Australian Broker Call

Bell Potter rates 4DX as Speculative Buy (1) -

4DMedical's $150m raise in mid-January has removed the funding overhang and led to renewed investor interest in the company, Bell Potter highlights.

The company is now positioned for sustained growth over the next 2-5 years, in the broker's view. The broker reminds earnings prospects improved sharply in 2H2025, supported by FDA approval of CT:VQ, strategic funding and revenue support.

Speculative Buy. Target lifted to $4.50 from $2.50 as the broker describes the company as a full scale commercial enterprise from an emerging technology stock.

Target price is $4.50 Current Price is $3.21 Difference: $1.29
If 4DX meets the Bell Potter target it will return approximately 40% (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

Shaw and Partners rates A1M as Buy (1) -

The highlight of AIC Mines' December quarter report was the underground access drive reaching the Jericho copper deposit ahead of schedule and transitioning to trial mining, Shaw and Partners notes.

Commentary suggests production and cash flow remained strong as plant expansion progressed, alongside high-grade exploration results despite extreme rainfall impacts.

Buy, High Risk rating and 80c target are unchanged.

Target price is $0.80 Current Price is $0.61 Difference: $0.19
If A1M meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.76, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates A2M as Neutral (3) -

UBS believes net profit can double for a2 Milk Co by FY30, underpinned by share gains in infant formula across both the English and Chinese label products. Margin expansion is also expected from internalised manufacturing and reduced US losses.

The broker now has greater confidence around the company's ability to recover from supply issues, also noting a valuation gap has emerged subsequent to the recent de-rating.

No change to NZ$11.10 target price and Neutral rating.

Current Price is $8.60. Target price not assessed.

Current consensus price target is $9.77, suggesting upside of 13.7% (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

Morgans rates AEL as Buy (1) -

Energy stocks have lagged the appreciation in materials stocks since last reporting season and Morgans believes there are signs of energy prices stabilising and a higher level of confidence the outlook is starting to improve.

Amplitude Energy remains the top small-cap preferred stock in the energy sector with a Buy rating retained. Target set at $3.60.

The analyst notes the final investment decision for Otway is on track for 3Q26 with first gas targeted for 2028. Amplitude remains in the investment phase with no dividend forecast.

Target price is $3.60 Current Price is $3.14 Difference: $0.46
If AEL meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates AMC as Buy (1) -

Ahead of the reporting season, UBS notes packaging companies face a tough US consumer backdrop, limiting volume recovery. Food and HPC are stabilising but alcohol volumes are still pressured by cyclical and structural headwinds.

For Amcor, the broker will be looking for updates on the plan to divest the non-core North American beverages business.

Buy retained. Target $91.25.

This report was published Monday.

Target price is $91.25 Current Price is $63.48 Difference: $27.77
If AMC meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $78.59, suggesting upside of 23.9% (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

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

UBS upgrades Arena REIT to Buy from Neutral and the target edges down to $4.05 from $4.06, noting that instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%. A lack of supply is expected to underpin income growth and rising debt costs should be countered by a more proactive hedging/debt margin compression.

The broker has taken a review of the earnings profile across its coverage and forecasts "solid" FY26-29 compound growth in EPS of 5.3%.

UBS assesses the key downside risk for Arena REIT is any acceleration in the supply of new childcare centres amid broad declines in centre occupancy.

Target price is $4.05 Current Price is $3.59 Difference: $0.46
If ARF meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates ASX as Underweight (5) -

ASX is proposing that ASX Clear & Settlement is subject to 11.5% target weighted average cost of capital (WACC). Morgan Stanley suggests this appears high relative to the circa 7% WACC and 8-9% return on equity at regulated utilities.

Morgan Stanley estimates up to 5% of ASX group earnings would be at risk if the WACC target for cash clearing & settlement falls from 11.5% to 7.0%.

The broker lifts revenues forecasts across FY26-28 on stronger cash equities and interest rate futures volumes, and looks for 8% revenue growth in FY26 before moderating to 3.5% in FY27/28.

These benefits are partly offset by revised expense forecasts and Morgan Stanley forecasts flat earnings margins across FY27-28. Target rises to $46.65 from $45.15, Underweight retained. Industry view: In-Line.

Target price is $46.65

Current consensus price target is $55.27, suggesting upside of 5.5% (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

Shaw and Partners rates B4P as Buy (1) -

Shaw and Partners assesses Beforepay Group's December quarter report as strong with 18% y/y revenue growth and 22% y/y net transaction margin (NTM) growth. Net profit of $0.3m, however, missed forecasts due to higher opex and amortisation.

