Australian Broker Call

Shaw and Partners rates A1M as Buy (1) -

AIC Mines has exceeded FY25 guidance with production of 12,863t copper and 5,955oz gold, ahead of both Shaw and Partners' forecasts and company targets.

Operational reliability improvements, fleet investment, and new ore sources have driven consistent output, highlight the analysts. Also, current costs (AISC) of $5.25/lb are expected to improve with a processing plant upgrade to 1.1mtpa.

Further expansion to 1.5mtpa is underway and supported by the Jericho Resource (19.2mt at 2.0% copper), with copper output projected to rise to 25.4kt in 2030 at a lower AISC of $4.40/lb.

The -$176m mine and mill expansion is fully funded through equity, a US$40m Trafigura prepayment facility, existing cash, and forecast free cash flow, explains the broker.

Shaw also notes strong M&A activity across the copper sector, highlighting rising strategic value versus market valuations.

The broker retains a Buy rating and a 70c target price.

Target price is $0.70 Current Price is $0.33 Difference: $0.375
If A1M meets the Shaw and Partners target it will return approximately 115% (excluding dividends, fees and charges).

Current consensus price target is $0.59, suggesting upside of 77.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates ABB as Buy (1) -

Ord Minnett highlights the upside potential for Aussie Broadband from expected market share gains as consumers move to higher speeds with the rollout of NBN's upgraded fibre network.

The most recent NBN Co corporate plan flags a further addition of 2.2m-plus households that will activate to fibre-to-the-premises between FY25 and FY29, alongside automatic speed upgrades and further high-speed tiers.

In combination, the analyst asserts Aussie Broadband can achieve circa 200k new broadband subscribers by FY28.

The stock remains Buy rated. Target price goes to $4.55 from $4.54.

Target price is $4.55 Current Price is $3.87 Difference: $0.68
If ABB meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates AFG as Downgrade to Neutral from Buy (3) -

Citi points to the strong performance of Australian Finance Group and Pepper Money ((PPM)) with the stocks up between 40%–45% year-to-date.

The analyst views the re-rating of the share prices as due to the change in the interest rate narrative, with expectations the cash rate will decline to 3.1%.

Much of the good news is believed to be understood by the market and discounted in the prices with an expected uplift in credit demand.

A consolidation in the share prices is flagged before expectations for an earnings recovery in FY26 become more apparent.

Target price for Australian Finance Group is set at $2.10 and the company is downgraded to Neutral from Buy.

Target price is $2.10 Current Price is $2.16 Difference: minus $0.06 (current price is over target).
If AFG meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Bell Potter rates AGE as Speculative Buy (1) -

Alligator Energy raised $17.5m via share placement to advance the Field Recovery Trial (FRT) at the Samphire uranium project, feasibility study, and other lodgements and negotiations.

Bell Potter notes the FRT is estimated to begin in the December quarter, which will support the feasibility study later. The company also announced COO Andrea Smith will replace the current CEO, and the broker views this as positive, noting Smith's experience in the uranium sector.

Speculative Buy. Target cut to 7c from 10c on dilution.

Target price is $0.07 Current Price is $0.03 Difference: $0.044
If AGE meets the Bell Potter target it will return approximately 169% (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

Macquarie rates APE as Outperform (1) -

June new vehicle volumes rose 6.5% year-on-year to 127.4k, while first-half 2025 volumes declined -1.4% to 624.1k, though this was the highest 1H result since 2018, notes Macquarie. The 4x4 segment performed strongly with 12.3% volume growth.

Macquarie expects vehicle demand to pick up in the 2H of 2025, driven by softer comps, potential rate cuts, and rising housing prices.

The broker leaves its targets and ratings unchanged across the auto dealer, auto accessories & aftermarket, and auto financing segments.

Accordingly, the $20.35 target and Outperform rating for Eagers Automotive are maintained.

Target price is $20.35 Current Price is $17.87 Difference: $2.48
If APE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $17.29, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates AQZ as Buy (1) -

Alliance Aviation Services announced asset sales for around $112m in cash over two transactions, including the sale of twelve GE CF34-10 engines to Beautech Power Systems for US$40.2m and the company's Embraer E190-E1 inventory to AVIAN for US$32.5m, Ord Minnett explains.

