Australian Broker Call

Macquarie rates ALD as Outperform (1) -

Macquarie continues to reiterate its Outperform rating on Ampol as refiners are major beneficiaries from the Iran war.

Ampol pre-released 1H26 earnings (EBITDA) of $1.6bn with Lytton continuing to perform strongly in 2Q.

The analyst raises refining margins for 3Q2026 forecasts due to the ongoing Middle East challenges and the forecast for 2H2026 stands at around US$19/bbl, versus consensus at around US$16.3/bbl. Lytton's maintenance is noted for Aug/Sept.

Management continues to execute well on U-Go with 47 stores operational versus 34 in the prior quarter.

EPS forecasts for 2026 are raised by 23.9% on the strength in 1H earnings. EPS forecasts for 2027/2028 are raised by 6.8% and 6.7%, respectively.

Target price rises 3% to $48.

Target price is $48.00 Current Price is $39.49 Difference: $8.51
If ALD meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $42.16, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates ALD as Overweight (1) -

Morgan Stanley believes Ampol's June quarter update would be well received even with the stock up 20% year-to-date. 1H2026 earnings (EBITDA) of $1.6bn was a beat against consensus.

The refinery margin for 1H came in at US$28.26/bbl, up 282% y/y with refinery production of 2.9BL up 9% y/y. The scheduled Lytton maintenance is from Aug–Oct with a decline in production of -0.3BL forecast.

Targeted synergies for EG of $65m–$80m p.a. within two years were noted. First half results are due on August 24.

EPS forecasts are increased by 44% for FY26. Overweight. Target price is raised to $42 from $35. Industry View: In-Line.

Target price is $42.00 Current Price is $39.49 Difference: $2.51
If ALD meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $42.16, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates ALD as Accumulate (2) -

Making hay while the sun shines. That's how Ord Minnett summarises Ampol's H1 market update.

First-half EBIT more than tripled to $1.35bn, beating forecasts by 22%, as Middle East tensions drove the Lytton refining margin sharply higher.

Ord Minnett lifts 2026 EPS by 35% and forecasts scope for special dividends as debt falls. Accumulate rating retained; target rises to $42 from $37.10.

Target price is $42.00 Current Price is $39.49 Difference: $2.51
If ALD meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $42.16, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates ANN as Neutral (3) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear ((COH)) the least preferred.

Ansell is Neutral rated with a lower target of $35.30 from $36.00.

Target price is $35.30 Current Price is $33.04 Difference: $2.26
If ANN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $33.73, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.1

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

Citi rates ARB as Neutral (3) -

After a visit to the first partnership store between BCF ((SUL)) and Ironman, a competitor of ARB Corp, Citi has come away more cautious on ARB arising from the increased brand awareness that the partnership is creating for Ironman.

The concern is overshadowed by a greater risk and concern around the ongoing shift in the Australian "car park" referring to the move towards BEVs and hybrids.

ARB Corp is Neutral rated with a $17.40 target.

Target price is $17.40 Current Price is $19.80 Difference: minus $2.4 (current price is over target).
If ARB meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.03, suggesting upside of 20.8% (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

Morgans rates BBT as Buy (1) -

The fourth quarter from betr Entertainment was strong with turnover of $404.3m, up 1.2%. Gross wins increased 7.5% to $57.1m.

What stood out for Morgans was operating cash flow which became positive at $2.6m, the first positive quarter since 2021.

This represented a genuine inflection in the cash profile and validated the conviction that the business is now self-sustaining at scale, the broker adds.

Management has reaffirmed FY27 EBITDA guidance of $13m-$19m. Buy rating. Target edges up to 36c from 35c.

Target price is $0.36 Current Price is $0.18 Difference: $0.18
If BBT meets the Morgans 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

Ord Minnett rates BBT as Buy (1) -

The June quarter delivered betr Entertainment's first positive operating cash flow in five years, Ord Minnett observes, supported by improved win margins and lower costs.

