Australian Broker Call

Ord Minnett rates 4DX as Sell (5) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Sell rating for 4DMedical and lowers its target to $3.00 from $3.20.

Target price is $3.00 Current Price is $4.37 Difference: minus $1.37 (current price is over target).
If 4DX meets the Ord Minnett target it will return approximately minus 31% (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: 0.0

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

Citi rates A2M as Buy (1) -

Citi notes Synlait Milk's ((SM1)) interim result supports the broker's export data analysis, indicating a2 Milk is still rebuilding inventory using elevated air freight.

Synlait paused inventory catch-up due to unsold milk, while additional freight costs are not expected to materially impact this company's earnings.

Management at a2 Milk Co upgrading FY26 guidance again may prove incrementally harder, suggests the analyst, although execution remains strong and consensus already excludes further upgrades.

Revenue guidance at a2 remains mid double-digit for FY26, broadly aligned with market expectations near 15%–16%, notes Citi.

Target $10.55. Buy.

Target price is $10.55 Current Price is $9.36 Difference: $1.19
If A2M meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.92, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

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

Macquarie notes both Aussie Broadband and Superloop offer defensive earnings profiles amid rising rates and inflation, with Superloop additionally benefiting from down-trading through its discount Exetel brand.

Amid a volatile macro backdrop, both challenger NBN players continue to deliver resilient consumer share gains while diversifying into adjacent services via balance sheet deployment, the analyst explains.

The broker upgrades Aussie Broadband to Outperform from Neutral, reflecting recent share price weakness and supportive valuation analysis. The $5.30 target is unchanged.

While Aussie screens cheaper, Macquarie views Superloop’s earnings growth as higher quality, supported by fibre to the premises (FTTP) contributions and a superior, faster-growing Wholesale contract.

Target price is $5.30 Current Price is $4.76 Difference: $0.54
If ABB meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 26.1% (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

Ord Minnett rates ACL as Hold (3) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Hold rating for Australian Clinical Labs and lowers its target to $2.20 from $2.40.

Target price is $2.20 Current Price is $1.94 Difference: $0.265
If ACL meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates ANZ as Sell (5) -

UBS stress-tests bank asset quality against potential Middle East geopolitical shocks and resulting impacts on the Australian economy via inflation and interest rates.

Growth shocks are unlikely, in the analysts' view, given consumers and businesses have already absorbed 4.25 percentage points of rate increases over four years.

It is thought asset quality could weaken if cost-push inflation drives higher-than-expected rate rises, though current resilience remains supportive.

Credit loss ratio expectations sit below through-the-cycle levels near -10bps, the broker explains, while a return to long-term averages may reduce EPS by around -10%.

For ANZ: target $36.50. Sell rating.

Target price is $36.50 Current Price is $36.27 Difference: $0.23
If ANZ meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $36.54, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in September.

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 BPT as Sell (5) -

UBS again raises forecasts for oil and LNG prices, recognising the escalation of the war in the Middle East and extended closure of the Strait of Hormuz.

The base case assumes a further 2-3 weeks of disruption and that flows remains severely reduced while critical energy infrastructure that has been damaged will sustain risk premiums for longer.

Beach Energy's target is raised to $1.15 from $1.05. Sell rating.

Target price is $1.15 Current Price is $1.30 Difference: minus $0.145 (current price is over target).
If BPT meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.08, suggesting downside of -18.0% (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

Macquarie rates CBA as Underperform (5) -

Banks offer the largest AI-driven cost opportunity, according to Macquarie, with around 56% of roles highly exposed to automation.

It is estimated staff costs could fall by between -6%–20% across scenarios, implying 3%-15% upside to consensus earnings.

The broker considers CommBank has the greatest absolute upside from AI adoption, while Westpac appears best positioned to capture near-term savings.

Savings will likely come from outsourcing, offshore reductions, and attrition, though political constraints may slow domestic workforce cuts.

Near-term benefits are expected to be productivity-driven. The $120 target and Underperform rating are maintained.

Target price is $120.00 Current Price is $174.25 Difference: minus $54.25 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.04, suggesting downside of -24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Citi rates CKF as Buy (1) -

Citi views Collins Foods' German acquisition, announced on March 11, as a supportive platform for longer-term growth and a positive catalyst.

