Australian Broker Call

Ord Minnett rates 29M as Upgrade to Accumulate from Hold (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

No change to FY25-26 forecasts for 29Metals, while FY27 is lifted by 30.6%. Rating upgraded to Accumulate from Hold.

Target rises to 60c from 45c.

Target price is $0.60 Current Price is $0.52 Difference: $0.08
If 29M meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting downside of -9.3% (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 A2M as Buy (1) -

Commenting on the latest China’s Cross-Border E-Commerce (CBEC) price verification checks, Citi reckons growth in lower-priced, later-stage formulas may be driving a modest decline in a2 Milk Co's average selling prices.

However, it expects the new English Label product launch to revitalise the brand later this year.

Buy. Target price $10.40.

Target price is $10.40 Current Price is $8.34 Difference: $2.06
If A2M meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.77, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Ord Minnett rates AAI as Accumulate (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

FY26 EPS forecast for Alcoa lifted by 35% and FY27 by 20%. Target unchanged at $103 and Accumulate maintained.

Target price is $103.00 Current Price is $87.23 Difference: $15.77
If AAI meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

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

Macquarie rates ALD as Outperform (1) -

Ampol's 4Q2025 met Macquarie's expectations, with Lytton noted as the highlight, reflecting a better margin “environment” (US$15.14/bbl LRM).

The analyst views lower margins as assisting with a more positive outcome from the Fuel Security Services Payment Scheme (FSSP) re-negotiation with government, flagged for 1H2026.

Management's comments on convenience retail infer around 15% y/y growth in earnings before interest and tax, which the broker sees as very good given the tobacco issues and cost of living challenges for the consumer.

Macquarie lowers EPS forecasts by -3.4% for 2025 on higher finance costs and -11.3% for 2026 on lower assumed refining margins.

No change to Outperform. The target slips -6.5% to $33.65 on earnings downgrades.

Target price is $33.65 Current Price is $29.15 Difference: $4.5
If ALD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $34.55, suggesting upside of 21.1% (ex-dividends)

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

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

Ord Minnett upgrades Alkane Resources to Buy from Accumulate with a higher target price of $2.05 from $1.70. This follows a robust 2Q26 report which was largely pre-released but came in above expectations, with production up 9% and costs down -8%, a beat.

Post a recent site visit to Costerfield, the analyst has a higher degree of confidence around the asset base and upgraded expectations for Tomingley to 85koz-plus by FY28.

The broker anticipates the discount the stock trades on will narrow as more investors outside of a top-100 mandate seek higher-margin spot price exposure and reliable gold production.

Target price is $2.05 Current Price is $1.62 Difference: $0.43
If ALK meets the Ord Minnett target it will return approximately 27% (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 AMC as Downgrade to Equal-weight from Overweight (3) -

On negative organic volume momentum, despite Berry acquisition integration/synergies being on track and an attractive valuation, Morgan Stanley downgrades Amcor to Equal-weight from Overweight.

Negative organic volume momentum is Morgan Stanley's key concern.Target falls to $68.66 from $88.45.

Target price is $68.66 Current Price is $63.86 Difference: $4.8
If AMC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $78.59, suggesting upside of 25.0% (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: 0.8

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

Shaw and Partners rates AR1 as Buy (1) -

Austral Resources' December quarter (4Q2025) production beat guidance despite heavy wet-season rainfall, Shaw and Partners highlights.

The broker notes the company strengthened its strategic position through the Lady Loretta acquisition, lifting pro-forma cash to $65m.

Austral is a rare ASX infrastructure play, holding assets with a replacement value exceeding $1bn and uniquely able to process both oxide and sulphide copper ore in Australia, in the broker's view.

Buy, High Risk. Target unchanged at 20c.

Target price is $0.20 Current Price is $0.12 Difference: $0.08
If AR1 meets the Shaw and Partners target it will return approximately 67% (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 ARB as Neutral (3) -

ARB Corp has offered a 2Q26 guidance update, which reveals a notable slowdown from the prior quarter, UBS observes.

The latest update infers revenue shrinking by -6.2% in 2Q26 from revenue growth of 3.8% in 1Q26 and 4.7% in 2H25. The Australian aftermarket is notably soft, moving to -4.5% in 2Q26 from growth of 1% in 1Q.

Demand for ARB's underlying product is believed to be robust, but it is challenging for the analyst to establish if the weakness is driven by a fall in new vehicle demand or new vehicle supply challenges.

No change to the Neutral rating. The target falls to $27.85 from $39.60 following a downgrade in EPS forecasts of -10% for FY26 and -9% for FY27.

Target price is $27.85 Current Price is $25.18 Difference: $2.67
If ARB meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $36.48, suggesting upside of 42.3% (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

Citi rates ASX as Neutral (3) -

ASX provided updated FY26 guidance, showing higher costs than Citi's expectations, but this was more than offset by stronger-than-expected revenue.

As a result, the broker's FY26 EPS forecast remains unchanged, but higher costs did impact FY27-28 forecasts, down -1%.

The broker reckons ongoing uncertainty supports a Neutral rating, even with valuation discounts, though risk is slightly reduced.

Target rises to $54.50 from $52.20 as the broker lowered the discount in valuation to 5% from 10%. 

Target price is $54.50

Current consensus price target is $55.02, suggesting upside of 5.0% (ex-dividends)

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

Morgan Stanley rates ASX as Underweight (5) -

While ASX left FY26 guidance unchanged in December, it now expects total cost growth between 20-23%, up from 14-19%. Revised cost guidance reflects capacity upgrades and the capability of resources to uplift risk management and support major technology platforms.

While higher cost growth is consistent with Morgan Stanley's expectations, this came earlier than expected and the broker thinks this should ease cost pressures into FY27.

First half underlying profit was ahead of Morgan Stanley on stronger revenues despite reporting 20% year on year total cost growth. Underweight and $45.15 target retained. Industry view: In-Line.

