Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Morgan Stanley observes Life360 shares are more than -50% below the October 2025 high as concerns about AI drive increased short interest, and come despite consensus upgrades.

The broker throws up several areas for what an AI bear case could look like, with material threats showing up in the data as slowing MAU, higher churn, reduced willingness to pay, as well as weaker engagement.

Yet so far these metrics are heading in the opposite direction, supporting Morgan Stanley's view that the resilience of the business can continue.

Target is raised to $32 from $27 and the Overweight rating maintained. Industry view: In Line.

Target price is $32.00 Current Price is $25.96 Difference: $6.04
If 360 meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $31.81, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates ALK as Buy (1) -

Following a pre-released Q4 operational report by management at Alkane Resources, Ord Minnett lowers its target to $1.85 from $1.90 after FY27 growth capital guidance exceeded expectations.

Production and cost guidance were broadly in line with the broker's forecasts, while stronger-than-expected free cash flow of $104m supported a proposed 2c dividend.

Growth capital expenditure came in -7% above/worse than Ord Minnett's forecast, reflecting investment in recently acquired assets, including Costerfield and Bjorkdal, to support future growth.

Whilst the increased investment modestly reduces valuation, the broker expects earnings to remain largely unchanged and continues to see around 40% potential total shareholder return (TSR).

Buy rating maintained.

Target price is $1.85 Current Price is $1.32 Difference: $0.535
If ALK meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 38.7% (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 ALK as Buy (1) -

UBS has reduced its target for Alkane Resources to $1.75 from $2.15 after FY27 production guidance and costs disappointed.

The broker cuts its FY27 production forecasts by -3% and lifts cost assumptions by 7%, reducing profit forecasts by -17%.

Even so, UBS believes the company's strong balance sheet and cash generation support further acquisitions, with Medallion Metals' ((MM8)) Ravensthorpe Gold Project viewed as a potential growth opportunity.

Longer term, exploration at Costerfield and development of the Boda-Kaiser project provide additional organic growth options, the analysts highlight. The Buy rating is retained.

Target price is $1.75 Current Price is $1.32 Difference: $0.435
If ALK meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 38.7% (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

Macquarie rates BPT as Underperform (5) -

In an early assessment of Beach Energy's 4Q activities report, Macquarie notes outcomes were broadly in line with expectations. Management will release a capital management framework review update at its full-year result August 6.

June quarter production of 4.9mmboe was in line with the broker's forecast and -3% below consensus. Revenue of $400m also matched the broker's estimate but fell -6% short of consensus due to weaker sales volumes.

The average realised gas price of $11.10/GJ was broadly in line with Macquarie's estimate.

Net debt fell to $387m, leaving gearing below forecasts, though the broker expects the dividend to be reduced as management prioritises balance sheet strength.

Commentary notes Waitsia continues to face commissioning issues, with remaining work scheduled during a planned September shutdown.

While recent share price weakness has limited downside, Macquarie believes consensus dividend forecasts remain too optimistic and require further downgrades. Underperform rating maintained. Target 75c.

Target price is $0.75 Current Price is $0.87 Difference: minus $0.12 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.92, suggesting upside of 4.5% (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

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

Bell Potter observes A-REITs have faced some headwinds in the second half with higher variable cost of debt limiting overall market transaction volumes and slowing what has otherwise been a strong period for sector earnings upgrades.

The broker downgrades Centuria Industrial REIT to Hold from Buy amid below-consensus views on earnings in FY27, given some FY27 expiry risks. The stock is also seen as having traded in line with or better than others in the sector over the last six months. Target is reduced to $3.25 from $3.60.

Target price is $3.25 Current Price is $2.97 Difference: $0.28
If CIP meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 10.7% (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

Bell Potter rates COF as Downgrade to Sell from Hold (5) -

Bell Potter observes A-REITs have faced some headwinds in the second half with higher variable cost of debt limiting overall market transaction volumes and slowing what has otherwise been a strong period for sector earnings upgrades.

The broker downgrades Centuria Office REIT to Sell from Hold, forecasting a dividend reduction that will be driven by lower earnings and a need for more headroom on the balance sheet. Target is reduced to $0.85 from $0.95.

