Australian Broker Call

Citi rates ALX as Buy (1) -

Citi acknowledges the media report that IFM Investors has increased its stake to 32% in Atlas Arteria, raising the position by around 2% using the creep provision, the broker explains.

The analyst believes the toll road operator continues to be a potential takeover target.

The broker retains a Buy rating and maintains the target price at $5.70.

Target price is $5.70 Current Price is $5.24 Difference: $0.46
If ALX meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates BHP as Neutral (3) -

UBS reviews BHP Group's Jansen potash project in Canada, which the broker considers the cornerstone of the company's long-term organic growth strategy.

Jansen Stage 1 remains on track for first production by the end of 2026, with 66% of construction complete, while Stage 2 is progressing at a slower pace, currently 8% complete, with first production targeted for 2029, notes the broker.

UBS believes the full 8.5mtpa nameplate production from both stages should be reached by 2032. It’s expected these stages will contribute circa $1.8bn in free cash flow annually from 2033, assuming a potash price of US$325/t.

The analysts note the project is forecast to generate circa 60% earnings (EBITDA) margins with greater than 80% cash conversion and low sustaining capital costs.This aligns with the iron ore division in terms of profitability, notes the broker.

 UBS retains a Neutral rating and an unchanged price target of $40.00.

Target price is $40.00 Current Price is $38.75 Difference: $1.25
If BHP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $42.87, suggesting upside of 10.7% (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: 0.8

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

Morgan Stanley rates BRG as Overweight (1) -

Morgan Stanley continues to hold an optimistic view on Breville Group for reasons including expansion potential, strong execution track record and more consumers showing preference for its products.

However, the near-term outlook is impacted by US tariffs and cautious US consumers. For context, 45% of the company's revenue came from the US in FY24.

The broker cut FY26-27 EPS forecasts by -9% and -6%, respectively, and reduced target multiple to 33x from 38x.

Overweight. Target cut to $36.50 from $40.00.

Target price is $36.50 Current Price is $29.01 Difference: $7.49
If BRG meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $36.23, suggesting upside of 21.6% (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

Macquarie rates CCP as Neutral (3) -

Macquarie analysed 1Q25 results of US-based PRA Group and Encore Capital Group for potential implications for Credit Corp's US business.

The overall trend looks mixed. While both competitors reported underperformance in the back book, PRA's performance was weaker. PRA reported a -5% y/y decline in purchased debt volumes while Encore volumes were up, both y/y and sequentially.

Initial pricing of purchased debt stabilised for PRA but decreased for Encore. No change to the company's forecasts. Neutral with $16.27 target price.

Target price is $16.27 Current Price is $13.87 Difference: $2.4
If CCP meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Ord Minnett rates CXO as Hold (3) -

Ord Minnett reviews Core Lithium’s updated feasibility study for restarting production at the Finniss project near Darwin. The study includes plans to cut mining and processing costs by -40% and -33%, respectively, and to improve lithium recovery to 78%.

The company will take full ownership of processing infrastructure to retain operational control, shifting to an underground-only mining model, explains the broker.

While the study suggests attractive project metrics, the broker highlights key risks, including the need for materially higher lithium prices to support project funding. There are also concerns about the feasibility of achieving the targeted recovery rate.

Ord Minnett assumes a more conservative 75% recovery over a four-year ramp-up in its modeling.

The broker raises its target price to 11c from 10c and maintains a Hold rating.

Target price is $0.11 Current Price is $0.09 Difference: $0.016
If CXO meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Morgans rates ELT as Speculative Buy (1) -

Morgans details the definitive feasibility study was released in April after meetings with Andalusian regulatory authorities for the development of Elementos's Oropesa tin project.

The study highlights a capital cost of -US$156m and all-in-sustaining costs of US$15,000/t Sn (tin), based on a projected longer-term tin price of US$30,000/t versus the current price of US$32,574/t.

