Australian Broker Call

Citi rates ABB as Buy (1) -

Citi's latest tracking shows competition in the telco space in Australia remains dynamic with incumbents looking to hold market shares while challengers try to grow.

The broker notes Aussie Broadband's website visits are up 7% year-on-year in April which represents a flat performance against March.  The company also experienced its fourth consecutive months of year-on-year growth in app downloads.

The analysts expect app downloads and website traffic for Aussie Broadband will trend higher, with notable surges in June-July and September driven by the rollout of wholesale price changes and speed upgrades, respectively.

Target $4.80. Buy.

Target price is $4.80 Current Price is $4.00 Difference: $0.8
If ABB meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 16.0% (ex-dividends)

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

Morgans rates ADT as Add (1) -

Morgans notes Adriatic Metals generated US$2m in free cash flow in 1Q25 despite lower production due to weather issues and milling at only 33% of nameplate. Liquidity management is the company's key strength as it enjoys support from clients, lenders, and the share market.

The broker expects internal cash flow to be sufficient to cover debt amortisaion and expects cash to fall below US$60m in 2Q25 before increasing from the September quarter.

Target price cut to $4.50 from $5.30 on equity dilution and slower than expected ramp up trajectory. Add maintained.

Target price is $4.50 Current Price is $3.72 Difference: $0.78
If ADT meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Citi rates ALL as Buy (1) -

Citi notes Aristocrat Leisure’s 1H25 result missed expectations, with earnings (EBITA) including joint ventures falling around -8% short of the broker’s forecast, driven primarily by a sharp decline in fee-per-day (FPD).

The broker anticipates a more moderate -3% year-on-year decline in the second half and sees no change to Aristocrat’s competitive position or medium-term outlook.

Management confirmed there are no material tariff impacts expected in FY25.

Citi lowers EBITA forecasts by approximately -6% across the forecast period.

The target price falls to $71.00 from $75.00. Buy rating retained.

Target price is $71.00 Current Price is $62.10 Difference: $8.9
If ALL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $74.09, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates ALL as Outperform (1) -

Aristocrat Leisure's 1H25 net profit of $733m missed the consensus by -8% and also Macquarie's forecast. Cash generation was solid with operating cash flow of $773m, up 18% y/y.

The company is recommencing the share buyback program, and despite this, the broker expects a return to a net cash position in FY26 due to strong cash build capacity.

FY25 net profit forecast cut by -8% following the result, and after assuming a lower fee per day. FY26 net profit forecast also lowered by -8%, with a -$35m impact expected from the 2bps increase in tax guidance.

Outperform. Target cut to $70 from $75.

Target price is $70.00 Current Price is $62.10 Difference: $7.9
If ALL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $74.09, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates ALL as Overweight (1) -

Aristocrat Leisure's 1H25 EBITA missed Morgan Stanley's forecast by -4.2% and the consensus by -5.9%, driven largely by lower fee per day and ROW due to lower unit sales and average selling price in Australia/NZ.

Corporate costs were 30% higher vs consensus. The company announced the recommencement of share buybacks.

The analysts report the management call revealed expectations of strong operational performance in 2H, and noted fee per day weakness was on account of product and channel mix.

The company highlighted its capacity to do more M&A of scale. No change to forecasts. Overweight. Target unchanged at $73.20.

Target price is $73.20 Current Price is $62.10 Difference: $11.1
If ALL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $74.09, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates ALL as Accumulate (2) -

Aristocrat Leisure’s 1H25 result missed Ord Minnett's expectations, impacted by a larger-than-expected decline in US participation yields and a steep drop in outright sales across other global markets.

The broker attributes US weakness to negative product mix and pricing pressure.

Positively, the analyst notes the number of installed participation machines rose by 3% half-on-half, and land-based gaming costs declined by -5% year-on-year. Still, international operations were weighed down by tougher competition and delayed purchases.

The broker expects a 2H improvement with participation yields forecast to fall by only -3%, versus -5% in 1H25, aided by promotions and stronger Managed Services Platform game performance.

Ord Minnett cuts FY25-FY27 EPS forecasts by -6.5%, -5.8%, and 4-.5%, and lowers its target price to $76.00 from $84.00. The broker sees no structural issues and maintains an Accumulate rating.