Target price is $0.85 Current Price is $0.89 Difference: minus $0.04 (current price is over target).
If COF meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.92, suggesting upside of 5.2% (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

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

Ord Minnett upgrades its rating for Coles Group to Buy from Hold and lifts its target to $27.00 from $23.00. The broker rolls forward its valuation for the group and factors in lower estimated net debt.

The analyst expects food inflation to accelerate in the September quarter, supporting like-for-like sales growth above market expectations.

Forecast earnings are trimmed modestly, reflecting higher interest rates and debt costs. Ord Minnett also expects the drag from illegal tobacco sales to ease as enforcement action improves across Australia.

Target price is $27.00 Current Price is $23.30 Difference: $3.7
If COL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.57, suggesting upside of 5.4% (ex-dividends)

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 COL as Buy (1) -

UBS reports grocery price inflation continued to ease in 4Q26, with its Evidence Lab data showing industry food inflation slowed to 1.4% from 1.9% in 3Q26, while June inflation remained at 1.3%.

Coles Group recorded a sharper moderation in price inflation than Woolworths Group ((WOW)), with dry grocery inflation slowing more noticeably than fresh food as supermarkets increased price investment and suppliers absorbed more cost pressures.

The broker estimates 4Q26 price inflation of 0.5% for Coles and -1.0% for Woolworths, reflecting ongoing competitive pricing and weaker dry grocery inflation.

Supplier inflation expectations for the next 12 months have eased to 2.6% from 3.3%, although higher fuel, fertiliser and packaging costs are still expected to drive stronger food inflation in FY27.

UBS expects consumers to respond by trading down to promotions and private-label products, increasing purchases from discount retailers and favouring larger-format supermarkets.

Buy. Target $25.50.

Target price is $25.50 Current Price is $23.30 Difference: $2.2
If COL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $24.57, suggesting upside of 5.4% (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 CSL as Overweight (1) -

Following a review of the outlook for immunoglobulin and albumin, Morgan Stanley remains positive regarding CSL at current levels. EPS is estimated to slip -3% in FY26 and -2% in FY27.

The broker has eased near-term expectations for albumin growth in China, amid recent regulatory changes, while remaining positive on the outlook for immunoglobulin amid benefits from Horizon 1 and 2.

Morgan Stanley's review of VMX-C001 in FXa inhibitor reversal and increased fibrinogen uptake in the US suggests additional upside not reflected in current valuation.

Overweight. Target is reduced to $163 from $174. Industry View: In-Line.

Target price is $163.00 Current Price is $121.38 Difference: $41.62
If CSL meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $130.58, suggesting upside of 10.4% (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: 0.4

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

UBS rates DMP as Buy (1) -

UBS comments Domino's Pizza Enterprises continues to weigh on US-listed franchisor Domino's Pizza Inc's international same-store sales growth and store expansion.

International same-store sales for Domino's Pizza Inc declined -0.1% in the June quarter, missing the broker's expectations. Management attributed the weakness partly to Domino's Pizza Enterprises reducing low-margin transactions.

The analysts forecast further downside risk to Australian same-store sales and store numbers as closures continue and discounting eases.

Even so, the broker believes cost savings and a renewed value strategy under incoming CEO Andrew Gregory should support a turnaround.

UBS retains a Buy rating and $22.00 target for Domino's Pizza Enterprises.

Target price is $22.00 Current Price is $17.07 Difference: $4.93
If DMP meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $18.17, suggesting upside of 8.3% (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

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

Bell Potter observes A-REITs have faced some headwinds in the second half with higher variable cost of debt limiting overall market transaction volumes and slowing what has otherwise been a strong period for sector earnings upgrades.

The broker downgrades Dexus Industria REIT to Hold from Buy amid below-consensus views on earnings in FY27, given some FY27 expiry risks. The stock is also seen having traded in line with or better than others in the sector over the last six months. Target is reduced to $2.70 from $3.00.

Target price is $2.70 Current Price is $2.48 Difference: $0.22
If DXI meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.66, suggesting upside of 9.3% (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

Bell Potter rates FAL as Speculative Buy (1) -

Falcon Metals assays from the Blue Moon project, Victoria confirmed mineralisation over more than 750m of strike while identifying a shallower, fifth stacked, gold-bearing reef above the high-grade Jasmine zone.