Separately, the analysts note risks are rising for the Australian KFC franchise, given pressure on core consumers from higher interest rates and petrol prices.

The broker highlights quick service restaurants (QSR) did not benefit from trade-down in the prior tightening cycle, and a similar outcome is expected this time.

Buy rating. Target falls by -19% to $10.45 due to a slower Australian growth assumption and valuation changes.

Target price is $10.45 Current Price is $9.48 Difference: $0.97
If CKF meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 29.8% (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

UBS rates CSL as Buy (1) -

CSL has reported a rapid uptake of Andembry since the launch in mid 2025 with more than one thousand patients on the therapy. UBS estimates this represents around 15% of patients on prophylactic treatment across the major markets where it has been approved.

While the launch trajectory is encouraging, investor attention is on the execution risk embedded in FY26 guidance, the broker points out, particularly the required lift in second half sales.

While acknowledging the risk UBS expects cost control will support earnings delivery even if sales momentum falls short. Buy rating and $235 target.

Target price is $235.00 Current Price is $139.79 Difference: $95.21
If CSL meets the UBS target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $205.76, suggesting upside of 47.6% (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: 0.6

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

Ord Minnett rates EBO as Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Buy rating for Ebos Group and lowers its target to $29 from $30.

Target price is $29.00 Current Price is $18.34 Difference: $10.66
If EBO meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $27.69, suggesting upside of 53.5% (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

Morgans rates EBR as Buy (1) -

EBR Systems has made a strong start to 2026 amid favourable reimbursement and growing physician engagement, Morgans notes. Early KPIs are encouraging, with implant volumes accelerating and 28 hospital agreements signed.

2025 revenue, in line, reflects the initial contribution from the US following FDA approval in April and first implants in June. The broker considers the business well-placed to build a profitable medical device operation in the cardiac resynchronisation therapy segment.

Buy rating. Target is reduced to $2.47 from $2.95.

Target price is $2.47 Current Price is $0.67 Difference: $1.8
If EBR meets the Morgans target it will return approximately 269% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates EIQ as Speculative Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Speculative Buy rating for EchoIQ and lowers its target to 60c from 62c.

Target price is $0.60 Current Price is $0.62 Difference: minus $0.015 (current price is over target).
If EIQ meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 1.0

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

Morgan Stanley rates GMG as Overweight (1) -

Morgan Stanley takes a closer look at the company's European data centre developments. From a development perspective, lease agreements materially de-risk the projects and the company is on the verge of achieving this.

The broker assesses this would then prepare the way for up to $2.95bn in development EBITDA to be recognised as early as FY27-29, ahead of construction completion.

Morgan Stanley also points out the company, and its partner in Europe, may not have to fund all capital expenditure, depending on how the data centres are sold to the end users.

Risks still remain from construction costs and timing perspective, the broker acknowledges.

Overweight. Target is reduced to $36.73 from $41.50, with Morgan Stanley pointing out the current share price is giving little credit to the datacentre pipeline. Industry View: In-Line.

Target price is $36.73 Current Price is $25.02 Difference: $11.71
If GMG meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $35.06, suggesting upside of 38.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates HVN as Outperform (1) -

Macquarie reviews ASX-listed Consumer Discretionary risks as the Iran conflict extends, noting a more challenging outlook across the sector.

Downside risk is greatest for Harvey Norman amid housing and margin risk, suggests the analyst while Wesfarmers and JB Hi-Fi appear better positioned given value focus and resilient demand trends.

The broker highlights limited near-term earnings impact from freight costs, though prolonged disruption could increase pressure, particularly for furniture exposure.

Outperform and $6.60 target kept for Harvey Norman.

Target price is $6.60 Current Price is $5.02 Difference: $1.58
If HVN meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.54, suggesting upside of 31.6% (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 HVN as Equal-weight (3) -

Morgan Stanley observes AI-driven memory inflation is emerging as a second-derivative risk for Harvey Norman, although the company's higher exposure to white goods, furniture and outdoor makes it less exposed than some others.

Yet the consumer backdrop is also becoming more challenging amid interest rate and fuel increases. The broker points out freight rates account for around 7-8% of retail prices.