Commentary suggests strong July turnover and a new same-game-multibet product support management's FY27 EBITDA guidance of $13m-$19m.

Buy retained with a 37c target.

Target price is $0.37 Current Price is $0.18 Difference: $0.19
If BBT meets the Ord Minnett target it will return approximately 106% (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 BET as Buy (1) -

Betmakers Technology's June-quarter revenue increased 9% and adjusted EBITDA rose to $4.5m, 39% above Ord Minnett's forecast, with margins reaching 18.5%.

Ord Minnett sees further benefits from new contracts and cost reductions, while the valuation remains undemanding at 1.6 times EV/sales.

Buy retained; target rises to 27c from 25c.

There has been a change in analysts covering this stock, which also explains the discrepancy in target with the prior update in May.

Target price is $0.27 Current Price is $0.17 Difference: $0.105
If BET meets the Ord Minnett target it will return approximately 64% (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 BOE as Buy (1) -

Boss Energy reported quarterly uranium production of 362,000lb and C1 cash costs of $45/lb, completing FY26 within revised guidance on all metrics, Bell Potter observes.

The company closed the year with cash and liquid investments of $91m and no debt. The main catalyst, the broker notes, is the new feasibility study and life-of-mine plan scheduled for late August.

The stock has leverage to rising uranium prices on which Bell Potter holds a positive view over the long term. Buy rating and $1.80 target.

Target price is $1.80 Current Price is $1.19 Difference: $0.615
If BOE meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 31.6% (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 BOE as Neutral (3) -

Citi likes the appointment of the former Oil Search CEO to Boss Energy as a positive for the U308 producer against short-term pressures from lower realised prices relating to the timing on fixed-price contracts in the Sept quarter.

Management has expressed higher confidence in the proposed wide-spaced wellfield design for Honeymoon. The analyst notes the first trial is expected to be finished in the current quarter.

Successful results would assist the upcoming new feasibility study, which makes 1Q27 an important period for Boss in terms of de-risking the stock.

Neutral rating remains. Target $1.60.

Target price is $1.60 Current Price is $1.19 Difference: $0.415
If BOE meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 31.6% (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

Morgan Stanley rates BOE as Overweight (1) -

Morgan Stanley considers Boss Energy announced a broadly in-line 4Q26 update with drummed U308 from Honeymoon of 362klb, a slight miss on forecasts and consensus.

FY26 output was pre-flagged at 1.41mlbs with Alta Mesa production of 14klbs, a miss of -70% on the analyst's forecasts and -75% versus consensus expectations due to permitting delays.

Realised price also missed at US$75.1/lb with 1Q27 realised pricing guided to US$80/lb–US$82/lb. Cash costs rose to $49.7m.

At the end of August, management will offer FY27 Honeymoon guidance and the new feasibility study.

Overweight. Target slips to $1.65 from $1.70 Industry view: Attractive. EPS forecasts are downgraded by -31.1% for FY27 and -7.7% for FY28.

Target price is $1.65 Current Price is $1.19 Difference: $0.465
If BOE meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates BOE as Accumulate (2) -

Boss Energy offers leverage to a continuing re-rating of the uranium market, Morgans asserts, although the investment case is increasingly execution driven. Guidance at Honeymoon was achieved as fourth quarter production rebounded 79%.

The broker was disappointed with production of just 45,000lb at Alta Mesa, reflecting the ongoing impact of permit delays and reflecting the fact that meaningful production growth remains dependent on the approval of new well fields.

Modelling is updated, with EBITDA dropping -14% in FY26 forecasts and -27% in FY27. Accumulate rating maintained and the target slips to $1.40 from $1.55.

Target price is $1.40 Current Price is $1.19 Difference: $0.215
If BOE meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 31.6% (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 BOE as Hold (3) -

FY26 production met subdued guidance, but Ord Minnett considers the result largely irrelevant ahead of a materially revised Honeymoon mine plan.

The proposed wide-spaced wellfield model remains untested and cannot yet be valued reliably, the broker argues.