Bell Potter considers this a strong outcome with Blue Moon shaping up as a potentially district-scale orogenic gold system.

Confidence has built on both the targeting and scale on offer, as each successive step-out has validated the geological model generated by the exploration team. Speculative Buy rating and $1.10 target maintained.

Target price is $1.10 Current Price is $0.37 Difference: $0.735
If FAL meets the Bell Potter target it will return approximately 201% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates FEX as Buy (1) -

Fenix Resources delivered quarterly iron ore production of 1.1mt and sales of 1.3mt at an average realised price of US$98/dmt CFR. Guidance for FY27 has been upgraded to sales of 4.7mt–5.3mt, up 14% at the mid-point.

Bell Potter notes C1 cash cost guidance is consistent with FY26 at $70–$80/t, which demonstrates strong cost discipline during a highly inflationary environment.

The broker incorporates the guidance and the latest outlook for the Australian dollar, reducing the target to $0.54 from $0.63 and retaining a Buy rating.

Target price is $0.54 Current Price is $0.28 Difference: $0.26
If FEX meets the Bell Potter target it will return approximately 93% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Bell Potter observes A-REITs have faced some headwinds in the second half with higher variable cost of debt limiting overall market transaction volumes and slowing what has otherwise been a strong period for sector earnings upgrades.

The broker assesses those that have undergone strategy resets, such as HMC Capital, are preferred plays and upgrades to Buy from Hold. Target is raised to $3.85 from $3.20.

Target price is $3.85 Current Price is $2.85 Difference: $1
If HMC meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 19.8% (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

Bell Potter rates HUB as Buy (1) -

Bell Potter assesses the fourth quarter results from Hub24 were robust in the context of elevated outflows, noting uncertainty is affecting discretionary net inflows.

No one-off large outflows were flagged and the broker expects targets to be rolled forward at the results, in line with the two-year guidance pattern.

Commentary on the outlook reinforces the structural growth story, with proposed tax changes adding weight to the case for advice and superannuation. Bell Potter upgrades estimates by 1%, retaining a Buy rating. Target is unchanged at $110.

Target price is $110.00 Current Price is $81.35 Difference: $28.65
If HUB meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $102.20, suggesting upside of 19.1% (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

Citi rates HUB as Buy (1) -

Hub24's 4Q26 flows came in below expectations but Citi views the result as "resilient" against a backdrop of macro/Budget related uncertainties.

Net outflows outperformed, the analyst states with a lower net outflow ratios. The broker flags 1H27 net inflows to rise slightly on the 2H26 and then trend higher in 2H27.

Forecast FY27 net flows are tweaked lower to $17.8bn from $18.9bn with an expectation the platform operator can meet its FY27 FUA target.

EPS forecasts are trimmed by -2% to -3% for FY26-FY28 due to estimated lower flows and a higher tax rate.

Target price is lifted to $95 from $89 due to higher long-term earnings. Buy rating retained.

Target price is $95.00 Current Price is $81.35 Difference: $13.65
If HUB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $102.20, suggesting upside of 19.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates HUB as Outperform (1) -

Hub24's June quarter net inflows of $4.19bn missed both Macquarie's and consensus forecasts and were about 13.1% of FUM.

The analyst points out the result was in line with the same quarter last year, excluding large migrations. Net inflows were affected by the recent budget tax changes and tax volatility. Market share rose to 9.9%-plus at March.

FUA at $139.5bn met the broker's forecast and was above consensus. Management offered no update on FY27 FUA target of $160bn–$170bn but did point out the platform operator is on track to launch a pilot of myHUB to specific clients in 1H27.

EPS forecasts are tweaked slightly. Target price rises to $97 from $96.25. Outperform rated.

Target price is $97.00 Current Price is $81.35 Difference: $15.65
If HUB meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $102.20, suggesting upside of 19.1% (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

Morgan Stanley rates HUB as Overweight (1) -

Morgan Stanley notes strong market movements led to a beat on funds under administration in the fourth quarter for Hub24. No specific outlook was provided but, at first glance, the broker expects momentum in net inflows should carry into FY27.

Platform FUA was up 23.7% to $139.5bn. Morgan Stanley reiterates an Overweight rating with a $120 target. Industry view is In-Line.