Target price is $76.00 Current Price is $62.10 Difference: $13.9
If ALL meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $74.09, suggesting upside of 16.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates ALL as Buy (1) -

Aristocrat Leisure reported a 1H25 earnings miss with net profit after tax (adj) of $733m, below UBS' forecast by -7% and -10% below consensus due to higher than anticipated corporate costs and tax, with soft gaming.

North American gaming operations grew the installed base by 2,500 units, ahead of the broker's forecast and meeting consensus, but the fee per day declined by -5% on a year earlier and was below expectations.

Product Madness earnings (EBITA) surprised positively due to improved market share and margin growth, with Interactive earnings (EBITA) also outperforming.

Management reiterated guidance for net profit after tax growth in constant currency, with UBS positioned for 8% growth, with Gaming flagged for "strong growth" in 2H revenue and profit.

UBS tweaks FY25 forecasts slightly lower as positive tailwinds are expected in 2H25. The decline in the share price of -8%-plus suggests to the analyst the market is concerned about structural issues, which the analyst dismisses.

The company's fundamentals haven't changed, commentary assures. No change to Buy rating. Target slips to $72.40 from $74.50.

Target price is $72.40 Current Price is $62.10 Difference: $10.3
If ALL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $74.09, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates AMC as Buy (1) -

Citi believes shares in Amcor are oversold and maintains a Buy rating.

While the broker notes market concerns over tepid near-term food and beverages demand, following the combination of Amcor and Berry Global on April 30, the broker points to an improved weighting in market sectors.

Amcor will now have increased exposure to Home, Personal Care, and Pharmaceuticals (to 24% of revenue from 19%) and Rigids (to 45% from 25%) which the analyst believes should hold up better in current market conditions.

The target falls to $18 from $19.

Target price is $18.00 Current Price is $14.30 Difference: $3.7
If AMC meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.24, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.7

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

Ord Minnett rates BUB as Buy (1) -

Ord Minnett highlights Bubs Australia generated positive operating cash flow for the second straight quarter in 3Q25, with the strong sales performance encouraging management to reiterate FY25 guidance.

Other news was also positive, with China litigation settled in the company's favour and $26.5m awarded. FDA-related Growth Monitoring Study was also successfully completed, paving the way for FDA approval.

Buy. Target unchanged at 20c.

Target price is $0.20 Current Price is $0.12 Difference: $0.08
If BUB meets the Ord Minnett target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $0.16, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates CAT as Buy (1) -

Bell Potter previews Catapult International's upcoming FY25 earnings report on May 21 with the broker expecting a robust result.

The analyst is forecasting revenue growth of 16% and earnings (EBITDA) growth of 79% and a rise in free cash flow of 47% to US$6.8m.

Management is also anticipated to serve up strong guidance for FY26, similar to what was offered in FY25, including low churn and good growth in annualised contract value.

Cost margins are expected to continue to track to management's improved goals. Target price rises to $4.40 from $4. Buy rating retained with no changes to the broker's EPS estimates.

Target price is $4.40 Current Price is $4.28 Difference: $0.12
If CAT meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates CBA as Sell (5) -

CommBank's 3Q25 update delivered unaudited cash earnings of circa $2.6bn, around 1% ahead of Citi's expectations and broadly in line with the consensus estimate.

Revenue was slightly better-than-expected, offsetting higher bad debt charges, while costs were in line with the broker's estimate.

The net interest margin (NIM) was described by management as 'stable' excluding one-offs, which the analysts see as slightly better than peers’ circa -3bps decline.

Troublesome exposures rose modestly, in line with seasonal trends, and CET1 of 11.9% was stronger-than-expected by Citi due to lower risk-weighted asset density.

Overall, the broker sees the result as broadly in line and sufficient to support the share price.

The $100 target and Sell rating are maintained.

Target price is $100.00 Current Price is $167.50 Difference: minus $67.5 (current price is over target).
If CBA meets the Citi target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.25, suggesting downside of -35.4% (ex-dividends)

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

Macquarie rates CBA as Underperform (5) -

Macquarie highlights CommBank reported stable margins in 3Q25 at 2.08% compared with peers who saw a contraction over 1H25 ending March. Pre-provision earnings beat the broker's forecast by 1% due to higher-than-expected revenues and in-line expenses.