Hold retained with a low-conviction $1.40 target pending the feasibility study and FY27 guidance in late August.

Target price is $1.40 Current Price is $1.19 Difference: $0.215
If BOE meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.59, suggesting upside of 31.6% (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

Macquarie rates COH as Neutral (3) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear the least preferred.

Cochlear is Neutral rated with a lower target of $115 from $119.

Target price is $115.00 Current Price is $122.20 Difference: minus $7.2 (current price is over target).
If COH meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $113.36, suggesting downside of -5.5% (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

Bell Potter rates CSL as Hold (3) -

Bell Potter does not expect the FY26 result from CSL to contain any big surprises, given the trading update in May. Forecasts are in line with guidance for net profit of $3.1bn.

Guidance for FY27 is expected to be scrutinised and the broker is of the view that consensus estimates are too high. Another year of earnings decline is forecast. In particular, Bell Potter's forecasts for Behring and Vifor are below consensus.

Despite the strong competitive barriers that exist for plasma companies versus conventional pharmaceuticals, Bell Potter believes a discount for CSL relative to peers is currently warranted.

A 14x PE is considered reasonable and a Hold rating is maintained. The target steps up to $120 from $100.

Target price is $120.00 Current Price is $127.93 Difference: minus $7.93 (current price is over target).
If CSL meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $132.84, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Macquarie rates CSL as Neutral (3) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL and Cochlear ((COH)) the least preferred.

CSL is Neutral rated with a lower target of $108 from $114.00.

Target price is $108.00 Current Price is $127.93 Difference: minus $19.93 (current price is over target).
If CSL meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $132.84, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Bell Potter rates DMP as Hold (3) -

Domino's Pizza Enterprises has provided preliminary unaudited FY26 net profit guidance of $118m-$122m. Franchisee profitability for the rolling 12 months ending the March quarter grew 11.3%.

Bell Potter adjusts its outlook for revenue, EBITDA and net profit to better reflect a change in trading conditions and the impact of same-store sales in FY26 on forward expectations.

Incorporating the closure of -60 stores in FY26, the broker adjusts revenue expectations for Australasia and Europe but maintains assumptions for Asia.

Hold retained. Target rises to $18.50 from $18.00.

Target price is $18.50 Current Price is $19.59 Difference: minus $1.09 (current price is over target).
If DMP meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -2.7% (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

Citi rates DMP as Neutral (3) -

Citi points out Domino's Pizza Enterprises held an upbeat conference call, indicating it would like to return to growth in FY27, although formal guidance has yet to be provided.

The company is targeting improvements in same-store sales and order volumes, which the broker believes are important for improving labour utilisation and franchisee profitability.

Management has made good progress in restoring franchisee profitability, particularly in WA, but believes further improvement is still required across the broader network.

The analyst suggests the recent write-downs in France and Taiwan could precede asset sales, which would be a positive catalyst for the stock.

Neutral rated. Target $16.90.

Target price is $16.90 Current Price is $19.59 Difference: minus $2.69 (current price is over target).
If DMP meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -2.7% (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

Morgan Stanley rates DMP as Underweight (5) -

Domino's Pizza Enterprises' trading update showed FY26 guidance slightly better than expected, Morgan Stanley notes. Same-store sales growth continued to be under pressure, albeit profitability is improving, the analyst explains.

Store closures are expected to increase FY27 earnings (EBIT) by around $10.9m or circa 5%. Positively, leverage fell to 1.9x from the previously reported 2.2x and compared to the 2.0x target. This assists with an improvement in free cash flow generation.

Writedowns were highlighted for goodwill/intangibles across France, Taiwan as well as non-strategic projects. The broker observes the FY27 amortisation expense is anticipated to decline by around -$8.8m, offset by higher IT costs/expenses.

Target $14.80, Underweight rated. In-Line industry view unchanged.

Target price is $14.80 Current Price is $19.59 Difference: minus $4.79 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.10, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates DMP as Downgrade to Hold from Buy (3) -

Weak same-store sales, further store closures and pressure on consumer spending prompt another reduction to earnings forecasts for Domino's Pizza Enterprises.

