Australian Broker Call

Morgans rates AIH as Buy (1) -

Morgans believes Advanced Innergy's acquisition of Matrix Composites & Engineering is strategically sound, creating a stronger competitor to market leader Balmoral in the subsea buoyancy market.

Matrix is the world's largest manufacturer of syntactic foam, which is critical for buoyancy in subsea applications.

While the transaction is strategically sound, the broker considers the -$90m purchase price above fair value. Matrix is expected to contribute only breakeven earnings (EBITDA) initially as it works through lower-margin contracts.

Morgans cuts its FY26 and FY27 profit forecasts by -3% and -12%, respectively, reflecting higher depreciation and interest costs, though FY28 forecasts rise around 15% as synergies and margin improvements emerge.

The target falls to $1.25 from $1.45, whilst the Buy rating is retained.

Target price is $1.25 Current Price is $0.63 Difference: $0.62
If AIH meets the Morgans target it will return approximately 98% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates APA as Buy (1) -

Citi notes Australian infrastructure stocks have performed broadly in line with the ASX200 since the last results, against a backdrop of rising interest rates and bond yields, negative EPS and DPS forecast downgrades for FY27, as well as higher fuel costs.

These factors have impacted airline capacity and toll road traffic.

Looking ahead to the August earnings season, the broker suggests investors focus on the FY27 outlook guidance, particularly for free cash flow and the sustainability of payout ratios, capex as well as commentary for Auckland International Airports ((AIA)) on Price Setting Event 5.

APA Group and Infratil ((IFT)) are the two top buy rated stock picks.

Target of $11.10 for APA Group.

Target price is $11.10 Current Price is $10.28 Difference: $0.82
If APA meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.44, 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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett believes Brazilian Rare Earths remains an attractive investment following the spin-out of Alurion, whilst lowering its target to $5.50 from $6.95 to reflect the separation of those assets. Speculative Buy rating retained.

The broker expects Monte Alto to remain the key value driver, with a maiden resource estimate and scoping study due in August expected to provide greater clarity on development costs, timing and economics.

Meanwhile, exploration continues to expand the Monte Alto district, whilst a cash balance of around $135m leaves the company well-funded, the analysts note.

Target price is $5.50 Current Price is $3.78 Difference: $1.72
If BRE meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates CAR as Buy (1) -

UBS expects online classifieds stocks to largely meet expectations for 2H26, albeit CAR Group is noted for experiencing a slightly weaker result from Australian private segment and forex.

The analyst is keenly watching the FY27 guidance and currently forecasts a weaker volume outcome compared to consensus. The broker's earnings (EBITDA) forecasts for CAR Group, REA Group's ((REA)) and Seek ((SEK)) are below consensus –4%, –3% and –4%, respectively, for FY27.

UBS reiterates its Buy rating on CAR Group and Seek. CAR is trading at a –19% earnings (EBITDA) discount to REA, and Seek on a –40% discount to REA, versus its –30% average.

Target price for CAR is $32.80.

Target price is $32.80 Current Price is $23.92 Difference: $8.88
If CAR meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $32.41, suggesting upside of 29.4% (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 GMD as Buy (1) -

UBS believes Genesis Minerals' proposed merger with Vault Minerals ((VAU)) could create a dominant Leonora-Laverton gold producer. It's noted annual production could exceed 800,000oz by FY31 at all-in sustaining costs (AISC) of around $2,500/oz.

The broker expects meaningful operational, processing and tax synergies, though it models only part of management's estimated $2bn benefit.

UBS also sees scope for materially higher shareholder returns as the merged group's cash balance grows and non-core asset sales are completed.

The broker reiterates its Buy rating with a $9.50 target, down from $10.15, citing potential for a valuation re-rating.

Target price is $9.50 Current Price is $5.87 Difference: $3.63
If GMD meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $9.15, suggesting upside of 48.1% (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

Citi rates IFT as Buy (1) -

Citi notes Australian infrastructure stocks have performed broadly in line with the ASX200 since the last results, against a backdrop of rising interest rates and bond yields, negative EPS and DPS forecast downgrades for FY27, as well as higher fuel costs.

