Australian Broker Call

Morgans rates 29M as Initiation of coverage with Buy (1) -

Morgans initiates coverage on 29Metals with a 12-month target of $0.54 and a Buy rating. The  company is considered an attractive copper exposure with clear catalysts.

Commentary suggests the recent equity raising provides flexibility on the balance sheet to pursue initiatives at Golden Grove to restore grades and operating flexibility, as well as a potential Capricorn Copper restart. 

Combined with a bullish long-term copper outlook, Morgans envisages upside from current levels.

Target price is $0.54 Current Price is $0.37 Difference: $0.17
If 29M meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 60.8% (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 AIH as Buy (1) -

Advanced Innergy has completed the acquisition of Imenco and Morgans incorporates the transaction into forecasts. The acquisition is expected to be low-to-mid single-digit accretive to EPS.

Commentary suggests the purchase diversifies the business geographically, increasing exposure to the stable aquaculture market and ccomplementing the recent Ovun acquisition by providing a strong distribution platform into Chile.

Advanced Innergy has robust cyclical growth prospects, the broker asserts, in its traditional subsea oil/gas market as key customers report record backlogs and strong visibility.

This should be supplemented by growth in new markets such as offshore wind and EV batteries. Buy rating retained. Target is reduced to $1.45 from $1.50.

Target price is $1.45 Current Price is $0.85 Difference: $0.6
If AIH meets the Morgans target it will return approximately 71% (excluding dividends, fees and charges).

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

Ord Minnett rates ALD as Buy (1) -

Ampol is benefiting from sharply higher refining margins driven by elevated oil prices amid ongoing Middle East conflict, highlights Ord Minnett.

Margins have risen above US$40/bbl from high single digits earlier in 2026, with disruption to supply chains likely to persist for months, suggests the analyst..

The broker highlights reduced Asian refinery output and constrained imports should support elevated domestic fuel pricing for longer.

Earnings forecasts are lifted materially, reflecting stronger margins, with assumptions updated for a gradual normalisation through the second half.

Target price rises to $35.50 from $35.00. Buy rating kept.

Ord Minnett considers Ampol and Viva Energy preferred exposures to the current commodity price spike, given their stronger leverage to refining margins relative to producers’ exposure to oil and LNG prices.

Target price is $35.50 Current Price is $31.52 Difference: $3.98
If ALD meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $34.17, suggesting upside of 3.6% (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

Citi rates ANN as Neutral (3) -

Citi highlights Ansell faces potential raw material disruption after competitor Top Glove during 2Q results flagged the Middle East conflict has disrupted crude oil supply, affecting nitrile latex availability.

It’s noted this latex represents around 20%-25% of raw material costs.

The broker notes cost changes typically flow through with a delay, noting pricing power has recently allowed pass-through of higher input costs.

Risk to FY27 margins versus current estimates is anticipated, with consensus expecting a 20bps earnings margin improvement and around 9% earnings growth.

Target price is $36.00 Current Price is $29.76 Difference: $6.24
If ANN meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

UBS rates ARF as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For Arena REIT, the target falls to $3.93 from $4.09. Buy rating maintained.

Target price is $3.93 Current Price is $3.38 Difference: $0.55
If ARF meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ASX as Neutral (3) -

Macquarie observes recent trading competitions have helped demonstrate the capacity for AI models to be profitable stock pickers.

Equity volume growth on ASX has been unusually strong, the broker adds, noting that, while volumes could improve, the lower average trading fee charged on retail trades in the open market could cause average fees to decline.

While the competition has helped "legitimise" AI-assisted investment decision-making globally, the broker understands it has not translated into fully automated retail trading because of regulatory and technological constraints.

Neutral rating maintained as the company commences a strategic review and a search for a new CEO. Unchanged $56 target.

Target price is $56.00 Current Price is $49.78 Difference: $6.22
If ASX meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $55.96, suggesting upside of 12.4% (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 BHP as Overweight (1) -

Signaling strategic continuity, according to Morgan Stanley, BHP Group has appointed Brandon Craig as CEO effective July 1, 2026, succeeding Mike Henry.

The broker notes Craig brings over 25 years experience at BHP, with recent leadership across the Americas driving copper growth and potash development.

His prior role involved leading WA iron ore operations, including delivery of South Flank and infrastructure upgrades, highlight the analytss.

The appointment is seen as supporting execution across key growth projects, particularly in iron ore and copper.

Overweight rating. Target $56.00. Industry View: Attractive.

