Australian Broker Call

Citi rates AIA as Neutral (3) -

Auckland Airport’s August 2025 traffic update shows domestic passengers rose 6% year-on-year, which Citi highlights is the strongest monthly outcome since early 2024 and a potential turning point in recovery.

International passenger growth remained subdued at around 1%, although this was an improvement on July’s -3% decline, observe the analysts.

Stronger domestic traffic benefits non-aeronautical revenue lines such as parking and some retail income, yet Citi flags near-term earnings growth uncertainty.

A slow international recovery and retail income disruption from duty-free fitouts in 2026 are expected to weigh.

Citi retains a Neutral rating and NZ$8.10 target.

Current Price is $7.04. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

Citi rates AMP as Buy (1) -

AMP has settled its superannuation class action for -$75m net of insurance, which Citi believes reduces one of the more uncertain legacy issues still facing the group.

The broker notes AMP also received $44m from insurers related to historical remediation, with further receipts possible.

Remaining legacy issues are medium- to long-term in nature, in the analyst's view. It's felt the settlement provides scope to revisit the company’s capital management plan. 

Citi retains a Buy rating and a $2.00 target price.

Target price is $2.00 Current Price is $1.80 Difference: $0.2
If AMP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Ord Minnett rates AMP as Downgrade to Accumulate from Buy (2) -

AMP has agreed to settle a class action on superannuation fees and interest rates for $122m, with AMP paying -$75m and insurers covering the balance.

Ord Minnett highlights AMP has already received $44m from insurers for remediation coverage, while discussions with others continue.

The broker views this settlement as the most significant of AMP’s legal issues and considers the outcome better than expected on both cost and timing. Four smaller cases remain but are likely to be spread over several years.

The focus now shifts to capital management, suggests Ord Minnett, noting potential excess capital of nearly $300m by end-2025, equivalent to around 10c per share.

Ord Minnett makes no changes to earnings forecasts, retains a $1.95 target price, and downgrades its rating to Accumulate from Buy following recent share price gains.

Target price is $1.95 Current Price is $1.80 Difference: $0.15
If AMP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 4.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates ANZ as Neutral (3) -

Citi leaves its $32.50 target and Neutral rating for ANZ Bank unchanged following yesterday's announcemt on the ASIC penalty.

The broker prefers ANZ among the major banks, citing opportunities to lift returns through efficiency and technology.

A summary of the broker's initial thoughts follows.

ANZ Bank has today announced an agreement to settle five ASIC investigations with penalties totaling -$240m. 

In addition, the bank will spend -$150m in FY26 on a Root Cause Remediation Plan to address non-financial risk shortcomings, funded by reprioritising spend, explains Citi.

The issues span markets and retail operations, including bond issuance practices, inaccurate data submissions, customer hardship handling, and deceased estates.

In an initial assessment, the broker considers these outcomes an important step in repairing regulatory relationships, with the added cost signaling seriousness of intent.

New CEO Nuno Matos has already announced -3,500 job cuts, is reshaping technology strategy through ANZ Plus, and is tightening non-financial risk management, point out the analysts.

Citi expects ANZ to use its October strategy day to reset the agenda, with progress suggesting a cleaner platform for growth. Increased scope for better returns is seen via efficiency gains and technology renewal.

Target price is $32.50 Current Price is $32.99 Difference: minus $0.49 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.74, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates ANZ as Neutral (3) -

ANZ Bank has entered into a settlement with ASIC related to misconduct in its markets and consumer divisions, and will pay a -$240m penalty. 

Macquarie notes the customer remediation cost associated with this is minimal (less than -$1m), and the -$150m Root Cause Remediation Plan spending in FY26 will be funded via reprioritisation. 

The broker estimates the net increase in FY26 expense will be $80m, given the bank's recent restructure and headcount reductions.

FY25 EPS forecast cut by -3.5% and FY26 by -0.8%. No change to dividend forecasts.

Neutral. Target unchanged at $31.

Target price is $31.00 Current Price is $32.99 Difference: minus $1.99 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.74, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

ANZ Group has reached agreement with ASIC to settle five regulatory matters for -$240m, which Morgan Stanley notes equates to around -5bps of CET1 capital.

The broker highlights a further -$150m will be spent on a root cause remediation plan to be submitted to APRA, funded by cutting back other initiatives. The bank has also set up a resolution program within its retail bank to improve compliance performance.