Ord Minnett explains although franchisee profitability and balance-sheet leverage are improving, the post-update share-price rally has removed sufficient upside.

Rating is thus downgraded to Hold from Buy; $21 target retained.

Target price is $21.00 Current Price is $19.59 Difference: $1.41
If DMP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.10, suggesting downside of -2.7% (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

Bell Potter rates EOL as Buy (1) -

Energy One has received a non-binding indicative proposal from Volue AS, its key competitor in Europe. Under a scheme of arrangement the bid offered is $17 a share, a 57% premium to the last closing price.

Bell Potter believes Volue may have an interest in the power & gas scheduling and nomination products, as well as its more advanced 24/7 outsourced operations service.

The announcement also revealed that earlier in July Volue had bid $16.50 a share which was rejected by the board of Energy One.

The latest offer implies a FY27 EV/EBITDA multiple of 19x and a PE of 37x, which suggests to Bell Potter it is a "fair" offer, albeit opportunistic. The stock has previously traded at 2-year historical highs of 29x EV/EBITDA and 61x PE.

Buy rating. Target is steady at $17.10.

Target price is $17.10 Current Price is $10.85 Difference: $6.25
If EOL meets the Bell Potter target it will return approximately 58% (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 IPX as Speculative Buy (1) -

IperionX has potential to disrupt the incumbent titanium supply chain through materially lowering production costs and manufacturing waste, Bell Potter asserts.

The company continues to scale its manufacturing business amid a strengthening US market that is increasingly focused on domestic supply chains of critical minerals.

The June quarter ended with cash of US$35.2m and the company has raised US$50m in equity subsequently as well as receiving a US$2.4m government program reimbursement.

Bell Potter reduces its target to $5.60 from $8.25, driven by increased project risking and tapering of ramp-up assumptions. Speculative Buy.

Target price is $5.60 Current Price is $2.83 Difference: $2.77
If IPX meets the Bell Potter target it will return approximately 98% (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 LTR as Hold (3) -

Liontown's FY27 guidance materially disappointed, with production below, and costs and capital expenditure well above, market forecasts.

Ord Minnett cuts FY26-FY28 EPS forecasts by -30%-50%, while uncertainty remains around additional spending on the Kathleen Valley expansion.

Hold retained, despite the apparent upside on offer due to the uncertain earnings outlook, the broker explains; target falls to $1.40 from $1.85.

Target price is $1.40 Current Price is $0.99 Difference: $0.415
If LTR meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 76.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates MAF as Buy (1) -

Ord Minnett expects slower asset-management growth amid increased scrutiny of private credit, although portfolio credit quality remains sound.

MA Money should deliver strong profit growth, supported by a housing loan book that has expanded to $7bn, commentary suggests.

Buy retained; target falls to $8.90 from $9.20 following -2%-5% reductions to earnings forecasts.

Target price is $8.90 Current Price is $5.60 Difference: $3.3
If MAF meets the Ord Minnett target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $9.12, suggesting upside of 59.2% (ex-dividends)

The company's fiscal year ends in December.

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 MIN as Buy (1) -

Strong June-quarter performance resulted in Mineral Resources' FY26 shipments and costs meeting or beating guidance, Ord Minnett comments, led by Onslow Iron and improved lithium production.

Commentary suggests higher cash, falling debt and expected proceeds from the Posco transaction could support resumed dividends and future capital management.

Buy retained; target rises to $73 from $72. Ord Minnett suggests the market update indicates strong momentum leading into FY27 for the company.

Target price is $73.00 Current Price is $57.79 Difference: $15.21
If MIN meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $76.40, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates MMI as Buy (1) -

Metro Mining's June-quarter shipments and cash flow remained "robust" despite cyclone disruptions and weaker bauxite pricing, Ord Minnett comments.

