Australian Broker Call

Bell Potter rates A2M as Hold (3) -

Bell Potter points to a 1H26 net profit after tax beat for a2 Milk Co above the broker's forecast of NZ$112.1m, with revenue up 11% y/y and earnings (EBITDA) rising 30% y/y, above expectations.

Infant milk formula revenue grew 14% and English label rose 21% y/y, while lease adj operating cash flow rose to NZ$92.3m from NZ$75.9m a year earlier.

The analyst raises EPS forecasts by 8% for FY26 and 5% for FY27 with a slightly lower target of $9.55 from $9.70 previously and an unchanged Hold rating. The stock is likely to benefit from a "flight to safety" in the short term, Bell Potter states.

Target price is $9.55 Current Price is $9.10 Difference: $0.45
If A2M meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Citi rates A2M as Buy (1) -

Citi believes a2 Milk Co's execution remains near flawless. It's felt the market is overly focused on birth rates, overlooking English label momentum, market share gains and new categories.

Geographic expansion, including Vietnam, and product innovation continue to support growth, highlights the analyst.

Conference call commentary was positive, the broker notes, highlighting supply chain progress and multiple growth drivers across segments.

The target rises by 1% to $10.55. Buy.

A summary of initial research by Citi yesterday follows.

a2 Milk Co announced 1H26 net profit after tax of $112m which, on first inspection, was a 7% beat on consensus and 11% above Citi's forecast due to robust results across financial metrics, including sales and earnings (EBITDA).

The Pokeno losses were below the -$19.3m expected at -$9.8m, with a2 Milk now expecting it can achieve the $2bn revenue target in FY26, ahead of plans.

China market share grew to 8.2% from 8%, English label grew 13.6% and China label grew 6.5%, while Vietnam seems to be progressing well, the analyst remarks.

Management upgraded FY26 revenue growth to mid double-digit growth from low double-digit, with the lower half of the earnings (EBITDA) margin guidance range changed to 15.5% from 15%.

Target price is $10.55 Current Price is $9.10 Difference: $1.45
If A2M meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates A2M as Outperform (1) -

First half revenue from a2 Milk Co beat estimates and the FY26 sales outlook has been upgraded. Macquarie notes the infant milk formula market has returned to growth, given recently launched products and the Vietnamese market.

Entering new markets has been added to the company's strategic priorities including deeper in Southeast Asia and the Middle East. The broker finds the stock attractive given its strong execution, supply chain investment and the upside from new markets and products.

Target is lifted to $9.60 from $9.50 and an Outperform rating is maintained.

Target price is $9.60 Current Price is $9.10 Difference: $0.5
If A2M meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgan Stanley rates A2M as Overweight (1) -

a2 Milk Co's interim result beat consensus forecasts driven by strength in English Label and innovation, explains Morgan Stanley. A "strong core portfolio performance" is expected to support meaningful medium-term market share gains.

The broker estimates innovation contributed around 30% of 15% underlying revenue growth, including Genesis, nutritionals and Vietnam.

The infant formula manufacturing facility in Pokeno (New Zealand) is tracking to plan, highlight the analysts, with potential earlier China Label ramp-up.

Earnings were 4% ahead of consensus in H1, driven by market strength, solid execution, and Pokeno ramping to plan, explains the broker.

Retain Overweight. Target rises to $10.40 from $10. Industry View: In-Line.

Target price is $10.40 Current Price is $9.10 Difference: $1.3
If A2M meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgans rates A2M as Hold (3) -

First half results from a2 Milk Co were ahead of expectations. FY26 guidance has been again upgraded, to revenue growth of 15%, given all segments and products are trading ahead of forecasts.

Morgans assesses the company should now achieve its NZ$2bn revenue target in FY26. The balance sheet also is in a strong position.

The broker forecasts revenue growth of 16.5%, believing the company is being conservative, particularly if it wins further market share as some peers are having recall issues. Hold rating, as the stock is considered fairly valued. Target rises to $9.50 from $9.40.

Target price is $9.50 Current Price is $9.10 Difference: $0.4
If A2M meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates A2M as Neutral (3) -

a2 Milk Co's 1H26 earnings rose 18% year on year on the back of strong sales growth in English-label, Liquid Milk and Other Nutritionals, UBS notes.

Overall 1H26 infant formula sales growth was in line with UBS with slightly stronger English-label countered by weaker Chinese-label. Management expects stronger Chinese-label new customer wins in 2H26, supported by a new marketing campaign and a recovery in the China birth rate.

A more positive view on a2 Milk in the short term centres on greater clarity on potential impacts from product recalls and access to unrestricted product supply, UBS suggests. Target rises to NZ$11.30 from NZ$11.10, Neutral retained.

Current Price is $9.10. Target price not assessed.

Current consensus price target is $9.87, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Citi rates ABB as Buy (1) -

Citi believes Aussie Broadband’s past seven months have reinforced the company's growth credentials and strengthened market positioning. It is thought Black Friday competition concerns are overdone, with app data implying net share gains.

The broker expects a solid upcoming interim result with upbeat outlook commentary. Attention will likely be on 2Q residential subscriber growth, Symbio trends amid lower termination rates, and scalable deal opportunities, the broker believes.

Citi retains a Buy rating and target of $6.15. Earnings risk remains skewed to the upside, the analysts suggest, supported by momentum across segments.

Separately, Citi is encouraged by strong year-on-year growth in Aussie Broadband's January app downloads, reinforcing expectations for sustained elevated net-add momentum through FY26.

The broker anticipates management will deliver upbeat outlook commentary alongside this month’s interim results.

Target price is $6.15 Current Price is $4.89 Difference: $1.26
If ABB meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 20.1% (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 ACL as Neutral (3) -

Australian Clinical Labs has downgraded FY26 earnings guidance by around -6% at the mid point and revenue by -3.9%, the latter stemming from MBS fee cuts and gender undervaluation cost impact.

Macquarie expects revenue will continue to be affected by these impacts despite the bulk billing incentive and earnings efficiencies that are expected by management in FY27.

Neutral retained. Target is reduced to $2.30 from $2.90.

Target price is $2.30 Current Price is $2.24 Difference: $0.06
If ACL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates ACL as Hold (3) -

Ord Minnett retains its Hold rating and cuts its price target to $2.40 from $2.80 (-14%) after a 1H26 revenue "miss" but margin delivery by Australian Clinical Labs.

Commentary highlights 1H26 underlying EBIT improved 3% to $28m on cost control/network optimisation, with EBIT margin up 30bps to 7.7%.

Ord Minnett flags subdued market growth, collection-centre rationalisation driving share losses, and CEO departure as key risks.

Guidance resets lower to FY26 revenue $735-745m and EBIT $64–67m, with the FWC “Gender Undervaluation” decision a 2H26-plus wage headwind.

Forecasts were reduced to reflect revised guidance and wage impacts.

Target price is $2.40 Current Price is $2.24 Difference: $0.16
If ACL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates AD8 as Upgrade to Neutral from Underperform (3) -

There were no real surprises in Audinate Group's result, Macquarie suggests. Iris will burn -$5m of cash in FY26. Without near-term free cash flow generation, stock lacks a catalyst, in the broker's view.

The cost-base reflects a pivot to a longer-term strategy, but this is unproven. However Macquarie thinks the cyclical downgrade cycle is over in the underlying audio business, with this result muted by Iris costs.

Capital raising fears overblown with some eight halves of cash runway. Macquarie upgrades to Neutral from Underperform. Target falls to $3.20 from $4.30.

Target price is $3.20 Current Price is $3.30 Difference: minus $0.1 (current price is over target).
If AD8 meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.80, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates AD8 as Equal-weight (3) -

Audinate Group generated interim revenue of US$21.1m, slightly below consensus, while gross profit met expectations, highlights Morgan Stanley. The latter reflects a healthier mix-driven growth toward software, explain the analysts.

Negative earnings (EBITDA) of -$2.3m were close to the consensus forecasts, with cash burn of -$9m and $71m cash supporting the business runway, in the broker's view.

FY26 gross profit growth guidance of 13-15% exceeded the consensus forecast.