Target price is $45.15

Current consensus price target is $55.02, suggesting upside of 5.0% (ex-dividends)

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

UBS rates ASX as Neutral (3) -

ASX has revised its position that expense guidance would remain the same in FY26 post ASIC's inquiry for a "fundamental reset" in resilience (Dec 15), resulting in a capex rise for the third time this year to 20-23%-plus.

With better transparency on costs, declining regulatory risks, and a more robust valuation, UBS sees the company as moving to a better position with less uncertainty.

The broker raises EPS forecasts by 1.9% for FY26 and lowers FY27 by -2.1%.

Target lifts to $55.75 from $54.85, with a Neutral rating unchanged.

Target price is $55.75

Current consensus price target is $55.02, suggesting upside of 5.0% (ex-dividends)

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 AUB as Buy (1) -

Ord Minnett explains AUB Group has moved back to its traditional strategy with the proposed acquisition of UK retail and MGA business Prestige Insurance Holdings. There's a $400m equity placement and a $40m share purchase plan.

The analyst views the acquisition as aligned with management's aim to transition the success of the Australian broking business model offshore over the next 3-5 years.

Acquisition is expected to be completed early 4Q26, with slight EPS dilution from the equity raisings The analyst lowers EPS forecasts by -3% across FY26-FY28.

FY26 guidance for the group was reaffirmed, and the stock retains a Buy rating. Target $35.26.

Target price is $35.26 Current Price is $30.40 Difference: $4.86
If AUB meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $38.42, suggesting upside of 27.3% (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

Ord Minnett rates BGL as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Bellevue Gold's FY26 EPS forecast increased by 31% and FY27 by 33%. Buy rating. Target price $2.25.

Target price is $2.25 Current Price is $1.88 Difference: $0.37
If BGL meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 6.1% (ex-dividends)

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 BHP as Accumulate (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Among majors, the broker now prefers BHP Group over Rio Tinto due to uncertainty around Rio Tinto's potential Glencore takeover.

The broker lifted BHP's FY26 EPS forecast by 13% and FY27 by 9%. Accumulate maintained, with a lift in target to $51 from $49.

Target price is $51.00 Current Price is $50.60 Difference: $0.4
If BHP meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $49.57, suggesting downside of -4.1% (ex-dividends)

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: 0.3

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

Ord Minnett rates BMC as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker has a Buy rating and $6.40 target on BMC Minerals.

Target price is $6.40 Current Price is $3.44 Difference: $2.96
If BMC meets the Ord Minnett target it will return approximately 86% (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

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

Boss Energy's Honeymoon mine produced 456klbs in the December quarter (2Q26), beating expectations due to the benefit from higher lixiviant tenors and processing throughput, Bell Potter highlights.

FY26 production guidance was maintained at 1.6Mlb.The broker notes costs improved materially, with AISC guidance cut to $60-64/lb from $64-60/lb, supporting stronger cash flow.

Key downside remains a legacy contract covering 15% of output at 65-70% of spot, alongside softer 3Q26 production due to declining tenors, maintenance, and commissioning delays. FY26 net profit forecast lifted by 5% but FY27 trimmed by -2%.

Target $1.95. Rating downgraded to Hold from Buy.

Target price is $1.95 Current Price is $1.98 Difference: minus $0.03 (current price is over target).
If BOE meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting downside of -15.3% (ex-dividends)

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

Morgan Stanley rates BOE as Overweight (1) -

Boss Energy's FY26 Honeymoon production guidance is unchanged at 1.6Mlb, while cost ranges have been cut, partly offset by slightly higher capex guidance. Honeymoon costs beat consensus by 25.0%.

Alta Mesa underperformed expectations while net cash and inventory remain solid. Average realised price is broadly tracking spot, Morgan Stanley notes. Sales were -12.5% below consensus as shipments lagged production and inventory built.

Overweight and $2.05 target retained. Industry view: Attractive.

Target price is $2.05 Current Price is $1.98 Difference: $0.07
If BOE meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting downside of -15.3% (ex-dividends)

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 BOE as Downgrade to Sell from Hold (5) -

Ord Minnett downgrades Boss Energy to Sell from Hold while raising the target to $1.50 from $1.15, noting the circa 10% share price rally on the December quarter result. The broker suggests this should be used to divest stock with no earnings transparency post guidance for 2H26.

The miner has continued to produce from central well-fields at Honeymoon and lowered costs by maximising reagent use and adjusting FY26 guidance.

The broker stresses there is no guidance for FY27 onwards, which is a potential issue as it will depend on the results from testing management's new production plan at Honeymoon, which remain unknown.

Boss retains a robust balance sheet with $53m in cash and $110m of U3O8 inventory, offset by a negative legacy contract with realised prices at just 65-70% of spot U3O8 prices.

Target price is $1.50 Current Price is $1.98 Difference: minus $0.48 (current price is over target).
If BOE meets the Ord Minnett target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting downside of -15.3% (ex-dividends)

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

UBS rates BOE as Neutral (3) -

Boss Energy announced 2Q26 production of 456klb, above UBS' estimate of 400klb, and is on track to reach FY26 guidance of 1.6Mlb.

C1 costs at $30/lb were lower than the prior quarter, and FY26 guidance declined to just over $38/lb from $43/lb due to improved reagent optimisation, the analyst states.

Capex rose by a further $4m to $60m-$66m for FY26, and the definitive feasibility study remains on track.

The broker notes a legacy contract from the prior owners was revealed, which will likely result in EPS downgrades of -11% to -12% to FY31, possibly because of a lower average realised price that sits at around 65-70% of the spot price.

Neutral rated with a $1.30 target price

Target price is $1.30 Current Price is $1.98 Difference: minus $0.68 (current price is over target).
If BOE meets the UBS target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting downside of -15.3% (ex-dividends)

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 BOQ as Buy (1) -

Bank of Queensland announced Rod Finch will succeed Patrick Allaway as CEO from 1 March 2026, marking a well-timed and internally driven succession, Citi highlights.