The broker notes the project involves an open pit mine processing 1.4mt of ore per annum to produce an average of 3,400t p.a. of tin concentrate over a 12-year mine life.

Morgans highlights there remains a risk that conditions for final approval are not met. Target price set at 30c. Speculative Buy.

Target price is $0.30 Current Price is $0.09 Difference: $0.208
If ELT meets the Morgans target it will return approximately 226% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates EOS as Buy (1) -

Electro Optic Systems has secured a $53m contract for its Slinger Counter-Drone Remote Weapons System, scheduled for delivery in 2025 and 2026, observes Ord Minnett.

The buyer is believed to be a NATO member supporting Ukraine, with the system intended for naval deployment.

While not large enough to alter FY25 or FY26 earnings forecasts, the broker views the deal as strategically significant.

Commentary suggests this deal marks the first major order following the sale of the EMS business and the beginning of the final phase in EOS’s turnaround strategy.

The broker believes the contract validates EOS’s circa $1.5bn opportunity pipeline and confirms its investment thesis amid growing global defence expenditure.

UBS maintains a Buy rating and leaves the target price unchanged at $1.80.

Target price is $1.80 Current Price is $1.48 Difference: $0.32
If EOS meets the Ord Minnett target it will return approximately 22% (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

UBS rates FPH as Buy (1) -

UBS raises its target price for Fisher & Paykel Healthcare to NZ$$39.00 from NZ$37.30 and downgrades to Neutral from Buy on valuation grounds following a strong share price re-rating.

The broker believes the current price fairly captures improved earnings momentum from FY26, including reduced tariff impacts, accelerating high flow therapy (HFT) adoption, and stronger mask demand.

Revenue for FY25 is expected to slightly exceed guidance at NZ$2.02bn (versus NZ1.99-$2.0bn guidance), driven by Homecare sales, which the broker forecasts will rise 16% in the second half. 

UBS increases its earnings forecasts by 5% for FY26 and FY27 as US tariff headwinds are now expected to be significantly less impactful.

Current Price is $33.49. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

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: 0.3

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

Bell Potter rates GTK as Buy (1) -

Bell Potter notes Gentrack Group's 1H25 result was slightly lower than the analyst's expectations and consensus.

The group reported 10% revenue growth on a year earlier, with utilities easing to 7% growth, incorporating project revenue down -16%, offset by 25% growth in utilities annual recurring revenue.

Airport revenue advanced by 24%, which was better than anticipated, as project revenues grew 70%, the broker explains. Higher R&D spending pushed down the earnings (EBITDA) margin by -46bps to 11.6%.

Management guided to robust project revenues across current and new customers, with more announcements expected in 2H25.

Bell Potter continues to like the company and believes the group will succeed in maintaining customer wins in core and international markets.

Target price slips to $13.20 from $13.50. Buy maintained.

Target price is $13.20 Current Price is $10.85 Difference: $2.35
If GTK meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.83, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Morgan Stanley rates GTK as Overweight (1) -

Gentrack Group's 1H25 results were broadly in line with Morgan Stanley's forecasts, with revenue missing by -0.3% but net profit beating by 1.2%.

FY25 guidance, however, fell short of expectations, but the issues underlying it are seen as transitory by the broker.

The analyst remains optimistic about the company's outlook, given the strong customer logos that signed expansion agreements in 1H25.

The broker will be watching the outcomes for Genesis Energy ((GNE)) and Frank over the coming months. Overweight. Target unchanged at $13.50.

Target price is $13.50 Current Price is $10.85 Difference: $2.65
If GTK meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $12.83, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Shaw and Partners rates GTK as Buy (1) -

Gentrack Group' s 1H25 result met Shaw and Partners' forecasts. The highlight is considered the partnership with UK-based Utility Warehouse and the prospect of more such wins.

The broker is more focused on the 17% y/y increase in utility annual recurring revenue than the FY25 EBITDA guidance, which suggests a -20% decline, as that is largely due to the timing of non-recurring revenue.

