Australian Broker Call

Morgan Stanley rates ALD as Overweight (1) -

Morgan Stanley notes investors remain wary of fuel price rises and demand management and crack spreads point to price rises even after excise reductions.

Regional crack spreads have averaged US$23.71/bbl so far this year while petrol margins have averaged 19.90c/litre and diesel margins 19.10c/litre.

The proposed acquisition of EG Ampol remains subject to ACCC approval by June 5 2026, with the company targeting contract close soon after, if approved. Morgan Stanley has not incorporated this into base case estimates yet.

The broker updates valuation on a normalised 2027 basis and favours Ampol over Viva Energy. Overweight. Target rises to $35 from $31. Industry View: In-Line.

Target price is $35.00 Current Price is $33.43 Difference: $1.57
If ALD meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $36.83, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

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 AMC as Upgrade to Buy from Accumulate (1) -

Ord Minnett considers the more than 70% rise in the price of petroleum-derived resin products, which represents circa 50% of Amcor's cost of goods sold for the packaging group since the start of the Middle East conflict.

In 2021, the company experienced a 100% surge in resin prices, and management "navigated" the period, with the analyst explaining earnings remained relatively resilient over the period.

The greater impact could emanate from demand destruction from higher prices, which would potentially push volumes lower.

Ord Minnett lowers EPS forecasts slightly for FY26. The stock is upgraded to Buy from Accumulate. Target price falls to $66 from $70.

Target price is $66.00 Current Price is $57.68 Difference: $8.32
If AMC meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $77.20, suggesting upside of 29.7% (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

UBS rates AMP as Buy (1) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

Across wealth platforms, EPS cuts reflect market impacts but are partly offset by higher cash balances and transaction activity, with UBS preferring Hub24 over Netwealth Group ((NWL)) on longer term market share potential.

AMP remains a Buy with a $1.75 target supported by capital management, while broader sector valuation appeal is improving despite near term earnings pressure. EPS forecasts are lowered by -4.8% and -3.9% for FY26/FY27, respectively.

Target price is $1.75 Current Price is $1.26 Difference: $0.485
If AMP meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Outperform (1) -

Total new car volumes declined -2.6% year-on-year in March 2026, observes Macquarie, with demand facing potential headwinds from further interest rate hike speculation.

It's noted EV demand strengthened materially, with total volumes rising 189% versus the prior corresponding period, while key brands BYD and Tesla recorded growth of 50% and 23%, respectively.

These EV numbers align with industry feedback pointing to a consumer shift towards EVs amid fuel price volatility, likely supporting further acceleration in EV volumes in coming months, the analyst believes.

For Eagers Automotive, target of $30.70 and Outperform rating maintained.

Target price is $30.70 Current Price is $23.73 Difference: $6.97
If APE meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $30.43, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates ARB as Neutral (3) -

Citi observes March 2026 new car sales, which saw PU/CC (Pick-Up and Chassis Cab) 4X4 volumes decline by -12% for a year-to-date fall of -6%, and overall vehicle sales falling -2.6%, as indicative of a challenging industry for ARB Corp.

Shark volumes are expected to increase mid-2026 with expanded towing capacity. The broker also notes the softness in Shark has been somewhat offset by increased GWM (Great Wall Motors) Cannon volumes, up 99% and now 6.1% of the category.

The analyst remains Neutral rated with a $22.05 target, while highlighting management's response to the fragmenting car parts market will be important.

Citi would like to see more investment in engineering and fitment capacity. Target $22.05. Neutral.

Target price is $22.05 Current Price is $20.37 Difference: $1.68
If ARB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 31.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates ARB as Buy (1) -

Ord Minnett notes Australian new vehicle sales fell -3.3% y/y to 105,058 units in March 2026, with 1Q tracking -2.6% y/y, as declines in Passenger (-7.5%), LCV (-14.0%) and Heavy Commercial (-12.0%) segments were only partly offset by SUV growth (+0.9%) and a sharp rise in EV sales (+88.9%).

ARB Corp exposed 4WD segments underperformed, with key vehicles down -9.9% y/y, reflecting mixed trends across core models, Toyota Hilux rose 2.1% and Ford Ranger down -9.7%.

The broker notes near term headwinds from supply disruptions and elevated fuel prices impacting demand, but maintains a positive longer term outlook supported by strong product demand, a healthy order book, store expansion and OEM partnerships, retaining a Buy rating.

Target remains at $31.