These factors have impacted airline capacity and toll road traffic.

Looking ahead to the August earnings season, the broker suggests investors focus on the FY27 outlook guidance, particularly for free cash flow and the sustainability of payout ratios, capex as well as commentary for Auckland International Airports ((AIA)) on Price Setting Event 5.

APA Group ((APA)) and Infratil are the two top buy-rated stock picks.

Infratil is buy-rated with a $15.18 target.

Target price is $15.18 Current Price is $12.90 Difference: $2.28
If IFT meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Bell Potter rates IRI as Buy (1) -

Integrated Research delivered an update that was below Bell Potter's expectations. Pro forma revenue guidance of $64m-$66m was down -13% at the mid-point and showed new business growth well below the revenue churn.

Guidance for FY26 EBITDA is $2m-$4m.

The main positive the broker took from the update was the cash balance at the end of year. At $51.7m it was well above forecasts.

Bell Potter still expects "modestly positive" EBITDA in FY27. Buy rating maintained. Target is raised to $0.38 from $0.36.

Target price is $0.38 Current Price is $0.30 Difference: $0.085
If IRI meets the Bell Potter target it will return approximately 29% (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 JHX as Outperform (1) -

Macquarie attributes the strong earnings for James Hardie Industries' siding & trim in the first quarter to market share gains rather than improved market conditions. Sales beat prior guidance by US$80m or around 10%.

The company performed well on costs, underpinning the broker's thesis going forward. Beyond increases in siding & trim there is also meaningful upside in contributions from Australasia and/or Europe, where cost synergies could be a factor.

Macquarie increases the target to $41.20 from $39.60 and retains an Outperform rating.

Target price is $41.20 Current Price is $36.92 Difference: $4.28
If JHX meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $38.97, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Citi rates KAR as Buy (1) -

With Bauna production reinstated, Citi highlights that Karoon Energy announced an inline quarterly result. News updates were as expected.

The market is now looking to the operational performance, the analyst points out, with June quarter uptime exceeding expectations at 97% versus the target of 90%-95%.

Robust performance would assist with boosting confidence in the project. A final investment decision for Who Dat East is anticipated in 3Q2026.

Total gross capex for Neon is around US$1bn. The broker expects Neon to progress to the front-end engineering and design stage, estimating development costs around -US$1.0bn, with a potential 40% farm-down by the end of 2026.

Earnings forecasts are raised after a change in the D&A assumptions. No change in $1.80 target price and Buy rating.

Target price is $1.80 Current Price is $1.79 Difference: $0.01
If KAR meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 8.5% (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: 0.6

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

Ord Minnett rates LOT as Hold (3) -

Ord Minnett assesses Lotus Resources' $95m capital raising provides a pathway to restart operations but does not eliminate significant funding and execution risks.

The broker cuts its target to 38c from $1.00, largely reflecting substantial shareholder dilution from the discounted rights issue and convertible notes.

Beyond funding, commentary notes successful production depends on reliable sulphuric acid supply, transport permits and achieving on-spec uranium output.

While operational milestones could lift the share price above the 22c raising price, Ord Minnett retains a Hold rating given the elevated risks.

Target price is $0.38 Current Price is $0.66 Difference: minus $0.28 (current price is over target).
If LOT meets the Ord Minnett target it will return approximately minus 42% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.79, suggesting upside of 589.7% (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 MEI as Outperform (1) -

Meteoric Resources has been progressing with its development plan, advancing Caldeira towards a definitive feasibility study and lifting reserves by 42% to 146mt.

Macquarie asserts that, in optimising the DFS, the company could contemplate downstream integration and potentially improve payability while attracting government support.

The DFS could be released as early as the fourth quarter of 2026 to enable a final investment decision in late 2026 or early 2027. The broker finds value in the stock and retains an Outperform rating and $0.45 target.

Target price is $0.45 Current Price is $0.18 Difference: $0.27
If MEI meets the Macquarie target it will return approximately 150% (excluding dividends, fees and charges).