The analyst cut FY25 EBITDA forecast by -20% in line with guidance. No change to $11.80 target price. Buy retained.

Target price is $11.80 Current Price is $10.85 Difference: $0.95
If GTK meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.83, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates GTK as Upgrade to Neutral from Sell (3) -

UBS raises its target price for Gentrack Group to NZ$12.00 from NZ$11.75 and upgrades to Neutral from Sell.

The broker acknowledges 1H earnings were softer than expected, due to project revenue lumpiness and increased investment in utilities R&D and sales, but highlights an "impressive" pipeline.

The company reported revenue of NZ$112m and earnings (EBITDA) of NZ$13m, which was -15% below UBS and consensus. Airport earnings exceeded expectations, and a stronger New Zealand dollar added a 7% earnings tailwind, explains the broker.

The broker expects FY25 to be a transitional year as management expands into Asia, the Middle East and Europe.

Management is guiding to revenue of greater than or equal to NZ$230m and earnings margins above 12%, implying to UBS earnings of at least NZ$29m, -15% below consensus.

UBS believes growth will resume in FY26 as international scoping studies convert to longer-term contracts. 

Current Price is $10.85. Target price not assessed.

Current consensus price target is $12.83, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates JHX as Buy (1) -

James Hardie Industries is due to report 4Q earnings tomorrow morning.

UBS is forecasting 4Q net income to decline -10% year-on-year, broadly in line with consensus and guidance.

For FY26, UBS forecasts net income of US$687m, slightly below consensus, underpinned by North America volume growth of 3%, though single-family housing starts are expected to fall -2%.

Operating earnings (EBITDA) margin guidance for North America is seen holding above 29%, supported by cost savings from the Manufacturing Operating System (HMOS) program.

UBS highlights investor concern around execution risks tied to the proposed Azek acquisition, which increases leverage  and reduces return on invested capital (ROIC), contributing to a multiple de-rate.

The broker reduces its price target to $50 from $60 and maintains a Buy rating.

Target price is $50.00 Current Price is $38.35 Difference: $11.65
If JHX meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $49.49, suggesting upside of 28.3% (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: 0.6

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

Macquarie rates LLC as Outperform (1) -

Lendlease has entered a 50/50 joint venture with The Crown Estate involving six UK development assets, observes Macquarie. A $1.2bn investment mandate with Korea's National Pension Service was also effected.

While the broker would have preferred a full exit from the UK assets, the transaction is seen as a positive step toward achieving the company's FY25 capital recycling target of $2.8bn..

The joint venture provides optionality for future vertical development across build-to-rent, life sciences, and office sectors, suggests the broker.

Macquarie upgrades FY26 and FY27 earnings forecasts and raises the target price to $7.79 from $7.24, maintaining an Outperform rating.

Target price is $7.79 Current Price is $5.51 Difference: $2.28
If LLC meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $7.02, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

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

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

Lendlease Group is progressing with its asset sales strategy, with $2.5bn contracted so far vs the target of $2.8bn by FY25.

The asset mix has, however, changed with the latest being the divestment of a 50% stake in six UK projects for $300m that were originally flagged for FY25-28 and beyond. 

Morgan Stanley considers the deal a good outcome as it effectively crystallises half of the asset outcomes instead of having to wait years for it to unfold.

The company has retained vertical development options in the projects, which the broker thinks is an interesting strategy.

Equal-weight. Target unchanged at $7.12.

Target price is $7.12 Current Price is $5.51 Difference: $1.61
If LLC meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.02, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates MIN as Buy (1) -

UBS highlights the appointment of Malcolm Bundey as incoming Chair of Mineral Resources, effective 1 July, as an important milestone in the company’s governance overhaul.

Bundey’s experience in global manufacturing and ASX-listed leadership roles is expected to contribute to board renewal efforts, though investor focus remains on how he engages with senior management, suggests the broker.

