Australian Broker Call

Ord Minnett rates AGL as Buy (1) -

Ord Minnett revisited its model for AGL Energy following reports the sale of Tilt Renewables is on track. Additionally, the broker noted speculation of selldown by Ovo Energy of stake in Kaluza business where AGL owns 20% stake.

The broker's estimates the Tilt Renewables stake sale will fetch the company around $617m, removing losses and interest costs from its books, and boosting EPS by 4%,

In the case of Kaluza, the broker values AGL's stake at $571m. EPS forecast for FY26 lifted by 0.2% and by 4.3% for FY27.

Buy. Target rises to $12 from $11, with the broker pointing to upside risk if Yallourn plant issues drive wholesale power prices higher.

Target price is $12.00 Current Price is $8.85 Difference: $3.15
If AGL meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $10.97, suggesting upside of 18.6% (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 ANZ as Neutral (3) -

Macquarie remains Underweight on  Australian banks, despite housing credit accelerating to around 7% annualised, driven by investor lending growth above 8% and potential upside from the First Home Guarantee.

The broker’s Smartmove Mortgage Pricing Index shows little change in owner-occupier rates, though Bankwest cut investor rates by around -10bps, intensifying competition.

The broker highlights ANZ Bank's weaker mortgage and deposit growth, with household deposits up 6% versus 8-9% at peers. Westpac ((WBC)) and National Australia Bank ((NAB)) lead business credit growth at around 17% and 13%, respectively.

No forecast changes are made.

Macquarie keeps its Neutral rating for ANZ Bank (target $32.50). National Australia Bank is also Neutral and all other banks under coverage are Underperform, apart from Outperform-rated Judo Capital ((JDO)).

Target price is $32.50 Current Price is $33.21 Difference: minus $0.71 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.12, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

ANZ Bank's CEO Strategy Update on October 13 is seen by Morgan Stanley as a key share price catalyst, with expectations of a transformation agenda covering retail banking, ANZ Plus, and group-wide productivity.

The analyst outlines three scenarios: no new targets but circa -$1bn cost savings; return on equity (ROE) of 11-12%, cost-to-income (CTI) ratio below 48%, and circa -$1.5bn savings; or ROE of 12%, CTI around 45%, and around -$2bn in savings.

The broker’s base case is Scenario 2, though its FY28 forecasts assume ROE of circa 10% and CTI of around 51% given margin pressure and execution risk.

The Equal-weight rating and $30.50 target are maintained. Industry View: In-Line.

Target price is $30.50 Current Price is $33.21 Difference: minus $2.71 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.12, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates ANZ as Sell (5) -

UBS highlights APRA's latest data showing 0.5% m/m rise in business lending in August, where Westpac and National Australia Bank are leading the market growth.

On the deposit side, ANZ Bank together with CommBank, lost -$7.9bn business deposits, which was largely captured by Westpac.

Overall though, the broker notes the bank's lending growth rate is ahead of expectations as the FY25 result draws closer.

Sell. Target price $26.50.

Target price is $26.50 Current Price is $33.21 Difference: minus $6.71 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.12, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Bell Potter rates BM1 as Speculative Buy (1) -

Bell Potter highlights Ballard Mining's progress on the Ballard Fault exploration program and Baldock Deposit infill drilling.

Around 20% of the 50,000m Ballard Fault program is complete and 60% of the 80,000m Baldock infill program is underway. Drilling at Neptune has returned promising intercepts, according to the broker, including 23m at 1.8g/t gold from 21m.

The analysts observe Baldock drilling is targeting conversion of Inferred resources into Indicated ahead of a Maiden Ore Reserve in the 4Q of FY26. Permitting for a 1.5mtpa tailings facility is also expected soon.

No forecast changes are made. Bell Potter maintains a Buy (Speculative) rating and 80c target price.