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

Citi rates MP1 as Buy (1) -

Citi views the recent price rises by Digital Ocean as indicative of robust industry demand for GPUs as being sustained. This should offer positive tailwinds for Megaport's Latitude, for both rentals (existing) and the launch of Global Inference Cloud/GPU rental pool.

The analyst also points to Google Cloud growth as good for the Network business.

While acknowledging the run-up in the share price, Citi continues to maintain its Buy rating with earnings upside potential from speedier deployment of contract wins, higher rental prices and improved operating leverage.

Target $22.10.

Target price is $22.10 Current Price is $18.47 Difference: $3.63
If MP1 meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 10.5% (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 MQG as Accumulate (2) -

Macquarie Group has indicated the contribution from commodities and global markets was substantially higher in the June quarter, underpinned by market volatility amid a surge in North American gas and power trading.

Earnings from the banking and financial services division were also higher although Ord Minnett notes the benefit was reduced by a "squeeze" on net interest margins from intense competition for borrowers and deposits.

The sale of the European and North American public investment businesses in the second half of FY26 has meant the earnings contribution from this division was lower than a year ago.

Ord Minnett retains a $255 target price and Accumulate rating.

Target price is $255.00 Current Price is $255.04 Difference: minus $0.04 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $254.76, suggesting downside of -1.1% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Bell Potter rates MVP as Buy (1) -

Bell Potter updates estimates for FY26 to reflect the upgrade in expected EBIT after Medical Developments International reported operating cash flow improved strongly in the fourth quarter, supported by a -$2m reduction in respiratory inventory purchases.

Regulatory approvals for the paediatric indication of Penthrox have been completed in the UK and all EU member states.

Higher depreciation associated with the paediatric study and lower respiratory and Penthrox revenue drives a return to negative EBIT forecasts in FY27 before becoming positive again in FY28, should cost discipline be maintained, the broker adds.

Buy rating maintained. Target is raised to $1.00 from $0.85.

Target price is $1.00 Current Price is $0.50 Difference: $0.5
If MVP meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates MYS as Buy (1) -

Ahead of the FY26 result on 25th August, Ord Minnett expects Mystate will deliver underlying net profit of $58.1m and a final dividend of 12.5c.

The result should be boosted by a full year's earnings from Auswide, with merger synergies by FY28 being a key differentiator for the business.

The broker notes the retail banking environment is more challenging now amid slowing consumer confidence, housing tax changes and an end to the cycle of supportive interest-rate hikes.

A Buy rating and $5.33 target are maintained.

Target price is $5.33 Current Price is $4.81 Difference: $0.52
If MYS meets the Ord Minnett target it will return approximately 11% (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 NCK as Neutral (3) -

Citi has cut its earnings forecasts for Nick Scali for the second time in three months as the ongoing decline in housing data is worse than anticipated following the Federal Budget.

The prospect of another interest rate hike is also a factor.

Neutral. Target $14.15.

Target price is $14.15 Current Price is $15.05 Difference: minus $0.9 (current price is over target).
If NCK meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.66, suggesting upside of 8.2% (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

Citi rates NEM as Buy (1) -

Newmont Corp announced a better than expected 2Q2026 update with earnings (EBITDA) some 3% above Citi's forecast. Production, costs and cash flows were broadly as anticipated and 2026 guidance was 5.3Moz at AISC of US$1,680.

Management confirmed production will move higher towards the target of 6Moz. The outlook for Lihir and Cadia was positive.

The analyst will continue to monitor costs with recent oil price rises a factor. Investor feedback suggests a focus on management offering "deeper insights" next quarter in the outlook and multi-year guidance in February.

Buy rating and target of $215 for Newmont Corp.

Target price is $215.00 Current Price is $134.76 Difference: $80.24
If NEM meets the Citi target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $188.60, suggesting upside of 37.8% (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 NEM as Outperform (1) -

Macquarie observes "not a lot is going wrong" for Newmont Corp, as June quarter production of 1.293m ounces was in line with expectations.