The analysts believe a successful ramp-up of the Onslow Iron project, alongside board succession and deleveraging, are key near-term catalysts.

UBS retains the target price at $26.10 and a Buy rating.

Target price is $26.10 Current Price is $24.08 Difference: $2.02
If MIN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $28.66, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

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 MYS as Buy (1) -

Ord Minnett notes the major bank updates pointed to profit reductions of -3-7% over 2H24 due to subdued revenue growth, flat costs and higher impairments.

The broker expects these trends will be revealed in Mystate's 2H25 result but the addition of 4 months of earnings from the Auswide merger will ensure higher normalised FY25 profit.

No change to FY25-28 forecasts.

Buy. Target unchanged at $4.53.

Target price is $4.53 Current Price is $3.89 Difference: $0.64
If MYS meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates NHC as Neutral (3) -

New Hope updated April quarter run-of-mine (ROM) coal production, which was down on the previous quarter due to lower production at Bengalla. A drawdown in inventory allowed for Bengalla sales to rise.

The analyst points to lower sales for Acland due to rail problems, while run-of-mine production rose with the ramp-up.

Management retained FY25 Bengalla guidance. Acland guidance was lowered because of the rail issues. Citi lowers FY25/FY26 saleable coal forecasts by -2%, with net profit after tax estimates down -11% and -4%, respectively.

Target price slips to $3.85 from $4.20. No change to Neutral rating.

Target price is $3.85 Current Price is $3.65 Difference: $0.2
If NHC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in July.

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

Macquarie rates NHC as Neutral (3) -

New Hope's 3Q25 production missed consensus by -3% but sales beat by 1%, and costs were in line with guidance.

Macquarie highlights underlying EBITDA for 3Q was down -27% q/q and -47% vs its forecast on lower-than-expected realised coal prices.

The company's guidance for New Acland coal was also -7% below consensus, though at a group level it was down just -2%.

The analyst cut FY25 EPS forecast by -16% but the FY27 estimate is largely unchanged.

Neutral. Target cut to $4.00 from $4.25.

Target price is $4.00 Current Price is $3.65 Difference: $0.35
If NHC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in July.

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 PGC as Upgrade to Buy from Hold (1) -

Bell Potter expects Paragon Care to achieve a stronger 2H25 result, including positive advances on site rationalisation/amalgamations and integration of systems, the broker explains.

This could result in notable costs being incurred again in the period, albeit the cost imposts are expected to recede into FY26.

The analyst expects synergies of $12m in savings realised for FY25, which represents around 150 full-time employees post-merger or circa 12% of the workforce.

Bell Potter believes earnings growth expectations for FY26 justify the upgrade in the rating to Buy from Hold. Unchanged target of 52c.

Target price is $0.52 Current Price is $0.42 Difference: $0.1
If PGC meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates S32 as Buy (1) -

Citi's in-house view on alumina prices has changed and equity analysts have pushed through lower alumina prices in their modeling for South32.

As per the broker's update, spot alumina prices could find support towards US$390/t over the next three months. Forecasts for FY25/26 alumina prices went down -3%/-7% to US$519/t and US$381/t.

For South32, this means FY25/26 earnings estimates have been reduced by -1%-3% with Citi banking on higher aluminium earnings on lower costs and slightly higher nickel and copper prices in FY25 to provide positive offset.

Buy. Target declines to $3.70 from $4.

Target price is $3.70 Current Price is $2.94 Difference: $0.76
If S32 meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 24.0% (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: 0.8

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

Citi rates SKO as Buy (1) -

Having returned from a conference call with management at Serko, Citi analysts report Booking.com for business is not being impacted by global uncertainties with management signalling higher-than-expected cost synergies.

The analysts also believe consensus upgrades are on the horizon given capex indication of circa -$11m this year is almost half the -$21m penciled in by consensus.

The performance from GetThere is apparently a big question mark. There's a suggestion DOGE in the US might be having an impact, as well as cost cutting by Flight Centre ((FLT)), the company's largest customer in A&NZ.

