Australian Broker Call

Macquarie rates A11 as Neutral (3) -

In a report assessing the September quarter update for critical mineral developers under its coverage, Macquarie notes Atlantic Lithium finalised negotiations with the Ghanaian government.

This includes a revision to the Ewoyaa project's fiscal terms amid shifting lithium market conditions.

The broker remains cautious on the ratification timing by Parliament, which it expects would take some time. As a result, no production is expected before FY28.

Neutral. Target unchanged at 23c.

Target price is $0.23 Current Price is $0.19 Difference: $0.04
If A11 meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Commenting on Adairs's year-to-date trading update on October 22, Morgans notes the performance was broadly consistent with August guidance. Sales momentum has slowed in Adairs and Focus, observes the broker, while Mocka continues to perform strongly.

Group sales guidance was cut by -1.5% at the midpoint, with group gross margin guidance narrowed and lifted by 5bps.

The broker lowers its FY26 earnings forecasts by -6% for earnings (EBIT) and -5% for profit, reflecting weaker sales and a largely fixed cost base.

Morgans reduces its target to $2.60 from $2.90 and upgrades to Buy from Accumulate.

Target price is $2.60 Current Price is $1.99 Difference: $0.615
If ADH meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 20.2% (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

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

The Australian government has announced a new tariff offering over three hours of free power from 11am to 2pm for smart meter households in NSW, QLD, and SA, commencing in FY27.

Morgan Stanley estimates a potential negative impact on FY27 EBITDA of -$70m for both AGL Energy and Origin Energy, equating to an -8% impact on AGL’s EPS estimate and -4% on Origin’s.

The analyst forecasts bill savings of around $600 per year, including GST, for households adopting the Solar Sharer Offer (SSO). This is alongside an expected 1.5TWh load shift across the National Electricity Market, equivalent to a 500MW three-hour battery.

This shift should help reduce duck curve impacts caused by excess solar generation.

Equal-weight rating and a $9.68 target price. Industry View of In-Line.

Target price is $9.68 Current Price is $8.78 Difference: $0.9
If AGL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 23.7% (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 ANZ as Neutral (3) -

In a traditional move by ANZ Bank, management has increased its previously guided notable items and included additional items ahead of its result announcement next week. In reaction, Macquarie lowers its FY25 EPS forecast by -7%.

Although the adjustments were largely anticipated, their late timing is expected to cloud consensus estimates and make result interpretation more difficult, suggests the analyst.

The broker sees relative value in ANZ, supported by its sizeable valuation discount of roughly -14-43% compared with peers.

Unchanged Neutral rating and $34 target.

Target price is $34.00 Current Price is $36.83 Difference: minus $2.83 (current price is over target).
If ANZ 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 $32.95, suggesting downside of -10.4% (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 APE as Upgrade to Neutral from Sell (3) -

UBS upgrades Eagers Automotive to Neutral from Sell, with a higher target price of $33 from $18.70, reflecting an improved earnings outlook and stronger execution.

The analyst incorporates CanadaOne acquisition into earnings forecasts, with completion expected in early 2026, resulting in EPS estimate increases of 15% for FY26 and 18% for FY27.

The upgrades include a rise in underlying earnings forecasts driven by BYD volume growth expected to double by FY27 vs FY25. Management’s strategic margin initiatives around people and technology, and a  17% 3yr CAGR in revenue in EA123, also helped.

UBS notes the market is responding positively to the company’s strategy, viewing it as a quality global consumer story.

The broker cautions, however, that the industry remains highly cyclical and operates on thin margins, making the current environment an exception rather than the norm.

Target price is $33.00 Current Price is $32.55 Difference: $0.45
If APE meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $31.76, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates BM1 as Speculative Buy (1) -

Bell Potter notes Ballard Mining made a $20.6m strategic placement to Aurenne Group Holdings at 55c/share at an 11.1% premium. This gives Aurenne a 9.6% stake, with a 6-month escrow.

The broker reckons this development enhances Ballard's balance sheet and also underscores its appeal as a potential strategic partner to its neighbouring producer.

Aurenne operates the Mt Ida gold project adjacent to Ballard's ground, with a processing plant running 1.5–1.8Mtpa and an estimated 5-year mine life speculated to be producing 60 kozpa, the broker explains.

The company also released an exploration target at Mt Ida of 4.6-11.8Mt @ 2.6–3.9 g/t Au, separate from the 1.1Moz mineral resource estimate. Mineralisation is confirmed to 1,000m depth at Baldock and 500m at Timoni, extending over several kilometres of strike.

Speculative Buy. Target rises to $1.05 from $0.80 after the broker incorporated the placement and exploration target into the model.

