Australian Broker Call

Citi rates A2M as Neutral (3) -

At first inspection, Citi notes a2 Milk Co reported FY25 net profit after tax, revenue and earnings (EBITDA) in line with consensus.

Management guided to high single-digit FY26 revenue growth, which Citi views as -1% to -3% weaker than consensus.

Consensus EPS forecast downgrades of around -11% are anticipated, although earnings include a -NZ$10m-NZ$15m one-off Pokeno-related cost. On an underlying base, the broker concludes the outlook meets expectations.

Citi believes the company continues to execute well on its strategy, commending management. The core infant milk business seems to be performing in line with expectations.

For shareholders, the analyst sees several de-risking events such as supply chain acquisition and possible special dividends in the future. Ongoing investment into a shrinking part of the China label market raises some concerns for Citi.

Target price is $8.20 Current Price is $7.98 Difference: $0.22
If A2M meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.59, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

UBS rates A2M as Buy (1) -

In an initial review of today's FY25 results for a2 Milk Co, UBS notes revenue of NZ$1,902m (up 14% year-on-year) came in slightly ahead of the broker and consensus, with earnings (EBITDA) of NZ$274m in line.

Profit was NZ$203m and a NZ20c dividend was declared, while net cash rose to NZ$1,061m.

Infant formula sales of NZ$1,274m were slightly below the broker's forecast, offset by stronger liquid milk at NZ$346m. The earnings margin improved to 14.4%, with gross margin steady at 46% and marketing spend rising to -NZ$318m.

Operating cash flow was softer at NZ$201m.

FY26 guidance is for high single-digit revenue growth and a 15-16% earnings margin, ahead of consensus, with profit expected similar to FY25.

The net cost of -NZ$182m the acquisition of the Yashili New Zealand infant formula manufacturing plant and Mataura Valley Milk sale was below UBS’s -NZ$250m estimate.

UBS forecasts Yashili’s earnings (EBITDA) to breakeven in FY27, turn positive in FY28 with a2 Platinum in-sourcing and new China Label products. The transaction is expected to deliver a return on invested capital above 10% by FY29.

NZ$9.95 target. Buy rating.

Current Price is $7.98. Target price not assessed.

Current consensus price target is $7.59, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Macquarie rates AMC as Outperform (1) -

Amcor reported a 4Q25 EPS miss of USD20cps, some -5% below Macquarie's forecast. Group volumes for 4Q25 also were below expectations by -1.7%, with North America the main weak geographic location.

Management has isolated a legacy North American business with US$1.5bn in sales and another US$1bn in potential sales for divestment, which could result in de-gearing, an improved margin mix, and slight EPS dilution.

Macquarie reduces its EPS forecasts by -1.2% for FY26 on lower volume growth assumptions and weak rigids margins. FY27 EPS estimate has been lowered by -2%.

The stock remains "cheap" at around 11 times FY26 price-to-earnings and a 5.9% dividend yield, but the analyst would like to see evidence of volumes plateauing and Berry synergies being achieved.

Outperform retained. Target lowered to $17.46 from $18.14.

Target price is $17.46 Current Price is $13.60 Difference: $3.86
If AMC meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $16.02, suggesting upside of 21.2% (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: 0.8

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

Morgan Stanley rates AMC as Overweight (1) -

Morgan Stanley believes the risk/reward for Amcor is looking appealing, but the stock is unlikely to rerate until growth in volumes increases and the cost savings and synergies from Berry are evident.

The analyst believes management can achieve on both items.

The company reported a slight FY25 EPS miss of -2.5% on guidance after declining volumes of -1.7% in 4Q25 and weakness for North American beverage.

On constant currency terms, management guided FY26 EPS of USD80c-USD83c, which infers growth of 12%-17% on FY25, below consensus by -1.5%.

Management is targeting divestments of non-core assets to optimise the portfolio worth US$2.5bn in sales or around 11% of total group sales, including North America beverages worth circa US$1.5bn in sales.

Morgan Stanley lowers its EPS forecasts by -3% for FY26/FY27.