Non-performing loans rose during the quarter, and mortgage arrears rose 5bps to 0.71%. Capital position was strong, and this is the only bank for which the broker doesn't forecast the dividend to be cut.

The broker believes the bank is best placed to deal with lower interest rates due to an expected 10bps tailwind from replicating portfolio, while the headwind from deposits and mix shift is expected to be -9bps.

Underperform. Target unchanged at $105.

Target price is $105.00 Current Price is $167.50 Difference: minus $62.5 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.25, suggesting downside of -35.4% (ex-dividends)

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley reassesses its preference for bank stocks, adjusting its rankings.

Morgan Stanley views CommBank's 3Q25 update as largely in line, with cash profit and pre-provision profit meeting expectations.

Net interest income was slightly ahead of forecast, and the broker estimates net interest margin rose 1-2bps to 2.09-2.10% vs 1H quarterly average and compared with its 2.09% forecast.

No surprises on credit quality with the loss rate of -9ps in line with expectations. CET1 ratio dropped to 11.9% but was marginally ahead of the broker's estimate.

Underweight. Target unchanged at $128.

Target price is $128.00 Current Price is $167.50 Difference: minus $39.5 (current price is over target).
If CBA 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 $109.25, suggesting downside of -35.4% (ex-dividends)

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

Morgans rates CBA as Reduce (5) -

Morgans notes CommBank's 3Q25 net interest income rose 1%, and other operating income was up 3%, but costs also rose, and loan impairment expenses were elevated. Overall, net profit was flat vs 1H25 quarterly average.

The broker nudged up the forecast for other operating income and also expects loan impairment write-off to increase to -10bps by FY29 from -9bps in 3Q. The analyst is targeting CET1 ratio of around 12.5% by FY25-end following the sale of a stake in Bank of Hangzhou.

No further buybacks are expected until FY27. Minor changes to FY25 forecasts resulted in a 1% rise to the EPS estimate.

Target cut to $97.40 from $101.00 on lower terminal rate forecast. Reduce maintained.

Target price is $97.49 Current Price is $167.50 Difference: minus $70.01 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.25, suggesting downside of -35.4% (ex-dividends)

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

Ord Minnett rates CBA as Sell (5) -

Ord Minnett views CommBank's March-quarter update as operationally sound, with cash earnings in line and underlying revenue growth of 2% quarter-on-quarter.

The broker estimates the net interest margin (NIM) expanded by 2bps to 2.10% after adjusting for delayed rate pass-through.

Despite a strong balance sheet with a CET1 ratio of 11.9%, asset quality softened slightly, in line with peers, notes the analyst.

Ord Minnett raises its FY25 EPS forecast by 1.5% and lifts FY26 and FY27 forecasts by 1.9%, though warns the NIM could be pressured in future if rate cuts are deeper or faster than expected.

The broker remains bearish, arguing the bank's fundamentals do not justify its elevated valuation. 

Target price of $105 and Sell rating are maintained.

Target price is $105.00 Current Price is $167.50 Difference: minus $62.5 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.25, suggesting downside of -35.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

UBS rates CBA as Sell (5) -

UBS views CommBank's 2Q25 trading update as meeting market expectations and on track to deliver FY25 consensus earnings estimates as well as meeting the broker's forecasts.

The analyst sees growth in proprietary channels in retail, or 68% of new growth, as underpinning profits in the retail segment. Growth in business lending is sustained above system lending.

CommBank reported growth in cash net profit after tax of 1.4% on the previous quarter and 6% on a year earlier. Net interest income was stable on 2Q25 and net interest margin was in line with 1H25.

UBS infers cash earnings around $10.1bn represent a return on Common Equity Tier 1 of around 17.8% annualised and forecasts the bank will generate EPS growth of 5.2% in FY25, the highest growth rate among the big banks.

No change to Sell rating, the target shifts to $120 from $115. The ascribed valuation remains considerably higher than the historical average.

Target price is $120.00 Current Price is $167.50 Difference: minus $47.5 (current price is over target).
If CBA meets the UBS target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.25, suggesting downside of -35.4% (ex-dividends)

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

Macquarie rates CQR as Downgrade to Neutral from Outperform (3) -

Following attendance at Charter Hall Retail REIT's investor day and tour of some assets in Sydney, Macquarie has left forecasts unchanged.