The cash injection will allow Alliance to reduce its net debt to an estimated $387m, the broker states, which equates to a leverage ratio of around 1.9 times — better than the recent guidance at the investor day of $425m–$430m.

Additionally, the sales give further support to net debt guidance of $315m–$360m at the end of FY26.

No change to Buy rating and $3.70 target price. The analyst's earnings forecasts are tweaked slightly.

Target price is $3.70 Current Price is $2.65 Difference: $1.05
If AQZ meets the Ord Minnett target it will return approximately 40% (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 ARB as Upgrade to Buy from Neutral (1) -

Citi upgrades ARB Corp to Buy from Neutral with a revised target price of $38.70 from $39.54 due to the decline in the stock price of -20% this year, which the analyst believes reflects the market already discounting weakness over 2H25 in domestic aftermarket sales and a lack of parts for the BYD Shark.

The outlook looks better with expectations of further interest rate cuts — three -25bps over the rest of 2025 — which should support a lift in new vehicle sales, with some momentum apparent towards the end of 2H25.

Parts are also anticipated for the BYD Shark to become available this year.

Citi lowers the FY26 EPS estimate by -3.3%, while FY25 is unchanged.

Target price is $38.70 Current Price is $33.17 Difference: $5.53
If ARB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $38.98, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates BGL as No Rating (-1) -

UBS is under coverage restriction for Bellevue Gold.

Current Price is $0.93. Target price not assessed.

Current consensus price target is $1.15, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates BPT as Neutral (3) -

Macquarie anticipates Beach Energy’s fourth quarter production to be 4.4mmboe, with revenue of $393m, including one LNG cargo, and full-year FY25 output of 19.5mmboe, mid-range of guidance.

FY26 production is trimmed to 24.3mmboe due to extended flooding in the Cooper Basin, but Waitsia’s contribution of 6.7mmboe remains key, according to the analyst.

LNG time swaps have brought forward around $350m in revenue across seven cargoes, explains the broker, supporting Beach’s readiness for inorganic growth.

Macquarie sees the Santos takeover as a major opportunity for Beach to acquire assets like the Cooper Basin and Narrabri, which align with its domestic gas focus and could be funded with $1.5–2.0bn in new debt.

The broker upgrades FY25 and FY26 EPS by 7% and 4%, respectively, and raises its target price to $1.35 from $1.25, retaining a Neutral rating.

Target price is $1.35 Current Price is $1.35 Difference: $0.005
If BPT meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates CRN as Neutral (3) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

The broker upgraded near-term met coal price forecasts but downgraded EPS forecasts for Coronado Global Resources on weaker thermal coal price forecast and a more moderate volume growth estimate.

Neutral. Target cut to 17c from 19c.

Target price is $0.17 Current Price is $0.16 Difference: $0.015
If CRN meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.17, suggesting downside of -2.4% (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: 0.0

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

Citi rates DMP as Sell (5) -

Post Domino's Pizza Enterprises' conference call yesterday, Citi came away with a more "cautious" outlook on the company, despite what the analyst described as how genuine and honest the Executive Chairman was in the update.

Recent history suggests the turnaround of Domino's is challenging, and management's reliance on improving execution as a major factor to boost profitability for franchisees could remain hard to achieve.

A sales-led recovery was de-emphasised in favour of cost-out programs. With some $90m in costs already removed in the last three years, the analyst believes taking out further costs could be deleterious to the business and customer experience.

No change in Sell rating and $14.20 target.

Target price is $14.20 Current Price is $17.33 Difference: minus $3.13 (current price is over target).
If DMP meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.18, suggesting upside of 42.0% (ex-dividends)

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 DMP as Equal-weight (3) -

Morgan Stanley believes the strategy confirmed at Domino's Pizza Enterprises' management call of 3% same store sales growth remains unclear, while the leadership transition was described as voluntary but resulted from a mismatch between the board and the rate of change being implemented.

The broker also notes the timing of the Investor Day remains unknown and will most likely depend on the appointment of a new CEO.

It was acknowledged that franchisee profitability needs to be "restored," but the details around timing and size remain unknown.

No change to Equal-weight, $24 target. Industry view: In-Line.

