Australian Broker Call

Morgan Stanley rates AD8 as Overweight (1) -

Morgan Stanley highlights Audinate Group as a high-risk, high-reward pick ahead of upcoming FY25 results, with positive risk-reward skew despite a wide range of potential outcomes.

With low buy-side expectations for FY25 and FY26, particularly regarding FY26 outlook, the company is tracking in line with FY25 gross profit expectations, with the potential for upside, suggest the analysts.

Even if FY26 estimates are revised lower, the stock could still perform well, in Morgan Stanley's opinion, due to continued improvements and cycle stabilisation.

Trading at the low end of its historical range, Audinate's price does not fully reflect its structural growth potential, competitive position, or long-term profitability, highlights the broker. Risks relate to a more muted FY26 outlook and potential higher cash burn.

Consensus is currently expecting around 26% US$ gross profit growth in FY26 (23% A$ gross profit growth), note the analysts.

Morgan Stanley outlines three potential outcomes. Scenario 1 (base case) suggests FY25 gross profit is in line, with possible small upside, and FY26 guidance indicating lower GP growth than current consensus but an improving half-on-half (HoH) outlook.

Scenario 2 (bull case) sees a clear FY25 gross profit beat (5% or more), with continued improvement into FY26, although optical growth may be lower due to a higher FY25 base.

Scenario 3 (bear case) expects FY25 gross profit to be in line, but a weaker FY26 outlook with minimal HoH progress.

Assuming Scenario 1, the analysts believe the stock would likely trade higher, signaling recovery and potential for acceleration in FY27.

Overweight. Target unchanged at $11. Industry View: In-Line.

Target price is $11.00 Current Price is $6.56 Difference: $4.44
If AD8 meets the Morgan Stanley target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $9.41, suggesting upside of 44.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

The release of the Nelson Review’s draft report on August 6, 2025, includes nine recommendations that could have modest and manageable impacts on utility stocks in the medium term, highlights Morgan Stanley.

The industry reaction has been generally positive, with players generally requesting gradual changes and better investment incentives for renewable energy and gas peaker investments.

Investor focus is on next week's FY26 earnings guidance from AGL Energy, believe the analysts, including contribution from batteries.

Morgan Stanley and consensus forecast FY26 earnings (EBITDA) of $2.1bn.

The Equal-weight rating and $11.88 target are maintained. Industry View: In-Line.

Target price is $11.88 Current Price is $10.07 Difference: $1.81
If AGL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates AMP as Buy (1) -

AMP's interim results show continued improvement in flows without sacrificing margins across its Platforms, Superannuation & Investments (S&I), and banking businesses, highlights Citi.

While legacy risks remain, the broker notes they have not materialised, and the promised 2cps dividend was paid. Citi expects the market to value AMP’s Platform and S&I businesses more highly as flows continue to improve.

The broker raises its target price to $2.00 from $1.90, maintaining a Buy rating. Citi is optimistic about AMP’s cost guidance and the potential for its new digital bank to improve returns over time.

Target price is $2.00 Current Price is $1.75 Difference: $0.25
If AMP meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates AMP as Neutral (3) -

Invoking the AMP spirits of the past, the company missed Macquarie's expectations for 1H25 results due to elevated controllable costs, which arose from higher employee costs.

Guidance for FY25 was retained for controllable costs and margins for the Superannuation & Investments (S&I) and Platforms divisions. Net interest margin for the bank was lifted to 130bps from around 126bps previously.

Assets under management revenue-based margins were as anticipated in Platforms, with around 62bps to be clawed back, the analyst highlights, for S&I to reach 63bps for 2025.

Macquarie reports the earnings call was dominated by questions about the AMP Bank Go, with management reaffirming it is new and will take time to roll out.

Macquarie lifts its 2025 EPS estimate by 5.9% from better investment income and lowers 2026 by -1.9%. Target remains at $1.70 with a Neutral rating.

Target price is $1.70 Current Price is $1.75 Difference: minus $0.05 (current price is over target).
If AMP meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.88, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates AMP as Overweight (1) -

Trading at around 13.5 times underlying FY26 P/E and offering an estimated 20% FY24-26E EPS compound annual growth rate (CAGR), Morgan Stanley sees AMP as an attractive investment.

Wealth flows are improving without sacrificing margins, while bank margins are stabilising, with further cost optimisation potential, suggest the analysts.

AMP's interim underlying profit missed the consensus forecast by -5% and the broker's estimate by -10%, though part of the miss was due to cost seasonality.

The Bank's margin was better than expected, with FY25 guidance upgraded, and capital was well ahead of targets, highlight the analysts.

The softer S&I revenue margin and one-off costs, such as new digital bank launch expenses and negative other revenues, had minimal impact on consensus forecasts, notes Morgan Stanley.

Despite controllable costs being slightly above consensus, AMP's capital position is strong, according to the broker. Management has maintained FY25 guidance, with a focus on achieving the necessary cost reductions in H2.

Target lifts to $1.95 from $1.90. Overweight rated. Industry view: In-Line.

Target price is $1.95 Current Price is $1.75 Difference: $0.2
If AMP meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates AMP as Buy (1) -

Ord Minnett observes AMP's FY25 guidance largely matched expectations across all key segments, with stronger 2H25 expected to offset the slightly softer 1H.