The REIT believes its portfolio and capital structure are positioned for growth, but the broker is forecasting -0.2% operating EPS compounded annual growth in FY24-27 due to interest expense headwinds.

The broker acknowledges portfolio improvement following the acquisition of Hotel Property Investments and noted the REIT is currently working on 10 capital recycling opportunities.

Target unchanged at $3.51. Rating downgraded to Neutral from Outperform for valuation reasons.

Target price is $3.51 Current Price is $3.83 Difference: minus $0.32 (current price is over target).
If CQR 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 $3.77, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates CRN as Downgrade to Neutral from Buy (3) -

Coronado Global Resources cops a downgrade to Neutral from Buy at UBS with a decline in the target price to 19c from 31c.

The broker explains Coronado's operational and financial leverage to the coal market as the outlook has continued to soften.

Post the miner's 1Q25 trading update, the analyst points to ongoing margin pressure despite achieving productivity and cost gains and assessing a number of variable assumptions. The analyst forecasts larger cost outs of -US$150m in 2025 compared to guidance of US$100m.

UBS concludes further funding will be needed. Specifically, deferral of investment spending now kicks the can down the road and will require sustained capital investment to compensate in the longer term.

The broker lowers EPS estimates substantially, doubling the expected loss for FY25.

Target price is $0.19 Current Price is $0.20 Difference: minus $0.005 (current price is over target).
If CRN meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.22, suggesting upside of 15.8% (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: 0.0

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

Morgan Stanley rates DXS as Underweight (5) -

Morgan Stanley notes indicators in the Sydney office market have improved since early 2024, but it is too early to be bullish on Dexus. This is due to the lag between market conditions and the REIT's earnings profile.

The broker sees a possibility of green shoots emerging once the REIT works through FY26-27 lease expiries and manages the -$3bn of redemptions and outflows.

Underweight retained. Target price $7.75.

Target price is $7.75 Current Price is $7.46 Difference: $0.29
If DXS meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.07, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates EBR as Speculative Buy (1) -

EBR Systems reported 1Q25 trading update revealing only a circa 35.8% rise in operating cash outflow due to higher R&D, labour costs, and 2024 bonuses, Bell Potter remarks.

Cash and cash equivalents were circa US$52.8m, equivalent to some three quarters of funding, the broker highlights, and enough to secure the first commercial rollout.

No other new information was offered and follows on the April FDA approval, which marked the start of commercialisation.

The Speculative Buy rating is retained with the target down to $2.23 from $2.69. No change to the analyst's earnings estimates.

Target price is $2.23 Current Price is $1.13 Difference: $1.1
If EBR meets the Bell Potter target it will return approximately 97% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

UBS rates GTK as Sell (5) -

UBS has updated earnings models for utilities revenues, which results in an upgrade in the target price to NZ$11.75, up from NZ$7.50.

The analyst explains the new forecasts include a migration to G2 software-as-a-service for electricity and water utilities, higher price inflation, and expected better outcomes in Asia, the Middle East, and Europe.

Gentrack is due to report 1H25 results on May 19, with the broker expecting earnings to be weighted to 2H25 as large contract wins take time to secure.

UBS believes the stock's valuation is rich, given around 40% of revenues are from non-recurring sources, which should be ascribed a lower valuation multiple. A Sell rating is retained.

Current Price is $11.15. Target price not assessed.

Current consensus price target is $12.93, suggesting upside of 14.9% (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: 0.5

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

Citi rates ILU as Upgrade to Buy High Risk from Neutral High Risk (1) -

Citi upgrades Iluka Resources to Buy/High Risk from Neutral/High Risk following a reassessment of the broker's rare earths refinery valuation.

The broker lifts its target to $5.30 from $4.60, incorporating the benefit of accelerated tax allowances it believes Iluka can access.

The 12-month target price is raised to $5.20 from $4.40, with the risked refinery valuation now at 92cps and unrisked at $1.08cps based on a long-term NdPr price of US$90/kg.

Citi notes peer Lynas Rare Earths ((LYC)) is priced off US$106/kg, highlighting potential valuation upside.