Target price is $24.00 Current Price is $17.33 Difference: $6.67
If DMP meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $25.18, suggesting upside of 42.0% (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 DMP as Neutral (3) -

In a quick note on the Q&A with Domino's Pizza Enterprises' executive chair and incoming CEO following the surprise resignation of the CEO Mark van Dyck, UBS notes turnaround will be driven by same-store sales growth.

The broker's forecast for same-store sales growth is 3% vs the consensus of 2.9%. The analyst expects the cost savings pace to accelerate and any savings to be reinvested in marketing and franchisees.

No change to forecasts. Neutral. Target unchanged at $25.

Target price is $25.00 Current Price is $17.33 Difference: $7.67
If DMP meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $25.18, suggesting upside of 42.0% (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 EVN as Sell (5) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

Gold price forecast raised by 4% in 2025, and Platinum saw price forecast lifted by 12% and 9% in 2025-26, respectively.

No change to Evolution Mining's Sell rating and $6.70 target price.

Target price is $6.70 Current Price is $7.88 Difference: minus $1.18 (current price is over target).
If EVN meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.06, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

UBS rates FMG as Neutral (3) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

Gold price forecast raised by 4% in 2025, and Platinum saw price forecast lifted by 12% and 9% in 2025-26, respectively.

Target price for Fortescue lifted to $16.20 from $15.10 on higher iron ore prices and tighter low-grade discounts, coupled with lower energy spend. 

Neutral retained.

Target price is $16.20 Current Price is $16.26 Difference: minus $0.06 (current price is over target).
If FMG meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.58, suggesting upside of 1.5% (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: 0.3

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

Bell Potter rates HUB as Buy (1) -

Bell Potter marked-to-market investment forecasts for Hub24, upgrading platform-based share market movements to $4.987bn from $1.333bn. This resulted in a 3% lift to its 4Q25 funds under administration assumptions.

The broker notes all major indices in Australia and offshore closed higher in 4Q25, bond benchmarks also rose, and the AUD/USD exchange rate appreciated 4.5%.

At the quarterly result, the broker expects the remaining Equity Trustee migration of $900m, retention improvement, higher net inflows and rising average net inflows per advisor. FY25/26/27 EPS forecasts upgraded by 1%/4%/3%, respectively.

Buy. Target rises to $100 from $75 on a higher multiple to the platform business in the SOTP valuation.

Target price is $100.00 Current Price is $89.21 Difference: $10.79
If HUB meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $79.19, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates IAG as Neutral (3) -

Macquarie notes Insurance Australia Group faced worse-than-expected weather in 2H25, which is expected to affect its August ordinary dividend.

The group trades at an around 12.9% premium to global peers with similar reinsurance cover, which Macquarie views as fair given its structure.

The broker slightly lowers its FY25 and FY26 EPS forecasts by -0.4% each, but upgrades medium-term EPS by 3–4% due to reinsurance cost timing, lifting the target price to $9.20 from $8.70.

Investment income may come under pressure as falling cash rates and forward curves dampen earnings in later years, hence, Macquarie maintains a Neutral rating.

Target price is $9.20 Current Price is $8.58 Difference: $0.62
If IAG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates ILU as Overweight (1) -

Rare earth magnet users, including auto-makers, are increasingly open to paying premium prices for ex-China NdPr oxide, according to a Reuters report. Macquarie notes the auto-makers are willing to pay around US$80/kg versus the current spot price of US$62/kg.

The broker explains global dependence on China remains high, at 65% for mined and 88% for refined rare earths, prompting an around 100% lift to the in-house long-term price forecasts.

The analysts suggest a separate ex-China supply chain with a two-tiered pricing system will require active participation from OEMs and government backing.

Morgan Stanley is Overweight on Iluka Resources with a $4.65 target. Industry View: In-Line.

Target price is $4.65 Current Price is $3.80 Difference: $0.85
If ILU meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 45.0% (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

Bell Potter rates JIN as Hold (3) -

Bell Potter notes jackpot activity in 2H25 was 41% above normalised levels but down -13% y/y, with Oz Lotto leading activity and Powerball comparatively weak.