Stronger 2H acceleration, backed by forward orders and product ramps, supports recovery, the analysts suggest, alongside moderated opex growth after restructuring.

Equal-weight. Target $5.00. Industry View: In-Line.

Target price is $5.00 Current Price is $3.30 Difference: $1.7
If AD8 meets the Morgan Stanley target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Shaw and Partners rates AD8 as Upgrade to Buy from Hold (1) -

Shaw and Partners highlights Audinate Group needs to accelerate platform growth to cover the investments being undertaken, with the company reporting 1H26 topline growth of 12% and FY26 guided cost growth of 20% versus 25%, previously.

US gross profit rose 12% y/y, reflecting a return to growth and was broadly in line with the analyst's forecast, and a move back to profit growth is viewed positively after two consecutive halves of negative growth.

Management retained FY26 guidance for US gross profit growth between 13-15% and gross margin around 82% in line with FY25, and opex up 20%, with free cash flow flagged to be negative again due to the Iris purchase and investments.

The broker upgrades the stock to Buy from Hold and reiterates a $4.90 target price.

Target price is $4.90 Current Price is $3.30 Difference: $1.6
If AD8 meets the Shaw and Partners target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates AD8 as Buy (1) -

Audinate Group’s 1H26 result demonstrated a return to gross profit growth, albeit UBS would argue compositionally lower quality versus history, but given the concerns of a potential impact from US tariffs, an in-line US$ gross profit result was arguably a positive.

Management noted inventory headwinds have largely passed and forward orders support the FY26 USD gross profit growth guide of 13-15%, although market conditions remain subdued.

Post Iris acquisition, Audinate has pivoted from the original video strategy and adjusted cost reinvestment. If profit growth doesn’t reaccelerate, UBS thinks more cost containment would be well received. UBS is of the view that the core business is not impacted by AI.

Target falls to $6.10 from $7.10, Buy retained.

Target price is $6.10 Current Price is $3.30 Difference: $2.8
If AD8 meets the UBS target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates ALK as Buy (1) -

Bell Potter highlights the main takeaway from Alkane Resources' 1H26 results was the notable improvement in both operational performance and financial metrics between 2Q26 and 1Q26, with the first full quarter of the consolidated Alkane/Mandalay Group.

Group production rose to 42.8koz from 30koz in the previous quarter and AISC declined to $2,739/oz from $2,988/oz in 1Q26.

Margins rose to 57% from 26% and 2Q26 earnings (EBITDA) came in at $147m from $38m in 1Q26. Overall the result was broadly in line with expectations and distorted by the Mandalay contribution.

Alkane maintains a hedge book with 46,150koz at $2,862/oz for delivery to June 2027.

The analyst lifts the FY26 EPS estimate by 2% with FY27 left unchanged while retaining a Buy rating and $1.95 target price.

Target price is $1.95 Current Price is $1.76 Difference: $0.19
If ALK meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates ANN as Neutral (3) -

Ansell’s interim sales missed the consensus forecast by -5%, highlights Citi, while core earnings (EBIT) beat by 3% on stronger cost control. Core profit rose 5%, aided by lower financing costs and a supportive currency.

The broker notes Healthcare and Industrials sales were slightly below expectations, though Industrials earnings beat consensus by 11% and margins improved across both divisions.

Pricing actions offset tariffs, but the analyst highlights subdued demand, particularly in Mexico.

FY26 guidance was maintained.

Citi maintains its Neutral rating and reduces its target price by around -1.5% (the available research from the broker doesn't specify the new target). Prior target was $36.

Target price is $36.00 Current Price is $32.48 Difference: $3.52
If ANN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 9.5% (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: 0.0

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

Macquarie rates ANN as Neutral (3) -

Ansell's revenue was -8% below Macquarie, with both Healthcare and Industrials underperforming. However, margins were materially better, at 14.3% (+230bps), delivering an earnings beat of 6.9%.

Ansell enters the second half with clear earnings momentum and greater visibility following synergy delivery providing a higher margin base, Macquarie notes. The new CEO is armed with global scale and transformation experience. The broker awaits an updated strategy.

While Macquarie views the medium-term earnings growth outlook as positive, the broker also sees this as adequately captured in the current share price. Neutral retained, target rises to $36.00 from $35.80.

Target price is $36.00 Current Price is $32.48 Difference: $3.52
If ANN meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 9.5% (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: 0.0

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

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

Morgan Stanley lowers its target for Ansell to $34.40 from $36.70 and retains an Equal-weight rating following interim results. Industry View: In-Line.

The broker notes 1H26 EPS beat the consensus forecast by 8%, despite revenue and gross profit missing by -5% and -3%, respectively. 

First half volumes fell -1%, with FY26 guidance implying to Morgan Stanley 2H growth between -4% and 2%. Synergies and cost savings also supported earnings.

While the broker acknowledges US tariff impacts were offset through price increases, underlying volume growth trends appear modest.

Looking to 2H exit rates into FY27, the analysts forecast EPS growth of 4%, but flag downside volume risk.

FY26 EPS guidance of US137-149cps was retained.

Target price is $34.40 Current Price is $32.48 Difference: $1.92
If ANN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 9.5% (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: 0.0

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

Morgans rates ANN as Hold (3) -

Ansell's first half result was stronger than it first appeared, Morgans asserts, as expanding margins produced profit above expectations despite soft topline growth.

Tariff-related pricing appears to be working so far and the company is continuing to execute well on acquisitions and cost savings.

FY26 adjusted EPS guidance of US$1.37-49 has been maintained, which implies for the broker a modest underlying improvement.

Still, with organic momentum slowing, tariff uncertainty and the digitisation risks that are ahead, Morgans maintains a Hold rating. Target is raised to $35.23 from $34.64.

Target price is $35.23 Current Price is $32.48 Difference: $2.75
If ANN meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 9.5% (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: 0.0

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

UBS rates ANN as Neutral (3) -

Ansell's outgoing CEO delivered a strong final result, UBS suggests, with operating margins up 180bps driven by gross margin expansion and materially lower freight costs.

While this outcome underscores the quality of recent execution, UBS warns the unexpected CEO transition adds uncertainty at a point when the earnings boost from restructuring and M&A is fading.

Despite valuation support, with the stock trading below the broker's price target, UBS sees limited near-term catalysts and prefers to await greater clarity on strategic priorities under new leadership. Neutral maintained, target falls to $35.60 from $36.00.

Target price is $35.60 Current Price is $32.48 Difference: $3.12
If ANN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 9.5% (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: 0.0

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

Bell Potter rates ASB as Hold (3) -

Austal announced an earnings (EBIT) guidance downgrade for FY26 to around $110m, down -18.5% from the previous guidance from October 2025 at $135m.

Bell Potter remarks the downgrade was due to "accidental" double-counting of US$17.1m worth of incentives for the T-ATS program and was picked up while preparing 1H26 accounts.

The analyst has lowered EPS forecasts by around -19% for FY26 and -7% for FY27 and downgraded the target price to $6.69 from $8, previously. A Hold rating is retained.

The stock is trading in line with global peers even though Bell Potter notes operational risks remain high as the company transitions to new shipbuilding contracts in the US from legacy ones.

Target price is $6.60 Current Price is $5.82 Difference: $0.78
If ASB meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates ASK as Buy (1) -

Abacus Storage King announced 1H26 funds from operations of 3.1c per share, which met Bell Potter's forecast but slightly missed consensus at 3.3c.

Management's FY26 distribution guidance was confirmed at 6.2c per share with a payout ratio in the 90-100% range of funds from operations.

The broker emphasises the ongoing "disconnect" between the valuation on the stock versus other listed-market storage valuations with Abacus trading at a discount to NTA around -12%.

Bell Potter tweaks funds from operations forecasts by -2% for FY26 on higher property expenses and increased payout ratio while retaining a Buy rating and unchanged $1.70 target price.

Target price is $1.70 Current Price is $1.55 Difference: $0.15
If ASK meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting downside of -0.3% (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

Shaw and Partners rates ASK as Hold (3) -

Abacus Storage King missed Shaw and Partners' forecast for 1H26 funds from operations at $41m, below the expected $44m, due to higher than anticipated costs including land tax and insurance.

