Australian Broker Call

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

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

On Auckland International Airport, the analysts note airport passenger volumes are still -5% below pre-covid levels in September 2025 (versus September 2019), but the broker expects further recovery as fleet availability improves.

Equal-weight. Target price NZ$8.08. Industry View: In-Line.

Current Price is $7.10. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

Macquarie rates ALD as Neutral (3) -

Macquarie assesses Ampol's September quarter (3Q25) report as mixed, with Lytton refining margins stronger than expected but ULSG project delays adding costs and reducing utilisation.

Fuels & Infrastructure (F&I) volumes (ex-Lytton) fell, yet margins and profitability improved. The broker points out 3Q EBIT of $230m exceeded 1H25 quarterly run-rate ($202m), showing refining-led earnings momentum.

ULSG project faces 3-6 month delay and $7.5m/month costs, constraining output to avoid off-spec product.

Convenience Retail held up well, with EBIT of around $80m, EG acquisition submission was lodged, while the NZ segment was softer but expected to recover in 4Q.

FY25 and FY26 EPS forecasts lifted by 4.4% each on stronger refining margins. Neutral. Target rises to $32 from $31.

Target price is $32.00 Current Price is $30.33 Difference: $1.67
If ALD meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $32.50, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgan Stanley rates ALD as Overweight (1) -

Morgan Stanley expects a muted reaction to Ampol's September-quarter operational update. The Lytton Refiner Margin averaged US$10.64/bbl, up 75% quarter-on-quarter and 21% year-on-year, exceeding forecasts and consensus but below regional benchmarks.

Refinery output of 1.3bn litres reflected planned maintenance, explain the analysts, while fuel sales fell -9% year-on-year. Ex-tobacco retail sales rose 1.8% with gross margins up 2.95 percentage points.

Ampol remains on track with its -$50m cost-out program and continues progressing the EG Australia acquisition, highlights Morgan Stanley.

Overweight. Target price $30. Industry View: In-Line.

Target price is $30.00 Current Price is $30.33 Difference: minus $0.33 (current price is over target).
If ALD meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.50, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates ALK as Buy (1) -

Alkane Resources’ September quarter marked its first report post-merger with Mandalay Resources, with production and costs below Bell Potter’s forecasts and guidance.

Group output was 36,407oz gold equivalent, including 198t antimony, versus the broker's forecasts of 41,291oz gold and 227t Antimony, while costs (AISC) were -$3,036/oz against guidance of -$2,600-$2,900/oz.

Cash and bullion totalled $174m after merger costs and debt repayment, leaving the company debt-free, highlight the analysts.

The broker notes production and earnings are set to more than double year-on-year, supported by strong free cash flow growth and reduced hedge exposure. 

Bell Potter lowers its target price to $1.40 from $1.45 and retains a Buy rating.

Target price is $1.40 Current Price is $0.98 Difference: $0.42
If ALK meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

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

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

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

For Atlas Arteria, the analysts see free cash flow and valuation uncertainty due to potential new French corporate and infrastructure taxes.

Equal-weight. Target $5.09. Industry View: In-Line.

Target price is $5.09 Current Price is $4.81 Difference: $0.28
If ALX meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

For APA Group, the analysts keenly await the final investment decision (FID) on the Bulloo Interlink Pipeline, a key component of Stage 3 of the East Coast Gas Grid expansion.

Equal-weight. Target $8.68. The industry view remains In-Line.

Target price is $8.68 Current Price is $9.11 Difference: minus $0.43 (current price is over target).
If APA meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.40, suggesting downside of -8.5% (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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

For Aurizon Holdings, the analysts note management is conducting a strategic review of the Network division.

The broker believes a sale at or above 1.25x EV/Regulated Asset Base would be manageable, though it would reduce debt capacity and diminish the benefits of vertical integration.

Underweight. Target price $3.08. Industry View: In-Line.

Target price is $3.08 Current Price is $3.41 Difference: minus $0.33 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.25, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates BBT as Buy (1) -

Morgans has retained its Buy rating and 42c price target for BETR Entertainment. The broker assesses the 1Q25 results as modestly ahead of expectations across key metrics despite unfavourable sporting outcomes in September.

As per the report, turnover, gross win, and net win margins all exceeded forecasts, supported by improved customer engagement and product mix.

Morgans highlights management noted momentum has continued into the Spring Racing Carnival. The balance sheet remains in a strong position, and the broker sees flexibility to pursue both organic and inorganic growth opportunities.

Target price is $0.42 Current Price is $0.22 Difference: $0.2
If BBT meets the Morgans target it will return approximately 91% (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 BOE as Neutral (3) -

Macquarie highlights Boss Energy's Honeymoon review is due in the next few weeks (December quarter), which is a response to weaker drilling and leaching results vs EFS.

The broker's life-of-mine production assumption remains at 22Mlb, but costs are expected to rise due to tougher wellfield conditions. Early lixiviant optimisation result at one of Honeymoon's wellfields is a positive development, the broker observes.

After factoring in 1Q26 update, the broker lifted FY26 EPS forecast by 8% on lower costs and FY27 by 38% on higher Honeymoon production, lower costs and inventory sell-down.

Neutral. Target rises to $1.95 from $1.80.

Target price is $1.95 Current Price is $1.91 Difference: $0.04
If BOE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Bhagwan Marine’s September quarter revenue rose 7.8% year-on-year to $61.6m, below Shaw and Partners’ FY26 revenue growth forecast of 11.3%, though the broker expects acceleration in H2.

New contract wins are occurring at higher margins, highlights the analyst, with extensions from Jadestone Energy and Vermilion Energy commencing later in the year.

Bhagwan Marine’s efficiency program and improved project mix should lift its FY26 earnings margin above 30%, suggests the broker.

Shaw retains its Buy, High Risk rating and 80c target price.

Target price is $0.80 Current Price is $0.59 Difference: $0.215
If BWN meets the Shaw and Partners target it will return approximately 37% (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 CAR as Buy (1) -

Following a recent meeting with CAR Group's management, Citi observed continued positive momentum across markets. US market is seeing a slight uptick in momentum, partly offset by a slower Boats ramp-up.

In Australia, strong lead volumes and Depth product uptake persist, supported by used-car demand and a recent brand refresh, the broker notes. More positively, the $5 price hike per lead was well-received.

Trader Interactive (US) shows modest recovery in Trucks/RVs, tougher Powersports, and slow Boats.

Webmotors (Brazil) continues strong growth in dealers, leads, and yield, while Finance is lagging due to tight credit. Encar (Korea) is growing via Guarantee and DealerDirect.

Overall, the broker sees the recent share price fall as a buying opportunity. Buy. Target unchanged at $42.55.

Target price is $42.55 Current Price is $35.86 Difference: $6.69
If CAR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $42.15, suggesting upside of 18.1% (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

Ord Minnett rates CCL as Buy (1) -

Cuscal’s commentary at the AGM met Ord Minnett's expectation, noting FY26 is tracking well, with mid–high single-digit transaction growth and low double-digit NPAT growth.

The broker notes the company's valuation has risen to 18x forward PER from 11x since its November 2024 listing. The next share price driver is expected to be the realisation of Indue acquisition synergies.

Strong earnings growth and a lower forward PE of 16x are expected to support further upside in the broker's view.

Buy. Target unchanged at $4.78.

Cuscal remains on the broker's Conviction List of top 12-month small-cap ideas.

Target price is $4.78 Current Price is $4.15 Difference: $0.63
If CCL meets the Ord Minnett target it will return approximately 15% (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

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

Credit Clear has made a bold move into the UK, suggests Shaw and Partners, by acquiring ARC Europe, a regulated, high-quality debt resolution business.