Target price is $5.20 Current Price is $4.11 Difference: $1.09
If ILU meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 27.8% (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

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

Citi upgrades Judo Capital to Neutral from Sell, noting recent share price weakness offers a more balanced risk/reward. Shares have traded down around -35% from 2025 highs.

Management reaffirmed FY25 guidance.

The broker highlights risks around net interest margins (NIM) due to widening term deposit spreads and potential rate cuts. April’s volatility in swaps has pressured spreads, a risk Citi expects could persist.

Slower gross loan growth reflects proactive portfolio risk management, though asset quality remains mixed.

Peer banks show gradual deterioration, and Citi expects bad and doubdtful debts (BDD) expenses to stay elevated across the sector.

The target price eases slightly to $1.55 from $1.60.

Target price is $1.55 Current Price is $1.41 Difference: $0.14
If JDO meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgans rates LAU as Upgrade to Add from Hold (1) -

More M&A activity from Lindsay Australia, with the latest being the acquisition of a Tasmanian refrigerated transport business SRT Logistics, for -$108.2m.

Morgans sees benefits from geographic and seasonal earnings diversification and via the leverage of shared assets. 

The company provided FY25 EBITDA guidance, representing a downgrade versus the consensus forecast as the Queensland business is impacted by weather and softer volumes in 2H.

The broker lifted FY26-27 EPS forecasts by 12% and 5%, respectively, but lowered FY25 following the guidance.

Target rises to 85c from 80c. Rating upgraded to Add from Hold.

Target price is $0.85 Current Price is $0.70 Difference: $0.155
If LAU meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $0.98, suggesting upside of 40.0% (ex-dividends)

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

Ord Minnett rates LAU as Buy (1) -

Lindsay Australia is acquiring Tasmanian transport company SRT Logistics for -$108.2m, which is EPS accretive and supports its national expansion strategy, Ord Minnett notes.

The broker is forecasting 9% EPS accretion in FY26. For FY25, the analyst lowered the EBITDA forecast by -3%.

The analyst expects the acquisition to increase the net debt/EBITDA ratio to 1.9x for FY25, within the target range of 1.5-2.0x.

Buy. Target rises to $1.09 from $1.02. 

Target price is $1.09 Current Price is $0.70 Difference: $0.395
If LAU meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $0.98, suggesting upside of 40.0% (ex-dividends)

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

Citi rates SLC as Buy (1) -

Citi's latest tracking shows competition in the telco space in Australia remains dynamic with incumbents looking to hold market shares while challengers try to grow.

The broker notes Superloop's website visits are up 21% year-on-year in April which represents a 3% increase on March. Also, app downloads have trended upward on the prior year, increasing by 24%.

The analysts expect app downloads and website traffic for Superloop will trend higher, with notable surges in June-July and September driven by the rollout of wholesale price changes and speed upgrades, respectively.

Target $2.65. Buy.

Target price is $2.65 Current Price is $2.48 Difference: $0.17
If SLC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 2.9% (ex-dividends)

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

Macquarie rates TNE as Neutral (3) -

Macquarie highlights TechnologyOne won over six contracts in the UK and secured a landmark contract in Australia with the Australian Energy Regulator.

The outlook is strong with client wins possible based on feedback from over 50 customers with a total $100m contract value expressing dissatisfaction with their current services.

The broker is also optimistic about UK growth opportunities in the education space, with the key university body monitoring SaaS-plus implementations at some universities.

The analyst left FY25-26 EPS forecasts unchanged but lifted FY27-28 by 2% and 5% respectively. Target rises to $31.00 from $27.90. Neutral retained.

Target price is $31.00 Current Price is $32.40 Difference: minus $1.4 (current price is over target).
If TNE meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.85, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates TUA as Buy (1) -

Citi's latest tracking shows competition in the telco space in Australia and Singapore remain dynamic with incumbents looking to hold market shares while challengers try to grow.

The broker notes app download share for Tuas has been trending above 50% since February this year and website visits are trending higher.

The company’s strong value proposition, combining competitive pricing with appealing inclusions, is expected to continue eroding incumbents’ market share in Singapore.

The broker also sees potential growth opportunities beyond the Singaporean market. Buy. Target $7.10.

Target price is $7.10 Current Price is $5.70 Difference: $1.4
If TUA meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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