Finch, who has led the bank's transformation since 2022, brings continuity as productivity and simplification initiatives near completion, the broker explains.

Allaway retires as the $250m productivity program concludes, and the broker reckons this gives new leadership a clear runway to shape the next strategic phase.

Buy. Target price $7.15.

Target price is $7.15 Current Price is $6.77 Difference: $0.38
If BOQ meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in August.

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

Ord Minnett rates CHN as Sell (5) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

No change to forecasts for Chalice Mining. Sell maintained, with a lift in target to $1.20 from $1.15.

Target price is $1.20 Current Price is $2.44 Difference: minus $1.24 (current price is over target).
If CHN meets the Ord Minnett target it will return approximately minus 51% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.87, suggesting upside of 22.6% (ex-dividends)

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

Ord Minnett rates CMM as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Capricorn Metals is among the broker's preferred stocks in the gold space. EPS forecast for FY26 lifted by 9.6% and by 20.4% for FY27.

Buy retained, with a lift in target price to $24.00 from $19.50.

Target price is $24.00 Current Price is $15.97 Difference: $8.03
If CMM meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $18.03, suggesting upside of 12.8% (ex-dividends)

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

Bell Potter rates CRN as Speculative Hold (3) -

Coronado Global Resources' December quarter (4Q2025) sales of 4.4Mt was the highest since 3Q2021 but missed Bell Potter's expectations, as did the quarterly production of 4.3Mt. Weaker price realisation drove EBITDA decline of -US$48m in the broker's estimate, despite lower-than-expected mining costs.

Net debt rose to US$642m due mainly to working capital movements, though 2025 guidance was met across all metrics.

The broker expects 2026 performance to improve as lower-cost Mammoth and Buchanan expansions ramp up, partly offset by near-term disruptions and likely curtailment at the higher-cost Logan Complex. Sharp cuts to FY25-27 EPS forecasts.

Speculative Hold maintained. Target cut to 43c from 47c.

Target price is $0.43 Current Price is $0.43 Difference: $0
If CRN meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 5.2% (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

Macquarie rates CRN as Underperform (5) -

Operational underperformance driven by geological issues and safety incidents led to Coronado Global Resources missing consensus ROM/production/sales in the December quarter, Macquarie observes.

Post debt restructuring, the company's leverage is highly sensitive to spot coal prices, the broker notes, with debt potentially cleared by 2029 at current prices or pushed out to 2031 if prices fall -US$10/t.

Safety concerns remain a key negative, the broker highlights

Underperform maintained. Target rises to 40c from 25c on a rise in valuation multiple.

Target price is $0.40 Current Price is $0.43 Difference: minus $0.03 (current price is over target).
If CRN meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.45, suggesting upside of 5.2% (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

Ord Minnett rates CRN as Hold (3) -

Ord Minnett emphasises 2025 as a challenging year for Coronado Global Resources, with a weaker 4Q2025 production update of 4.3mt, some -4% below expectations.

Costs at US$79/t came in 9% above forecast and were due to geological issues in the US, offset by an improved result from Curragh.

The outlook for free cash flow is anticipated to improve in 2026, with Ord Minnett expecting 8% production growth and rising coal prices.

Hold maintained. The target slips to 45c from 48c.

Target price is $0.45 Current Price is $0.43 Difference: $0.02
If CRN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 5.2% (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

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

UBS upgrades Coronado Global Resources to Buy from Neutral with a higher target of 53c from 44c, with the analyst seeing a better risk/reward outlook due to improved operational resilience and more clarity around the outlook.

The miner is positioned to be more leveraged to met coal markets, boosted by a better balance sheet. Specifically, mine performance at Curragh and Buchanan continue to improve.

A Mammoth review is still forthcoming, with a final report over the next few weeks. The analyst views the market as over-emphasising the risk, and assuming a six-week disruption.

UBS is looking for met coal prices to average around US$235 through 2026, supported by weather issues in Australia.

Target price is $0.53 Current Price is $0.43 Difference: $0.1
If CRN meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 5.2% (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

Ord Minnett rates CSC as Hold (3) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker reckons Capstone Copper offers the best leverage to the copper price cycle, though valuation limits further upside for now. EPS forecast for FY26 lifted by 46%, and by 27% for FY27.

Hold retained, with a lift in target price to $16.50 from $14.50.

Target price is $16.50 Current Price is $16.78 Difference: minus $0.28 (current price is over target).
If CSC meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.08, suggesting downside of -2.6% (ex-dividends)

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

Ord Minnett rates CXO as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

In lithium, the broker's top picks are IGO Ltd and PLS Group. No change to forecasts for Core Lithium.

Buy retained, with target price lifted to 35c from 30c.

Target price is $0.35 Current Price is $0.27 Difference: $0.08
If CXO meets the Ord Minnett target it will return approximately 30% (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 DLI as Downgrade to Sell from Hold (5) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

In lithium, the broker's top picks are IGO Ltd and PLS Group. No change to forecasts for Core Lithium.

Rating downgrade to Sell from Hold. Target price lifted to 21c from 17c.

Target price is $0.21

Market Sentiment: 0.0

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

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

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker trimmed Deterra Royalties' FY26 EPS forecast by -1.5% and FY27 by -5.4%.

Rating downgraded to Hold from Buy. Target unchanged at $4.60.

Target price is $4.60 Current Price is $4.51 Difference: $0.09
If DRR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.42, suggesting upside of 0.5% (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

Bell Potter rates DVP as Buy (1) -

Bell Potter notes Develop Global's higher copper and zinc concentrate output points to improved head grades/recoveries, driven by high-grade Kate lens ore. Woodlawn steady-state was reaffirmed for the March quarter and treatment/refining tailwinds were flagged for 2026.

The broker highlights Mining Services delivered $55.5m revenue, led by record Bellevue sales, with strong tender activity and a new $200m Waihi North tunnelling contract starting mid-2026.