The broker cut net profit estimates by -15% to -20% across FY26-28, driven by investment in Carrington Labs rather than the core domestic lending business, which it sees as resilient.

Buy, High Risk rating and $3 target price are unchanged.

Target price is $3.00 Current Price is $1.82 Difference: $1.18
If B4P meets the Shaw and Partners target it will return approximately 65% (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 BPT as Hold (3) -

Energy stocks have lagged the appreciation in materials stocks since last reporting season and Morgans believes there are signs of energy prices stabilising and a higher level of confidence the outlook is starting to improve.

Management has established plans to rebuild credibility, including a better performance from Waitsia, the analyst explains, with recent quarters showing improvements from Otway and Cooper. LNG swaps have obscured the Waitsia ramp up.

Hold rated with a $1.22 target price.

Target price is $1.22 Current Price is $1.21 Difference: $0.01
If BPT meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting downside of -12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Ord Minnett rates BRL as Speculative Buy (1) -

Ord Minnett notes the December quarter was slightly softer than expected in terms of production because of adverse weather.

Stockton sales are expected to be stronger in the second half and along with an improving outlook for metallurgical coal provide confidence about Bathurst Resources delivering on guidance of NZ$35-45m in EBITDA.

Speculative Buy maintained. Target rises to $0.92 from $0.90.

Target price is $0.92 Current Price is $0.68 Difference: $0.24
If BRL meets the Ord Minnett target it will return approximately 35% (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

Shaw and Partners rates BUB as Buy (1) -

Bubs Australia's December quarter update (2Q26) showed strong US sales growth offset by inventory and trading challenges in Australia, China and ROW (rest of world), Shaw and Partners notes. 

The broker observes management is confident about conditions improving in 2H26 and the FDA approval is progressing.

No FY26 guidance was provided. The broker lowered FY26 revenue forecast by -4.5% and FY27 by -4.3%.

Buy, High Risk retained. Target cut to 17c from 20c.

Target price is $0.17 Current Price is $0.13 Difference: $0.04
If BUB meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 35.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates CHC as Upgrade to Buy from Sell (1) -

UBS upgrades Charter Hall to Buy from Sell and its target to $26.50 from $19.93, noting that instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by a more proactive hedging/debt margin compression.

The broker's analysis signals that once volatile performance and transaction fees are excluded, the REIT's funds management multiple is in line with its 10-year trailing average.

Coverage of Charter Hall has been transferred to Solomon Zhang with this note.

Target price is $26.50 Current Price is $23.05 Difference: $3.45
If CHC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 10.1% (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

UBS rates CLW as Downgrade to Sell from Neutral (5) -

UBS downgrades Charter Hall Long WALE REIT to Sell from Neutral and reduces the target to $3.75 from $4.55. Commentary states the stock is vulnerable to earnings downgrades amid limited self-help initiatives outside of asset sales.

Instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

Coverage of Charter Hall Long WALE REIT has been transferred to Solomon Zhang with this note.

Target price is $3.75 Current Price is $3.87 Difference: minus $0.12 (current price is over target).
If CLW meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.19, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

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

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

UBS upgrades Centuria Capital to Neutral from Sell, reducing the target to $2.03 from $2.10, noting that instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

The broker has taken a review of the earnings profile across its coverage and forecasts "solid" FY26-29 compound growth in EPS of 5.3%.

For Centuria Capital UBS believes the recent rate pivot will cause retail demand for fund product to soften and this will mean a slower recovery in earnings growth compared with expectations.

Still, valuation is now seen as largely reflecting these headwinds.

Target price is $2.10 Current Price is $1.96 Difference: $0.14
If CNI meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 8.0% (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

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

UBS upgrades Centuria Office REIT to Neutral from Sell, with the target reduced to $1.03 from $1.20.

The broker considers the "downtime" over FY25/26 has dragged on earnings yet, while there are leasing headwinds, the issues are known and largely priced in, suggesting the risk/reward is more balanced.

Instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

Target price is $1.03 Current Price is $1.06 Difference: minus $0.03 (current price is over target).
If COF meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates COL as Buy (1) -

Ahead of 1H26 results, UBS made modest upgrades to Coles Group's FY26-27 EPS forecasts driven by higher Supermarkets EBIT from margin expansion, partially offset by lower Liquor EBIT.

The broker notes focus for Coles and Woolworths Group will be underlying 2Q26 sales excluding Woolworths' VIC industrial action and early 3Q26 trading. Expectation is that Coles will maintain sales leadership, also confirmed by supplier survey feedback favouring the supermarket on execution and price trust.

In a separate note based on UBS's January Supermarket Supplier Survey, the analyst notes Coles strengthened its lead over Woolworths across trading, market share outlook and price trust. It ranked higher in 23 of 26 categories and is seen as best placed to gain share over the next six months.

