Australian Broker Call

Citi rates ABB as Buy (1) -

Citi says it is now more positive on Aussie Broadband following an investor call with management relating to the AGL Energy transaction. It’s thought $21m of underlying earnings (EBITDA) is post-marketing and bundling, with risk skewed to the upside. 

Unit costs are likely higher initially, though the broker expects these to fall with migration and growth. The analyst assesses the deal as 10-10.5% accretive, factoring in -$1-1.5m of D&A.

A summary of the broker's research yesterday follows.

Citi analysts are pleasantly surprised by Aussie Broadband's acquisition of AGL Energy's ((AGL)) telco customers given the latter was locked in an exclusive contract with Superloop ((SLC)) until 2028 (five years from 2023).

Target $6.15. Buy.

Target price is $6.15 Current Price is $5.20 Difference: $0.95
If ABB meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 17.5% (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

Macquarie rates ABB as Neutral (3) -

Aussie Broadband's acquisition of AGL Telco broadens its residential customer proposition and diversifies away from the increasingly competitive premium-end of the NBN market, Macquarie assesses.

The broker remains positive about the strategy, noting potential for growth still exists within a balance sheet which is under geared. The overhang remains the headwinds to organic growth from increased price competition.

Macquarie envisages a "clear path" to double-digit earnings accretion given the synergies realised from migrating AGL Telco onto its existing infrastructure. Neutral rating. Target is $4.85, up 5%.

Target price is $4.85 Current Price is $5.20 Difference: minus $0.35 (current price is over target).
If ABB meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.94, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates ABB as Buy (1) -

Aussie Broadband will acquire AGL Telco for -$115m with up to -$10m in deferred consideration. Ord Minnett assesses the scrip acquisition and long-term partnership is accretive, providing another growth engine within its verticals.

Scrip funding also means there is ample balance-sheet capacity to support investment. Higher gross profit margins and EBITDA margins  are anticipated for AGL Telco under the company's ownership.

The acquisition raises the broker's free cash flow forecasts from FY27 onwards. Buy rating. Target rises to $6.22 from $6.07.

Target price is $6.22 Current Price is $5.20 Difference: $1.02
If ABB meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 17.5% (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

UBS rates ADH as Neutral (3) -

Ahead of Adairs 1H26 result on 23rd February UBS has a $2.05 target and Neutral rating with Shaun Cousins as the lead analyst.

Target price is $2.05 Current Price is $1.85 Difference: $0.2
If ADH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 33.9% (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 AGL as Buy (1) -

AGL Energy's interim result strengthens Citi's confidence underlying earnings can grow through FY28. Earnings proved resilient despite low wholesale prices and subdued volatility, with trading and optimisation offsetting weaker pool revenue, explains the broker.

Achieving the top end of upgraded FY26 guidance is seen as achievable, assuming improved uptime and more typical second half volatility.

FY26 guidance was lifted 1% at the midpoint, and the broker views the top end as realistic. It's felt medium-term growth is increasingly supported by higher-quality earnings and rising battery energy storage system (BESS) contributions.

The analysts lift their FY26 earnings forecast by around 13% on stronger margins. FY27 forecasts are trimmed -1%, reflecting retail adjustments and -$50m of cost savings.

Citi retains a Buy rating and raises its target to $11.80 from $11.50.

Target price is $11.80 Current Price is $9.89 Difference: $1.91
If AGL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $11.12, suggesting upside of 9.5% (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

Macquarie rates AGL as Outperform (1) -

AGL Energy's 1H26 profit was down -5% but 9% ahead of estimates. FY26 guidance was narrowed, rising 5% at the midpoint.

The FY27/28 outlook is mixed, Macquarie suggests, with forward curves easing and subdued volatility, but battery earnings and future pipeline present tailwinds.

Coal plant closures and more demand paint a strong FY29 onwards, the broker notes, when AGL still has coal capacity. On an undemanding valuation, Macquarie retains Outperform and a $10.40 target.

Target price is $10.40 Current Price is $9.89 Difference: $0.51
If AGL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $11.12, suggesting upside of 9.5% (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

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

AGL Energy's interim earnings (EBITDA) of $1,092m were broadly solid, according to Morgan Stanley, benefiting from lower costs and contract restatements.

The interim dividend of 24cps (fully franked) exceeded the 23c anticipated by consensus, highlight the analysts.

Management raised FY26 earnings guidance by $30m at the midpoint to $2,100m versus consensus at $2,078m. The broker highlights improved cash conversion and a growing 11.3GW development pipeline.

Equal-weight. Target $9.66. Industry View: In-Line.

Target price is $9.66 Current Price is $9.89 Difference: minus $0.23 (current price is over target).
If AGL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.12, suggesting upside of 9.5% (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

UBS rates AGL as Buy (1) -

UBS highlights AGL Energy reported a strong 1H26 result, with net profit after tax 21% above consensus due to robust realised gas retail pricing and generation availability.

The company expects volatility to remain over the long term, even though this period saw lower average volatility and weaker wholesale electricity futures, which management does not view as a structural trend.

The analyst believes AGL is well positioned to achieve net profit after tax CAGR of 15% over FY26-FY30, around 4-9% above consensus, provided generation availability is maintained.

UBS raises the target to $11 from $10.70 and upgrades EPS estimates by 4-7% for FY26-FY28, retaining a Buy rating

Target price is $11.00 Current Price is $9.89 Difference: $1.11
If AGL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.12, suggesting upside of 9.5% (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

UBS rates ALL as Buy (1) -

UBS expects Aristocrat Leisure will provide an AGM trading update on February 19 with reference to existing guidance, and assesses some of the stock weakness recently can be attributed to nervousness about the upcoming commentary.

Following recent share price moves the stock has a slightly higher forecast return compared with competitor Light & Wonder although both appear compelling at current levels. Buy rating. Target is reduced to $70.00 from $72.70.

Target price is $70.00 Current Price is $53.03 Difference: $16.97
If ALL meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $72.49, suggesting upside of 42.2% (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

Citi rates AMP as Buy (1) -

On first glance, AMP’s 2025 underlying net profit after tax of $285m, up 21%, was in line with Citi and consensus, supported by cost control, AuM growth and a stronger China contribution, though margins were slightly weaker than expected.

Platforms and AMP Bank missed on margins, while Superannuation and Investments was broadly in line, and capital surplus and group cash improved, although no buyback has been announced.

Management's 2026 margin guidance implies modest pressure the analyst infers.

Buy rated. Target $2.10.

Target price is $2.10 Current Price is $1.75 Difference: $0.35
If AMP meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 58.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates ANZ as Buy (1) -

In an initial view, Citi highlights net profit from ANZ Bank for the first quarter was ahead of expectations, largely driven by faster-than-expected progress on costs. Revenue was in line at $5.7bn although market income was slightly below esttimates.

