Australian Broker Call

Citi rates 360 as Buy (1) -

In a preview of 3Q results for Life360 due out tonight, Citi expects a strong quarter in the US and Triple Tier countries.

After mixed data in previous months, growth in US monthly average users (MAU) rebounded strongly in October, rising 21% y/y, the fastest pace since May 2025, highlights the broker.

MAUs increased by 1.3m to 54.6m, compared with a 1.2m rise in August. US app downloads grew 9% y/y in October, accelerating from 4% in September, while international triple-tier MAUs climbed 37% y/y from 31% the month before.

The analysts also note headcount growth continues to moderate, rising 13% y/y versus 15% in the prior month.

Buy. Target $47.

Target price is $47.00 Current Price is $46.64 Difference: $0.36
If 360 meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $49.50, suggesting upside of 2.7% (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: 0.9

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

Morgan Stanley rates 360 as Overweight (1) -

Despite investor nerves around the extent of Life360's re-rating -- up 115% versus 8.2% for the ASX200 -- Morgan Stanley is optimistic into the Sep Q result.

An early FY25 guidance upgrade in the June Q, the delivery of the upgrade in conjunction with CEO transition, strong back-to-school search activity, and optionality from pet tracking support this optimism.

Overweight and $58.50 target retained. Industry view: In Line.

Target price is $58.50 Current Price is $46.64 Difference: $11.86
If 360 meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $49.50, suggesting upside of 2.7% (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: 0.9

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) -

AGL Energy’s share price has fallen -21% this year in what Morgan Stanley describes as an eventful period for Australian utilities, leading the broker to adopt a more cautious stance on both AGL and Origin Energy.

The analyst notes FY27 base load prices are constant m/m with NEM demand up 3% FY26 to date and night demand a proxy for data centre growth is up 96MW in NSW y/y and up 170MW in Victoria y/y. Spark spreads have widened m/m.

Regarding the Solar Share Offer, Morgan Stanley reports investors appear unconcerned about pricing for non-free hours to offset the free power promotion, but the broker cautions the market may be overlooking the potential wholesale energy cost benefit.

Morgan Stanley highlights FY27 tariff reform and ongoing net-zero policy debates as underappreciated headwinds, with smelter exit discussions at Tomago adding further uncertainty.

The broker maintains an Equal-weight rating and a $9.66 target price, with an In-Line industry view.

Target price is $9.66 Current Price is $8.92 Difference: $0.74
If AGL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.97, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates ALD as Overweight (1) -

Morgan Stanley prefers downstream companies over upstream companies in the oil & gas industry, as regional crack spreads and fuel margin momentum continues into year end.

EV sales were 8% of October Australian vehicle sales, up 15% year on year, and hybrids were 18%, up 25%, the broker notes.

Morgan Stanley also sees "tiny" signs of hope in illegal tobacco enforcement. The broker prefers Ampol over Viva Energy.

Overweight and $34 target retained for Ampol.

Target price is $34.00 Current Price is $30.37 Difference: $3.63
If ALD meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $33.50, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates ALL as Buy (1) -

Citi expects Aristocrat Leisure’s FY25 result this coming Wednesday to show earnings (EBITA) of around $2.19bn, supported by strong gaming performance from Phoenix Link and the Baron cabinet.

It’s thought ongoing share gains and potential buy-back expansion could reinforce momentum, with limited funds left under the current program.

The broker expects full product display (FPD) recovery in 2H25, forecasting 1.5% half-on-half growth and -2.5% year-on-year, consistent with peer trends.

Industry gross gaming revenue (GGR) has improved, highlight the analysts, with October data showing accelerating growth in key US markets.

Citi retains a Buy rating and target of $71.

Target price is $71.00 Current Price is $62.62 Difference: $8.38
If ALL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $74.87, suggesting upside of 18.5% (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 ANZ as Neutral (3) -

Today's ANZ Bank FY25 result was in line with Citi's expectations, with cash earnings of $5.8bn offset by a better cost outcome and strong capital position.

In an initial assessment, the broker suggests FY26 cost guidance of around -$11.5bn, down -3% year-on-year and below consensus, establishes a firmer base for operating leverage into FY26.

The broker also points to CET1 capital at 12% as a beat, aided by risk weight and floor benefits, while asset quality remains solid with stable non-performing loans and declining new impairments.

Citi expects modest earnings upgrades from lower costs and bad debt assumptions.

Neutral rating. Target $37.00.

Target price is $37.00 Current Price is $36.80 Difference: $0.2
If ANZ meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $32.95, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Macquarie rates ANZ as Neutral (3) -

Management at ANZ Bank had previously detailed several foundations for FY26, though today’s announcement indicates to Macquarie (at first glance) a softer starting position than anticipated.

Revenues came in -2% below the broker's expectation due to weaker institutional margins and lower deposit income, particularly in New Zealand.

It’s thought the cost outlook remains a key positive, with FY26 expenses guided around -3% lower year-on-year and -$200-300m below the analyst's forecast, supported by ongoing headcount reductions.

Macquarie notes impairment charges remain low at -4bps of loans and CET1 capital steady at 12%, while the dividend was maintained at 83c, 70% franked.