Overweight. Target price US$12 up from US$11. Industry View: In-Line. The analyst coverage is changing to Joseph Michael post this update.

Current Price is $13.60. Target price not assessed.

Current consensus price target is $16.02, suggesting upside of 21.2% (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: 0.8

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

Morgans rates AMC as Accumulate (2) -

Morgans highlights softer demand impacted North American volumes in 4Q25, resulting in a weaker than expected FY25 earnings result.

Amcor management has responded by identifying non-core businesses for possible divestment, at circa US$2.5bn or 11% of sales.

Underlying earnings (EBIT) grew 10%, below the analyst's estimate by -3% and a miss on consensus by -2%, with underlying EPS also a miss.

The Berry acquisition was noted as meeting expectations, and targeted synergies of -US$260m in FY26 and -US$650m by FY28 are in train. Morgans is adopting more conservative cost saving forecasts.

FY26 guidance has come in at USD80c-USD83c, with Morgans at USD81c, suggesting circa 15% growth at the mid point.

Accumulate rating retained. Target slips to $15.20 from $16.

Target price is $15.20 Current Price is $13.60 Difference: $1.6
If AMC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.02, suggesting upside of 21.2% (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: 0.8

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

Ord Minnett rates AMC as Hold (3) -

Ord Minnett notes Amcor's 4Q25 earnings missed both market and its own expectations, due to weakness mainly in the North American beverages arm, with operating expenses also adding to the pressure.

The broker notes the North American beverage business has been flagged for sale but a deal at the lower end of US$.1-1.3bn is more likely given weak earnings. 

Guidance for FY26 EPS growth of 12-17% y/y is considered optimistic by the broker, given Berry's organic volumes have been weaker than the company's legacy businesses.

The broker trimmed FY26 EPS by -2.2% and FY27 by -1.7%. 

Hold. Target cut to $14.20 from $14.50, with the broker highlighting the debt levels make share buybacks unlikely until at least FY28.

Target price is $14.20 Current Price is $13.60 Difference: $0.6
If AMC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.02, suggesting upside of 21.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

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

ANZ Bank’s third quarter 2025 update showed no major surprises on capital, credit quality, or volumes, according to Morgan Stanley.

The loan loss charge of -$97m was in line with the broker’s -$100m forecast, while the CET1 ratio of around 12% also met expectations.

The analysts note credit quality remained stable, with loan growth tracking about 1% ahead of forecasts, driven by Institutional and Australian commercial.

Total loans rose 2% quarter-on-quarter, with Australian retail and commercial up 2%, A&NZ up 1% and Institutional (ex Markets) up 2%.

Customer deposits increased 3% quarter-on-quarter, highlights the broker, including 1% in Australian retail and commercial, 2% in A&NZ and 8% in Institutional (ex Markets).

Equal-weight rating. Target $26.50. Industry View: In-Line.

Target price is $26.50 Current Price is $33.08 Difference: minus $6.58 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.39, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates ANZ as Downgrade to Sell from Trim (5) -

Morgans downgrades ANZ Bank to Sell from Trim, as the expected total return at the current share price does not offer a sufficient risk-return on the stock. Target is raised 10% to $26.84.

The bank released its 3Q25 trading update, but its quarterly reports do not include trends in revenue, costs, or earnings, which Morgans highlights as a challenge to interpret whether the balance sheet growth is translating into better financial performance.

Both loan and deposit growth are tracking above market expectations for end of 2H25, and the CET1 capital ratio rose 16bps to 11.9%. The analyst forecasts the CET1 to be 11.7% at end of FY25.

Morgans has lifted its EPS estimates by 1%-2% for FY25-FY27 and flags 5% EPS growth in FY25 compared to a compound average rate for FY26-FY28 of around 1%.

Target price is $26.84 Current Price is $33.08 Difference: minus $6.24 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.39, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

ASX's FY25 result met expectations as revenue growth from data and technology operations offset weaker revenue from soft listings and issuer services.