The strong Oz Lotto activity vs Powerball suggests total transaction value (TTV) for Jumbo Interactive's lottery business will be lower, and the broker expects FY25 TTV of $461m, down -15% y/y.

The analyst lifted  FY25 EPS forecast by 4% and FY26 by 3% on lower amortisation estimate, higher interest income and explicit modelling of Daily Winners premium subscription.

Hold. Target cut to $11.00 from $11.10.

Target price is $11.00 Current Price is $10.04 Difference: $0.96
If JIN meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $13.35, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates LYC as Sell (5) -

Bell Potter expects Lynas Rare Earths to report 4Q25 production of 1,544t NdPr vs the consensus of 1,800t NdPr, but sees other rare earths production at 1,638kt, higher than the 1,200t consensus.

The broker's forecast for average realised price is $46/kg, down -8% q/q compared to the consensus of $55/kg. The analyst will be looking for updates on operating costs, and production and ramp-up plans amid a weaker market environment.

EPS forecast for FY25 cut by -10% and for FY26 by -14% mainly on a -4% cut to FY26 production estimate and higher cost of goods.

Sell. Target trimmed to $6.05 from $6.25.

Target price is $6.05 Current Price is $8.34 Difference: minus $2.29 (current price is over target).
If LYC meets the Bell Potter target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.19, suggesting downside of -0.6% (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 LYC as Overweight (1) -

Rare earth magnet users, including auto-makers, are increasingly open to paying premium prices for ex-China NdPr oxide, according to a Reuters report. Macquarie notes the auto-makers are willing to pay around US$80/kg versus the current spot price of US$62/kg.

The broker explains global dependence on China remains high, at 65% for mined and 88% for refined rare earths, prompting an around 100% lift to the in-house long-term price forecasts.

The analysts suggest a separate ex-China supply chain with a two-tiered pricing system will require active participation from OEMs and government backing.

Morgan Stanley is Overweight on Lynas Rare Earths with a $10.50 target. Industry View: In-Line.

Target price is $10.50 Current Price is $8.34 Difference: $2.16
If LYC meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $8.19, suggesting downside of -0.6% (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 Neutral (3) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

Gold price forecast raised by 4% in 2025, and Platinum saw price forecast lifted by 12% and 9% in 2025-26, respectively.

In the case of Mineral Resources, the analyst lowered the mining services margin and factored in slightly higher costs for Onslow ramp up but this was more than offset by higher iron ore prices and tighter low-grade discounts.

Target lifted to $26.00 from $25.70. Neutral retained.

Target price is $26.00 Current Price is $24.44 Difference: $1.56
If MIN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $28.93, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates MND as Neutral (3) -

Citi highlights NRW Holdings and Monadelphous Group as standout performers in the Australian small-cap contractor space.

The broker points to their strong presence on worksites, execution capability, and consistent track records as key advantages amidst a broader environment of project award delays.

Monadelphous Group has secured more than $100m in new contracts, primarily within WA's energy sector with completion by late 2026.

Citi also highlights the company's two-year contract extension with Origin Energy ((ORG)) in Queensland to continue supplying modularised wellsite equipment. The total revenue contribution is estimated at around $50m annually for the next two years.

The Neutral rating and $16.65 target are maintained for Monadelphous.

Target price is $16.65 Current Price is $17.20 Difference: minus $0.55 (current price is over target).
If MND meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.23, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates MVF as Speculative Buy (1) -

Post the second incident where a patient's embryo was incorrectly transferred at Monash IVF, Morgans lowers FY26/FY27 earnings by -6.9% and -7%, respectively, on softer industry cycles and loss of market share following the transfer error.

The analyst points to declining industry volumes over the last three to six months, with fresh cycles up to May down -5.1% on a three-month average on the year earlier and down -2.1% on a four-month average.

Around the current share price, the broker views Monash as a potential takeover target for a company looking to expand scale in Australia as the second-largest operator.

No change to $1 target price and Speculative Buy rating.

Target price is $1.00 Current Price is $0.74 Difference: $0.265
If MVF meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 41.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates NWH as Buy (1) -

Citi highlights NRW Holdings and Monadelphous Group as standout performers in the Australian small-cap contractor space.

The broker points to their strong presence on worksites, execution capability, and consistent track records as key advantages amidst a broader environment of project award delays.