Despite a recent re-rating, ANZ still trades at a material discount to peers, notes the broker. 

Neutral rating. Target $34.

Target price is $34.00 Current Price is $36.80 Difference: minus $2.8 (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 -13.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Morgans rates AQZ as Downgrade to Hold from Buy (3) -

Alliance Aviation Services announced a profit downgrade at its trading update, with FY26 net profit after tax expected to come in around -40% lower than Morgans' prior forecast.

A rise in annualised cost increases of approximately -$12m across repairs, maintenance, compliance, and logistics was attributed as the culprit. A further -$3.5m cost for the Avian inventory agreement, which started sooner than anticipated, was also noted.

Post the expected rise in D&A of -$15m due to the higher purchase price of aircraft, FY26 net profit after tax is guided at the midpoint to be -42% below FY25. Management stated it remains in compliance with its banking covenants and is implementing measures to improve performance.

Morgans sees structural challenges for the business, with ROIC of 6.3% for FY26, well below the estimated 10% cost of capital, and sees the company as an asset play, trading at a -50% discount to NTA.

The analyst downgrades net profit after tax forecasts by -42% for FY26, -50% for FY27, and -51% for FY28, and downgrades the stock to Hold from Buy. Target price slashed to $1.50 from $3.80.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If AQZ meets the Morgans target it will return approximately 3% (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

Ord Minnett rates AQZ as Downgrade to Hold from Buy (3) -

Ord Minnett is disappointed with Alliance Aviation Services' trading update and FY26 guidance, noting the latest one is a clear continuation of a negative trend.

The broker notes the FY26 guidance cut of -7% at the EBITDA line and -41% at the profit before tax line comes just 11 weeks post-FY25 results, and has significantly weakened market confidence.

Key drivers include higher repair and depreciation costs, an unresolved contract dispute, and AVIAN system costs.

Net debt is now expected at $392m vs $360m prior, and the broker now awaits clarity on potential cost and asset initiatives before turning constructive.

FY26 profit before tax estimate lowered -44% to $46m, to the low end of the guidance range.

Rating downgraded to Hold from Buy. Target cut to $1.50 from $3.60.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If AQZ meets the Ord Minnett target it will return approximately 3% (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 ARB as Buy (1) -

Citi highlights Fox Factory’s 3Q25 results could imply rising competition for ARB Corp in the US. However, this is not the case as comments from ARB at the AGM and export sales suggest its US momentum appears unaffected.

The broker notes Fox Factory's Aftermarket sales growth accelerated in 3Q, up 17.4% vs 6.5% in 2Q,  with the company noting growth was driven by market share gains despite a challenging macro environment.

But a challenging macro was not flagged at ARB's AGM commentary in mid-October, which pointed to strong performance from 4WP/ORW, and export sales up 18%, exceeding company expectations.

Overall, the broker remains Buy-rated, with a more positive view on the US market following a recent trip.

Target price $44.30.

Target price is $44.30 Current Price is $35.09 Difference: $9.21
If ARB meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $42.90, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates AUB as Buy (1) -

Ord Minnett sees the risk-reward as favourable for AUB Group's share price at the current level on a reasonable likelihood of a takeover bid at $45 or above. Some caution is, however, warranted above $40 on a takeover-driven trade.

The broker notes EQT private equity has been granted an extension of the exclusivity period to November 20, continuing due diligence toward a potential $45 offer, though no deal is guaranteed.

AUB Group remains under no-talk/no-shop restrictions, except in the event of a superior unsolicited proposal. The company has not indicated an acceptable price, but the broker believes a final offer would likely need to be closer to $50/share.

The broker looks forward to the AGM on November 13 for any update on the process and likely a reaffirmation of FY26 underlying net profit guidance.

Buy. Target unchanged at $42.17.

Target price is $42.17 Current Price is $38.89 Difference: $3.28
If AUB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $40.02, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates BPT as Underweight (5) -

The East Coast Domestic Gas Market Review is due by year end, Morgan Stanley notes, with Santos the most impacted in this grouping in the broker's view.

The broker believes Karoon Energy is least impacted and also offers the most upside potential in this grouping, while Beach Energy and Origin Energy are the least preferred.

Morgan Stanley sees upside risk skew to its Karoon and Woodside Energy valuations, but stays Equal-weight given the commodity outlook, and development scenarios clouding near-term free cash flow outlooks.

Beach Energy target $1.10. Underweight retained.

Target price is $1.10 Current Price is $1.26 Difference: minus $0.16 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.12, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates BRG as Buy (1) -

SharkNinja's 3Q25 results showed its expansion into premium espresso impacted other mass market players, but hasn’t materially affected Breville Group's coffee sales so far, Citi observes.

In fact, there was a positive in the results with Ninja's food prep growth slowing to 12% in 3Q from 53% in 2Q, suggesting less competitive pressures for Breville Group.

The broker did note SharkNinja achieved record margins and may have more flexibility for promotions than Breville, which is still managing supply chain shifts.

Buy. Target unchanged at $36.03.