Target price is $56.00 Current Price is $50.09 Difference: $5.91
If BHP meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $52.67, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BHP as Neutral (3) -

BHP Americas President Brandon Craig has been appointed CEO of BHP Group to replace Mike Henry, effective July 1. Brandon Craig has over 25 years experience at the company.

UBS believes Craig will bring strong strategic insight to the business, projects and the company's markets, taking forward the ambitious growth pipeline across copper in Chile, Argentina, South Australia, as well as potash at Jansen.

Buy rating and $52 target maintained.

Target price is $52.00 Current Price is $50.09 Difference: $1.91
If BHP meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $52.67, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BWP as Downgrade to Neutral from Buy (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For BWP Trust, the rating is downgraded to Neutral from Buy on relative valuation and the target falls by -28c to $3.89.

Target price is $3.89 Current Price is $3.79 Difference: $0.1
If BWP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 9.7% (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 CHC as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For Charter Hall, the target falls by -9.3% to $24.50. Buy rating kept.

Target price is $24.50 Current Price is $19.63 Difference: $4.87
If CHC meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $25.66, suggesting upside of 32.6% (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 CIP as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For Centuria Industrial REIT, the target falls by -11.5% to $3.40. Buy rating kept.

Target price is $3.40 Current Price is $3.09 Difference: $0.31
If CIP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates CLW as Sell (5) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Charter Hall Long WALE REIT's target falls by -10.7% to $3.35. Sell rating kept.

Target price is $3.35 Current Price is $3.59 Difference: minus $0.24 (current price is over target).
If CLW meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.09, suggesting upside of 17.6% (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

UBS rates CNI as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For Centuria Capital, the target falls by -18.4% to $1.69. Neutral rating kept.

Target price is $1.69 Current Price is $1.63 Difference: $0.065
If CNI meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates COF as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Centuria Office REIT's target falls by -5.6% to $1.01. Neutral rating kept.

Target price is $1.01 Current Price is $0.99 Difference: $0.02
If COF meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 9.8% (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 CQR as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Charter Hall Retail REIT's target falls by -6.6% to $3.82. Neutral rating kept.

Target price is $3.82 Current Price is $3.96 Difference: minus $0.14 (current price is over target).
If CQR 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 $4.18, suggesting upside of 9.8% (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 DXS as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

The Dexus target falls by -7.6% to $6.59. Neutral rating kept.

Target price is $6.59 Current Price is $6.10 Difference: $0.49
If DXS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.25, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates FLT as Buy (1) -

Citi assesses inbound travel data to gauge potential exposure for Flight Centre Travel to Middle East conflict-related disruption.

The broker analyses arrival card data to understand travel purpose and destination concentration across impacted regions.

Estimating any earnings impact remains complex, notes the analyst, given multiple assumptions around travel behaviour and disruption duration.

It’s felt the current impact is smaller than the recent share price decline.

Buy. Target $16.75.

Target price is $16.75 Current Price is $11.83 Difference: $4.92
If FLT meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 48.7% (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 GMG as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Goodman Group's target falls by -8.3% to $33.92. Buy rating kept.

Target price is $33.92 Current Price is $26.28 Difference: $7.64
If GMG meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $35.61, suggesting upside of 38.6% (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 GPT as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

GPT Group's target falls by -8.5% to $5.40. Buy rating kept.

Target price is $5.40 Current Price is $4.67 Difference: $0.73
If GPT meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 24.9% (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 HDN as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

HomeCo Daily Needs REIT's target falls by -9.7% to $1.40. Buy rating kept.

Target price is $1.40 Current Price is $1.24 Difference: $0.16
If HDN meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 14.3% (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

UBS rates HMC as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

HMC Capital's target falls by -7.5% to $3.70. Buy rating kept.

Target price is $3.70 Current Price is $2.40 Difference: $1.3
If HMC meets the UBS target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting upside of 62.1% (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 INA as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Ingenia Communities' target falls by -8% to $4.60. Neutral rating kept.

Target price is $4.60 Current Price is $4.16 Difference: $0.44
If INA meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.40, suggesting upside of 36.0% (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

UBS rates LIC as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Lifestyle Communities' target of $5.80 and Neutral rating are kept.

Target price is $5.80 Current Price is $5.12 Difference: $0.68
If LIC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.53, suggesting upside of 11.6% (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 MGR as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Mirvac Group's target falls by -9.2% to $1.97. Neutral rating kept.