Target price is $31.00 Current Price is $20.37 Difference: $10.63
If ARB meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 31.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates BOE as Neutral (3) -

Citi emphasises Boss Energy's June quarter update will be the next important update on Honeymoon and whether management can confirm a wider spaced wellfield design is economically and technically viable.

The U308 producer is also noted for having lower diesel exposure via its ISR concept at Honeymoon to power drilling instead of moving materials. The analyst assumes diesel usage is around -60% to -80% lower than conventional mining per pound.

Current FY26 guidance appears "conservative" at around 1.6mlbs but the feasibility study is the major factor determining Boss Energy's medium term cost and production outlook.

Neutral rating unchanged. Target price rises to $1.60 from $1.25

Target price is $1.60 Current Price is $1.55 Difference: $0.055
If BOE meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.66, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates BOQ as Neutral (3) -

Macquarie highlights Bank of Queensland's circa $3.7bn equipment finance book sale is a catalyst for an around $300m capital return and a 15–25bps uplift in return on equity (ROE).

A servicing and forward flow agreement is expected to partially offset lost net interest income (NII).

Given an over $600m stranded franking balance, the broker expects capital to be returned via a fully franked special dividend, assuming 45c in 2H26. Earnings forecasts are unchanged pending further detail, though modest EPS dilution is expected.

While transformation efforts continue and near-term earnings are supported by funding spreads, commentary explains the bank remains sub-scale and below its cost of capital.

Macquarie retains a Neutral rating and lowers its target to $6.25 from $6.50.

Target price is $6.25 Current Price is $7.27 Difference: minus $1.02 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.82, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in August.

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

Ord Minnett rates BOQ as Downgrade to Lighten from Hold (4) -

Ord Minnett downgrades Bank of Queensland to Lighten from Hold on valuation grounds with no change in target of $6.

The bank will return circa $300m to shareholders following the -$3.7bn sale of its equipment finance book to Challenger ((CGF)), with remaining proceeds used to reduce debt. EPS forecasts lift slightly for FY26 and FY27.

Under the forward-flow structure, Challenger assumes funding and credit risk while the bank retains servicing, though the arrangement is initially limited to 12 months, creating refinancing risk if not extended.

While the deal reflects strategic innovation to improve returns, commentary highlights competitive pressures and margin headwinds persist.

Target price is $6.00 Current Price is $7.27 Difference: minus $1.27 (current price is over target).
If BOQ meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.82, suggesting downside of -5.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates BOQ as Buy (1) -

Bank of Queensland has announced the sale of its $3.7bn equipment finance portfolio, along with a forward flow and servicing agreement with Challenger ((CGF)).

UBS considers this a positive development, as it aligns with the bank's strategy to focus on areas where it competes more effectively while transitioning towards a more specialised, capital-efficient banking model.

Commentary concludes the deal will enable the bank to return around $300m to shareholders through a buyback or special dividend and also strengthen the balance sheet by reducing wholesale funding requirements.

First half results are expected on April 22. Buy rating. Target is $7.50.

Target price is $7.50 Current Price is $7.27 Difference: $0.23
If BOQ meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in August.

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

Morgan Stanley rates DXS as Underweight (5) -

Morgan Stanley believes it is too early to be bullish on Dexus despite what it describes as an "interesting valuation", having done an analysis on how the Atlassian HQ in Sydney, to be completed in December, could affect the company's earnings.

The broker is convinced Dexus will only deliver underlying FFO growth of less than 1% in FY27 and less than 2% in FY28. This compares with consensus forecasts for a decline in FFO in FY27 and 4.3% bounce in FY28.

On a three-year view, Dexus may seem attractive yet Morgan Stanley does not believe the potential re-rating will be linear and retains an Underweight rating. Target is reduced to $6.37 from $7.15. Industry view is In-Line.

Target price is $6.37 Current Price is $5.92 Difference: $0.45
If DXS meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.96, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates GQG as Buy (1) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments ((NGI)) and GQG Partners as more defensive exposures, including less equity market correlation.

Stable funds under management and attractive valuations favour Navigator Global Investments and GQG, the report concludes.

GQG is Buy rated with an unchanged target of $2. EPS forecasts are tweaked lower.

Target price is $2.00 Current Price is $1.78 Difference: $0.225
If GQG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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 GTK as Initiation of coverage with Hold (3) -

Ord Minnett initiates coverage on Gentrack with a Hold rating and $5.63 target, viewing the g2 platform as a potential growth inflection point but noting risks around long sales cycles and customer churn.