Management has reiterated cost expectations for the financial year and as a resullt the broker suspects core earnings expectations will remain largely unchanged. Buy rating and $40.30 target.

Target price is $40.30 Current Price is $37.20 Difference: $3.1
If ANZ meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.03, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Sell (5) -

Cash earnings in the first quarter from ANZ Bank were up 17%, underpinned by cost reductions. UBS highlights a run rate that is currently above estimates for the first half, noting the bank has reaffirmed cost guidance for FY26.

Earnings upgrades are expected, with the ability of the group to hold onto revenue and market share being key as it goes through a period of cost reductions and restructuring. Sell rating and $35 target maintained on valuation.

Target price is $35.00 Current Price is $37.20 Difference: minus $2.2 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.03, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in September.

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 AOV as Buy (1) -

Citi lowers its target for Amotiv to $9.30 from $12.56, citing rising risks from shifts in the Australian car park mix (the total number and composition of registered vehicles). It’s thought changing vehicle composition could pressure parts demand over time.

Limited visibility on offshore growth and prior earnings misses are also seen as ongoing sentiment headwinds.

Separately, Citi warns intensifying expansion by Chinese EV maker BYD could heighten risks for small cap auto parts retailers. It’s thought the BYD Shark has already pressured competitors ARB Corp ((ARB)) and Amotiv.

Dealer network expansion and eight new models in 2026 may further amplify competitive pressures, notes the broker. Potential disruption from the Sealion 8 and Denza launches are also noted.

A summary of research issued by Citi on Amotiv's first half results yesterday follows.

Today's release of Amotiv's interim earnings (EBITA) of $98.3m was broadly in line with Citi's expectation, while profit missed consensus due to higher-than-expected significant items linked to Amotiv Unified.

In an early assessment, the  broker highlights Powertrain and Undercar (PTU) as the standout. Also noted are resilient wear-and-repair demand, solid offshore growth, disciplined corporate cost control and strong cash conversion offsetting weakness elsewhere.

Citi flags ongoing pressure in 4WD from an unfavourable car parc mix and continued challenges in Light Power Equipment (LPE), though FY26 EBITA guidance of $195m has been reiterated and margins are expected to improve in the second half.

Target price is $9.30 Current Price is $8.07 Difference: $1.23
If AOV meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 24.7% (ex-dividends)

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

Citi rates ARB as Buy (1) -

Citi warns intensifying expansion by Chinese EV maker BYD could heighten risks for small cap auto parts retailers. It’s thought the BYD Shark has already pressured competitors ARB Corp and Amotiv ((AOV)).

It's thought dealer network expansion and eight new models in 2026 may further amplify competitive pressures. The broker also highlights potential disruption from the Sealion 8 and Denza launches.

Citi retains a Buy rating and target of $42.25 for ARB Corp.

Target price is $42.25 Current Price is $25.35 Difference: $16.9
If ARB meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $36.48, suggesting upside of 46.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates ARF as Outperform (1) -

Arena REIT's 1H26 earnings were in line with Macquarie. FY26 dividend guidance of 19.25c (up 5.5%) is reaffirmed and also in line.

Arena continues to deliver strong underlying rent growth, Macquarie notes, however investors are wary of the risk to Early Learning Centre operator profit due to potential increased costs associated with heightened government regulation.

The business is performing well, however re-rating will require resolution of potential tenant profitability risk, Macquarie suggests. An attractive dividend growth profile keeps the broker on Outperform. Target falls to $3.99 from $4.00.

Target price is $3.99 Current Price is $3.52 Difference: $0.47
If ARF meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting upside of 18.7% (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 ARF as Buy (1) -

UBS lifts the target on Arena REIT to $4.09 from $4.05 and retains a Buy rating post the 1H25 result, with EPS and DPS meeting expectations.

The analyst likes the earnings outlook, with like-for-like growth of 3.6% expected to be underpinned by CPI rent reviews. Some 95% of debt is hedged across 2H26 and FY27, while the robust balance sheet and low gearing offers scope to achieve the pipeline of works.

On operator health and early learning childcare, which has been in the media, UBS notes daily fee rises of 6% have been achieved with occupancy costs around 11% viewed as manageable.

Target price is $4.09 Current Price is $3.52 Difference: $0.57
If ARF meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting upside of 18.7% (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 ASX as Neutral (3) -

At first glance UBS notes ASX pre-announced 1H26 underlying profit after tax, with cost and capex unchanged.

FY26 total expense growth guidance of 20-23% meets expectations, while FY26 total expense growth ex ASIC levy of 13-15% compares with consensus at 11%.

The result benefitted from stronger securities and payments revenue, beating by 3.4% on higher issuer service fees, offset by weaker listings, -2% below consensus and -4% below UBS on softer listing fees.

UBS sees some upside risk to 2H26 earnings on strength in cash equities and futures, though this may be offset by higher costs into FY27. Neutral rated. Target $57.60.

Target price is $57.60

Current consensus price target is $55.58, suggesting upside of 6.1% (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 BHP as Neutral (3) -

Macquarie forecasts a 3% beat to EBITDA for the first half, underpinned by copper. BHP Group is expected to declare a first half dividend of $0.69 amid expectations of 60% payout ratio.

The main focus for the broker will be on any update on CMRG negotiations, given potential spot iron downside on a resolution.

Commentary regarding increasing payouts and relaxing of gearing constraints could also feature, the broker  adds.

Target is $51 and a Neutral rating is maintained.

Target price is $51.00 Current Price is $51.07 Difference: minus $0.07 (current price is over target).
If BHP meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $50.18, suggesting downside of -3.7% (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: 0.3

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) -

Ord Minnett suggests Brazilian Rare Earths has a "rich pipeline of catalysts". These include the proposed spin-out of the Armagosa bauxite project and release of the minerals resource and scoping study for Monte Alto.

New metallurgical test findings have suggested that TREO extraction rates of 97% a possible for Monte Alto. Bypassing a kiln-based C&L process should support materially lower capital and operating expenditure.

Speculative Buy rating retained as a broker awaits the full scoping study results. Target of $7.50.

Target price is $7.50 Current Price is $4.17 Difference: $3.33
If BRE meets the Ord Minnett target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BRG as Buy (1) -

First half net profit of $98.2m from Breville Group was largely in line with Citi's estimates. At first glance, the broker believes guidance for a slight increase in FY26 EBIT should be well received, given investor concerns around tariffs, currency and increasing short interest.

The broker emphasises the stock remains one of the highest quality in its coverage. The main negative was relatively slow constant currency revenue growth in EMEA, weighed down by distributor markets in Turkey, the Nordic countries and southern Africa. Buy rating and $36.03 target.

Target price is $36.03 Current Price is $33.44 Difference: $2.59
If BRG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.00, suggesting upside of 8.8% (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 BRG as Buy (1) -

UBS offers a snapshot view of Breville Group’s 1H26 result, with earnings (EBIT) a slight miss versus forecast and consensus, while FY26 guidance is above expectations and consensus.

