Australian Broker Call

Citi rates A2M as Buy (1) -

In a flash update, Citi emphasises a2 Milk Co's update is disappointing, with the company seemingly not capitalising on supply shortages affecting Genesis, as well as supply issues at Synlait, which were previously flagged by the broker.

a2 Milk should have been able to take market share from other international companies that have experienced recalls, which may be ongoing.

Any share price weakness off the back of the supply constraints announcement is considered by Citi as a buying opportunity, as the challenges are viewed as temporary and demand continues to remain robust.

Consensus earnings (EBIT) forecasts are expected to fall in the mid-teens post the announcement.

Buy rated with a $10.55 target price.

Target price is $10.55 Current Price is $9.24 Difference: $1.31
If A2M meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.92, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates ADH as Neutral (3) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Adairs: Neutral rating and $1.44 target.

Target price is $1.44 Current Price is $1.30 Difference: $0.14
If ADH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 67.4% (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

Macquarie rates AMP as Outperform (1) -

AMP recently announced a share buy-back of up to $150m, which Macquarie views as a limiter on downside volatility for the share price.

No new information was offered at the April 10 AGM, with comments around organic growth in wealth and capital options in the bank. This is expected to mitigate investor concerns around M&A activity.

With a "mixed" investment market performance thus far in 1H2026, lower average customer balances may result in revenue margins coming in at the upper end of management's guidance range for both savings & investment (S&I) and platform divisions, the analyst remarks.

EPS forecasts are raised by 9% for FY26 and 16% for FY27 on more robust flow assumptions and, to a lesser extent, the $150m buy-back.

Outperform retained with a higher target price of $1.96 from $1.80.

Target price is $1.96 Current Price is $1.37 Difference: $0.595
If AMP meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 28.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates ANN as Accumulate (2) -

Ord Minnett has reviewed its health sector stocks post the end of the March quarter for currency and model assumption changes.

The broker sees potential upside of around 20% on a 12-month view for Ansell, however risks remain around potentially higher material costs and demand in key markets.

No change to Accumulate rating, with a lower target price of $34.80 from $35. EPS forecasts are tweaked lower for FY27.

Target price is $34.80 Current Price is $29.81 Difference: $4.99
If ANN meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $35.34, suggesting upside of 20.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.1

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

UBS rates AX1 as Neutral (3) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Accent Group: Neutral rating and 75c target.

Target price is $0.75 Current Price is $0.68 Difference: $0.075
If AX1 meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 72.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates BEN as Underweight (5) -

Morgan Stanley notes Bendigo & Adelaide Bank's 3Q26 trading update was better than expected, with costs falling around -4% and coming in circa -3.5% lower than the analyst's forecast.

The bank is now positioned to report FY26 expenses of around $1.25bn, up 3.5% y/y, with no changes to expense guidance for "business as usual expenses to be no higher than inflation through the cycle".

The margin rose 6bps to 1.98%, which was 4bp higher than anticipated, with net interest income in line. EPS forecasts are raised by 3.5% and 4% for FY26/FY27. Targeted cost savings of $65m-$75m should assist Bendigo to improve cost management in FY28.

Underweight rating retained due to the uncertain macro environment. Target rises to $10.10. Industry View: In-Line.

Target price is $10.10 Current Price is $11.49 Difference: minus $1.39 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.67, suggesting downside of -5.7% (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

Morgans rates BHP as Hold (3) -

Ahead of BHP Group's March quarter update on April 22, Morgans forecasts WA iron ore shipments of 67.5mt, down -1% y/y and -12% q/q due to Cyclone Narelle's impact at Port Hedland.

The miner has around four weeks of diesel supply in the Pilbara, with management confident it can gain access to fuel from multiple sources.

Rising diesel costs are expected after a one to two month lag, and the analyst forecasts around a -2% to -3% impact to FY26 group earnings (EBITDA).