Target price is $1.97 Current Price is $1.86 Difference: $0.115
If MGR meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates NSR as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

National Storage REIT's $2.80 target and Neutral rating are unchanged.

Target price is $2.80 Current Price is $2.76 Difference: $0.04
If NSR meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.76, suggesting upside of 0.0% (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

Bell Potter rates OCC as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiates coverage on regenerative medicine company Orthocell with a $1.15 target and Speculative Buy rating.

Having achieved FDA approval last April for nerve repair product Remplir, the early US commercial rollout is targeting an underpenetrated market, the broker explains.

Remplir’s differentiated design and positioning support adoption, the analysts suggest, with growth driven by procedural demand rather than displacement of existing products.

Bell Potter believes the company is well funded with $49.4m cash and expects rising revenue to improve operating leverage, despite near-term elevated cash burn.

Execution across distribution, surgeon uptake and repeat procedures are seen as key near-term drivers, with broader expansion offering upside.

Target price is $1.15 Current Price is $0.78 Difference: $0.37
If OCC meets the Bell Potter target it will return approximately 47% (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 QAN as Outperform (1) -

Macquarie adjusts its earnings forecasts for Qantas Airways to reflect a structurally higher crack spread to the rest of FY26 and the limited ability to pass through the higher cost.

With 90 days to run, most sales have already been made across international, domestic and Jetstar.

For FY27, it remains too early to assess, the broker adds, although higher oil prices and crack spreads are likely into the first half.

Macquarie anticipates Qantas will reduce costs with some flight consolidation, particularly for the US, where A380s are flying with lower load factors.

The broker adds the company has the flexibility to adapt. Qantas carries the advantage of structural leadership in the domestic market. Target is reduced to $11.60 from $12.00. Outperform.

Target price is $11.60 Current Price is $8.73 Difference: $2.87
If QAN meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $12.12, suggesting upside of 43.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates QPM as Speculative Buy (1) -

QPM Energy has upgraded gas reserves and resources by 40% to 1,016PJ, strengthening the scale of its Moranbah Gas Project, highlights Ord Minnett.

The larger resource supports potential supply to domestic and export markets, particularly if a Gladstone pipeline proceeds, explain the analysts.

The broker also highlights funding progress, with $180m project debt and a $40m convertible note expected, alongside development of the Isaac Power Station.

Valuation is seen as attractive at 0.3x NAV, with catalysts likely to unlock value.

No change to Speculative Buy rating and 10c target.

Target price is $0.10 Current Price is $0.03 Difference: $0.071
If QPM meets the Ord Minnett target it will return approximately 245% (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 REP as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

RAM Essential Services Property Fund's target falls by -7.1% to 65c. Buy rating kept.

Target price is $0.65 Current Price is $0.52 Difference: $0.13
If REP meets the UBS target it will return approximately 25% (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 RFF as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Rural Funds' target falls by -5c to $2.10. Neutral rating kept.

Target price is $2.10 Current Price is $2.12 Difference: minus $0.02 (current price is over target).
If RFF meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 RGN as Upgrade to Buy from Sell (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Region Group's target rises by 9.1% to $2.40. Rating upgraded to Buy from Sell. The broker highlights defensive characteristics with hedging of 87% of 70% for FY27 and FY28, respectively. The ongoing buyback is also seen as supportive.

Target price is $2.40 Current Price is $2.19 Difference: $0.21
If RGN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 10.8% (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 SCG as Downgrade to Sell from Neutral (5) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

For Scentre Group, the rating is downgraded to Sell from Neutral, reflecting elevated interest rate risk with gearing (including subordinated notes) around 38% and hedging declining to 38% by FY27. Target falls by -14.6% to $3.50.

Target price is $3.50 Current Price is $3.60 Difference: minus $0.1 (current price is over target).
If SCG meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.06, suggesting upside of 15.9% (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

Citi rates SEK as Buy (1) -

Citi notes Seek's February job ad volumes were slighly softer with listings down -3% year-on-year.

A&NZ listings declined around -1% year-on-year, implying slight downside risk to management's FY26 guidance, although New Zealand remained stronger.

The broker highlights salary growth of 3.9% supports pricing, with yield growth expected to offset weaker volumes.

It's thought further rate hikes and weaker macro indicators may pressure job volumes through FY26 and into 1H27.

Buy rating. Target of $26.