Global product revenue growth in constant currency rose 9.3% y/y, missing expectations, with distribution also below forecast. Americas growth of 11.1% missed the analyst’s forecast and EMEA growth of 7.6% also fell short.

Gross product margins were 35.8% versus 37.4% in 1H25 but were better than expected, while inventory of $435m was lower than forecast and the tariff impact was seen as well managed.

Buy rated. Target $37.50.

Target price is $37.50 Current Price is $33.44 Difference: $4.06
If BRG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.00, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates BVS as Neutral (3) -

Bravura Solutions' 1H26 result was in line with Macquarie, following upgraded FY26 guidance from 9 February. Client activity and Europe-Middle East-Africa (EMEA) performance were the key positives in the period.

FY26 guidance represents sales growth of 9%, the broker notes, supported by project activity and EMEA, and 25% margins, expanding by some 8% year on year, with cost stabilisation.

Bravura will assess M&A capital allocation, with options required to be closely linked to its value chain and immediately accretive. Macquarie sees the stock as fairly valued and retains Neutral. Target cut to $2.28 from $3.02 on AI threat.

Target price is $2.28 Current Price is $2.27 Difference: $0.01
If BVS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates CAT as Buy (1) -

Bell Potter factors in previously excluded Impect acquisition transaction costs of around -US$3.8m, lowering earnings forecasts for Catapult Sports.

FY26 EBITDA is cut by -22% to US$13.4m from US$17.2m, with operating and free cash flow estimates also reduced.

The broker notes the stock remains one of the higher quality mid-cap tech exposures despite the recent share price weakness and a likely ASX200 to ASX300 shift in the March rebalance.

The analyst retains a Buy rating and target is cut to $5.50 from $6.50.

Target price is $5.50 Current Price is $3.53 Difference: $1.97
If CAT meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 76.9% (ex-dividends)

The company's fiscal year ends in March.

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 CAT as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of Catapult Sports with a Buy rating and $4.33 target. The broker believes the business will benefit from significant growth in expenditure on technology in the pro sports market.

Operating leverage and expansion to higher-margin product categories should lead to EBITDA margins above 40% and Ord Minnett notes the stock trades at an inexpensive 13.5x FY27 EV/EBITDA, which is attractive relative to peers.

Target price is $4.33 Current Price is $3.53 Difference: $0.8
If CAT meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 76.9% (ex-dividends)

The company's fiscal year ends in March.

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

Citi rates CBA as Sell (5) -

Following interim results for CommBank, Citi raises its target to $140 from $137 after lifting its FY26-28 earnings forecasts by 2% and 3%, respectively. While noting ongoing market share gains to the majors, the broker's Sell rating for CommBank is retained on valuation.

A summary of research issued by Citi yesterday follows.

Today's interim result by CommBank beat Citi's expectations on higher net interest income (NII) and much better-than-forecast bad debt charges. Cash earnings of $5,445m came in around 5% ahead of the consensus forecast, while costs met expectation.

The key positive, according to the broker's initial assessment, was margin resilience. It's felt underlying net interest margin (NIM) commentary implied improvement through 2Q26 despite earlier signs of pressure and rising basis risk.

Asset quality trends were notably strong, the analyst highlights, with lower provisioning in business lending and a solid CET1 position supporting balance sheet strength.

The interim dividend of 235cps was slightly better than the broker was anticipating, reflecting better earnings.

While the result should be well received, Citi's valuation concerns remain unchanged.

Target price is $140.00 Current Price is $169.56 Difference: minus $29.56 (current price is over target).
If CBA meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Macquarie rates CBA as Underperform (5) -

Macquarie assesses the first half result from CommBank was solid, as cash earnings were 5% ahead of forecasts, supported by better underlying margins and lower bad debt. The highlight was the strength off the deposit franchise, particularly in the face of increased competition.

While there is upside risk to earnings ahead, the broker asserts strong execution will be required to support current valuation. As a result Macquarie continues to believe valuation stretched, although it is hard to fault the bank's execution, and maintains an Underperform rating.

Target edges up to $124 from $120. FY26-28 estimates for EPS are raised by 3-4%, underpinned by better margins from higher rates.

Target price is $124.00 Current Price is $169.56 Difference: minus $45.56 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Morgan Stanley rates CBA as Underweight (5) -

Following CommBank's interim result, Morgan Stanley lifts its price target to $140 from $131. A stronger franchise performance and better deposit pricing support improved earnings confidence, the analysts suggest.

The bank delivered a clean overall result with a better-than-forecast margin, highlights the broker. While the high valuation bar remains, the results are expected to support the share price near term.

A flat underlying margin drove a roughly 1% revenue beat, the broker notes, contributing to a 2% uplift in pre-provision profit. Morgan Stanley highlights steady execution despite competitive intensity.

The broker's Cash EPS forecasts rise between 4–5%, with margins lifted 2-3bps on higher rates. The deposit mix is still seen as the key swing factor and expects -4–5% annual expense growth.

The analyst highlights a 25x forward P/E, a 45% premium to peers. Underweight rating retained.

Target price is $140.00 Current Price is $169.56 Difference: minus $29.56 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -27.4% (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 CBA as Sell (5) -

CommBank delivered a meaningful beat of 1H26 earnings expectations. Morgans has materially upgraded earnings forecasts after factoring in continuation of higher loan growth and benign credit loss environments.

The broker expects dividend growth won’t match EPS growth given approaching CET1 capital tightness.

Morgans believes potential medium-term returns are too compressed at current prices considering CBA’s elevated trading multiples. Sell retained, target rises to $124.26 from $99.81.

Target price is $124.26 Current Price is $169.56 Difference: minus $45.3 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -27.4% (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 CBA as Sell (5) -

CommBank delivered first half net profit that beat estimates with Ord Minnett noting the nation's largest lender made the biggest one-day share price gain in almost 6 years. Revenue was buoyed by higher-than-expected net interest income as the loan book grew at a rapid pace. New mortgages in the half topped $105bn, up 21%.

Even after large upgrades to earnings estimates, the bank remains the most expensive in developed world market history with the price to earnings multiple of almost 26x, with the broker asserting there is only one way to go when the cycle turns, leading to a reiteration of the Sell rating. Target is $120.

Target price is $120.00 Current Price is $169.56 Difference: minus $49.56 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -27.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

UBS rates CBA as Sell (5) -

On further inspection, UBS raises the target price for CommBank to $130 from $125 while retaining a Sell rating and raises EPS forecasts by 1.7% for FY26 and 2.7% for FY27 on higher loan growth and a slightly higher NIM in FY27 and FY28.

*****

At first look, UBS says CommBank delivered a “solid” 1H26 result, with NPAT beating consensus and costs in line, though net interest margin missed expectations.

Pre-provision profit beat, while impairment expense was -31% below both UBS and consensus, and the interim dividend of 235c was above consensus, implying a circa 72% payout.