Given the heightened cost environment and additional pressure on the consumer wallet, Morgan Stanley envisages downside risks to FY27 earnings, and to reflect this, multiples are moved across the discretionary retail space to below mid-cycle averages.

Equal-weight. Target is reduced to $5.40 from $6.00. Industry View: In-Line.

Target price is $5.40 Current Price is $5.02 Difference: $0.38
If HVN meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.54, suggesting upside of 31.6% (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 IAG as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley investigates the facets of AI and the technology impacts. Rating on Insurance Australia Group is downgraded to Underweight from Equal weight as the broker envisages less valuation support and AI price discovery risk.

There are some potential risks around disintermediation and price discovery yet the broker suspects AI will be a net positive for insurers and brokers. Positives include cost savings plus higher growth in cyber insurance and premiums for data centres.

The broker points out, down the track, automotive insurers will have to navigate autonomous vehicle disruptions. Insurance Australia Group's FY28 earnings estimates are upgraded by 2%.

Target is reduced to $6.60 from $7.50. Industry View: In-Line.

Target price is $6.60 Current Price is $7.44 Difference: minus $0.84 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.23, suggesting upside of 12.1% (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

Ord Minnett rates IDX as Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Buy rating for Integral Diagnostics and lowers its target to $3.20 from $3.30.

Target price is $3.20 Current Price is $2.43 Difference: $0.77
If IDX meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 48.3% (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 IPD as Speculative Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Speculative Buy rating and 5c target for ImpediMed.

Target price is $0.05 Current Price is $0.02 Difference: $0.035
If IPD meets the Ord Minnett target it will return approximately 233% (excluding dividends, fees and charges).

Current consensus price target is $0.04, suggesting upside of 116.7% (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

Macquarie rates JBH as Outperform (1) -

Macquarie reviews ASX-listed Consumer Discretionary risks as the Iran conflict extends, noting a more challenging outlook across the sector.

Downside risk is greatest for Harvey Norman amid housing and margin risk, suggests the analyst while Wesfarmers and JB Hi-Fi appear better positioned given value focus and resilient demand trends.

The broker highlights limited near-term earnings impact from freight costs, though prolonged disruption could increase pressure, particularly for furniture exposure.

Outperform rating and $106 target maintained for JB Hi-Fi.

Target price is $106.00 Current Price is $73.18 Difference: $32.82
If JBH meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $91.28, suggesting upside of 23.9% (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 JBH as Underweight (5) -

While Morgan Stanley believes JB Hi-Fi is a "best-in-class" retailer the valuation looks full.

The consumer backdrop is also becoming more challenging amid interest rate and fuel increases. The broker points out freight rates account for around 7-8% of retail prices.

Given the heightened cost environment and additional pressure on the consumer wallet, Morgan Stanley envisages downside risks to FY27 earnings, and to reflect this multiples are moved across the discretionary retail space to below mid-cycle averages.

Underweight. Target is lowered to $70.70 from $75.40. Industry View: In-Line.

Target price is $70.70 Current Price is $73.18 Difference: minus $2.48 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.28, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates MVF as Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Buy rating for Monash IVF and lowers its target to 85c from 90c.

Target price is $0.85 Current Price is $0.64 Difference: $0.21
If MVF meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.82, suggesting upside of 26.7% (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

UBS rates NXG as Buy (1) -

UBS has interrogated various investors and market participants globally about NexGen Energy and uranium.

The broker assesses investors are generally constructive about the company over the next 12-18 months because of several catalysts which the company can control.

As it begins to de-risk its investment case and outline a path to delivery, the broker suspects the valuation discount could close. Buy rating and $21 target.

Target price is $21.00 Current Price is $15.57 Difference: $5.43
If NXG meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates ORG as Buy (1) -

UBS again raises forecasts for oil and LNG prices, recognising the escalation of the war in the Middle East and extended closure of the Strait of Hormuz.

The base case assumes a further 2-3 weeks of disruption and that flows remains severely reduced while critical energy infrastructure that has been damaged will sustain risk premiums for longer.

Origin Energy's target is raised to $14.30 from $14.00. Buy rating.

Target price is $14.30 Current Price is $12.20 Difference: $2.1
If ORG meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.11, suggesting downside of -2.9% (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

Ord Minnett rates PGC as Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Buy rating for Paragon Care and lowers its target to 33c from 35c.