Target price is $1.05 Current Price is $0.55 Difference: $0.505
If BM1 meets the Bell Potter target it will return approximately 93% (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 BSL as Outperform (1) -

Macquarie trimmed BlueScope Steel's earnings forecasts, reflecting updated commodity price assumptions and mark-to-market adjustments for 1H26 results.

FY26 EPS forecast trimmed by -4% and FY27 by -2.2%.

Outperform. Target price $25.35.

Target price is $25.35 Current Price is $21.82 Difference: $3.53
If BSL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $25.17, suggesting upside of 15.7% (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

Citi rates CKF as Buy (1) -

In a preview of Collins Foods' 1H26 results on December 2, Citi updated forecasts based on traffic analysis in conjunction with its Research Innovation Lab.

The broker sees upside risk to FY26 guidance and improved prospects in Europe following Yum!’s re-acquisition of Germany and new exclusivity rights. Potential acquisitions, particularly in Germany, could accelerate growth and enhance scale benefits, in the broker's view.

1H26 EBITDA and EBIT margins are forecast at 14.4% and 7.3%, respectively, with cost of goods sold and labour gains offset by German growth investments and cost of doing business inflation.

The broker lifted FY26-28 net profit forecasts by 2%. Buy. Target rises to $13.07 from $10.13

Target price is $13.07 Current Price is $10.52 Difference: $2.55
If CKF meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.19, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates DOW as Outperform (1) -

Macquarie previews Downer EDI’s upcoming AGM on November 11 and Investor Day on November 27, expecting management to reaffirm FY26 guidance for flat-to-down revenue, and EBITA margins above 4.5%.

The analyst views the Investor Day as a potential positive catalyst to showcase Downer’s next phase, emphasising renewed top-line growth and further margin improvement opportunities.

Consensus forecasts are in a tight range, notes the analyst, predicting $300m for FY26 profit versus the broker's $295m estimate.

Macquarie anticipates the Investor Day could outline revenue growth targets, with Downer’s assumptions implying a 4% compound annual growth rate (CAGR) to FY30, led by Energy & Utilities at 7.1%.

Outperform rating. Target $7.65.

Target price is $7.65 Current Price is $7.64 Difference: $0.01
If DOW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $7.68, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates GEM as Neutral (3) -

G8 Education continues to face challenging conditions into 2H2025, with spot occupancy deteriorating and currently down -6.5% y/y, compared with a -3.1% y/y fall in February and -5.9% in August.

UBS suggests this trend indicates occupancy will remain down annually in 1H2026 unless the operating environment improves.

Management’s 2025 trading update downgraded earnings (EBIT) guidance by -18% at the midpoint, against prior expectations for earnings to align with 2024 levels.

UBS lowers its EPS estimates by -18% for 2025 and -24% for 2026, citing a slower recovery and ongoing increases in childcare supply as headwinds.

The stock is rated Neutral. Target price is lowered to 72c from 90c.

Target price is $0.72 Current Price is $0.70 Difference: $0.02
If GEM meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Macquarie rates GL1 as Neutral (3) -

In a report assessing the September quarter update for critical mineral developers under its coverage, Macquarie highlights Global Lithium Resources advanced the Manna Lithium Project while maintaining disciplined cash spend.

The broker revised funding and cost assumptions, leading to a narrowing in FY26-28 losses by 16-25%, although FY29 losses increased by 10%.

Neutral. Target rises to 50c from 35c.

Target price is $0.50 Current Price is $0.50 Difference: $0
If GL1 meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates GMG as Buy (1) -

It is Citi's view Goodman Group ((GMG)) produced a strong operational update.

Among the highlighted items are an upgrade for secured power in the development pipeline to 3.4GW from 2.7GW and work in progress at $12.4bn, with projected uplift in WIP to above $17.5bn by June 2026.

Expectations of closing capital partnerships in Australia and Europe in FY26 remain intact (but none have been announced today).

Citi argues these are key building blocks for sustained compound annual growth into FY27 and beyond.

Guidance for operational EPS growth of 9% was maintained, but this also remains below market consensus expectation of circa 10% growth.

Target $40. Buy.

Target price is $40.00 Current Price is $32.33 Difference: $7.67
If GMG meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $37.94, suggesting upside of 21.5% (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 GMG as Neutral (3) -

As part of today's operational update, Goodman Group management reaffirmed FY26 operating EPS growth guidance of 9%, broadly in line with Macquarie's expectation. It’s thought development activity and earnings will be skewed to the second half of FY26.

In an early assessment, the broker highlights increased secured power capacity to 3.4GW and work in progress (WIP) expectation to exceed $17.5bn by June 2026, with data centres now representing 68% of WIP.

Like-for-like net property income eased slightly quarter-on-quarter to 4.2% from 4.3% in June 2025.