Top line was in line, achieved despite some softness from NZ and forex translation impacts.

Storage revenue rose 3.7% and occupancy remains above 90% with revenue per available metre for established stores up 1.5%, with management using dynamic pricing, the analyst notes this has boosted the metric to 2.9% growth in Australia.

Gearing stood at 31.9% at end of December with funding capacity over $500m assuming gearing at the upper end of the target range, 40%.

The analyst retains a Hold, Medium risk rating with an unchanged target of $1.65.

Target price is $1.65 Current Price is $1.55 Difference: $0.1
If ASK meets the Shaw and Partners target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting downside of -0.3% (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

Citi rates AZJ as Neutral (3) -

In a further review of Aurizon Holdings' interim results, Citi raises its target to $4.00 from $3.45 on modest forecast earnings upgrades and after allowing for an increase in the dividend payout ratio to 90%.

A summary of Citi's initial research follows.

Citi notes Aurizon Holdings' 1H26 group earnings (EBITDA) was a beat by 3% on first glance, with coal earnings (EBITDA) around 12% better than expected and an improvement in yields with lower operating costs of -4%.

Bulk earnings (EBITDA) was also better by 5% due to higher volumes and the absence of previous impacts a year ago.

Network was boosted by a change in accounting to smooth revenue, the analyst explains.

While the overall result was a beat, Citi expects the boost from coal to dissipate in 2H26, but the DPS was a nice surprise and could reflect a change in capital management for the future.

Target price is $4.00 Current Price is $3.84 Difference: $0.16
If AZJ meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgan Stanley rates AZJ as Underweight (5) -

Aurizon Holdings delivered 1H earnings (EBITDA) of $891m, up 9% year-on-year, and 2% ahead of Morgan Stanley's forecast.

The result was driven by stronger Coal and Bulk earnings, explain the analysts, partly offset by a softer Network performance.

The board declared a 12.5cps interim dividend, 90% franked, with the payout lifted to 90%.

FY26 earnings guidance of $1,680-1,750m was maintained, supported by higher cost savings and lower capex, explains Morgan Stanley.

The Network division was retained following a strategic review, leverage eased to 3.1x, and the buyback increased by $100m to $250m, the broker highlights.

Target $3.27. Underweight. Industry View: In-Line.

Target price is $3.27 Current Price is $3.84 Difference: minus $0.57 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.42, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

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

After nine months of strong share price performance, UBS downgrades Aurizon Holdings to Sell from Neutral with the stock trading some 10% above the broker's price target.

The 1H26 result exceeded expectations, however UBS expects some reversion by the full year, and views on the assets have not changed materially. UBS expects Aurizon to remain a reliable cash generator and investors may be attracted to its yield and continued buyback.

However, Aurizon may face some pressure as investors turn attention to the slowing earnings outlook.

Over the next five years, UBS expects the core Coal and Network segments to be collectively flat with growth coming from Bulk and Containerised Freight, businesses with relatively less proven return on invested capital so far.

Relatively, UBS prefers Brambles ((BXB)) and Transurban ((TCL)) within logistics/infrastructure. Target rises to $3.50 from $3.25.

Target price is $3.50 Current Price is $3.84 Difference: minus $0.34 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.42, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates BEN as Sell (5) -

Citi raises its target for Bendigo & Adelaide Bank to $10.50 from $10.25 in the wake of interim results, and maintains a Sell Rating. It's felt the key challenge for management is engineeering a return to profitable growth.

A summary of initial thoughts by the analysts follows.

At first glance, Bendigo & Adelaide Bank announced 1H26 earnings which were around 3.5% better than Citi's expectations, with a NIM of 1.92% also a beat, which reflected a similar trend to recent results from peers.

Costs for the anti-money laundering program were estimated by management at around -$70m to -$90m over three years, or around 23bps of CET1, with -$15m flagged for 2H26.

The improvement in CET1 at 11.37% reflected movements from reserves. Although the result was generally solid, the market is expected to react adversely to the anti-money laundering cost update.

Target price is $10.50 Current Price is $11.20 Difference: minus $0.7 (current price is over target).
If BEN meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.67, suggesting downside of -6.0% (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 BEN as Underperform (5) -

Bendigo & Adelaide Bank delivered a 1H26 pre-provision beat, Macquarie notes, supported by better margins and expenses. However, the bank also announced estimated costs of -$70-90m for its anti-money laundering (AML) compliance.

While this provides some clarity, it appears these costs, in addition to the APRA overlay and the acquisition of RACQ Bank, constrain capital, Macquarie notes, as the bank conducts a partly underwritten DRP.

Macquarie expects margin headwinds to re-emerge as the balance sheet grows and term deposit spreads normalise.

With return on equity capped at 7%, limited earnings growth over the next three years, and ongoing (though reduced) AML uncertainty, Macquarie maintains Underperform.

Target unchanged at $10.00.

Target price is $10.00 Current Price is $11.20 Difference: minus $1.2 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.67, suggesting downside of -6.0% (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 BEN as Underweight (5) -

Bendigo & Adelaide Bank's interim cash profit rose 3% half-on-half, 3% above the consensus forecast aided by impairment benefits, explains Morgan Stanley.

The broker sees risks to margins, costs, capital flexibility and dividends, alongside a potential P/E de-rating, given management's fefforts to lift loan growth and transform technology.

Enhancing origination capabilities, and improving AML/CTF risk management are also expected to weigh. AML/CTF stands for Anti-Money Laundering / Counter-Terrorism Financing.

Underweight. Target $10.40. Industry View: In-Line.

Target price is $10.40 Current Price is $11.20 Difference: minus $0.8 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.67, suggesting downside of -6.0% (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 BEN as Accumulate (2) -

Ord Minnett maintains Accumulate rating for Bendigo & Adelaide Bank and lifts its price target to $11.50 from $11.00 (+5%) after 1H FY26 beats consensus as the regional lender prioritises margin over growth, in the broker's view.

NIM is 1.92% (+4bps) with a 1.94% exit rate, supported by cheaper deposits and reduced term funding.

Ord Minnett cautions shrinking the loan book is not sustainable and expects a slow recovery in volumes as the bank returns to growth via its new lending platform while protecting margins.

A key swing factor is the flagged Anti Money-Laundering (AML) compliance remediation cost guidance of $30m pa over three years, which Ord Minnett suspects may prove optimistic.

Forecasts were updated (EPS lifted for FY26/FY27, slightly trimmed for FY28).

Target price is $11.50 Current Price is $11.20 Difference: $0.3
If BEN meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.67, suggesting downside of -6.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates BEN as Neutral (3) -

Bendigo & Adelaide Bank's 1H26 result beat UBS on profit. Overall, in UBS' view this was a mixed result, with NIM improving on an improving deposit base and asset mix but lending down -1.9% half on half while costs rose 4.2% despite investment spend being down.

Looking ahead, the bank aims to align lending growth more closely with system growth, though this strategy may exert pressure on margins,.commentary suggests.

UBS revises projections to reflect the reduced loan growth and updated cost estimates related to addressing anti-money laundering compliance issues.

Neutral and $10.95 target retained. 

Target price is $10.95 Current Price is $11.20 Difference: minus $0.25 (current price is over target).
If BEN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.67, suggesting downside of -6.0% (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 BGL as Outperform (1) -

Management at Bellevue Gold today announced remaining 4QFY26 hedges have been pre-delivered. The company also announced an approved pre-feasibility study (PFS) for a -$35-40m paste fill plant at the Bellevue gold project.

Following the pre-delivery of hedges, the company is fully exposed to spot gold prices in 2HFY26, explains the analyst in an initial assessment.

The paste plant is expected to lift recoveries and support Reserve growth, the broker suggests, with FY26 capex raised but guidance unchanged.

Outperform. Target $2.10.

Target price is $2.10 Current Price is $1.78 Difference: $0.32
If BGL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BHP as Neutral (3) -

In a flash update, Macquarie notes BHP Group achieved a 1H26 earnings (EBITDA) beat of 3% against consensus and free cash flow a 23% beat on operating cash flow with lower capex and net debt in line at US$14.7bn.