For NRW Holdings, Citi notes the recently awarded $167m contract at Rio Tinto’s ((RIO)) Brockman Syncline 1 mine is significant, representing around 20% of its FY26 civil revenue forecast and 5% of total group revenue.

The analysts expect this project, which sits mainly in the Civil segment, to yield margins above the segment average and likely run for more than 12 months.

Citi retains a Buy rating and $3.65 target for NRW Holdings.

Target price is $3.65 Current Price is $3.07 Difference: $0.58
If NWH meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

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 NXT as Buy (1) -

Post a management meeting with NextDC, Citi continues to expect an equity raising in 2H26 despite the company using more debt funding with the rise in contracted earnings (EBITDA) and ongoing moves for JV structures to fund hyperscale facilities.

Highlights from the discussions include the DA for S4/S5 being expected to come through before the end of 2025, while Sydney has 30MW of capacity to sell, which was meant to have already been sold, the analyst states.

Hyperscalers are seeking large capacity "chunks" and runway for expansion, while management wants to retain some inventory in Sydney for retail/enterprise contracts.

Melbourne is expected to deliver contract wins in FY26, although another record year for FY26 will rely on development progressing and a build-up in inventory, Citi explains.

Buy rated with an $18.70 target price.

Target price is $18.70 Current Price is $14.09 Difference: $4.61
If NXT meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $19.72, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates PDN as Buy (1) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

Gold price forecast raised by 4% in 2025, and Platinum saw price forecast lifted by 12% and 9% in 2025-26, respectively.

The broker lowered Paladin Energy's FY26 production forecast by -4%, resulting in a downgrade to FY26 EPS. However, target price is unchanged at $9.40 on cost improvement and a lift to commodity prices in the modelling.

Buy remains.

Target price is $9.40 Current Price is $7.81 Difference: $1.59
If PDN meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 10.6% (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: 1.0

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

Bell Potter rates PME as Downgrade to Hold from Buy (3) -

Pro Medicus announced two contracts, with the first being the renewal and extension of the contract with Franciscan Missionaries of Our Lady of Health System in Louisiana.

The second contract with the University of Colorado Health is the second-largest in revenue terms. Bell Potter highlights the drivers of the company's Visage systems remain in place, noting key selling points are swift deployment, radiologist shortages and upload speed.

The broker expects exam revenue to grow to $299m in FY27 from an estimated $230m revenue in FY26, with upcoming contract renewals providing further upside potential.

Target price lifted to $320 from $280. Rating downgraded to Hold from Buy.

Target price is $320.00 Current Price is $307.39 Difference: $12.61
If PME meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $274.57, suggesting downside of -10.6% (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 PME as Overweight (1) -

Morgan Stanley views yesterday’s announced $170m, 10-year contract with UC Health and the $20m, five-year renewal with Franciscan Missionaries as further evidence of Pro Medicus’ accelerating momentum.

Both deals expand beyond previous agreements to include additional modules such as Cardiology, Viewer, Workflow, and Open Archive, highlights the broker.

More generally, the analysts highlight Pro Medicus' contracts as exceptionally high-quality SaaS agreements, characterised by near-zero churn, 99% gross margins, and minimal advertising costs.

The broker estimates the lifetime value (LTV) of UC Health and Mercy Health ($98m announced last October) to exceed $5bn, equating to roughly 20% of the company's current equity market capitalisation.

Morgan Stanley lifts its price target to $320 from $310 and notes the sales pipeline remains strong across all market segments. Industry View: Attractive.

Target price is $320.00 Current Price is $307.39 Difference: $12.61
If PME meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $274.57, suggesting downside of -10.6% (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

Morgans rates PME as Trim (4) -

Morgans applies the logic the rate of growth in new contracts for Pro Medicus at some point cannot continue at the historic rate, after the company announced the increase of an existing contract, Franciscan Missionaries, as well as a new contract for UCHealth for $170m over 10 years.

The latter is a full cloud-based radiology stack with the cardiology product starting immediately. UCHealth is a 14-hospital network across Colorado, Wyoming, and Nebraska.

No change to Trim rating due to the stock's valuation. Target price lifts to $280 from $250.