The broker views the settlement as easing concerns over non-financial risk, which have not been a key share price driver in 2025.

CEO Nuno Matos is pushing changes in the retail bank to sharpen focus on core priorities and has appointed Promontory to independently assess remediation progress.

Morgan Stanley retains a Neutral rating and a $29.70 target price. Industry View: In-Line.

Target price is $29.70 Current Price is $32.99 Difference: minus $3.29 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.74, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates ANZ as Trim (4) -

Morgans adjusts its EPS forecasts for ANZ Bank post the ASIC penalties of -$240m, and the target price slips by -2% to $28.72, with a Trim rating retained.

The ASIC fine relates to online saver bonus interest, customer hardship, deceased estates, and two Australian Office of Financial Management bond issuance and bond trading items.

The penalty will impact ANZ's Common Equity Tier 1 ratio by -5bps, and the analyst expects the CET1 ratio to finish FY25 at 11.6% pre 2H25 dividend payment. Consensus stands at 11.9%.

The bank also plans to spend -$150m on its remediation plans in FY26. Morgans downgrades its EPS forecast for FY25 by -4% due to circa -$800m cost items and lifts its FY26 EPS forecast by 14% on the non-recurring one-off items in FY25.

Target price is $28.72 Current Price is $32.99 Difference: minus $4.27 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.74, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates ANZ as Hold (3) -

ANZ Bank has agreed to pay -$240m in penalties to ASIC across five cases, with more than half relating to its role in managing government bond issues.

Ord Minnett notes the bank will also deliver a -$150m root cause remediation plan to APRA by month-end, with funding to come from cost cuts elsewhere.

The analyst cuts the FY25 earnings forecast by -3.7% to reflect the penalties, which are not tax deductible, while FY26 and FY27 forecasts remain unchanged.

The broker views CEO Nuno Matos as taking tough but necessary steps early in his tenure to reset strategy and improve returns.

Ord Minnett maintains a Hold rating and a $30.00 target price.

Target price is $30.00 Current Price is $32.99 Difference: minus $2.99 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.74, suggesting downside of -9.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates ANZ as Sell (5) -

UBS notes ANZ Bank's new CEO Nuno Matos is moving quickly to address regulatory overhangs, sequence reforms vs shareholder returns, and reset operational capabilities, especially retail banking.

The bank admitted to breaches in global markets and misconduct issues, settling with ASIC for -$240m penalty. It already has an enforceable undertaking with APRA with -$250m operational risk capital outlay.

The -$150m remediation spend in FY26 will be funded by pushing back other initiatives, so it is not an incremental cost, the broker reckons.

The broker is looking ahead to Oct 13 strategy day for answers around the revenue impact of job cuts, lower credit provisioning vs peers, and dividend and capital base.

Sell. Target unchanged at $26.50.

Target price is $26.50 Current Price is $32.99 Difference: minus $6.49 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.74, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgan Stanley rates AX1 as Overweight (1) -

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Overweight maintained for Accent Group. Target unchanged at $1.80. Industry View: In-Line.

The broker prefers Accent Group to Super Retail given the relative valuation is more attractive at 13x forward PE vs 18x.

Target price is $1.80 Current Price is $1.35 Difference: $0.455
If AX1 meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 29.1% (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

Shaw and Partners rates BML as Buy, High Risk (1) -

Shaw and Partners highlights again the exponential rise in Boab Metals' share price, up 70% in the past month and 228% higher in the past year.

The broker believes further upside is likely, as it has upgraded its silver price forecast and the company brings the Sorby Hills project into production. Silver is expected to rise beyond US$50/oz from 2026.

The broker is also now assuming $100m equity raise at a higher price of 30c vs 20c estimated earlier, which means less dilution.

Target rises to 60c from 40c. Buy, High Risk maintained.

Target price is $0.60 Current Price is $0.28 Difference: $0.32
If BML meets the Shaw and Partners target it will return approximately 114% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates BUB as Downgrade to Accumulate from Buy (2) -

Ord Minnett lowers its target for Bubs Australia to 18c from 20c on a higher assumed weighted average cost of capital (WACC) of 12.3% and downgrades to Accumulate from Buy.

The company delivered its first ever profit in FY25 of $5.5m after a FY24 loss of -$21m, yet the broker highlights renewed boardroom instability.