The strong performance was underpinned by Lihir and Puebla Viejo, with the company signalling it had brought forward production that was originally planned for the third quarter.

Red Chris is now moving closer to a final investment decision, having received key regulatory approvals, with an updated feasibility study expected around the end of the year. Macquarie reduces the target slightly, to $172 from $173 and retains an Outperform rating.

Target price is $172.00 Current Price is $134.76 Difference: $37.24
If NEM meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $188.60, suggesting upside of 37.8% (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 NEM as Buy (1) -

Newmont Corp delivered gold production of 1.3m ozs in the June quarter, bringing forward production from Lihir and Yanacocha mines.

Ord Minnett points out that bringing forward production would imply softer output in the subsequent quarter, but the company has maintained 2026 guidance for 5.3m ozs.

Guidance of US$3.35bn across sustaining and development capex has also been maintained, albeit now skewed to the second half. The broker remains positive on the stock and has a Buy rating. Target is $175.

Target price is $175.00 Current Price is $134.76 Difference: $40.24
If NEM meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $188.60, suggesting upside of 37.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates NEM as Buy (1) -

UBS observes Newmont Corp announced a mixed 2Q update which was viewed as strong but not a sizeable beat.

Higher gold prices and lower unit costs offset lower than expected revenues due to provisional pricing. Earnings (EBITDA) were broadly in line with expectations and consensus.

Lower D&A boosted EPS which beat by 7% and free cash flow was US$2bn above consensus resulting from less working capital outflows and lower capex.

Over 1H2026, management spent less on capex with Cadia issues impacting, but 2026 sustaining capex was retained at US$1.95bn and US$1.4bn for development.

Newmont is returning more cash than any other miner, and if the gold price remains around USD$4,000/oz, then UBS expects this will continue.

Newmont Corp is Buy rated with a $180 target.

Target price is $180.00 Current Price is $134.76 Difference: $45.24
If NEM meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $188.60, suggesting upside of 37.8% (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 PNV as Outperform (1) -

PolyNovo has highlighted record US sales in June although indicated a seasonal decline in major burns along with a changing competitive environment following shifts in reimbursement.

The trading update for FY26 showed commercial sales rose 21% to $138m. Macquarie notes cash flow from operations rose significantly, to $24m compared with $3m in the prior corresponding period.

The broker increases estimates for EPS in FY26 by 28% and reduces FY27 by -16%. Target falls to $1.30 from $1.75. Outperform retained.

Target price is $1.30 Current Price is $0.86 Difference: $0.445
If PNV meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 56.9% (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 QBE as Neutral (3) -

UBS believes second-quarter results from QBE Insurance's US commercial insurance peers reinforce a slowing pricing environment, supporting its recent downgrade of QBE to Neutral.

Premium rate increases eased by around -230 basis points from the first quarter, while underlying underwriting margins remained healthy despite a modest deterioration in accident-year combined operating ratios, the broker explains.

Commentary also notes Chubb flagged pricing weakness spreading from property into casualty insurance, where premium growth is now lagging claims inflation.

UBS expects a benign US hurricane season could intensify competition, increasing margin headwinds into FY27 and limiting earnings growth.

Unchanged Neutral rating and $27.30 target.

Target price is $27.30 Current Price is $24.85 Difference: $2.45
If QBE meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.01, suggesting upside of 3.5% (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: 0.4

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

UBS rates REA as Neutral (3) -

UBS expects online classifieds stocks to largely meet expectations for 2H26, albeit CAR Group ((CAR)) is noted for experiencing a slightly weaker result from Australian private segment and forex.

The analyst is keenly watching the FY27 guidance and currently forecasts a weaker volume outcome compared to consensus.

The broker's earnings (EBITDA) forecasts for CAR Group, REA Group and Seek ((SEK)) are below consensus –4%, –3% and –4%, respectively, for FY27.

UBS reiterates its Buy rating on CAR Group and Seek. CAR is trading at a –19% earnings (EBITDA) discount to REA, and Seek on a –40% discount to REA, versus its –30% average.