Target price is $36.03 Current Price is $30.15 Difference: $5.88
If BRG meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 23.5% (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

Citi rates DNL as Neutral (3) -

At first glance, Citi views today's Dyno Nobel’s FY25 result as solid, with group earnings (EBIT) of $714m at the top end of guidance and ahead of expectations.

The Explosives division performed strongly, highlights the broker, guiding to FY26 EBIT of $460-500m, around 4% above expectations, supported by continued growth at DNEL and progress on the Perdaman Offtake Agreement.

DNEL is the business unit covering operations in Europe, the Middle East, Africa, and Latin America.

The broker notes Fertiliser separation is advancing and leverage of 1.4x remains below forecasts, though higher interest and tax costs led to a modest EPS miss.

Citi expects the FY25 momentum to continue into FY26.

Target $3.50. Neutral.

Target price is $3.50 Current Price is $3.21 Difference: $0.29
If DNL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Shaw and Partners rates GMD as Buy (1) -

Shaw and Partners explains gold’s FY26 rally has been driven by expectations of further US rate cuts, ongoing geopolitical tension, and steady central bank buying. Prices surged to a quarterly high of around US$3,858/oz by September 30.

ASX-listed producers realised an average $5,032/oz, up $167 quarter-on-quarter, though higher costs lifted AISC to -$2,569/oz, reducing margins to $2,463/oz.

Average cash build fell to $51m, but the broker expects margins will recover in 2H26 as production increases.

The analysts recommend maintaining exposure to the gold sector, with Ramelius Resources and Genesis Minerals as core holdings, complemented by a selected basket of preferred developers for additional leverage.

The broker's preferred developers (all with Buy ratings) include Antipa Minerals ((AZY)), Astral Resources ((AAR)), Brightstar Resources ((BTR)), Golden Horse Minerals ((GHM)), Lunnon Metals ((LM8)), Magnetic Resources ((MAU)), Santana Minerals ((SMI)), Southern Cross Gold Consolidated ((SX2)), and Sunstone Metals ((STM)).

For Genesis Minerals: Target $5.40 and Buy.

Target price is $5.40 Current Price is $5.88 Difference: minus $0.48 (current price is over target).
If GMD meets the Shaw and Partners target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.89, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates HSN as Buy (1) -

Hansen Technologies has acquired UK-based Digitalk for $66m, representing an EV/EBITDA multiple of 10 times.

Digitalk provides billing and CRM cloud software to the fast-growing MVNO telecommunications market, serving established operators, challenger brands, and emerging telcos such as utilities and supermarkets.

UBS highlights Digitalk’s consistent 10%-plus  annual revenue growth over the past three years and strong earnings (EBITDA) margins of 31.4%, describing it as a high-quality, founder-led business.

Post-acquisition, the analyst forecasts Hansen FY26 revenue of $420m, up 7%, and cash earnings (EBITDA) of $107m, up 14%, including a six-month contribution from Digitalk of $3.6m.

The broker expects solid recurring SaaS and services growth but a normalisation in upfront licence sales after a strong FY25.

The acquisition is considered evidence of Hansen’s disciplined capital allocation, and UBS reiterates its Buy rating, citing the company as a quality ASX software business trading at a market discount. Target price is raised to $7.50 from $7.20.

Target price is $7.50 Current Price is $5.90 Difference: $1.6
If HSN meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting upside of 15.5% (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

Bell Potter rates IPX as Speculative Buy (1) -

Bell Potter provides an update on the Additive Manufacturing industry, outlining recent developments and assessing the outlook for key ASX-listed equities leveraged to this theme.

The broker highlights its growing adoption as a flexible, rapid alternative to casting and forging, particularly for defence applications.

IperionX has fully commissioned its Titanium Manufacturing Campus in Virginia, lifting output capacity by 60% to 200tpa and planning a further expansion to 1,400tpa by mid-2027 at a cost of US$75m.

It’s thought this scale-up could lower titanium powder unit costs to -US$29/kg from -US$55/kg, with positive earnings (EBITDA) projected by end-2026.

IperionX is supplying recycled titanium components to a major electronics OEM and fulfilling initial fastener orders for US military and industrial clients, note the analysts. With US$79m net cash and US$42m of defence funding committed, Bell Potter retains a Speculative Buy rating and $9.25 target.

Metal Powder Works and Amaero continue to expand metal powder technologies and US operations, though unrated by Bell Potter.

Target price is $9.25 Current Price is $5.52 Difference: $3.73
If IPX meets the Bell Potter target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

The East Coast Domestic Gas Market Review is due by year end, Morgan Stanley notes, with Santos the most impacted in this grouping in the broker's view.

The broker believes Karoon Energy is least impacted and also offers the most upside potential in this grouping, while Beach Energy and Origin Energy are the least preferred.

Morgan Stanley sees upside risk skew to its Karoon and Woodside Energy valuations, but stays Equal-weight given the commodity outlook, and development scenarios clouding near-term free cash flow outlooks.

Karoon target $1.86.

Target price is $1.86 Current Price is $1.54 Difference: $0.325
If KAR meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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’s AGM update reaffirmed its strategy to grow market share, improve operational efficiency, and strengthen its leadership in refrigerated transport, Ord Minnett highlights.