The immediate resignation of the Chair follows the earlier removal of the turnaround CEO, unsettling governance despite the appointment of well-credentialled replacements, explains the broker.

Positively, earnings growth potential remains supported by strong product margins above 40% and first-mover advantage in the US goat infant formula market, highlights Ord Minnett.

Target price is $0.18 Current Price is $0.16 Difference: $0.025
If BUB meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 23.3% (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 DMP as Equal-weight (3) -

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Equal-weight maintained for Domino's Pizza Enterprises. Target trimmed to $15.55 from $18.00. Industry View: In-Line.

In the quick service restaurant space, the broker prefers Guzman y Gomez to Domino's Pizza Enterprises.

Target price is $15.55 Current Price is $14.40 Difference: $1.15
If DMP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $17.52, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates EBR as Buy (1) -

The Centers for Medicare & Medicaid Services (CMS) has approved Wise under the new Technology Add-on Payment scheme for Medicare inpatients, as well as recommending approval for the payment scheme in the outpatient segment, known as Transition Pass-Through (TPT).

Bell Potter acknowledges the news is positive in terms of reimbursement, however the process to ensure hospital customers apply coding and billings so that both hospitals and doctors are paid appropriately is another matter.

EBR Systems is training its team to help hospitals ensure they are reimbursed by Medicare within 90 days, and the company should be paid in 30 days.

No change to Buy rating and $2.25 target price or the analyst's earnings estimates.

Target price is $2.25 Current Price is $1.17 Difference: $1.08
If EBR meets the Bell Potter target it will return approximately 92% (excluding dividends, fees and charges).

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: 1.0

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

Morgan Stanley rates GYG as Overweight (1) -

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Overweight maintained for Guzman y Gomez. Target unchanged at $31.20. Industry View: In-Line.

In the quick service restaurant space, the broker prefers Guzman y Gomez to Domino's Pizza Enterprises.

Target price is $31.20 Current Price is $26.53 Difference: $4.67
If GYG meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $29.43, suggesting upside of 14.1% (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 HVN as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Rating for Harvey Norman upgraded to Equal-weight from Underweight.

The broker prefers the company to JB Hi-Fi given its broader exposure to housing-related categories like electronics, flooring, bedding and outdoor.

Target rises to $7.60 from $5.40. Industry View: In-Line.

Target price is $7.60 Current Price is $7.15 Difference: $0.45
If HVN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 1.0% (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

Citi rates IGO as Upgrade to Neutral from Sell (3) -

IGO Ltd shares are down -19% in the past month, now below Citi’s $4.40 target, cut from $4.50, resulting in an upgrade to Neutral from Sell.

The broker highlights uncertainty over Kwinana, where IGO’s share of losses exceeds -$400m, and over Greenbushes capital expenditure, with first-half 2025 cash flow of around -$100m after -$360m in spend.

FY26 capital expenditure guidance of -$575-675m leaves little clarity beyond FY27, points out the analyst.

Citi maintains Pilbara Minerals ((PLS)) as its lithium preference. 

Target price is $4.40 Current Price is $4.63 Difference: minus $0.23 (current price is over target).
If IGO meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.93, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates JBH as Underweight (5) -

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Underweight maintained for JB Hi-Fi. Target rises to $101.80 from $83.40. Industry View: In-Line.

The broker prefers Harvey Norman vs JB Hi-Fi given its broader exposure to housing-related categories like electronics, flooring, bedding and outdoor.

Target price is $101.80 Current Price is $113.66 Difference: minus $11.86 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $108.97, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Shaw and Partners rates LM8 as Buy, High Risk (1) -

Lunnon Metals reported high-grade assays from drilling on the upper structure at the Lady Herial gold deposit. Assays are still pending for the middle and lower structures.

Shaw and Partners previously highlighted the company is in the final stage of negotiations with Gold Fields to treat the ore from Lady Herial at the latter's St Ives gold plant.

If successful, the broker estimates $34m EBITDA in 2026 based on its revised gold price forecast of US$4,000/oz.

Buy, High Risk. Target unchanged at 75c.

Target price is $0.75 Current Price is $0.33 Difference: $0.425
If LM8 meets the Shaw and Partners target it will return approximately 131% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Equal-weight maintained for Metcash. Target rises to $3.90 from $3.75. Industry View: In-Line.