Target price is $0.80 Current Price is $0.63 Difference: $0.175
If BM1 meets the Bell Potter target it will return approximately 28% (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

UBS rates BOQ as Sell (5) -

UBS highlights APRA's latest data showing 0.5% m/m rise in business lending in August, where Westpac and National Australia Bank are leading the market growth.

Bank of Queensland's business lending momentum is positive, with 2.3x the system growth over the past quarter.

Sell. Target price $6.50.

Target price is $6.50 Current Price is $7.25 Difference: minus $0.75 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.46, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.6

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

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

Bhagwan Marine's board has released incentive plan targets before the October 29 AGM, with Shaw and Partners noting the FY28 earnings (EBITDA) hurdle sits around 20% above its forecast, signalling confidence in growth.

The Australian Government’s $25bn Henderson Defence Precinct investment could generate incremental revenue, suggests the broker, with defence currently just 2% of group revenue.

No changes are made to Shaw's forecasts. The Buy, High Risk rating and target price of 80c are maintained.

Target price is $0.80 Current Price is $0.54 Difference: $0.26
If BWN meets the Shaw and Partners target it will return approximately 48% (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

Morgans rates CAR as Accumulate (2) -

Following a review of listing volumes at the end of 1Q26, Morgans observes the trend seen at the end of FY25 for CAR Group has continued, with listings normalising from earlier highs.

The broker notes inventory tilted further towards dealer listings, which are more stable and monetisable. Overall volumes were down -7% and -5.6% lower vs 1H25 average, with inventory in the September 27 week down -0.5% vs the preceding week.

No changes to forecasts. Accumulate rating with $40.80 target price.

Target price is $40.80 Current Price is $36.78 Difference: $4.02
If CAR meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $42.14, suggesting upside of 14.5% (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 CBA as Sell (5) -

UBS highlights latest APRA data showing credit growth accelerated to 7.2% y/y in August from 6.8% y/y in July, adding $24bn to the overall stock of credit.

The latest monthly growth was driven by mortgages, especially investor mortgages. CommBank was the most active, both on a m/m and y/y basis and has 26.9% share of the mortgage market.

This could help offset the pressure on net interest margin from lower cash rate, the broker reckons.

On the deposit side, the broker notes the bank increased its business deposit market share on a 12-month basis, despite some loss in August.

Sell. Target price $125.

Target price is $125.00 Current Price is $166.90 Difference: minus $41.9 (current price is over target).
If CBA meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.43, suggesting downside of -28.9% (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 CCL as Buy (1) -

Ord Minnett notes Cuscal's long-term incentive (LTI) structure for executives to be voted at the upcoming AGM is favourable for shareholder outcomes.

The broker is now more confident of the 3-year 10% existing business EPS growth target and the guided $15-20m after-tax synergies from the Indue acquisition.

The broker highlights 35% of LTI payment is tied to EPS growth and 30% to Indue delivery. Minor changes to forecasts to factor in Indue synergy timing.

Buy. Target price $4.78.

Target price is $4.78 Current Price is $3.87 Difference: $0.91
If CCL meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates COL as Buy (1) -

Noting comments at the FY25 result of the need to improve online profitability, Citi believes introduction of Click & Collect (C&C) fee looks increasingly probable at Woolworths Group. Both Coles Group and Woolworths currently charge for only fast-tracked C&C.

The broker reckons $5 fee is a realistic starting point, which will be easily accepted by higher-income households. Those unwilling could be nudged back to physical stores where the margin is higher.

The broker's view is based on its Grocery & Liquor survey which showed 65% of online shoppers use C&C, and of those, 39% were willing to pay a fee. For Woolworths a $5 fee would generate around $100m, in the broker's estimate.

Buy retained for Coles. Target price $25.40.

Target price is $25.40 Current Price is $23.29 Difference: $2.11
If COL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $24.91, suggesting upside of 7.3% (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

Citi rates CSL as Buy (1) -

Citi addresses recent questions on CSL, noting the stock is Buy rated with a $265 target price. Regarding tariffs, slight risks remain despite US plasma recipients receiving the product from US donors, with some processing conducted outside of the US.