Morgans has also lifted its long term iron ore price to US$85/t from US$80/t and states BHP Group remains the "best-in-breed" global diversified miner.

Hold rating and $53.80 target retained.

Target price is $53.80 Current Price is $53.98 Difference: minus $0.18 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.47, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Citi rates BPT as Sell (5) -

Citi explains commodity volatility underscores uncertainty in global energy flows and the growing importance of energy security, noting consensus views current supply shocks as transient, but back-end pricing implies rising structural supply risk, supporting medium-term cash flows.

The broker sees a structural shift driving renewed investor interest in oil equities, with an estimated circa -100bps reduction in cost of equity, due to renewed interest lifting valuations by around 8%.

Santos ((STO)) is viewed as offering the strongest base-case upside, Woodside Energy Group ((WDS)) is preferred in a prolonged conflict scenario, Karoon’s ((KAR)) execution risk appears priced in, and Beach Energy benefits from domestic policy support but lacks inorganic growth catalysts.

Beach remains Sell rated with a higher target of $1.10 from $1.

Target price is $1.10 Current Price is $1.22 Difference: minus $0.115 (current price is over target).
If BPT 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 $1.11, suggesting downside of -11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley's commodity price mark-to-market results in 2026 EPS upgrades of around 30%-45% ahead of the quarterly updates for the energy sector, and now sits circa 12%-14% above consensus going into the quarterly reports.

The broker prefers Karoon Energy ((KAR)) and Santos ((STO)), with Woodside Energy, ((WDS)) Origin Energy ((ORG)) and Beach Energy less preferred on valuation and execution risk.

EPS forecasts are raised by 3% for 2026 and 24% for 2027.

Target is unchanged at $1.15 with an Underweight rating retained. Industry view: In-Line.

Beach Energy is due to report on April 22.

Target price is $1.15 Current Price is $1.22 Difference: minus $0.065 (current price is over target).
If BPT 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 $1.11, suggesting downside of -11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

UBS rates BRG as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Breville Group: Buy rating and $36.00 target.

Target price is $36.00 Current Price is $28.25 Difference: $7.75
If BRG meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $38.17, suggesting upside of 37.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates CBO as Downgrade to Accumulate from Buy (2) -

Cobram Estate Olives has completed the acquisition of California Olive Ranch, strengthening its position in the large and growing US olive oil market, Ord Minnett highlights.

The broker expects synergy benefits of US$12m in FY27 and US$20m by FY30, with US growth supporting margins and improving the earnings balance between Australia and the US.

While near-term leverage remains elevated due to investment, strong cash flow growth is expected to support rapid deleveraging from FY28.

Ord Minnett raises its target to $3.78 from $3.62 and downgrades to Accumulate from Buy, citing valuation.

Target price is $3.78 Current Price is $3.60 Difference: $0.18
If CBO meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

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

Ord Minnett rates COH as Hold (3) -

Ord Minnett has reviewed its health sector stocks post the end of the March quarter for currency and model assumption changes.

The broker sees the longer term attraction for Cochlear and is currently offering a relative "cheap" valuation on a historical basis but near term risks remain to earnings forecasts.

No change to Hold rating with a lower target price of $224 from $241.50.

Target price is $224.00 Current Price is $172.10 Difference: $51.9
If COH meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $230.66, suggesting upside of 33.9% (ex-dividends)

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 COL as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Coles Group: Buy rating and $24.00 target.

Target price is $24.00 Current Price is $22.40 Difference: $1.6
If COL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.21, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates CSL as Hold (3) -

Ord Minnett has reviewed its health sector stocks post the end of the March quarter for currency and model assumption changes.

The broker seeks more evidence of revenue growth and margin expansion at Behring before becoming more positive on CSL.

No change to Hold rating and $198 target on CSL.

Target price is $198.00 Current Price is $139.19 Difference: $58.81
If CSL meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $202.91, suggesting upside of 47.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates DMP as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Domino's Pizza Enterprises: Buy rating and $24 target.