Buy rating and $25 target are unchanged.

Target price is $25.00 Current Price is $21.39 Difference: $3.61
If COL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.67, suggesting upside of 13.5% (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

Bell Potter rates CSL as Hold (3) -

Bell Potter left CSL's forecasts largely unchanged ahead of 1H26 results on 11 February, noting its revenue forecast is -2% below consensus and slightly under FY26 guidance.

The broker has a cautious view, given ongoing organic growth uncertainty and near-term headwinds across Seqirus and Behring.

Focus areas include the resilience of the core Ig franchise, competitive pressures in CIDP, and upside from margin improvements and newer product ramps (Andembry, Hemgenix).

Hold rating and $195 target are unchanged.

Target price is $195.00 Current Price is $177.08 Difference: $17.92
If CSL meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $227.36, suggesting upside of 27.0% (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: 0.6

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

Citi rates CSL as Buy (1) -

On January 30, the European regulator (EMA) initiated a review of Tavneos’ marketing authorisation over concerns around the integrity of the clinical trial underpinning its 2022 approval. CSL didn't conduct the trial but markets the drug ex-US, with sales around 1% of estimated FY26 revenue.

Citi notes Daiichi Sankyo cut guidance for CSL’s IV iron products again on the same day, citing generic pressure on Venofer and pricing competition for Injectafer. The broker believes these developments reintroduce some risk around the Vifor business.

Buy. Target unchanged $225.

Target price is $225.00 Current Price is $177.08 Difference: $47.92
If CSL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $227.36, suggesting upside of 27.0% (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: 0.6

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

UBS rates CWY as Buy (1) -

Ahead of the reporting season, UBS is positive on the E&C sector, supported by Australian infrastructure investment, rising global energy demand, strong balance sheets, buybacks, and order book growth.

For Cleanaway Waste Management, the broker will focus on any guidance updates, the implied second-half run rate, and commentary on trading conditions in the first 8 weeks of the year.

Buy retained. Target $3.15.

This report was published Monday.

Target price is $3.15 Current Price is $2.46 Difference: $0.69
If CWY meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates DXS as Downgrade to Neutral from Buy (3) -

UBS downgrades Dexus to Neutral from Buy, reducing the target to $7.34 from $8.60.

Commentary suggests there remains value on offer at the current discount to NTA of -23%, but the broker envisages lower earnings growth throughout FY27 will be an impediment to unlocking value.

Instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

The broker has taken a review of the earnings profile across its coverage and forecasts "solid" FY26-29 compound growth in EPS of 5.3%.

UBS believes GPT Group ((GPT)) is an "easier" exposure to office markets.

Target price is $7.34 Current Price is $6.68 Difference: $0.66
If DXS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.36, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates ELV as Upgrade to Outperform from Neutral (1) -

In early January, Macquarie  downgraded all lithium producers under coverage, questioning the sustainability of the sharp lithium price rally and its implications for long-term value creation at these companies.

Many lithium equities have declined by double digits in recent days. Macquarie expects lithium consumption activity to soften through February.

On the recent sell-off, the broker upgrades Elevra Lithium to Outperform from Neutral. Target rises to $8.60 from $8.50.

Target price is $8.60 Current Price is $6.48 Difference: $2.12
If ELV meets the Macquarie target it will return approximately 33% (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 GL1 as Upgrade to Outperform from Neutral (1) -

In early January, Macquarie  downgraded all lithium producers under coverage, questioning the sustainability of the sharp lithium price rally and its implications for long-term value creation at these companies.

Many lithium equities have declined by double digits in recent days. Macquarie expects lithium consumption activity to soften through February.

On the recent sell-off, the broker upgrades Global Lithium Resources to Outperform from Neutral. Target unchanged at 65c.

Target price is $0.65 Current Price is $0.48 Difference: $0.17
If GL1 meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $0.65, suggesting upside of 30.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates GNC as Hold (3) -

GrainCorp's FY26 EBITDA and net profit guidance came in well below consensus and Bell Potter's forecasts, reflecting tougher global grain market conditions.

The broker notes unfavourable grain pricing and lower trading margins underpin weaker FY26 earnings, resulting in a -58% downgrade in its FY26 net profit forecast.

Target cut to $6.80 from $7.60. Hold maintained.

Target price is $6.80 Current Price is $6.19 Difference: $0.61
If GNC meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in September.

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

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

Depressed supply chain margins have been a constant for GrainCorp the past three years, Macquarie notes, driven by elevated global grain supplies.

This has also fed into volumes with low prices inducing growers to move less grain through GrainCorp's system.