The broker's overall assessment is the bank is showing signs of operational improvement, especially in its core wealth and banking businesses.

However, underperformance in offshore partnerships (China Life Pension and China Life AMP Asset Management) and weak investment income led to modest EPS downgrades for FY25-27.

Buy. Target rises to $1.95 from $1.85.

Target price is $1.95 Current Price is $1.75 Difference: $0.2
If AMP meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 1.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates AMP as Neutral (3) -

AMP's 1H25 underlying net profit after tax missed UBS and the consensus by -5% but on the positive side, the FY25 outlook was  slightly better.

Net interest margin was raised to 130bps for 2H vs the broker's 124bps forecast. The bank held controllable cost guidance at $600m indicating slight front-loading in 1H which was at $303m. 

The broker lifted FY25 EPS forecast by 1.3% and FY26 by 0.8% after factoring in an upgrade to net interest margin and business simplication expense spread over FY25-26 vs FY25 earlier.

Neutral. Target rises to $1.80 from $1.70.

Target price is $1.80 Current Price is $1.75 Difference: $0.05
If AMP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates ANZ as Neutral (3) -

Citi highlights recent press reports and management changes suggesting a significant shift in ANZ Bank's technology strategy.

The bank appears to be moving towards using ANZ Plus as a front-end customer experience, notes the broker, and accelerating the migration of Suncorp Group ((SUN)) Bank customers to the legacy Classic platform.

This change is seen as a lower-risk approach which doesn't require full completion of Plus before progressing further.

While awaiting a strategy update prior to FY25, Citi notes management departures and team consolidations point to the likelihood of this shift.

Although sustaining the dividend at its current level may be difficult, a clear path to improved returns could make it feasible, suggests the broker.

Citi raises its target to $29.50 from $27.50. Neutral maintained.

Target price is $29.50 Current Price is $30.96 Difference: minus $1.46 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.00, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Citi rates ASX as Neutral (3) -

Citi's forecasts suggest the ASX faces an around -4% profit hit in FY26 due to higher regulatory costs linked to ASIC’s compliance assessment, with unclear implications for subsequent years.

The broker also lowers its FY27 EPS estimate by -2%, citing ongoing uncertainty from the regulatory review, which is expected to continue until March 2026.

ASIC’s review may also lead to further costs, fines, or business model changes, Citi cautions. Additionally, the potential approval of CBOE Australia's listing market application is thought to present new competition for ASX.

Citi retains a Neutral rating and lowers its target price to $68.80 from $71.60.

Target price is $68.80 Current Price is $70.39 Difference: minus $1.59 (current price is over target).
If ASX meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $64.66, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Morgan Stanley rates ASX as Underweight (5) -

ASX announced an additional -$25m–$35m in opex for FY26, arising from the ongoing ASIC inquiry.

Morgan Stanley and consensus currently estimate around -$508m of total costs for FY26. With an extra -$30m, this lifts the forecasts by an incremental -$6m to total cost expectations.

The analyst explains that, all else remaining unchanged, it represents a circa -4% impact to FY26 earnings.

Underweight rating retained with Morgan Stanley emphasising the negatives are not sufficiently discounted in the share price and revenue programs will not be sufficient to offset the higher costs.

Target unchanged at $57.10. Industry View: In-line. No changes to the broker's EPS estimates.

Target price is $57.10 Current Price is $70.39 Difference: minus $13.29 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $64.66, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates ASX as Sell (5) -

ASX provided an estimate of -$25-35m additional costs it expects to incur on resourcing, legal and other internal/external costs in relation to the ASIC inquiry.

UBS estimates the -$30m midpoint would increase total costs in FY26 to 13.5-18.5% from 8-11% previously assumed. As a result, forecast FY26 EPS is trimmed by -1%.

The broker sees risk of additional -5% or -$20m operational costs in FY27 vs FY26 (minus one-off ASIC inquiry costs), and as a result expects cost growth to exceed revenue growth over FY27-28.

Sell. Target trimmed to $63.65 from $69.10.

Target price is $63.65 Current Price is $70.39 Difference: minus $6.74 (current price is over target).
If ASX meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $64.66, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Bell Potter rates ATX as Speculative Buy (1) -

Amplia Therapeutics announced top-line data from the single-arm Phase 2 Accent trial for narmafotinib plus chemotherapy in metastatic pancreatic cancer patients. 

Bell Potter views the new data, which showed median progression-free survival duration at 7.6 months, as a positive outcome, as it was above the threshold of 7.5 months, which represents a two-month extension.

The next key points include the FDA feedback on the potential approval pathway in 4Q2025, with further Accent interim data in that quarter, and the overall (mature data) for survival from the trial in 1Q2026.

No change in Speculative Buy rating, 42c target price or EPS estimates.

Target price is $0.42 Current Price is $0.19 Difference: $0.23
If ATX meets the Bell Potter target it will return approximately 121% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 AVH as Speculative Buy (1) -

The sharply lower share price tells the story: Avita Medical's 2Q25 report represents a significant miss versus expectations.

In a quick response, Morgans points out there was no sales growth on the quarter as delays and complications continue to secure reimbursement from the regional Medicare contractors.

Management has been forced to make large downgrades to guidance, and pushed guidance around profitability to the middle of next year.