On possible pricing news, it remains hard to establish, and there is no suggestion as yet that blood products would or would not be exempt from any future announcements.

On Behring, Citi doesn't believe the market is oversupplied but acknowledges competitors have caught up. Regarding the sale of Seqirus, the departure of CFO Joy Linton means the market will need to be informed who is leading the spin-off project going forward.

The November Capital Markets Day is expected to flag long-term targets for Seqirus standalone and what Behring's pipeline will look like, with an update on Horizon 2.

Target price is $265.00 Current Price is $198.20 Difference: $66.8
If CSL meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $276.82, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates DGT as Outperform (1) -

Macquarie considers Digico Infrastructure REIT in the context of its review of data centres and believes it can beat $163m in pro forma earnings (EBITDA) in the next 12–18 months, post FY25 earnings of $99m.

The analyst's base case for forecasts is a 20% CAGR in earnings (EBITDA) from FY25–FY30, which excludes contributions from development assets where approvals and/or power have not been achieved.

FY26 IT contracted capacity is assumed to grow to 27MW from 21MW in Australia, generating an additional $10–$15m in earnings (EBITDA) to the near-term expectations of $175–$180m.

Outperform. Target unchanged at $3.90.

Target price is $3.90 Current Price is $2.65 Difference: $1.25
If DGT meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 54.0% (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 IFT as Outperform (1) -

Macquarie raises its valuation on CDC by 5% to $14.9bn from $14.2bn, which results in a lift in Infratil's target price by 3% to NZ$13.26.

The broker's valuation is 10% above the last IV equity valuation (June 2025) at $13bn, with key factors that could impact the valuation including the build-out in AI training in Australia.

The forecast CAGR for CDC is 19% out to 2037, which aligns with management’s expected market growth. For every 100bp change in the assumed growth rate, the equity valuation changes by 6%.

The assumed cap rate of 6.8% is considered conservative given the WALE of 29.6 years and counterparty risk, as 95% of customers are AAA-rated.

No change in the broker's earnings estimates. Outperform maintained.

Current Price is $10.73. 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:

Market Sentiment: 1.0

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

UBS rates JDO as Buy (1) -

UBS highlights APRA's latest data showing 0.5% m/m rise in business lending in August, where Westpac and National Australia Bank are leading the market growth.

Judo Capital is also making good strides with loan growth at 1.5x system growth, however, it is lagging consensus forecast for FY26.

Buy. Target price $2.20.

Target price is $2.20 Current Price is $1.76 Difference: $0.445
If JDO meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates LOT as Speculative Buy (1) -

Ord Minnett highlights Lotus Resources' Kayelekera mine restart is nearing commercial production and is well-timed with spot uranium price rise and peers looking expensive.

The broker made minor changes to production, timing and costs over the next 12 months, and expects initial production costs to be on the high side at US$50-60/lb in 2026.

Long-term cost is estimated at US$46/lb at annual production of 2.4Mlb.

Speculative Buy. Target unchanged at 35c.

Target price is $0.35 Current Price is $0.24 Difference: $0.115
If LOT meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 40.5% (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 MAQ as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage of Macquarie Technology with an Outperform rating and $97.30 target, with an appealing valuation relative to its peers.

The founder-led business has achieved 11 years of consecutive earnings growth, with the two co-founders retaining over 40% ownership.

With rising demand for data centres, the company is well positioned to benefit. The analyst points to Alvarez & Marsal forecasts for a 16% CAGR from 2024–2027, and hyperscale and AI sectors to grow around 20% and 90%, respectively.

For Macquarie Technology, which serves two of the three global hyperscalers and 42% of government agencies, the opportunity is seen as significant.

Funding capacity stands at $513m, and data centre capacity is flagged to grow ten times, with management's strategy to boost installed capacity to over 215MW from 21MW over the next decade.

The analyst notes the telecom business is mature but offers good cash generation.