Macquarie thinks there is also a structural element considering GrainCorp's market share is down -10ppts versus prior large seasons (FY22/23).

Northern east coast areas have seen back-to-back bumper harvests with Victoria recovering in the 25/26 season.

Rainfall in the coming months will shape the next season and there are some pockets of dryness emerging. At this stage the broker expects a 26/27 east coast winter harvest down -15% year on year.

A lack of catalysts near term to support a lift in margins and earnings growth, combined with normalisation in the season ahead, drives Macquarie's downgrade to Neutral from Outperform. Target falls to $6.60 from $8.30.

Target price is $6.60 Current Price is $6.19 Difference: $0.41
If GNC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates GNC as Accumulate (2) -

GrainCorp's guidance prior to the February 18 AGM is described as disappointing, with earnings (EBITDA) guidance now set at $200–$240m from $307.9m in FY25, well below consensus of $305.6m and Morgans’ prior estimate of $290m.

Underlying NPAT guidance is down to $20–$50m from $86.7m in FY25, also well below consensus and the analyst's forecast of $80.9m.

Volume guidance was ok, but margins have continued to come under pressure, with Australian grain prices at a premium to US prices as well as low grain prices resulting in farmers selling less grain, which places pressure on the company's network.

Morgans has downgraded FY26 earnings (EBITDA) by -24% to sit at the midpoint of guidance and net profit forecast has been downgraded by -60.5%. Target price falls to $6.76 from $9.05.

No change to Accumulate rating with the view the company is worth significantly more than the current stock price.

Target price is $6.76 Current Price is $6.19 Difference: $0.57
If GNC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in September.

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 GNC as Buy (1) -

Ord Minnett observes GrainCorp has lowered FY26 expectations, delivering a "weak" December trading update amid lower receivable and export volumes.

FY26 earnings guidance is now for underlying EBITDA to range from $200-240m, a mid-point downgrade of -28% on the broker's previous estimate, and underlying net profit from $20-50m, down -54%.

Target is reduced to $8.60 from $9.35. As this still implies a 12-month total shareholder return of 46% a Buy rating is retained.

Target price is $8.60 Current Price is $6.19 Difference: $2.41
If GNC meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in September.

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

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

UBS upgrades GPT Group to Buy from Neutral and raises the target to $6.00 from $5.55, noting that instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%. A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

The broker has taken a review of the earnings profile across its coverage and forecasts "solid" FY26-29 compound growth in EPS of 5.3%.

The main downside risks for the stock are a slower-than-expected leasing of vacancies across office exposures, higher redemptions and outflows from GWOF and slower unattributed growth across the funds platform.

Coverage of GPT Group has been transferred to Solomon Zhang with this note.

Target price is $6.00 Current Price is $5.22 Difference: $0.78
If GPT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 12.4% (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 HLO as Hold (3) -

Ord Minnett posits the appeal of Webjet Group ((WJL)) to Helloworld Travel is obvious, with synergies from both revenue and costs as well as access to a new customer base.

The broker calculates a bid for the stock up to $1.05 could still be accretive, delivering a post-tax return on capital more than the assessed weighted average of 10.3%.

The company has previously stated the acquisition will be debt funded and this remains the key risk to the transaction in the broker's view as, historically, banks and other parties have been reluctant to lend to travel businesses.

The Webjet board may also elect to endorse a rival bid. Hold rating. Target edges down to $1.90 from $1.93.

Target price is $1.90 Current Price is $2.04 Difference: minus $0.14 (current price is over target).
If HLO 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 $2.38, suggesting upside of 15.7% (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

Macquarie rates IMA as Outperform (1) -

Image Resources' 2025 guidance was largely achieved. The company delivered five shipments of heavy mineral concentrate (HMC) during the Dec Q, totalling 70kdmt in sales, -6% below Macquarie's forecast.

2025 total sales of 154kt came within guidance. Dec Q production of 73kt was within 3% of the broker's estimate. The company maintains a lower level of production due to weak market conditions.

Image Resources is a nimble pure-play mineral sands producer, Macquarie suggests, that presents growth potential with project development at Durack and Yandanooka in the medium term. Target falls to 10c from 13c, Overweight retained.

Target price is $0.10 Current Price is $0.06 Difference: $0.04
If IMA meets the Macquarie 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 INA as Neutral (3) -

UBS adjusts forecasts for Ingenia Communities, noting instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

The broker trims settlement forecast across FY26-29 and now assumes a 10% growth in settlements from FY24-29, at the lower end of the company's target range of 10-15%. Neutral retained. Target is reduced to $5.00 from $6.24.

Coverage is transferred to Solomon Zhang with this note.