Target price is $24.00 Current Price is $17.80 Difference: $6.2
If DMP meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 17.5% (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

Morgans rates DRR as Buy (1) -

Morgans notes Deterra Royalties is due to announce its March quarter on April 30 and forecasts Mining Area C production of 34mwmt, down -11% q/q and up 4% y/y due to the wet season and cyclone disruptions to BHP Group's WA iron ore operations.

Mining Area C revenue of $52.5m is forecast, down -15% q/q, which is near the consensus estimate.

Buy rating and $4.85 target retained.

Target price is $4.85 Current Price is $4.18 Difference: $0.67
If DRR meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates EBR as Buy (1) -

Morgans believes management at EBR Systems has delivered a step-change in 1Q26 commercial performance.

Implants rose 128% quarter-on-quarter to 41 and revenue of US$2.25-2.36m exceeded forecasts by consensus and the broker for US$1.7m and US$2.0m, respectively.

The analysts observe growth was driven largely by repeat usage at existing centres, supporting confidence in utilisation and scalability.

Leading indicators are seen as strong, including purchasing agreements, physician training and emerging multi-site contracts, while patient backlogs and high clinician engagement point to robust underlying demand.

Morgans sees execution, rather than demand, as the key constraint, with reimbursement and pricing not a barrier to adoption.

Morgans retains a Buy rating and $2.47 target.

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

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates EVN as Neutral (3) -

Citi updates its gold coverage, with a more positive and an overall rise in FY27/28 earnings (EBITDA) forecasts for the sector by 15%-30%.

Gold equities are pricing in US$2,900/oz-US$4,300/oz on a net asset value to share price valuation, versus a spot price of US$4,700/oz.

The broker continues to prefer Northern Star Resources ((NST)), Buy rated, over Evolution Mining, Neutral rated, on a price/net asset value basis.

Outside the ASX50, Greatland Resources ((GGR)) shows good growth potential, but the analyst prefers Genesis Minerals ((GMD)), as the stock reflects the lowest implied gold price of US$2,940/oz, with a robust execution record.

Target price for Evolution is lowered to $15 from $16.20. Neutral retained.

Target price is $15.00 Current Price is $13.55 Difference: $1.45
If EVN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.53, suggesting upside of 9.9% (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

Bell Potter rates FLC as Speculative Hold (3) -

Under new analyst coverage at Bell Potter, the target for Fluence rises to 11c from 8.5c and the rating remains Speculative Hold.

The broker's investment case is centred on a transition from lower-margin custom-engineered solutions to higher-margin smart product solutions and recurring revenue.

Favourable environmental tailwinds and the company's proprietary membrane aerated biofilm reactor (MABR) technology are seen as supporting these positives.

It's felt the company’s installed base of more than 1,000 systems provides scope for higher-margin recurring revenue through operations, maintenance and aftermarket services.

Fluence’s strategic shift, initiated in 2020, is nearing completion, the broker highlights, with the final legacy Ivory Coast contract due to be completed in 3QFY26.

Target price is $0.11 Current Price is $0.09 Difference: $0.024
If FLC meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgans rates FMG as Hold (3) -

Ahead of Fortescue's March quarter update on April 23, Morgans forecasts total iron ore shipments of 48mt, down -5% q/q, which is aligned with consensus at 48.6mt. The Pilbara operations seem to have been less impacted by Cyclone Narelle.

Pricing realisation is expected to remain "steady" at 87% of benchmark 62%, against 88% in 2Q26, with realised hematite prices forecast at US$89.5/dmt, which is aligned with consensus.

Morgans has also lifted its long term iron ore price to US$85/t from US$80/t, and states BHP Group remains the "best-in-breed" global diversified miner.

The stock is Hold rated, with a $21.10 target price retained.