Target price is $97.30 Current Price is $63.68 Difference: $33.62
If MAQ meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates MP1 as Buy (1) -

Citi's global tech team has upgraded its AI hyperscaler capex forecast through to 2029 by around 20% to US$2.8trn, and the 2026 hyperscaler capex forecast is lifted by 17% to US$490bn. This is anticipated to boost new compute capacity for AI to 55GWs.

The rest of the world is expected to add 28GWs of installed capacity by 2030, which equates to growth to 30GWs by 2030 from 2GWs in 2024, a 57% CAGR rate. Australian compute capacity is flagged to grow faster.

The analyst views this as a positive for NextDC ((NXT)) and demand in the APAC region, as well as Megaport for multi-cloud and AI inference, and for software companies, notably WiseTech Global ((WTC)).

For Megaport, the growth in inference compute is forecast to grow to 50% of compute by 2028 from 30% of AI compute in 2026, with enterprise adoption. Alicloud's data centre capacity is expected to rise 10 times by 2032, also a positive.

Megaport is Buy rated with a $16.30 target.

Target price is $16.30 Current Price is $15.77 Difference: $0.53
If MP1 meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting downside of -5.7% (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 NAB as Neutral (3) -

UBS highlights APRA's latest data showing 0.5% m/m rise in business lending in August, where Westpac and National Australia Bank are leading the market growth.

On the deposit side, ANZ Bank together with CommBank, lost -$7.9bn business deposits, which was largely captured by Westpac while National Australia Bank was flat.

Overall though, the broker notes the bank's lending growth rate is ahead of expectations as the FY25 result draws closer.

Neutral. Target price $37.50.

Target price is $37.50 Current Price is $44.15 Difference: minus $6.65 (current price is over target).
If NAB meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.44, suggesting downside of -17.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Citi rates NXT as Buy (1) -

Citi's global tech team has upgraded its AI hyperscaler capex forecast through to 2029 by around 20% to US$2.8trn, and the 2026 hyperscaler capex forecast is lifted by 17% to US$490bn. This is anticipated to boost new compute capacity for AI to 55GWs.

The rest of the world is expected to add 28GWs of installed capacity by 2030, which equates to growth to 30GWs by 2030 from 2GWs in 2024, a 57% CAGR rate. Australian compute capacity is flagged to grow faster.

The analyst views this as a positive for NextDC and demand in the APAC region, as well as Megaport ((MP1)) for multi-cloud and AI inference, and for software companies, notably WiseTech Global ((WTC)).

NextDC is Buy rated with an $18.35 target.

Target price is $18.35 Current Price is $16.92 Difference: $1.43
If NXT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $19.87, suggesting upside of 17.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates NXT as Outperform (1) -

NextDC is transitioning to JV structures from fully funded balance sheet growth for its key hyperscale projects, which should lower capex requirements by up to -$14.6bn.

For now though, Macquarie sees a major portion of the initial S4 and S7 builds to still be debt-funded, and the analyst excludes S4, S5, and S7 from estimates but includes them in the land bank asset valuation.

Management has highlighted customers are looking for capacity within three to six months of signing a contract, which places the onus on companies like NextDC to prepare and deliver capacity to retain a key competitive advantage.

Macquarie highlights this underpins a rise in the risk profile from full pre-leases for a development, but notes it is necessary to compete in the current market.

Adjusting for the expected capex spend and changed assumptions, the analyst lowers EPS estimates by -19% for FY26 and -241% for FY27, with earnings (EBITDA) forecasts down by -3% for FY26 and unchanged for FY27.

Outperform rating retained. Target price slips to $20.90 from $22.30 previously.

Target price is $20.90 Current Price is $16.92 Difference: $3.98
If NXT meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $19.87, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates PAR as Speculative Buy (1) -

Paradigm Biopharmaceuticals has commenced dosing in its Phase 3 approval study PARA_OA_012 for osteoarthritis of the knee, with Bell Potter noting enrolment is underway in the US and Australia.