The company remains on track for over $1bn revenue and over $100m EBITDA by FY26, the broker notes. However, for FY26 the broker trimmed EBITDA forecast by -2% and EPS estimate by -5% on excess capacity in the refrigerated transport industry.

Buy. Target lowered to $0.98 from $1.01..

Target price is $0.98 Current Price is $0.62 Difference: $0.365
If LAU meets the Ord Minnett target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting upside of 49.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates LGI as Initiation of coverage with Accumulate (2) -

Ord Minnett has initiated coverage of LGI with an Accumulate rating and target price of $4.80, marking an extension of its energy coverage into renewables.

The company is a leader in landfill biogas-to-energy, enabling renewable electricity generation and carbon abatement.

The broker forecasts carbon credit production growth of 48% and electricity generation of 49% growth by FY30, driving EBITDA to $38m by FY30 from $17m in FY25, outperforming peers.

Dispatchable renewable generation gives LGI a key advantage over intermittent sources like wind and solar, the broker explains.

Electricity prices in NSW/QLD are up 90% since FY22, and the broker expects it to remain elevated. Carbon credits are forecast to rise by 16% to $44 by FY30.

Target price is $4.80 Current Price is $4.47 Difference: $0.33
If LGI meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.62, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates MGR as Outperform (1) -

Macquarie participated in Mirvac Group's site tours across Brisbane’s residential, build-to-rent, and retail assets, and Hervey Bay’s land lease communities.

The broker believes the Living portfolio positions Mirvac to benefit from housing undersupply, spanning land, homes, apartments, build-to-rent, and land lease communities. Exposure to Living assets has increased to $1.2bn in FY25 from $400m in FY23.

Mirvac's 40% stake in Serenitas benefits from strong macro tailwinds, including housing undersupply, an expanding 55-plus demographic, and rising land lease penetration. Around 80% of Serenitas customers receive government support, covering 20–30% of rent.

The capital-efficient model delivers inflation-linked rental income and 30% development margins, supporting high returns and self-funded growth.

Outperform. Target unchanged at $2.70.

Target price is $2.70 Current Price is $2.29 Difference: $0.41
If MGR meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates MQG as Neutral (3) -

Macquarie Group’s FY25 result was broadly resilient, in Citi's view, despite softer conditions across several divisions. Management largely reiterated FY26 expectations and lifted the 2H skew. 

Cash earnings came in around -11% below the consensus, highlights the broker. Dividend of $2.80 was also a miss of around -9%, and the analysts note surplus capital contracted by around -$2bn half-on-half, partially due to one-offs.

The group delivered solid performance in Banking and Financial Services, observe the analysts, offsetting weaker Commodities and Global Markets. Earnings benefited from disciplined cost control, though lower market volatility and reduced deal activity tempered income momentum.

The broker considers balance sheet strength and capital flexibility key positives, noting CET1 remains comfortably above regulatory requirements and supports ongoing capital returns. On the other hand, subdued transaction volumes and softer trading conditions are seen as constraints on near-term growth.

According to the analysts, higher base rates and stabilising client activity should underpin gradual earnings recovery into FY26. Citi retains a Neutral rating and target of $215.

Target price is $200.00 Current Price is $204.77 Difference: minus $4.77 (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 $222.20, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Equal-weight (3) -

Macquarie Group’s 1H26 net profit of $1.66bn fell -11% below consensus and -3% below Morgan Stanley’s forecast due to higher tax and expenses, though income met expectations.

It’s thought divisional guidance upgrades, particularly in asset management, support a stronger FY26 outlook, with potential low-teens earnings growth if capital markets continue recovering.

The broker notes group return on equity (ROE) remains diluted at 9.6% due to green energy costs, though these are expected to ease by FY27.

Morgan Stanley retains an Equal-weight  rating and cuts its target to $216 from $226. Industry View: In-Line.

Target price is $216.00 Current Price is $204.77 Difference: $11.23
If MQG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $222.20, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Hold (3) -

Macquarie Group announced 1H26 net profit after tax up 3% y/y but around -9% below guidance, with Morgans pointing to increased investment spending in Commodities and Global Markets. Additionally, there were green asset writedowns and non-repeatable gains from a year earlier.

Expenses rose 5% y/y, with operating income up 6%, while return on equity slipped to 9.6% from 11.2% in FY25. Management retained its FY26 outlook as broadly unchanged.

Morgans lowers its EPS estimate by -2% for FY26, while future EPS forecasts rise slightly. The target price slips to $215 from $223, with the rating unchanged at Hold.

Target price is $215.00 Current Price is $204.77 Difference: $10.23
If MQG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $222.20, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in March.

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

Ord Minnett rates MQG as Upgrade to Buy from Accumulate (1) -

Ord Minnett notes Macquarie Group's 1H26 earnings missed expectations, with shares down -6%, mainly due to write-downs in green energy assets. Cero Solar and Corio Wind are now valued at $900m and $300m, respectively.