Sulphur Springs FID is targeted for the June quarter, while Pioneer Dome development has been reactivated amid strong prices with early off-take, financing and pre-development underway. FY26 EPS forecast lifted by 4%.

Buy. Target rises to $6.40 from $5.80, mainly due to the unwind of risk discount in valuation to zero from 40%.

Target price is $6.40 Current Price is $5.53 Difference: $0.87
If DVP meets the Bell Potter target it will return approximately 16% (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

Ord Minnett rates DYL as Downgrade to Lighten from Accumulate (4) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker lifted Deep Yellow's FY27 EPS forecast by 2.5% and FY28 by 26%. Rating downgraded to Lighten from Accumulate.

Target rises to $2.35 from $2.00.

Target price is $2.35 Current Price is $2.59 Difference: minus $0.24 (current price is over target).
If DYL meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.20, suggesting downside of -24.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates ELV as Neutral (3) -

Elevra Lithium reported an average realised price of $1,520/t for the quarter, broadly in line with Macquarie and 27% higher quarter on quarter, reflecting improved market conditions. However production (-8%), sales (-9%), and cost of sales (+27%) missed forecasts.

Full-year guidance was reduced to reflect near-term challenges as the mine is progressing adjacent to historical underground workings, with a -9% cut to production and an -11% reduction to sales. Unit costs were lifted by 9%.

A revised Scoping Study for North American Lithium brownfield expansion is a near term focus for Macquarie. Target unchanged at $8.50, Neutral retained.

Target price is $8.50 Current Price is $7.90 Difference: $0.6
If ELV meets the Macquarie target it will return approximately 8% (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 EMR as Sell (5) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker lifted Emerald Resources' FY26 EPS forecast by 15% and FY27 by 25%. Sell retained.

Target price lifted to $6.50 from $4.90.

Target price is $6.50 Current Price is $7.88 Difference: minus $1.38 (current price is over target).
If EMR meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Bell Potter rates EMV as Speculative Buy (1) -

EMVision Medical Devices reported improved operating cash flow in the December quarter and US$17.5m in cash. Together with grants, SPP proceeds and an upcoming R&D rebate, the company has over nine quarters of funding, Bell Potter observes.

The pivotal trial for the Emu product is now fully recruiting, with multiple sites activated and additional studies underway to support product development and broader adoption.

Speculative Buy. Target unchanged at $3.15.

Target price is $3.15 Current Price is $1.77 Difference: $1.38
If EMV meets the Bell Potter target it will return approximately 78% (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 FBU as Downgrade to Underweight from Equal-weight (5) -

Given ongoing cyclical pressures, structural and legacy risks and unattractive valuation, Morgan Stanley downgrades Fletcher Building to Underweight from Equal-weight.

Target falls to $2.89 from $3.13.

Target price is $2.89 Current Price is $3.35 Difference: minus $0.46 (current price is over target).
If FBU meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -10.0% (ex-dividends)

The company's fiscal year ends in June.

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: -0.5

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

Ord Minnett rates FFM as Sell (5) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker lifted FireFly Metals' FY26 EPS forecast by 2.9% and FY27 by 6.3%.

Sell retained, with target price lifted to $1.90 from $1.70.

Target price is $1.90 Current Price is $2.18 Difference: minus $0.28 (current price is over target).
If FFM meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.95, suggesting downside of -14.8% (ex-dividends)

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

Ord Minnett rates FMG as Accumulate (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Among majors, the broker now prefers BHP Group over Rio Tinto due to uncertainty around Rio Tinto's potential Glencore takeover.

The broker lifted Fortescue's FY26 EPS forecast by 1.6% but trimmed FY27 by -2.4%. Accumulate maintained, with a lower target of $22.50 from $23.00.

Target price is $22.50 Current Price is $21.63 Difference: $0.87
If FMG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.36, suggesting downside of -5.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Citi rates GGP as Buy (1) -

Citi sees upside risks from future drilling at Greatland Resources' WDU (West Dome Underground) mining area and the Stage 2 extension. There's potential to lift feed for the second 10mtpa train and cut AISC (cost) by -10%, the broker explains.

The maiden WDU resource is due in the March quarter. The broker, however, notes near-term earnings risk remains elevated as high-grade stockpiles end in FY26, driving a forecast -12% drop in FY27 production forecast to 285koz.

Target rises to $16.00 from $13.50, with the broker noting the implied gold price in the share price is US$3,800/oz from US$3,470 in early January. Buy retained.

Target price is $16.00 Current Price is $13.89 Difference: $2.11
If GGP meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.83, suggesting upside of 15.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Greatland Resources' second quarter gold and copper production were pre-reported, while costs were in line with consensus. Greatland indicated production is tracking at the upper end of production of guidance and the lower end of costs.

In Macquarie's view, given the strong production and cost performance in the financial year-to-date there could have been an opportunity to increase production guidance, reduce cost guidance, or narrow the guidance range.

The stock has had a strong run and is up 77% over three months (versus peers up 37%). Following its strong run, in Macquarie's view it is now fairly valued.

Downgrade to Neutral from Outperform. Target rises to $13.00 from $11.40.

Target price is $13.00 Current Price is $13.89 Difference: minus $0.89 (current price is over target).
If GGP 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 $15.83, suggesting upside of 15.0% (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

Ord Minnett rates GGP as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Greatland Resources is among the broker's preferred stocks in the gold space. No change to forecasts.

Buy retained, with a higher target price of $18.50.

Target price is $18.50 Current Price is $13.89 Difference: $4.61
If GGP meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $15.83, suggesting upside of 15.0% (ex-dividends)

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

Ord Minnett rates GL1 as Upgrade to Buy from Hold (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

In lithium, the broker's top picks are IGO Ltd and PLS Group. In the case of Global Lithium Resources, the broker lifted FY27 EPS forecast by 12.5%.

Rating upgraded to Buy from Hold. Target price lifted to 65c from 60c.