The acquisition provides around $9m in revenue and $1.5m in earnings (EBITDA), with management paying -$10.7m or 7.2 times earnings. This will be accretive given Credit Clear trades at 9.8 times FY26 earnings, explains the analyst.

Credit Clear's advanced, data-driven debt recovery platform should translate well to ARC’s high-volume, low-value receivables market, in the broker's view.

The broker upgrades its profit forecasts by 15-30% and slightly lowers its EPS forecasts due to a $21m equity raise.

Buy, High Risk. Target raised to 45c from 40c.

Target price is $0.45 Current Price is $0.28 Difference: $0.17
If CCR meets the Shaw and Partners target it will return approximately 61% (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 CGF as Underweight (5) -

Morgan Stanley notes APRA’s refined proposals to update annuity capital standards are a positive development for Challenger ahead of implementation on July 1, 2026.

The broker highlights potential upside to prior liability reduction estimates of around -$500m pre-tax, with added flexibility from new credit benchmark index options.

It expects capital relief from these changes to be returned gradually through a higher dividend payout ratio.

Morgan Stanley adds that the new standards should promote better asset-liability matching, reduce earnings volatility, and improve annuity pricing for clients.

Underweight. Target $7.00. Industry View: In-Line.

Target price is $7.00 Current Price is $9.25 Difference: minus $2.25 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.18, suggesting downside of -1.4% (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

Bell Potter rates CIA as Downgrade to Hold from Buy (3) -

Bell Potter raises its target price for Champion Iron to $5.65 from $5.40 and downgrades to Hold from Buy. The company reported a strong September quarter, according to the analysts, with production of 3.6mt and record sales of 3.9mt.

Revenue reached CA$493m and first-half earnings (EBITDA) totalled CA$233m, while net income was CA$81m.

Costs fell 7% to -CA$76/t, the first quarterly decline in over a year, highlights the broker, despite scheduled maintenance and rail disruptions.

Bell Potter notes the CA$500m Direct Reduction Pellet Feed (DRPF) project remains on track for December commissioning, with first shipments expected mid-2026.

Target price is $5.65 Current Price is $5.44 Difference: $0.21
If CIA meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

Macquarie rates CIA as Neutral (3) -

Macquarie notes Champion Iron's September quarter (2Q26) result beat across key metrics, but ore hardness remains an issue, though some improvement was seen during the quarter.

Production of 3.6Mt was ahead of the consensus by 6%, driven by record material movement, higher head grades (29.6%), and better Fe recoveries (79.6%). Sales volumes again exceeded production as stockpiles were drawn down despite rail maintenance.

Unit costs improved due to higher grades, recoveries, and sales. Ore hardness issues persist but are moderating, with access to new ore sources expected to aid blending.

The broker notes the DRPF project (upgrading to 69% Fe DR-grade feed) remains on schedule for 1H 2026 commissioning, with inflation-adjusted budget now CA$500m (from CA$470m), and premium pricing negotiations ongoing.

The broker cut FY26 EPS forecast by -9% on higher interest expenses from the rising debt balance.

Neutral maintained with unchanged target of $5.

Target price is $5.00 Current Price is $5.44 Difference: minus $0.44 (current price is over target).
If CIA meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.62, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

Bell Potter rates CMM as Buy (1) -

Capricorn Metals delivered record September quarter production of 32.3koz gold from Karlawinda, above Bell Potter’s 30.7koz forecast.

Costs (AISC) were -$1,625/oz, in line with the broker's forecast, reflecting higher waste volumes linked to the Karlawinda Expansion. The project remains on schedule to lift output to circa 150kozpa by late FY26.

Cash rose to $394m with no debt, adding $38m net after -$33.7m capex.

The analysts highlight strong cash generation, disciplined cost control and unhedged gold exposure supporting future growth.

Bell Potter raises its target price to $14.30 from $13.10 and retains a Buy rating.

Target price is $14.30 Current Price is $12.42 Difference: $1.88
If CMM meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.43, suggesting upside of 20.0% (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

Bell Potter rates COL as Buy (1) -

Coles Group reported first quarter FY26 revenue growth of 3.9% year-on-year, driven by a 4.8% rise in supermarkets, partly offset by a -1.1% fall in liquor sales, observes Bell Potter.

Supermarket revenue of $9,965m slightly exceeded the broker’s $9,925m forecast, with e-commerce up 27.9% to 13.3% of sales.

Liquor remained soft at $842m, while online sales rose 7.6%.

The broker trims FY25-27 EPS by -1% each forecast year, reflecting Fair Work Ombudsman-related cash payments.

Bell Potter retains a Buy rating and $24.30 target, citing strong execution on cost-saving initiatives and sustained sales momentum.

Target price is $24.30 Current Price is $22.11 Difference: $2.19
If COL meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (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 COL as Buy (1) -

After a full review of Coles Group's 1Q26 update, Citi believes the share weakness is a result of sector rotation into Woolworths Group ((WOW)), not due to weaker operations. The broker's own view is LFL sales remain in line and could outperform Woolworths in 2Q26.

FY26 EBIT forecast trimmed by less than -1% for softer Liquor performance. Buy with unchanged $25.40 target.

The broker has a short-term 90-day upside into the 1H26 result.

The initial reaction follows:

First up: Citi analysts do not expect today's market update by Coles Group to trigger material revisions to consensus forecasts.

Earlier today, Coles reported Supermarkets LFL sales growth of 4.6% for 1Q26,in line with forecasts by both Citi and consensus.

As per the broker's initial follow-up, growth is being powered by online while Supermarkets growth has continued at similar levels into 2Q26 to date.

Citi suggests this will allay fears there has been a recent shift in market share back to Woolworths following the latter's market update yesterday.

Also: Liquor sales remain challenged, with LFL sales growth down by -1.4%.

Target price is $25.40 Current Price is $22.11 Difference: $3.29
If COL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (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 COL as Outperform (1) -

Macquarie notes Coles Group' 1Q26 update showed continued market share gains and solid performance across all channels.

Supermarket comparable sales rose 4.6% y/y with momentum continuing into 2Q26. Growth is 2-3x Woolworths Group ((WOW)), suggesting market share gains, the broker highlights.

Supply chain investments are showing results, with same-day delivery launched in Melbourne and a Sydney rollout expected next.

Outperform. Target rises to $26.10 from $25.40 on valuation roll-forward.

Target price is $26.10 Current Price is $22.11 Difference: $3.99
If COL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (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

Morgan Stanley rates COL as Overweight (1) -

Coles Group reported a strong 1Q26 sales update, in Morgan Stanley's view, with supermarket sales up 4.8% and like-for-like growth of 4.6%, outperforming Woolworths Group ((WOW)) at 1.6%.

The broker notes sales growth excluding tobacco was 7%, driven by volume and transaction gains, while e-commerce rose 27.9%, with continued expansion of same-day fulfilment via customer fulfilment centres.

Liquor sales fell -1.1% as the category remains challenging, notes Morgan Stanley.

Management expects to retain more than half of customers gained during Woolworths’ industrial disruption and continues to invest in price and availability.

Morgan Stanley maintains a positive outlook, seeing continued market share gains. Target $26.80. Overweight. Industry View: In-Line.

Target price is $26.80 Current Price is $22.11 Difference: $4.69
If COL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (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

Morgans rates COL as Hold (3) -

Morgans saw Coles Group releasing a "solid" Q1 sales update with Supermarkets in the lead. The news was less positive for the Liquor division where consumers continue to look for value opportunities.

The broker highlights Coles continues to outperform key competitor Woolworths Group ((WOW)) though the gap is narrowing.

Continued Liquor weakness has triggered a small downward adjustment to forecasts. Target reduces to $22.90 from $23.45.

Hold retained as the broker finds the shares look fully valued.