Management has identified a pipeline of over $135m recurring revenue from g2 opportunities, with potential average revenue per user rising by 1.5–2.5 times from migrating existing customers, supporting longer term growth, though revenue acceleration is seen as more likely in FY28 than FY27.

Competitive pressure from Kraken, alongside its scale and recent contract wins, presents ongoing churn risk across Gentrack's legacy customer base, commentary posits.

Target price is $5.63 Current Price is $5.38 Difference: $0.25
If GTK meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.11, suggesting upside of 45.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Citi rates GYG as Sell (5) -

On further inspection, Citi adds further positive announcements are needed to improve the "weak" sentiment around the stock and underpin new long positions, given the prior 14% short interest before the 3Q26 update.

Positive tailwinds from Uber might continue for 12 months.

****

At first glance, Citi notes Guzman y Gomez saw an acceleration in 3Q26 Australian like-for-like sales, which the market is likely to be positively disposed about as it was above consensus but inline with the analyst's forecasts, and has been achieved at a time of disruption with management.

Like-for-like Australian sales rose 6.6% in 3Q26 from 4.8% in 2Q26, with the Uber Eats strategic partnership viewed as possibly a tailwind.

US like-for-like sales rose to 2.2% from -1.1% in 2Q26 but could be viewed as a miss versus the first seven-week update in 2H26, equivalent to 1Q26 at 6.7%.

The company is on track to achieve 32 new restaurants in Australia for FY26.

Sell. Target $16.55.

Target price is $16.55 Current Price is $18.02 Difference: minus $1.47 (current price is over target).
If GYG meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.56, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates GYG as Outperform (1) -

Following a 3Q sales update by Guzman y Gomez, Macquarie highlights accelerating Australian comparable sales as the key takeaway.

For the Australian segment, there was a 3Q rise of 6.6% despite a strong prior period, the analyst notes, supported by value-led marketing, menu innovation and delivery growth via Uber Eats.

Easier 4Q comparatives and improved execution around Cinco de Mayo (Mexican holiday) are thought to present further upside.

Commentary points out the US performance remains uneven, impacted by the shift to Uber Eats exclusivity (DoorDash is a more dominant player), management focused on rebuilding brand awareness and customer engagement.

While near-term volatility may arise from inflation and geopolitical risks, Macquarie sees an attractive long-term opportunity, retaining an Outperform rating and lowering its target by -80c to $26.50.

Target price is $26.50 Current Price is $18.02 Difference: $8.48
If GYG meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $24.56, suggesting upside of 21.3% (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 GYG as Overweight (1) -

Guzman y Gomez announced 3Q26 Australian comparable sales up 6.6% versus up 4.8% in 2Q26 and 11.1% in 3Q25, which was above consensus for 2H26 growth of 5%.

Comparable sales growth should become easier, Morgan Stanley explains, as 4Q25 sales grew 8.3%. Transaction growth is also tracking above sales growth.

US 3Q26 comparable sales rose 2.2%, above 2Q26 at -1.1%, but below consensus forecast for 2H26 growth of 6.2%. Comparable sales are flagged to become harder with 4Q25 growth at 2.8%. Two restaurants were added over the period.

Management reiterated FY26 guidance, including 32 new Australian restaurant additions.

Overweight rating and $26.30 target retained. Industry View: In-Line.

Target price is $26.30 Current Price is $18.02 Difference: $8.28
If GYG meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $24.56, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates GYG as Buy (1) -

Guzman y Gomez reported strong March quarter performance, with same store sales growth of 6.6% and total sales up 19.7%, prompting Ord Minnett to lift Australian same store sales growth forecasts to 5.5% for FY26 and 6.0% for FY27.

The analyst lowers FY26 EPS estimate by -1.5%, and upgrades estimates by 8.3% and 6.3% for FY27 and FY28.

The broker raises its target price to $32.00 from $31.00 and reiterates a Buy rating, citing improved earnings outlook and investment appeal.

Target price is $32.00 Current Price is $18.02 Difference: $13.98
If GYG meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $24.56, suggesting upside of 21.3% (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 GYG as Buy (1) -

Guzman y Gomez revealed third quarter network sales were up 19.7% in Australia. FY26 guidance was reiterated amid 32 gross openings in Australia. Australasia underlying EBITDA margin guidance is 6-6.2%.

UBS adjusts estimates for FY26 and FY27 underlying EBITDA up by 1.3% amid higher Australian same-store sales growth and EBITDA margins. This is moderated by slightly higher US EBITDA losses.

A Buy rating is maintained because of the attractive Australian growth outlook while the US remains uncertain. Target is raised to $22 from $21.