The stock is Neutral rated with a $165 target price.

Target price is $165.00 Current Price is $151.84 Difference: $13.16
If REA meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $186.25, suggesting upside of 19.4% (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

Citi rates RRL as Neutral (3) -

Regis Resources announced higher than expected AISC of $3,244, some 7% above Citi's forecast and 9% above consensus, but it included a non-cash stockpile drawdown of $181.2/oz, the analyst highlights.

The June quarter achieved the highest grades for the year. Duketon grade was 11% higher than the previous average over 12 months, and Tropicana 19% above.

Pre-released production was boosted by the better grades to 101.5koz. The broker flags an expected decline in the run rate over the extended period year which more closely aligns with FY27 production guidance of 360koz-400koz.

For Regis Resources: target $8.10; Neutral rating.

Target price is $8.10 Current Price is $5.97 Difference: $2.13
If RRL meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates RRL as Buy (1) -

Following a quarterly activities report by Regis Resources, UBS highlights ongoing strong cash flow generation, supported by steady operational performance and production at the upper end of FY26 guidance.

Lower-than-expected costs at Tropicana were offset by higher sustaining capital and mining costs at Duketon, prompting minor reductions to the broker's earnings forecasts and a lower target of $7.55 from $8.35.

Whilst higher growth capital expenditure weighs on near-term valuation, UBS expects strong dividends to continue in the absence of acquisitions.

Regis is seen as one of the sector's cheapest gold producers on free cash flow and earnings. The broker retains its Buy rating.

Target price is $7.55 Current Price is $5.97 Difference: $1.58
If RRL meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates SEK as Buy (1) -

UBS expects online classifieds stocks to largely meet expectations for 2H26, albeit CAR Group ((CAR)) is noted for experiencing a slightly weaker result from Australian private segment and forex.

The analyst is keenly watching the FY27 guidance and currently forecasts a weaker volume outcome compared to consensus. The broker's earnings (EBITDA) forecasts for CAR Group, REA Group's ((REA)) and Seek are below consensus –4%, –3% and –4%, respectively, for FY27.

UBS reiterates its Buy rating on CAR Group and Seek. CAR is trading at a –19% earnings (EBITDA) discount to REA, and Seek on a –40% discount to REA, versus its –30% average.

Seek's target price is lifted by 3% to $18.80.

Target price is $18.80 Current Price is $12.89 Difference: $5.91
If SEK meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $19.88, suggesting upside of 50.7% (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 SNL as Buy (1) -

Supply Network's FY26 preliminary results showed sales revenue grew 15.6% with net profit expected to be up 19.2% to $47.7m. Sales growth for FY27 is forecast to be at least $50m, underpinned by investment in the distribution network.

Ord Minnett notes double-digit EPS expansion is projected over the next three years, supported by the company's strategic investments. Buy rating and $41 target maintained.

Target price is $41.00 Current Price is $33.06 Difference: $7.94
If SNL meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Santos delivered June quarter output that was -4% short of expectations, Ord Minnett notes, stemming from Cyclone Narelle's impact and the delayed commissioning of the Darwin LNG project.

Production guidance for 2026 has been downgraded by -2%-5%, although guidance for costs and capex is maintained. The broker's estimates are trimmed by -1.4% for 2026 and by a marginal -0.1% for 2027.

Rating is downgraded to Hold from Accumulate given the increase in the stock price of around 12% in the past three weeks. Target is steady at $7.60.

Target price is $7.60 Current Price is $7.97 Difference: minus $0.37 (current price is over target).
If STO meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.20, suggesting upside of 7.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates SYR as No Rating (-1) -

Syrah Resources revealed softer production at Balama in the June quarter amid weak demand for fines ex-China. This drove a managed reduction in throughput and missed consensus expectations, Macquarie observes.

Sales were also lower quarter on quarter with the company achieving a price of US$736/t, amid higher volume of coarse flake sales. The broker is currently on research restrictions and cannot provide a rating or target.

Current Price is $0.11. Target price not assessed.

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.

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