Management expects more than 5Mt of shipments in the second half, alongside lower unit costs, supporting materially stronger margins and cash generation.

Ord Minnett has identified key catalysts as execution of shipment volumes through 2H26 and improved bauxite pricing. Beyond these, dry-screening initiatives and resource/reserve expansion provide additional upside for investors, the report concludes.

Buy retained with an unchanged $2.50 target.

Target price is $2.50 Current Price is $1.39 Difference: $1.11
If MMI meets the Ord Minnett target it will return approximately 80% (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 NAB as Neutral (3) -

National Australia Bank outlined its Transaction Banking and Agri-franchise which is a market leader and viewed by Macquarie as challenging to be duplicated by another competitor, giving NAB a point of differentiation.

Over the June quarter, business lending remains good at 4% growth with deposits up 1% q/q and 9% y/y. The bank is expanding share in health, professional services and education. The market share position is noted at "only" 7%-11%.

Mortgage application flows declined -1% q/q. The broker notes the improvement in NPLs, down -9bps q/q can be attributed to the growth in gross loans and advances. Also one large exposure returned to a performing loan.

Macquarie highlights potential margin pressure from rising competition across the bank's market-leading business franchise, albeit it is considered as challenging to replicate.

Neutral rated. Target $39.

Target price is $39.00 Current Price is $41.55 Difference: minus $2.55 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.02, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgan Stanley rates NAB as Underweight (5) -

Morgan Stanley points out National Australia Bank's Business and Private Bank update offered no additional news regarding 3Q26 earnings trends.

Credit quality remained sound in the June quarter, the analyst states, with non-performing loans down -9bp. Watch loans rose 8%, in contrast which broadly aligns with the analyst's expectations.

The rise in watch loans is attributed to the more challenging macro backdrop.

Business loans grew 4%, the most robust month since FY22. Total Australian housing loan applications fell -15% on the previous quarter.

Target $34. Underweight rated. Industry view is Cautious.

Target price is $34.00 Current Price is $41.55 Difference: minus $7.55 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.02, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Hold (3) -

National Australia Bank's business lending grew 4% during the June quarter and non-performing business loans declined, Ord Minnett notes, also adding watch-list exposures increased and home-loan applications fell –15%.

Ord Minnett remains comfortable with the bank's secured and diversified lending portfolio, but awaits more detail at the August trading update.

Hold retained with a $37 target.

Target price is $37.00 Current Price is $41.55 Difference: minus $4.55 (current price is over target).
If NAB meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.02, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

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

Morgans updates its modelling after the fourth quarter results from Northern Star Resources showed costs across Pogo, Yandal and KCGM were below forecasts and FY26 volumes finished at the top end of revised guidance.

FY27 guidance has been deferred to the 20 August result pending early KCGM mill expansion commissioning data.

The medium to longer term investment case remains compelling, the broker adds, yet in the near term the unresolved activist pressure from Elliott Investment Management raises the prospect of a strategic review, sale process or asset divestment.

Absent a near-term catalyst, Morgans expects the valuation discount to persist and reduces the target to $24 from $26. Rating is moved to Accumulate from Buy.

Target price is $24.00 Current Price is $20.02 Difference: $3.98
If NST meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $26.58, suggesting upside of 32.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates PLS as Hold (3) -

PLS Group exceeded FY26 production guidance, marking a strong end to the year with spodumene production of 214,000t in the June quarter and sales of 250,000t. FY27 guidance signals spodumene production of 1.03-1.10mt and unit costs of $575-$625/t.

Bell Potter expects current market conditions will support a final investment decision on P2000 and incorporates a -$2.2bn capital expenditure assumption into its model. Hold retained. Target is reduced to $4.70 from $6.15.

Target price is $4.70 Current Price is $4.21 Difference: $0.49
If PLS meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates PLS as Buy (1) -

Pilbara Minerals' 4Q spodumene production of 214kt was in line with Citi's forecasts and market consensus, while record sales of 250kt exceeded expectations.

