Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Bell Potter found 2025 revenue from Life360 slightly ahead of estimates while adjusted EBITDA of $93m beat forecasts. Guidance is for adjusted EBITDA of US$128-138m, which the company expects to be "lightly weighted" to the first half.

Bell Potter upgrades estimates for 2026 by 2% and 2027 by 1%. The broker revisits its modelling, with the net result being a -4% reduction in the target to $40.00 from $41.50. Buy rating maintained.

Target price is $40.00 Current Price is $20.36 Difference: $19.64
If 360 meets the Bell Potter target it will return approximately 96% (excluding dividends, fees and charges).

Current consensus price target is $39.44, suggesting upside of 94.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates 360 as Buy (1) -

Further to the initial observations on Life360's 2025 results, Citi stresses management's comments the company has a history of "over delivering".

MAU growth for 2026 is supported by new executive hires in Brazil and Mexico, targeted marketing and product initiatives in international markets, and efforts to re-engage around 20m inactive MAUs on the platform.

The broker highlights steady growth in key revenue-generating markets and views subscription revenue guidance as conservative, although the stock may remain a wait-and-see story until 1Q or 2Q trends become clearer.

Citi suspects the current MAU growth forecast for 1Q2026 is too high but it does not alter the likely annual result.

Buy rated. Target $40.75 (US$68.73).

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Life360 reported 2025 earnings that were ahead of Citi's estimates and ahead of the guidance that was provided in January. Guidance for 20% year-on-year growth has been reiterated.

At first glance, the broker points out a key concern among investors had been 2026 guidance and suspects this may be upgraded, given the company has a track record of upgrading guidance throughout the year.

Citi has a $40.75 target on the stock with a Buy rating. Target for Nasdaq listing is US$82.25.

Target price is $40.75 Current Price is $20.36 Difference: $20.39
If 360 meets the Citi target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $39.44, suggesting upside of 94.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates 360 as Overweight (1) -

Morgan Stanley observes Life360's 4Q2025 revenue and earnings (EBITDA) were above upgraded guidance. Monthly average users were pre-reported at 95.8m.

Management reiterated guidance of 20% growth in monthly average users, with the analyst querying and looking for more transparency on whether subs growth of 26% in 2025 can continue to advance ahead of monthly average users.

Revenue guidance came in at US$640-US$680m, with consensus at US$655.9m, and earnings (EBITDA) at US$128m-US$138m, with consensus at US$131.9m.

Life360 also reiterated earnings seasonality is likely weighted to 2H2026 and revenue growth to accelerate from both core subs and scaling of the advertising platforms.

Overweight. Target $50. Industry view: In Line.

Target price is $50.00 Current Price is $20.36 Difference: $29.64
If 360 meets the Morgan Stanley target it will return approximately 146% (excluding dividends, fees and charges).

Current consensus price target is $39.44, suggesting upside of 94.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates 360 as Buy (1) -

Following FY25 results, Ord Minnett slashes is target for Life360 to $27 from $50 on a combination of lower EPS forecasts and a higher assumed risk-free interest rate.

The broker retains a Buy rating as it's felt investor concerns are priced into the current share price.

2025 revenue and earnings (EBITDA) came in slightly above January guidance, but 2026 guidance disappointed the broker as operating earnings will be heavily weighted to H2 due to H1 investment, management explained.

Investors are particularly sceptical of guidance for circa 115m monthly average users (MAUs) in 2026, suggests the analyst. 

It's noted US investors typically focuses on MAUs as a key performance measure for software-as-a-service (SaaS) companies.

Target price is $27.00 Current Price is $20.36 Difference: $6.64
If 360 meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $39.44, suggesting upside of 94.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates ALL as Outperform (1) -

Trackable US casino gaming revenues rose 1% on the prior year in January, highlights Macquarie, with regional markets up 4% and Las Vegas down -11%.

The broker expects both Las Vegas and regional casinos to deliver low single-digit growth in 2026, broadly consistent with 2025 trends.

The analyst remains constructive on Aristocrat Leisure and Light & Wonder, citing supportive trends for Gaming Operations, including variable revenue machines.