Ord Minnett notes the company had warned in early August of -$25-35m increase in operating expenses in FY26, and expects this will reduce the benefits from robust revenue growth in the near term.

FY26 EPS forecast trimmed by -2.4% while FY27 was raised by 0.9% and FY28 by 0.2%. Target price $67.40. Rating upgraded to Hold from Lighten on valuation grounds.

Target price is $67.40 Current Price is $70.39 Difference: minus $2.99 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.70, suggesting downside of -8.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgan Stanley rates AUB as Overweight (1) -

Recent insurer results showed slowing pricing momentum, highlights Morgan Stanley, with QBE Insurance ((QBE)) reporting group-wide rate increases of just 0.8% in the June quarter versus 3.4% in March.

Pricing pressures were most pronounced in commercial property and certain Lloyd’s portfolios, explain the analysts, while SME pricing in Australia remains in low-to-mid single digits and flat to low single digits in A&NZ.

While volume growth and new products should partly offset moderating pricing for insurers, broker earnings growth is better positioned, in Morgan Stanley's view.

Brokers face less trade-off between rate and volume, explain the analysts, with commissions, fees, and acquisitions expected to drive double-digit earnings growth for AUB Group in FY26.

Overweight rating and $38.70 target maintained. Industry view is In-Line.

Target price is $38.70 Current Price is $33.29 Difference: $5.41
If AUB meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $36.43, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates AZJ as Neutral (3) -

Today, Aurizon Holdings reported FY25 earnings (EBITDA) of $1,576m, in line with Citi’s expectations and guidance, though profit was slightly below due to higher depreciation and interest.

In first impressions, the broker notes Coal earnings of $527m were broadly in line, while Network earnings of $956m were around 2% ahead on cost control.

Bulk earnings missed expectation at $169m, around -4% below consensus, dragged by weaker grain and iron ore volumes and higher bad debts, explains the analyst.

FY26 guidance of $1,680-$1,750m is largely in line with consensus of $1,712m, supported by $10m in cost savings. Management expects Coal earnings will improve on stronger volumes.

Network ownership review remains underway, with a change in revenue recognition expected to smooth earnings and improve the asset’s appeal, while a $150m buyback was announced.

The broker highlights the Bulk division remains a concern, with the segment missing again despite a sequential 9% volume recovery in the fourth quarter.

Neutral rating. Target $3.25.

Target price is $3.25 Current Price is $3.27 Difference: minus $0.02 (current price is over target).
If AZJ meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.15, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Citi rates BBN as Buy (1) -

Following further analysis, Citi concludes Baby Bunting's stores refurbishment program is potentially working but it is still early days given over 50% of existing stores are yet to be refurbished.

On the positive side, multiple growth levers like store formats, geographic rollout, NZ profitability suggest earnings momentum upside if execution continues to improve.

FY26 EPS net profit forecast trimmed by -6% and FY27 by -5% as CODB leverage is taking longer to materialise.

Target rises to $3.04 from $2.41 on DCF roll-forward, 15% peer multiples and removal of prior -20% discounts vs market.

Previously, on first glance the broker noted the following:

Baby Bunting's FY25 Pro-forma net profit of $12.1m is higher than consensus' $11.2m forecast.

Commentary suggests the 8% 'beat' appears to be driven by tax and to a lesser extent net interest. It was also towards the upper end of the guidance range of $10m to $12.5m.

No dividend was declared while consensus was expecting to see 0.9cps paid out.

Plenty of positive and equally so on the negatives to highlight, it seems. Regarding the latter, Citi points out FY26 capex guidance of -$30m to -$35m is materially above consensus' -$20m estimate.

Capex will be funded by operating cash flows. The broker suggests part of this may be due to the accelerated refurbishment strategy. The retailer will also embark on an ERP/POS re-platform.

All in all, the broker argues today's result provides incrementally more confidence around the company's turnaround prospects.

Target price is $3.04 Current Price is $2.60 Difference: $0.44
If BBN meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 16.0% (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

Macquarie rates BBN as Neutral (3) -

Baby Bunting reported FY25 same-store sales growth of 4.2%, cycling a -6.3% decline in FY24, while the first six weeks of FY26 show sales up 4.8%, highlights Macquarie.