Target price is $21.10 Current Price is $20.26 Difference: $0.84
If FMG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.54, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.1

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

Citi rates GMD as Buy (1) -

Citi updates its gold coverage, with a more positive and an overall rise in FY27/28 earnings (EBITDA) forecasts for the sector by 15%-30%.

Gold equities are pricing in US$2,900/oz-US$4,300/oz on a net asset value to share price valuation, versus a spot price of US$4,700/oz.

The broker continues to prefer Northern Star Resources ((NST)), Buy rated, over Evolution Mining ((EVN)), Neutral rated, on a price/net asset value basis.

Outside the ASX50, Greatland Resources ((GGR)) shows good growth potential, but the analyst prefers Genesis Minerals, as the stock reflects the lowest implied gold price of US$2,940/oz, with a robust execution record.

Genesis remains Buy rated with a slightly lower target price ot $10 from $10.20.

Target price is $10.00 Current Price is $6.54 Difference: $3.46
If GMD meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting upside of 48.9% (ex-dividends)

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 GYG as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Guzman y Gomez: Buy rating and $22 target.

Target price is $22.00 Current Price is $20.68 Difference: $1.32
If GYG meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.01, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates HVN as Neutral (3) -

UBS reduces its target price to $6.15 from $7.50 for Harvey Norman’s following interim results. The Neutral rating is maintained given slowing momentum in core Franchising Operations, offset by recent share price weakness.

Underlying profit before tax (PBT) - pre AASB16, pre property revaluations - came in below forecasts by the broker and consensus due to weaker core Franchising Operations. A partial offset was provided by operations in New Zealand and Ireland, explain the analysts.

Revenue, PBT and NPAT rose 10.5%, 20.1% and 15.2%, respectively,  on the prior year, while Franchising Operations profit before tax of $205.9m missed the UBS estimate by -10%.

UBS cuts its FY26 and FY27 earnings forecasts by -4.0% and -8.6%, respectively. The broker notes improving New Zealand conditions but expects ongoing United Kingdom losses.

Target price is $6.15 Current Price is $4.70 Difference: $1.45
If HVN meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 34.7% (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

UBS rates JBH as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For JB Hi-Fi: Buy rating and $94 target.

Target price is $94.00 Current Price is $75.21 Difference: $18.79
If JBH meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $91.28, suggesting upside of 22.0% (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 KAR as Buy (1) -

Citi explains commodity volatility underscores uncertainty in global energy flows and the growing importance of energy security, noting consensus views current supply shocks as transient, but back-end pricing implies rising structural supply risk, supporting medium-term cash flows. 

The broker sees a structural shift driving renewed investor interest in oil equities, with an estimated circa -100bps reduction in cost of equity, due to renewed interest lifting valuations by around 8%. 

Santos ((STO)) is viewed as offering the strongest base-case upside, Woodside Energy Group ((WDS)) is preferred in a prolonged conflict scenario, Karoon’s execution risk appears priced in, and Beach Energy benefits from domestic policy support but lacks inorganic growth catalysts.

Karoon Energy remains Buy rated with a higher target of $2.25 from $2.

Target price is $2.25 Current Price is $1.99 Difference: $0.26
If KAR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

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

Morgan Stanley's commodity price mark-to-market results in 2026 EPS upgrades of around 30%-45% ahead of the quarterly updates for the energy sector, and now sits circa 12%-14% above consensus going into the quarterly reports.

The broker prefers Karoon Energy and Santos ((STO)), with Woodside ((WDS)), Origin Energy ((ORG)) and Beach Energy ((BPT)) less preferred on valuation and execution risk.

EPS forecasts are raised by 32% for 2026 and 30% for 2027.

Karoon is due to report on April 28.

Equal-weight retained. Target is raised to $1.77 from $1.70. Industry view: In-Line.