Target price is $5.00 Current Price is $4.74 Difference: $0.26
If INA meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 22.9% (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 INR as Speculative Buy (1) -

Ioneer surprised Ord Minnett with a US$50m institutional capital raising for expenditure on long lead items for Rhyolite Ridge.

The broker now expects the company will speed up the construction by six months rather than waiting for the partnering process to conclude.

Despite a negative market reaction, the broker retains a $0.40 target, believing this raising is just part of the future equity required for the build. Speculative Buy rating.

Target price is $0.40 Current Price is $0.16 Difference: $0.24
If INR meets the Ord Minnett target it will return approximately 150% (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

Macquarie rates IPH as Outperform (1) -

Macquarie reports IPH's volumes were down -8.9% year on year in January, substantially lagging behind market activity of 14.9% growth.

IPH has sustained lower filing activity in Australia and saw market share decline to 24.3%.

US PCT (patent cooperation treay) activity growth remains negative, Macquarie notes. Allowing for a 12-18 month delay between primary market filings (US) and secondary market filings (Aust), current Australian activity correlates with the historical weak US activity.

Despite a disappointing operating performance, IPH's cost-out, underlying improvement in FY26 and cash generation remain attractive to the broker.

Outperform and $4.04 target retained.

Target price is $4.04 Current Price is $3.69 Difference: $0.35
If IPH meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.46, suggesting upside of 48.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates JHX as Neutral (3) -

Ahead of the reporting season, UBS is cautious on the building materials sector, despite housing affordability initiatives and lower mortgage rates driving recent share price outperformance.

The broker reckons incentives continue to mask weak demand, with other headwinds like elevated housing inventory, and subdued peer/read-through signals.

For James Hardie Industries, the broker remains cautious given the subdued outlook for US single-family housing starts. Target price, however lifted to $37 from $30.50 following a recent re-rating of key peers.

Neutral maintained.

This report was published Monday.

Target price is $37.00 Current Price is $32.67 Difference: $4.33
If JHX meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $37.57, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Morgans rates KAR as Hold (3) -

Energy stocks have lagged the appreciation in materials stocks since last reporting season and Morgans believes there are signs of energy prices stabilising and a higher level of confidence the outlook is starting to improve.

Morgans has set a $1.70 target price on Karoon Energy with a Hold rating unchanged. The analyst remains cautious on the stock during the investment period with realised price challenges and possible reserve contraints.

Target price is $1.70 Current Price is $1.67 Difference: $0.03
If KAR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 14.2% (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: 0.2

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

Macquarie rates LTR as Upgrade to Neutral from Underperform (3) -

In early January, Macquarie downgraded all lithium producers under coverage, questioning the sustainability of the sharp lithium price rally and its implications for long-term value creation at these companies.

Many lithium equities have declined by double digits in recent days. Macquarie expects lithium consumption activity to soften through February.

On the recent sell-off, the broker upgrades Liontown to Neutral from Underperform. Target unchanged at $1.70.

Target price is $1.70 Current Price is $1.78 Difference: minus $0.08 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting upside of 5.3% (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 MEI as Speculative Buy (1) -

Meteoric Resources has now de-risked its project in Minas Gerais, Brazil, and now must secure binding offtake agreements, today's research update by Ord Minnett stipulates.

Project advance and higher price forecasts for rare earths have caused Ord Minnett to increase valuation, raising the target to $0.40 from $0.35.

The company has also begun producing mixed rare earth carbonate from the new pilot plant in Pocos de Caldas. Financial year has changed to the calendar year. Speculative Buy rating.

Target price is $0.40 Current Price is $0.21 Difference: $0.19
If MEI meets the Ord Minnett target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $0.35, suggesting upside of 57.6% (ex-dividends)

The company's fiscal year ends in December.

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 Upgrade to Accumulate from Hold (2) -

Ord Minnett notes Mineral Resources provided a strong operating performance in the December quarter with realised prices for iron ore and lithium spodumene exceeding consensus estimates. Cost control was also in evidence.

The company is now on track for annualised free cash flow of around $2bn per annum on the broker's numbers, allowing it to continue reducing its debt position.

Estimates for EPS are raised by 4.9% for FY26 with the target rising to $65 from $64. Rating is upgraded to Accumulate from Hold on valuation.

Target price is $65.00 Current Price is $56.32 Difference: $8.68
If MIN meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $60.75, suggesting upside of 9.4% (ex-dividends)

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

Bell Potter rates MVP as Buy (1) -

Medical Developments International delivered positive operating cash flow in 2Q26 and 1H26, with higher cash receipts, modest revenue growth and a stronger cash balance, Bell Potter highlights. 