Net interest margin compressed by -2bps to 2.04%, below UBS and consensus, while total revenue growth of 4.5% was stronger than anticipated and underlying opex rose 4% h/h, in line with consensus but 1.9% above UBS. CET1 ratio came in at 12.3%.

UBS suggests the market reaction will hinge on whether investors focus on the NIM miss or the continued strength in lending and deposit growth alongside a favourable credit backdrop, and retains a Sell rating and $125 target price.

Target price is $130.00 Current Price is $169.56 Difference: minus $39.56 (current price is over target).
If CBA meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Bell Potter rates CIP as Buy (1) -

Centuria Industrial REIT’s 1H26 result delivered funds from operations of 9.1c, slightly ahead of Bell Potter and consensus by 1%, with FY26 guidance reaffirmed at 18.2c-18.5c.

Consensus sits at 18.4c and a 16.8c dividend, in line with the broker’s estimates. Gearing of 35.9% is toward the upper end of the 35%-40% target range, while vacancy improved to 4.3% from FY25, Bell Potter notes.

The broker highlights the REIT is trading at an -18% discount to NTA. Buy retained. Target trimmed to $3.60 from $3.75.

Target price is $3.60 Current Price is $3.24 Difference: $0.36
If CIP meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates CIP as Neutral (3) -

Centuria Industrial REIT's 1H26 funds from operations of 9.1 cents was ahead of Macquarie. The beat was at the net property income line, partially offset by higher costs and net interest.

Guidance is reaffirmed for FFO of 18.2-18.5c, up 4.0-5.7% on FY25, and a dividend of 16.8 cents, up 3.1%. Potential contributions in 2H26 from outstanding deals over vacant space at Bundamba, Fairfield East and Wetherill Park will make the difference to guidance, Macquarie notes.

Centuria Industrial will look to reduce the payout ratio to 90% over time as FFO growth accelerates with the fading headwinds from a rising cost of capital. Target falls to $3.20 from $3.23, Neutral retained.

Target price is $3.20 Current Price is $3.24 Difference: minus $0.04 (current price is over target).
If CIP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.54, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates CIP as Buy (1) -

Centuria Industrial REIT achieved 1H26 funds from operations of 9.1c per share, which basically met UBS forecast and consensus expectations.

Growth in net operating income is expected to continue, with the broker forecasting funds from operations to CAGR at 6.6% for FY26-FY29. The REIT is trading at around an -18% discount to rebased NTA.

Gearing moved up over the period to 35.9%, and more divestments will be required to offset capital needs, the broker explains, remaining cautious on the potential for earnings dilution from asset sales in 2H26 and FY27.

UBS lowers the target to $3.78 from $3.84 and retains a Buy rating after raising funds from operations forecasts by 1% for FY26-FY30.

Target price is $3.78 Current Price is $3.24 Difference: $0.54
If CIP meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates CLW as Neutral (3) -

On first inspection Citi notes Charter Hall Long WALE REIT reported 1H26 EPS of 12.7c, slightly below its 13.1c forecast but in line with consensus, with FY26 guidance retained.

The 1H26 dividend was pre-announced at 12.7c, in line with EPS and implying a 100% payout ratio. NTA rose 2% to $4.68 per share, with the stock trading at a -20% discount, while asset values increased on income growth of 2.5% and stable cap rates of 5.4%, the analyst notes.

Citi expects a positive share price reaction to the result. Neutral rating and $4.70 target retained.

Target price is $4.70 Current Price is $3.76 Difference: $0.94
If CLW meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 12.7% (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 CPU as Buy (1) -

Following Computershare's interim results, Citi highlights the business remains leveraged to improving corporate activity and debt issuance. It’s thought further upside could emerge if M&A and IPO momentum builds.

Margin income downside is seen as limited, with rates near a floor and balances beginning to rise.

While the broker's EPS forecasts rise by 3% in FY26 and 2% in FY27, the target price falls by -$2.00 to $37.60 on a higher Australian dollar forecast. Buy rating maintained.

The analysts note pending US M&A deal count is up 20% year-on-year. It's thought the dividend payout could trend toward 55% with improved franking.

Target price is $37.60 Current Price is $31.29 Difference: $6.31
If CPU meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $36.12, suggesting upside of 18.7% (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: 0.3

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

Macquarie rates CPU as Neutral (3) -

Macquarie suggests Computershare delivered a positive 1H26 result, with improved FY26 guidance for margin income and EBIT and EPS guidance lifted by around 290bps.

Dividends beat expectations at 55cps (30% franked), reflecting a 53% payout ratio, with expectations for this to continue in 2H26.

Macquarie highlights a $21.8m cost-out achieved in 1H26, comprising $16.5m from operating expenses and $5.3m from revenue synergies.

At current levels Macquarie believes Computershares valuation is fair, and will watch equity and debt market volumes before becoming more bullish on the stock. Neutral and $36 target retained.

Target price is $36.00 Current Price is $31.29 Difference: $4.71
If CPU meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $36.12, suggesting upside of 18.7% (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: 0.3

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

Morgan Stanley rates CPU as Upgrade to Equal-weight from Underweight (3) -

In the wake of Computershare's interim results, Morgan Stanley raises its target to $32.40 from $32.10 and upgrades to Equal-weight from Underweight. Industry View: In-Line.

The analysts cite a more reasonable valuation and improving earnings momemtum, with management guiding to 6.7% EPS growth in FY26. It's noted options to offset lower US rates include cost control and inorganic growth.

Revenue trends are strengthening, the broker highlights, particularly in Issuer Services and Corporate Trust. Stranded costs are expected to fall away by FY27, supporting margins.

The broker lifts its EPS forecasts by 1% in FY26 and up to 6% thereafter, while forecasting a 54% FY26 payout ratio. The analysts' forecast payout ratio is pared back to 50% in FY27 given management's commentary.

Target price is $32.40 Current Price is $31.29 Difference: $1.11
If CPU meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $36.12, suggesting upside of 18.7% (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: 0.3

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

Bell Potter rates CSL as Hold (3) -

CSL’s 1H26 result delivered a -2% revenue decline, slightly ahead of Bell Potter’s forecast, but net profit after tax fell -6% and missed the broker by -2%, despite estimates already sitting more than -2% below consensus.

An unexpected -$1.6bn impairment related to the sa-mRNA vaccine platform, iron products and PPE weighed on the result. The broker highlights weaker Ig sales, down -4% y/y and -5% below consensus, with Behring gross margin flat and a return to pre-COVID margins looking more challenging.

Seqirus was a positive surprise on launches into Germany and France, while Vifor nephrology sales also exceeded expectations, although iron sales declined again. Management retained net profit after tax growth guidance of 4-7%, but Bell Potter cuts EPS forecasts by -2%, -5% and -7% across FY26 to FY28.

Hold retained and Target cut to $175 from $195.