Target price is $120.00 Current Price is $81.35 Difference: $38.65
If HUB meets the Morgan Stanley target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $102.20, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates HUB as Accumulate (2) -

Hub24 presented mixed 4Q26 update with a robust market performance boosting FUA, up 9% q/q and coming in 2% above consensus, Ord Minnett notes, offsetting softer platform net flows.

Platform net flows of $4.2bn, were basically flat y/y, ex-migrations in 4Q25, although some -7% lower than consensus.

Compared to Netwealth Group ((NWL)), the trend in flows was similar, albeit a less notable decline relative to historical trends, the analyst states, i.e. flat versus Netwealth down -15%.

Both platform operators have been impacted by market volatility and uncertainty flowing from the Budget changes.

Target price is trimmed to $95 from $99 with no change in Accumulate rating.

Target price is $95.00 Current Price is $81.35 Difference: $13.65
If HUB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $102.20, suggesting upside of 19.1% (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 HUB as Neutral (3) -

UBS views 4Q26 FUA at $139.5bn was stronger than expected relative to forecasts and consensus expectations.

Net inflows were noted as relatively robust, albeit the result missed consensus by -6%. Against a challenging macro backdrop, the volatile markets and Netwealth Group's ((NWL)) soft 4Q flows, the result is described as better than feared.

Super net flows has continued to grow but the more discretionary flows have declined. Longer term market drivers remain, the analyst states. Around 100 active advisers were added over the quarter, up 1.8% q/q and 11% y/y.

A Neutral rating and $86 target are retained.

Target price is $86.00 Current Price is $81.35 Difference: $4.65
If HUB meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $102.20, suggesting upside of 19.1% (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

Citi rates IGO as Neutral (3) -

Citi believes recent share price weakness for Australian lithium stocks has become overdone, with investors increasingly pricing in a lithium surplus in 2027 following lower spodumene prices.

The broker instead forecasts a 2026 global lithium deficit and stronger Chinese demand from August.

It's felt the main risk is weaker demand, including the potential impact of China's proposed battery tax, while Zimbabwe's confirmed lithium export ban tightens the supply outlook.

PLS Group is preferred for its scale, low costs and growth, while IGO Ltd and Liontown are seen as fairly valued.

For IGO Ltd: Neutral; target $7.10.

Target price is $7.10 Current Price is $6.51 Difference: $0.59
If IGO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 29.0% (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

Bell Potter rates KYP as Buy (1) -

Bell Potter expects Kinatico, which reports its FY26 result on August 6, will deliver SaaS revenue equating to 58% of the total, compared with 46% in FY25.

Another year of positive net cash flow is also expected. The broker will look for any update on new or large enterprise customers on Kinatico Compliance following the significant "pipeline" of $12m which was flagged in April.

Buy rating and 36c target unchanged.

Target price is $0.36 Current Price is $0.14 Difference: $0.215
If KYP meets the Bell Potter target it will return approximately 148% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates LDX as Buy (1) -

Bell Potter observes Lumos Diagnostics is gaining momentum with its US FebriDx roll-out, with a new and second customer being a top urgent-care group owned by large health system that has over 200,000 estimated acute respiratory infections from an initial deployment of 30 sites.

The company has also announced three additional tier-1 urgent-care groups were progressing through the second of four stages of the commercial pipeline.

Commercial developments such as these provide the broker with increased confidence in its forecasts and a Buy rating and $0.25 target are maintained.

Target price is $0.25 Current Price is $0.10 Difference: $0.151
If LDX meets the Bell Potter target it will return approximately 153% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates LNW as Buy (1) -

Bell Potter observes Light & Wonder has had many of its high-performing games age out of rankings recently, with Ultimate Fire Link and Monsters titles leading the current offering.

The American Gaming Association reported an overall improvement in conditions for operators and suppliers, and 60% of suppliers expect growth in replacement sales and 40% of suppliers expect growth in expansion sales.

The broker is now less concerned about operator capital expenditure in 2026. Buy retained. Target is $190.