Target price is $1.77 Current Price is $1.99 Difference: minus $0.22 (current price is over target).
If KAR meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.04, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Citi rates MP1 as Buy (1) -

Citi details how a "surge" in demand for GPU rentals, with Latitude's GPUs selling out, as well as the company increasing its prices, is likely to underpin upside risks to Latitude's growth and the broker's annual recurring revenue estimates, and FY27 forecast revenue, all else remaining unchanged.

Hiring activity across both Megaport and Latitude does not infer a rise in hiring over 2H26, which supports the analyst's view that management's FY26 guidance is "conservative". An earnings upgrade is expected next month at a competitor conference.

Job listings for Megaport remain high, which does, however, place upside risk to opex growth forecast of 19% for FY26, Citi states, although this is likely to be offset by more moderate hiring from Latitude.

A Buy rating and $14.65 target unchanged.

Target price is $14.65 Current Price is $6.71 Difference: $7.94
If MP1 meets the Citi target it will return approximately 118% (excluding dividends, fees and charges).

Current consensus price target is $15.73, suggesting upside of 129.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates MQG as Neutral (3) -

Citi notes Australian banks lagged the ASX200 by around -10% into the February reporting season despite a circa 40-50bps rise in swaps, but have since outperformed by around 10% into May as swaps added a further circa 40-50bps.

Economists now expect two additional rate hikes to a 4.60% peak, alongside weaker growth and higher inflation. This stagflationary backdrop is negative for banks, with net interest margin benefits from higher rates offset by slower growth and rising credit risks.

Earnings revisions for the banks remain largely unchanged.

Target price for Macquarie Group is lifted to $220 from $210 with a Neutral rating retained.

Target price is $220.00 Current Price is $225.00 Difference: minus $5 (current price is over target).
If MQG meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $231.30, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in March.

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 MTS as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Metcash: Buy rating and $4.00 target.

Target price is $4.00 Current Price is $3.04 Difference: $0.96
If MTS meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates NST as Buy (1) -

Citi updates its gold coverage, with a more positive and an overall rise in FY27/28 earnings (EBITDA) forecasts for the sector by 15%-30%.

Gold equities are pricing in US$2,900/oz-US$4,300/oz on a net asset value to share price valuation, versus a spot price of US$4,700/oz.

The broker continues to prefer Northern Star Resources, Buy rated, over Evolution Mining, Neutral rated, on a price/net asset value basis.

Outside the ASX50, Greatland Resources ((GGR)) shows good growth potential, but the analyst prefers Genesis Minerals ((GMD)), as the stock reflects the lowest implied gold price of US$2,940/oz, with a robust execution record.

Target price for Northern Star is raised to $29.70 from $27.50.

Target price is $29.70 Current Price is $24.48 Difference: $5.22
If NST meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 16.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates ORA as Hold (3) -

Morgans observes Orora’s trading update points to challenging conditions at Saverglass, with the Middle East conflict impacting operations both directly and indirectly.

Production at the RAK facility has been suspended, with output to be relocated to Mexico.The RAK furnace represents circa 15% of Saverglass’s production capacity, the broker highlights.

FY26-FY28 earnings (EBIT) forecasts are lowered by between -8-11%, reflecting disruption, lower volumes and a negative product mix shift.

Morgans highlights weaker consumer confidence is weighing on demand and margins, with visibility on recovery limited.

A Hold rating is maintained and the target is lowered to $1.55 from $2.30.

Target price is $1.55 Current Price is $1.49 Difference: $0.065
If ORA meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 24.5% (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

Ord Minnett rates ORA as Upgrade to Accumulate from Hold (2) -

Management at Orora has downgraded FY26 guidance for its Saverglass division, citing operational and shipping disruptions at its UAE RAK facility, alongside weaker volumes and a negative product mix shift.

Production at the RAK facility has been curtailed, with output to be shifted to Mexico, though recovery is expected to take time.

The broker highlights ongoing pressure from a higher weighting to lower-margin wine bottles, with new customer wins insufficient to offset pricing and mix headwinds. Longer-term structural challenges are highlighted due to declining alcohol consumption.