Target price is $280.00 Current Price is $307.39 Difference: minus $27.39 (current price is over target).
If PME meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $274.57, suggesting downside of -10.6% (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

Ord Minnett rates PME as Hold (3) -

Pro Medicus announced two contracts worth at least $190m. One with UCHealth, which is a ten-year deal for $170m for the Colorado-based operator of 13 hospitals and one care facility.

Ord Minnett notes this includes the first licensing of the company's cardiology suite of its Visage 7 enterprise imaging platform.

The second contract is a renewal for at least $20m with Franciscan Missionaries of Our Lady Health System.

The broker stresses the tender process for UCHealth was very competitive and emphasises the "strength" of the Visage 7 product, as it is notably more expensive than other peers' systems.

Target moves to $305 from $275 with no change to Hold rating.

Target price is $305.00 Current Price is $307.39 Difference: minus $2.39 (current price is over target).
If PME meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $274.57, suggesting downside of -10.6% (ex-dividends)

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

Citi rates PPM as Downgrade to Neutral from Buy (3) -

Citi points to the strong performance of Australian Finance Group ((AFG)) and Pepper Money with the stocks up between 40%–45% year-to-date.

The analyst views the re-rating of the share prices as due to the change in the interest rate narrative, with expectations the cash rate will decline to 3.1%.

Much of the good news is believed to be understood by the market and discounted in the prices with an expected uplift in credit demand.

A consolidation in the share prices is flagged before expectations for an earnings recovery in FY26 become more apparent.

Target price for Pepper Money is set at $1.75 and the stock is downgraded to Neutral from Buy.

Target price is $1.75 Current Price is $1.82 Difference: minus $0.065 (current price is over target).
If PPM meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates PPS as Buy (1) -

Bell Potter marked-to-market investment forecasts for Praemium, upgrading platform-based share market movements to $1.237bn from $330m. This resulted in a 3% lift to its 4Q25 funds under administration assumptions.

The broker notes all major indices in Australia and offshore closed higher in 4Q25, bond benchmarks also rose, and the AUD/USD exchange rate appreciated 4.5%.

EPS forecasts for FY25/26/27 lifted by 2%/6%/4%, respectively, with the broker expecting a boost to operating leverage from cost management. 

Buy. Target unchanged at $1.

Target price is $1.00 Current Price is $0.62 Difference: $0.385
If PPS meets the Bell Potter target it will return approximately 63% (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

Macquarie rates SDF as Outperform (1) -

June was a strong pricing period for Business Pack and Workers Comp, highlights Macquarie, while Commercial Motor, Home and Strata remained soft.

The broker believes a portfolio with Steadfast Group's mix will likely have achieved a 7.2% increase in pricing in the June quarter, ahead of the group’s mid-single-digit guidance.

Strata pricing was a drag at -2.6%, though it is recovering faster than expected by the analyst. Steadfast is trading at a -20.8% discount to international brokers, notes Macquarie, compared to a long-term premium of 2.3%.

The broker retains an Outperform rating with a $6.80 price target.

Target price is $6.80 Current Price is $5.95 Difference: $0.85
If SDF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates SFR as Buy (1) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

Gold price forecast raised by 4% in 2025, and Platinum saw price forecast lifted by 12% and 9% in 2025-26, respectively.

The broker raised Sandfire Resources' FY25 EPS forecast by 17% and FY26 by 58%.

Buy rating and $13.15 target price are unchanged.

Target price is $13.15 Current Price is $11.45 Difference: $1.7
If SFR meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $11.04, suggesting downside of -2.5% (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: 0.1

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

Shaw and Partners rates SMI as Buy, High Risk (1) -

Shaw and Partners highlights the New Zealand Government’s pro-mining stance and legislative reforms significantly accelerate approvals for Santana Minerals' Bendigo-Ophir Gold Project.

The project is already legislated as nationally significant under the Fast-track Approvals Act and Shaw expects approval this calendar year.

The expert panel review process takes around six months, with two mining applications already accepted for review, potentially signalling rapid progress, suggest the analysts.

Buy, High Risk. Target unchanged at $1.36. 