Target price is $190.00 Current Price is $110.60 Difference: $79.4
If LNW meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $188.00, suggesting upside of 69.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates LNW as Buy (1) -

Citi remains Buy rated on Light & Wonder ahead of its 2Q2026 result on August 5 with the market expected to home in on, again, the earnings skew towards the 2H2026 as recently stressed by management at the guidance update.

In June, US gross gaming revenue slowed but the analyst believes the difference can be attributed to less trading days relative to last year.

Game performance is noted as "stable" for both Light & Wonder and Aristocrat Leisure ((ALL)) with the latter's new content very encouraging, the broker states.

Second quarter earnings (AEBITDA) forecasts for Light & Wonder are lowered by around -4% but the 2026 forecast is largely unchanged.

Target price $149.

Target price is $149.00 Current Price is $110.60 Difference: $38.4
If LNW meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $188.00, suggesting upside of 69.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates LTR as Neutral (3) -

Citi believes recent share price weakness for Australian lithium stocks has become overdone, with investors increasingly pricing in a lithium surplus in 2027 following lower spodumene prices.

The broker instead forecasts a 2026 global lithium deficit and stronger Chinese demand from August.

It's felt the main risk is weaker demand, including the potential impact of China's proposed battery tax, while Zimbabwe's confirmed lithium export ban tightens the supply outlook.

PLS Group is preferred for its scale, low costs and growth, while IGO Ltd and Liontown are seen as fairly valued.

For Liontown: Neutral rating; target $1.35.

Target price is $1.35 Current Price is $1.21 Difference: $0.14
If LTR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 69.4% (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

Macquarie rates LYC as Outperform (1) -

In an early assessment, Macquarie retains an Outperform rating on Lynas Rare Earths despite today's weaker-than-expected June quarter operational report.

Rare earth oxide production of 3,481t came in -10% below consensus and -5% below Macquarie's forecast, while NdPr production missed both by -15%.

The broker notes production was affected by ore quality issues at both the Malaysian Lynas Advanced Materials Plant (LAMP) and Kalgoorlie facilities. Management believes these are now well understood.

Revenue also missed consensus on lower sales volumes, the analyst explains, whilst cash finished ahead of expectations at $1.21bn.

A 63% increase in heavy rare earth expansion capital expenditure disappointed, with investors now focused on the Kalgoorlie ramp-up and CEO succession planning, Macquarie suggests.

Target $22.

Target price is $22.00 Current Price is $15.96 Difference: $6.04
If LYC meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $17.58, suggesting upside of 14.3% (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

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

Noumi delivered fourth-quarter sales that were slightly below Bell Potter's expectations amid a weaker performance in the dairy and nutritionals platform.

The largest shareholder, Arrovest, has also made an offer for the remaining equity at 12.34c per security. The offer equates to an enterprise value of $840m-$874m and follows an extensive strategic review of the capital structure, with this deemed the best outcome.

Revenue growth was 2.3% with plant-based revenue of $47m broadly consistent with the broker's forecasts.

As Bell Potter considers it unlikely another entity will make a counter bid, the rating is downgraded to Hold from Buy. Target is reduced to 12.3c from 18c.

Target price is $0.12 Current Price is $0.12 Difference: $0.008
If NOU meets the Bell Potter target it will return approximately 7% (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

UBS rates NXT as Buy (1) -

UBS believes NextDC's latest 73MW contract win reinforces strong demand for AI infrastructure, lifting contracted utilisation to 740MW. FY26 guidance is unchanged.

The broker suspects the customer is Sharon AI's proposed Nvidia-backed AI factory, potentially at the M2 facility, which would leave little spare capacity.

Assuming earnings similar to the recent 250MW contract, UBS estimates the deal could add around $110m in earnings (EBITDA), representing upside of 19% to FY28 consensus.

Forecasts remain unchanged pending further contract details, while contracted earnings (EBITDA) rise to an estimated $1.2bn.

Unchanged Buy rating and $22.55 target.

Target price is $22.55 Current Price is $14.06 Difference: $8.49
If NXT meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $19.16, suggesting upside of 38.1% (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

Macquarie rates PDN as Outperform (1) -

Macquarie's quick response indicates Paladin Energy's quarterly production has beaten its own and consensus expectations, even as volumes were -5% lower than in the previous quarter.