Solid outright volumes are expected to be underpinned by operator budgets. Target of $63 and Outperform rating kept for Aristocrat Leisure.

Target price is $63.00 Current Price is $46.06 Difference: $16.94
If ALL meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $67.56, suggesting upside of 46.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ALQ as Buy (1) -

Bell Potter reviews the cyclical drivers for ALS Ltd and upgrades estimates and valuation. The broker's view on major and intermediate exploration expenditure is signalling expansion of 24% in 2026.

This level of growth has not been seen since 2021-22.

In 2025, food testing services performed strongly, with peers reporting organic revenue growth that was driven by demand for contaminants and safety testing.

The broker is also yet to find meaningful deployment of the record-breaking junior equity raising trend observed over the past year. Buy rating maintained. Target is raised to $28 from $25.

Target price is $28.00 Current Price is $25.59 Difference: $2.41
If ALQ meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $25.59, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in March.

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 BAP as Upgrade to Neutral from Sell (3) -

Citi's updated modeling (post cap raise) has resulted in a target price cut to 76c. Two days ago, before taking into account the significant dilution, that price target was set at $1.25.

The other change is an upgrade to Neutral from Sell, as the share price has quickly de-rated to 71c.

Target price is $0.76 Current Price is $0.72 Difference: $0.045
If BAP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 67.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates BMN as Outperform (1) -

Bannerman Energy’s US$321m partnership with China National Nuclear Corporation, delivering a 42.75% effective interest to the latter in the Etango operation, materially de-risks the project, Macquarie suggests.

The transaction supports value maximisation through 60% life-of-mine (LOM) offtake at market-based prices with no ceiling and accelerated payment terms, the analyst explains.

Expected equity dilution falls to 236m shares from 324m previously. Macquarie notes no debt is required ahead of the final investment decision (FID) targeted for mid-2026

Target price falls to $5.60 from $5.85. Macquarie retains an Outperform rating.

Target price is $5.60 Current Price is $4.79 Difference: $0.81
If BMN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BOE as Underperform (5) -

Boss Energy’s interim profit of -$7.3m was a sizeable miss versus Macquarie’s estimate, driven by the accounting treatment of uranium sales. The analyst deems the impact inconsequential to underlying performance.

All-in free cash flow (FCF) of $36.2m beat the broker’s -$8.2m forecast on working capital and cash conversion.

Honeymoon delivered C1 cash costs of -$32/lb, below FY26 guidance of -$36-40/lb and Macquarie’s -$39.8/lb, due to cost savings. Alta Mesa production fell to 143klbs from 206klbs in the prior quarter.

The broker highlights inventory of 1,615klbs U3O8 at December 31. It's felt around 600klbs is "strategic", surplus to working requirements.

Forecasts fall -45% in FY26 and -15.5% in FY27, with FY28 up 9.4%.

Target price raised to $1.30 from $1.25. Underperform rating retained.

Target price is $1.30 Current Price is $1.90 Difference: minus $0.6 (current price is over target).
If BOE meets the Macquarie target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.60, suggesting downside of -8.0% (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 CKF as Buy (1) -

Citi suggests European-listed quick service restaurant (QSR) operator AmRest’s 4Q/FY25 result provides a positive read-through for Collins Foods, particularly given Germany is its key growth market.

The broker highlights AmRest’s German 4Q sales rose 4.6% on the prior year, following growth of 6% in 3Q25 and 7.2% in 2Q25, which it believes signals resilient underlying consumer demand.

AmRest’s German operations are predominantly Starbucks (157 stores) with 24 KFC outlets, notes the analyst.

Sustained sales momentum is considered supportive for Collins Foods as it accelerates KFC expansion in Germany, targeting 40-70 new stores over the next five years.

Buy rating and $12.85 target price retained.

Target price is $12.85 Current Price is $9.48 Difference: $3.37
If CKF meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $12.06, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates CSC as Outperform (1) -

Capstone Copper’s 4QCY25 adjusted earnings (EBITDA) of US$308m were in line with the consensus forecast, observes Macquarie. Profit of US$79m was -28% below consensus due to higher tax of -US$79m versus -US$50m expected, explains the analyst.