Management notes average expected rent reversion across the portfolio has moderated to around 13% from 15%, while industrial development starts remain subdued.

The analyst notes no new lease or partnership announcements, with market expectations still above guidance.

Neutral rating.

Target price is $34.73 Current Price is $32.33 Difference: $2.4
If GMG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $37.94, suggesting upside of 21.5% (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 IEL as Neutral (3) -

Macquarie highlights university visa approvals for international students fell -14% y/y in Australia in September and -30% in Canada in August. These trends suggest to the analyst potential market declines of -20-35% and -35-60%, respectively, in 1H26.

The analyst highlights persistent weakness across IDP Education’s key source markets of India and China, while UK data show modest growth for the September intake.

Macquarie raises its FY26 EPS forecast for IDP Education by 1.7% and trims FY27-28 by -0.2%, leaving the $6.00 target price and Neutral rating unchanged.

Target price is $6.00 Current Price is $5.46 Difference: $0.54
If IEL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates IPD as Speculative Buy (1) -

Morgans notes ImpediMed’s first-quarter cash flow was below expectations due to hospital approval delays and foreign exchange impacts.

Installed base growth of 26 units in the US fell short of the 40-unit forecast, though growth is expected to recover in coming quarters.

Revenue rose 9% quarter-on-quarter despite a -9% forex headwind, with annual recurring revenue up 3% on the June quarter and 24% year-on-year.

Morgans has reduced its FY26 Sozo unit forecast to 196 from 210, increasing the estimated net loss to -$14.7m from -$13.5m.

The target price is trimmed to 13c from 14c, and the Speculative Buy rating is retained.

Target price is $0.13 Current Price is $0.04 Difference: $0.092
If IPD meets the Morgans target it will return approximately 242% (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 JHX as Upgrade to Buy from Neutral (1) -

Citi has delved into the risk/reward profile for James Hardie Industries, observing the company is tracking ahead of FY26 expectations, and a path to FY27 targets looks achievable without macro tailwinds.

Housing market sentiment is showing early signs of improvement, the broker highlights. 

Overall, risks are seen as manageable, with scope for outperformance. The broker lifted FY26 EBITDA forecast by 11% and FY27 by 9%, leading to a 28% lift to FY26 EPS estimate and a 21% increase to FY27.

Rating upgraded to Buy from Neutral. Target rises to $36.50 from $33.00.

Target price is $36.50 Current Price is $30.47 Difference: $6.03
If JHX meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in March.

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 LOV as Upgrade to Buy from Neutral (1) -

Citi assesses Lovisa Holdings' FY26 store rollout progress using insights from its Research Innovation Lab, alongside an analysis of US sales trends.

The broker's analysis estimates 1,075 Lovisa stores as of 31 Oct 2025, implying 2.5 net openings per week, in line with expectations despite timing variability. Jewells stores appear to have edged down to 6 from 7, suggesting a slower or challenging rollout.

Overall, the findings indicate low downside risk to rollout targets and potential upside in Europe post-Claire’s closures. Life-for-like sales is expected to benefit from easier comps, store refurbishments, and the Claire’s US exit.

While Australian competition remains a watchpoint, recent share price weakness may already be reflecting this, the broker reckons.

Rating upgraded to Buy from Neutral. Target unchanged at $42.50.

Target price is $42.50 Current Price is $36.28 Difference: $6.22
If LOV meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $42.32, suggesting upside of 14.1% (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 NWS as Buy (1) -

UBS lowers its target price on News Corp to $67.50 from $70 ahead of the 1Q26 result, reflecting earnings forecast downgrades.

The analyst remains notably positive on Dow Jones, which is expected to continue to re-rate on RumpCo. The broker is also comfortable with the outlook for Digital Real Estate, given ongoing profitability from REA Group ((REA)) and Move into 1Q26.

In contrast, UBS adopts a more cautious stance on News Media and Book Publishing due to weak activity in the Australian and UK advertising markets.

FY26-28 revenue and EBITDA forecasts are reduced by -1% and -2%, respectively.

The Buy rating is reiterated.

Target price is $67.50 Current Price is $45.76 Difference: $21.74
If NWS meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $62.65, suggesting upside of 39.3% (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: 0.7

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

UBS rates NXT as Buy (1) -

Media reports suggest Sharon AI, an Australian neocloud, has signed agreements with NextDC for up to 50MW of additional capacity to increase data centre capacity across Australia and the Asia-Pacific. This is viewed positively by UBS.

Interest from a neocloud also expands NextDC's customer base and sits between enterprises and hyperscalers. Notably, the pricing is considered better than that of hyperscalers, with accompanying sizeable deployments, the analyst highlights.