This was supported mainly by Pain Management growth, offset by weaker Respiratory volumes.

The broker notes Penthrox remains the key driver, with strong hospital and European volume growth, expanded prescribing access in Australia, and regulatory progress in Europe.

This is expected to further support margins and adoption into FY26, in the broker's view. Buy. Target trimmed marginally to 84c from 85c.

Target price is $0.84 Current Price is $0.46 Difference: $0.38
If MVP meets the Bell Potter target it will return approximately 83% (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 NIC as Outperform (1) -

In early January, Nickel Industries flagged risks to its Dec Q earnings result due to a delay in the issuance of an increased Mining Licence.

Macquarie notes that the Hengjaya mine had a strong start to 2026, selling 1.4mt of nickel ore in January.

The company’s ownership structure changed following Sphere’s acquisition of 10% of the Excelsior Nickel Cobalt project. After an agreement with Shanghai Decent, Nickel Industries’ ownership will change to 46%, materially lowering near-term cash outflows.

Macquarie notes despite a delay, the receipt of the licence with an increased quota is a key positive. Overweight retained, target rises to $1.00 from 80c.

Target price is $1.00 Current Price is $0.90 Difference: $0.1
If NIC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 25.8% (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: 0.8

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

UBS rates ORG as Buy (1) -

The December quarter production result was "solid", UBS suggests, as higher LNG production offset lower domestic gas sales.

Further detail is likely from the domestic gas review by the Australian government over coming months, but is expected to have an neutral impact on APLNG.

Octopus Energy reported significant growth, with customer numbers outside the UK accelerating  to more than 440,000 in the quarter versus 330,000 in the September quarter.

Estimates for FY26 EPS are lifted by 5% and the Buy rating and $14 target are unchanged.

Target price is $14.00 Current Price is $11.70 Difference: $2.3
If ORG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.07, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates PIQ as Downgrade to Trim from Hold (4) -

Morgans downgrades Proteomics International Laboratories to Trim from Hold with an unchanged target of 43c on the 2Q26 report, which revealed a soft financial performance including operating cash outflows of around -$2.9m with limited customer receipts.

The analyst highlights the R&D rebate of $2.7m was the only metric keeping operating cash flow near breakeven.

A new CEO has removed the DTC strategy, which is viewed as acknowledgement of the internal challenges around skillsets and headcount.

The recent share price rally is considered as "speculative" and sentiment driven around the removal of DTC. Currently, Morgans would prefer to stay on the bench and watch from the sidelines.

Target price is $0.43 Current Price is $0.51 Difference: minus $0.08 (current price is over target).
If PIQ meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 PLS as Upgrade to Hold from Trim (3) -

Morgans upgrades PLS Group to Hold from Trim with an unchanged target price of $4.60 post a robust 2Q26 result.

Spodumene sales beat the analyst's and consensus expectations by 9%/6%, respectively, of 232kt, with revenue up 49% q/q to $373m. Higher realised prices assisted and unit costs were stable.

Cash rose 12% q/q to $954m and the broker expects a net cash position around $500m at the 1H26 result.

Management reiterated FY26 guidance with the possibility of the Ngungaju plant being restarted, which could produce up to 200ktpa of spodumene.

The earnings forecasts now include the restart of the Ngungaju plant in FY27 (from FY28) previously, Morgans points out.

Target price is $4.60 Current Price is $4.39 Difference: $0.21
If PLS meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting upside of 8.4% (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

UBS rates REH as Sell (5) -

Ahead of the reporting season, UBS is cautious on the building materials sector, despite housing affordability initiatives and lower mortgage rates driving recent share price outperformance.

The broker reckons incentives continue to mask weak demand, with other headwinds like elevated housing inventory, and subdued peer/read-through signals.

In the case of Reece, the broker lifted target price to $13 from $11.50, following a 8% rise in FY26 EPS forecast and 9% rise in FY27 on a positive outlook for the A&NZ business.

Sell maintained. This report was published Monday.

Target price is $13.00 Current Price is $14.65 Difference: minus $1.65 (current price is over target).
If REH meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.03, suggesting downside of -11.6% (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

UBS rates RFF as Downgrade to Neutral from Buy (3) -

UBS downgrades Rural Funds to Neutral from Buy with the target edging up to $2.11 from $2.10. Instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

For Rural Funds, the share price has been observed under pressure amid ongoing balance sheet/growth concerns, although performance has improved recently. UBS emphasises there is still value on offer but the short term is mixed.

Target price is $2.11 Current Price is $2.05 Difference: $0.06
If RFF meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates RGN as Downgrade to Sell from Neutral (5) -

UBS downgrades Region Group to Sell from Neutral and reduces the target to $2.15 from $2.40.