FY27 production guidance of 5.1Mlb-5.5Mlb is a little stronger than expected, but the broker also believes consensus had higher expectations.

Also important: CNSC has granted 'sufficiency status' for PLS Construction Licence and Paladin management is aiming to complete application hearings by end-2027.

Outperform. Target $13.25.

Target price is $13.25 Current Price is $8.56 Difference: $4.69
If PDN meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 42.2% (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: 0.7

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

Citi rates PLS as Upgrade to Buy from Neutral (1) -

Citi believes recent share price weakness for Australian lithium stocks has become overdone, with investors increasingly pricing in a lithium surplus in 2027 following lower spodumene prices.

The broker instead forecasts a 2026 global lithium deficit and stronger Chinese demand from August.

It's felt the main risk is weaker demand, including the potential impact of China's proposed battery tax, while Zimbabwe's confirmed lithium export ban tightens the supply outlook.

PLS Group is preferred for its scale, low costs and growth, while IGO Ltd and Liontown are seen as fairly valued.

PLS Group is upgraded to Buy from Neutral. Target $5.00

Target price is $5.00 Current Price is $4.12 Difference: $0.88
If PLS meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 35.1% (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

Morgans rates S32 as Accumulate (2) -

Morgans points out South32 had a robust end to FY26 with beats across Sierra Gorda, Cannington, both manganese units and the Brazilian operations. Cannington rose 29% q/q on higher grades with mining rates back and rail access restored.

The analyst views the strong 4Q26 update as offering a good set up into FY26 results in August. Consensus earnings upgrades are anticipated.

The broker views the stock as able to re-rate over time with higher ascribed valuation multiples with the sale of aluminium business to Alcoa, allowing for a higher quality earnings business mix as a diversified base metal producer.

Accumulate retained with a slightly lower target of $4.70 from $4.90, previously. 

Target price is $4.70 Current Price is $4.35 Difference: $0.35
If S32 meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 9.9% (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: 0.7

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

Bell Potter rates SKG as Hold (3) -

Bell Potter observes A-REITs have faced some headwinds in the second half with higher variable cost of debt limiting overall market transaction volumes and slowing what has otherwise been a strong period for sector earnings upgrades.

The broker has a Hold rating for Storage King with the target reduced to $1.45 from $1.50.

Target price is $1.45 Current Price is $1.31 Difference: $0.14
If SKG meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates TBN as Buy (1) -

Citi lowers its target for Tamboran Resources by -US$10 to US$45 (NYSE listing). Buy, High Risk maintained.

Current Price is $0.23. Target price not assessed.

Market Sentiment: 1.0

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

Bell Potter rates TLX as Buy (1) -

Further to the June quarter result, Bell Potter notes the major upcoming catalyst is the FDA decision on the approval of Pixclara for brain cancer imaging, due September 11, 2026.

This should be a pivotal moment with approval likely to generate a "welcome re-rating".

A second CRL, on the other hand, depending on the nature of the contents, could be highly damaging as there are no other near-revenue pipeline products, the broker adds.

Buy rating and $19.00 target maintained.

Target price is $19.00 Current Price is $15.31 Difference: $3.69
If TLX meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $26.23, suggesting upside of 76.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates TLX as Buy (1) -

Telix Pharmaceuticals announced 2Q2026 sales, with Precision Medicine sales of US$202m, Citi notes, mostly representing Illuccix and Gozellix, some 10% above consensus expectations and 5% higher than the analyst's forecast.

Sales guidance for 2026 has not been updated, although management has indicated towards the upper end of current guidance.

The broker points out expected R&D spend is guided up 9% at the mid-point, whilst the BiPass trial for potential Illuccix/Gozellix label extension is approaching enrolment completion. Zircaix has not been resubmitted to the FDA.

Target price set at $31. Buy rated.

Target price is $31.00 Current Price is $15.31 Difference: $15.69
If TLX meets the Citi target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $26.23, suggesting upside of 76.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates TLX as Overweight (1) -

Morgan Stanley updates forecasts for Telix Pharmaceuticals following the June quarter sales results and updated 2026 guidance.

The company reported revenue of US$247m, implying first half revenue of US$477m which was better than expected, driven by revenue from Precision Medicine.