Sharon AI was already a customer in M3 with its supercluster, and the data centre is now believed to be a natural fit for expansion.

UBS continues to rate the stock Buy with a $21.45 target price.

Target price is $21.45 Current Price is $16.49 Difference: $4.96
If NXT meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $19.87, suggesting upside of 26.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates ORG as Underweight (5) -

The Australian government has announced a new tariff offering over three hours of free power from 11am to 2pm for smart meter households in NSW, QLD, and SA, commencing in FY27.

Morgan Stanley estimates a potential negative impact on FY27 EBITDA of -$70m for both AGL Energy and Origin Energy, equating to an -8% impact on AGL’s EPS estimate and -4% on Origin’s.

The analyst forecasts bill savings of around $600 per year, including GST, for households adopting the Solar Sharer Offer (SSO). This is alongside an expected 1.5TWh load shift across the National Electricity Market, equivalent to a 500MW three-hour battery.

This shift should help reduce duck curve impacts caused by excess solar generation.

 Target is $11.11. Underweight. Industry View: In-Line.

Target price is $11.11 Current Price is $11.90 Difference: minus $0.79 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.44, suggesting upside of 4.2% (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

Macquarie rates SGQ as Outperform (1) -

In a report assessing the September quarter update for critical mineral developers under its coverage, Macquarie continues to see strong value in St. George Mining.

The broker's view is supported by its dual critical mineral exposure, positive sentiment, and clear path to production.

Recent RC drilling results highlight shallow, high-grade, and thick mineralised zones, reinforcing project quality, the broker explains.

Outperform. Target unchanged at 20c.

Target price is $0.20 Current Price is $0.11 Difference: $0.095
If SGQ meets the Macquarie target it will return approximately 90% (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

Bell Potter rates ST1 as Buy (1) -

Bell Potter points to the most recent M&A activity in the cybersecurity space, believing it reinforces Spirit Technology Solutions' takeover appeal.

The latest is Insight Enterprises' acquisition of Sekuro, and previous M&A activity includes Thales–Tesserent, Infosys-The Missing Link, and Accenture-CyberCX.

The broker reckons once completed, Spirit will be the only remaining sovereign-scale cybersecurity company in Australia.

No change to forecasts. Target rises to 65c from 60c as the broker lifted the valuation multiple to 10x from 9x.

Buy retained, ahead of the name change to Infotrust with code ITS, after the resolution was passed at the AGM.

Target price is $0.65 Current Price is $0.55 Difference: $0.1
If ST1 meets the Bell Potter target it will return approximately 18% (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 SVM as Downgrade to Neutral from Outperform (3) -

In a report assessing the September quarter update for critical mineral developers under its coverage, Macquarie notes despite progress, Sovereign Metals' Kasiya project is behind schedule.

The broker made the observation based on the lapse of 10m Performance Rights tied to the delayed DFS milestone.

The broker incorporated revised funding assumption and project delays into the forecast, leading to a 30% improvement in loss for FY27 but a -30% decline in FY27 earnings, and a -87% cut to FY28 earnings.

Target cut by -35% to $0.65 from $1.00. Rating downgraded to Neutral from Outperform.

Target price is $0.65 Current Price is $0.61 Difference: $0.045
If SVM meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie - Cessation of coverage

Market Sentiment: 1.0

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

Morgans rates UNI as Buy (1) -

Last week, Universal Store provided a trading update for the first 17 weeks of FY26, with Morgans noting direct-to-consumer sales rose 13.7% year-on-year, broadly matching expectations.

Growth has moderated recently against a strong comparative period, explains the analyst, while the core banner achieved 7.7% like-for-like growth.

Gross margins remain steady at 61.7%, with ongoing investment in capability and store rollout plans targeting 11-17 new stores this year, highlights the broker.

Morgans trims its FY26 and FY27 sales forecasts by -1% and reduces earnings estimates by -4% and -3%, respectively.

Buy. Target cut to $10.50 from $10.80.

Target price is $10.50 Current Price is $8.78 Difference: $1.72
If UNI meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 23.2% (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 WAF as Underperform (5) -

West African Resources’ September quarter production beat the consensus estimate by 4%, notes Macquarie, while costs (AISC) were -6% lower and sales -14% weaker.

Stronger output at Sanbrado offset a softer Kiaka ramp-up, affected by earlier grid-power delays, which are now resolved, explains the analyst.

The broker highlights ongoing discussions with the Burkina Faso Government regarding its proposal to increase ownership in Kiaka, with the company's shares remaining in a trading halt pending resolution.

Macquarie retains a Neutral rating and $3.00 target price.

Target price is $3.00 Current Price is $3.04 Difference: minus $0.04 (current price is over target).
If WAF meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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