Target price is $175.00 Current Price is $163.44 Difference: $11.56
If CSL meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $207.48, suggesting upside of 36.3% (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: 0.6

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

Citi rates CSL as Buy (1) -

Citi retains its Buy rating on CSL, arguing cost control supports earnings despite softer sales momentum.

It’s thought FY26 profit (NPATA) growth of 4-7% remains achievable, though revenue guidance looks stretched. Confidence may take time to rebuild after the 1H miss, in the analyst's view.

Sales missed consensus by -2% and profit by -4%, the broker notes, with weakness in Behring offsetting stronger Seqirus and Vifor. The broker trims its revenue forecasts by between -1-2% through FY29, while lifting the FY27 profit estimate by 2% on tighter costs.

The analysts see an earnings trough in FY26 but valuation appears full. Buyback rises to US$750m. Citi retains a Buy rating and the target falls to $200 from $225.

Target price is $200.00 Current Price is $163.44 Difference: $36.56
If CSL meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $207.48, suggesting upside of 36.3% (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: 0.6

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

Morgan Stanley rates CSL as Overweight (1) -

Following CSL's interim results, Morgan Stanley lowers its target to $215 from $242 and maintains an Overweight rating. Industry View: In-Line.

1H26 profit (NPATA) came in -1% below the broker's estimate and -3.4% below consensus, with stronger Seqirus and Vifor revenue partly offsetting a weaker Behring performance. FY26 guidance was retained.

Lower operating costs appear central to meeting guidance, the analysts suggest, more so than gross profit expansion. It's noted second half earnings (EBIT) must rise 28% to achieve the low end of guidance.

The analyst sees improved Ig and albumin growth as key to restoring confidence.

Target price is $215.00 Current Price is $163.44 Difference: $51.56
If CSL meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $207.48, suggesting upside of 36.3% (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: 0.6

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

Morgans rates CSL as Buy (1) -

CSL's 1H26 result was softer and less clean than expected, Morgans notes, with adjusted profit declining -7% and revenue modestly below forecasts.

The result was further complicated by -US$1.1bn of impairment charges, largely relating to Vifor and Seqirus, weighing on statutory earnings and sentiment.

FY26 guidance was maintained nonetheless, despite Behring weakness and heightened scrutiny following the announced CEO transition, suggesting a 2H recovery, pointing to an execution reset, not structural impost, in Morgans' view.

The outlook looks supported through a combination of cost-outs, marketing initiatives, new product launches and diminishing headwinds, reinforced by the Board’s urgency around operational delivery. Target falls to $241.34 from $249.51, Buy retained.

Target price is $241.34 Current Price is $163.44 Difference: $77.9
If CSL meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $207.48, suggesting upside of 36.3% (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: 0.6

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

Ord Minnett rates CSL as Hold (3) -

CSL delivered a first half net profit that was short of Ord Minnett's expectations amid weak revenue growth in the Behring plasma products division. This erased the benefits of better-than-expected revenue from the Seqirus vaccine and Vifor for nephrology.

Cost performance improved significantly although revenue growth remains hard to come by and the CEO's exit adds a degree of difficulty to the outlook, so Ord Minnett will require more evidence of topline growth and margin expansion before becoming more constructive.

Hold rating. Target is $198, reduced from $217.

Target price is $198.00 Current Price is $163.44 Difference: $34.56
If CSL meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $207.48, suggesting upside of 36.3% (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: 0.6

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

UBS rates CSL as Buy (1) -

UBS highlights CSL's 1H26 results were a miss but positively Vifor and Seqirus beat expectations, although management noted competitive issues will likely result in slowing sales for Vifor.

The change of management (CEO) is viewed positively, with the return of experienced leadership restoring the broker's confidence that momentum can be rebuilt.

The new CEO, Gordon Nylor, has more than 30 years of CSL experience with a deep knowledge of the plasma and flu business, but the analyst cautions quick changes will be difficult given the scale, complexity and regulatory exposure for the business.

The analyst retains a Buy rating while cutting the target to $235 from $275 and downgrading EPS forecasts by -1% for FY26 and FY27.

Target price is $235.00 Current Price is $163.44 Difference: $71.56
If CSL meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $207.48, suggesting upside of 36.3% (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: 0.6

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

UBS rates DMP as Buy (1) -

Ahead of Domino's Pizza Enterprises 1H26 result on February 25, UBS has a target of $25.50 and Buy rating.

Target price is $25.50 Current Price is $23.00 Difference: $2.5
If DMP meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $21.51, suggesting downside of -1.8% (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 DXI as Buy (1) -

Dexus Industria REIT announced 1H26 funds from operations of 8.9c, which met Bell Potter's expectations but was 2.8% above consensus.

Management upgraded guidance to 17.4c per share funds from operations from 17.3c previously. Funds from the disposal of Brisbane Technology Park have been reused into four assets and gearing is expected to rise to around 28.5% post Moorebank acquisition from 26.2%.

The analyst has tweaked funds from operations forecasts by -1% for FY26 and 1% for FY27 for a change in the bank bill swap rate, hedging profile and a 50% interest in 12 Church Rd, Moorebank.

Bell Potter rates the REIT a Buy with a lower target of $3 from $3.10, noting it trades at a -24% discount to NTA and a -18% discount to the passive REIT sector.

Target price is $3.00 Current Price is $2.54 Difference: $0.46
If DXI meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates DXI as Outperform (1) -

Dexus Industria REIT delivered a robust first half result that was ahead of Macquarie's estimates. Higher topline growth and lower net finance underpinned the results.

FY26 guidance has been upgraded to 17.4c per security, reflecting leasing progress at Glendenning and Moorebank, partly offset by higher interest rates.

The broker remains attracted to the company's pure play exposure to the industrial sector and believes this should drive a rerating for a stock which is trading at a -25% discount to NTA. Outperform retained. Target edges up to $2.93 from $2.90.

Target price is $2.93 Current Price is $2.54 Difference: $0.39
If DXI meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 19.1% (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 EVN as Neutral (3) -

Citi notes Evolution Mining’s 20c fully franked interim dividend exceeded 17c consensus expectations. The Dividend Reinvestment Plan has been reinstated without a discount.

The interim result was broadly in line with consensus expectations, notes the broker, with earnings of $1,589m and profit of $802m both slight "beats".

Capital commitments increased, the analyst highlights, with -$545m approved for the Northparkes E22 block cave and -$75m for coarse particle flotation. The broker also notes expansions at Earnest Henry and further study work at Northparkes.

Citi points to higher development and project capital guidance reflecting new approvals.

Neutral rating. Target of $14.40.

Target price is $14.40 Current Price is $16.28 Difference: minus $1.88 (current price is over target).
If EVN 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 $13.68, suggesting downside of -14.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates EVN as Underperform (5) -

Evolution Mining's underlying profit was -3% below consensus due to higher income tax, but the dividend was a 33% beat to Macquarie and highlighted an above-average payout ratio.