Target price is $22.00 Current Price is $18.02 Difference: $3.98
If GYG meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $24.56, suggesting upside of 21.3% (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 HUB as Neutral (3) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

Across wealth platforms, EPS cuts reflect market impacts but are partly offset by higher cash balances and transaction activity, with UBS preferring Hub24 over Netwealth Group ((NWL)) on longer term market share potential.

AMP ((AMP)) remains a Buy supported by capital management, while broader sector valuation appeal is improving despite near term earnings pressure.

Hub24 remains Neutral rated with a $100 target.

Target price is $100.00 Current Price is $81.99 Difference: $18.01
If HUB meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $109.99, suggesting upside of 20.9% (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 IGO as Buy (1) -

UBS expects "solid" production and realised prices from ASX lithium producers in the March quarter. IGO Ltd is considered well-positioned to achieve FY26 guidance and potentially restart TLEA dividends.

A stronger March quarter at Greenbushes is anticipated following the commissioning and ramp up of CGP3 in late 2025. In the  longer term the broker assumes the full ramp up of CGP3 by September and completion of the works in FY30.

Buy rating maintained while the target is raised to $9.05 from $8.55.

Target price is $9.05 Current Price is $8.21 Difference: $0.84
If IGO meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.06, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates KYP as Buy (1) -

Bell Potter expects Kinatico to provide an update on the third quarter next week some time, forecasting revenue to be up 10% and software-as-a-service revenue up 29%.

It remains unclear if the company will provide EBITDA for the quarter yet the broker expects around $1.4m.

This is not expected to be a particularly strong quarter and updates to forecasts since the first half result have not been made, so Bell Potter contemplates some "downside risk" for the third quarter.

Buy rating maintained. Target edges down to $0.38 from $0.40.

Target price is $0.38 Current Price is $0.15 Difference: $0.23
If KYP meets the Bell Potter target it will return approximately 153% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates L1G as Neutral (3) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments ((NGI)) and GQG Partners ((GQG)) as more defensive exposures, including less equity market correlation.

L1 Group remains Neutral rated with a $1.28 target. EPS forecasts are tweaked lower for FY26/FY27.

Target price is $1.28 Current Price is $1.03 Difference: $0.25
If L1G meets the UBS 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: 0.0

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

UBS rates LOV as Upgrade to Buy from Neutral (1) -

UBS upgrades Lovisa Holdings to Buy from Neutral with a lower target price of $26 from $29 with much of the risk now seen as discounted in the share price following a de-rating of the valuation post sell off.

The shares have declined -27% year-to-date (2026) and are down -32% for FY26. UBS notes risks around slower FY26 store growth, softer like-for-like sales in A&NZ, ongoing Jewells losses, and modest earnings downgrades relative to consensus.

The broker believes much of this risk is now priced in, while the resilience of Lovisa’s youth-focused, low price point offering is under-appreciated, and management is unlikely to tolerate sustained losses from Jewells.

UBS expects Jewells losses to narrow over time, with management likely to either fix performance or consider closure, limiting longer term downside.

Target price is $26.00 Current Price is $21.42 Difference: $4.58
If LOV meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $30.35, suggesting upside of 26.2% (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 MFG as Neutral (3) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments ((NGI)) and GQG Partners ((GQG)) as more defensive exposures, including less equity market correlation.

The broker notes Magellan Financial's performance across its flagship strategies over 3Q26 has performed in line with markets.

Magellan remains Neutral rated with a $9.90 target. EPS forecasts are lowered.

Target price is $9.90 Current Price is $9.57 Difference: $0.33
If MFG meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.05, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates NGI as Buy (1) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments and GQG Partners ((GQG)) as more defensive exposures, including less equity market correlation.

Stable funds under management and attractive valuations favour Navigator Global Investments and GQG, both Buy rated with a $3.45 target for Navigator. EPS forecasts are tweaked higher for FY26/FY27.

Target price is $3.45 Current Price is $2.08 Difference: $1.37
If NGI meets the UBS target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 49.3% (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: 1.0

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

UBS rates NWL as Neutral (3) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

Across wealth platforms, EPS cuts reflect market impacts but are partly offset by higher cash balances and transaction activity, with UBS preferring Hub24 ((HUB)) over Netwealth Group on longer term market share potential.

AMP ((AMP)) remains a Buy supported by capital management, while broader sector valuation appeal is improving despite near term earnings pressure.

Netwealth Group is Neutral rated with a $28.35 target. EPS forecasts are tweaked lower.