Target price is $26.00 Current Price is $14.52 Difference: $11.48
If SEK meets the Citi target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 75.4% (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

Ord Minnett rates SGM as Upgrade to Hold from Sell (3) -

Ord Minnett raises its target for Sims to $20.00 from $18.20 and upgrades to Hold from Sell after management raised FY26 earnings (EBIT) to $350m-$400m, driven by strong performance in Sims Lifecycle Services (SLS).

Second-half earnings for SLS are expected to rise more than six-fold year-on-year, supported by firm pricing for second-hand Double Data Rate 4 Random Access Memory (DDR4).

Stronger metals prices in North America support upgrades to the broker's earnings forecasts, while Australasian ferrous markets remain subdued.

Target price is $20.00 Current Price is $20.68 Difference: minus $0.68 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.08, suggesting upside of 4.1% (ex-dividends)

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 SGM as Buy (1) -

Sims has delivered FY26 underlying EBIT guidance of $350-400m, ahead of UBS' expectations amid a stronger-than-expected Sims Lifecycle Services (SLS) and metals outlook.

The broker expects North American Metals to achieve EBIT $76m on higher trading margins and improved domestic ferrous prices.

The broker notes SLS over 12 months has become one of the main drivers of valuation/earnings with channel checks indicating undersupply of memory chips should continue to support DDR4 pricing through 2027.

Buy rating retained. Target is raised to $30.00 from $26.50.

Target price is $30.00 Current Price is $20.68 Difference: $9.32
If SGM meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $22.08, suggesting upside of 4.1% (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

UBS rates SGP as Neutral (3) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Stockland's target falls by -14.5% to $4.95. Neutral rating kept.

Target price is $4.95 Current Price is $4.48 Difference: $0.47
If SGP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 30.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates TLX as Buy (1) -

Telix Pharmaceuticals competitor Blue Earth has confirmed the UBS view of the PSMA PET market dynamics, providing encouraging remarks on the rate of market growth and stability of pricing.

UBS reiterates a Buy rating on Telix given the attractive set up with the company guiding to 25% sales growth in 2026 and upside from Pixclara and/or Zircaix. Target is $31.

Target price is $31.00 Current Price is $12.39 Difference: $18.61
If TLX meets the UBS target it will return approximately 150% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 108.2% (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

UBS rates VCX as Buy (1) -

UBS recommends ongoing caution on the Australian real estate sector in the near term, citing likely consensus earnings downgrades and persistent inflation risks.

The broker notes oil prices could rise to US$120-150/bbl if the Strait of Hormuz remains closed for 2-6 weeks.

The current environment is thought to echo 2022, when REITs fell around -30% peak-to-trough amid the Ukraine energy crisis and a 300bps rise in the cash rate.

Providing some offset, the starting point for the cash rate in this tightening cycle is more restrictive at 3.6% versus 0.1%, while valuations are considered undemanding, the analysts note.

Across coverage, the broker lowers its price targets by -7% on average.

UBS is cautious on residential exposures and remains positive on retail REITs.

Vicinity Centres' target falls by -7% to $2.65. Buy rating kept.

Target price is $2.65 Current Price is $2.39 Difference: $0.26
If VCX meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 8.8% (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

Ord Minnett rates VEA as Buy (1) -

Viva Energy is benefiting from sharply higher refining margins driven by elevated oil prices amid ongoing Middle East conflict, highlights Ord Minnett.

Margins have risen above US$40/bbl from high single digits earlier in 2026, with disruption to supply chains likely to persist for months, suggests the analyst..

The broker highlights reduced Asian refinery output and constrained imports should support elevated domestic fuel pricing for longer.

Earnings forecasts are lifted materially, reflecting stronger margins, with assumptions updated for a gradual normalisation through the second half.

Target price rises to $2.85 from $2.50. Buy rating kept.

Ord Minnett considers Ampol and Viva Energy preferred exposures to the current commodity price spike, given their stronger leverage to refining margins relative to producers’ exposure to oil and LNG prices.

Target price is $2.85 Current Price is $2.11 Difference: $0.74
If VEA meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 4.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates WDS as Neutral (3) -

Macquarie notes now Liz Westcott has been appointed permanent managing director and CEO of Woodside Energy the existing growth strategy has been reaffirmed with continued emphasis on capital discipline and shareholder value.

The broker highlights the war-time macro is playing into the company's strategy, given its portfolio is entirely ex-Strait of Hormuz and un-affected by the Middle East war. Target is $30.00. Neutral rating.

Target price is $30.00 Current Price is $31.44 Difference: minus $1.44 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.73, suggesting downside of -14.4% (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: -0.3

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