These assets have been moved out of Macquarie Asset Management (MAM) ahead of planned divestments, though realisable values remain uncertain, the broker highlights. Strong performance fees from asset sales (AirTrunk, DIG Airgas) were a key positive, with the Aligned Data Centre sale expected to drive future fees.

Macquarie Capital delivered strong earnings growth, while the banking arm grew loans, up 11%, and deposits, up 12%, albeit with margin compression.

Commodities revenue softened amid greater competition, offset partly by financial markets growth. The broker trimmed FY26 EPS forecast by -0.8% and FY26 by -1.2%.

Target unchanged at $255. Rating upgraded to Buy from Accumulate following recent share price fall.

Target price is $255.00 Current Price is $204.77 Difference: $50.23
If MQG meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $222.20, suggesting upside of 7.9% (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

UBS rates MQG as Neutral (3) -

Macquarie Group’s 1H26 profit of $1.7bn came in about -10% below the consensus expectation, UBS says, with a dividend of 280c and return on tangible equity of 10.2%.

The broker notes higher Commodities and Global Markets (CGM) costs and a -$150m green energy impairment drove the miss. This was partly offset by earlier recognition of performance fees in Macquarie Asset Management (MAM).

Profitability has fallen to multi-decade lows of around 10%, note the analysts. However, FY26 guidance remains unchanged despite weaker composition across divisions.

EPS forecasts are cut by -1%, -7% and -2%, respectively, for FY26-28 due to softer CGM and corporate drag.

UBS retains a Neutral rating and target of $225.

Target price is $225.00 Current Price is $204.77 Difference: $20.23
If MQG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $222.20, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in March.

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 NWS as Neutral (3) -

News Corp's September quarter (1Q26) revenue of US$2.14bn was slightly ahead of expectations, while EBITDA of US$340m was modestly below Macquarie's forecast but above the consensus.

The results were impacted by a -US$13m receivable write-off in Book Publishing, but excluding this, EBITDA margin would have been 16.5% vs 15.9% reported, the broker notes.

The company ended the quarter with US$242m net cash and has accelerated buybacks to US$2.5m/day, with US$1.2bn (8% of market cap) remaining. The broker reckons Lachlan Murdoch’s expanded control reduces succession uncertainty, though long-term strategy changes remain unclear.

FY27 EPS forecast lifted by 1% and FY28 by 2%. Target trimmed to $50.50 from $57.80, driven primarily by the marking of its 61% REA Group ((REA)) stake at spot value.

Neutral retained.

Target price is $50.50 Current Price is $46.35 Difference: $4.15
If NWS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $59.00, suggesting upside of 26.6% (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: 0.7

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

Morgan Stanley rates NWS as Overweight (1) -

News Corp delivered a slight beat for 1Q26, with revenue up 2% and earnings (EBITDA) up 5%, driven by Digital Real Estate and Dow Jones, according to Morgan Stanley.

The Books division underperformed, with EBITDA down -6% y/y due to a -US$13m receivable write-off, while Move exceeded expectations with 9% y/y revenue growth, the strongest since 2Q22. Cost savings also boosted Media earnings, which rose 67%.

Morgan Stanley believes the results align with its positive outlook on Dow Jones and Digital Real Estate, which together represent around 90% of the stock’s value.

The broker retains a US$38.00 target price and an Overweight rating, with an Attractive industry view.

Current Price is $46.35. Target price not assessed.

Current consensus price target is $59.00, suggesting upside of 26.6% (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: 0.7

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 East Coast Domestic Gas Market Review is due by year end, Morgan Stanley notes, with Santos the most impacted in this grouping in the broker's view.

The broker believes Karoon Energy is least impacted and also offers the most upside potential in this grouping, while Beach Energy and Origin Energy are the least preferred.

Morgan Stanley sees upside risk skew to its Karoon and Woodside Energy valuations, but stays Equal-weight given the commodity outlook, and development scenarios clouding near-term free cash flow outlooks.

Origin target $11.11. Underweight retained. Industry View: In-Line.

Target price is $11.11 Current Price is $11.96 Difference: minus $0.85 (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 4.1% (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

Citi rates QAN as Buy (1) -

Qantas Airways’ 1H26 update was broadly in line with Citi's expectations, with domestic revenue per available seat kilometre (RASK) up around 3% and international RASK rising 2-3%.

The broker believes recent share price weakness should allow for a constructive investor response. It’s thought the Loyalty division’s 10-12% EBIT growth guidance and stable capacity outlook reaffirm operational consistency.

Fuel costs at -$2.62bn were only modestly above guidance due to refining margins, explains the analyst, while Jetstar Asia’s small loss and Japan FX effects are unlikely to concern investors.

Buy rating. Target $13.60.

Target price is $13.60 Current Price is $9.51 Difference: $4.09
If QAN meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $12.90, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates QAN as Overweight (1) -

On first inspection, Qantas Airways’ AGM broadly met Morgan Stanley’s expectations, although some weakness was noted in domestic corporate travel.

The company lowered domestic RASK guidance to 3% growth from 3–5%, while international RASK guidance was reiterated at 2–3%. Domestically, leisure, SME, and resource markets remain robust, while non-resource demand is growing at a more moderate pace.