The trial will recruit 466 patients across up to 65 sites, with a futility analysis at 50% enrolment. This analysis checks whether it is realistically possible for the study to reach its primary endpoint if it continues as planned.

The broker highlights three differentiators versus peer failures: a conservative staged Phase 3 approach, saline as the control arm, and powering based on extensive prior data with a conservative effect size above approval thresholds.

These measures are expected to improve the chance of success.

Bell Potter makes no material forecast changes. The broker lowers its target to 65c from 73c following amendment to shares on issue following prospective new equity. A Buy (Speculative) rating is retained.

Target price is $0.65 Current Price is $0.34 Difference: $0.315
If PAR meets the Bell Potter target it will return approximately 94% (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

Morgans rates REA as Hold (3) -

Following a review of listing volumes at the end of 1Q26, Morgans observes the trend seen at the end of FY25 for REA Group has continued. New listing volumes were down y/y, led by declines in the more profitable Sydney, Melbourne and Brisbane markets.

The broker points to Cotality data showing national new property listings were down -11.5% y/y in the September quarter (until Sep 21). Sydney volumes were -9.8% down y/y, Melbourne was up 1%, after previously being negative, and Brisbane was -14.5% lower.

The broker now expects 1H26 listings to be down -4% y/y, but sees improvement in the 2H due to favourable comparison.

FY26 EPS forecast cut by -0.5% and FY27 by -0.4%.

Hold. Target price $257.

Target price is $257.00 Current Price is $231.06 Difference: $25.94
If REA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 20.0% (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

Citi rates RMD as Buy (1) -

Citi addresses recent investor queries on ResMed, which is Buy rated with a $51 target (US$330)

Consensus estimates for the medtech's gross margin are set at a flatline 63% post FY26, which omits the shift in earnings mix to AirSense 11 and management's aim to increase the gross margin through to 2030, the analyst explains.

The return of Philips to the US market in 2027 is being overly negatively discounted into consensus sales forecasts, with physicians preferring ResMed hardware over React, the number two player.

Citi cannot rule out future tariffs with multiple 232 investigations, but the company has been lifting manufacturing capacity in California.

Regarding GLP-1’s long term prospects, they are viewed as negative, but ResMed's earnings are weighted to those starting therapy where the outlook is positive as more patients are seeking care.

Target price is $51.00 Current Price is $41.03 Difference: $9.97
If RMD meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $49.07, suggesting upside of 18.3% (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

Morgans rates SEK as Accumulate (2) -

Following a review of listing volumes at the end of 1Q26, Morgans observes the trend seen at the end of FY25 for Seek has continued. The positive momentum in job ad volumes and more candidate engagements remained.

The August report showed a 0.8% m/m rise, and while volumes were down -2.8% y/y, it was the lowest decline since November 2022.

In the most recent data until September 21, the broker notes listings continued to show an improved trajectory, with job ads at 178.1k, -0.2% y/y but up 1.4% since the start of the month.

Slight changes to forecasts, with FY26 EPS estimate lifted by 0.3% and FY27 by 0.2%.

Target rises to $30.80 from $30.00. Accumulate maintained.

Target price is $30.80 Current Price is $28.51 Difference: $2.29
If SEK meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.56, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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 FY25 underlying earnings (EBITDA) of NZ$107m marked recovery, according to Macquarie, despite a -NZ$44m manufacturing setback, with all divisions improving. 

Advanced Nutrition revenue rose 8% on higher volumes, while Ingredients and Consumer units delivered margin growth despite cost pressures, highlights the analyst.

The NZ$307m North Island sale reduced debt and is accretive, given the asset’s loss-making position, explains the broker, though uncertainty remains over stranded costs and accelerated a2 Milk Co ((A2M)) in-sourcing. No FY26 guidance was provided.

The broker cuts its FY26 and FY27 earnings forecasts by -20% and -15%, respectively. The target price rises to NZ59c from NZ41c on the net impact of the results update, North Island sale, in-sourcing by a2 Milk Co, and other changes. Underperform rating kept.

