Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Life360 features among Morgan Stanley's key small-to-mid-cap ideas post reporting season, which revealed stronger monthly active (MAU) user growth in 2Q25 and an FY25 guidance upgrade. Rising paid conversion also helps underpin the broker's confidence.

US subscriber growth has consistently outpaced MAU since 3Q24, supporting monetisation and long-term international potential, in the analysts' view. The broker lifts its target to $58.50 from $51.00 and maintains an Overweight rating. Industry View: In-Line.

Upside not yet priced in, according to Morgan Stanley, includes pet tracking adoption across 11m dog-owning families, savings from direct payments, and new partnerships driving engagement.

Upcoming catalysts are the 3Q25 result in November and traction in pet tracking. The analysts also detail risks including weaker download trends and potential pet hardware delays.

Target price is $58.50 Current Price is $50.97 Difference: $7.53
If 360 meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $49.50, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Shaw and Partners rates A1M as Buy, High Risk (1) -

Copper in 2025 has been shaped by strong demand and fragile supply, highlights Shaw and Partners, with volatility driven by both structural deficits and shifting geopolitics.

Prices have swung sharply on events such as tariff threats, but fundamentals remain tight with historically low inventories, observe the analysts.

New demand from AI data centres and resource nationalism has added to traditional drivers such as electrification, reinforcing the bullish outlook, in Shaw's view.

With rising costs, limited discoveries, and higher standards restricting mine growth, copper prices must increase significantly to incentivise new supply, suggests the broker.

AIC Mines offers investors leveraged exposure to the Australian dollar copper price, points out Shaw, underpinned by stable production and a clear growth pathway.

The company is fully funded to advance its expansion plans, positioning it to become a significant copper producer on the ASX, in the analysts' view.

Unchanged Buy, High Risk rating and 75c target.

Target price is $0.75 Current Price is $0.40 Difference: $0.355
If A1M meets the Shaw and Partners target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 53.8% (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

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

Copper in 2025 has been shaped by strong demand and fragile supply, highlights Shaw and Partners, with volatility driven by both structural deficits and shifting geopolitics.

Prices have swung sharply on events such as tariff threats, but fundamentals remain tight with historically low inventories, observe the analysts.

New demand from AI data centres and resource nationalism has added to traditional drivers such as electrification, reinforcing the bullish outlook, in Shaw's view.

With rising costs, limited discoveries, and higher standards restricting mine growth, copper prices must increase significantly to incentivise new supply, suggests the broker.

For Aurelia Metals, Shaw retains a Buy, High Risk rating and target of 42c.

Management delivered on all FY25 production and cost guidance across gold, copper, zinc, and lead, highlighting to the broker solid operational execution and financial discipline.

In Shaw's view, Aurelia shares present an attractive entry into a diversified multi-metal producer with clear growth catalysts ahead.

Target price is $0.42 Current Price is $0.25 Difference: $0.17
If AMI meets the Shaw and Partners target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

The US Department of Commerce has launched a Section 232 investigation into the national security impact of imports of personal protective equipment (PPE) and medical consumables/equipment, highlights Morgan Stanley. A report is due within 270 days.

The review could have implications for companies under the broker's coverage including Ansell, Cochlear, Fisher & Paykel Healthcare, and ResMed. Further clarity is awaited on possible exemptions under the Nairobi Protocol and US-Mexico-Canada Agreement.

For Ansell: Equal-weight rating. Target $32.50. Industry View: In-Line.

Target price is $32.50 Current Price is $32.03 Difference: $0.47
If ANN meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $34.47, 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: 0.0

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

Ord Minnett rates ANN as Hold (3) -

While there are no changes to earnings forecasts, pending more guidance from the US Department of Commerce, Ord Minnett flags the US National Security Review of medical imports as a source of uncertainty for some companies.

They include Ansell, ResMed ((RMD)), Fisher & Paykel Healthcare ((FPH)) and Cochlear ((COH)).

These companies generate around 40-60% of revenues from the US market, and none have a substantial US manufacturing footprint, although ResMed is noted for production of flow generator motors.

The analyst awaits further clarity on tariffs, quotas or possible trade barriers. Ord Minnett highlights the Department is focused on the concentration of foreign supply and the optionality of re-shoring production to mitigate control by foreign governments over medical supply chains.

Target price is $36.20 Current Price is $32.03 Difference: $4.17
If ANN meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $34.47, suggesting upside of 8.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgan Stanley rates BBN as Overweight (1) -

Baby Bunting has emerged as one of Morgan Stanley's key small-cap ideas post reporting season, with the broker highlighting strong momentum in sales and margins.