Target price is $22.90 Current Price is $22.11 Difference: $0.79
If COL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (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 COL as Accumulate (2) -

Ord Minnett notes Coles Group's 1Q26 update showed strong supermarket sales growth, though its lead over Woolworths Group ((WOW)) narrowed to 160bp in October from 270bp in September.

Supermarket sales rose 4.8% y/y, or 4.6% on a like-for-like (LFL) basis. Ex-tobacco sales rose 7% y/y, confirming ongoing market share gains, albeit at a slower pace, the broker highlights.

Liquor sales remained a drag, down -1.4% LFL. The broker warns competition may intensify if Endeavour Group's ((EDV)) new CEO pushes price-led share gains at BWS/Dan Murphy’s.

Minor revisions to FY26-27 EPS forecasts. Accumulate retained with unchanged target price of $24.

The broker prefers Coles over Woolworths for stronger execution.

Target price is $24.00 Current Price is $22.11 Difference: $1.89
If COL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates COL as Buy (1) -

Coles Group's Q1 sales update revealed growth numbers in line with market consensus, UBS comments, adding its own estimates were beaten.

Forecasts are slightly reduced because of soft performance in the Liquor division.

Buy rating retained as the broker lauds ongoing strong execution from Supermarkets and better value on a weaker share price. Target $25.

Target price is $25.00 Current Price is $22.11 Difference: $2.89
If COL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $24.93, suggesting upside of 13.2% (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

Bell Potter rates COS as Downgrade to Hold from Buy (3) -

Bell Potter lowers its target for Cosol to 55c from 85c on lower earnings forecasts and a lower assumed multiple, and downgrades to Hold from Buy following another disappointing update at its AGM.

Management now guides to 1H revenue down -13% year-on-year to around $50m and gross margin of 29-30% versus 31.5% previously.

Weakness in the coal sector offset stronger iron ore and gold revenue, observe the analysts, though the second-half pipeline remains solid.

Management is restructuring operations to achieve annualised cost savings of about -$1m.

Target price is $0.55 Current Price is $0.50 Difference: $0.055
If COS meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

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 COS as Buy (1) -

Cosol provided 1H26 guidance at the AGM, which was weaker than expected. Implied revenue forecast of $50m was down -13% y/y and -22% below Ord Minnett's estimate.

The weakness stems from lower demand among coal and government clients and the loss of a managed services contract.

The broker notes the company is partially mitigating this via a restructure, which is expected to deliver $1m in annualised cost savings.

Target cut to $0.80 from $1.05. Buy maintained.

Target price is $0.80 Current Price is $0.50 Difference: $0.305
If COS meets the Ord Minnett target it will return approximately 62% (excluding dividends, fees and charges).

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

Citi rates CQR as Buy (1) -

Alongside the AGM, Charter Hall Retail REIT upgraded FY26 earnings guidance to no less than 26.4cpu from 26.3cpu and provided distribution guidance of 25.5cpu, both slightly above consensus.

The REIT also announced $151m acquisition of four Bunnings assets (NSW & QLD) under net lease terms. The lease terms extend up to 10 years with 2.5-3.0% fixed annual rent increases.

Passing (current) rents are estimated to be -15-20% below market, with minimal capex and funding from existing debt capacity.

The broker believes the acquisitions are earnings accretive and aligned with strategy, and expects cap rate compression in convenience retail assets to lift NTA per share over 12-18 months.

FY26 DPS forecast lifted to 25.5c from 25.4c following the guidance.

Buy. Target unchanged at $4.50.

Target price is $4.50 Current Price is $4.07 Difference: $0.43
If CQR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.34, suggesting upside of 5.4% (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

Bell Potter rates CRN as Speculative Hold (3) -

Coronado Global Resources reported third-quarter saleable coal production of 4.5mt, above Bell Potter’s 4.2mt forecast, despite shipping delays impacting Curragh and US sales.

Group mining costs fell to -US$90/t versus the broker's -US$103/t forecast. Realised metallurgical coal prices averaged US$149/t with higher thermal coal sales in line with contracted volumes.

Net debt rose to US$328m. A proposed deal with Stanwell Corporation would replace the existing Oaktree facility with a new US$265m loan and extend the coal supply agreement to 2043, adding US$165m in liquidity, highlight the analysts.

The broker notes near-term operational performance is expected to improve as production ramps up at the Mammoth underground and Buchanan expansion project.

Bell Potter retains a Speculative Hold rating and raises its target to 33c from 27c.

Target price is $0.33 Current Price is $0.35 Difference: minus $0.02 (current price is over target).
If CRN meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.27, suggesting downside of -24.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.4

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

Macquarie rates CRN as Underperform (5) -

Coronado Global Resources' coal and saleable coal production outperformed in the September quarter (3Q25), beating expectations by 8% and 5%, respectively. Sales fell short by -8% due to shipping congestion and scheduling delays.

Macquarie notes Curragh production was a highlight, with coal and saleable coal production up by 10% and 15%, respectively, as ramp-up of a third miner boosted output.

Revenue missed, resulting in a rise in net debt to US$328m, 7% higher than the consensus.

The broker reckons the financial support deal with Stanwell, announced earlier this week, could extend the coal supply contract to 2043 and replace the current ABL facility, easing liquidity pressure.

The broker factored in the 3Q25 update and revised debt repayment profile, resulting in a decline in FY25 EPS forecast but a rise to FY26.

Underperform. Target rises to 26c from 24c on earnings growth potential in the medium term.

Target price is $0.26 Current Price is $0.35 Difference: minus $0.09 (current price is over target).
If CRN meets the Macquarie target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.27, suggesting downside of -24.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.4

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

Ord Minnett rates CRN as Hold (3) -

Ord Minnett observes Coronado Global Resources' September quarter (3Q25) production of 4.5Mt was its strongest since 2021. ROM output of 7.4Mt was 9% ahead of its estimate, driven by Mammoth and Buchanan ramp-up.

Costs were well managed at US$90/t, though cash fell to US$172m due to logistics issues and one-offs. 

The broker lifted FY26 production estimate by 5% and, with costs seen as under control, is now more confident that positive margins will be sustained.

Hold maintained. Target rises to 38c from 32c.

Target price is $0.38 Current Price is $0.35 Difference: $0.03
If CRN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting downside of -24.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.4

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

Bell Potter rates CVL as Buy (1) -

Civmec's first-quarter FY26 results revealed revenue down -28% year-on-year to $190m and profit falling -31% to $10.5m, though margins improved to 12.1% from 11.1%, highlight Bell Potter.

Activity is expected to remain subdued in 1H26, but a strong rebound is forecast by the broker in the second half as project work accelerates.

The analysts' earnings forecasts are cut by -6-7% across FY26-28, though valuation multiples are raised to reflect peer re-rating and a stronger medium-term outlook.

Bell Potter raises its target price to $1.70 from $1.45 and maintains a Buy rating, citing undemanding value and increasing defence exposure.

Target price is $1.70 Current Price is $1.46 Difference: $0.24
If CVL meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

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

Morgan Stanley rates CWY as Overweight (1) -

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

For Cleanaway Waste Management, FY26 earnings (EBIT) guidance is $470-500m compared to consensus at $486m, with earnings weighted to 2H26, notes the broker.

Overweight. Target price $3.11. Industry View: In-Line.

Target price is $3.11 Current Price is $2.55 Difference: $0.56
If CWY meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 24.8% (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

Citi rates EDV as Neutral (3) -

Neutral rating retained alongside a price target of $4.18 with Citi suggesting today's quarterly trading update from Endeavour Group features early green shoots on the topline in retail sales (which would be a positive in case of follow-through).

Offsetting early enthusiasm is the observation growth for Hotels appears to be slowing. Also, the analysts' suspicion is that gross margins remain under pressure.