Loyalty and 1H26 fuel cost guidance were unchanged, and Jetstar Asia is expected to be a -$30m EBIT headwind in 1H26.

Morgan Stanley maintains an Overweight rating with a target price of $13.40 and an In-Line industry view.

Target price is $13.40 Current Price is $9.51 Difference: $3.89
If QAN meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $12.90, suggesting upside of 32.6% (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

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

UBS upgrades Qantas to Buy from Neutral following recent share price weakness and what it views as a cleansing impact on earnings forecasts after the AGM trading update.

The broker notes resilient demand, with domestic revenue growth of around 8% in 1H26, industry-wide capacity discipline, and steady earnings growth from the Loyalty division. While cautious on cost pressures and upcoming capex, UBS believes these are offset by the attractive valuation.

The AGM update showed domestic RASK (revenue per available seat kilometre) growth of 3%, at the low end of prior guidance, suggesting slightly weaker load factors despite firm fares.

International RASK guidance was maintained at 2–3%, and capacity guidance was trimmed by about -1%, mainly in 2H domestic operations. Loyalty EBIT is expected to grow 10–12% in FY26.

UBS reduces its FY26 EPS forecast by -6% and FY27 by -4%, reflecting lower RASK, higher fuel costs, and updated opex assumptions.

Price target falls to $11.50 from $12.00.

Target price is $11.50 Current Price is $9.51 Difference: $1.99
If QAN meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.90, suggesting upside of 32.6% (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 QBE as Upgrade to Outperform from Neutral (1) -

Ahead of the 3Q25 update on November 17, Macquarie has a stronger outlook on QBE Insurance as the catastrophe season winds down in North America. As a result, the rating is upgraded to Outperform from Neutral.

The broker expects the update to show catastrophe and NA Crop performance in line with expectations, FUM up US$500m, and running yield improving to 3.9% vs 3.8% at 1H25.

The expectations follow read-throughs from global peers, which showed modest US pricing (5-7% higher), flat Europe, weaker Australia, low catastrophe losses, and an average crop year.

FY25 combined operating ratio guidance is expected to be retained at around 92.5%. No FY26 outlook or capital return commentary is expected before February 2026.

FY25 EPS forecast lifted by 2.9% and FY26 by 1.7% on updated GWP and investment outlook.

Target rises to $23.50 from $23.30.

Target price is $23.50 Current Price is $19.90 Difference: $3.6
If QBE meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 20.0% (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: 0.6

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

Ord Minnett rates QOR as Buy (1) -

Ord Minnett outlines near-term expectations for Qoria, seeing upside risk to FY26 ARR  from Qustodio’s strong growth, contingent on cash flow outperformance or cost savings.

The broker also sees the possibility of M&A activity, noting management is targeting real-world safety, security, and mental health adjacencies that are accretive to the business.

26 potential acquisition candidates are identified by the analyst, with smaller bolt-ons like PikMyKid seen as logical fits within the company's ecosystem.

No changes to forecasts. Buy with unchanged target of 96c.

Target price is $0.96 Current Price is $0.72 Difference: $0.245
If QOR meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates REA as Buy (1) -

REA Group’s 1Q26 update was mixed, according to Bell Potter, as weaker listing volumes were offset by stronger-than-expected yield growth.

Residential listings fell -8% year-on-year against strong comparatives, explains the broker. It's noted the Buy yield rose 13% on higher pricing, strong AMax (premium listing and advertising product) add-on uptake, and agent subscription growth.

The analysts highlight 4% group revenue growth and stable 59% margins, with REA India impacted by regulatory changes. Operating costs worsened by -3% as investment in AI and IT continued.

Bell Potter expects 13% yield growth to hold through FY26 but trims forecasts following India’s reset. A Buy rating is retained and the target is reduced to $244 from $256.

Target price is $244.00 Current Price is $209.20 Difference: $34.8
If REA meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $257.89, suggesting upside of 23.1% (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

Citi rates REA as Neutral (3) -

Citi highlights management at REA Group faced questions at the earnings call post Q1 results on AI risk and competition from CoStar and Domain. It's noted, however, that audience and engagement remain unaffected, with October visits hitting a record.

Yield growth is tracking ahead of the broker's expectation as geographic-mix stays neutral, and further upside is seen if Luxe penetration increases. Consensus FY26 forecasts are expected to remain largely unchanged.

Neutral. Target $279.25.

FNArena's summary of Citi's first take on REA's first quarter update follows.

In a quick follow-up to today's Q1 market update by REA Group, Citi analysts commented group revenue grew by 4% yoy. Excluding divested Proptiger and HousingEdge (exited), group revenue is in line with the expectation of 5% yoy growth.

The broker anticipates minimal changes from consensus, which reflects higher India losses offset by slightly higher yield growth.

The analysts do believe consensus expectation for 10% Australia revenue growth in 1H26 is likely too high as it implies 15% yoy growth in 2Q26 against 6% delivered in 1Q.