A payout of 67% of group cash flow, above Evolution's dividend policy of 50%, underpins the miner's confidence in its forward outlook, Macquarie suggests.

Evolution Mining is high quality, high value company, Macquarie notes, but is trading on multiples above its peers, hence Underperform retained. 

The larger dividend and investment into organic brownfields expansions has been rewarded compared to peers that have leaned on large-scale M&A for growth. Target rises to $11.20 from $11.00.

Target price is $11.20 Current Price is $16.28 Difference: minus $5.08 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.68, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates EVN as Hold (3) -

Evolution Mining's 1H26 result had no major earnings surprises, Morgans suggests, with a small underlying profit miss more than offset by a strong dividend beat of 20c.

The dividend beat and approval of major projects and studies at Northparkes and Ernest Henry, which are expected to underpin production and throughput across both assets in the medium-to-long-term, were key positives.

While Morgans views the stock as fully valued, the broker sees merit in retaining exposure given Evolution’s quality asset base and ongoing leverage to supportive commodity prices. Target rises to $14.50 from $14.30, Hold retained.

Target price is $14.50 Current Price is $16.28 Difference: minus $1.78 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.68, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates EVN as Sell (5) -

UBS notes the first half results for Evolution Mining were largely pre-released while the interim dividend was larger than expected. The company has reiterated FY26 production guidance of 710-780,000 ounces.

The broker notes the business is somewhat insulated from the increasing cost pressures in Western Australia thanks to operating largely on the east coast and amid copper credits.

With 480mt in resources containing 2.4mt of copper and 3m ounces of gold Northparkes continues to hold substantial options, the broker adds. Sell rating is retained as the stock is ahead of valuation. Target edges up to $13.00 from $12.90.

Target price is $13.00 Current Price is $16.28 Difference: minus $3.28 (current price is over target).
If EVN meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.68, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates GQG as Buy (1) -

UBS notes GQG Partners reported January FUM of US$165.7bn, below expectations but a lift of 1.1% m/m due to net flows of around 2.5% and investment returns of 3.6%.

The rise in net outflows was greater than anticipated at -US$4.2bn versus the forecast of -US$3bn, with a surprise outflow from emerging market and US strategies. Investment performance was also softer.

The analyst envisages downside to consensus flows through FY26 but views there to be valuation appeal to the stock as a market hedge given recent AI-volatility and GQG's defensive positioning.

UBS has a Buy rating and $2 target price while lowering EPS estimates by -1% for FY26 and -8% for FY27.

Target price is $2.00 Current Price is $1.62 Difference: $0.38
If GQG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Macquarie rates HDN as Neutral (3) -

Macquarie asserts HomeCo Daily Needs REIT posted a strong operating update with first half earnings in line with estimates. The company is targeting $100-120m of commencements in FY26, inclluding Williams Landing, two Coles anchored centres and Warilla Grove.

The business is currently reviewing the timing of development deployment beyond FY27, given the outlook for interest rates. As a result the broker reduces estimates for commencements in FY27 to $50m. Target is raised to $1.33 from $1.27 and a Neutral rating is maintained.

Target price is $1.33 Current Price is $1.30 Difference: $0.03
If HDN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.42, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

HomeCo Daily Needs REIT delivered 1H26 funds form operations (FFO) of 4.4cpu, in line with Morgan Stanley's forecast. Management reiterated FY26 guidance of 9.0cpu.

It’s thought refinancing 45% of the REITs debt book at -42.5bps lower margins positions earnings favourably, though no upgrade followed.

Leasing spreads were strong at 6.2% with low incentives, the broker notes, while net operating income (NOI) rose 4.6% against 2.8% FFO growth. The analyst highlight hedging has increased to 70% at a 3.4% base rate.

Equal-weight. Target $1.45. Industry View: In-Line.

Target price is $1.45 Current Price is $1.30 Difference: $0.15
If HDN meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.42, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates HDN as Buy (1) -

UBS notes HomeCo Daily Needs REIT met expectations with 1H26 earnings of $92.4m, with "sector-leading" re-leasing spreads of plus 6.2% and comparable net operating income growth of 4%.

The analyst views the absence of a FY26 earnings upgrade as disappointing against peer upgrades in guidance.

The broker attributes this to no significant rise in interest rate hedging prior to October, when cash rate expectations moved to hikes from cuts, as well as asset sales of -$150m in 1H26, which is slightly earnings dilutive in the short term.

UBS forecasts CAGR in funds from operations of 6.1% for FY26-FY29 and believes the stock screens favourably against peers, while trading at a -16% discount to December NTA with a prospective 6.6% dividend yield. Buy rating and $1.55 target unchanged.

Target price is $1.55 Current Price is $1.30 Difference: $0.25
If HDN meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.42, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates HUM as Buy (1) -

Humm Group's first half slightly missed Ord Minnett's estimates, skewed by a number of "one-off" charges. The net interest margin of 5.5% was a "pleasant surprise" to the broker and the net operating income line was slightly ahead of estimates.

Minor adjustments are made to forecasts and with the business taking market share and further cost optimisation to come, a Buy rating is retained.

The broker notes the business remains in a transformational phase which when completed should put it on a strong footing to deliver growth. Targets steady at $0.87.

Target price is $0.87 Current Price is $0.74 Difference: $0.13
If HUM meets the Ord Minnett target it will return approximately 18% (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

Shaw and Partners rates HUM as Buy (1) -

Humm Group announced 1H26 net profit after tax down -49% to $13.9m, which met Shaw and Partners expectations.

Flexicommercial, which represents 65% of group cash profits, fell -30% on higher net credit losses and opex, while the NIM was flat at 3.4%.

NZ cards, at 25% of group cash profits, saw sound volume growth despite an adverse macro backdrop, while Ireland was very robust and offset losses in the UK and Canada. Ireland generated $6.9m in profit, up from $2.9m in the previous year.

The analyst upgrades FY27 and FY28 EPS estimates by 4-7% on changes to opex and credit loss estimates, while the FY26 EPS forecast is lowered by over -10% due to a negative litigation judgement of around -$20m.

The EGM meeting is on Feb 19 to consider Board changes.

Shaw and Partners has a Buy, High risk rating with a higher target of 85c from 80c.

Target price is $0.85 Current Price is $0.74 Difference: $0.11
If HUM meets the Shaw and Partners target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates IAG as Buy (1) -

First half earnings of $507m from Insurance Australia Group were ahead of Citi's estimates. At first glance, the broker points out this is a strong result with particularly strong underlying margin, helped by reinsurance profit conditions.

There was an exceptionally high margin in New Zealand as well, which the broker suspects will be unsustainable. Topline growth remains weak and there is a risk the market will focus on this aspect.

Despite that Citi believes the strong beat versus expectations and a new small share buyback could mean the stock trades higher. Buy rating. Target is $9.