The broker finds solace in the fact management has successfully rolled through cost-base reductions, as planned, decreasing the net loss with more to come in 3Q.

Alas, Morgans now also believes another capital raising will be necessary to successfully lead this company to profitability.

Reduced forecasts have pulled back the price target to $2 from $3.76 prior. Speculative Buy rating retained with the comment that both balance sheet and execution risks have increased.

Target price is $2.00 Current Price is $1.73 Difference: $0.27
If AVH meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Morgan Stanley rates AX1 as Overweight (1) -

Morgan Stanley reiterates an Overweight rating on Accent Group due to the company's improved long-term prospects, while acknowledging the entry of Sports Direct into the Australian market through the Accent Group tie-up.

The success will be reliant on leveraging Accent's "deep" knowledge of the market and assets. Building scale will take time.

The competitive threat to Super Retail Group's ((SUL)) Rebel business underpins an Underweight rating on that stock.

Target $1.95. Industry View: In-Line.

Target price is $1.95 Current Price is $1.52 Difference: $0.43
If AX1 meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgan Stanley rates BHP as Overweight (1) -

Morgan Stanley anticipates an upside surprise from BHP Group in the upcoming reporting season. The broker's 2H25 dividend forecast is 4% above consensus (US53.4c versus US51.5c). 

The difference is driven by the broker's EPS forecast of US$1.07 compared to consensus at US$1.02, reflecting better copper costs due to favourable currency and by-product performance.

Overweight rating and $43.50 target retained. Industry View: Attractive.

Target price is $43.50 Current Price is $39.87 Difference: $3.63
If BHP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $42.07, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates BXB as Neutral (3) -

At upcoming FY25 results, Citi expects no major surprises from Brambles' FY25 guidance, following the company's revision in late April.

According to the broker, key factors to watch include: Lumber import duties likely tightening the domestic market and driving price increases in 2H26 and a strong 4Q25 net new wins, which should annualise through FY26.

Also the analyst cautions over a potentially subdued like-for-like environment, which may offset some gains.

Overall, Citi estimates revenue growth will remain steady, with FY26 constant currency sales expected to grow by around 5%. The target is raised to $23.60 from $20.15. Neutral maintained.

Target price is $23.60 Current Price is $23.31 Difference: $0.29
If BXB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $23.14, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Morgan Stanley rates CAR as Overweight (1) -

CAR Group features in Morgan Stanley's latest catalyst-driven idea. FY25 results and outlook are expected to be significant due to the CEO change and recent softer trends in private listings, used car prices, and lower US discretionary spending.

The broker believes the FY26 outlook will show 12% growth in revenue, EBITDA, and EPS.

Management's guidance will need to reflect "good growth" in these areas to meet consensus expectations, highlights Morgan Stanley, especially for the US market, given current economic conditions and tariff negotiations.

The analysts' potential outcomes range from a strong FY26 outlook (15% growth), to a solid or good outlook (5-15% growth). Scenario 2, with a good outlook, is the broker's base case expectation.

Overweight rating. Target $42.50. Industry view: Attractive.

Target price is $42.50 Current Price is $37.13 Difference: $5.37
If CAR meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $41.65, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates CBA as Sell (5) -

Ahead of CommBank's FY25 result next week, Morgans made minor revisions to its model as it factored in -$130m cost items recently announced, latest loan/deposit numbers and current short-term rates.

The result was -1% downgrade to FY25 cash EPS.  Target price trimmed to $97.40 from $97.49. Sell retained.

Target price is $97.40 Current Price is $178.13 Difference: minus $80.73 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.40, suggesting downside of -38.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

Macquarie rates CCP as Neutral (3) -

Macquarie reviewed the 2Q25 results of PRA Group and Encore Capital for the implications of their American business on Credit Corp.

The broker noted Encore's aggressive capital deployment into a supply-rich environment and strong returns bodes well for the company's ability to access portfolios at attractive returns.

PRA, on the other hand, was more cautious with new purchasing, possibly reflecting weaker back-book performance and greater vintage drag than peers.

While the vintage drag would be a risk for the company's legacy portfolios, the broker reckons PRA's slower purchasing opens more opportunities.

Neutral. Target unchanged at $18.23.

Target price is $18.23 Current Price is $17.58 Difference: $0.65
If CCP meets the Macquarie target it will return approximately 4% (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 CKF as Buy (1) -

Citi feels Collins Foods could face challenges in Australia as McDonald's innovates in the chicken segment.

McDonald's 2Q25 results showed its first market share gains in years, driven by its "Hot Honey Chicken Campaign" and the successful launch of McWings in June. These offerings directly compete with KFC's Wicked Wings, explains the broker.

This development follows a period of sustained underperformance by McDonald's in the Australian quick service restaurant (QSR) market, highlight the analysts.

Buy. Target $10.13.

Target price is $10.13 Current Price is $9.12 Difference: $1.01
If CKF meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $10.16, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in April.

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 - Cessation of coverage

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

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

Morgan Stanley expects Deterra Royalties to announce 2H25 dividend of 13c which is 6% above the consensus, taking FY25 total dividend to 22c. 

The broker will be looking for any update on the Thacker Pass lithium project at the FY25 result.

Equal-weight. Target price $3.80. Industry View: Attractive.