While the fundamentals appear "fine", the broker notes the stock is trading on the highest PE and P/NTA multiple among its retail peers while offering the lowest three-year EPS growth based on estimates.

Instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

Coverage of Region Group has been transferred to Solomon Zhang with this note.

Target price is $2.15 Current Price is $2.31 Difference: minus $0.16 (current price is over target).
If RGN meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.37, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates RWC as Neutral (3) -

Ahead of the reporting season, UBS is cautious on the building materials sector, despite housing affordability initiatives and lower mortgage rates driving recent share price outperformance.

The broker reckons incentives continue to mask weak demand, with other headwinds like elevated housing inventory, and subdued peer/read-through signals.

In the case of Reliance Worldwide, the broker likes its higher exposure to the more resilient R&R market but sees the recent rise in copper prices as near-term consensus earnings risk. Target trimmed to $4.15 from $4.35.

Neutral maintained. This report was published Monday.

Target price is $4.15 Current Price is $3.74 Difference: $0.41
If RWC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 18.8% (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: 0.2

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

Bell Potter rates SGH as Hold (3) -

Bell Potter reviews SGH Ltd's cyclical drivers, with a constructive outlook for WesTrac supported by strong OEM (original equipment manufacturer) order intakes, resilient mining activity and growing aftermarket services demand.

The broker notes construction conditions remain mixed, with weaker East Coast roading partly offset by strength in power infrastructure and improving residential and non-residential approvals.

Modest changes to EPS forecasts, with FY26 cut by -2%, FY27 unchanged and FY28 trimmed by -2%. These are driven by revised equity-accounted investee earnings.

Hold. Target cut to $51.80 from $52.00.

Target price is $51.80 Current Price is $45.78 Difference: $6.02
If SGH meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $52.47, suggesting upside of 12.6% (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

UBS rates SGH as No Rating (-1) -

UBS has a research restriction on SGH Ltd. No rating or target price.

Current Price is $45.78. Target price not assessed.

Current consensus price target is $52.47, suggesting upside of 12.6% (ex-dividends)

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 SLC as Buy (1) -

Ahead of Superloop's 1H26 results, Citi anticipates a solid result with accelerating consumer momentum from late 1H carrying into 2H. The view is supported by strong app download trends across Superloop and Exetel despite heavy market discounting.

Improving churn and net-add dynamics should ease concerns following aggressive incumbent pricing, the broker reckons. Also, Origin Energy ((ORG)) marketing is seen to have boosted Wholesale momentum in 2Q.

The broker expects FY26 guidance to be reiterated and views it as conservative rather than cautious. Buy rating and $3.75 target are unchanged.

Target price is $3.75 Current Price is $2.36 Difference: $1.39
If SLC meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 40.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates STO as Hold (3) -

Energy stocks have lagged the appreciation in materials stocks since last reporting season and Morgans believes there are signs of energy prices stabilising and a higher level of confidence the outlook is starting to improve.

The analyst believes Santos needs to offer more transparency around future growth projects, the timing of the projects, and whether management has any targets to degear the balance sheet.

No change to Hold rating and $6.60 target price as the stock is seen trading near fair value.

Target price is $6.60 Current Price is $6.78 Difference: minus $0.18 (current price is over target).
If STO meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.21, suggesting upside of 5.8% (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: 0.7

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

Bell Potter rates STX as Speculative Buy (1) -

Strike Energy reported stronger-than-expected December quarter production and revenue from Walyering, with revenue of $16.6m beating Bell Potter's $15m forecast.

The broker notes progress continues on the South Erregulla 85MW peaking gas project, now 72% complete and on track for October commissioning. 

Walyering production is being stabilised via infrastructure upgrades, while Walyering West-1 drilling and a West Erregulla reserves update are upcoming catalysts.

Near-term focus remains on commissioning South Erregulla, with the broker highlighting management previously estimated this could deliver $35-55m in annual margins.

Speculative Buy. Target unchanged at 15c.

Target price is $0.15 Current Price is $0.10 Difference: $0.05
If STX meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.15, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates VCX as Upgrade to Buy from Sell (1) -

UBS upgrades Vicinity Centres to Buy from Sell and raises the target to $2.80 from $2.42, noting that instead of rate cuts the market focus is now on rate hikes, with in-house economists expecting the cash rate to lift by 50 basis points this year.

The rate backdrop may have turned less favourable for the real estate sector but the broker does not expect a repeat of 2022/23 when asset values corrected around -15-20%.

A lack of supply is expected to underpin income growth and rising debt costs should be countered by more proactive hedging/debt margin compression.