Target price is $1.36 Current Price is $0.55 Difference: $0.81
If SMI meets the Shaw and Partners target it will return approximately 147% (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

Macquarie rates SUN as Neutral (3) -

Macquarie upgrades its FY25 EPS forecast for Suncorp Group by 39%, reflecting management guidance for adjustment to the prior nine months’ results prior to the Banking division sale, allowing for the new share count. 

Despite this earnings boost, the broker's EPS forecasts fall -3% to -10% from FY26 onwards due to lower cash rates and weaker forward curves, explains the analyst.

The broker expects $600m in capital returns over two years to be confirmed at the August result.

Suncorp’s general insurance business in A&NZ trades at an around -11% discount to Insurance Australia Group, which Macquarie considers appropriate given Suncorp’s lack of volatility reinsurance.

The broker raises its target price to $19.60 from $19.20 and retains a Neutral rating.

Target price is $19.60 Current Price is $20.81 Difference: minus $1.21 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.34, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates SYR as Neutral (3) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

The broker remains negative the natural graphite sector and downgraded prices near term on lower EV demand forecast and stubborn synthetic capacity. The commodity price weakness is, however, offset by an improved outlook for the Balama mine.

Neutral rating and 30c target price are unchanged.

Target price is $0.30 Current Price is $0.27 Difference: $0.035
If SYR meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Citi rates TLC as Downgrade to Sell from Buy (5) -

Citi downgrades Lottery Corp to Sell from Buy with the target price declining to $5 from $5.60.

The company is due to report FY25 earnings on August 20, and the analyst anticipates a fall in earnings before interest and tax of around -13% to $628m.

Ongoing declines in Powerballs in May and June, with like-for-like Powerballs down circa -9% to June versus down -4% to April, are in part due to cannibalisation with Oz Lotto and increased player interest in Oz Lotto.

Citi reduces EPS forecasts by -3.1% for FY25 and -4.3% for FY26.

Target price is $5.00 Current Price is $5.38 Difference: minus $0.38 (current price is over target).
If TLC meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.48, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates VAU as Outperform (1) -

Vault Minerals’ FY25 sales of 385koz were in line with Macquarie's expectation. Fourth quarter sales of circa 96koz missed both Macquarie and management's estimates by -7% and -5% respectively, mainly due to underperformance at the KOTH operation.

The early payment of a -$30.9m stamp duty related to the Silverlake acquisition impacted cash and bullion, which grew to $686m, -$16m short of Macquarie’s forecast.

Lower 4Q sales prompt a -2% reduction in the broker's FY25 forecast revenue and a -10% cut to FY25 EPS, though no changes were made beyond FY25. Macquarie retains an Outperform rating and 63c target price.

Target price is $0.63 Current Price is $0.41 Difference: $0.225
If VAU meets the Macquarie target it will return approximately 56% (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

Morgans rates VBX as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage of VBX with a Speculative Buy rating and $1.60 target price.

The company owns a high alumina, low silica Wuudagu bauxite project in WA, which has a pre-feasibility study of 10 years production of 3.5mtpa of high-quality bauxite, with the potential for expansion, the broker highlights.

Commentary explains VBX offers a pure play for a commodity that is usually part of a broader suite of commodities for integrated producers and has first quartile costs with low capex.

Morgans stresses the growth of the seaborne bauxite market has "parallels" to the rise of iron ore in the 2000s.

Target price is $1.60 Current Price is $0.60 Difference: $1
If VBX meets the Morgans target it will return approximately 167% (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

UBS rates WHC as Neutral (3) -

UBS has reviewed resources' stocks following revisions to commodity price forecasts.

Among the key bulk commodities, iron ore price forecast lifted by 4% in 2025 and 6% in 2026, and hard coking coal raised by 4% in both 2025-26. In the base metals space, copper forecast upped by 7% in 2025 and 4% in 2026, while nickel price forecast cut by -4% and -6% in 2025-26, respectively.

The broker trimmed unit cost forecasts for Whitehaven Coal to $133/t and $130/t in FY26. The upgrade to met coal forecast price more than offset the downgrade to the thermal coal price forecast, resulting in a lift to the target price.

Neutral retained. Target rises to $6.30 from $5.15.

Target price is $6.30 Current Price is $6.07 Difference: $0.23
If WHC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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