2026 revenue is expected towards the upper end of prior guidance of US$950m-US$970m. Morgan Stanley includes the US$40m Regeneron payment within its forecasts for 2026.

The current share price is implying a risk contribution from late stage Precision Medicine candidates/indications and no value from the Therapeutics portfolio. Hence, Morgan Stanley considers the risk/reward favourable at current levels.

Overweight rating maintained. Target is $23.90. Industry View: In-Line.

Target price is $23.90 Current Price is $15.31 Difference: $8.59
If TLX meets the Morgan Stanley target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $26.23, suggesting upside of 76.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates WGX as Outperform (1) -

At first glance, today's release of June quarter gold production and sales by Westgold Resources exceeded Macquarie expectations.

Production of 98.9koz beat the broker's forecast by 5% (consensus by 3%), while sales rose 17% above the analyst's estimates on catch-up shipments from the prior quarter.

Costs (AISC) were broadly in line with market expectations, the analyst observes, while growth capital spending was lower than forecast.

The balance sheet strengthened further, commentary notes, ending the year debt free with $939m in cash, bullion and investments.

Macquarie expects dividends to resume with the FY26 result, after a decision not to pay a dividend in H1 of FY26.

Outperform. Target $8.50.

Target price is $8.50 Current Price is $4.57 Difference: $3.93
If WGX meets the Macquarie target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $8.40, suggesting upside of 74.3% (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

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

Ord Minnett has downgraded Woolworths Group to Hold from Accumulate due to the valuation re-rating which has seen the share rise more than 20% since mid-May. The target price remains unchanged at $39.

EPS forecasts are trimmed by -0.9% for FY26, -2.7% for FY27 and -2.1% for FY28.

The broker admits there has been only a slight pick up in food inflation this year, but this is expected to change in the Sept quarter due to a three-month lag for suppliers asking for a price rise, and supermarkets making the changes.

Looking to FY27, the analyst believes both Woolworths and Coles Group ((COL)) can generate like-for-like sales growth or circa 5% which sits above market forecasts of some 4% and 4.3%, respectively.

The negative impact of illegal tobacco sales is expected to fall to -25bps in FY27 from -149bps for Coles, and to -34bps from 1-56bps for Woolworths.

Target price is $39.00 Current Price is $39.48 Difference: minus $0.48 (current price is over target).
If WOW meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.06, suggesting downside of -7.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates WOW as Neutral (3) -

UBS reports grocery price inflation continued to ease in 4Q26, with its Evidence Lab data showing industry food inflation slowed to 1.4% from 1.9% in 3Q26, while June inflation remained at 1.3%.

Coles Group ((COL)) recorded a sharper moderation in price inflation than Woolworths Group, with dry grocery inflation slowing more noticeably than fresh food as supermarkets increased price investment and suppliers absorbed more cost pressures.

The broker estimates 4Q26 price inflation of 0.5% for Coles and -1.0% for Woolworths, reflecting ongoing competitive pricing and weaker dry grocery inflation.

Supplier inflation expectations for the next 12 months have eased to 2.6% from 3.3%, although higher fuel, fertiliser and packaging costs are still expected to drive stronger food inflation in FY27.

UBS expects consumers to respond by trading down to promotions and private-label products, increasing purchases from discount retailers and favouring larger-format supermarkets.

Woolworths Group is Neutral rated with a $34.50 target price.

Target price is $34.50 Current Price is $39.48 Difference: minus $4.98 (current price is over target).
If WOW meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.06, suggesting downside of -7.9% (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

Macquarie rates WTC as Outperform (1) -

WiseTech Global has announced the acquisition of FRDM.ai, a California-based AI-powered supply chain risk and compliance intelligence platform, for US$10m upfront (cash and shares), plus a maximum of US$14.3m in cash earn-outs.

Completion is expected on 3 August 2026, subject to customary conditions.

Macquarie, in a quick response, highlights this is a rather small transaction and therefore not genuinely important for the related investment thesis or the company's outlook.

Outperform. Target $97.70.

Target price is $97.70 Current Price is $34.00 Difference: $63.7
If WTC meets the Macquarie target it will return approximately 187% (excluding dividends, fees and charges).

Current consensus price target is $69.50, suggesting upside of 104.4% (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: 1.0

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