Bottom line: irrespective of early green shoots, Citi still thinks consensus forecasts are likely to be further reduced post today's market update due to weaker hotel sales, margin pressures and higher D&A.

Target price is $4.18 Current Price is $3.66 Difference: $0.52
If EDV meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 13.0% (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

Macquarie rates EDV as Underperform (5) -

Post Endeavour Group's trading update earlier today, Macquarie analysts have margin pressure on their mind. This offsets any indications of improving sales growth.

Outside of key events, the broker highlights consumer spending was subdued. Promotional intensity across the market was elevated through the quarter (with online called out) and expected to continue, keeping pressure on margins through FY26.

Macquarie also notes FY26 capex guide remains unchanged for -$420m-$470m as well as finance costs guidance (in line with FY25).

Underperform. Target $3.60.

Target price is $3.60 Current Price is $3.66 Difference: minus $0.06 (current price is over target).
If EDV 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 $4.15, suggesting upside of 13.0% (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

Macquarie rates ELD as No Rating (-1) -

Elders' FY25 results are due November 17, and Macquarie forecasts EBIT of $144m, the midpoint of the company's $142-146m guidance.

Dry conditions in SA and Victoria during 3Q weighed on the 2H result, though the broker expects the Agency business to grow, supported by strong livestock prices, partly offset by lower volumes.

Research restrictions apply to Macquarie's rating and target price.

Current Price is $7.15. Target price not assessed.

Current consensus price target is $8.80, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates GNC as Outperform (1) -

Ahead of GrainCorp's FY25 results on November 13, Macquarie lifted FY25 EPS forecast by 0.4% after factoring in buybacks and raised FY26 forecast by 1.4% mainly reflecting harvest updates.

The broker's forecast for underlying EBITDA is $316m, marginally above consensus and aligns with guidance of $285-325m. 

Earnings in 1H were skewed at 64%, above the 4-year average of 56.5%, making top-end earnings achievable, in the broker's view.

The broker forecasts core net cash of $400m in 2H25 vs $296m in 1H, supporting buybacks and dividends.

Outperform. Target rises to $9.20 from $9.10.

Target price is $9.20 Current Price is $8.78 Difference: $0.42
If GNC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates GTK as Neutral (3) -

As Gentrack Group's international expansion has become more challenging, its share price has underperformed the broader market by some -15% over the past three months, on UBS' observation.

The broker notes competitor Kraken in particular seems to be doing well.

With the shares now trading at a -10% relative to peers, UBS finds this seems justified, while adding the rule of 40 does not yet apply and some 50% of revenues are non-recurring.

Forecasts have been downgraded. Neutral rating retained, while the broker's price target has declined to NZ$9.75 from NZ$12.

Current Price is $8.05. Target price not assessed.

Current consensus price target is $12.83, suggesting upside of 60.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. 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

Ord Minnett rates HMY as Buy (1) -

Ord Minnett describes Harmoney's September quarter (1Q26) trading update as upbeat, noting loan book grew 8% to $833m, driven by 15% origination growth in Australia and 50% in New Zealand.

Stellare 2.0 platform is fully deployed, improving loan conversion rates, with the new secured car loan adding to volumes. Loan metrics were solid with net interest margin over 10%, credit losses 3.8% and cost-to-income 19%, all in line with expectations.

The company re-affirmed FY26 cash net profit guidance of $12m. Corporate debt facility is expected to be refinanced on better terms, with -$7.5m repayment expected to reduce interest costs, the broker highlights.

Buy. Target rises to $1.34 from $1.14.

Target price is $1.34 Current Price is $0.93 Difference: $0.41
If HMY meets the Ord Minnett target it will return approximately 44% (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 IGO as Neutral (3) -

Citi highlights IGO Ltd is in talks with Tianqi to restructure their JV, which management believes could unlock value from Greenbushes. The broker sees the Kwinana exit as a future positive catalyst.

September quarter (1Q26) spodumene production disappointed, down -13% vs the consensus, with cash costs 8% higher. Rain and lower grades drove the miss, with the company flagging lower grade continues in 2Q, before improvement in 2H.

CGP3 remains under construction with first ore due in the current quarter. The broker noted concern was expressed over limited guidance and a lack of warning about grade decline.

Kwinana capex is now expensed post-impairment, lowering FY26 EBITDA by -$94m and FY27 by -$46m, flowing through to a decline in FY26 EPS by -12c and FY27 by -7c.

The broker cut long-term cash costs to $400/t. Target rises to $5.60 from $4.40.

Neutral retained.

Target price is $5.60 Current Price is $5.53 Difference: $0.07
If IGO meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 0.0% (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

Macquarie rates IGO as Outperform (1) -

Macquarie assesses IGO Ltd's 1Q26 update as soft, with production and sales missing at Greenbushes and Nova. On the positive side, CGP3 remains on track, and stockpiles provide flexibility into a stronger near-term lithium market.

Greenbushes production of 320kt missed the consensus by -13%, and sales of 301kt missed by -17%. Unit costs rose 8% on lower volumes.

Lithium output is expected to rise in 2H, with the broker noting FY26 guidance was unchanged despite a weak 1Q from wet weather and lower grades.

Kwinana LiOH production of 2.8kt was 25% ahead of expectations and 31% higher q/q. The broker notes JV talks are ongoing, and sees a potential Kwinana exit as a near-term catalyst.

FY26 EPS forecast trimmed by -2% and FY27 by around -4%. Outperform Target unchanged at $5.75.

Target price is $5.75 Current Price is $5.53 Difference: $0.22
If IGO meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 0.0% (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

Morgan Stanley rates IGO as Underweight (5) -

IGO Ltd's September-quarter production missed expectations across key assets, notes Morgan Stanley. Greenbushes output of 319.5kt was -14% adrift of the consensus forecast, impacted by lower grades (1.74% versus 1.9%) and rainfall, with costs -9% worse at -$388/t.

Nova nickel production of 3.4kt was -30% versus the broker's estimates, affected by end-of-life ore conditions, sequencing issues, and a stope misfire. This pushed cash costs to -$6.8/lb, a -37% miss versus the prior estimate.

Morgan Stanley remains Underweight on IGO Ltd, preferring Pilbara Minerals ((PLS)) and Mineral Resources ((MIN)) for lithium exposure given production risks and cost pressures at Greenbushes and Nova.

Target $4.60. Industry View: Attractive.

Target price is $4.60 Current Price is $5.53 Difference: minus $0.93 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.33, suggesting upside of 0.0% (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 IGO as Downgrade to Sell from Neutral (5) -

What started with a weak FY26 production guidance in August has been followed up with a weak performance in the September quarter, UBS analysts comment.

But while IGO Ltd has made a soft start into the fresh financial year, the broker does believe the outlook for lithium pricing is improving.

If UBS' revised forecasts prove correct, the price of lithium will rise by 80% over the coming 24 months.

Alas, the broker suggests such a prospect has already been priced in, hence the downgrade to Sell from Neutral. The price target falls to $5.20 from $5.35.

Target price is $5.20 Current Price is $5.53 Difference: minus $0.33 (current price is over target).
If IGO meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.33, suggesting upside of 0.0% (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

Macquarie rates JBH as Outperform (1) -

Macquarie appraises JB Hi-Fi's 1Q26 trading update as mixed, with strong JB Hi-Fi A&NZ performance, offset by softness at The Good Guys

JB Hi-Fi Australian comparable sales rose 5.0% y/y, supported by the iPhone 17 launch and the ongoing upgrade/replacement cycle, tracking the broker's 1H26 forecast.

NZ sales were up 24.3% y/y, sustaining strong momentum and margin growth, and supportive of expansion plans for 3-5 new stores per year. The Good Guys sales growth slowed to 2.5% y/y, reflecting waning sales momentum since July.