A 1H26 DPS of 73c was 16% higher than consensus on a circa 60% payout ratio.

Copper came in 2% better and is now the group's largest segment earner over iron ore. Management updated its copper growth pipeline with the analyst highlighting capital intensity and growth for Vicuna and OD growth.

Macquarie views the result as "strong" and sees the challenge for the group of funding attractive copper growth and keeping yield.

Target is $51. Neutral rating.

Target price is $51.00 Current Price is $50.36 Difference: $0.64
If BHP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $50.18, suggesting downside of -5.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates BSL as Outperform (1) -

BlueScope Steel reported a 1H26 result that beat expectations. A revised capital management framework was likely accelerated by the recent SGH ((SGH))/Steel Dynamics takeover bid, Macquarie suggests.

Developments in the bid remain at the forefront, and Macquarie sees arm-wrestling about property values and recent FX moves as key points of debate, while North Star's strong guidance and North America Buildings strong performance are key supports.

Meanwhile, valuation remains attractive to Macquarie as earnings recovery takes hold. Capital management underpins. Target falls to $33.80 from $34.05, Outperform retained.

Target price is $33.80 Current Price is $28.37 Difference: $5.43
If BSL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $28.58, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

Morgan Stanley points to inline 1H26 earnings (EBIT) for BlueScope Steel and 2H26 guidance of $620-$700m EBIT, which also met expectations.

More robust US spreads and volumes are expected to be slightly offset by weaker Asian spreads and forex headwinds in 2H26.

A 65c interim DPS was announced with $3 cash returns in 2026 made up of $1.30 ordinary DPS, $1 special and a circa $0.70 buyback.

Capex is expected to peak in 2H26 and cost outs of $200m are anticipated by FY26 and another $150m in FY27.

Equal-weight. Target $30. Industry View: In-Line.

Target price is $30.00 Current Price is $28.37 Difference: $1.63
If BSL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $28.58, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates CEN as Outperform (1) -

Contact Energy’s 1H26 earnings were 5% above Macquarie and the dividend was in line. FY26 earnings guidance rises 2%, in line with consensus. An NZ$525m equity raise was announced , with acceleration of the development pipeline envisioned.

January earnings were up 41% year on year and suggestive of upside to 2H26 guidance, in Macquarie's view. The broker sees the balance of risks in catalysts skewed to the upside.

Outperform retained, target rises to NZ$11.37 from NZ$11.20.

Current Price is $0.00. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Citi rates CGF as Buy (1) -

Citi's early assessment is Challenger's H1 represents a "small miss" with lower CoE margin and weaker quality sales to blame, but a $150m share buyback and bigger picture are more positive, the broker adds.

Tighter credit spreads translates into significantly lower investment yields in the half, commentary highlights. Luckily, stronger transaction and placement fees in Funds Management tempered the impact.

Management has reaffirmed FY26 guidance of $455m-$495m.

Buy. Target $10.25.

Target price is $10.25 Current Price is $8.42 Difference: $1.83
If CGF meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates CGF as Outperform (1) -

On first inspection, Challenger announced weak 1H26 results for the underlying business, Macquarie remarks. Management announced a buyback up to $150m and the broker is modelling a $750m buyback over three years.

Life operating earnings margin and normalised profit before tax missed consensus "materially", the broker states, as did closing capital.

A better than expected DPS and FY26 guidance retained were positives although the analyst notes it is not a seasonal business.

The buyback is viewed as interesting timing before APRA's new capital standard is announced, which is due to support and create competition in the local annuity market.

Outperform rated. Target $10.

Target price is $10.00 Current Price is $8.42 Difference: $1.58
If CGF meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CU6 as Speculative Buy (1) -

Bell Potter highlights abstract data confirms to the analyst the supperiority of Cu-64. Fresh clinical data show 64Cu-SAR-bisPSMA detects recurrent prostate cancer more effectively than the current standard scan.

In a 50-patient study, 64Cu-SAR-bisPSMA identified lesions in 78% of men compared with 36% for 68Ga-PSMA11, with the improved detection leading to treatment changes in 44% of cases and achieving strong agreement across independent reviewers.

The broker views this as clear evidence the agent performs better in men with low PSA levels, where early detection is most difficult and focus is now expected to go to the larger AMPLIFY approval study, due later this year.

Commentary highlights Clarity Pharmaceuticals is well funded with cash reserves over $226m at the end of December. Bell Potter retains a Speculative Buy rating and $6.40 target price.

Target price is $6.40 Current Price is $3.57 Difference: $2.83
If CU6 meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates CVL as Buy (1) -

Civmec announced better than expected 1H26 net profit after tax of $21.4m and although down -18% y/y it was 9% above consensus and 20% above Bell Potter's forecast.

Revenue fell -24% due to a decline in resources revenue of -45% as one major project finished and a gap emerged before the ramp up of recently won contracts. Earnings (EBITDA) margin at 12.3% was higher than the 10.3% a year earlier.

The contractor retains an order book of $1.35bn.

The analyst downgrades EPS forecasts by -12% for FY26 and -17% for FY27 with target price raised to $1.90 from $1.70 and a Buy rating retained.

Target price is $1.90 Current Price is $1.59 Difference: $0.31
If CVL meets the Bell Potter target it will return approximately 19% (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 DRR as Sell (5) -

At first look, Deterra Royalties delivered a marginal 1H26 EPS beat with 16.5cps versus UBS at 14.0cps and consensus at 15.1cps, while revenue of $121m was ahead of UBS but below consensus.

Underlying net profit after tax of $76m was slightly above the broker's forecast and broadly in line with consensus, supported by record mining area C volumes and stronger iron ore pricing.

A 12.4c 1H dividend represented a clear beat, with the payout ratio set at 75%. Net debt declined to $148.8m following the divestment of non-core precious metals assets.

Sell. Target $3.95.

Target price is $3.95 Current Price is $4.15 Difference: minus $0.2 (current price is over target).
If DRR meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.47, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates EVN as Hold (3) -

Ord Minnett keeps its Hold rating for Evolution Mining and lifts price target to $13.10 from $12.30 (+7%) after what it considers a solid 1H26 with a stronger-than-expected interim dividend.

Interim dividend is 20c (above consensus), with EBITDA modestly ahead on lower TC/RC deductions.

The broker notes Evolution Mining approved growth projects at Northparkes (E22, mill mods, coarse particle flotation) and EHM (Bert), which Ord Minnett estimates deliver 23–28% IRRs on conservative assumptions.

NAV lifted by 9% but the broker stays cautious given valuation (c1.9x P/NAV) and higher capex (guidance up 20%).

Forecasts were updated to incorporate project approvals and revised capex assumptions.

Target price is $13.10 Current Price is $15.19 Difference: minus $2.09 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.12, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates FRW as Outperform (1) -

Freightways Group's 1H26 result proved in line with Macquarie's forecast. However, while the NZ economy appears to have stabilised, a recovery is likely to be slow and gradual, the broker suggests.

While management noted strength in the Healthcare and third-party logistics segments, consumer led segments like Retail, Accomodation, Food Services and Education and Training remain challenging.

Despite near-term macroeconomic headwinds, expected RBNZ rate cuts are ultimately likely to stimulate the domestic economy, Macquarie suggests. Outperform retained, target rises to NZ$15.65 from NZ$15.20.

Current Price is $0.00. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

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

It is Ord Minnett's view 1H earnings beat and visibility has improved, and thus the broker upgrades Freightways Group to Buy and its lifts valuation to $13.87 from $12.84 (+8%).

Commentary points to 1H EBITDA of $143.4m (+10%) and NPATA $58.6m (+15%), with Express performance and 2% currency uplift offsetting one-off restructuring.

NZ comparable sales improve to 2.5% (strongest since FY22), with Ord Minnett expecting mid-to-high single-digit NZ Express revenue growth in 2H on share gains and rate rises.

The VT Freight Express acquisition lifts Australia to above 40% of group revenue on a run-rate basis, adding a further growth platform in Express.

Forecasts/valuation were revised higher to reflect improved earnings momentum and strategy execution. Dividend estimates have gone up slightly.