Revenue of $743m was 4% ahead of Citi's forecast despite a lower realised lithium price, generating an operating cash margin of $579m and free cash flow of $499m after mine development and sustaining capital expenditure.

Cash increased by $835m over the quarter to $2.29bn, leaving the company with net cash of $1.34bn and total liquidity of $2.79bn.

FY27 production guidance was 2% above the analyst's forecast at the midpoint, while cost and capital expenditure guidance were broadly in line with expectations.

Capital expenditure is expected to almost double in FY27 to -$620m-$685m. Buy. Target $5.

Target price is $5.00 Current Price is $4.21 Difference: $0.79
If PLS meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates PLS as Outperform (1) -

Macquarie notes PLS Group's June quarter was solid with production in line with consensus and sales 9% ahead of market expectations.

Mining activity exceeded forecasts, recovery rates improved to 76.8%, and the Ngungaju processing plant restarted after quarter-end as planned.

Notably, the analyst points out, the value of the Posco lithium hydroxide joint venture is diminishing, with subdued production expected as lower-cost spodumene inventories are exhausted.

The broker believes Pilbara Minerals is increasingly likely to defer exercising its option to increase its stake in the joint venture given weaker lithium chemicals market conditions.

Earnings forecasts were little changed, with earnings per share revisions of less than 5% across FY26-FY29, while Macquarie maintained its Outperform rating and $6.25 target price.

Target price is $6.25 Current Price is $4.21 Difference: $2.04
If PLS meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Pilbara Minerals' FY27 production guidance of 1,030-1,100kt was modestly above Morgan Stanley's forecasts and broadly in line with consensus, reflecting the planned ramp-up of the Ngungaju processing plant.

Unit cost guidance was below the broker's expectations, while total capital expenditure guidance was lower than forecasts due to the exclusion of post-final investment decision spending on the P2000 project.

June quarter production was broadly in line with expectations, while record shipments exceeded forecasts as inventory was reduced.

Realised lithium prices were slightly weaker than expected and unit costs were higher, reflecting increased fuel prices and Ngungaju restart costs.

Equal-weight rating and $5.15 target for PLS Group. Industry view: Attractive.

Target price is $5.15 Current Price is $4.21 Difference: $0.94
If PLS meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates PLS as Hold (3) -

Fourth quarter production and costs were in line with expectations and Morgans continues to view PLS Group's operations favourably. Recoveries of 77%, underpinned by ore sorting and a more sophisticated feed blend, signal further potential upside.

The broker likes the economics of P2000, although the step up in mine development and capital will weigh on free cash flow at current prices.

F27 cash generation is still expected to comfortably fund the investment. Hold rating maintained, with the target slipping to $4.60 from $4.80.

Target price is $4.60 Current Price is $4.21 Difference: $0.39
If PLS meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates PME as Outperform (1) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear ((COH)) the least preferred.

Pro Medicus remains Outperform rated with a higher target of $224 from $221.

Target price is $224.00 Current Price is $160.70 Difference: $63.3
If PME meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $221.67, suggesting upside of 37.2% (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 PNR as Hold (3) -

Pantoro Gold missed Bell Potter's forecasts in the June quarter and in FY26 produced 77,408 ounces. AISC of $3,220/oz also missed expectations and the last published guidance of $1,950-$2,250/oz.

The company has guided to FY27 production of 90-105,000 ounces at AISC of $2,800-$3,400/oz. Major capital expenditure of -$101m is ahead of Bell Potter's forecasts while exploration expenditure of -$45m is in line.

The company has maintained long-term growth ambitions of 200,000 ozpa although in the medium term faces a stepping down in the outlook, the broker adds.

Bell Potter takes a conservative view and moves forecasts to the lower end of production guidance. Target is reduced to $2.25 from $3.55 and a Hold rating is maintained.

Target price is $2.25 Current Price is $1.99 Difference: $0.265
If PNR meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 104.3% (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 PNR as Buy (1) -

Pantoro Gold's June-quarter gold sales fell short and costs exceeded forecasts, extending a difficult FY26, Ord Minnett points out.