Target price is $3.90 Current Price is $3.93 Difference: minus $0.03 (current price is over target).
If MTS meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.15, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates RMD as Buy (1) -

UBS' survey of 500 current and past GLP-1 (weight loss drugs like Ozempic, etc) users in the US showed 15% of obstructive sleep apnea (OSA) patients were also using GLP-1s.

For context, ResMed is a global leader in OSA treatment, and weight loss from GLP-1 would typically reduce or eliminate OSA symptoms.

The broker highlights the survey result was underwhelming, with GLP-1 less effective in real-world weight and OSA management than in trials. It showed high discontinuation and significant post-use weight regain, particularly for heavier users.

Overall, GLP-1 was seen as a less likely standalone weight/OSA solution, reinforcing the importance of long-term adherence and complementary interventions.

Buy. Target unchanged at US$325.

Current Price is $40.68. Target price not assessed.

Current consensus price target is $48.57, suggesting upside of 19.0% (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: 0.9

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

Citi rates SUL as Buy (1) -

Super Retail has announced the termination of CEO Anthony Hegarty following further disclosures on his relationship with the prior Chief Human Resources Officer, which may have implications, Citi explains, for the unfair dismissal case of two previous employees.

CFO David Burns will assume the role of interim CEO while a search is undertaken. The retailer has a history of internal appointments for succession, and this may remain the case in this instance, according to the analyst.

The stock is expected to trade lower on the news, as Mr Hegarty was well regarded, commentary suggests.

Buy rating and $20.50 target unchanged.

Target price is $20.50 Current Price is $17.26 Difference: $3.24
If SUL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $18.48, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates SUL as Underweight (5) -

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Underweight maintained for Super Retail. Target unchanged at $14.40. Industry View: In-Line.

The broker prefers Accent Group to Super Retail given the relative valuation is more attractive at 13x forward PE vs 18x.

Target price is $14.40 Current Price is $17.26 Difference: minus $2.86 (current price is over target).
If SUL meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.48, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates TSO as Speculative Buy (1) -

Tesoro Gold released its updated scoping study for its Ternera Gold Project in Chile (1.8Moz).

The study was impressive according to Morgans and came in above expectations, resulting in an upgrade in forecasts for the project.

Life of mine has been raised by 40% to 14 years from 10 years and ore throughput up 94% to 3,000ktpa from 1,546ktpa; gold production up 64% to 1,240koz from 754koz. Life of mine revenue up 64% to US$3,120m from US$1,940m; pre-development capex up 86% to -US$257m; and life of mine EBITDA up 121% to US$2,046m.

Including the updated scoping study numbers and a revised long-term gold price of US$2,500 and spot price of US$3,250, the overall life of mine EPS estimate lifts 150% to 5c from 2c.

Speculative Buy rating unchanged. Target price is lifted to 21c from 15c.

Target price is $0.21 Current Price is $0.05 Difference: $0.158
If TSO meets the Morgans target it will return approximately 304% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates TWR as Outperform (1) -

Tower lifted FY25 underlying net profit guidance to NZ$100-110m from NZ$70-80m, due to lower assumed large losses, down to -NZ$7m from the -NZ$50m previous assumption.

The insurer also revised management expense ratio to around 31% from less than 31% before, reflecting softer gross premium growth and ongoing technology/growth investment.

Gross premium growth guidance cut to 2-3% from mid-single digits due to lower average premiums, even as policy and customer numbers grew. A higher proportion of lower-risk new policies was the contributor.

FY25 earnings forecast upgraded by 44% but FY26 cut by -5%. Outperform. Target rises to NZ$1.70 from NZ$1.68.

Current Price is $1.52. Target price not assessed.

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

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

Morgan Stanley notes the macro tailwinds in Australia have aligned to support discretionary spending, benefiting consumer stocks. Further RBA rate cuts, rising house prices, a low unemployment rate and improved disposable income are all supportive.

The broker sees upside risk to sales growth over the next six months, with risk likely in early 2026, should expectations for RBA cut in February be pushed out. November cut is seen more likely than not.

Rating for Wesfarmers upgraded to Equal-weight from Underweight to reflect improved outlook for Bunnings and Kmart. The broker reckons margin expansion is capped by the elevated cost of doing business.

Target rises to $93.50 from $70.70. Industry View: In-Line.

Target price is $93.50 Current Price is $93.03 Difference: $0.47
If WES meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $87.12, suggesting downside of -7.3% (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