Costs are tracking towards the lower end of guidance and management expects the new Managed Travel platform to showcase to US customers later this year.

Earlier thir morning, the following response was issued:

Serko’s FY25 result (released today in New Zealand) was stronger than expected by Citi at the earnings (EBITDA) level, driven by cost control. Earnings of NZ$2.8m beat forecasts by the broker (NZ$1.8m) and consensus (NZ $1.5m) forecasts.

While total income missed by -2% due to softer core business performance, the broker explains positive momentum was evident in Booking.com for Business (B4B). Here, completed room-nights grew 29% year-on-year, accelerating to 42% in H2.

Other positives include 35,000 net customer additions in 2H on B4B, 18% revenue growth in A&NZ (versus Citi’s 14% estimate), and better-than-expected free cash flow at -$1.9m.

Weaker-than-expected average revenue per completed room-night in B4B, an -8% year-on-year decline in New Zealand revenue, and softer gross cash conversion at 82% were noted as negatives.

FY26 guidance proved below expectations, with total income of NZ$115-123m coming in -10% below consensus at the midpoint, largely due to lower-than-expected revenue from GetThere, note the analysts.

Total spend guidance of -$127-133m was higher than Citi's estimate but below consensus.

While the weak FY26 revenue outlook may weigh on the share price, Citi sees continued strength in B4B as encouraging and a key driver of long-term growth. 

Buy. Target $4.25.

Target price is $4.25 Current Price is $2.88 Difference: $1.37
If SKO meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 81.4% (ex-dividends)

The company's fiscal year ends in March.

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: 1.0

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

Macquarie rates TCL as Neutral (3) -

Macquarie reckons $50m cost savings from Transurban Group's announcement to trim headcounts are necessary to offset the cashflow gap from Westgate Tunnel opening in 2H26 and rising funding costs.

The broker notes roadworks across the company's assets are putting downward pressure on revenue and EBITDA, and while it is not worsening, it is also not expected to be completed before 2H27. On the positive side, the asset improvement would boost revenues.

Funding costs are a headwind, with the analyst noting recent debt raising was at 6.0-6.3%, higher than the average debt cost on the book of 4.5%.

FY25 EPS estimate cut by -3.7% and FY26 by -6.9%. 

Neutral retained. Target price rises to $13.70 from $12.82 as the broker lowered risk premium across all assets.

Target price is $13.70 Current Price is $14.24 Difference: minus $0.54 (current price is over target).
If TCL 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 $13.83, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates TNE as Buy (1) -

UBS, upon initial assessment, believes TechnologyOne released yet another "strong result" this morning, with management's guidance looking "conservative".

Glancing over the broker's number crunching, pretty much all financial metrics proved better than expected, including annualised returning revenue (ARR) of $521m, the pre-tax profit, and revenues but not the 6.6c declared interim dividend.

With management guiding towards FY25 pre-tax profit growth of 13%-17%, the broker is comfortable with forecasting 18% growth given H1 already delivered 33%.

ARR is targeted for $1bn by FY30, but UBS is already forecasting $1.14bn by then.

Target price is $33.80 Current Price is $33.02 Difference: $0.78
If TNE meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.85, suggesting downside of -19.2% (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

Bell Potter rates TRJ as Buy (1) -

With around 45% of Trajan Group's revenue sourced from the US, with several of those customers listed, Bell Potter highlights the company points to one analytical instrumentation customer representing circa 20% of revenue.

The latest trading updates from US companies suggest de-stocking for analytical instrument companies continued into the recent March quarter post-covid.

Management pointed to increasing demand for instruments, but did not clarify whether this was through the replacement cycle or new demand, the analyst states.

No change to Buy rating and $1.50 target price. The broker's EPS estimates are unchanged.

Target price is $1.50 Current Price is $0.89 Difference: $0.61
If TRJ meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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