New open pits and operational improvements at Scotia could lift production, but Ord Minnett wants evidence of execution before assuming the valuation discount will close.

Earnings estimates have been lowered.

Buy retained on valuation grounds; target falls to $4.45 from $4.55. (Clearly, there had been a target reduction since late April).

Target price is $4.45 Current Price is $1.99 Difference: $2.465
If PNR meets the Ord Minnett target it will return approximately 124% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 104.3% (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

Citi rates PPT as Neutral (3) -

Perpetual's outflows accelerated to -$8.2bn, ex-cash in the 4Q which Citi described as "disappointing".

The cost-out program and deleveraging are, however, going ahead which is a positive. The Corporate Trust continued to experience reasonable FUA growth.

Management has decided to allow EQT limited non-public access with the aim of trying to exercise a higher offer price, the analyst explains.

EPS forecasts are tweaked up 1% for FY26 on higher FUM and higher forecast outflows.

Target price rises to $19 with an unchanged Neutral target.

Target price is $19.00 Current Price is $18.66 Difference: $0.34
If PPT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates PRU as Buy (1) -

Perseus Mining's June quarter gold production of 105koz at an AISC of US$1,660/oz was broadly in line with Citi's forecasts and market consensus.

Stronger production from Sissingue offset slightly weaker output at Edikan, where lower ore grades and higher Ghanaian royalties lifted costs.

FY27 production guidance of 420-480koz and AISC of US$1,835-2,070/oz aligns broadly with consensus expectations, according to the analyst.

Construction at the Nyanzaga gold project is 67% complete, remains on budget and schedule for first gold in the September quarter of FY27, while the CMA Underground has commenced producing stoping ore.

Buy rated. Target $7.

Target price is $7.00 Current Price is $4.86 Difference: $2.14
If PRU meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 30.6% (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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's 4Q production of 109koz at AISCs of US$1,941/oz missed Macquarie's and market expectations following adverse weather disruptions at Yaoure and Edikan. FY26 production of 405koz finished within the company's guidance range of 400-440koz.

FY27 production guidance of 420-480koz, including 55koz from the Nyanzaga project, was broadly in line with Macquarie's forecasts and consensus expectations. First production at Nyanzaga remains on track for January 2027.

The company ended FY26 with more than US$1bn in cash and bullion following proceeds from the Meyas Sands sale.

The analyst believes the strong balance sheet provides scope for additional capital returns while maintaining capacity to complete Nyanzaga and pursue further growth opportunities.

FY26 EPS forecasts are lowered by -8% on higher costs. Outperform rating and $5.50 target price retained.

Target price is $5.50 Current Price is $4.86 Difference: $0.64
If PRU meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 30.6% (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 REG as Outperform (1) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear ((COH)) the least preferred.

Regis Healthcare is Outperform rated with a lower target of $7.90 from $8.50.

Target price is $7.90 Current Price is $6.25 Difference: $1.65
If REG meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.83, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates RHC as Outperform (1) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear ((COH)) the least preferred.

Outperform retained. Target price lifted to $47 from $43.40.

Target price is $47.00 Current Price is $44.19 Difference: $2.81
If RHC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $40.96, suggesting downside 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

Macquarie rates RMD as Outperform (1) -

Going into August reporting season, ResMed and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear ((COH)) the least preferred.

ResMed is Outperform rated with a $46.60 target price, unchanged.

Target price is $46.60 Current Price is $30.25 Difference: $16.35
If RMD meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates SHL as Outperform (1) -

Going into August reporting season, ResMed ((RMD)) and Ramsay Health Care ((RHC)) are the most preferred healthcare stocks with CSL ((CSL)) and Cochlear ((COH)) the least preferred.

Sonic Healthcare is Outperform rated with a lower target of $23.60 from $27.50.