The target for Orora falls to $1.70 from $2.00, while the rating is upgraded to Accumulate from Hold on valuation grounds after a greater than -30% share price fall so far this year.

Target price is $1.70 Current Price is $1.49 Difference: $0.215
If ORA meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 24.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley's commodity price mark-to-market results in 2026 EPS upgrades of around 30%-45% ahead of the quarterly updates for the energy sector, and now sits circa 12%-14% above consensus going into the quarterly reports.

The broker prefers Karoon Energy ((KAR)) and Santos ((STO)), with Woodside Energy ((WDS)), Origin Energy), and Beach Energy ((BPT)) less preferred on valuation and execution risk.

EPS forecasts are largely unchanged. Origin is due to report on April 30.

Target slips to $11.07 from $11.11, and an Underweight rating is retained. Industry View: In-Line.

Target price is $11.07 Current Price is $12.38 Difference: minus $1.31 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.14, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates PMV as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Premier Investments: Buy rating and $17.50 target.

Target price is $17.50 Current Price is $12.99 Difference: $4.51
If PMV meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $16.26, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in July.

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 PRU as Upgrade to Buy from Neutral (1) -

Citi upgrades Perseus Mining to Buy from Neutral post an update on its gold coverage, with a more positive view on Perseus and an overall rise in FY27/28 earnings (EBITDA) forecasts for the sector by 15%-30%.

Gold equities are pricing in US$2,900/oz-US$4,300/oz on a net asset value to share price valuation, versus a spot price of US$4,700/oz.

The broker continues to prefer Northern Star Resources ((NST)), Buy rated, over Evolution Mining ((EVN)), Neutral rated, on a price/net asset value basis.

Outside the ASX50, Greatland Resources ((GGR)) shows good growth potential, but the analyst prefers Genesis Minerals ((GMD)), as the stock reflects the lowest implied gold price of US$2,940/oz, with a robust execution record.

Target price is upgraded to $7 from $6.70.

Target price is $7.00 Current Price is $5.67 Difference: $1.33
If PRU meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting upside of 23.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates RHC as Lighten (4) -

Ord Minnett has reviewed its health sector stocks post the end of the March quarter for currency and model assumption changes.

At current share price levels the analyst notes the Australian division is performing better but that is already priced in while the UK/European operations continue to encounter headwinds.

Lighten rating on Ramsay Health Care is retained with a slightly higher target of $40.20 from $38.25.

Target price is $40.20 Current Price is $39.77 Difference: $0.43
If RHC meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $40.30, suggesting upside of 2.0% (ex-dividends)

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 RIO as Hold (3) -

Ahead of Rio Tinto's March quarter update on April 21, Morgans forecasts Pilbara iron ore shipments of 71.3mt, down -20% q/q and below consensus by -9% at 77.8mt.

Management has confirmed around 8mt of combined weather impact from Cyclone Narelle and February's Cyclone Mitchell, and the analyst does not believe consensus has adjusted yet but does not anticipate consensus downgrades.

Rio consumes around 1.6bn litres of diesel globally across its assets, with a major portion in the Pilbara. Inventory positioning of around four-to-six weeks is estimated, with similar cost increases likely in the June quarter to BHP Group.

Morgans has also lifted its long term iron ore price to US$85/t from US$80/t, and BHP Group remains the "best-in-breed" global diversified miner.

The stock is Hold rated, with a $156 target price retained.

Target price is $156.00 Current Price is $171.23 Difference: minus $15.23 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $156.83, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett has reviewed its health sector stocks post the end of the March quarter for currency and model assumption changes.

For ResMed, the broker forecasts 15% EPS growth for FY26, with forecast revenue growth of 19%, with the sleep apnoea software to achieve a forecast CAGR of 10% growth from FY25-FY28.