Target price is $0.33 Current Price is $0.18 Difference: $0.155
If PGC meets the Ord Minnett target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 1.0

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

Morgan Stanley rates PMV as Overweight (1) -

As the consumer backdrop is becoming more challenging as cost of living pressures build, Morgan Stanley has updated forecasts and valuations for consumer-related businesses.

The price target for Premier Investments has lost -6% as a result, dropping to $15.90 from $16.90. Overweight.

Target price is $15.90 Current Price is $12.66 Difference: $3.24
If PMV meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.53, suggesting upside of 42.3% (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

Ord Minnett rates PRU as Buy (1) -

Perseus Mining has increased its exposure to Cote d’Ivoire gold assets by acquiring a 9.9% stake in Aurum Resources ((AUE)) for -$23.7m via a placement at $0.60 per share.

Shared infrastructure potential for Aurum's Boundiali project exists near Sissingue, highlights Ord Minnett, though lower-grade ore economics and transport viability remain uncertain.

The broker notes Boundiali hosts an around 3.0moz resource with potential expansion, while key milestones include a preliminary feasibility study (PFS) this quarter and and a final investment decision (FID) by end-2026.

Buy and $6.80 target are retained.

Target price is $6.80 Current Price is $4.56 Difference: $2.24
If PRU meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 44.1% (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: 0.8

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley investigates the facets of AI and the technology impacts. There are some potential risks around disintermediation and price discovery yet the broker suspects AI will be a net positive for insurers and brokers.

Positives include cost savings plus higher growth in cyber insurance and premiums for data centres. Morgan Stanley  points out, down the track, automotive insurers will have to navigate autonomous vehicle disruptions.

QBE Insurance is the broker's preferred AI play among insurers, noting higher premium growth from cyber in data centres with little AI disruption risk and higher cost savings.

Overweight maintained. Target is raised to $25.65 from $24.60. Industry View: In-Line.

Target price is $25.65 Current Price is $20.82 Difference: $4.83
If QBE meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates REG as Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Buy rating for Regis Healthcare and lowers its target to $8.40 from $8.50.

Target price is $8.40 Current Price is $6.16 Difference: $2.24
If REG meets the Ord Minnett target it will return approximately 36% (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 SEK as Neutral (3) -

Macquarie notes Seek Australian job ad volumes declined -3% year-on-year in February, with FY26 trends remaining negative at -3%.

It's felt conditions may deteriorate further, driven by global uncertainty, potential AI disruption, and expectations for additional interest rate increases.

The broker highlights applications per ad remain elevated versus history, though trending lower, while job ads retain an inverse relationship with unemployment.

Earnings risk is seen to the downside, with Macquarie's forecasts below consensus and limited catalysts amid uncertainty around Seek’s AI positioning.

Neutral. Target $18.50.

Target price is $18.50 Current Price is $14.67 Difference: $3.83
If SEK meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 72.8% (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 SIG as Upgrade to Buy from Accumulate (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett lowers its target for Sigma Healthcare to $3.30 from $3.40 and upgrades to Buy from Accumulate.

Target price is $3.30 Current Price is $2.67 Difference: $0.63
If SIG meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates SLC as Outperform (1) -

Macquarie notes both Aussie Broadband and Superloop offer defensive earnings profiles amid rising rates and inflation, with Superloop additionally benefiting from down-trading through its discount Exetel brand.

Amid a volatile macro backdrop, both challenger NBN players continue to deliver resilient consumer share gains while diversifying into adjacent services via balance sheet deployment, the analyst explains.

While Aussie screens cheaper, Macquarie views Superloop’s earnings growth as higher quality, supported by fibre to the premises (FTTP) contributions and a superior, faster-growing Wholesale contract.

The $3.50 target and Outperform rating for Superloop are maintained.

Target price is $3.50 Current Price is $3.17 Difference: $0.33
If SLC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates SM1 as Underperform (5) -

Synlait Milk's 1H26 result (july year end) remained weak, notes Macquarie, with underlying earnings (EBITDA) of NZ$4m and loss of -NZ$27m amid ongoing inventory rebuild challenges.

Recovery is expected to take time, as manufacturing execution must improve to restore margins and profitability.