Target price is $23.60 Current Price is $22.50 Difference: $1.1
If SHL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $23.06, suggesting upside of 5.5% (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

Morgans rates TOR as Speculative Buy (1) -

Torque Metals has an updated resource estimate for the Paris project that has delivered a 40% increase in contained gold ounces. The updated resource is now 3.47mt at 3.1g/t gold for 351,000 ozs.

Morgans continues to like the Paris asset, given its high grade and proximity to processing infrastructure. The next stage of value creation is expected to be driven by regional discoveries and broader resource growth, rather than through a near-term small-scale development.

Speculative Buy rating and the target is reduced to 68c from 90c.

Target price is $0.68 Current Price is $0.18 Difference: $0.5
If TOR meets the Morgans target it will return approximately 278% (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

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

Morgan Stanley upgrades the target price on Viva Energy to $2.82 from $2.39 and raises EPS forecasts for FY26 by 22% and 17% for FY27.

The analyst has a Stay Equal-weight rating on Viva and Ampol ((ALD)).

Industry view: in-line.

Target price is $2.82 Current Price is $2.79 Difference: $0.03
If VEA meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 9.2% (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

Bell Potter rates VUL as Speculative Buy (1) -

Vulcan Energy Resources has commenced the development of its Phase 1 Lionheart project in Germany. Financial close has been achieved on the final components of a EUR2.2bn funding package.

Upstream brine development is underway and the project remains on budget and scheduled for production from 2028. The project is expected to produce 24,000tpa of lithium hydroxide monohydrate, 275GWh/year of electricity and 650GWh/year of heat from a geothermal brine resource.

Bell Potter assesses the project's potential for subsequent staged expansion supports a valuation of $4.50 (target price). Speculative Buy rating retained.

Target price is $4.50 Current Price is $2.48 Difference: $2.02
If VUL meets the Bell Potter target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in EUR. 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 WDS as Hold (3) -

On further analysis, the main changes Morgans makes to its modelling concerns the balance sheet and the stock does not look expensive in isolation or on a long-term view.

In the short term, the broker's view is held back by a bearish read on oil market fundamentals.

Hold rating maintained. Target is reduced to $32.50 from $33.40.

****

Today's June quarter by Woodside Energy was "solid" assesses Morgans at first glance, with stronger sales volumes and pricing driving revenue above expectations.

The broker discounts around half of the revenue beat, noting US$246m of the US$517m outperformance versus consensus came from the typically low-margin marketing business.

Lower capital expenditure and continued strong performance at Sangomar were offset by higher-than-expected net debt, the analyst explains.

Net debt of around US$9.3bn is considered the key negative, driven by lease liabilities, hedge settlements and working capital movements.

Production guidance for 2026 was narrowed slightly higher and major projects remain on schedule and within budget.

Morgans notes solid operational execution but a cautious near-term outlook for oil prices despite Woodside's high-quality asset base and long-term valuation support from declining capital expenditure after 2027. Hold. Target $33.40.

Target price is $32.50 Current Price is $32.90 Difference: minus $0.4 (current price is over target).
If WDS 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 $30.28, suggesting downside of -7.5% (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

Macquarie rates WTC as Outperform (1) -

WiseTech Global's near-term outlook has improved, according to Macquarie. The analyst is expecting FY27 guidance to exceed consensus on stronger revenue and lower operating costs.

The roll-off of Transitional Pricing Protection and customer migration to the CargoWise Value Pack could provide upside to revenue.

Longer term, the broker remains more cautious, citing slower logistics industry volume growth, execution risks from servicing new beneficial cargo owner customers and limited evidence of meaningful monetisation from new products.

Post channel check, the US Container Transport Optimisation rollout assumptions have been removed from forecasts.

EPS forecasts are lowered by -4% for FY26, upped by 11% for FY27, and reduced -4% for FY28, -20% for FY29.

Outperform rating retained, but target price falls to $47.10 from $97.70 following changes to valuation assumptions.

Target price is $47.10 Current Price is $37.89 Difference: $9.21
If WTC meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $62.27, suggesting upside of 71.5% (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