2026 guidance of 215kt at cash costs of -US$2.60/lb was pre-disclosed. A new mid-term 265kt target for 2027 is below the prior consensus forecast, driving high single-digit EPS forecast downgrades by Macquarie in 2027-28.

The 2026 EPS forecast rises 7% on lower depreciation. Target price falls to by -1% to $15.40. Outperform retained.

Target price is $15.40 Current Price is $13.30 Difference: $2.1
If CSC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $15.70, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Morgans rates CSC as Buy (1) -

Against Morgans' forecast, Capstone Copper delivered a small 4Q25 EPS miss, with adjusted earnings (EBITDA) of US$308m -2% below the consensus estimate and EPS of US$0.10 around -16% below expectation.

Net debt rose/deteriorated by -7% to US$780m on working capital timing, explains the broker.

The analyst believes trimmed production targets of 265kt near term from 280kt and 375kt longer term from 400kt drove the -9% share price reaction.

Long-term production assumptions are moderated but it's noted Capstone still offers around 60% growth to 2030 at an attractive valuation.

Morgans lowers its target price to $16.00 from $16.60 and maintains a Buy rating.

Target price is $16.00 Current Price is $13.30 Difference: $2.7
If CSC meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $15.70, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

UBS rates CSL as Buy (1) -

UBS' key takeaway from CSL's performance in 2025 was the poor performance of global plasma derived therapy sales of circa 4%, which marked a decline on historical growth trends. This was essentially attributed to US reimbursement cuts.

The loss of key tenders and poor commercial execution, notably in the large US market, are highlighted as the factors that contributed to the loss of market share across Ig, subcutaneous IB, albumin and hereditary angioedema.

Management has promised an improved performance in 2026, with a focus on the US market, while competitor Grifols' plans for "controlled growth" may assist, the report surmises.

Seqirus was the only segment showing growth, with market share rising to around 33%. Buy rated with an unchanged target of $235.

Target price is $235.00 Current Price is $145.24 Difference: $89.76
If CSL meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $205.76, suggesting upside of 44.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Morgans rates CYL as Buy (1) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Catalyst Metals rises to $15.24 from $14.56. Buy rating maintained.

Target price is $15.24 Current Price is $8.36 Difference: $6.88
If CYL meets the Morgans target it will return approximately 82% (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 DMP as Sell (5) -

Citi suggests European-listed quick service restaurant (QSR) operator AmRest’s 4Q/FY25 result provides a negative read-through for Domino’s Pizza Enterprises, given France is its second-largest market by store count.

AmRest’s French sales fell -12.9% in 4Q25 on the prior year, with management citing tougher trading conditions and weaker consumer confidence.

By contrast, AmRest’s Other Western Europe segment grew 7.8%, with momentum improving from prior quarters, explains the analyst.

The report concludes this outcome is consistent with Domino’s 1H26 result where France lagged Benelux and Germany.

Citi retains a Sell rating and $17.45 target price.

Target price is $17.45 Current Price is $18.04 Difference: minus $0.59 (current price is over target).
If DMP meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.84, suggesting upside of 19.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates EDV as Buy (1) -

At first glance, Citi notes Endeavour Group's 1H26 result was largely in line, with many metrics already pre-released on January 13.

In terms of positives, the group has stopped announcing quarterly updates, which is considered favourable for eliminating more short-term noise around operational performance. Online sales growth was 35% for 1H26, of which 2Q26 generated 47% growth.

Current consensus forecast for FY26 gross margin compression is viewed as not high enough at around -61bps, with Citi's own estimate at circa -70bps, and 1H26 compression at -84bps, during which time reduced shelf pricing was not always active.

Earnings forecasts are expected to be trimmed post result due to lower sales and retail gross margins. Looking through the near term, the broker update sees medium term upside from the new CEO's turnaround.

Buy. Target $4.10.

Target price is $4.10 Current Price is $3.98 Difference: $0.12
If EDV meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting downside of -3.3% (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

Morgans rates EDV as Hold (3) -

Endeavour Group's 1H26 release contained no major surprises (the company had updated with a trading update in January). Morgans expects to see more insights on the company's Investor Day, scheduled for May 27th.