Gross margins improved by 340bps in FY25 from reset supplier terms and growing loyalty participation, explains the broker, with guidance implying a further 83bps lift in FY26.

Refurbished stores delivered 28% sales growth, though the analyst points out performance has been influenced by short trading histories and higher promotional activity.

Online sales grew 10.8% year-on-year, while exclusive label penetration rose 1.4ppts, supporting margin improvement.

The broker expects FY26 same-store sales growth of 4.3% and network growth of 1.9%, with 10-12 refurbishments targeted. FY26 profit guidance of $17-20m sits slightly above Macquarie's estimate, but stronger sales trends could drive upside.

Macquarie raises its target price to $2.50 from $1.85 and retains a Neutral rating.

Target price is $2.50 Current Price is $2.60 Difference: minus $0.1 (current price is over target).
If BBN 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 $2.81, suggesting upside of 16.0% (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

Morgan Stanley rates BBN as Overweight (1) -

Recently, Baby Bunting has been valued like a mature retailer in decline, but in Morgan Stanley's view remains a category leader with the ability to deploy significant capital at strong incremental returns on invested capital.

The company's FY25 result came in towards the top end of guidance, with profit of $12.1m versus $11.2m consensus, highlights Morgan Stanley.

Same-store sales grew 4.2% for the year, accelerating to 6.2% in the second half, while new store formats lifted basket size by 6% and transactions by 24%, explain the analysts. The gross margin improved 80bps to 41%.

FY26 guidance was stronger than expected by Morgan Stanley, with profit of $17-20m at the midpoint 12% above consensus.

Same-store sales growth of 4-6% is guided, weighted to the second half due to refurbishment closures in the first half, while gross margin guidance of 41% is 50bps ahead of consensus.

The broker highlights capital expenditure is set to rise to -$30-35m from a -$10-15m average, reflecting 10-12 refurbishments, five large new stores and up to six small-format pilots.

Target rises to $3.00 from $2.20. Overweight. Industry view: In Line.

Target price is $3.00 Current Price is $2.60 Difference: $0.4
If BBN meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 16.0% (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 BBN as Downgrade to Trim from Hold (4) -

Baby Bunting generated notably robust 4Q25 sales with a "solid" FY25 earnings report according to Morgans, and net profit after tax at the upper end of the guidance range at $12.1m.

Like-for-like sales in FY25 rose 4.2%, up 6.2% in 2H25, suggesting an acceleration in May/June to 11% growth. Gross margins rose 360bps on the previous year to 40.2%, and cost of doing business lifted 8.2% or 34.8% of sales, up 120bps.

The company refurbished three stores in FY25, and sales uplift is forecast by management at an additional 15%-25% growth.

Morgans raises its net profit after tax estimates by 6% and 4% for FY26/FY27, respectively, underpinned by assumed higher like-for-like sales growth and improved gross margins. FY26 guidance was also better than anticipated and infers over 50% growth at the midpoint.

Rating downgraded to Trim from Hold due to the share price performance. Target lifts to $2.50 from $1.80.

Target price is $2.50 Current Price is $2.60 Difference: minus $0.1 (current price is over target).
If BBN meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.81, suggesting upside of 16.0% (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 BBN as Buy (1) -

Ord Minnett describes Baby Bunting's FY25 result as excellent, marking a sharp turnaround from two years of profit decline.

Underlying net profit of $12.1m was ahead of the broker's $11.8m forecast and the consensus of $11.2m. In the first six weeks of FY26, total sales grew 4.8% and comparable store sales grew 4%.

Guidance for FY26 underlying net profit is $17-20m, up 40-60% y/y.

Buy. Target lifted to $3.00 from $2.15.

Target price is $3.00 Current Price is $2.60 Difference: $0.4
If BBN meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.81, suggesting upside of 16.0% (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 BSL as Neutral (3) -

BlueScope Steel announced 2H25 earnings (EBIT), which were at the upper end of guidance but slightly lower than Citi's and consensus expectations at first peek. Underlying net profit after tax missed consensus estimate by -11%.