Target price is $9.00 Current Price is $7.29 Difference: $1.71
If IAG meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $8.86, suggesting upside of 30.3% (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

UBS rates IAG as Buy (1) -

A snapshot of Insurance Australia Group's 1H26 results reveals a 9% beat on cash net profit after tax, with a $200m buyback announced, while weaker gross written premium was the "key blemish" on the result, according to UBS.

Gross written premium growth was high single digit, down from 10% previously, with double digit growth expected in 2H26. Insurance profit came in at the lower end, with a reported insurance margin of 14-16% versus the analyst's forecast of 14.6%.

Net profit after tax beat on more robust shareholder investment income, and at this stage UBS envisages upside risk to medium term consensus EPS forecasts.

Buy retained. Target price $9.10.

Target price is $9.10 Current Price is $7.29 Difference: $1.81
If IAG meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.86, suggesting upside of 30.3% (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 JHX as Buy (1) -

Following further analysis of Q3 results for James Hardie Industries, Citi retains its Buy rating.

The broker believes James Hardie’s full year result in May could be another catalyst. It’s thought FY26 guidance is conservative, while the initial FY27 outlook may prove positive. Further detail on revenue synergies is expected to support sentiment.

At this stage there is no change to the broker's target price, but a lift in the GBP-denominated target. The analysts' previous domestic target price is $37.20.

A summary of the broker's initial thoughts yesterday follows.

James Hardie Industries released Q3 financials this morning and Citi, upon first glance, has concluded the numbers are better than market consensus by some 6%.

The company also beat its own guidance. One key driver has been better margins. Citi makes the point the topline still indicates the general context remains tough.

The company has upgraded its FY26 guidance, but only to reflect the Q3 'beat', which the analysts find interesting.

Target price is $37.20 Current Price is $36.87 Difference: $0.33
If JHX meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $40.56, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in March.

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 JHX as Outperform (1) -

James Hardie Industries reported Dec Q FY26 results that beat Macquarie's expectations. The group lifted FY26 guidance by the extent of the Dec Q beats across the group, Siding & Trim and Deck, Rail & Accessories.

March Q FY26 margin accretion was tempered in large part due to residual duplication of marketing expenses. James Hardie points to stabilising markets and more normal inventory positions.

These should support a return to above-market growth in Siding, Macquarie suggests.

The broker believes the thesis remains underpinned by slowly improving visibility, the prospect of housing policy intervention, and a synergy story that seems to be firming. Target rises to $43.40 from $41.30, Outperform retained.

Target price is $43.40 Current Price is $36.87 Difference: $6.53
If JHX meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $40.56, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in March.

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

Morgan Stanley rates JHX as Overweight (1) -

Morgan Stanley believes James Hardie’s 3Q result points to and reinforces a stabilising earnings outlook.

It’s thought self-help initiatives and a gradually improving housing backdrop offer upside. Valuation is considered attractive despite the need for further proof points.

The broker's target rises to $44 from $42. Overweight rating maintained.

Third quarter earnings (EBITDA) beat consensus by 6%, while FY26 group earnings guidance was lifted 1.8% at the midpoint to US$1.248bn, the broker highlights. Trading conditions were described as soft but stabilising.

Net leverage sits near 3.0x, the analysts note, with a revised de-leveraging target below 2.0x by 3Q28. The analysts highlights cost synergies from Azek are ahead of schedule.

Synergy targets are unchanged, while siding and decking demand appears stable to Morgan Stanley.

Momentum appears to be building, the broker suggests, with operational execution supporting confidence. It's felt risk/reward remains favourable at current levels.

Target price is $44.00 Current Price is $36.87 Difference: $7.13
If JHX meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $40.56, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Morgans rates JHX as Buy (1) -

James Hardie Industries delivered a clean Dec Q beat, Morgans suggests, with sequential margin improvement, disciplined execution on AZEK integration, and early evidence that volumes in core Siding & Trim (S&T) are stabilising at low levels.

With US housing likely near the trough, Morgans sees medium-term upside as organic growth returns, synergies compound, and leverage falls toward less than 2.0x by 3Q28.

The AZEK transaction leaves James Hardie more leveraged (operationally and financially) to the US housing consumer, the broker notes. That said, there is a strong argument that FY26 forecast earnings are towards the bottom of the cycle.

Target rises to $45.75 from $35.50, Buy retained.

Target price is $45.75 Current Price is $36.87 Difference: $8.88
If JHX meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $40.56, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates JHX as Neutral (3) -

James Hardie Industries posted a third quarter EBITDA outcome that was ahead of UBS. The strong result has meant an increase in FY26 EBITDA  guidance of 2%, although the broker notes this implies the fourth quarter is unchanged, which may be conservative.

Longer term UBS expects the business will benefit from structural under-building in US housing and material conversion opportunities in both siding and decking.

In the short term the broker also expects the stock to track the broader sentiment in the US housing cycle where any recovery outlook is dependent on improved consumer confidence and more support from lower mortgage rates. Neutral retained. Target rises to $41 from $37.

Target price is $41.00 Current Price is $36.87 Difference: $4.13
If JHX meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $40.56, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates LNW as Buy (1) -

UBS believes expectations for Light & Wonder are set relatively low, with the results due on February 25. Investors are expected to focus on earnings composition and corporate costs, to set the tone for 2026 growth forecasts.

UBS expects the business will focus on FY28 targets. The broker considers the stock compelling at current levels sharing strength in core land-based markets with Aristocrat Leisure amid the prospect of further share gains. Target is raised to $210 from $206 and a Buy rating retained.

Target price is $210.00 Current Price is $164.20 Difference: $45.8
If LNW meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $205.00, suggesting upside of 34.9% (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

Citi rates ORA as Neutral (3) -

On first glance, Citi notes a slight 1H26 beat from Orora with earnings (EBIT) around 2% above consensus but boosted by D&A, with earnings (EBITDA) coming in line with expectations.

Can revenue in 1H26 rose 11%, a beat above consensus, with volumes up 11% and a pass through of a 3% aluminium price rise alongside an organic price increase of 4%. Commentary infers no growth in 2H26, the analyst remarks.

Saverglass earnings (EBIT) met expectations with guidance maintained. Overall, Citi highlights guidance stayed the same across segments but flags more detail is needed from the management call.

Neutral rated. Target $2.30.

Target price is $2.30 Current Price is $2.20 Difference: $0.1
If ORA meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.27, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates ORG as Buy (1) -

In an initial response, UBS reports Origin Energy posted modest beats on underlying earnings and profit, helped by a strong result in Energy Markets (EM) in particular due to rising electricity portfolio gross profit margins, allowing Origin to lift FY26 EM guidance 6% at the midpoint.

Gross profit margins in FY27 will benefit from new battery earnings, partly offset by softer wholesale electricity prices.