Comparable sales rose 4.2% in FY25, including 6.2% in H2, while the gross margin improved to 40.2%, above management's target.

The broker points to upside from a credible 80-store rollout, successful refurbishments delivering 15-25% sales uplift, and strong returns on capital deployment. Risks are thought to include cyclical consumer headwinds, small-format execution, and cost base leverage.

Target rises to $3.60 from $3.00. Overweight. Industry view: In Line.

Target price is $3.60 Current Price is $2.99 Difference: $0.61
If BBN meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting downside of -2.4% (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

Morgan Stanley rates COH as Underweight (5) -

The US Department of Commerce has launched a Section 232 investigation into the national security impact of imports of personal protective equipment (PPE) and medical consumables/equipment, highlights Morgan Stanley. A report is due within 270 days.

The review could have implications for companies under the broker's coverage including Ansell, Cochlear, Fisher & Paykel Healthcare, and ResMed. Further clarity is awaited on possible exemptions under the Nairobi Protocol and US-Mexico-Canada Agreement.

For Cochlear: Underweight rating. Target $280. Industry View: In-Line.

Target price is $280.00 Current Price is $285.24 Difference: minus $5.24 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $306.74, suggesting upside of 9.8% (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

Citi rates CPU as Neutral (3) -

Computershare announced the sale of its UK mortgage servicing business for a price that appears to be low, but Citi still views it as a small incremental positive. This is because the business was non-core with a low 8% EBIT margin, and the sale was overdue.

The company maintained FY26 EPS guidance of US$1.40/share. The broker estimates the FY27 EPS impact will likely be -0.5% and lowered FY26-27 forecasts by -0.2% to -0.6%.

Three potential catalysts for share price upside are still seen: stronger debt issuance, a recovery in corporate actions, and a sizable acquisition. While none are seen as enough to shift the Neutral stance, the broker reckons lower US interest rates might sway.

Neutral. Target unchanged at $40.40.

Target price is $40.40 Current Price is $36.17 Difference: $4.23
If CPU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $38.88, suggesting upside of 9.4% (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: -0.4

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

Bell Potter rates DVP as Buy (1) -

Develop Global's annual report showed FY25 revenue of $231m, slightly below Bell Potter's expectations, with earnings (EBITDA) of $25.4m, around half of the broker's forecast.

Losses continued with an underlying NPAT of -$5.2m due to lower cost capitalisation during the Woodlawn ramp-up (copper, zinc, and lead concentrates, with by-product silver and gold credits) and higher share-based payments.

Inaugural Woodlawn concentrate sales included $8.6m copper, $2.5m lead, and $3.5m zinc.

Net debt was $74.5m against prior net cash, with capital expenditure of -$61.3m.

The broker lowers its target to $5.10 from $5.30 and retains a Buy rating.

Target price is $5.10 Current Price is $4.31 Difference: $0.79
If DVP meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates FPH as Overweight (1) -

The US Department of Commerce has launched a Section 232 investigation into the national security impact of imports of personal protective equipment (PPE) and medical consumables/equipment, highlights Morgan Stanley. A report is due within 270 days.

The review could have implications for companies under the broker's coverage including Ansell, Cochlear, Fisher & Paykel Healthcare, and ResMed. Further clarity is awaited on possible exemptions under the Nairobi Protocol and US-Mexico-Canada Agreement.

For Fisher & Paykel Healthcare: Overweight rating. Target NZ$38.90. Industry view: In-Line.

Current Price is $31.87. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Citi rates LOV as Neutral (3) -

Citi analysed the potential revenue opportunity for Lovisa Holdings from the announced closure of 291 Claire’s stores in the US.

The analysis, done in conjuncition with the broker's Research Innovation Lab, showed potential revenue gain of $34.2m based on 111 Lovisa stores located within 10 miles of Claire's.

For the remaining 180 Claire’s closures beyond a 10-mile radius of existing Lovisa stores, the broker sees some scope to consider site acquisitions but concludes it is less likely, given these stores are probably underperforming.

Neutral. Target unchanged at $42.50.

Target price is $42.50 Current Price is $37.31 Difference: $5.19
If LOV meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $42.32, suggesting upside of 13.1% (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 LTR as Sell (5) -

Following the release of FY25 results, Liontown Resources provided capex guidance for FY28 onwards at $55-70m per year, broadly in line with Citi's $80m estimate.