Net debt came in at $28m versus consensus at $72m, and cost savings of -$130m were achieved over the year, with an additional -$70m flagged for FY26 to achieve the -$200m target.

BlueScope Properties is discontinuing investment in new projects. Management's 1H26 earnings (EBITDA) guidance stands at $550m-$620m, including lagged spreads, US mini-mill benchmark spreads of around US$480/t, up US$60/t on 2H25, and Asian benchmark spreads of circa US$200/t, flat on 2H25.

Neutral. Target $25.

Target price is $25.00 Current Price is $24.24 Difference: $0.76
If BSL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $26.81, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates BSL as Buy (1) -

In a first read, UBS notes BlueScope Steel's 2H25 EBIT missed its forecast and the consensus by -6%, though after stripping out NZ, the result was in line.

The biggest disappointment was EBIT on Australian steel products which came in at $130m vs the broker's $166m forecast. The write-down in the buildings and coated products unit was also disappointing, highlighting slow path to meaningful earnings contribution.

Guidance for 1H26 EBIT was in line with the broker's forecast but -5% below consensus, and, as the broker explains, it relies on pick up in US spreads in the December quarter. The broker is assuming US$40/st above spot

Buy. Target price $27.

Target price is $27.00 Current Price is $24.24 Difference: $2.76
If BSL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.81, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates BVS as Buy (1) -

Shaw and Partners reiterates its Buy (High risk) rating on Bravura Solutions post the -18.5% share price selloff after the FY25 results.

The analyst stressed the company reported consensus beats across all its financial metrics: revenue by 3%, earnings (EBITDA) by 13%, and cash earnings (EBITDA) by 11%. Consensus forecasts were upgraded for cash earnings (EBITDA) in FY26.

The stock is now considered as trading in "value-territory" and at the lower end of its trading range since 2016.

Shaw and Partners acknowledges the board is not presenting the company like a "traditional public market" company, and FY26 guidance looks conservative with potential upside risks to earnings.

The report also stipulates there is potential for Fidelity to come back to Bravura for work given the complexity of the code base, despite ex-employees working at Fidelity.

Target price is $2.90 Current Price is $1.93 Difference: $0.97
If BVS meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates CKF as Overweight (1) -

Morgan Stanley has conducted a survey on sector trends and consumer preferences in Australia, with findings reinforcing the broker's view industry conditions remain challenging and customer decisions are shifting beyond price.

It's thought fast casual operators are well positioned to capture market share.

Over the past 12 months, 78% of consumers have reduced quick service restaurant (QSR) visits due to budget constraints, according to the survey, with older consumers cutting back while younger consumers are visiting more often.

Many are willing to pay a 10-20% premium for healthier options, with sugar and fat content ranked as the top nutritional concerns shaping menu choices.

The survey found loyalty programs are most effective when offering tangible rewards, with 78% of consumers valuing monetary benefits above all else.

From stocks under coverage in the sector, Morgan Stanley prefers in order: Overweight-rated Guzman y Gomez and Collins Foods, followed by Domino's Pizza Enterprises (Equal-weight).

Target price for Collins Foods unchanged at $10.60. Industry View: In-Line.

Target price is $10.60 Current Price is $9.54 Difference: $1.06
If CKF meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.76, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates COF as Sell (5) -

Centuria Office REIT's FY25 result revealed funds from operations (FFO) of 11.8cpu, in line with both Bell Potter’s expectations and consensus.

FY26 guidance was set at 11.1-11.5cpu, with a dividend per share of 10.1cpu, implying a decline of -3.4% to the broker’s forecast and -6.6% versus consensus.

Earnings have again been reset lower, bemoans the broker, reflecting persistent weakness in suburban office markets, record downtimes, and ongoing releasing challenges.

Balance sheet pressure also remains, highlight the analysts, with net tangible assets falling -9% half-on-half to $1.67, and gearing lifting to 44%, leaving divestments a possible requirement.