A 1H26 loss in Origin's share of Octopus earnings is the only blemish, UBS suggests, however this was expected (seasonal) and FY26 guidance is unchanged.

Further investment in the proposed Golden Beach underground gas storage project hints at a potential development over the next twelve months. Buy and $14 target retained.

Target price is $14.00 Current Price is $11.07 Difference: $2.93
If ORG meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $12.03, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates RIO as Neutral (3) -

UBS expect Rio Tinto's Simandou shipments will be 20mt in 2026 and 60mt in 2027, amid upside risk given visible progress in all elements of the project, as seen from the broker's "evidence lab" satellite images and amid an acceleration in shipment data in February.

Rainfall during the wet season will make commissioning particularly challenging, amid pollitical uncertainty as  well. Neutral rating and $160 target.

Target price is $160.00 Current Price is $164.56 Difference: minus $4.56 (current price is over target).
If RIO meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $147.50, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Citi rates SCG as Buy (1) -

Citi believes strong retail property fundamentals offset the impact of higher interest rates.

The analyst believes favourable demand-supply dynamics are supporting leasing spreads and occupancy. Recent RBA hikes are not expected to materially disrupt operating momentum.

The broker argues tenant demand and limited new supply underpin earnings visibility.

The analysts expect this trend to continue for the upcoming results for Scentre Group, Vicinity Centres ((VCX)) and BWP Trust ((BWP)) results.

For Scentre Group, the Buy rating and $4.60 target are maintained.

Target price is $4.60 Current Price is $3.94 Difference: $0.66
If SCG meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates SDR as Buy (1) -

Citi argues AI disruption fears understate SiteMinder's structural advantages as distribution fragments. It’s thought rising direct bookings and online travel agency (OTA) disintermediation enhance the channel manager’s value.

The broker sees modest downside risk to 1H26 earnings from higher costs, though Dynamic Revenue Plus and Channels Plus momentum supports the outlook.

OTA disruption could ultimately strengthen Citi's thesis given Siteminder’s connectivity role. The broker highlights a surge in Little Hotelier app downloads and 11% headcount growth in 1H26.

The analysts forecast 1H26 EBITDA of $13m, -7% below consensus. Citi retains a Buy rating and lowers its target to $6.75 from $8.40.

Target price is $6.75 Current Price is $4.41 Difference: $2.34
If SDR meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $7.90, suggesting upside of 105.6% (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 SGH as Upgrade to Buy from Hold (1) -

SGH Ltd is upgraded to Buy from Hold by Bell Potter with a higher target of $56 from $51.80 following 1H26 underlying earnings (EBIT), which beat expectations by 4%, including improved results from Beach Energy ((BPT)) and media.

Excluding investee profits, earnings (EBIT) met expectations, with Boral 3% above forecast on more robust revenue, while Coates missed by -2% due to competition impacting pricing. WesTrac was in line, with reduced product sales offset by a higher margin, and profitability improved on a better services revenue mix.

A dividend of 32c per share (FF) was announced and FY26 guidance was reiterated at "low-to-mid-point digit" growth.

The broker tweaks FY26 EPS forecast up 1% and down -1% in FY27.

Target price is $56.00 Current Price is $50.91 Difference: $5.09
If SGH meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $54.10, suggesting upside of 9.9% (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 SGH as Downgrade to Neutral from Outperform (3) -

SGH Ltd reported results that beat market expectations slightly, reiterating FY26 guidance of low to mid single digit earnings growth. Boral delivered the bulk of operational growth.

WesTrac did well, Macquarie suggest, to offset a -23% capital sales decline, driven by efficiencies and growing large-scale rebuilds in the Services business. Coates performed relatively well in a tough context but missed expectations.

Growth is harder to come by without M&A, the broker warns, and multiples are at a premium. A key risk is SGH succeeding at value-adding, accretive M&A. Downgrade to Neutral from Outperform, target rises to $54.30 from $53.05.

Target price is $54.30 Current Price is $50.91 Difference: $3.39
If SGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $54.10, suggesting upside of 9.9% (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 TLS as Neutral (3) -

Telstra Group has flagged up to -650 redundancies, including -442 across Enterprise and Consumer and -209 within the Data & AI joint venture with Accenture. UBS estimates the cuts represent around -1.5% of the 30,000-strong workforce.

Cost discipline remains central to the broker’s medium-term thesis, in the broker's view, particularly in sustaining earnings momentum.

The analysts view ongoing efficiency measures as supportive of a mid single-digit Cash EBIT compound annual growth rate (CAGR).

UBS expects dividend growth from 20cps in FY26 to 29.5cps by FY30.

Buy rating. Target $4.90.

Target price is $4.90 Current Price is $4.88 Difference: $0.02
If TLS meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates TPW as Neutral (3) -

In an initial response, Citi reports Temple & Webster's 1H26 profit missed expectations by -32%. Revenue was broadly in line, but gross profit margin was 31.4%, below 32.9% consensus, suggesting discounting picked up.

The result revealed 1H26 revenue growth accelerated since the AGM trading update, as Citi had flagged it would, but this may have been discounting-led. 

The net cash balance increased to $161m, which provides the company with optionality to accelerate growth organically and inorganically.

While the acceleration in revenue is positive,Citi suggests the deterioration in gross margins is likely to be in focus today. Neutral and $15.38 target retained for now.

Target price is $15.38 Current Price is $11.34 Difference: $4.04
If TPW meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $20.37, suggesting upside of 166.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Shaw and Partners rates WC8 as Buy (1) -

Shaw and Partners notes drilling at Wildcat’s Bolt Cutter Central discovery has delivered three diamond holes over 300m, confirming significant spodumene-hosted lithium mineralisation.

Final metallurgical results are due in 2Q2026 ahead of the September 2026 definitive feasibility study. The broker sees scope for further lateral and depth extensions and highlights the granted mining leases and Native Title Agreement as supporting a 2028 production target.

A multi-year Pilbara Minerals offtake at a US$1,000/t floor price is cited as reinforcing constructive lithium pricing.  The analyst raises long-term spodumene price forecasts are lifted to US$2,247/t from US$1,847/t.

Buy, High Risk retained. Target price rises to $1.20 from 70c on higher assumed lithium prices.

Target price is $1.20 Current Price is $0.39 Difference: $0.81
If WC8 meets the Shaw and Partners target it will return approximately 208% (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 WES as Neutral (3) -

The UBS lead analyst for Wesfarmers is Shaun Cousins. Target of $90 and Neutral rating unchanged.

Target price is $90.00 Current Price is $88.14 Difference: $1.86
If WES meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $87.47, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates WOW as Neutral (3) -

Ahead of Woolworths Group's 1H26 earnings report on February 25, the UBS lead analyst is Shain Cousins.

Neutral rated with a $30.75 target.

Target price is $30.75 Current Price is $31.75 Difference: minus $1 (current price is over target).
If WOW meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.50, suggesting downside of -5.3% (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