Target price is $13.87

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates GMD as Buy (1) -

Citi views Genesis Minerals’ proposed Magnetic Resources ((MAU)) acquisition as strategically sound despite a full price. Genesis will acquire 100% of Magnetic for around -$639m, 70% cash and 30% scrip, implying $2.00 per share.

While expensive on resource metrics, the analyst highlights synergies could deliver a 4% uplift to its estimate of net present value (NPV).

Magnetic's Lady Julie gold project complements Genesis' Laverton and Focus Minerals, the analysts note, with integration details expected in H1FY26 alongside mill expansion plans.

Target $10.10. Buy.

Target price is $10.10 Current Price is $7.38 Difference: $2.72
If GMD meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $9.72, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates GMD as Buy (1) -

Genesis Minerals haa announced a bid to acquire Magnetic Resources ((MAU)) for 70% cash and 30% scrip, which would increase resources by 13% and reserves by 24%. 

Magnetic's Lady Julie deposit sits roughly 20km from Genesis' existing 3Mtpa Laverton processing plant, and should this proceed, Genesis would have a more evenly spread 8.4Moz and 9.7Moz gold inventory across the Laverton and Leonora hubs, UBS notes.

Against a backdrop of rising costs across the WA gold sector, UBS thinks Genesis remains relatively well positioned given almost 2x production growth that is in part grade-driven. Buy retained, target rises to $10.75 from $10.00.

Target price is $10.75 Current Price is $7.38 Difference: $3.37
If GMD meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $9.72, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates GPT as Upgrade to Outperform from Neutral (1) -

GPT Group's 2025 funds from operations were up 5.7% year on year, directly in line with guidance and Macquarie's expectations. FY26 guidance is for growth 4% year on year.

The investment portfolio is performing strongly, Macquarie notes, with growth of 6.3%, accelerating from 5.8% in 1H25. This strength was evident across all sectors of Retail, Office and Logistics.

Execution of strategy offers upside potential to valuation in the medium to long term, the broker suggests, and evidence of growth in third-party funds under managamenyt is key. GPT is trading at an -8% discount to net tangible asset valuation.

Target rises to $5.70 from $5.55, Upgrade to Outperform from Neutral.

Target price is $5.70 Current Price is $5.07 Difference: $0.63
If GPT meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 16.2% (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

Morgan Stanley rates GPT as Overweight (1) -

GPT Group achieved 2025 funds from operations of 34c per share which met guidance, with management guiding to 2026 funds from operations of 35.4c which is slightly lower than Morgan Stanley's 35.7c forecast and consensus at 35.5c.

The analyst notes the group did beat 2025 original guidance. Dividend guidance at 24.5c is also slightly lower than the broker and consensus estimates at 24.9c and 25.1c, respectively.

Gearing came in at 31.1% with 72% of drawn debt hedged for 2026 and a 3.2% base rate. Operationally, retail was robust with 4.9% leasing spreads and office occupancy of 95.6%.

Overweight. Target price $6.32. Industry View: In-Line.

Target price is $6.32 Current Price is $5.07 Difference: $1.25
If GPT meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 16.2% (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

Morgans rates GPT as Accumulate (2) -

GPT Group posted 2025 earnings and distributions that were in line with forecasts. Morgans finds the business continuing to outperform in terms of operations while asset values have stabilised, showing resilience that comes with a diversified portfolio in a higher rate environment.

The transition to a scaled funds management platform is not being fully recognised by the market, the broker adds, desite assets under management increasing 15.6% to $39.8bn and $4.9bn in transactions being executed in 2026.

Accumulate retained. Target is reduced to $5.80 from $6.20 to reflect the prospect of higher rates.

Target price is $5.80 Current Price is $5.07 Difference: $0.73
If GPT meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 16.2% (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

UBS rates GPT as Buy (1) -

GPT Group delivered FY25 funds from operations ahead of its guidance of 5.0% growth which was upgraded twice last year. The group delivered a strong operational result across the board, UBS notes, and Office performance was a particular standout.

Retail momentum was sustained despite some concerns around the impact of potential rising rates. FY26 dividend guidance was nevertheless -2.4% below consensus, impacted by elevated leasing capital & maintenance capex.

The Wholesale Shopping Centre Fund raised $280m in capital in FY25, below the $500m earmarked at the August result. In UBS' view, these two issues are timing related and not a cause for concern.

Target falls to $5.90 from $6.00, Buy retained.

Target price is $5.90 Current Price is $5.07 Difference: $0.83
If GPT meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 16.2% (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

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

GWA Group reported 1H26 earnings and revenue in line with Macquarie's estimates. The market context is mixed, the broker notes, but GWA is managing this well. Customer outcomes are good, though cash conversion slimmed on seasonal inventory build.

End markets continue to show weakness, which coupled with monetary policy changes, may be an ongoing theme, Macquarie warns. Concerns over consumer confidence and increased opex on product development could weigh on growth in the near term.

While underpinned by dividends, the thesis is more complex as growth faces near-term headwinds. Downgrade to Neutral from Outperform. Target falls to $2.65 from $2.90.

Target price is $2.65 Current Price is $2.62 Difference: $0.03
If GWA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates INR as Speculative Buy (1) -

Bell Potter notes Ioneer recently raised $72m at 18c per share via an equity placement, with the pro forma December cash position at around $90m, which offers sufficient funding for 2026 including the final investment decision for its Rhyolite Ridge lithium-boron project.

The analyst retains a Speculative Buy with a lower target price of 39c from 46c.

Target price is $0.39 Current Price is $0.14 Difference: $0.25
If INR meets the Bell Potter target it will return approximately 179% (excluding dividends, fees and charges).

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

Citi rates JBH as Buy (1) -

Following JB Hi-Fi's interim results, Citi lowers its target to $100 from $110 and retains a Buy rating.

The broker sees upside risk to the consensus forecast in FY27, with current estimates already factoring in a material slowdown.

On first look, Citi notes JB Hi-Fi's 1H26 results were in line with earnings (EBIT) of $454m, around -1% below the analyst's forecast but 1% above consensus. Sales missed but gross margin was a beat.

The trading update was soft with like for like sales for January up 2.4% in Australia and 2.7% for The Good Guys. Citi currently forecasts 2H26 like for like sales for Australia of 6% growth and The Good Guys of 4%.

The analyst notes the stock sold off heavily last week in anticipation of a weaker earnings outlook.

Target price is $100.00 Current Price is $82.40 Difference: $17.6
If JBH meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $96.56, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates JBH as Outperform (1) -

Another solid result from JB Hi-Fi, Macquarie suggests, with 1H26 earnings 1% above consensus. On concerns of slowing comparable sales growth and headwinds from other factors such as chip inflation, the market had become overly concerned on the outlook, in the broker's view.

While the growth outlook has tempered, with January comparables slowing to 2.4% year on year growth, and as reflected in Macquarie's -10% valuation reduction since August, the broker believes concerns by the market are over-played.

JB Hi-Fi retains structural tailwinds and competitive advantage, with cost levers to manage earnings. Outperform retained, target falls to $106 from $112.

Target price is $106.00 Current Price is $82.40 Difference: $23.6
If JBH meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $96.56, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates JBH as Underweight (5) -

JB Hi-Fi achieved a marginal 1H26 earnings (EBIT) beat, 2% above consensus and up 8% y/y, Morgan Stanley details, with The Good Guys (TGG) like-for-like sales stronger than the market expected at 4% and a higher gross profit margin for JB Hi-Fi, up 11bps, as well as for TGG.

The trading update points to post-Christmas weaker growth, as same store sales growth of 2.4% for JB Hi-Fi and up 2.7% for TGG were both below consensus expectations for 2H26 of 4.8% and 3.5% growth, respectively.

Trading comps are challenging but it does suggest to the analyst January sales were softer. Management highlighted a cautious outlook given the uncertainty in the retail market and ongoing competitive activity.

Underweight rated and $72.90 target. Industry View: In-Line.

Target price is $72.90 Current Price is $82.40 Difference: minus $9.5 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $96.56, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates JBH as Upgrade to Hold from Trim (3) -

JB Hi-Fi’s first half result was largely in line with expectations. Morgans notes robust sales driven by demand for consumer electronics and home appliances.