Target price is $279.25 Current Price is $209.20 Difference: $70.05
If REA meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $257.89, suggesting upside of 23.1% (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

Macquarie rates REA as Neutral (3) -

Macquarie reckons it is too early to determine whether CoStar's acquisition of Domain or AI will be disruptive to REA Group. But to reflect this uncertainty, a -15% valuation discount is applied, resulting in a cut to the target price to $220 from $255.

The company's 1Q26 revenue rose 4% y/y to $429m, with EBITDA up 5% to $254m (ex-associates). Australian revenue growth of 6% was driven by higher buy yield, which offset the impact of an -8% decline in listing volumes.

The broker notes the outlook for FY26 is steady, with double-digit buy yield growth expected, flat listings, but India losses are seen widening following the Housing Edge exit.

Macquarie left FY26 net profit estimate unchanged at $654m, with Australia offsetting India impacts.

Minor changes to EPS forecasts. Neutral maintained.

Target price is $220.00 Current Price is $209.20 Difference: $10.8
If REA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $257.89, suggesting upside of 23.1% (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

Morgan Stanley rates REA as Overweight (1) -

Morgan Stanley notes REA Group’s 1Q26 combined price and yield growth of 13% y/y exceeded its forecast of 11%. In the broker's view, the market is underestimating the compounding effect of REA’s pricing and product-driven yield gains, which remain the key driver of shareholder returns.

The analyst estimates around 20% CAGR in pricing and yield for REA’s Australian residential business over the past 15 years. October listing volumes declined -3%, marking an improvement from the -8% fall in 1Q26.

Morgan Stanley expects consensus EPS forecasts may ease slightly due to lower listing volumes and higher losses from the India business. The broker maintains an Overweight rating with a $300 target price.

Target price is $300.00 Current Price is $209.20 Difference: $90.8
If REA meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $257.89, suggesting upside of 23.1% (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

Morgans rates REA as Upgrade to Accumulate from Hold (2) -

Morgans upgrades REA Group to Accumulate from Hold as it sees a quality franchise business with levers to use as an offset to near-term volatility in new listing volumes.

1Q26 trading update showed a robust yield result, up 13%, which countered the weaker new listings backdrop, with volumes falling -8% on the prior year. Group revenue advanced by 4% and earnings (EBITDA) ex-associates rose 5% on the previous year.

The first quarter was well telegraphed as a challenging period, but this is seen easing as more favourable comps are cycled for the balance of FY26.

The analyst makes slight changes to the EPS forecasts, down -1% for FY26-FY27, and the target price slips to $247 from $254.

Target price is $247.00 Current Price is $209.20 Difference: $37.8
If REA meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $257.89, suggesting upside of 23.1% (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 REA as Buy (1) -

REA Group delivered solid 1Q26 results, with yield growth of 13% slightly below UBS' 15% forecast. The broker remains confident in REA’s ability to sustain double-digit yield growth, supported by record audience engagement and strong inquiry metrics.

UBS trims its EPS estimates by -2% for FY26 and -3% for FY27, reflecting slightly lower yield growth and higher costs from the India and iGuide acquisitions.

The analyst points to management's proactive AI integration, including new AI-driven property tools, and views its innovation and audience leadership as key competitive advantages. Recent commercial investments are expected to counter CoStar’s planned entry into Australia.

Depth product uptake remains strong, with yield growth driven by pricing, Amax and Luxe penetration, and subscription upgrades. UBS maintains a Buy rating. Target price slips to $255 from $285.

The stock's valuation at 22x two-year forward EBITDA, one standard deviation below the five-year average, is seen as an attractive entry point given its mid-teens growth outlook.

Target price is $255.00 Current Price is $209.20 Difference: $45.8
If REA meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $257.89, suggesting upside of 23.1% (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

Shaw and Partners rates RMS as Buy (1) -

Shaw and Partners explains gold’s FY26 rally has been driven by expectations of further US rate cuts, ongoing geopolitical tension, and steady central bank buying. Prices surged to a quarterly high of around US$3,858/oz by September 30.

ASX-listed producers realised an average $5,032/oz, up $167 quarter-on-quarter, though higher costs lifted AISC to -$2,569/oz, reducing margins to $2,463/oz.

Average cash build fell to $51m, but the broker expects margins will recover in 2H26 as production increases.

The analysts recommend maintaining exposure to the gold sector, with Ramelius Resources and Genesis Minerals as core holdings, complemented by a selected basket of preferred developers for additional leverage.

The broker's preferred developers (all with Buy ratings) include Antipa Minerals ((AZY)), Astral Resources ((AAR)), Brightstar Resources ((BTR)), Golden Horse Minerals ((GHM)), Lunnon Metals ((LM8)), Magnetic Resources ((MAU)), Santana Minerals ((SMI)), Southern Cross Gold Consolidated ((SX2)), and Sunstone Metals ((STM)).

The $4.19 target and Buy rating are kept for Ramelius Resources.

Target price is $4.19 Current Price is $3.40 Difference: $0.79
If RMS meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 19.6% (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

Bell Potter rates SNS as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage on SenSen Networks, describing it as a leading global provider of AI-powered remote compliance and digital kerb management solutions.