Target price is $3.80 Current Price is $4.34 Difference: minus $0.54 (current price is over target).
If DRR meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.12, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates FMG as Overweight (1) -

Morgan Stanley anticipates an upside surprise for Fortescue in the upcoming reporting season. The broker's FY25 EPS forecast is around 15% higher than consensus.

The analysts expect 73% of 2HFY25 earnings will be paid out, bringing the full-year payout to 70%, at the upper end of management's 50-80% profit guidance, compared to consensus at circa 66%.

Morgan Stanley forecasts a US45.5c dividend versus consensus at US39.5c.

Overweight. Target slips to $19.40 from $19.50. Industry View: Attractive.

Target price is $19.40 Current Price is $18.51 Difference: $0.89
If FMG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.01, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

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

Morgan Stanley notes Allianz Australia's 2Q25 results offer valuable insights for Australian insurers and brokers, particularly Insurance Australia Group and Suncorp Group, ahead of APRA industry data.

Allianz reported an 8.0% renewal rate change for the half year, driven by home, motor, and SME lines, with a slight uptick in the June quarter.

Total business volume grew by 5.5% year-on-year, primarily due to positive pricing effects amid elevated inflation.

Allianz's combined ratio improved by 320 basis points year-on-year to 84.6%, and the the analysts see this as a strong cross-read for both IAG and Suncorp's underlying profitability.

For Insurance Australia Group, the Equal-weight rating and $8.35 target are maintained. Industry View: In-Line.

Target price is $8.35 Current Price is $8.78 Difference: minus $0.43 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.01, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Shaw and Partners rates IFM as Downgrade to Hold from Buy (3) -

Shaw and Partners downgrades its rating on Infomedia to Hold from Buy after management entered into a scheme with TPG (private equity) to acquire it for $1.72 per share.

The broker's target is lowered to this level from $21.10 to align with the offer price.

The cash offer values the company at $579m, note the analysts, with a break fee of $6.5m and expected completion by late November 2025.

While the certainty of the offer is appealing in an uncertain environment, Shaw notes the implied valuation is below Infomedia's historical average and prior M&A offers.

The proposed multiple also lags comparable industry transactions, suggesting to the broker the valuation is not particularly celebratory. 

Target price is $2.10 Current Price is $1.68 Difference: $0.42
If IFM meets the Shaw and Partners target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates IGO as Underweight (5) -

Ahead of IGO Ltd's FY25 result, Morgan Stanley notes the company flagged non-cash impairment of -$70-90m related to Kwinana lithium hydroxide refinery on poor performance.

FY26 production guidance of 1,500-1,650kt was -10.5% lower than the broker's forecast and -7.8% below the consensus. Cash cost guidance was broadly in line.

The broker will focus on outlook and projects at the FY25 result. Underweight. Target price $3.90. Industry view: Attractive.

Target price is $3.90 Current Price is $4.73 Difference: minus $0.83 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.18, suggesting downside of -16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Morgan Stanley rates ILU as Overweight (1) -

No changes to Morgan Stanley's EPS forecasts for Iluka Resources ahead of the 1H25 results.

The broker will look for updates to FY25 guidance and any commentary on projects plus outlook for 2H pigment/zircon demand.

The broker's 1H25 dividend forecast of 2.2c is -22% below the consensus, driven from negative free cash flow.

Overweight. Target rises to $6.05 from $5.55. Industry View: Attractive.

Target price is $6.05 Current Price is $5.77 Difference: $0.28
If ILU meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates LLC as Buy (1) -

Citi highlights a potential near-term catalyst for Lendlease Group with an upcoming buyback announcement.

The buyback, which could be valued up to $500m, is expected to be driven by proceeds from the sale of the group's 25% stake in the Keyton retirement business and its TRX mall in Malaysia.

While this sale alone may not be sufficient for the full buyback, Citi sees potential for an initial, smaller buyback.

The analysts suggest the buyback will be value accretive, as Lendlease stock is trading at a -12% discount to its written down net tangible asset (NTA) metric.

Buy. Target unchanged at $6.80.

Target price is $6.80 Current Price is $5.58 Difference: $1.22
If LLC meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Bell Potter rates LNW as Buy (1) -

Light & Wonder announced adjusted earnings (EBITDA) of US$352m, which was 2% above Bell Potter's forecast and in line with consensus.

Revenue was down -1%, missing both Bell Potter's and consensus expectations due to a decline in gaming of -1%, a fall in SciPlay of -2%, with iGaming up 9%. Cash flow declined -60% on the prior year to US$29m, arising from -US$73m in legal settlements.

Management's guidance is for 2025 earnings (EBITDA) of US$1.43bn–US$1.47bn, with growth weighted to 4Q2025.

Bell Potter lowers its EPS estimates by -5% for 2025 and -1% for 2026. The disappointing guidance is attributed to tariff issues and lingering macroeconomic risks.

Target price falls to $178 from $194. Buy rating retained.

Target price is $178.00 Current Price is $133.75 Difference: $44.25
If LNW meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $188.67, suggesting upside of 58.9% (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: 1.0

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

Citi rates LNW as Buy (1) -

Light & Wonder reported a slowdown in 2Q25 adjusted earnings (EBITDA) growth, observes Citi, with a decline to low single digits from 11% in 1Q25.