Target price is $0.65 Current Price is $0.54 Difference: $0.11
If GL1 meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Ord Minnett rates HAS as Sell (5) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

For Hastings Technology Metals, the broker made no change to forecasts. Sell retained, and target raised to 35c from 32c.

Target price is $0.35 Current Price is $0.60 Difference: minus $0.25 (current price is over target).
If HAS meets the Ord Minnett target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Ord Minnett rates IGO as Accumulate (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

In lithium, the broker's top picks are IGO Ltd and PLS Group. The broker lifted IGO's FY26 EPS forecast by 55% but trimmed FY27 by -13%.

Accumulate rating. Target rises to $9.70 from $8.25.

Target price is $9.70 Current Price is $9.10 Difference: $0.6
If IGO meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.72, suggesting upside of 2.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgans rates IMR as Speculative Buy (1) -

Imricor Medical Systems continues to make solid progress across its clinical, regulatory, and commercial objectives. Morgans expects the NorthStar mapping system to be approved in the US shortly and later in the year approval for atrial flutter.

Commercial sales have been modest to date but Morgans expects sales in Europe and the Middle East to accelerate in 2026. The broker has adjusted down its sales forecast for FY26/27, however from FY28 onwards sees the commercial operations building quickly, particularly in the US.

Speculative Buy retained. Target rises to $2.71 from $2.22.

Target price is $2.71 Current Price is $1.86 Difference: $0.85
If IMR meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

Ord Minnett rates LTR as Hold (3) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker trimmed Liontown's EPS forecasts for FY27-28. Hold rating. Target price $2.00.

Target price is $2.00 Current Price is $2.14 Difference: minus $0.14 (current price is over target).
If LTR meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting downside of -10.7% (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

Shaw and Partners rates MAU as Buy (1) -

No notable new information in Magnetic Resources' December quarter (2Q26) update, with Shaw and Partners noting the highlight was the recent significant increase in the Lady Julie Mineral Resource.

The company ended December with $35.4m in cash, providing a strong funding runway for ongoing exploration and development.

Magnetic is one of the broker's preferred development exposures to gold. Buy, High Risk rating and $3.98 target are unchanged.

Target price is $3.98 Current Price is $1.57 Difference: $2.41
If MAU meets the Shaw and Partners target it will return approximately 154% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill's 1H26 update showed a return to positive NZ sales for the first time since 1H23, alongside strong SSS (same-store sales) growth in Australia and Canada, Macquarie notes. This was despite headwind from Australian store closures.

The broker highlights margins were held flat even with record input costs, and it was supported by portfolio optimisation. Balance sheet remained strong with forecast net cash of $10m.

With sales momentum improving, the broker believes the company is positioned for earnings and valuation upside from FY27. EPS forecast for FY26 lifted by 5% but FY27 trimmed by -2%.

Outperform rating and 75c target are unchanged.

Target price is $0.75 Current Price is $0.44 Difference: $0.31
If MHJ meets the Macquarie target it will return approximately 70% (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

Ord Minnett rates MI6 as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker trimmed Minerals 260's FY27 EPS forecast by -2.4% but lifted FY28 estimate sharply. 

Buy retained, with target price lifted to $1.10 from $0.55.

Target price is $1.10 Current Price is $0.49 Difference: $0.61
If MI6 meets the Ord Minnett target it will return approximately 124% (excluding dividends, fees and charges).

Current consensus price target is $0.98, suggesting upside of 96.7% (ex-dividends)

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 MIN as Downgrade to Hold from Accumulate (3) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker downgrades Mineral Resources to Hold from Accumulate with a higher target of $64 from $57, while lifting EPS forecasts by 14.7% for FY26 and lowering FY27 by -13.1%.

Target price is $64.00 Current Price is $63.41 Difference: $0.59
If MIN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $57.75, suggesting downside of -5.0% (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

Ord Minnett rates MLX as Buy (1) -

Metals X had a cracking 4Q2025 update, according to Ord Minnett, with tin concentrate output and sales around 50% above the prior quarter and a beat on expectations.

Earnings (EBITDA) of $113m was also higher than anticipated by 38%, with the tin price at a record US$54k/t in January.

The analyst raises tin price forecasts to US$43k/t, up 39% for 2026, and up 14% for 2027 to US$32.9k/t, with a similar demand thematic around data centres as copper.

Buy maintained. The target is lifted to $1.60 from $1.05.

Target price is $1.60 Current Price is $1.31 Difference: $0.29
If MLX 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

Morgans rates MSV as Speculative Buy (1) -

Morgans saw how Mitchell Services released yet another strong quarter, reporting EBITDA of $9.6m, up 71% on the prior period.

EBITDA margins expanded to 20% from 12% in 2Q25. Commentary suggests this shows management has delivered a step-change in performance in 1H26.

The broker concludes FY26 looks to be a strong year for earnings, higher EBITDA margins, robust free cash flow plus an anticipated resumption of dividends.

Speculative Buy rating retained. The target price climbs to  $0.50, up from $0.45, on increased forecasts.

Target price is $0.50 Current Price is $0.38 Difference: $0.12
If MSV meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates NCK as Outperform (1) -

Going into Nick Scali's 1H26 result on February 13, Macquarie has positive expectations.

Noting the recent 1H guidance update, with an upgrade to Australia and New Zealand revenue flagged, the analyst believes the market will concentrate on the 2H26 trading update as well as the UK store rollout.

Specifically, any commentary around pending interest rate rises and sensitivity to demand will be important.

Outperform remains. Target price is $29.30.

Target price is $29.30 Current Price is $25.15 Difference: $4.15
If NCK meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $26.04, suggesting upside of 4.1% (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

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

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Newmont Corp is upgraded to Buy from Accumulate and remains one of the preferred gold stocks. The broker remains upbeat on gold.

Target price is raised to $215 from $160 and an upgrade in 2026 EPS forecast of 40.7% with 2025 left unchanged.