Net cash is expected to lift to US$1.7bn in FY27, with further capital management for shareholders expected.

Buy rating retained. Target price is lowered to $41.40 from $43.70. EPS forecasts are tweaked lower for FY26/FY27.

Target price is $41.40 Current Price is $32.28 Difference: $9.12
If RMD meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $46.66, suggesting upside of 45.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates RRL as Upgrade to Neutral from Sell (3) -

Citi upgrades Regis Resources to Neutral from Sell post an update on its gold coverage, with a more positive and an overall rise in FY27/28 earnings (EBITDA) forecasts for the sector by 15%-30%.

Gold equities are pricing in US$2,900/oz-US$4,300/oz on a net asset value to share price valuation, versus a spot price of US$4,700/oz.

The broker continues to prefer Northern Star Resources ((NST)), Buy rated, over Evolution Mining ((EVN)), Neutral rated, on a price/net asset value basis.

Outside the ASX50, Greatland Resources ((GGR)) shows good growth potential, but the analyst prefers Genesis Minerals ((GMD)), as the stock reflects the lowest implied gold price of US$2,940/oz, with a robust execution record.

Target price for Regis Resources is upgraded to $8.10 from $7.50.

Target price is $8.10 Current Price is $7.43 Difference: $0.67
If RRL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.94, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates S32 as Accumulate (2) -

Ahead of South32's March quarter update on April 22, Morgans retains an Accumulate rating and $5.10 target price.

The broker forecasts total alumina output of 1,296kt, down -3% q/q, which is in line with consensus.

Weaker aluminium volumes are anticipated, down -8% q/q to 285kt, which is also flagged in consensus forecasts due to the drag from Hillside and a final contribution from Mozal of 60kt.

Notably, South32 seems to have comparatively lower diesel exposure, but overall energy inflation is expected to impact costs in 2H26.

Target price is $5.10 Current Price is $4.63 Difference: $0.47
If S32 meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.20, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Ord Minnett rates SHL as Hold (3) -

Ord Minnett has reviewed its health sector stocks post the end of the March quarter for currency and model assumption changes.

No change to Hold rating on Sonic Healthcare with a higher target of $25 from $24.

Target price is $25.00 Current Price is $19.77 Difference: $5.23
If SHL meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $25.38, suggesting upside of 28.7% (ex-dividends)

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

Morgans rates SIG as Upgrade to Buy from Accumulate (1) -

Morgans upgrades its rating for Sigma Healthcare to Buy from Accumulate, maintaining a $3.36 target, citing recent share price weakness and attractive upside.

Sigma is a leading pharmacy wholesaler and franchisor following its merger with Chemist Warehouse, the broker reiterates, creating a large-scale healthcare platform with strong growth prospects.

The analysts forecast around 20% annual earnings (EBIT) growth over the next few years, driven by like-for-like sales growth, store rollout, international expansion and synergy realisation.

Sigma’s expansion strategy across New Zealand, Ireland and the UAE, alongside private label growth and operating efficiencies, is expected to support margin expansion and ongoing earnings momentum.

Target price is $3.36 Current Price is $2.69 Difference: $0.67
If SIG meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates STO as Buy (1) -

Citi explains commodity volatility underscores uncertainty in global energy flows and the growing importance of energy security, noting consensus views current supply shocks as transient, but back-end pricing implies rising structural supply risk, supporting medium-term cash flows. 

The broker sees a structural shift driving renewed investor interest in oil equities, with an estimated circa -100bps reduction in cost of equity, due to renewed interest lifting valuations by around 8%. 

Santos is viewed as offering the strongest base-case upside, Woodside Energy Group ((WDS)) is preferred in a prolonged conflict scenario, Karoon Energy's ((KAR)) execution risk appears priced in, and Beach Energy ((BPT)) benefits from domestic policy support but lacks inorganic growth catalysts.

Santos is Buy rated with a higher target of $8.65 from $8.