FY26 D&A is expected to remain flat vs FY25, before edging lower into FY27. The company expects underground commercial production to begin in 3Q26 and to fully transition to underground feed by the end of 1Q27.

The broker lifted FY26-27 EBITDA forecasts by 1% each.

Target rises to 50c from 45c. Sell maintained on stretched valuation.

Target price is $0.50 Current Price is $0.91 Difference: minus $0.405 (current price is over target).
If LTR meets the Citi target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Macquarie rates LTR as Underperform (5) -

Liontown Resources reported FY25 net profit after tax miss of -33% and -88% against Macquarie and consensus estimates. The analyst attributes it to higher depreciation & amortisation, higher net interest charges and a writedown of non-cash inventory.

Operating cash flow came in at -$11m, including interest paid, which was also below the analyst's and consensus forecasts.

Net debt stood at $567m, comprising cash on hand of $156m and debt of $688m. Post FY25 Liontown completed a $316m equity raising and $56m SPP, which Macquarie views positively as alleviating near-term liquidity concerns.

Underperform retained with a 65c target price.

Target price is $0.65 Current Price is $0.91 Difference: minus $0.255 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -22.7% (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

Ord Minnett rates LTR as Sell (5) -

Ord Minnett notes Liontown Resources missed FY25 earnings with higher financing costs, including less capitalisation, inventory adjustments and higher depreciation & amortisation weighing on the results.

The lithium company also increased its ore reserves to 71.7mt at 1.32% lithium oxide from 69.2mt at 1.34% at June 30, 2024.

The analyst views FY26 as a transition year with the finalisation of open-pit mining by December and a transition to 100% underground operations.

Cash costs are forecast to decline to around US$800/t from US$1,100/t, with all-in cash breakeven at circa US$1,100/t free-on-road, which is above the current spot price of circa US$800/t.

Target retained at 70c, which is believed to reflect the recovery in lithium prices. No change to Sell rating.

Target price is $0.70 Current Price is $0.91 Difference: minus $0.205 (current price is over target).
If LTR meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -22.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Citi rates MND as Buy (1) -

Monadelphous Group secured two E&C contracts this week, and Citi believes this could be the first in a string of contract wins over the near term. Upbeat commentary at the AGM later this year is seen likely if more contracts are won.

The two contracts total $222m, with the Jimblebar Train Loadout Replacement with BHP Group ((BHP)) due for completion in late 1H28 and North Star Junction BESS with Fortescue Metals ((FMG)) expected to be completed in 2H26.

The broker estimates the two projects will account for 12% of its E&C revenue forecast for FY26, and 6% for FY27.

Buy retained, with the broker reiterating its upbeat view on the stock. Target unchanged at $23.60.

Target price is $23.60 Current Price is $22.17 Difference: $1.43
If MND meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $22.13, suggesting downside of -1.4% (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

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

Morgan Stanley raises its target for Macquarie Group to $226 from $216, with the broker expecting 12% FY26 earnings growth, supported by stronger equity and capital markets.

M&A and asset management fees are on the improve, explain the analysts, partly offset by weaker commodities and the -$100m Shield Master Fund compensation in 1H26, assuming 70% recovery from liquidation.

Equal-weight rating unchanged. Industry View: In-Line.

Target price is $226.00 Current Price is $215.87 Difference: $10.13
If MQG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $223.77, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Accumulate (2) -

ASIC's announcement that Macquarie Group's Macquarie Investment Management, trustee for the Macquarie Wrap superannuation platform, will compensate investors in the Shield Master Fund for any capital losses has implications for the platform sector, Ord Minnett notes.

The analyst cites media reports that recoveries of 50%-70% infer Macquarie could be liable for -$96m-$160m based on the fund exposure of $321m, stemming from the absence of Shield being placed on a watchlist for more intense monitoring.

EQT Holdings ((EQT)) is exposed to Shield with $160m FUM, First Guardian estimated at $60m, and Netwealth Group ((NWL)) at around $120m.

Praemium ((PPS)) also has exposure via its super platform, with Hub24 ((HUB)) using EQT as its external trustee.

Ord Minnett emphasises the actions taken by ASIC reflect the increased regulatory oversight on superannuation trustees.

Target price is $245.00 Current Price is $215.87 Difference: $29.13
If MQG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $223.77, suggesting upside of 3.0% (ex-dividends)

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

Macquarie rates MVF as Outperform (1) -

Total Medicare IVF cycles rose 3.2% y/y in August on an adjusted data basis or down -1.5% on an absolute basis while fresh cycles rose 2.2% y/y and frozen lifted 4.7%.