Minor revisions to forecasts. Outperform. Target rises to $121 from $118 on roll-forward.

Target price is $121.00 Current Price is $108.45 Difference: $12.55
If JBH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $109.11, suggesting upside of 4.2% (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 JBH as Neutral (3) -

JB Hi-Fi's AGM update has triggered a minor downward adjustment to UBS' price target; now $110 versus $112 prior. Neutral rating is retained.

While sales remain resilient, the broker does note JB Australia is recording slower sales growth and the same applies for The Good Guys. Comparables are not getting any easier (quite the opposite) for the remainder of FY26.

The good news is things are picking up in New Zealand. Forecasts have been moderately reduced.

Target price is $110.00 Current Price is $108.45 Difference: $1.55
If JBH meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $109.11, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates JIN as Hold (3) -

Jumbo Interactive has acquired Dream Giveaway in the US for -$55.4m, funded by $20.9m in cash and $36.9m in debt. Bell Potter notes this marks the company's second international deal after Dream Car Giveaways in the UK.

Dream Giveaway's growth has been modest, observe the analysts, with 5% annual gains. It's felt future expansion will depend on integrating Jumbo’s Lottery Platform (JLP), which has historically delivered strong total transaction value (TTV) growth post-integration.

The broker's earnings forecasts rise 2-5% across FY26-28, reflecting the acquisition and debt costs.

Bell Potter raises its target price to $12.80 from $11.85 and maintains a Hold rating.

Target price is $12.80 Current Price is $12.19 Difference: $0.61
If JIN meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.72, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates JIN as Neutral (3) -

Following Jumbo Interactive's acquisition of Dream Giveaways, Citi lifted FY26-27 EPS forecasts by 1-3%.

Neutral retained. Target unchanged at $11.80.

In the quick follow-up earlier, the broker wrote:

Jumbo Interactive has announced yet another acquisition, this time of Dream Giveaways for -US$37.6m.

Citi explains the target is a well-established B2C brand and digital market proposition in the US prize draw market, specialising in high-value, automotive-themed giveaways.

As per the broker's quick follow-up, the acquisition price implies a 7.8x EV/adjusted EBITDA multiple on FY25 earnings, representing a slight discount to where Jumbo itself trades (8.1x FY25 EV/EBITDA).

The transaction will be financed via a combination of $20.9m in cash and $36.9m in existing debt. Jumbo expects the acquisition to deliver low-to-mid single-digit EPS accretion in the first 12 months post-completion.

Equally noted: the current management at Dream Giveaways will remain in place. The board at Jumbo Interactive will review the current dividend payout ratio of 65-85% of statutory NPAT and provide an update at the AGM on 11th November.

Target price is $11.80 Current Price is $12.19 Difference: minus $0.39 (current price is over target).
If JIN meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.72, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates JIN as Overweight (1) -

Jumbo Interactive’s acquisition of US-based Dream Giveaway marks its second major deal in two weeks, observes Morgan Stanley, further shifting group exposure toward B2C.

The -$55.4m purchase, at 7.8x trailing EBITDA, adds $27.1m total transaction value (TTV), $21.6m revenue, and $7.1m earnings, with $4.2-4.6m expected to contribute in FY26, notes the broker.

The analysts point to positives including increased game control, regulatory diversity, and no equity raise, but cautions that higher acquisition multiples and execution complexity raise risk.

Morgan Stanley retains its Overweight rating on valuation grounds and strategic rationale. Target $16.80. Industry view: In Line.

Target price is $16.80 Current Price is $12.19 Difference: $4.61
If JIN meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $13.72, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Shaw and Partners rates LM8 as Buy, High Risk (1) -

Shaw and Partners assesses Lunnon Metals reported a strong September quarter and is weeks away from earning $45m through its ore sale agreement at Lady Herial with Gold Fields for processing at the St Ives facility.

Lunnon will receive 70% of cash flows under the Ore Purchase Agreement, above the broker's prior expectations of 60%.

Following Lady Herial, management plans to test Beta Hunt-style gold systems (a specific type of high-grade gold mineralisation found in the Kambalda region of Western Australia) at Guiding Star, Hustler, and Defiance West.

The analysts expect strong free cash flow generation, supported by firm gold prices and favourable margins.

The Buy, High Risk and 80c target are maintained.

Target price is $0.80 Current Price is $0.29 Difference: $0.51
If LM8 meets the Shaw and Partners target it will return approximately 176% (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

Bell Potter rates LYC as Sell (5) -

Lynas Rare Earths reported mixed first-quarter FY26 results, in Bell Potter's opinion, producing 2,003t NdPr, below consensus but above the broker's forecast, with an achieved basket price of $54/kg.

The analysts note cash operating costs were -$115m, down from -$140m in 4QFY25, equating to cash costs of -$35/kg total rare earth oxides (TREO). This allowed for earnings margin expansion to 47% versus 27% in the prior quarter.

Capital payments reduced to -$65.7m from -$88m in the prior quarter, and cash rose to $1.06bn post-equity raise.

Bell Potter makes long-term cost forecast reductions. The broker raises its target price to $9.60 from $9.35 but maintains a Sell rating, viewing valuation as overly optimistic.

Target price is $9.60 Current Price is $14.79 Difference: minus $5.19 (current price is over target).
If LYC meets the Bell Potter target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.61, suggesting downside of -10.6% (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

Macquarie rates LYC as Neutral (3) -

Macquarie notes Lynas Rare Earths' 1Q26 REO sales beat expectations by 8% but missed on revenue by -12% due to realised prices, which were -21% lower than expected.

Weak pricing was a surprise to the broker as NdPr prices rose 27% q/q, and market sentiment was strong.

Despite sentiment risks post China-US meeting, the broker reckons the company remains the largest ex-China REE producer, warranting a premium.

Still, cooling sentiment means risk to the US facility progress, with the company also noting it faces significant uncertainty. On the other hand, HRE expansion in Malaysia is expected to add 5ktpa to feedstock capacity.

FY26-27 EPS forecasts trimmed by -9% and -5%, respectively. Target cut to $17.00 from $18.50 on a lower near-term earnings view and removal of US facilities from the base case.

Neutral retained.

Target price is $17.00 Current Price is $14.79 Difference: $2.21
If LYC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.61, suggesting downside of -10.6% (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 LYC as Equal-weight (3) -

Morgan Stanley assesses Lynas Rare Earths' September quarter results were mixed, with NdPr oxide output of 2,003t, -6.8% versus the broker's forecast and -4.6% short of consensus.

Total rare earth oxide production of 4kt beat the consensus estimate by 18.8%, reflecting a higher proportion of lower-value rare earths, explains the broker.

Sales of 3.7kt also bested consensus by 9.8%, but the average realised price of $54.3/kg was a -19.1% miss, affected by product mix and weaker market conditions, the analysts explain.

Capex of -$66m significantly exceeded Morgan Stanley's expectations of -$37m.

Equal-weight. Target $19.45. Industry View: Attractive.

Target price is $19.45 Current Price is $14.79 Difference: $4.66
If LYC meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $13.61, suggesting downside of -10.6% (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

Ord Minnett rates LYC as Sell (5) -

Ord Minnett notes Lynas Rare Earths' September quarter (1Q26) update missed consensus, showing its REO prices remain weak despite market optimism, as they track the China index.

The pricing mechanism remains unchanged due to resistance from clients to alter the structure.

The broker updated its model for the planned HREO separation plant in Malaysia, lowering cost estimates and lifting earnings forecasts.

Target price raised to $11 from $10 based on a 12x forward EBITDA multiple. Sell maintained.