The company’s technology, used by cities and government agencies, enhances safety and optimises kerb access across roads, airports, and seaports. It has more than 60 customers across Australia, North America, and Asia.

The broker highlights SenSen’s role as a disruptor in smart-city infrastructure, offering scalable, fully automated systems that replace manual enforcement methods.

Recurring licence and maintenance revenue account for about two-thirds of total income, highlight the analysts.

Bell Potter initiates with a Buy rating and 14c target.

Target price is $0.14 Current Price is $0.10 Difference: $0.044
If SNS meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

The East Coast Domestic Gas Market Review is due by year end, Morgan Stanley notes, with Santos the most impacted in this grouping in the broker's view.

The broker believes Karoon Energy is least impacted and also offers the most upside potential in this grouping, while Beach Energy and Origin Energy are the least preferred.

Morgan Stanley sees upside risk skew to its Karoon and Woodside Energy valuations, but stays Equal-weight given the commodity outlook, and development scenarios clouding near-term free cash flow outlook.

Santos target $6.76. Equal-weight retained.

Target price is $6.76 Current Price is $6.37 Difference: $0.39
If STO meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 18.1% (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: 0.7

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

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

Morgan Stanley prefers downstream companies over upstream companies in the oil & gas industry, as regional crack spreads and fuel margin momentum continues into year end.

EV sales were 8% of October Australian vehicle sales, up 15% year on year, and hybrids were 18%, up 25%, the broker notes.

Morgan Stanley also sees "tiny" signs of hope in illegal tobacco enforcement. The broker prefers Ampol over Viva Energy.

Equal-weight and $2.03 target retained for Viva.

Target price is $2.03 Current Price is $1.83 Difference: $0.205
If VEA meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 36.3% (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

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

The East Coast Domestic Gas Market Review is due by year end, Morgan Stanley notes, with Santos the most impacted in this grouping in the broker's view.

The broker believes Karoon Energy is least impacted and also offers the most upside potential in this grouping, while Beach Energy and Origin Energy are the least preferred.

Morgan Stanley sees upside risk skew to its Karoon and Woodside Energy valuations, but stays Equal-weight given the commodity outlook, and development scenarios clouding near-term free cash flow outlook.

Woodside target rises to $27 from $26. 

Target price is $27.00 Current Price is $25.84 Difference: $1.16
If WDS meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $25.78, suggesting downside of -1.6% (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: 0.2

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

UBS rates WEB as Buy (1) -

UBS highlights key points from Expedia's 3Q2025 result, which saw bookings beat by 5% and revenue by 3%, with EPS coming in above expectations by 4%. Management highlighted the fastest growth in US room nights in over three years.

B2B bookings were robust but came at the expense of margins, which slipped by -0.9% to 14.8%. Expedia also upgraded its gross booking guidance to 7% for 2025 from 3.5% and raised revenue guidance to 6-7% from 3-5%.

The analyst notes that Expedia’s 26% revenue growth vs Web Travel’s 22% signals rising competition among top players for long-tail bookings and transaction value.

No change to the Buy rating and $5.75 target price.

Target price is $5.75 Current Price is $3.90 Difference: $1.85
If WEB meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 42.3% (ex-dividends)

The company's fiscal year ends in March.

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 XRO as Buy (1) -

Citi notes Bill Holdings' September quarter results were at the top end of guidance, with slightly slower TPV and spend per client growth. The result has positive implications for Xero via Melio (a competitor of Bill), easing investor concerns about Melio’s outlook.

The broker notes Bill is prioritising higher-value, mid-market customers while Melio operates in a distinct segment, emphasising cash flow flexibility over workflow efficiency. 

Bill’s push into embedded partnerships may raise competition for Melio, though Melio’s strong partner pipeline and Fiserv rollout offer solid growth upside, in the broker's view.

Buy. Target unchanged at $210.

Target price is $210.00 Current Price is $141.74 Difference: $68.26
If XRO meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $215.32, suggesting upside of 50.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Macquarie rates XRO as Outperform (1) -

Macquarie observes Xero's share price implies the market is pricing a miss of the Rule of 40 beyond FY28. However, the broker is bullish, expecting sustained US momentum, and Melio integration could bring it back above the benchmark over time.

In a detailed analysis, the broker notes US conditions are favourable, with rising payment digitisation and cloud accounting adoption supporting Xero’s strongest markets.

The company's aggressive US push aligns with a solid macro backdrop and limited competition, while Intuit’s shift toward ARPU and mid-market clients leaves its core TAM less contested.

While Melio’s acquisition is costly, the broker believes it is a long-term growth play, causing near-term EPS pressure but positioning the company for sustained US gains. On AI, the broker reckons the threats are overstated, as new entrants target sole traders, which are outside Xero’s core market.

Heavy reinvestment and cautious free cash flow timing assumptions led to the broker making sharp -63%, -46% and -34% cuts to FY27/28/29 EPS forecasts.

Outperform maintained. Target rises to $228.90 from $204.00, based on DCF model.

Target price is $228.90 Current Price is $141.74 Difference: $87.16
If XRO meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $215.32, suggesting upside of 50.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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