The revised earnings guidance (US$1.43–US$1.47bn) suggests to the analyst a downgrade, with risk in achieving even the lower end of the range due to the need for a strong 4Q25.

Citi lowers its earnings forecasts by -3% for FY25 and -2% for FY26, though they remain above consensus.

The stock is expected to benefit from a sole Australian listing and an increased US$1.5bn buyback program.

Citi lowers its target price to $176.00 from $193 while maintaining a Buy rating.

Target price is $176.00 Current Price is $133.75 Difference: $42.25
If LNW meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $188.67, suggesting upside of 58.9% (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: 1.0

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

Macquarie rates LNW as Outperform (1) -

Light & Wonder posted 2Q25 adjusted earnings (EBITDA) of US$352m, a 7% year-on-year increase, in line with Macquarie's expectations.

Management has revised its 2025 earnings guidance to US$1,450m, reflecting 16% year-on-year growth.

The broker highlights solid momentum in premium gaming operations, with significant growth in net adds, particularly in North America.

The company plans to complete its sole primary ASX listing by November 2025. The analyst believes the stock may be worth $295 per share, offering 120% upside from the current share price.

Despite cutting EPS forecasts for 2025-27, Macquarie retains its Outperform rating with a target price of $180, down from $188.

Target price is $180.00 Current Price is $133.75 Difference: $46.25
If LNW meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $188.67, suggesting upside of 58.9% (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: 1.0

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

Morgans rates LNW as Buy (1) -

Light & Wonder's 2Q25 revenue of US$807m was in line with Morgans' forecast while adjusted EBITDA of US$353m beat by 2% but was broadly in line with the consensus.

The company confirmed it will move to a sole listing on the ASX and topped up its buyback program by US$500m to US$1.5bn.

Adjusted FY25 EBITDA guidance was updated to US$1.43-1.45bn while net profit guidance was narrowed to US$550-575m, resulting in -0.2% and -5.5% cuts to the broker's forecasts, respectively.

Buy. Target cut to $175 from $190.

Target price is $175.00 Current Price is $133.75 Difference: $41.25
If LNW meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $188.67, suggesting upside of 58.9% (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: 1.0

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

Ord Minnett rates LNW as Buy (1) -

Ord Minnett notes Light & Wonder's 2Q25 net profit missed the consensus as a -35% decline in international machine sales offset strong performance in new gaming installations.

The key news was the plan to exit Nasdaq and become solely listed on the ASX. The broker reckons the decision marks a major shift in management's capital markets strategy, reflecting a desire to align with a local investor base and mixed reception and valuation concerns in the US.

The broker highlights local investors prefer lower leverage than what’s typical for US firms, hence a re-rating is possible if the company adjusts to lower gearing.

Buy. Target price $224.

Target price is $224.00 Current Price is $133.75 Difference: $90.25
If LNW meets the Ord Minnett target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $188.67, suggesting upside of 58.9% (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: 1.0

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

UBS rates LNW as Buy (1) -

UBS assesses Light & Wonder's 2Q25 result as "slightly disappointing" vs its expectations, with adjusted EBITDA -1% below its forecast, and net profit per share -3% lower than its estimate, on higher D&A.

The company issued revised FY25 adjusted EBITDA guidance but the bottom end was already at the broker's and consensus estimates. The midpoint of net profit guidance of US$550-575m was line with the broker's estimate but lower than the consenus.

The company confirmed move to a sole primary ASX listing in November, and increased the buyback program by US$500m. The broker expects half of the remaining US$900m buyback to be completed prior to the Nasdaq delisting.

Buy. Target rises to $199 from $195 on valuation roll-forward.

Target price is $199.00 Current Price is $133.75 Difference: $65.25
If LNW meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $188.67, suggesting upside of 58.9% (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: 1.0

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

Citi rates LTR as Sell (5) -

Liontown Resources will raise up to $266m via a placement at 73c and $20m share purchase plan (SPP), with $50m from the National Reconstruction Fund. Hancock Prospecting will not participate, notes Citi, diluting its stake to 16% from around 18%.

The broker removes debt drawdown assumptions from its forecast model, lowers the LG convertible note conversion price to $1.66 from $1.80, and sees a cash low point of circa $80m in FY28.

June quarter results and long-term FOB cash costs of $840/t SC5.2 are also incorporated, versus guidance for FY27 costs to be 20-25% below FY26.

The analysts don't anticipate positive cash flow until FY28, with lithium prices forecast to average around US$830/t through 2027 and FY25-27 earnings (EBIT) forecasts materially downgraded.

The broker's target price falls to 40c from 50c, Sell retained on valuation and cost risk.

Target price is $0.40 Current Price is $0.85 Difference: minus $0.45 (current price is over target).
If LTR meets the Citi target it will return approximately minus 53% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.59, suggesting downside of -30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates LTR as Underperform (5) -

Liontown Resources raised $266m via share placement at a -13.6% discount to last closing price, with a $20m share purchase plan also underway. The placement was 15% of share capital (prior to raise) and didn't require shareholder approval.

The National Reconstruction Fund contributed $50m but Hancock didn't participate.

Macquarie notes the capital raise removes a key overhang on the stock by reducing refinancing risk. And while the dilution is material, it is offset by upside risk from deleveraging.