Target price is $11.00 Current Price is $14.79 Difference: minus $3.79 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.61, suggesting downside of -10.6% (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

Macquarie rates MFG as Underperform (5) -

Macquarie analysed Vinva's (a private company where Magellan Financial owns a minority stake) just-published FY25 result, noting 53% of its revenue came from performance fees and 46% from management fees. Total revenue was $79.8m.

The broker observes Vinva contributed $8m, or 5%, to Magellan's FY25 net profit, which, along with Barrenjoey, pushed associate profits up to $31.1m from $10.3m in FY24.

As consensus extrapolates strong FY25 associate profits into FY26 and beyond, the broker sees downside risk to consensus EPS forecasts. Minor revisions to FY26-27 EPS forecasts.

Underperform. Target unchanged at $8.65.

Target price is $8.65 Current Price is $9.91 Difference: minus $1.26 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.49, suggesting downside of -1.4% (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

Bell Potter rates MIN as Buy (1) -

Mineral Resources delivered an exceptional September quarter, enthuses Bell Potter, with iron ore and lithium sales exceeding the broker's forecasts across all operations.

The analysts highlight a strong Onslow iron ore performance, now achieving a 35Mtpa run-rate and triggering a $200m contingent payment from Morgan Stanley Investment Partners.

Improved cash flow and reduced joint venture loan balances support organic deleveraging, suggests the broker, with further upside if operations remain stable through the cyclone season.

Bell Potter's earnings forecasts rise 37% for FY26, 5% for FY27, and 2% for FY28. Target price raised to $57.00 from $49.00 and Buy rating retained.

Target price is $57.00 Current Price is $48.20 Difference: $8.8
If MIN meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $43.99, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Macquarie rates MIN as Underperform (5) -

Mineral Resources beat production across all sites in the September quarter (1Q26), with Pilbara Hub up 15% vs consensus, Onslow 5%, Mt Marion 14%, and Wodgina 50%.

In Macquarie's view, the main surprise was Wodgina’s strong 50% beat vs consensus, and going ahead sees sustainability of this improvement as key.

Onslow and lithium divisions outperformed expectations, with spodumene sales 32% higher vs consensus and higher realised prices for iron ore and spodumene.

The broker notes speculation that strong Wodgina/Mt Marion results could precede a partial or full lithium asset sale, as hinted by the Chair.

FY26 EPS forecast lifted by 16% and FY27-30 raised by 9-19%. Target rises to $38 from $35.

Underperform retained.

Target price is $38.00 Current Price is $48.20 Difference: minus $10.2 (current price is over target).
If MIN meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $43.99, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley highlights an exceptionally strong September quarter for Mineral Resources, with all divisions outperforming consensus.

Group iron ore production of 7.2mt and shipments of 7.7mt beat consensus forecasts by 3% and 5%, respectively. For the same metrics Onslow achieved respective 3% and 4% beats along with -7% lower costs.

Mt Marion and Wodgina both exceeded the analysts' expectations, with production 17% and 37% higher versus consensus, respectively.

Mining services volumes of 81mt are tracking the upper end of FY26 guidance, highlights Morgan Stanley.

The broker notes Onslow’s carry loan fell -$52m to $714m, liquidity remains solid at $1.1bn, and net debt steady at $5.4bn, reinforcing the company's strong operational momentum.

Overweight. Target $49. Industry View: Attractive.

Target price is $49.00 Current Price is $48.20 Difference: $0.8
If MIN meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $43.99, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgans rates MIN as Trim (4) -

Mineral Resources is executing well, but Morgans also finds most of the upside that stems from this is also priced into the (rallying) share price.

Hence, despite lifting its price target to $40.70 the broker retains its Trim rating.

It is the broker's assessment the company's 1Q26 showed strong execution across Onslow, Mt Marion and Wodgina.

Growth in mining services may be more muted going forward, commentary suggests, but stronger lithium and iron ore prices are accelerating balance sheet repair.

Target price is $40.70 Current Price is $48.20 Difference: minus $7.5 (current price is over target).
If MIN meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $43.99, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Bell Potter rates MND as Hold (3) -

Management at Monadelphous Group has announced the -$15m scrip-based acquisition of Kerman Contracting, adding capability in non-process infrastructure and other resource-related sectors, observes Bell Potter.

The broker notes Kerman’s around $100m annual revenue and 2.0x EV/EBITDA valuation compare attractively to Monadelphous Group's 12.2x.

FY26 year-to-date contract wins total around $430m, supporting strong 1H26 growth, suggest the analysts. It's thought a trading update at the AGM may provide FY26 revenue guidance and pipeline commentary.

Bell Potter raises its target price to $22.00 from $19.50 and maintains a Hold rating.

Target price is $22.00 Current Price is $22.92 Difference: minus $0.92 (current price is over target).
If MND meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.63, suggesting downside of -2.5% (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

Macquarie rates NUF as Neutral (3) -

Prior to Nufarm's FY25 results on November 19, Macquarie lowered FY25 EPS forecast by -41% (small number) on interest and D&A revisions. FY26 EPS estimate lifted by 1%.

The broker forecasts FY25 EBITDA of $296m versus the consensus of $297m. Leverage is expected to fall to 3x in 2H from 4.5x seasonal peak in 1H, but the broker reminds this is still above 1.5-2.0x target.

Neutral. Target cut to $2.55 from $3.08, reflecting the decline in AgChem peer multiples and the anticipated write-down of the Seeds book value, as indicated by management.

Target price is $2.55 Current Price is $2.12 Difference: $0.43
If NUF meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 46.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Shaw and Partners raises its target for NexGen Energy to $17.70 from $12.30.

The company remains one of the broker’s preferred uranium exposures, with two upcoming Canadian Nuclear Safety Commission hearings for its Rook I Uranium Project, scheduled for November 2025 and February 2026.

The analysts highlight the project’s exceptional grade, with a measured and indicated resource of 257mlbs at 3.1% U3O8 and over 60% above 17%, positioning Rook I as one of the most profitable mines globally.

NexGen is also achieving strong drilling results at Patterson Corridor East, which could rival the Arrow deposit, highlight the analysts.

The broker cites supportive permitting conditions and continued sector tailwinds. A Buy, High Risk rating is maintained.

Target price is $17.70 Current Price is $14.70 Difference: $3
If NXG meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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 OCL as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates coverage on Objective Corp with an Overweight rating and $25 target price, citing high switching costs, strong government relationships, and upside from SaaS migration.

The broker expects the company to benefit from Australia’s -$19bn government tech spend, underpinned by its entrenched presence across councils, departments, and regulators.

Reinvesting -30% of software revenue into R&D supports innovation and product relevance, suggest the analysts.

Migration of Content Solutions to the Nexus SaaS platform is expected to lift average revenue per user (ARPU) and reduce churn.

Content Solutions refers to the company’s suite of enterprise content management (ECM) software. This is designed to help government agencies and regulated organisations manage documents, records, and information securely and efficiently.

Morgan Stanley sees accelerating annual recurring revenue growth, low churn, and potential for re-rating as execution, index inclusion, and new launches progress. Industry View: In-Line.

Target price is $25.00 Current Price is $18.28 Difference: $6.72
If OCL meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $23.08, suggesting upside of 24.6% (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

Bell Potter rates ONE as Speculative Buy (1) -

Oneview Healthcare reported an operating cash outflow of around -EUR2.2m on receipts of EUR2.7m, impacted by the late receipt of a EUR1.7m customer renewal fee.

The broker notes underlying cash burn would have been closer to -EUR0.5m, extending funding runway to around 15 quarters. Cash costs fell -15.6% quarter-on-quarter.

Oneview secured a new 70-bed customer in Baltimore, deployed 850 endpoints, and remains on track for 15,000 endpoints in 2025, highlight the analysts.

Bell Potter cuts its FY25-27 revenue and earnings forecasts and expects an equity raising in FY25-26.