Target price is $8.65 Current Price is $7.90 Difference: $0.75
If STO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 0.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates SUL as Neutral (3) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Super Retail: Neutral rating and $13.50 target.

Target price is $13.50 Current Price is $12.56 Difference: $0.94
If SUL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 29.1% (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

UBS rates TWE as Sell (5) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Treasury Wine Estates: Sell rating and $4.75 target.

Target price is $4.75 Current Price is $3.98 Difference: $0.77
If TWE meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 23.1% (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

UBS rates UNI as Buy (1) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Universal Store: Buy rating and $9.50 target.

Target price is $9.50 Current Price is $7.59 Difference: $1.91
If UNI meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $10.45, suggesting upside of 41.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates WDS as Neutral (3) -

Citi explains commodity volatility underscores uncertainty in global energy flows and the growing importance of energy security, noting consensus views current supply shocks as transient, but back-end pricing implies rising structural supply risk, supporting medium-term cash flows. 

The broker sees a structural shift driving renewed investor interest in oil equities, with an estimated circa -100bps reduction in cost of equity, due to renewed interest lifting valuations by around 8%. 

Santos ((STO)) is viewed as offering the strongest base-case upside, Woodside Energy is preferred in a prolonged conflict scenario, Karoon’s ((KAR)) execution risk appears priced in, and Beach Energy benefits from domestic policy support but lacks inorganic growth catalysts.

Woodside remains Neutral rated with a higher target of $33.25 from $30.

Target price is $33.25 Current Price is $33.28 Difference: minus $0.03 (current price is over target).
If WDS meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.81, suggesting downside of -9.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

Morgan Stanley rates WDS as Underweight (5) -

Morgan Stanley's commodity price mark-to-market results in 2026 EPS upgrades of around 30%-45% ahead of the quarterly updates for the energy sector, and now sits circa 12%-14% above consensus going into the quarterly reports.

The broker prefers Karoon Energy ((KAR)) and Santos ((STO)), with Woodside Energy, Origin Energy ((ORG)) and Beach Energy ((BPT)) less preferred on valuation and execution risk.

EPS forecasts are raised by 45% for 2026 and 48% for 2027.

Target is lifted to $28 from $26 with an Underweight rating retained. Industry view: In-Line.

Woodside is due to report on April 29.

Target price is $28.00 Current Price is $33.28 Difference: minus $5.28 (current price is over target).
If WDS meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.81, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

UBS rates WES as Neutral (3) -

UBS’ quarterly consumer survey shows spending intentions rose quarter-on-quarter to a record high across all income groups, supported by strong income expectations despite higher savings.

Growth is skewed toward essentials, the analysts explain, with increases in groceries, fuel, utilities and healthcare, while discretionary areas like alcohol and gambling are expected to decline.

Cost-of-living pressures have intensified across all cohorts, particularly in fuel, rent and mortgages, the broker highlights.

For Wesfarmers: Neutral rating and $81.00 target.

Target price is $81.00 Current Price is $76.32 Difference: $4.68
If WES meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $84.46, suggesting upside of 11.6% (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 WRK as Initiation of coverage with Buy (1) -

Morgans initiates research coverage on regtech exposure Wrkr which helps employers manage workforce compliance across the employment lifecycle.

Complexity in the areas Wrkr operates is seen as a key competitive advantage. 

The company works at the intersection of SuperStream, Single Touch Payroll, Standard Business Reporting and Payday Super. The analysts note these are complex regulatory frameworks which impose significant compliance burdens on participants.

Recent contract wins with major superannuation funds are seen as validation, with FY26 a transition year ahead of expected profitability in FY27.

Morgans also sees longer-term upside from expanding into adjacent services, supporting growth and margin expansion.

The broker begins with a Buy rating and 14c target.

Target price is $0.14 Current Price is $0.11 Difference: $0.035
If WRK meets the Morgans 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