Underperform. Target rises to 60c from 55c on lower net debt forecast.

Target price is $0.60 Current Price is $0.85 Difference: minus $0.25 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.59, suggesting downside of -30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Morgan Stanley rates LYC as Overweight (1) -

Ahead of Lynas Rare Earths' FY25 result, Morgan Stanley slightly adjusted costs forecasts, resulting in a fall to FY25 EPS forecast.

The broker will look for cost details for 2H25 and any update on the FY26 outlook.

Overweight. Target rises to $12.85 from $12.15. Industry View: Attractive.

Target price is $12.85 Current Price is $12.16 Difference: $0.69
If LYC meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.67, suggesting downside of -23.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill's FY25 trading update offered comparable earnings (EBIT) of $14m–$16m against 1H25 earnings (EBIT) of $24.1m, inferring a loss of -$9m in 2H25 and down -$15.4m on the prior year, Macquarie notes.

Against a challenging macro backdrop, the company achieved flat group revenue in FY25, which is viewed as a "solid" outcome, with only NZ negative.

The analyst envisages a strategy and pathway to achieve near-term comparable earnings (EBIT) of $30m by FY27.

Macquarie lowers its EPS forecast by -37% for FY25. Commentary emphasises the company remains highly leveraged to an expected economic recovery in A&NZ.

No change to Outperform rating. Target is $0.75.

Target price is $0.75 Current Price is $0.43 Difference: $0.32
If MHJ meets the Macquarie target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates MIN as Overweight (1) -

Ahead of Mineral Resources' FY25 result, Morgan Stanley updated the model to reflect higher costs, resulting in a small downgrade to FY25 EPS forecast.

The broker expects FY26 guidance to be provided at the result, noting Onslow shipments of 30-33Mt was flagged at the June quarterly. Focus will be on iron ore and lithium unit costs.

Overweight. Target unchanged at $37.50. Industry View: Attractive.

Target price is $37.50 Current Price is $33.26 Difference: $4.24
If MIN meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $31.00, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates NEU as Buy (1) -

Sales of Neuren Pharmaceuticals' Daybue via Acadia in the US rose 14% y/y in the June quarter, with 12% rise from new patients and 2% from pricing. This was ahead of consensus and Ord Minnett's forecasts.

The company reiterated guidance for US$380-405m sales in FY25 and flagged it will review this later in the year, while noting the outlook is robust. 

The broker lifted FY25 revenue forecast to US$399m, the upper end of the guidance range, on higher revenue per patient outlook, resulting in EPS upgrades.

Buy. Target rises marginally to $30.90 from $30.80.

Target price is $30.90 Current Price is $17.55 Difference: $13.35
If NEU meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $23.17, suggesting upside of 30.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates NUF as Sell (5) -

Citi expects Nufarm to experience volume growth in Crop Protection following the completion of destocking, though pricing headwinds are likely to persist, in line with global peers.

Despite cautious optimism about China’s efforts to reduce overcapacity, no concrete policies have been implemented in the Ag sector, leaving prices suppressed due to persistently low active ingredient prices.

Earnings upside for the company's Crop Protection division is expected to be driven by lower input costs improving gross margins.

Citi, however, remains cautious on the stock given concerns regarding leverage and the Seed Tech review may weigh on investor sentiment. 

Sell. Target $2.60.

Target price is $2.60 Current Price is $2.56 Difference: $0.04
If NUF meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates ORG as Underweight (5) -

The release of the Nelson Review’s draft report on August 6, 2025 includes nine recommendations that could have modest and manageable impacts on utility stocks in the medium term, highlights Morgan Stanley.

Commentary notes the industry reaction has been generally positive, with players generally requesting gradual changes and better investment incentives for renewable energy and gas peaker investments.

Investor focus is on next week's FY26 earnings guidance from Origin Energy, believe the analysts, including contribution from batteries, along with incremental Octopus/Kraken disclosures.

Morgan Stanley and consensus forecast FY26 earnings (EBITDA) of $1.6bn and $1.5bn, respectively.

Underweight. Target is unchanged at $9.80. Industry View: In-Line.

Target price is $9.80 Current Price is $11.88 Difference: minus $2.08 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.49, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates PLS as Overweight (1) -

Morgan Stanley updated its model for Pilbara Minerals following 4Q25 production result, with FY25 EPS seeing a downgrade on higher cost and depreciation. FY26 EPS estimate lowered on higher mining and processing cost plus lower recovery.

At the FY25 result, the broker will look for updates on Pilgangoora expansion and any developments on the Colina project, and the POSCO JV Li hydroxide plant in South Korea.

Overweight. Target price $2. Industry View: Attractive.

Target price is $2.00 Current Price is $1.77 Difference: $0.23
If PLS meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting downside of -9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Shaw and Partners has reiterated its Buy, High Risk rating on Playside Studios following a $6.6m equity raising to strengthen its balance sheet ahead of the major game launch Mouse: P.I. For Hire.

The pre-launch metrics for Mouse indicate a material revenue opportunity, highlights the broker, with Playside Studios now forecasting a $24m two-year revenue contribution.

Cash burn is expected to reduce significantly in FY26. Shaw notes improving sentiment in the broader video game industry, which could help convert work-for-hire (WFH) contracts.