The broker highlights surplus milk processing and inefficiencies drove a sharp gross profit decline, while Consumer delivered strong growth and remains a key positive.

Turnaround prospects include scaling higher-margin products, though Macquarie notes valuation remains demanding given execution risks and rising debt.

Underperform retained, target falls to NZ46c from NZ48c.

Current Price is $0.41. Target price not assessed.

Current consensus price target is $0.72, suggesting upside of 75.6% (ex-dividends)

The company's fiscal year ends in July.

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: -0.7

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

UBS rates SM1 as Sell (5) -

Synlait Milk should expect pressure on its balance sheet to ease following the upcoming sale of North Island assets, UBS asserts, although EBIT improvement is likely to be restricted by a2 Milk ((A2M)) internalisation of the English-label infant formula manufacturing in FY27/FY28.

In line with guidance, EBITDA fell in the first half to a loss of -$35m, larger than expected.

The broker lowers ingredients margins to reflect reduced manufacturing efficiency. A quick re-rating appears unlikely and a Sell rating is maintained.

Target is reduced to NZ$0.40 from NZ$0.57.

Current Price is $0.41. Target price not assessed.

Current consensus price target is $0.72, suggesting upside of 75.6% (ex-dividends)

The company's fiscal year ends in July.

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: -0.7

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

UBS rates STO as Buy (1) -

UBS again raises forecasts for oil and LNG prices, recognising the escalation of the war in the Middle East and extended closure of the Strait of Hormuz.

The base case assumes a further 2-3 weeks of disruption and that flows remains severely reduced while critical energy infrastructure that has been damaged will sustain risk premiums for longer.

Santos is uniquely leveraged to LNG spot pricing, with surging prices providing a significant source of free cash flow.

While Woodside continues to provide high leverage to changes in oil and LNG pricing, Santos remains the broker's most preferred as it has broad fundamental upside and near-term catalysts associated with Barossa and Pikka.

Target is raised to $8.80 from $8.20. Buy rating.

Target price is $8.80 Current Price is $8.05 Difference: $0.75
If STO meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.80, suggesting downside of -0.5% (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: 0.7

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

Morgan Stanley rates SUN as Overweight (1) -

Morgan Stanley investigates the facets of AI and the technology impacts. There are some potential risks around disintermediation and price discovery yet the broker suspects AI will be a net positive for insurers and brokers.

Positives include cost savings plus higher growth in cyber insurance and premiums for data centres. Morgan Stanley  points out, down the track, automotive insurers will have to navigate autonomous vehicle disruptions.

Suncorp Group, among the domestic insurers, "has a relatively better toolkit to address AI risks" in the broker's opinion.

There are also more reinsurance catalysts for the company in the short term and, in particular, an aggregate cover could lift earnings quality and drive a re-rating.

Overweight maintained. Target is raised to $21.60 from $20.95. Industry View: In-Line.

Target price is $21.60 Current Price is $16.12 Difference: $5.48
If SUN meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $18.70, suggesting upside of 13.5% (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

Ord Minnett rates TRJ as Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Buy rating for Trajan Group and lowers its target to $1.00 from $1.10.

Target price is $1.00 Current Price is $0.46 Difference: $0.54
If TRJ meets the Ord Minnett target it will return approximately 117% (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

Ord Minnett rates VFY as Speculative Buy (1) -

Ord Minnett highlights Australian Healthcare as a defensive sector amid volatile global conditions, identifying Regis Healthcare, Integral Diagnostics, Sigma Healthcare and EchoIQ as preferred exposures.

Earnings resilience and multiple growth drivers support the sector, assess the analysts, particularly for companies with strong balance sheets and catalyst pipelines.

The broker notes higher bond yields have driven valuation resets, with weighted average cost of capital (WACC) assumptions lifted and target prices reduced across research coverage.

Cost pressures, the analysts note, are most evident for wholesalers and pathology providers given freight exposure and limited near-term pricing power.

Ord Minnett retains a Speculative Buy rating for Vitrafy Life Sciences and lowers its target to $2.40 from $2.50.

Target price is $2.40 Current Price is $1.59 Difference: $0.81
If VFY meets the Ord Minnett target it will return approximately 51% (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 WBC as Underperform (5) -

Banks offer the largest AI-driven cost opportunity, according to Macquarie, with around 56% of roles highly exposed to automation.
It is estimated staff costs could fall by between -6–20% across scenarios, implying 3-15% upside to consensus earnings.

