver price projections by more than 40%, with an average of US$105/US$85 for 2026/2027.

South32's Cannington mine produces silver, zinc and lead and was the world's eighth largest silver mine in 2024.

The analyst forecasts the mine will produce around 8.2Moz of silver in FY26 and estimates Cannington's earnings (EBITDA) to rise by 20%/40% for FY26/FY27, respectively.

The valuation of the assets rises by 25% to US$2bn.

UBS raises EPS forecasts for South32 by 8% for FY26 and 14% for FY27. Buy rating retained, with target lifted to $5.30 from $4.90.

Target price is $5.30 Current Price is $4.62 Difference: $0.68
If S32 meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

UBS rates VAU as Buy (1) -

UBS global strategy team has upgraded near-term gold pricing, viewing US$5,200/oz as sustainable for the balance of 2026, before "tapering".

Across the Australian stock coverage, gold equities are pricing between US$3,235/oz and US$4,200/oz compared to the broker's new peak forecast (US$5,200/oz).

The analyst remains Buy rated on Vault Minerals with a $7.75 target price up from $7.25. The EPS estimates are raised 16% for FY26 and 26% for FY27.

Target price is $7.75 Current Price is $5.88 Difference: $1.87
If VAU meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $7.22, suggesting upside of 33.9% (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 VMM as Speculative Buy (1) -

In Viridis Mining and Minerals' 2Q26 update, the company announced the approval of its Environmental Impact Statements and issuance of its preliminary licence in December, which is viewed as a major de-risking event for the Colossus development.

The licence should allow for further discussions with offtake companies and financial institutions.

Target price is raised to $4.70 from $3.60 to align with the updated commodity price forecasts, with no change in Speculative Buy rating.

Target price is $4.70 Current Price is $1.81 Difference: $2.89
If VMM meets the Ord Minnett target it will return approximately 160% (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

Bell Potter rates WRK as Buy (1) -

Wrkr delivered a strong Dec Q update, Bell Potter notes, which saw underlying cash receipts accelerate and active deployment for a large, branded instance of the platform.

Cash collection of $3.2m reflects contribution from recurring, transaction-linked revenues and completion of milestones for MUFG Retirement Solutions. This appears to be improving, with new monthly support and maintenance fees for the Hong Kong platform emerging.

Bell Potter waits for further details related to the PaidRight acquisition, which received shareholder support, while the core business tracked in-line and better for revenue. Target rises to 18.5c from 16c, Buy retained.

Target price is $0.19 Current Price is $0.16 Difference: $0.025
If WRK meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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