The broker reduces its target to 25c from 34c and retains a Speculative Buy rating.

Target price is $0.25 Current Price is $0.19 Difference: $0.06
If ONE meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in EUR. 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

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

Peninsula Energy has returned to production at its Lance Uranium Project in Wyoming, with 837 pounds of yellowcake produced in the September quarter, highlights Shaw and Partners.

Operations are ramping-up following management and board changes, a reset of offtake contracts, and a strengthened balance sheet after a $70m capital raise, highlight the analysts.

Peninsula’s revised plan targets 400-600klbpa in 2026-27 (Horizon 2) and 1.2-1.5mlbpa from 2028 (Horizon 3), with potential expansion to 3mlbpa.

The Buy, High Risk rating and $1.33 target are maintained.

Target price is $1.33 Current Price is $0.59 Difference: $0.74
If PEN meets the Shaw and Partners target it will return approximately 125% (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

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

Pioneer Credit re-affirmed FY26 profit guidance above $18m and debt purchases over $80m at its September quarter update, with Shaw and Partners noting increased management confidence.

The broker highlights lower funding costs from a -100bps reduction in its senior secured facility rate, delivering $2.5m in annual savings.  Pioneer Credit’s partnerships with all four major banks are seen as a key competitive advantage in a tightly held market.

Strong cash generation and $142m of forecast FY26 collections provide capacity for future growth, highlights Shaw.

Buy, High Risk rating retained, target raised to 85c from 80c.

Target price is $0.85 Current Price is $0.64 Difference: $0.21
If PNC meets the Shaw and Partners target it will return approximately 33% (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 PWR as Overweight (1) -

Morgan Stanley feels Peter Warren Automotive is showing clearer signs of an earnings recovery, supported by operational improvements and a stabilising cycle.

The broker highlights management’s upgraded outlook at the AGM to “significantly grow earnings in FY26,” signalling stronger momentum than previously guided.

The trading update showed used car revenue rose 14%, finance and back-end performance lifted, and cost discipline remains firm, highlight the analysts.

Portfolio reconfiguration over the past year is expected to annualise through FY26, providing further upside potential.

Morgan Stanley believes the valuation remains undemanding at around 12x FY27 earnings and retains its Overweight rating and $2.30 target. Industry View: In-Line.

Target price is $2.30 Current Price is $1.77 Difference: $0.535
If PWR meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 11.4% (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

Morgan Stanley rates QUB as Overweight (1) -

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

For Qube Holdings, the broker notes management has historically provided a trading update at its AGM, this year set for November 20.

Overweight. Target $4.50. Industry View: In-line.

Target price is $4.50 Current Price is $4.39 Difference: $0.11
If QUB meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 5.5% (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

Citi rates RMD as Buy (1) -

Buy rating retained alongside US$330 price target as Citi analysts spotted a solid quarterly performance that doesn't provide much to criticise but equally so with very little impetus for increased optimism.

Today's quarterly is seen as "fairly reassuring" with the broker mentioning there were some market concerns about device growth beforehand.

The positive surprise on the gross margin might set up ResMed for upgrades in consensus forecasts later on, the broker suggests.

Target price is $51.00 Current Price is $38.89 Difference: $12.11
If RMD meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $49.07, suggesting upside of 24.1% (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: 0.9

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

Macquarie rates RMD as Outperform (1) -

In a quick response to ResMed's Q1 result release, Macquarie comments revenue and non-GAAP profit seem both largely in line with market consensus and its own expectations.

Gross margin of 62.0% was up 280bps YoY, driven by manufacturing and logistics efficiencies and component cost improvements. Macquarie points out this was 20bps/60bps above its and consensus' estimate.

Also: ResMed expects to conduct buybacks of US$150m in each quarter in FY26, an increase from US$100m in 4Q25.

Outlook guidance remains unchanged. Quarterly dividend of US$0.60 is in line with the 4Q25 dividend.

Macquarie highlights ResMed remains a preferred sector exposure. Outperform. Target $48.60.

Target price is $48.60 Current Price is $38.89 Difference: $9.71
If RMD meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $49.07, suggesting upside of 24.1% (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: 0.9

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

UBS rates RMS as Initiation of coverage with Buy (1) -

UBS has initiated coverage of Ramelius Resources with a Buy rating and $4 price target.

Following its freshly unveiled five-year plan, the broker argues Ramelius stands out among local peers with a tangible pathway to lift estimated production from 195kozpa in FY26 to 500-550kozpa by FY30.

UBS highlights Dalgaranga in particular is a high-grade and low-cost asset with significant potential for further optimisation and exploration success.

The report highlights many of ASX-listed peers are effectively "ex-growth".

Target price is $4.00 Current Price is $3.28 Difference: $0.72
If RMS meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.30, suggesting upside of 29.5% (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

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

Smart Parking has delivered 56% earnings (EBITDA) growth in the September quarter versus the prior year, in line with Shaw and Partners’ forecasts.

The broker lifts its target price to $1.50 from $1.30 after extending long-term growth assumptions for the UK and NZ, citing sustained execution momentum.

The UK remains the key driver, with 19% yield growth per parking breach notice offsetting lower volumes, explains the analyst, while the US rollout of automated sites is tracking ahead of expectations.

New Zealand continues to post strong site growth, up 47% year-on-year, highlights Shaw.

Buy, High Risk rating unchanged.

Target price is $1.50 Current Price is $1.26 Difference: $0.24
If SPZ meets the Shaw and Partners target it will return approximately 19% (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 SSM as Initiation of coverage with Buy (1) -

UBS has initiated coverage of Service Stream with a Buy rating and $2.80 price target.

The broker declares itself as attracted to strong cash generation and the company's business quality improvement program driving revenue diversification, margin expansion and improved return on capital employed (ROCE).

Earnings upside potential stems from the new Defence exposure and utilisation of net cash balance sheet for accretive acquisitions.

Service Stream is estimated to have $109m in cash and UBS sees ongoing opportunity through accretive acquisitions.

Target price is $2.80 Current Price is $2.24 Difference: $0.56
If SSM meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 18.1% (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

Morgan Stanley rates SUN as Overweight (1) -

Suncorp Group's investor day showcased its transition into an AI-enabled digital insurer driving the next phase of growth, suggests Morgan Stanley. Management noted AI investments have a two-year payback, much faster than most tech investments.

The broker highlights New Zealand’s AA Insurance transformation delivered market share gains and margin strength, reinforcing confidence in execution.

AAMI’s Home and Motor rollout is due mid-2026, while Commercial aims for three new products per year.

Morgan Stanley expects improved pricing, lower costs, and stronger risk-based underwriting to support organic growth and potential capital release of over $1.4bn via reinsurance flexibility.

Overweight. Target $25.00. Industry View: In-Line.

Target price is $25.00 Current Price is $19.61 Difference: $5.39
If SUN meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $22.80, suggesting upside of 16.2% (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 SUN as Buy (1) -

UBS reports the 2025 Investor Day provided incremental updates on key post-bank strategic initiatives unveiled this time last year, highlighting solid progress on Suncorp Group's Digital Insurer and AI initiatives.

It is the broker's view ongoing delivery should continue to reinforce the insurer's competitive advantage on costs, enabling benefits to be reinvested into growth on already attractive margins.

Today's report highlights that following the delivery of over 20 AI use cases in FY25, Suncorp Group is turning its AI ambitions to agentic AI initiatives to accelerate AI-enabled customer servicing and claims lodgment interactions.

Management believes this is an area offering material cost savings.

UBS points out recent storms have not affected its rating, forecasts or target. Buy. Target $23.15.

Target price is $23.15 Current Price is $19.61 Difference: $3.54
If SUN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $22.80, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Morgan Stanley has a cautiously constructive stance on Australia’s Infrastructure and Contracted Utilities sector, expecting defensive industrials to outperform traditional bond proxies in the near term.