The broker has taken a review of the earnings profile across its coverage and forecasts "solid" FY26-29 compound growth in EPS of 5.3%.

The broker expects retail A-REITs to be the main beneficiaries of the current macro environment and prefers Vicinity Centres over Scentre Group because of its stronger EPS growth profile at a lower PE multiple.

Coverage of Vicinity Centres has been transferred to Solomon Zhang with this note.

Target price is $2.80 Current Price is $2.45 Difference: $0.35
If VCX meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 2.1% (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

Morgans rates WDS as Buy (1) -

Energy stocks have lagged the appreciation in materials stocks since last reporting season and Morgans believes there are signs of energy prices stabilising and a higher level of confidence the outlook is starting to improve.

Morgans lowers the target price by -3% to $29.80 from $30.60 previously. Buy rating retained and remains the broker's preferred large cap energy stock with consistent LNG reliability.

Target price is $29.80 Current Price is $24.91 Difference: $4.89
If WDS meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $25.44, suggesting upside of 1.3% (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 WOW as Neutral (3) -

Ahead of 1H26 results, UBS left Woolworths Group's FY26-27 EPS forecasts unchanged as slightly lower NZ Food EBIT from forex updates is offset by higher Australian B2B EBIT from a modest margin upgrade.

The broker notes focus for Coles Group and Woolworths will be underlying 2Q26 sales excluding Woolworths' VIC industrial action and early 3Q26 trading.

Expectation is that Coles will maintain sales leadership, also confirmed by supplier survey feedback favouring the supermarket on execution and price trust.

In a separate note based on UBS's January Supermarket Supplier Survey, the analyst notes Coles strengthened its lead over Woolworths across trading, market share outlook and price trust.

Coles ranked higher in 23 of 26 categories and is seen as best placed to gain share over the next six months.

Neutral maintained. Target rises to $30.75 from $29.00 on an increase in valuation multiple to 18x from 17.7x on improving Australian food performance.

Target price is $30.75 Current Price is $30.91 Difference: minus $0.16 (current price is over target).
If WOW meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.21, suggesting downside of -2.6% (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

Shaw and Partners rates WZR as Buy (1) -

Shaw and Partners observes strong December quarter (2Q26) momentum from Wisr, with loan originations up 75% y/y, improving credit quality and lower-than-expected losses. The company reiterated guidance for cash net profit to be positive in 2H26.

The broker highlights the company's goal to reach $2bn loan book over time might be achieved by end-FY28.

Modest upgrades to earnings forecasts. Buy/High Risk rating and 7c target maintained. 

Target price is $0.07 Current Price is $0.03 Difference: $0.04
If WZR meets the Shaw and Partners target it will return approximately 133% (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

Citi rates XRO as Buy (1) -

In a flash update Citi notes Xero's Melio and AI investor briefing offered greater clarity on Melio's Direct versus Syndicated revenue mix and management's AI rollout and monetisation strategy.

The analyst highlights Melio is expected to be break-even in 2H28. Applying the Rule of 40 target that infers around NZ$1.2bn-NZ$1.25bn in earnings (EBITDA), higher than consensus at NZ$1.1bn.

Regarding AI monetisation, Citi expects Xero will bundle the features into plans alongside add-ons, instead of starting per-transaction pricing.

This is anticipated to assist customer adoption, but a question mark remains on the AI implementation costs versus the revenue uplift.

Buy rated with a $210 target.

Target price is $210.00 Current Price is $93.69 Difference: $116.31
If XRO meets the Citi target it will return approximately 124% (excluding dividends, fees and charges).

Current consensus price target is $196.72, suggesting upside of 104.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Macquarie rates XRO as Outperform (1) -

Having freshly returned from Xero's Melio product demonstration and education session today, Macquarie analysts report management has re-eiterated FY26 guidance, as well as the FY28 target with an implicit upgrade to Melio's growth trajectory.

Melio is now projected to reach EBITDA break-even in H2 FY28, earlier than previously anticipated (by some three years, the analysts suspect).

The broker argues Xero's current valuation reflects AI as 100% downside, with no upside opportunity accounted for.

The Melio AI Agent, Mel, was released in late January. The broker explains Mel is a built-in AI assistant that builds on Melio's existing automation (e.g. bill capture and data entry) to enhance automation and integration with the existing platform.

Mel is part of management's strategy to enhance ARPU growth with usage-based pricing forthcoming. Outperform. Target $230.30.

Target price is $230.30 Current Price is $93.69 Difference: $136.61
If XRO meets the Macquarie target it will return approximately 146% (excluding dividends, fees and charges).

Current consensus price target is $196.72, suggesting upside of 104.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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