The broker considers CommBank has the greatest absolute upside from AI adoption, while Westpac appears best positioned to capture near-term savings.

Savings will likely come from outsourcing, offshore reductions, and attrition, though political constraints may slow domestic workforce cuts. the analyst explains.

Near-term benefits are expected to be productivity-driven. The Westpac $33.50 target and Underperform rating are maintained.

Target price is $33.50 Current Price is $40.35 Difference: minus $6.85 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.72, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

UBS rates WDS as Neutral (3) -

UBS again raises forecasts for oil and LNG prices, recognising the escalation of the war in the Middle East and extended closure of the Strait of Hormuz.

The base case assumes a further 2-3 weeks of disruption and that flows remains severely reduced while critical energy infrastructure that has been damaged will sustain risk premiums for longer.

Woodside Energy is uniquely leveraged to LNG spot pricing, with surging prices providing a significant source of free cash flow. Target is raised to $30.20 from $28.10. Neutral.

Target price is $30.20 Current Price is $34.79 Difference: minus $4.59 (current price is over target).
If WDS meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.08, suggesting downside of -16.3% (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

Macquarie rates WES as Outperform (1) -

Macquarie reviews ASX-listed Consumer Discretionary risks as the Iran conflict extends, noting a more challenging outlook across the sector.

Downside risk is greatest for Harvey Norman amid housing and margin risk, suggests the analyst while Wesfarmers and JB Hi-Fi appear better positioned given value focus and resilient demand trends.

The broker highlights limited near-term earnings impact from freight costs, though prolonged disruption could increase pressure, particularly for furniture exposure.

Outperform rating and $92 target maintained for Wesfarmers.

Target price is $92.00 Current Price is $73.04 Difference: $18.96
If WES meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $86.26, suggesting upside of 18.0% (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 WES as Equal-weight (3) -

Morgan Stanley observes the consumer backdrop is becoming more challenging amid interest rate and fuel increases, pointing out freight rates account for around 7-8% of retail prices.

Wesfarmers has leverage to discretionary expenditure upside at Bunnings and Kmart, with potential real acceleration of housing activity in the medium term.

Yet given the heightened cost environment and additional pressure on the consumer wallet, Morgan Stanley envisages downside risks to FY27 earnings, and to reflect this multiples are moved across the discretionary retail space to below mid-cycle averages.

Equal-weight. Target is reduced to $79.30 from $86.00. Industry View: In-Line.

Target price is $79.30 Current Price is $73.04 Difference: $6.26
If WES meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $86.26, suggesting upside of 18.0% (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 WTC as Buy (1) -

Citi's feedback from the Trans-Pacific Maritime Conference 2026 supports WiseTech Global's durable moat concept.

Product depth in Cargowise is seen as underappreciated, irrespective of Denmark-based global freight forwarding and logistics company DSV uncertainty.

Execution will be critical as AI adoption accelerates, the analysts suggest, while DSV’s potential exit is not viewed as signaling a broader trend.

The broker highlights early-stage industry adoption of agentic AI, positioning Cargowise as a likely enabler given its functionality and scalability advantages.

It's felt product developments, including a June release, could accelerate adoption among large forwarders, though US landside exposure remains a growth headwind.

Buy. Target $65.35.

Target price is $65.35 Current Price is $40.69 Difference: $24.66
If WTC meets the Citi target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $86.77, suggesting upside of 121.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates XRO as Buy (1) -

UBS is reassured by its survey across the US, UK, Canada and Australia that Xero can defend against the market's fear around AI disruption/displacement.

Accounting and payment software expenditure growth is expected to accelerate while churn intentions remain low.

The business has screened well in the survey with customers appearing to intend increasing their expenditure by 7.7% this year and Melio customers looking to lift expenditure by 13%.

UBS retains a Buy rating and $174 target.

Target price is $174.00 Current Price is $76.65 Difference: $97.35
If XRO meets the UBS target it will return approximately 127% (excluding dividends, fees and charges).

Current consensus price target is $178.10, suggesting upside of 137.6% (ex-dividends)

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: 0.9

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