Target price is $28.35 Current Price is $21.81 Difference: $6.54
If NWL meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $29.51, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates NXT as Buy (1) -

NextDC is offering $1bn in subordinated hybrid securities, supported by a $1bn binding commitment from La Caisse, a global investment group based in Quebec.

Hybrid securities have a non-call period of five years and maturity of 100 years, are tax-deductible and classified as debt for accounting purposes, although will sit outside of senior debt covenants and with no equity conversion.

UBS considers this a "relatively expensive" debt option if taken on a stand-alone basis but materially cheaper versus equity raising at these levels.

Shareholders are expected to assess this as "more debt" and the broker remains of the view that the company will lean heavily to debt over the coming 6-12 months in order to bridge the gap of sufficiently de-risking S4 and signing a JV partner.

Buy rating and $22.55 target price are maintained.

Target price is $22.55 Current Price is $12.60 Difference: $9.95
If NXT meets the UBS target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $20.73, suggesting upside of 57.0% (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 PLS as Outperform (1) -

Macquarie expects fewer brownfield expansion projects in the Lithium sector, a slower pace of staged growth, reduced stripping activity, and the deferral of non-critical work should diesel supply tighten further.

The broker estimates fuel accounted for around 7% of PLS Group’s FOB unit costs in 1H FY26, with diesel primarily used for the mobile fleet and product haulage.

A third party manages the full concentrate logistics chain, from site handling to port and loading, under a long-term agreement, with fuel costs passed through.

Unchanged $5.50 target and Outperform rating.

The broker's targets and ratings are also unchanged for Liontown Resources ((LTR)), IGO Ltd ((IGO)), and Elevra Lithium ((ELV)). 

Target price is $5.50 Current Price is $5.19 Difference: $0.31
If PLS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates PLS as Neutral (3) -

UBS expects "solid" production and realised prices from ASX lithium producers in the March quarter. Few surprises are anticipated from PLS Group although shipments could be slightly weaker quarter on quarter.

Costs could be pushing towards the high end of guidance while realised prices should improve materially, although the broker warns consensus "does seem very optimistic". Neutral retained. Target rises to $5.20 from $4.95.

Target price is $5.20 Current Price is $5.19 Difference: $0.01
If PLS meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates PNI as Neutral (3) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments ((NGI)) and GQG Partners ((GQG)) as more defensive exposures, including less equity market correlation.

The analyst notes Pinnacle Investment Management has experienced a challenging March quarter, with a tough period for growth equity affiliates and poor or negative sentiment around private credit.

Pinnacle is Neutral rated with an $18.65 target. EPS forecasts are tweaked lower.

Target price is $18.65 Current Price is $14.20 Difference: $4.45
If PNI meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $22.23, suggesting upside of 46.1% (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 PXA as Outperform (1) -

Macquarie downplays regulatory concerns for Pexa Group, suggesting recent developments are a “storm in a teacup”, with its analysis implying more modest pricing risk than feared.

Using prior NSW Independent Pricing and Regulatory Tribunal (IPART) reviews, the broker back-solves an initial asset base of around $1.0bn, rolling forward to $375-470m today.

On this basis, current pricing appears only 7-12% above allowable revenue.

It's also felt any price reductions could be offset through cost efficiencies. The market is already pricing in more severe downside, notes the broker.

Macquarie retains an Outperform rating, lowering its target to $18.35 from $19.60.

Target price is $18.35 Current Price is $12.23 Difference: $6.12
If PXA meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $16.47, suggesting upside of 32.9% (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 RMS as Outperform (1) -

Ramelius Resources’ preliminary 3QFY26 production of 38.1koz missed Macquarie's expectation, down -19% versus the consensus estimate.

Cyclone Narelle-related rainfall impacted along with a six-day mill shutdown at Mt Magnet, the analyst explains.

FY26 guidance of 185-205koz was reiterated, with a stronger 4Q expected, supported by high-grade stockpiles and improved ore access.

While fuel supply remains secure, higher diesel prices present cost risks, highlights Macquarie, with potential upside to cost (AISC) guidance.

The target is lowered by -20c to $4.60. The broker retains an Outperform rating.

Target price is $4.60 Current Price is $3.74 Difference: $0.86
If RMS meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 28.4% (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 SNZ as Outperform (1) -

Macquarie assesses strong 1Q26 sales for Summerset Group, with total volumes up 26% year-on-year, driven by new sales growth of 34% and resales up 19%.