The business has a "highly effective omni-channel model", the broker adds, with the large presence online complementing an extensive physical store spread.

The business is expected to outperform peers and there are tailwinds in the replacement cycle and AI-enabled product expansion. Rating is upgraded to Hold from Trim and the target is reduced to $87 from $95.

Target price is $87.00 Current Price is $82.40 Difference: $4.6
If JBH meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $96.56, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates JBH as Upgrade to Buy from Neutral (1) -

JB Hi-Fi has endured a significant share price decline since its FY25 result as concerns intensified about cycling the tough December quarter, including from UBS.

Commentary acknowledges these fears did not materialise, with the 1H26 result in line with consensus.

The forecast FY26 PE multiple has de-rated significantly from the FY25 result, UBS notes, but is still one deviation higher than the long term trend. This is justified, in the broker's view, given the increasingly evident resilience of JB Hi-Fi's earnings growth,

Given share price performance, a 1H26 result above UBS, and confidence on being able to enjoy a higher earnings multiple versus history, the risk-reward now appears attractive. UBS upgrades to Buy from Neutral. Target unchanged at $94.

Target price is $94.00 Current Price is $82.40 Difference: $11.6
If JBH meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $96.56, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates JDO as Buy (1) -

Judo Capital pre-tax profit of $86.5m is circa 1% ahead of consensus estimates, Citi concludes upon first assessment.

Compositionally, commentary suggests, the result was a 1% beat to consensus revenue on in-line AIEA but better NIM.

Management left FY26 PBT guidance unchanged for $180-190m, and the broker believes this is consistent with market expectations.

Buy. Target $2.15.

Target price is $2.15 Current Price is $1.85 Difference: $0.3
If JDO meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates JDO as Buy (1) -

Upon first glance, 1H26 is in line, and considered a positive, and UBS expects stronger earnings momentum into 2H26.

Commentary highlights PPOP $127m (in line), loan impairment -$40m (below UBS), cash NPAT $60m with diluted EPS 5.0cps (in line with consensus).

As far as banking metrics go, NII rises 9.9% hoh to $236m on loan growth, while NIM is 3.03% (-1bp hoh) and remains above management’s at least 3% target.

UBS notes CET1 is 12.6% and management tightens FY26 guidance to GLA $14.4–14.7bn with NIM 3.00–3.10%, CTI smaller than 50%, cost of risk 60–65bps and PBT $180–190m.

UBS keeps its rating on Buy with price target of $2.20; forecasts are broadly unchanged aside from reflecting the tighter guidance ranges.

Target price is $2.20 Current Price is $1.85 Difference: $0.35
If JDO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates NHC as Downgrade to Sell from Hold (5) -

Bell Potter downgrades New Hope to Sell from Hold with a higher target price of $4.10 from $4 due to the recent strength in the share price and the "subdued" outlook on the thermal coal price.

The coal producer announced quarterly saleable production of 2.8Mt, beating the analyst's forecast, and sales of 2.9Mt were also better than anticipated, with a drawdown in inventories to offset a one-week shutdown.

Average group sales price was $139/t, up 2% q/q, and higher coal prices were somewhat offset by a stronger AUD.

The broker now incorporates a forecast thermal coal price of US$110/t in 2026 from US$100/t previously and US$100/t in 2027-28, unchanged for 2027 previously and up from US$90/t in 2028 before.

Bell Potter lifts EPS forecasts by 29% for FY26 and 8% for FY27.

Target price is $4.10 Current Price is $4.77 Difference: minus $0.67 (current price is over target).
If NHC meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.42, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in July.

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 NHC as Underperform (5) -

New Hope posted production that was in line with expectations while sales beat estimates. First half EBITDA missed estimates by -16%, driven by costs.

Macquarie notes the second half skew for production at both Bengalla and New Acland and while the company has recovered its operations after a tough 2025, with the ramp up back to nameplate at Bengalla, cost performance remains the issue.

FY26 and FY27 estimates for EPS are cut by -19% and -13%, respectively. Underperform reiterated. Target lifts 5% to $4.40.

Target price is $4.40 Current Price is $4.77 Difference: minus $0.37 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.42, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in July.

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 NHC as Downgrade to Hold from Accumulate (3) -

New Hope provided underlying unaudited EBITDA of $106.9m for the second quarter, bringing the first half EBITDA to $214.8m, despite weaker spot prices.

Morgans believes the business is well-positioned to deliver low-cost, high-margin cash flow from thermal coal operations, even in the current pricing environment.

A robust financial position will also enable it to navigate any downturn and support attractive dividends for patient investors. Rating is downgraded to Hold from Accumulate and the target is lifted to $5.00 from $4.55.

Target price is $5.00 Current Price is $4.77 Difference: $0.23
If NHC meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Ord Minnett rates NST as Accumulate (2) -

Ord Minnett retains Accumulate and lifts price target to $29.70 from $27.40 (+8%) after an in-line 1H26 result from Northern Star Resources, including a dividend surprise that signals confidence on the broker's assessment.

Interim unfranked dividend is 25cps (circa 25% above consensus) despite negative 1H FCF of -$320m, which Ord Minnett reads as confidence in 2H cashflow.

Ord Minnett expects a much stronger 2H as KCGM milling/grades improve and the expansion nears completion (87% complete).

Key risk is seen for FY27 guidance (due Jul/Aug), with potential FY26 issues flowing through while KCGM completes commissioning and smaller assets carry more weight.

Forecasts were broadly unchanged, with the target uplift driven mainly by a higher P/NAV multiple.

Target price is $29.70 Current Price is $28.46 Difference: $1.24
If NST meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $31.43, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates OML as Outperform (1) -

oOh!media reported 2025 profit up 7% year on year, consistent with expectations and guidance provided in early November, Macquarie notes. 

The new CEO with his first address communicated areas of immediate focus, with emphasis on improving the legacy systems/processes, which have been a headwind to market share, and follows oOh!media's actions in 2025 to improve/restructure front-end sales capabilities.

Early signs are promising, Macquarie suggests, with share gains in Australia across December 2025/January 2026, and there is expected to be a broader update on the business at the AGM in May.

Target falls to $1.40 from $1.45, Outperform retained.

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

Current consensus price target is $1.57, suggesting upside of 47.8% (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

UBS rates OML as Buy (1) -

oOh!media's 2025 result was in-line with its recently downgraded guidance from November. The company revealed that 1Q26 revenues are tracking up 2% year on year, which was slightly below consensus' 1H26 expectations of 3%.

Within this, Australia is up 7% while New Zealand is down -47%, given the known Auckland Transport contract loss. The overall ad spend environment continues to remain challenging with limited visibility and the movement to a rate hike environment in Australia does not help this, UBS suggests.

However, the stock is trading at a 2026 PE of 10x. UBS views this multiple as too cheap and reflecting an ex-growth business.

oOh!media remains the largest player in a market category, being Outdoor advertising, that has a runway of structural growth over the medium term, the report states.

Target falls to $1.50 from $1.75, Buy retained.

Target price is $1.50 Current Price is $1.09 Difference: $0.41
If OML meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 47.8% (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 PME as Buy (1) -

Ord Minnett reiterates its Buy rating but cuts its price target to $220 from $305 (-28%) after Pro Medicus' 1H FY26 operating earnings and revenues missed expectations, largely due to 2H contract skew and FX.

Ord Minnett argues the share price fall (almost -25% on the day) was overdone and amplified by broader AI panic affecting software stocks.

The broker views Visage as defensible given mission-critical workflow integration, tight regulation (eg FDA), deep domain expertise, and a processing engine it says is hard to replicate.

Commentary highlights 2H delivery as the key catalyst as contracts roll through, while the primary risk is identified as ongoing FX/multiple volatility amid the AI-led de-rating.

Forecasts were downgraded (EPS cut across FY26–FY28) and valuation assumptions updated.