The broker lowers its price target to 43c from 50c, reflecting lower forecast cashflows, particularly from WFH contracts.

Target price is $0.43 Current Price is $0.20 Difference: $0.23
If PLY meets the Shaw and Partners target it will return approximately 115% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates PRN as Buy (1) -

Citi expects no surprises in Perenti's FY25 results, with guidance in line with expectations. Looking beyond FY25, management is believed to likely offer an optimistic outlook.

Commentary suggests the future is supported by a strong pipeline of opportunities that should offset the revenue void from Zone 5 and fill the EBITA gap through recent contract extensions and awards.

While FY25 free cash flow is boosted by one-off factors, Citi believes the market will focus on free cash flow trends for FY26, with Citi estimating underlying free cash for FY25 at around $167m.

The broker maintains a Buy rating, raising the target price to $2.20 from $1.90, driven by a valuation roll forward and higher FY26 earnings forecasts.

Target price is $2.20 Current Price is $1.90 Difference: $0.3
If PRN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates QBE as Buy (1) -

At first glance, QBE Insurance reported 1H25 COR (combined operating ratio) of 92.8%, a beat against both Citi and consensus estimates, with the caveat that the analyst's 2H COR is lower than consensus.

Net profit after tax of US$1,022m was also better than expected, due to better CAT at US$479m, below the CAT allowance of US$549m by -US$70m.

The broker likes the North American COR, which continues to improve and sits at 92.7% against 97.5% a year earlier. Citi views the result as robust, noting rate increases are slowing into 2Q25 compared to 2Q24.

Buy. Target unchanged at $26.10.

Target price is $26.10 Current Price is $23.45 Difference: $2.65
If QBE meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Bell Potter rates REA as Upgrade to Buy from Hold (1) -

Bell Potter upgrades REA Group to Buy from Hold, with a rise in target price to $284 from $262, on the back of a roll-forward in the valuation and expected circa 20% growth in EPS across FY26 and FY27.

The FY25 result met the broker's expectations and consensus, with the 284c final dividend a clear beat on the forecast 234c per share. The company grossed cash of $298m from the sale of its 17.2% stake in Property Guru, which boosted net cash to $358.1m.

A possible sustainable lift in the payout could be implemented if a suitable M&A opportunity does not arise.

Management continues to point to positive operating jaws for FY26, with high-single-digit opex growth versus expectations for double-digit yield growth.

Commentary suggests the AMAX and Luxe add-on products are showing positive trends with monetisation opportunities.

Target price is $284.00 Current Price is $248.51 Difference: $35.49
If REA meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates REA as Buy (1) -

Citi has raised several questions for REA Group's management following FY25 results.

The broker inquires about the outlook for listings, particularly whether the July decline will persist into the September quarter and if management expects growth from 2Q onwards.

The analysts also ask about the adoption of the Audience Maximiser bundles, including potential upgrades and the contribution of Luxe to yield growth in FY26.

The broker is also interested in the impact of CoStar and whether the group's product portfolio needs adjustments.

Buy rating. Target rises by 2% to $279.25.

Target price is $279.25 Current Price is $248.51 Difference: $30.74
If REA meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 12.4% (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

Morgan Stanley rates REA as Overweight (1) -

Following further analysis of REA Group's FY25 results, the broker's target is raised to $300 from $280. The Overweight rating is maintained. Industry View: Attractive.

Morgan Stanley feels the entry of competitor CoStar, with deep pockets and aggressive strategy, could impact the group through lower pricing, innovation, increased ad spend, or platform differentiation.

Despite these risks, the core thesis remains that management's strong leadership position, pricing power, and positive structural growth story support revenue and margins.

A summary of yesterday's research by Morgan Stanley follows.

REA Group's third quarter result was broadly in line with Morgan Stanley's forecasts, with revenue up by 12% to $374m and earnings (EBITDA) also up by 12% to $199m, slightly below the broker’s estimate.

Yield growth of 15% in the quarter beat the analysts' forecast of 13%, reaffirming to the broker REA’s strong pricing power, which is expected to drive total yield growth of 13-15% for FY25.

Listings were flat year-on-year in the quarter, but management expects full year growth of 1-2% despite tough comps in April.

While CoStar’s entry introduces a competitive risk, Morgan Stanley believes the group can continue to deliver double-digit pricing growth.

Target price is $300.00 Current Price is $248.51 Difference: $51.49
If REA meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley revised production and cost forecasts for South32 ahead of FY25 result, resulting in a -8.4% cut to FY25 EPS forecast, and a -0.3% cut to FY26.

The broker believes the company's estimated US$400m cash position will allow further capital management initiatives. 

FY26 operating cost guidance is expected at the result, and updates on Hermosa and Mozal power deal.

Overweight. Target trimmed to $3.45 from $3.55. Industry view: Attractive.

Target price is $3.45 Current Price is $2.97 Difference: $0.48
If S32 meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Morgan Stanley rates SUN as Overweight (1) -

Morgan Stanley notes Allianz Australia's 2Q25 results offer valuable insights for Australian insurers and brokers, particularly Insurance Australia Group and Suncorp Group, ahead of APRA industry data.