The broker sees risk to the payout ratio, which it expects to trend to around 80% medium term from 86% in FY25.

Bell Potter cuts its FY26-28 earnings forecasts, but maintains its $1.10 target and Sell rating.

Target price is $1.10 Current Price is $1.26 Difference: minus $0.16 (current price is over target).
If COF meets the Bell Potter target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.17, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Morgan Stanley rates COF as Underweight (5) -

Centuria Office REIT has guided to FY26 funds from operations (FFO) of 11.1-11.5cpu, with a dividend of 10.1cpu, implying to Morgan Stanley a -3% to -6% earnings decline versus consensus of 12.1cpu.

Occupancy slipped to 91.2% from 92.2% in the first half, observe the analysts, with key vacancies at 201 Pacific Highway and 818 Bourke Street continuing to weigh.

While valuations stabilised with a 1% uplift in the second half, Morgan Stanley notes cap rates expanded a further 12bps, taking the full-year move to 31bps.

Gearing rose to 44.4%, the highest in the broker's REIT sector coverage, with net debt increasing to $861m, suggesting significant capex has been spent but not yet booked.

The payout ratio has increased to 88-91% from 86%, despite rising vacancies and elevated gearing, when the analysts suggest a more conservative stance might have been expected.

Underweight rating. Target price $1.25. Industry view: In-Line. 

Target price is $1.25 Current Price is $1.26 Difference: minus $0.01 (current price is over target).
If COF meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.17, suggesting downside of -5.4% (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 COF as Neutral (3) -

After full analysis, UBS maintains Centuria Office REIT's payout needs to be lower and expects listed investors to be cautious until the balance sheet improves.

The broker highlights a -44% decline in distributions between FY18-25, yet they exceed AFFO, with FY25 payout at 115% of AFFO. FY26-30 earnings forecasts trimmed by -6%. 

Target unchanged at $1.20 as earnings revisions are offset by -50bp lower NAV cap rate. Neutral retained.

Previously, the broker stated:

UBS's first assessment is Centuria Office REIT's FY26 guidance is well below forecasts, missing UBS's estimate by -9% and consensus by -7%.

The broker believes the REIT's payout remains too high, its balance sheet is too highly geared.

Commentary suggests downtime at 201 Pac Hwy and 818 Bourke are keeping the challenge alive for the REIT.

Target $1.20. Neutral.

Target price is $1.20 Current Price is $1.26 Difference: minus $0.06 (current price is over target).
If COF meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.17, suggesting downside of -5.4% (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

Citi rates COH as Buy (1) -

Citi describes FY25 as a mixed year for Cochlear, reflected in the FY25 result. Sales revenue fell short of consensus by -1% as decline in services sales and slower growth in acoustics sales offset Cochlear implant sales growth. 

The focus is on FY26 where growth is expected to be 2H weighted. Underlying net profit guidance of $435-460m was lower than the consensus of $461m. 

The broker reckons short-term US consumer headwinds are weighing on upgrades, but launches of Nexa system and Kanso 3 (should) set up a strong 2H26 and beyond.

EPS forecast for FY26 trimmed by -5% and by -1% for FY26. Target rises to $350 from $300 on capex normalisation, offset by EPS revisions.

Buy retained.

Target price is $350.00 Current Price is $309.03 Difference: $40.97
If COH meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $311.74, suggesting upside of 5.2% (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

Macquarie rates COH as Neutral (3) -

Cochlear reported a miss on FY25 underlying net profit after tax results due to worse than expected gross margin, Macquarie observes, and comes despite a -$50m lowering in employee short-term incentive provisions.

Revenue was in line and implant unit sales and better than anticipated service growth offset by adverse geographic mix and reduced acoustic revenue. Gross margin fell -140bps on the prior year and was below the analyst's estimate by -80bps.

FY26 guidance at the midpoint for underlying net profit after tax ($435m-$460m) is below Macquarie's expectations by -4% and consensus by -3%.