Target price is $220.00 Current Price is $116.97 Difference: $103.03
If PME meets the Ord Minnett target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $259.00, suggesting upside of 103.1% (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

Ord Minnett rates PPS as Buy (1) -

Ord Minnett maintains its Buy rating after Praemium flagged a technology restructure post-Technotia, targeting annualised cost savings of circa $9m (12% of the FY25 cost base).

Praemium is reducing duplicate IT roles and closing software development operations in Armenia, with FY26 impact guided as net neutral after -$3.3m redundancy costs.

Ord Minnett expects a FY27 tailwind to EBITDA margins from the lower cost base, with Technotia intended to lift automation and reduce costs.

Commentary suggests the primary risk is execution disruption from a slimmer IT workforce and the possibility reinvestment offsets some savings.

Forecasts were left unchanged pending more detail.

Target price is $1.15

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 PXA as Outperform (1) -

Pexa Group has announced the wind-up of Digital Solutions, including the impairment of several assets and the sale of Value Australia and ID.

Macquarie has long considered Digital Solutions to add little value to the long-term growth prospects of Pexa, while in the broker's view diverting management attention. 

Commentary states this is another positive step from new management, sharpening focus on the jewel in the crown, the PEXA platform.

Target rises to $19.15 from $19.00, Outperform retained.

Target price is $19.15 Current Price is $13.87 Difference: $5.28
If PXA meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 19.4% (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 PXA as Buy (1) -

Pexa Group plans to exit its Digital Solutions business by the end of FY26. In UBS' view, this unlocks three key benefits: focuses operations on its core Australian & International exchanges, removes an earnings drag, and allows the redistribution of capital to core operations.

Upgraded guidance has been attributed to 'record transaction volumes in December' within the Australian exchange and strong performance in International, where analysis indicates UK Refinance volumes have been robust  compared to more modest Sale & Purchase volumes.

With a clearer focus, solid trends across core operations and significant value optionality in the UK, UBS retains Buy and a.$17 target.

Target price is $17.00 Current Price is $13.87 Difference: $3.13
If PXA meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 19.4% (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 QUB as Buy (1) -

Qube Holdings and Macquarie Asset Management (MAM), a dvision of Macquarie Group ((MQG)) have entered a scheme implementation deed, with a meeting expected in June 2026. MAM is set to acquire Qube Holdings.

Under the scheme, Citi highlights Qube may pay dividends of up to 40c per share, which would correspondingly reduce the offer price, while potentially releasing franking credits of up to 17c per share.

For Qube Holdings, the broker's target is $4.90. Sell.

Target price is $4.90 Current Price is $5.01 Difference: minus $0.11 (current price is over target).
If QUB meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.10, suggesting upside of 2.2% (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 RWC as Neutral (3) -

Citi's early assessment is Reliance Worldwide's 1H26 missed by some -5% and that is compounded by a declining outlook.

The analysts argue softness in US market and tariff uncertainty were largely known, but today's update has unearthed new pockets of softness in Australia and EMEA.

Commentary sees more headwinds on the horizon, via copper pricing and new tariff costs in FY27.

Target $4.25. Neutral.

Target price is $4.25 Current Price is $3.85 Difference: $0.4
If RWC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

UBS rates RWC as Neutral (3) -

Upon first assessment, UBS labels Reliance Worldwide's 1H26 result mixed, with group EBITDA -5% below consensus as APAC and EMEA softness offsets an Americas margin beat, while US and UK housing volumes remain muted.

Commentary notes group sales declined -5% to US$645m, underlying EBITDA fell -23% to US$111m and UNPAT by -31% to US$52m; with an interim dividend of 2.0cps (unfranked).

UBS highlights Americas EBITDA at US$69m (4% above consensus) but margins are down on tariffs/weaker end markets and customer destocking, while APAC (US$13m) and EMEA (US$33m) miss on competition/mix and higher UK labour plus manufacturing investment.

Management has guideed to 2H sales growth at mid-single digits and FY26 sales broadly flat, but FY26 adjusted EBITDA margin lower y/y; the group tariff impact is guided at US$25–30m with capex -US$25–30m.

UBS notes the 2H EBITDA outlook looks a touch below its own forecast and below consensus. Neutral. Target $4.15.

Target price is $4.15 Current Price is $3.85 Difference: $0.3
If RWC meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Citi rates SEK as Buy (1) -

Citi's early response is Seek's reported core NPAT of $104m is -6% below its own forecast, though it is up 35% yoy and in-line with consensus.

The "miss" was driven by lower A&NZ revenue, as well as higher-than-expected share-based payments, commentary explains.

Management upgraded revenue and EBITDA guidance, the broker notes. As the share price has been weak of late, there might well be a positive response, the report concludes.

Target $29.55. Buy.

Target price is $29.55 Current Price is $17.10 Difference: $12.45
If SEK meets the Citi target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 83.2% (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

Macquarie rates SEK as Outperform (1) -

Today's interim results for Seek revealed adjusted profit of $104m, up 35% year-on-year, broadly in line with Macquarie's expectation.

In an intial take, the broker sees this outcome as yield-driven (up 17%), while Australian volumes declined -2%, with operating leverage improving.

Profit guidance narrowed to $195-215m, with modest midpoint increases to revenue and earnings guidance, primarily supported by an upgrade in A&NZ yields to "low double digits from 10%, explain the analysts.

The Seek Growth Fund valuation remains $1.8bn, flat since June 30, notes the broker, with potential divestment and redemption optionality flagged.

Outperform. Target price $32.50.

Target price is $32.50 Current Price is $17.10 Difference: $15.4
If SEK meets the Macquarie target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 83.2% (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

UBS rates SEK as Buy (1) -

Upon first assessment, UBS calls Seek's 1H26 a good, in-line result, with yields the standout and FY26 guidance tightened to the top end, while also flagging volume downside risk.

The report notes Net revenue (ex Sidekicker) of $601m (+12% y/y), EBITDA $267m, adjusted NPAT $104m and dividend 27cps (all broadly in line with consensus).

FY26 guidance is tightened to revenue $1.19–1.23bn, EBITDA $530–550m and adjusted NPAT $195–215m (with opex -$660–680m and capex -$150–160m).

Seek is also looking to divest its stake in Employment Hero.

Buy. Price target $27.20. Thes broker sits slightly below consensus on FY26 revenue because of projected negative -1.5% volume growth versus company guidance still assuming flat volumes.

Target price is $27.20 Current Price is $17.10 Difference: $10.1
If SEK meets the UBS target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 83.2% (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

UBS rates SGM as Buy (1) -

It is UBS' first impression Sims released a strong 1H26 performance, with group EBIT $121m (16% above consensus) as SLS momentum continues and Metals outperforms.

The standout is identified as Metals, where ANZ Metals implied EBIT/t jumps to $30/t (vs UBS $15/t) and North America Metals also beats on a firmer EBIT/t despite lower volumes, while the NAM turnaround reflects volume discipline under the new strategy.

SLS beats consensus on stronger-than-expected DDR4 pricing, and UBS expects the structural supply-demand imbalance in DDR4 chips to persist.

UBS sees non-ferrous markets staying strong and the domestic shred premium supporting NAM/SAR margins, but flags record Chinese steel exports keeping ferrous prices muted outside the US as the key sector headwind.

Buy. Target $25.

Target price is $25.00 Current Price is $21.28 Difference: $3.72
If SGM meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.32, suggesting downside of -14.9% (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 SGP as Buy (1) -

A day after Stockland's interim results, Citi decides to retain its Buy rating. No mention of an amended target (prior $6.90) in available research from the broker at this time.

The result highlighted strong 2Q26 residential sales growth of 10% quarter-on-quarter, supported by a recovery in Victoria, explain the analysts.

While the medium-term outlook for Australian residential is constructive, near-term constraints remain.

A summary of the analysts' initial take on results yesterday follows.

Stockland announced 1H26 funds from operations of 13.5c, which was better than consensus and 2% above Citi's forecast.

At first glance, the analyst notes the beat reflected lower interest and tax, with FY26 guidance retained at 36-37c. Residential settlements were 13% above consensus and margins softer at 18.1%, which is indicative of a 2H26 skew.

Management announced 350MW of data centre power secured for two sites in Victoria, as well as a 50:50 land lease partnership with an existing investor.