Current Price is $0.70. Target price not assessed.

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: -0.5

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

Ord Minnett rates SNL as Upgrade to Buy from Accumulate (1) -

Ord Minnett has upgraded Supply Network to Buy from Accumulate following recent share price weakness.

The broker reminds the company is expanding strategically to capture the fleet market, a major untapped segment for commercial vehicle parts.

The company's recent investments have driven cost of doing business (CODB) higher, but the broker is confident it will help in driving revenue growth over the longer term.

Target unchanged at $41.50.

Target price is $41.50 Current Price is $34.01 Difference: $7.49
If SNL meets the Ord Minnett target it will return approximately 22% (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 SWM as Underweight (5) -

Seven West Media's proposed merger with Southern Cross Media is viewed by Morgan Stanley as strategically sensible but unlikely to alter the structural headwinds facing traditional media.

Seven West Media shareholders will hold 49.9% of the enlarged $800m entity, with cost-out guidance of -$25-30m over 18-24 months. Seven West Media shareholders will receive around 239m new Southern Cross Media shares at an exchange ratio of 0.1552.

The broker highlights benefits versus the status quo, including lower equity-raising risk, greater advertising scale, and digital growth potential from 7Plus and LiSTNR.

Yet broadcast TV and FM radio remain in decline, highlight the analysts, leaving long-term value creation challenging.

No forecast changes are made. The broker retains an Underweight rating and 15c target on Seven West Media. Industry View: Attractive.

Target price is $0.15 Current Price is $0.15 Difference: $0
If SWM meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.15, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Morgan Stanley rates SXL as Underweight (5) -

Southern Cross Media plans to merge with Seven West Media in a $800m deal, with both boards recommending terms, notes Morgan Stanley.

Seven West Media shareholders will receive around 239m new Southern Cross Media shares at a 0.1552 ratio, leaving existing Southern Cross Media holders with 50.1% of the enlarged group.

The broker suggests cost savings of -$25-30m appear conservative, with further upside from advertiser scale and digital platforms LiSTNR and 7Plus. Yet structural pressures in TV and radio remain, caution the analysts.

No forecast changes are made. The broker has been a seller into recent share price strength for Southern Cross Media and retains an Underweight rating and 65c target. Industry View: Attractive.

Target price is $0.65 Current Price is $0.90 Difference: minus $0.245 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.71, suggesting downside of -14.5% (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 TLX as Buy (1) -

Citi details a summary of major points on Telix Pharmaceuticals post initiation of coverage with a $34 target price.

The FDA rejection of Telix's Zircaix and Pixclara drugs was definitely bad for sentiment, with the analyst expecting both products can be remediated, with Zircaix the easiest to achieve.

Regarding the share price reaction to Gozellix, the stock's valuation is viewed as "materially" undervalued, and as Telix makes what it sells in the US, this alleviates concerns on tariffs, but there is potential for US drug pricing announcements around CMS pilot programs.

Medium-term earnings are expected to remain around zero, which aligns with a lifecycle biotech investing in its pipeline. Near term, the enrolment of patients into Part 2 of the ProstACT Global trial at a reasonable pace remains the major issue for getting the product to market.

Target price is $34.00 Current Price is $14.57 Difference: $19.43
If TLX meets the Citi target it will return approximately 133% (excluding dividends, fees and charges).

Current consensus price target is $28.40, suggesting upside of 86.6% (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

Ord Minnett rates VEE as Downgrade to Hold from Buy (3) -

Veem announced a new US$33m, nine-year defence contract with Northrop Grumman and a $14m capital raise to strengthen funding, all while pointing to a disappointing 1H26 EBITDA forecast.

Ord Minnett highlights the 1H26 EBITDA forecast represents a -45% downgrade to its forecasts earlier. The company expects a pick-up in 2H, but the broker is not confident it will be enough to meet its previous FY26 EBITDA estimate.

The outcome is a -20% downgrade to FY26 EBITDA forecast.