Management confirmed the combined Retail and Hotels portfolio will be retained, the broker points out, while also stating the company will continue investing in Dan Murphy’s to restore its price leadership, while accelerating hotel renewals and electronic gaming machine (EGM) replacements.

Small changes have been made to forecasts (more so DPS than EPS). Target loses -5c to $3.65. Hold rating retained.

Target price is $3.65 Current Price is $3.98 Difference: minus $0.33 (current price is over target).
If EDV meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.71, suggesting downside of -3.3% (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

Morgans rates EVN as Hold (3) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Evolution Mining rises to $17.16 from $14.50. Hold rating maintained.

Target price is $17.16 Current Price is $16.87 Difference: $0.29
If EVN meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.56, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates IAM as Speculative Buy (1) -

Income Asset Management Group’s 1H26 revenue of $9.1m rose 13% on the prior year but was around -$1m below Morgans' estimate, with net trading income up 55% to $6.5m driving performance.

The reported loss narrowed to -$3.0m from -$4.7m, while the normalised loss was -$1.65m excluding fraud-related costs of more than -$3.5m, explains the broker.

Bond and loan funds under advice (FUA) rose 23% to $2.7bn, and management targets annualised cash costs of around -$17m, supporting a path to profitability as scale builds, the analyst suggests.

Morgans lowers its target price to 7.3c from 8.4c and maintains a Speculative Buy rating.

Target price is $0.07 Current Price is $0.03 Difference: $0.047
If IAM meets the Morgans target it will return approximately 181% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates LNW as Outperform (1) -

Trackable US casino gaming revenues rose 1% on the prior year in January, highlights Macquarie, with regional markets up 4% and Las Vegas down -11%, cycling strong baccarat hold rates.

The broker expects both Las Vegas and regional casinos to deliver low single-digit growth in 2026, broadly consistent with 2025 trends.

The analyst remains constructive on Aristocrat Leisure and Light & Wonder, citing supportive trends for Gaming Operations, including variable revenue machines. Solid outright volumes are expected to be underpinned by operator budgets.

Target of $220 and Outperform rating kept for Light & Wonder.

Target price is $220.00 Current Price is $129.30 Difference: $90.7
If LNW meets the Macquarie target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $207.71, suggesting upside of 60.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates MEK as Buy (1) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Meeka Metals rises to 39c from 33c. Buy rating maintained.

Target price is $0.39 Current Price is $0.25 Difference: $0.145
If MEK meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates MFG as Neutral (3) -

Magellan Financial's acquisition of 100% of Barrenjoey marks a strategic pivot towards investment banking, Macquarie suggests. The combined entity is expected to generate around $800m in revenue and $240m in profit, alongside modest cost synergies.

The broker estimates pro forma profit may fall around -6% in 2026 before returning to growth from H2 of 2027 as Barrenjoey’s expansion offsets headwinds in Asset Management.

Forecast FY26 EPS is trimmed -0.9% on placement dilution, while FY27 rises 9.4% reflecting full ownership from July 1, explains the analyst.

Macquarie lowers its target price to $8.65 from $8.80 and retains a Neutral rating.

Target price is $8.65 Current Price is $10.31 Difference: minus $1.66 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.39, suggesting downside of -1.9% (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

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

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Newmont Corp rises to $214 from $187 and the rating is upgraded to Buy from Accumulate.

Target price is $214.00 Current Price is $183.44 Difference: $30.56
If NEM meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $210.80, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates NEU as Outperform (1) -

Neuren Pharmaceuticals’ FY25 royalty revenue of $65m (up 15% on the prior year) from Daybue was broadly in line with Macquarie's forecast. 

Total income beat the broker's expectation on higher interest income and FX gains, supporting stronger profit on lower opex timing.

FY26 royalty guidance of $70-77m is based on Acadia’s sales outlook and an Australian dollar assumption of between 70-72c, with FX remaining a key swing factor, highlights the analyst.

Pitt Hopkins syndrome (PMS) Phase 3 dosing has commenced, lifting R&D spend in FY26.