Allianz reported an 8.0% renewal rate change for the half year, driven by home, motor, and SME lines, with a slight uptick in the June quarter.

Total business volume grew by 5.5% year-on-year, primarily due to positive pricing effects amid elevated inflation.

Allianz's combined ratio improved by 320 basis points year-on-year to 84.6%. This is highlighted as a strong cross-read for both IAG and Suncorp's underlying profitability.

For Suncorp Group, the Overweight rating and $25.20 target are maintained. Industry View: In-Line.

Target price is $25.20 Current Price is $20.99 Difference: $4.21
If SUN meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $22.43, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie - Cessation of coverage

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

Bell Potter rates TLX as Buy (1) -

In a flash update, Bell Potter noted competitor Lantheus reported Pylarify results for 2Q, which saw revenues decline for the period, with the pass-through reimbursement having ended on Dec 31, 2024. This resulted in a price cut of -40% for Medicare fee-for-service patients.

The major takeaway was increased pricing pressures from suspected competitor Blue Earth’s Posluma, and Lantheus flagging ongoing price weakness in 3Q and 4Q. Bell Potter believes that, longer term, the PSMA imaging market will return to equilibrium but will be subject to price deflation.

For Telix Pharmaceuticals, the analyst expects September quarter revenues for Illuccix to be under pressure, with the pass-through reimbursement having finished on June 30.

A positive is the approval of Zircaiz on August 27 is flagged, along with the refreshed pass-through for Gozellix in late September.

Regarding Clarity Pharmaceuticals ((CU6)), there is no impact, as its Cu SAR-bis-PSMA is highly differentiated due to superior quality.

No change to Buy rating or $33 target.

Target price is $33.00 Current Price is $18.20 Difference: $14.8
If TLX meets the Bell Potter target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

UBS rates VAU as Initiation of coverage with Buy (1) -

UBS has initiated coverage of Vault Minerals with a Buy rating and target price of 55c.

The company was born from the merger of Red 5 and Silver Lake Resources, and the broker reckons it is an undervalued stock in the mid-cap gold space.

Commentary highlights Red 5 brought in the Leonora asset while Silver Lake's contribution is balance sheet and strong management team.

The company reported $685m cash and bullion at the end of the June quarter, providing it optionality ahead.

In the near-term, the hedgebook is expected to weigh on the free cash flow, with one of the lowest realised prices for FY26, but fully exposed to spot prices after that.

Upcoming catalysts as per the report include Leonora mill expansion project, full reserve/resource update and any value-accretive organic and inorganic opportunities.

Target price is $0.55 Current Price is $0.42 Difference: $0.13
If VAU meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.57, suggesting upside of 32.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources announced FY26 production and all-in-sustaining-cost guidance, which met consensus expectations. Growth in capex came in above by 15%.

Macquarie notes a miss in production guidance against its forecasts by -5%, which includes third-party ore purchases of 15–30koz. Production is expected to be weighted to 2H due to the ramp-up of mining at Bluebird–South Junction, Great Fingall, and ore deliveries from third parties.

All-in-sustaining-costs of $2,600–$2,900 guidance met expectations, with higher capex of -$270m, with most going into Murchison for underground development.

No change to Outperform rating and $3.60 target price.

Target price is $3.60 Current Price is $2.90 Difference: $0.7
If WGX meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates WGX as Buy (1) -

Westgold Resources' FY26 production guidance of 345-385koz fell short of Ord Minnett's estimate but was in line with the consensus. The guidance includes 15-30koz of purchased ore.

The cost and capex guidance broadly met the broker's forecasts, though capex outlook was above the consensus estimate.

The broker has an improved production outlook for FY27-28, with FY28 forecast 31% higher than FY26 estimate.

EPS forecast for FY25 cut on lower gold sales. Buy. Target price $3.50.

Target price is $3.50 Current Price is $2.90 Difference: $0.6
If WGX meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates WHC as Overweight (1) -

Ahead of FY25 result, Morgan Stanley fine-tuned its model for Whitehaven Coal and adjusted the D&A forecast, resulting in a 15% lift to EPS forecast for FY25. FY26 forecast moves to a profit from a loss.

The broker forecasts dividend of 6c for 2H25 vs the consensus of 4c, and will be looking for details on capital allocation framework and unit cost guidance.

Overweight. Target price $8.05. Industry View: Attractive.

Target price is $8.05 Current Price is $6.75 Difference: $1.3
If WHC meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.33, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates WOR as Buy (1) -

Citi expects Worley to deliver an in-line FY25 result, with an earnings (EBITA) margin of around 8.4%, slightly above the midpoint of management's guidance.

The broker forecasts FY25 and FY26 earnings growth of 10% and 7%, respectively, in line with consensus, with minimal contribution from Commonwealth Procurement Agreement 2 (CP2), until the ramp-up in major construction activity.

Citi anticipates management will guide to earnings growth targets, with potential for medium-term upside driven by favorable structural tailwinds and Worley’s strong market position.

The broker lowers its FY25 and 26 profit (NPATA) forecasts by -1% and -7%,  respectively, reflecting the delayed timing of CP2 earnings.

Target price to falls to $17 from $18. Buy retained.

Target price is $17.00 Current Price is $13.10 Difference: $3.9
If WOR meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $17.49, suggesting upside of 33.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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