Macquarie notes year-to-date cycles are down by -0.9% with Vic lagging, down -3.5%, where Monash IVF is overexposed and the state is flagged to generate around 30% of domestic revenue.

Circa 213k tests have been performed since the introduction of genetic testing to the Medicare Benefits Scheme in Nov 2023, with management anticipating a percentage will translate to IVF cycles. This should underpin "significant incremental IVF cycles in upcoming years".

No change in Overweight rating or $1 target price.

Target price is $1.00 Current Price is $0.66 Difference: $0.345
If MVF meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates NWL as Neutral (3) -

Citi notes Macquarie Investment Management, a subsidiary of Macquarie Group ((MQG)), has set a precedent by agreeing to fully reimburse investors and assume liability for the failed Shield Master Fund.

This means the broker can now assume its worst-case scenario for Netwealth Group could come to pass in relation to First Guardian funds.

The maximum exposure of -$100m will mean the company could take on debt, hence a dividend cut and equity raise are the options the broker is not currently thinking of.

The broker also explored the potential for increased costs in FY26 related to risk and governance, but reckons this is already captured in the costs forecast for FY26.

Neutral. Target unchanged at $35.50.

Target price is $35.50 Current Price is $29.66 Difference: $5.84
If NWL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $33.38, suggesting upside of 15.8% (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

Citi rates PMV as Neutral (3) -

Following a complete analysis of Premier Investments' FY25 result, Citi lifted FY26-27 Retail EBIT forecasts by around 3% each.

The broker notes the business is performing strongly, with continued opportunities for new store rollouts and expansion of existing stores. Improvement was seen in Smiggle in 2H25, but sales are still expected to decline in FY26, in the broker's view.

Neutral. Target unchanged at $24.

On early assessment, the broker wrote:

Premier Investments' FY25 release slightly beat forecasts by the broker and market consensus.

Sales for Peter Alexander have slightly underperformed but Smiggle has made up for it, even though momentum overall remains negative, the broker points out.

The 50c final dividend represents an upside surprise. While the gross margin surprised negatively, Citi lauds costs management (CODB).

Taking into account the weak share price performance leading into today's release, Citi thinks the share price should respond well.

Target price is $24.00 Current Price is $20.34 Difference: $3.66
If PMV meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates PMV as Neutral (3) -

Macquarie continues to view the share price for Premier Investments as not fully reflecting the possible turnaround and balance sheet optionality for the retailer post FY25 results.

Total sales rose 0.9% on the prior year and were 1% above the analyst and consensus forecasts due to strength in Peter Alexander, which offset Smiggle's weakness relative to expectations.

Smiggle sales fell -10.7% in FY25 vs FY24, with ongoing cost-of-living pressures biting. Green shoots are highlighted by Macquarie for UK & Middle East, but the overall sales lethargy and misconduct probe could result in search challenges for a new CEO.

The analyst lifts sales estimates for Peter Alexander to 7% for FY26 and FY27, largely from Australia, as the loss-making UK store rollout continues.

Macquarie tweaks its EPS forecasts by -1% for FY26 and up 3% for FY27. No change to Neutral rating and target lowered -4.6% to $20.80 from $21.80.

Target price is $20.80 Current Price is $20.34 Difference: $0.46
If PMV meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in July.

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 PMV as Overweight (1) -

Premier Investments reported FY25 revenue broadly in line with Morgan Stanley's expectations, with just a slight earnings miss.

Peter Alexander sales grew 7.7% y/y to $548m, supported by UK expansion, explain the analysts, while Smiggle sales fell -10.7% to $264.2m. Loyalty programs are planned, with Peter Alexander launching in October 2025 and Smiggle in early 2026.

The broker points to early 1H26 trading momentum, with Peter Alexander sales up 9.2% but Smiggle down -4% due to shipping delays, which should normalise in 2Q26.

Management remains confident in Smiggle’s wholesale channel and continues to assess selective store growth, while M&A options could emerge from 2026.

Overweight. Target $29.50. Industry View: In-Line.

Target price is $29.50 Current Price is $20.34 Difference: $9.16
If PMV meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in July.

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

Ord Minnett rates PMV as Buy (1) -

Premier Investments announced FY25 earnings (EBIT), which was below expectations by -3% according to Ord Minnett. Year-to-date sales growth was up 5% for FY26 on the prior period but tracking below forecast by around -2.5%.