Commentary notes apartment sales were particularly strong, supported by available stock and recent completions, while care-related products also performed well.

The group reported a solid sales pipeline into Q2, record enquiry levels in March, and no observable impact from global events on demand, the analyst highlights.

Despite sector de-rating, Macquarie sees continued net tangible asset (NTA) growth and improving cash flow over time. Outperform rating. Target price falls to NZ$15.86 from NZ$16.09.

Current Price is $7.41. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in December.

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: 1.0

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

Morgans rates SOL as Hold (3) -

WH Soul Pattinson posted a first half result that includes its first report since the completion of the Brickworks merger. The portfolio delivered a 9.7% increase in net asset value per share.

The merger has materially reshaped the portfolio, Morgans notes, by unwinding cross-shareholding and reducing overall complexity in the corporate structure.

The broker continues to like the story, particularly the track record of growing distributions and maintains a Hold rating. Target is reduced to $41.85 from $43.15.

Target price is $41.85 Current Price is $42.07 Difference: minus $0.22 (current price is over target).
If SOL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates TLX as Buy (1) -

Further to the Telix Pharmaceuticals' 1Q26 update, with PSMA imaging revenue of US$186m beating estimates, driven by volume growth and market share gains in the US, there appears to be good progress on multiple products.

FY26 revenue guidance for US$950-970m has been reaffirmed with the lower end requiring the company to achieve average quarterly revenue of US$240m.

Bell Potter believes this is not unreasonable, given the short term competitive outlook. Buy rating and $19 target maintained.

Target price is $19.00 Current Price is $13.58 Difference: $5.42
If TLX meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 85.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates TLX as Overweight (1) -

Telix Pharmaceuticals reported unaudited 1Q26 group revenue of US$230m, up 11% q/q, with FY26 guidance of US$950-US$970m reaffirmed in line with Morgan Stanley (US$954m) and consensus (US$959m).

Precision Medicine revenue of US$186m rose 16% q/q, driven by Illuccix and Gozellix, with growth attributed to 5% volume and 11% price/mix, the analyst highlights.

Regulatory progress is ongoing, with Pixclara resubmitted in the US and Zircaix targeted for a 1H2026 submission.

Overweight rating with $24.60 target retained. Industry view: In-line. No change to earnings forecasts.

Target price is $24.60 Current Price is $13.58 Difference: $11.02
If TLX meets the Morgan Stanley target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 85.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates TLX as Buy (1) -

Telix Pharmaceuticals posted first half revenue of US$220m with the Precision Medicine franchise delivering US$186m and beating estimates. Guidance of US$950-970m for FY26 has been reaffirmed with R&D expenditure of -US$200-240m.

Guidance does not include products that are not yet approved which suggests to UBS an upward revision is likely if Pixclara and/or Zircaix launches in 2026.

Additionally, the broker envisages potential for Gozellix to penetrate into rural hospitals in 2026 where access to PET imaging is limited. Buy rating and $31 target maintained.

Target price is $31.00 Current Price is $13.58 Difference: $17.42
If TLX meets the UBS target it will return approximately 128% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 85.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

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

Morgan Stanley notes investors remain wary of fuel price rises and demand management and crack spreads point to price rises even after excise reductions.

Regional crack spreads have averaged US$23.71/bbl so far this year while petrol margins have averaged 19.90c/litre and diesel margins 19.10c/litre.

The broker updates valuation on a normalised 2027 basis and favours Ampol over Viva Energy.

Viva Energy remains in commercial discussions for its proposed LNG import facility at Geelong, targeting FID in early 2026. Equal-weight. Target rises to $2.59 from $2.18. Industry View: In-Line.

Target price is $2.59 Current Price is $2.64 Difference: minus $0.05 (current price is over target).
If VEA meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.91, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates VNT as Outperform (1) -

Macquarie views Ventia Services' FY26 profit (NPATA) guidance of 7%–10% as consistent with its typical growth profile, noting this has been exceeded in recent years.

The broker forecasts a 43.5%:56.5% 1H:2H earnings skew, reflecting redundancy costs and contract timing.

With 87% of FY26 revenue secured and ongoing strength in telco supported by NBN and Telstra Group ((TLS)) contracts, earnings are considered defensive.

Fuel costs remain immaterial, highlights the analyst, with partial pass-through mechanisms in place.

The stock trades at a valuation discount to peers, the broker notes. Outperform rating kept and target lowered by -10c to $6.45.

Target price is $6.45 Current Price is $5.20 Difference: $1.25
If VNT meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.09, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in December.

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