The broker provides caution around social licence risks, such as Victorian policymakers’ requests for toll-free weekends in January 2026, impacting Transurban Group.

Cleanaway Waste Management and Qube Holdings are the analysts' preferred stocks in this grouping, while Atlas Arteria and Aurizon Holdings are least preferred.

For Transurban Group, one catalyst is the expiry of the state-funded $60/week toll cap on December 31, the analysts note.

Equal-weight. Target price $13.93. Industry View: In-Line.

Target price is $13.93 Current Price is $14.41 Difference: minus $0.48 (current price is over target).
If TCL 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 $14.51, suggesting upside of 0.2% (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

Citi rates TWE as Sell (5) -

Citi assesses CBEC (online sales platforms) pricing trends are negative for Treasury Wine Estates' Bin 389 and positive for Bin 407, but the overall price difference between online/offline remains a concern.

Bin 389 price was the weakest since May 2025, and Bin 407 price, while higher, failed to provide the broker confidence about material demand improvement.

Both wines are still -37% cheaper on CBEC vs offline, raising risks for reseller profitability and pricing integrity in China.

The broker notes grey-channel and parallel imports continue to pressure the company's retail pricing structure, and sales weakness in China and channel risks could worsen as exports to other Asian markets expand.

Sell retained. Target unchanged at $5.50.

Target price is $5.50 Current Price is $6.06 Difference: minus $0.56 (current price is over target).
If TWE meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.28, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Bell Potter rates UNI as Buy (1) -

According to Bell Potter, Universal Store delivered a resilient year-to-date trading update broadly in line with the analysts' expectations.

The broker notes group direct-to-customer sales rose 13% year-on-year, with like-for-like sales up 7.7% and Perfect Stranger up 13.9%.

Gross margins exceeded Bell Potter's forecasts, while cost investment supports 11-17 new store openings in FY26.

The analysts make minor revenue downgrades reflecting cautious assumptions ahead of the key summer trading period, partly offset by stronger margin forecasts.

Bell Potter maintains a Buy rating and a $10.50 target price, citing the company's brand strength, margin expansion, and youth-focused growth profile.

Target price is $10.50 Current Price is $9.00 Difference: $1.5
If UNI meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 20.1% (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

Citi rates UNI as Buy (1) -

Following a full review of Universal Store's trading update, Citi lifted the target price to $11.35 from $11.28.

Buy maintained.

Previously the broker wrote:

In a quick response to today's AGM update provided by Universal Store, Citi analysts comment sales and gross margins are tracking ahead of expectations.

Hence why today's update is labeled as "strong".

As any insights into the cost of doing business (CODB) are lacking at this stage, the broker says it is too soon to assume this will also push up market consensus forecasts for the retailer's bottom line.

Target price is $11.35 Current Price is $9.00 Difference: $2.35
If UNI meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 20.1% (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

Macquarie rates UNI as Outperform (1) -

Macquarie observes Universal Store's FY26 year-to-date (YTD) sales remain solid but are facing increasingly tougher comparisons as the FY progresses.

Group direct-to-customer (DTC) sales rose 13.7% y/y, missing the broker's 14.7% forecast but ahead of the consensus estimate of 11.6%.

Growth was seen across all brands, with Universal Store up 11.4%, Perfect Stranger up 40.5%, and Cheap Thrills Cycle (CTC) up 14.1% despite tough comps.

The challenge remains CTC wholesale, though the broker notes early recovery under CEO Alice Barbery’s focus on Thrills.

Gross margin was steady at 61.7%, consistent with 2H25 and above consensus expectations. Store rollout remains on track to achieve FY26 guidance of 11-17 new stores, with the broker's forecast at 14.

Outperform. Target unchanged at $10.20.

Target price is $10.20 Current Price is $9.00 Difference: $1.2
If UNI meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 20.1% (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

UBS rates UNI as Buy (1) -

UBS' takeaways from Universal Store's AGM trading update are that like-for-like sales remain "strong" and growth in store expansion is on track.

Sales growth is slowing but the broker sees compensation through margin increase. The report notes management is doing a great job in keeping a lid on the cost of doing business (CODB).

No changes have been made to forecasts. Price target is now $10.25 (was $10.50). Buy.

Target price is $10.25 Current Price is $9.00 Difference: $1.25
If UNI meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 20.1% (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 VGL as Initiation of coverage with Buy (1) -

Ord Minnett initiated coverage of Vista International with a Buy rating and target price of $3.22.

The broker describes the company as a unique, vertically integrated cinema software leader with 46% global enterprise market share and long-standing customer relationships across 80-plus countries.

Cloud transition is expected to double revenue and lift margins to 33% by 2030 from 14%. Additional upside is seen from expanding into payment solutions.

The broker reckons valuation is attractive, with the company trading at a significant discount on 10.6x FY27 EV/EBITDA estimate, versus a peer average of 23x..

Target price is $3.22 Current Price is $2.44 Difference: $0.78
If VGL meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 59.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

UBS rates VNT as Initiation of coverage with Buy (1) -

UBS has initiated coverage of Ventia Services with a Buy rating and a price target of $6.23, with the report highlighting EPS growth on offer is above market and still priced at a relative discount.

While the PE multiple has risen to an all-time high, UBS sees potential for further multiple expansion.

Share buybacks and M&A should provide ongoing earnings growth support, on top of Australian infrastructure maintenance demand, a shift to higher-margin services (telco) and balance sheet deleveraging.

Target price is $6.23 Current Price is $5.46 Difference: $0.77
If VNT meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates WES as Lighten (4) -

Ord Minnett considers Wesfarmers’ September quarter (1Q26) update as moderately soft, with Bunnings and Kmart solid but Officeworks weak, prompting a profit warning.

The broker notes shares fell around -7% as investors focused on cost-of-living pressures and persistent domestic cost inflation.

The broker sees the company's valuation premium contracting as Coles Group ((COL)) and Woolworths group ((WOW)) improve their execution and regain defensive appeal.

EPS forecast for FY26 trimmed by -0.7% while FY27 lifted marginally. The broker made slight downgrades to Officeworks, Kmart, and industrials earnings estimates, partly offset by Covalent lithium upgrades. 

Target price cut to $77 from $78. Lighten maintained on valuation concerns.

Target price is $77.00 Current Price is $86.13 Difference: minus $9.13 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $86.62, suggesting upside of 3.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates WES as Neutral (3) -

UBS comments Wesfarmers' AGM update featured ongoing positive momentum in  consumer spending, but equally signs that cost of living pressures are causing challenges for some businesses.

While Wesfarmers' retail operations are considered as well-positioned, a reset for Officeworks' EBIT outlook has required amendments to forecasts, as do updated lithium pricing projections and a higher EBIT loss for Other businesses.

Bunnings and Kmart continue to perform well, but the broker argues high multiples imply the risk-reward looks "balanced".

Neutral. Target $90 (down from $92).

Target price is $90.00 Current Price is $86.13 Difference: $3.87
If WES meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $86.62, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates XRO as Buy (1) -

Citi reckons Fiserv’s strategic reset and lower growth outlook don’t diminish the positive outlook for Xero's Melio acquisition.

Cashflow Central, powered by Melio, remains a key strategic focus for Fiserv with increased investments in rollout and customer support. The company added 19 new Cashflow Central clients in the quarter, taking the total to 96, with over 20 implementations underway.

These implementations should support Melio’s growth, the broker explains, opening the possibility of a new customer acquisition channel for Xero’s accounting suite.

Buy. Target unchanged at $210.

Target price is $210.00 Current Price is $146.42 Difference: $63.58
If XRO meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $213.17, suggesting upside of 46.9% (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