Target drops to $1.75 from $1.90. Rating downgraded to Hold from Buy.

Target price is $1.75 Current Price is $1.87 Difference: minus $0.12 (current price is over target).
If VEE meets the Ord Minnett target it will return approximately minus 6% (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

Ord Minnett rates VMM as Speculative Buy (1) -

Following stronger market conditions for rare earths (REO) and confidence in funding options for Viridis Mining and Minerals, Ord Minnett is now using the full net asset value (NAV) of Colossus to arrive at target price.

Previously the broker used half of the modelled NAV due to concerns over funding.

Speculative Buy. Target price rises to $3.34 from $1.60.

Target price is $3.34 Current Price is $1.45 Difference: $1.89
If VMM meets the Ord Minnett target it will return approximately 130% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates WBC as Neutral (3) -

UBS highlights APRA's latest data showing 0.5% m/m rise in business lending in August, where Westpac and National Australia Bank are leading the market growth.

The bank's market share is currently 16.2%, following 0.8% gain from peers over the past 12 months.

On the deposit side, the bank gained $4.7bn business deposits in August, taking majority of deposits lost by CommBank and ANZ.

Neutral. Target price $38.

Target price is $38.00 Current Price is $38.97 Difference: minus $0.97 (current price is over target).
If WBC meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.01, suggesting downside of -14.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Morgans rates WGN as Downgrade to Hold from Accumulate (3) -

Morgans notes around 14% of Wagners Holding Co's shares were transacted in the past month but the share price was still up 8.2%.

The company made a $30m institutional share placement at $2.60/share and the Wagner Family sold $36m of their holding at $2.56/share, reducing their stake to 44%. The broker highlights the raising is dilutionary as it is used to reduce debt.

The broker remains of the view the company is well-positioned for SEQ growth and Olympics-driven demand, with smart capex in CFT and CM. But risk/reward now looks balanced.

Rating downgraded to Hold from Accumulate. Target rises to $2.90 from $2.75 on roll-forward to FY27.

Target price is $2.90 Current Price is $2.80 Difference: $0.1
If WGN meets the Morgans target it will return approximately 4% (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

Citi rates WOW as Neutral (3) -

Noting Woolworths Group's comments at the FY25 result of the need to improve online profitability, Citi believes introduction of Click & Collect (C&C) fee looks increasingly probable. Both Coles Group and Woolworths currently charge for only fast-tracked C&C.

The broker reckons $5 fee is a realistic starting point, which will be easily accepted by higher-income households. Those unwilling could be nudged back to physical stores where the margin is higher.

The broker's view is based on its Grocery & Liquor survey which showed 65% of online shoppers use C&C, and of those, 39% were willing to pay a fee. For Woolworths, a $5 fee would generate around $100m, in the broker's estimate.

Neutral. Target price $31.

Target price is $31.00 Current Price is $26.70 Difference: $4.3
If WOW meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 14.2% (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 WTC as Buy (1) -

Citi's global tech team has upgraded its AI hyperscaler capex forecast through to 2029 by around 20% to US$2.8trn, and the 2026 hyperscaler capex forecast is lifted by 17% to US$490bn. This is anticipated to boost new compute capacity for AI to 55GWs.

The rest of the world is expected to add 28GWs of installed capacity by 2030, which equates to growth to 30GWs by 2030 from 2GWs in 2024, a 57% CAGR rate. Australian compute capacity is flagged to grow faster.

The analyst views this as a positive for NextDC ((NXT)) and demand in the APAC region, as well as Megaport ((MP1) for multi-cloud and AI inference, and for software companies, notably WiseTech Global.

As noted from conversations with WiseTech, there is an urgency of AI adoption with enterprises, which should support the rollout of agents as the major driver of growth for Cargowise over the next few years.

The stock is Buy rated with a $121.35 target.

Target price is $121.35 Current Price is $90.25 Difference: $31.1
If WTC meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $123.99, suggesting upside of 36.5% (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: 0.9

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