Macquarie lowers its EPS forecasts by -3% and -2% for FY26/FY27, respectively. No change to Neutral rating. Target moves to $295.90 from $270.50 due to a model roll forward, ongoing share buyback, and slight changes to capex assumptions further out.

Target price is $295.90 Current Price is $309.03 Difference: minus $13.13 (current price is over target).
If COH 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 $311.74, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates COH as Underweight (5) -

Cochlear reported FY25 profit up 1% year-on-year, though down -4% in constant currency, notes Morgan Stanley. FY26 guidance was below expectations, with revenue and earnings growth expected to be weighted to the second half.

Cochlear implant unit sales grew 12% in FY25, including 20% in the second half, outperforming both consensus and the broker's forecasts.

Growth was strongest in emerging markets at over 20%, though the analysts point out this drove a -9% decline in average selling prices and gross margin fell to 73.2% in the second half.

The broker highlights the launch of the Nexa system in Europe and Asia Pacific in June, with a US launch due at the end of the September quarter.

While Nexa is expected to support double-digit unit growth in developed markets and single-digit price increases, pricing pressure in China will limit gross margin improvement to around 74%, suggests the analysts.

Morgan Stanley cuts its FY26-28 earnings forecasts by up to -6% and lifts its target price to $280 from $274.

In the broker's view, the current share price suggests expectations of significant long-term market share gains and/or a muted competitive response. Underweight rating retained. Industry View: In-Line.

Target price is $280.00 Current Price is $309.03 Difference: minus $29.03 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $311.74, suggesting upside of 5.2% (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 COH as Downgrade to Trim from Hold (4) -

Cochlear reported FY25, which missed Morgans' expectations and came in at the bottom end of recently downgraded guidance. Net profit was affected by a margin squeeze and slight sales growth.

Gross profit margin declined -120bps to 73.7% versus consensus estimate at 76.4%, with a change to lower-priced markets and scale of China manufacturing.

Opex rose 5% with ongoing investments in market growth. Operating cash flow declined -40% on higher inventory levels and working capital.

Cochlear implants grew 12% in FY25, with 20% growth in 2H on the new Nucleus Nexa system in EU and APC from mid-June, but the broker notes some market share was lost in a few countries ahead of product launches.

FY26 guidance came in at growth of 11%-17% or net profit after tax of $435m-$460m, with a skew to 2H26.

Rating downgraded to Trim, with a slight rise in target price to $299.54 from $281.36.

Target price is $299.54 Current Price is $309.03 Difference: minus $9.49 (current price is over target).
If COH 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 $311.74, suggesting upside of 5.2% (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 COH as Hold (3) -

Cochlear's FY25 net profit was down -4% y/y, falling short of Ord Minnett and consensus forecasts.

Narrower margins weighed, despite one-off support from write-back of short-term incentive provision, below-guidance cloud costs and higher grant income.

The FY26 guidance for net profit growth also disappointed. The broker reckons successful launch of the Nexa product (expected in September) is key, though it acknowledges revenue will be heavily biased to 2H.

FY26 EPS forecast cut by -3.1% and FY27 by -4.2%. Hold. Target unchanged at $295.

Target price is $295.00 Current Price is $309.03 Difference: minus $14.03 (current price is over target).
If COH 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 $311.74, suggesting upside of 5.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates COH as Buy (1) -

After a full analysis of Cochlear's FY25 result, UBS remains convinced of the medium-term growth trajectory, with Services revenue expected to rise 50% over the next four years.

Next-gen Cochlear implant (Nexa CI platform) is expected to lift global market share, with the broker forecasting 3-year revenue growth at compounded annual growth rate of over 10%.

Adjusted net profit forecasts for FY26-28 lifted by 1-3% on lower operating costs, with FY26 adjusted net profit estimated at $458m, at the top end of guidance.

Target lifted to $350 from $325 on medium-term earnings upgrade and roll forward. Buy retained.

In the initial response, the broker said:

Cochlear's FY25 and FY26 guidance both underwhelmed. The broker does believe revenue guidance looks conservative given Service revenue challenges weighed on the FY25 performance.