Target price is $215.00 Current Price is $183.79 Difference: $31.21
If NEM meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $183.80, suggesting downside of -2.2% (ex-dividends)

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

Ord Minnett rates NHC as Downgrade to Hold from Accumulate (3) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

New Hope is downgraded to Hold from Accumulate with a slightly higher target price of $4.35 from $4.30 with no change to FY26 EPS forecast and FY27 is raised by 13.1%.

Target price is $4.35 Current Price is $4.55 Difference: minus $0.2 (current price is over target).
If NHC meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -7.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Ord Minnett rates NIC as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

There is no change to the broker's Buy rating on Nickel Industries and $1.90 target price. The 2026 EPS forecast is raised by 85.7% with 2025 upchanged.

Target price is $1.90 Current Price is $0.96 Difference: $0.94
If NIC meets the Ord Minnett target it will return approximately 98% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 17.7% (ex-dividends)

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

Ord Minnett rates OBM as Upgrade to Buy from Hold (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Ora Banda Mining is upgraded to Buy from Hold with a new target of $2.25 from $1.50. The broker raises EPS estimates by 16.1% for FY26 and 29.4% for FY27.

Target price is $2.25 Current Price is $1.68 Difference: $0.57
If OBM meets the Ord Minnett target it will return approximately 34% (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

Morgan Stanley rates ORI as Overweight (1) -

Morgan Stanley notes robust near-term demand in mining end-markets, while longer-term liking Orica’s dominant market position, continued penetration of value-added products, and growth optionality in Digital & Specialty Chemicals.

Overweight retained, target rises to $30 from $26.

Target price is $30.00 Current Price is $26.01 Difference: $3.99
If ORI meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $27.15, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in September.

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 PDI as Upgrade to Buy from Hold (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Predictive Discovery is upgraded to Buy from Hold, with the broker raising EPS estimate by 28.1% for FY27, with FY26 unchanged.

Target price $1.15.

Target price is $1.15 Current Price is $0.87 Difference: $0.28
If PDI meets the Ord Minnett target it will return approximately 32% (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 PLS as Upgrade to Accumulate from Hold (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker upgrades PLS Group to Accumulate from Hold. Target lifts to $5.50 from $4.05 and the EPS estimates are raised by 41% for FY26 and down -15% for FY27.

Target price is $5.50 Current Price is $4.81 Difference: $0.69
If PLS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 5.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Ord Minnett rates PRU as Upgrade to Hold from Lighten (3) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker upgrades Perseus Mining to Hold from Lighten with a higher target of $6.40 from $5 and raises FY27 EPS estimate by 9% with FY26 unchanged.

Target price is $6.40 Current Price is $6.43 Difference: minus $0.03 (current price is over target).
If PRU meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.25, suggesting downside of -2.0% (ex-dividends)

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: 0.3

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

Macquarie rates QAN as Outperform (1) -

Macquarie outlines domestic capacity growth of 4%-plus is experiencing load factor and yield pressure, with Qantas Airways offsetting the potential pressure by shifting growth to Jetstar.

Qantas is expected to weaken its domestic capacity outlook to 3-4% due to the demand backdrop, which aligns with industry growth, the analyst explains.

Internationally, Jetstar is redeploying Asian capacity back into Australia outbound and New Zealand with no noticeable impact on load factors, while Qantas is more “mixed”, the broker notes. The US remains a major growth factor, accounting for 50% of available seat kilometre growth.

Higher cracker margins in 1H26 are viewed as a headwind, as oil and fleet renewals continue.

Macquarie tweaks EPS estimates by -3.2% for FY26 and -0.2% for FY27. No change to the Outperform rating and $12.29 target.

Target price is $12.29 Current Price is $10.37 Difference: $1.92
If QAN meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $12.44, suggesting upside of 22.8% (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 REA as Neutral (3) -

REA Group's valuation has been de-rated to pre-COVID levels of around 35x forward earnings, with a forecast EPS CAGR of 16% between FY25 and FY28, Macquarie highlights, amid debate around AI impacts on real estate classifieds.

The broker believes it is too early to identify whether online real estate classifieds will be an AI beneficiary and views real estate as more protected from AI risks than small consumer shopping transactions.

The group is due to report on February 6.

The target price is tweaked lower to $210 from $220, with no change to the Neutral rating.

Target price is $210.00 Current Price is $190.76 Difference: $19.24
If REA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $245.96, suggesting upside of 30.6% (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 REH as Upgrade to Overweight from Equal-weight (1) -

Citing US branch roll-out opportunity, US housing cycle tailwinds and capital management optionality, Morgan Stanley upgrades Reece to Overweight from Equal-weight. Target rises to $16 from $12.

Target price is $16.00 Current Price is $13.83 Difference: $2.17
If REH meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.78, suggesting downside of -13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

A hypothetical Rio Tinto–Glencore merger could create a mining “supermajor”, Morgan Stanley suggests, with in excess of US$300bn enterprise value and circa US$46bn in 2026 earnings. This would boost relevance to policymakers, customers and capital providers.

Value creation, however, depends on limiting complexity and preserving asset-level accountability, the broker warns. Clarity on synergies and dual-listing implications will shape Rio’s reaction, while Glencore likely benefits from sum-of-the-parts repricing.

Morgan Stanley prefers BHP Group ((BHP)). Equal-weight retained. Target rises to $140 from $138.

Target price is $140.00 Current Price is $154.82 Difference: minus $14.82 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $141.60, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.2

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

Ord Minnett rates RIO as Hold (3) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker retains a Hold rating on Rio Tinto with a higher target of $158 from $150 and lifts 2026 EPS forecast by 12%, with 2025 unchanged. BHP Group ((BHP)) is preferred over Rio.

Target price is $158.00 Current Price is $154.82 Difference: $3.18
If RIO meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $141.60, suggesting downside of -9.8% (ex-dividends)

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

Ord Minnett rates RRL as Sell (5) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

.The broker retains a Sell rating on Regis Resources with a new target of $7 from $5.15. The analyst lifts EPS estimates by 15.1% for FY26 and 33.2% for FY27.