Smiggle remains an underperformer as 2H25 revenue declined by -5% on the previous year, though it was an improvement from the 1H25 sales fall of -14%. Smiggle sales in A&NZ advanced 2% in FY25, whereas offshore sales fell by -19% over the period.

The analyst suggests the market has concerns around the structure of the business, while management continues to highlight the issues are execution-related, with a lack of a CEO for 15 months.

Peter Alexander generated strong 2H25 sales growth from A&NZ, while the UK operations are embryonic at only 10 months in.

The stock continues to trade at a sizable discount to the average ASX retailer. Buy rating retained. Target rises to $23.40 from $21.70.

Target price is $23.40 Current Price is $20.34 Difference: $3.06
If PMV meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 25.9% (ex-dividends)

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 RMD as Overweight (1) -

The US Department of Commerce has launched a Section 232 investigation into the national security impact of imports of personal protective equipment (PPE) and medical consumables/equipment, highlights Morgan Stanley. A report is due within 270 days.

The review could have implications for companies under the broker's coverage including Ansell, Cochlear, Fisher & Paykel Healthcare, and ResMed. Further clarity is awaited on possible exemptions under the Nairobi Protocol and US-Mexico-Canada Agreement.

For ResMed: Overweight rating. Industry View: In-Line.

Current Price is $40.59. Target price not assessed.

Current consensus price target is $49.07, suggesting upside of 20.3% (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: 0.9

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

Citi rates SHL as Neutral (3) -

Citi extended its model for Sonic Healthcare to include FY29 and FY30 forecasts.

No change to Neutral rating and $24 target price.

Target price is $24.00 Current Price is $21.52 Difference: $2.48
If SHL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 29.8% (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

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

Copper in 2025 has been shaped by strong demand and fragile supply, highlights Shaw and Partners, with volatility driven by both structural deficits and shifting geopolitics.

Prices have swung sharply on events such as tariff threats, but fundamentals remain tight with historically low inventories, observe the analysts.

New demand from AI data centres and resource nationalism has added to traditional drivers such as electrification, reinforcing the bullish outlook, in Shaw's view.

With rising costs, limited discoveries, and higher standards restricting mine growth, copper prices must increase significantly to incentivise new supply, suggests the broker.

Sunstone Metals is Shaw's top copper, gold, silver exploration pick. It's noted the company holds a 4moz gold-equivalent resource across Bramaderos and El Palmar in Ecuador, with strong growth potential.

A maiden resource at the high-priority Limon prospect is anticipated within 12 months, offering further upside, in the broker's view.

Unchanged Buy, High Risk rating and 4c target.

Target price is $0.04 Current Price is $0.02 Difference: $0.018
If STM meets the Shaw and Partners target it will return approximately 82% (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 STX as Neutral (3) -

Following a period of restriction, Macquarie is Neutral rated on Strike Energy with a new target price of 10c. The price captures the Walyering resource downgrade and an additional 731m shares issued at 12c, raising an estimated $84m in equity capital.

Management has been re-basing reserves/resource estimates across its portfolio, including Walyering 2P gas reserves, down -55% and Ocean Hill, down -41%. The analyst has lowered its EP469 forecast gross production to 572PJ from 700PJ, including Erregulla Deep.

The 85MW gas peaker plant is expected to commence in late-2026, with the company contemplating an expansion of 15MW while paying for the connection and infrastructure, the analyst explains. Cost for the peaker plant is noted as up $47m.

Macquarie tweaks near-term EPS estimates with FY27/FY28 EPS forecasts lowered by -29% and -39%, respectively, on reduced production from Walyering.

Target price is $0.10 Current Price is $0.11 Difference: minus $0.005 (current price is over target).
If STX 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 $0.19, suggesting upside of 69.7% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates TLX as Buy (1) -

Telix has received US Centers for Medicare and Medicaid Services approval for pass-through pricing of Gozellix from October 1.

This outcome is seen by Bell Potter as a competitive win in the prostate-specific membrane antigen (PSMA) imaging market and provides relief following a difficult year marked by two complete response letters.

FY25 revenue guidance remains intact, though the analysts expect third-quarter sales to soften.

Bell Potter highlights the Zircaix opportunity, one of Telix's radiopharmaceutical imaging agents, and maintains a Buy rating with a $23.00 target price.

Target price is $23.00 Current Price is $15.38 Difference: $7.62
If TLX meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $28.40, suggesting upside of 91.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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