Citi expects the stock to react positively to the results.

Target price is $6.90 Current Price is $5.29 Difference: $1.61
If SGP meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates SGP as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades Stockland to Outperform from Neutral, noting first half earnings were ahead of expectations. FY26 FFO guidance has been reaffirmed at 36-37c per security.

The company has elevated numbers of contracts on hand with 80% of these expected to settle in the second half and points out that buyer behaviour typically shifts only after a second or third rate rise, with settlements affected 6-9 months later.

Macquarie assesses this will provide confidence in second half settlements with sales offices not yet seeing deferrals.

The Queensland, New South Wales and Western Australian markets remain firm, the broker adds, with sales constrained by supply rather than demand. Target is $5.42.

Target price is $5.42 Current Price is $5.29 Difference: $0.13
If SGP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates SGP as Overweight (1) -

Stockland announced 1H26 funds from operations of 13.5c which was a slight beat on consensus expectations of 13.14c, with FY26 guidance retained at 35-37c, Morgan Stanley explains.

Settlements over the period came in at 3,168 with 4,316 contracts for 2H26 bringing the total secured to 7,484. The FY26 end result will depend on how much can be sold and settled in 2H26, the broker remarks.

Morgan Stanley notes the earnings beat can be attributed to capitalised interest with more funds being applied in developments. Also, Stockland has moved into data centres with 350MW of power secured in Victoria and a new land lease partnership with an existing investor.

Overweight. Target $6.80. Industry View: In-Line.

Target price is $6.80 Current Price is $5.29 Difference: $1.51
If SGP meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates SGP as Neutral (3) -

Stockland reported 1H26 funds from operations ahead of consensus. Second half concerns have been allayed with a settlements beat, UBS suggests, but the rate outlook is not biting yet.

The 'here and now' is better than anticipated, UBS notes, and with 85% of the pipeline active, FY26 is the step-change year for settlements. Combined with an undemanding valuation, Stockland is looking more interesting.

UBS retains a Neutral rating due to caution on the cash rate outlook. Target falls to $5.79 from $5.82.

Target price is $5.79 Current Price is $5.29 Difference: $0.5
If SGP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates SLC as Buy (1) -

Citi is encouraged by strong year-on-year growth in Superloop’s January app downloads, reinforcing expectations for sustained elevated net-add momentum through FY26.

The company's pricing alongside Origin Energy's ((ORG)) pricing, including offers, represents a solid value-proposition, in the analysts' view.

The broker anticipates management will deliver upbeat outlook commentary alongside this month’s interim results.

Buy. Target $3.75.

Target price is $3.75 Current Price is $2.40 Difference: $1.35
If SLC meets the Citi target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates STO as Outperform (1) -

Macquarie reduces earnings expectations marginally, EPS estimates for 2025 reduced -8%, because of the additional item guidance that was provided by Santos.

The company has already pre-reported free cash flow of US$1.8bn for 2025 at the quarterly so there is no change to dividend forecasts.

Outperform rating and $7.77 target.

Target price is $7.77 Current Price is $6.70 Difference: $1.07
If STO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates TWE as Sell (5) -

After further scrutiny of interim results released by Treasury Wine Estates yesterday, the analysts at Citi lower their target to $4.25 from $4.80 and retain a Sell rating.

For the near-term, the broker has concerns around further disruption from US distributor changes and mounting structural headwinds as oral GLP-1 formats (which may reduce alcohol consumption) gain availability. 

The analysts support strategies by management to reduce gearing, though leverage is expected to rise before improving. A turnaround is seen as achievable, but likely gradual.

Any recovery is expected to take time as distribution resets and competitive dynamics stabilise.

A summary of the broker's initial research follows.

On first look, Citi notes Treasury Wine Estates reported a 1H26 statutory net loss of -$649.4m, which was a miss. The analyst forecast a loss of -$554.1m and consensus -$169.1m.

Earnings (EBIT) of $236.4m met expectations and was above consensus, but that could be attributed to analysts updating forecasts post last week's update, the analyst explains.

Management's cost out target of $100m per annum over the next 2-3 years is doing well and more details are anticipated at the June 4 investor day.

Citi does not believe there is a lot of new news in the earnings report, with the market likely to focus on cost outs and lowering leverage, as well as how swiftly California post RNDC improves.

Target price is $4.25 Current Price is $4.97 Difference: minus $0.72 (current price is over target).
If TWE 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 $4.94, suggesting upside of 4.3% (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 TWE as Neutral (3) -

Macquarie found little that surprised in the first half earnings given the recent update from Treasury Wine Estates. Management has provided "qualitative" guidance, for second half earnings to be higher than the first half.

Earnings are forecast to improve as California distributions transition, but the broker notes the long-term outlook remains unclear.

In order to become more positive, Macquarie awaits further evidence the underlying market performance is improving as well as customers sufficiently destocking in China and the US.

Neutral. Target edges up to $5.30 from $5.20.

Target price is $5.30 Current Price is $4.97 Difference: $0.33
If TWE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 4.3% (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 TWE as Equal-weight (3) -

Treasury Wine Estates largely pre-guided to 1H26 results but margins came in softer than anticipated, Morgan Stanley notes.

There was no change to management's 2H26 earnings (EBITS) guidance, while an impairment for goodwill, brands and inventory came in higher than anticipated at -$987.6m versus -$690m, previously.

Regarding the transition program Ascent, the analyst points to a multi-year program as the inventory is unwound and aligns with the view that "repair" will come before growth.

There was no change to Penfold's China wholesale pricing and management has received some positive feedback on actions being taken to stop parallel imports.

Equal-weight and $5.10 target. Industry View: In-Line.

Target price is $5.10 Current Price is $4.97 Difference: $0.13
If TWE meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 4.3% (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 TWE as Lighten (4) -

Ord Minnett keeps its Lighten rating and target of $5.00 after Treasury Wine Estates' 1H FY26 matched pre-announced numbers, but also highlights the dividend suspension as the key development.

The broker highlights balance sheet leverage is stretched with ND/EBITDAS at 2.4x versus the 1.5–2.0x target, and Ord Minnett expects it to rise in 2H as the company funds the RNDC inventory buyback and grower payments.

The RNDC settlement implies a circa -US$65m (-$92m) cash outflow in 2H FY26, which Ord Minnett notes should still allow leverage to trend to 2.2x by end-FY27 if capex stays lower and earnings stabilise.

Penfolds destocking/margin pressure is considered the primary risk and confidence is unlikely to recover until Penfolds performance improves, the report concludes.

Forecasts were updated (FY26 EPS lifted, FY27 lowered, FY28 lifted) and risk rating raised to Higher.

Target price is $5.00 Current Price is $4.97 Difference: $0.03
If TWE meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 4.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates TWE as Sell (5) -

Treasury Wine Estates' 1H26 result showed earnings in line and FY26 guidance broadly in line with consensus.

The company has noted improved depletions in 1H26 in selected key markets for Penfolds. This is pleasing for UBS yet requires execution, a priority of the new CEO to be improved and for this to be maintained such that it converts into shipments growth, which remain weak.

There are also company specific headwinds including loss of control of Penfolds supply,  an overweight position in the large but declining Californian market; and the ongoing task to unwind the excess shipments, UBS suggests.

UBS retains Sell due to tough industry backdrop (reduced alcohol demand, wine underperformance versus other categories) and company-specific headwinds. Target unchanged at $4.75.

Target price is $4.75 Current Price is $4.97 Difference: minus $0.22 (current price is over target).
If TWE meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.94, suggesting upside of 4.3% (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 VBX as Speculative Buy (1) -

VBX has updated on the Wuudagu bauxite project as new discoveries have driven a 108% increase in measured and indicated resources.

The expanded base supports the possibility of a materially larger operation than originally contemplated in the prefeasibility study and Morgans assesses a 9mtpa development is increasingly plausible.

Speculative Buy rating maintained and the target is $2.10. The broker points out pure plays in bulk commodities are rare and low capital expenditure even rarer so is attracted to the stock given the significant potential.

Target price is $2.10 Current Price is $1.02 Difference: $1.08
If VBX meets the Morgans 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