Target price is $7.00 Current Price is $8.50 Difference: minus $1.5 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.93, suggesting downside of -6.4% (ex-dividends)

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 RSG as Upgrade to Buy from Hold (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker upgrades Resolute Mining to Buy from Hold with a new target price of $1.90 from $1.25. The 2026 EPS forecast is raised by 36.5% and 2025 is unchanged.

Target price is $1.90 Current Price is $1.45 Difference: $0.45
If RSG meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

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

Ord Minnett rates S32 as Accumulate (2) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

No change to Accumulate rating on South32 with a higher target of $5.10 from $4.60. The broker raises EPS estimates by 36.9% for FY26 and 41.9% for FY27.

Target price is $5.10 Current Price is $4.56 Difference: $0.54
If S32 meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting downside of -2.6% (ex-dividends)

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: 0.8

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

Ord Minnett rates SBM as Upgrade to Speculative Buy from Hold (1) -

Ord Minnett upgrades St. Barbara to Speculative Buy from Hold with a higher target of $1.00 from 65c following PNG government approval of the mining lease extension for the new Simberi gold project to 2038.

The analyst views this as a major de-risking event ahead of the final investment decision expected in the current quarter, with deal finalisation to follow with Lingbao and Kumul.

Following the 2Q26 trading update, the broker lowers EPS forecasts for FY26 by around -30%.

Target price is $1.00 Current Price is $0.77 Difference: $0.23
If SBM meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates SLD as Speculative Buy (1) -

Saluda Medical's first financial update since the December IPO was strong, with 1H26 revenue beating Bell Potter's forecast and a lift to FY26 guidance by 4% to US$85m.

Cash remained strong at US$151.4m with net cash of US$80m, while cash burn is tracking to plan and expected to fall from FY27 on sales growth, margin expansion and cost reductions, the broker highlights.

The broker lifted FY26 forecasts to align with the guidance, with revised forecasts implying 2H26 global revenue growth of 25% y/y and US sales up 37%.

Speculative Buy. Target trimmed to $2.70 from $2.80 on higher AUD/USD.

Target price is $2.70 Current Price is $1.13 Difference: $1.57
If SLD meets the Bell Potter target it will return approximately 139% (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

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

Saluda Medical is a commercial-stage neuromodulation company focused on chronic pain. Its Evoke platform is the first spinal cord stimulation system to use real-time neural sensing to automatically adjust stimulation and maintain therapy at a defined therapeutic target.

Morgans notes Saluda remains early in its US rollout but is fast attacking a US$3bn global SCS market, driven by salesforce expansion, increasing centre density, and forthcoming paddle lead availability.

Following a weak post-IPO performance, Saluda Medical trades at a steep discount to both ASX and global medtech peers, despite strong differentiation and accelerating commercial traction.

Morgans initiates coverage with a Speculative Buy rating and $3.07 target.

Target price is $3.07 Current Price is $1.13 Difference: $1.94
If SLD meets the Morgans target it will return approximately 172% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates SNS as Buy (1) -

Bell Potter assesses SenSen Networks' December quarter (2Q26) as mixed, with cash receipts up 11% but higher payments. A delayed $2.05m R&D refund left cash at $0.4m and net debt of $1.0m, partly offset by undrawn facilities.

Operational momentum remained strong, with new North American city wins and higher usage revenue reiterated, the broker highlights.

The broker left FY26 forecasts unchanged, with modest tweaks to H1/H2 split but EBITDA expectations maintained.

Buy retained. Target cut to 12c from 14c on roll-forward and lower multiple in the valuation.

Target price is $0.12 Current Price is $0.04 Difference: $0.08
If SNS meets the Bell Potter target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates SYR as Outperform (1) -

Macquarie downgrades Syrah Resources' target by -29% to 50c due to a more subdued near-term earnings outlook post the 4Q2025 result, which saw production up 2% and sales down -3%, with pricing missing consensus forecasts by -26% due to product mix changes.

Graphite production came in at 34.4kt, meeting consensus expectations, and recovery rose to 76% from 68% in the prior quarter.

The analyst lowers EPS forecasts by -48% for 2025 and -171% for 2026.

No change to the Outperform rating, as Syrah remains one of the world's largest natural graphite operations.

Target price is $0.50 Current Price is $0.27 Difference: $0.23
If SYR meets the Macquarie target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 86.7% (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: 0.3

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

Morgans rates TNC as Speculative Buy (1) -

Morgans has (re)initiated coverage on True North Copper, having last updated in March 2024.

Reinitiation follows a period of successful exploration-led growth, project planning and a renewed corporate strategy. Importantly, the strategy avoids early production commitments and debt-funded development, materially reducing financial risk versus prior operating models.

True North Copper offers exposure to a staged copper growth platform, combining near-term development optionality at Cloncurry with district-scale exploration leverage at Mt Oxide, Morgans notes.

Speculative Buy, target $1.20.

Target price is $1.20 Current Price is $0.60 Difference: $0.6
If TNC meets the Morgans target it will return approximately 100% (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

Morgans rates TTX as Speculative Buy (1) -

Tetratherix continues to achieve its commercial, clinical and regulatory milestones in a timely manner. The key focus for Morgans is the FDA approvals (expected in 1H27) for the dental (Tegenix) and orthopedic (TegenEOS) application.

Tetratherix’s 2Q26 result was in line with the broker's expectations. Using its innovative platform technology, Tetratherix can develop solutions for multiple medical conditions.

The company is looking to partner with specialist companies to assist with clinical trial, regulatory approvals and market access.

Target unchanged at $5.76. Speculative Buy retained.

Target price is $5.76 Current Price is $3.83 Difference: $1.93
If TTX meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

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 TWE as Sell (5) -

Following an analysis of the latest China’s Cross-Border E-Commerce (CBEC) price verification checks, Citi notes the wine prices are below the previous December 2025 levels, but remain slightly above the 2025 average.

The persistent price gap between CBEC and offline channels remains a key concern for the broker.