EPS forecasts fall -55% in FY26 on a stronger Australian dollar and delayed European milestone, with FY27-28 unchanged.

Macquarie lowers its target price to $19.10 from $21.20 and retains an Outperform rating.

Target price is $19.10 Current Price is $12.56 Difference: $6.54
If NEU meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $23.87, suggesting upside of 97.9% (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

Morgans rates NST as Accumulate (2) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Northern Star Resources rises to $35 from $30.50. Hold rating maintained.

Target price is $35.00 Current Price is $30.71 Difference: $4.29
If NST meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $32.18, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates PNR as Buy (1) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Pantoro Gold rises to $6.83 from $6.04. Buy rating maintained.

Target price is $6.83 Current Price is $5.71 Difference: $1.12
If PNR meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates RDY as Downgrade to Speculative Buy from Buy (1) -

ReadyTech Holdings' interim underlying earnings (EBITDA) of $17.5m and cash earnings of $7.5m were respectively around -6 and -9% below Morgans' forecasts.

Subscription revenue rose 4% on the prior year to $51.8m, though declined -1.7% compared with 2H25. Profit of $4.1m was a -42.7% decline on the prior year amid higher churn and slower sales conversion, the analyst explains.

FY26 revenue guidance is $125-127m, down -5% on prior guidance, with cash earnings margins now expected in the low-mid teens, and longer-term targets withdrawn.

FY26-28 earnings forecasts are lowered by between -10-20% to reflect softer growth momentum. The broker's target falls to $2.20 from $3.00. Downgrade to Speculative Buy from Buy

Target price is $2.20 Current Price is $1.24 Difference: $0.965
If RDY meets the Morgans target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 64.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates RMS as Buy (1) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Ramelius Resources rises to $6.21 from $5.75. Buy rating maintained.

Target price is $6.21 Current Price is $4.51 Difference: $1.7
If RMS meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting upside of 17.9% (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

Morgans rates RRL as Accumulate (2) -

Morgans remains bullish on precious metals following the reporting season, arguing the key opportunity lays in broader sector exposure rather than stock selection.

The broker notes spot gold continues to trade near record highs, balance sheets are strengthening and, aside from elevated royalty payments, material margin compression has not emerged.

At current spot prices and given the prevailing macro backdrop, the analysts believe the sector remains positioned for further re-rating despite recent share price gains.

Gold price forecasts are raised by 5% for FY26, 11% for FY27, 10% for FY28, 1% for FY29 and 23% on a long-term basis.

The target price for Regis Resources rises to $10.03 from $9.13. Accumulate rating maintained.

Target price is $10.03 Current Price is $9.54 Difference: $0.49
If RRL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.83, suggesting downside of -4.4% (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 TPG as Underweight (5) -

Post TPG Telecom's 2025 results, Morgan Stanley lifts earnings (EBITDA) estimates slightly higher, 1-3% for 2026 to 2028, on minor changes to opex and gross margin assumptions.

EPS forecasts decline by -47% to -50% across 2026-2028 due to changes in D&A and a rise in net financing cost assumptions for the full year affecting TAWFA (Telstra Agreement for Wholesale Access) and handset financing costs.

Underweight rated with unchanged target of $3.50. Industry view: In-Line.

Target price is $3.50 Current Price is $4.05 Difference: minus $0.55 (current price is over target).
If TPG meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates WPR as Upgrade to Accumulate from Hold (2) -

Morgans raises its target for Waypoint REIT to $2.75 from $2.70 and upgrades to Accumulate from Hold following "solid" FY25 results.

Funds from operations (FFO) of 16.64cpu were in line with upgraded guidance, while FY26 guidance of 17.14cpu implies around 3% growth and sits modestly ahead of the broker’s prior forecast.

Rental income rose to $165.5m and the net tangible asset (NTA) metric increased 5% to $2.90, supported by revaluation gains, the analyst explains.

Morgans highlights the portfolio’s defensive profile, with 99.9% occupancy and 94.1% of income derived from Viva Energy ((VEA), which supplies circa 25% of Australia's fuel needs.

Target price is $2.75 Current Price is $2.49 Difference: $0.26
If WPR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in December.

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