Sell maintained for Treasury Wine Estates. Target price $4.80.

Target price is $4.80 Current Price is $5.27 Difference: minus $0.47 (current price is over target).
If TWE meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.10, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates TWE as Neutral (3) -

Australian wine exports for the December quarter saw value down -12.9% y/y and volume down -2.9% y/y, UBS notes.

Above $5 per litre, value fell -14.3% y/y and volume was down -15.8% y/y. China value and volume declined by -30.1% and -16.3%, the UK rose 7.1% and 6.2%, with a rise in Canada across both categories, and the US saw value down -23.8% and volume up 4.6%.

No change to the Neutral rating and $5.25 target Treasury Wine Estates, or the broker's earnings estimates.

Target price is $5.25 Current Price is $5.27 Difference: minus $0.02 (current price is over target).
If TWE 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 $5.10, suggesting downside of -5.0% (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

Macquarie rates WAF as Neutral (3) -

At first inspection, Macquarie notes West African Resources' 4Q2025 update was largely pre-reported, with gold production of 112koz and all in sustaining costs (AISC) of US$1,561/oz. This was 14% above consensus and 20% above the analyst's expectations.

First gold was poured at Kiaka at June-end, with the first quarter of production in the December period at 63.2koz at AISC of US$1,649/oz.

Net cash came in better than expected at US$91.4m, some US$106m above the broker's expectations. Guidance for 2026 was not released and is due to be announced at the 1Q2026 update.

On further inspection, the analyst lowers EPS forecasts for 2025 by -7% on higher costs, while 2026 rises by 5% on lower forecast costs at Sanbrado.

The target price is raised by 22% to $3.90 as Macquarie increases its valuation multiple due to lower operational risks. The Neutral rating is unchanged.

Target price is $3.90 Current Price is $3.84 Difference: $0.06
If WAF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

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

Ord Minnett rates WAF as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

The broker lifts the target on West African Resources to $4.80 from $3.70 and retains a Buy rating. The EPS forecasts are tweaked lower by -0.2% for 2025 and up 21.6% for 2026.

Target price is $4.80 Current Price is $3.84 Difference: $0.96
If WAF meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Citi rates WBC as Neutral (3) -

Citi notes Australia's December quarter inflation supports their economists' expectations of an RBA rate hike in February, with banks already benefiting from higher swap rates.

Short- and medium-term swaps are up 60-80bps, the broker highlights, lifting replicating portfolio returns and term deposit spreads as deposit pricing lags.

As benefits flow through earnings in the coming quarters, the broker reckons Westpac is best positioned under current pricing trends.

Neutral. Target price $39.

Target price is $39.00 Current Price is $38.87 Difference: $0.13
If WBC meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $35.28, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates WC8 as Buy (1) -

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations. 

The broker raises Wildcat Resources' target price to 65c from 40c, while retaining a Buy rating. No change to the EPS forecasts.

Target price is $0.65 Current Price is $0.41 Difference: $0.24
If WC8 meets the Ord Minnett target it will return approximately 59% (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

Macquarie rates WDS as Neutral (3) -

Macquarie highlights that 4Q2025 results were supported by a very robust performance from Sangomar, noting five quarters of running on plateau as a commendable achievement.

The rate is declining and is anticipated to be reflected in 2026 guidance. Scarborough remains a major de-risking project, with first LNG cargo expected in 4Q2026, while Louisiana continues to progress, the analyst states.

The broker lifts its EPS forecast for 2025 by 25% on the 4Q2025 revenue beat, while the 2026 EPS estimate falls by -8% on lower production and higher D&A.

The Neutral rating and $25 target remain unchanged.

Target price is $25.00 Current Price is $24.98 Difference: $0.02
If WDS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $25.74, suggesting upside 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: 0.2

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) -

Woodside Energy's Dec Q revenue was down -10% quarter on quarter and -13% year on year on lower average realised prices but 7% ahead of consensus. 

Initial FY26 production guidance is in line with consensus at the top end. Capex guidance is below consensus and subject to further Louisiana LNG sell-downs, should Woodside choose to do so.

Morgan Stanley is looking ahead to Woodside's 2025 results (24 Feb), Louisiana site tour 26 March, Morgan Stanley Energy Houston field trip 25 & 27 March, and permanent CEO appointment in 1Q26.

Equal-weight and $26 target retained. Industry view: In-Line.

Target price is $26.00 Current Price is $24.98 Difference: $1.02
If WDS meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $25.74, suggesting upside 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: 0.2

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

UBS rates WDS as Neutral (3) -

Woodside Energy announced 4Q2025 production and sales revenue, which exceeded consensus by 4% and 7%, respectively, arising from more robust oil production from both Mad Dog (US Gulf Coast) and Sangomar, UBS notes.

2026 production guidance came in below consensus by -4% at the midpoint, which the broker attributes to an implied -13% drop in consolidated 2026 oil production forecasts, with a speedier decline rate at Sangomar and a fall in Australian oil assets.

The analyst lifts 2025 EPS forecast by 8% and lowers 2026-2027 by -7% to -13%.

The target slips to $23.10 from $23.50. No change to the Neutral rating.

Target price is $23.10 Current Price is $24.98 Difference: minus $1.88 (current price is over target).
If WDS meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.74, suggesting upside 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: 0.2

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

UBS rates WEB as Buy (1) -

UBS looks for trend indications from the HBX Group (Hotelbeds) for Web Travel, noting total transaction value rose 16%, which met consensus, with Europe up 14%, Americas up 16% and MEAPAC up 20%.

Broadly, 1Q26 came in line with expectations, with a pleasing improvement in total transaction value, in part due to the Middle East, which is viewed as a positive for Web Travel.

UBS retains a Buy rating and $6.15 target for Web Travel. No change to the broker's EPS forecasts.

Target price is $6.15 Current Price is $4.66 Difference: $1.49
If WEB meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 30.1% (ex-dividends)

The company's fiscal year ends in March.

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