The broker had higher expectations for Acoustics sales and the gross margin.

Buy. 

Target price is $350.00 Current Price is $309.03 Difference: $40.97
If COH meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $311.74, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates CQR as Buy (1) -

On first glance, Citi analysts comment Charter Hall Retail REIT announced a robust FY25 result which was underpinned by the convenience retail portfolio.

FY26 funds from operations guidance of 26.3c was basically in line with both consensus and the analyst's forecast, while guided DPS of 25.4c is slightly above consensus.

Portfolio occupancy came in at 98.9% and the NTA rose 2.9% to $4.64. Balance sheet gearing of 27.1% is viewed as "prudent" and the REIT has raised $1.75bn of equity and exchanged on an additional $504m of newly sourced acquisitions.

Moving annual turnover growth of 3.6% with sales productivity of $11,356psqm and average gross rent of $1,301psqm.

The market is expected to like the result, with the REIT trading at a discount of around -12% to NTA.

Buy. Target $4.20.

Target price is $4.20 Current Price is $4.08 Difference: $0.12
If CQR meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates DGT as Buy (1) -

UBS comments Digico Infrastructure REIT reported a mixed FY25 result with earnings (EBITDA) beating its own estimate by 3% but missing consensus by -11%. Revenue for FY25 also missed by -8% versus the analyst estimate and -4% against consensus.

Dividend per share of 10.9c was better than UBS' 10.8c. The REIT is changing its CEO to Chris Maher, and Damon Reid is transitioning to COO.

Contracted IT capacity for FYD1 is 27MW by FY26, inferring growth on the prior year of 30%, which is better than anticipated, and the US is flagged to benefit from CHI1 expansion and generate incremental FY26 earnings (EBITDA) of $40m against $37m forecast by UBS.

The analyst views consensus earnings (EBITDA) growth for FY26 might need to be lowered, and the 9MW of delivery is later than expected in 4Q26 compared to 2Q26 as forecast, but SYD1 is flagged for higher contracted activity.

NTA stands at $4.35 compared to the broker's forecast at $4.33. Net gearing is in line.

Target price is $5.60 Current Price is $3.20 Difference: $2.4
If DGT meets the UBS target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 64.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

Morgan Stanley has conducted a survey on sector trends and consumer preferences in Australia, with findings reinforcing the broker's view industry conditions remain challenging and customer decisions are shifting beyond price.

It's thought fast casual operators are well positioned to capture market share.

Over the past 12 months, 78% of consumers have reduced quick service restaurant (QSR) visits due to budget constraints, according to the survey, with older consumers cutting back while younger consumers are visiting more often.

Many are willing to pay a 10-20% premium for healthier options, with sugar and fat content ranked as the top nutritional concerns shaping menu choices.

The survey found loyalty programs are most effective when offering tangible rewards, with 78% of consumers valuing monetary benefits above all else.

From stocks under coverage in the sector, Morgan Stanley prefers in order: Overweight-rated Guzman y Gomez and Collins Foods, followed by Domino's Pizza Enterprises (Equal-weight).

Target price for Domino's Pizza Enterprises unchanged at $24. Industry View: In-Line.

Target price is $24.00 Current Price is $19.17 Difference: $4.83
If DMP meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $21.47, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates GLF as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates coverage of Gemlife Communities with an Outperform rating and $5.35 target. Industry view: In-line.

The company is a pure land lease and manufactured homes developer with around an 8000 lot pipeline. It generates 13% of earnings from rental income across its communities businesses and 87% from the sale of built houses at its resorts.

Morgan Stanley estimates it can produce a compound growth rate in EPS of around 13% from 2026-2029 and is viewed as "ideal" exposure for a lift in housing purchasing power for its target market of over 50s.

Peers in the residential sector have experienced an uplift in valuations to around 20-30 times in previous residential up cycles, which the analyst believes Gemlife can capitalise on this cycle.

Target price is $5.35 Current Price is $4.29 Difference: $1.06
If GLF meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Morgans initiates coverage of Gemlife Communities with a Buy rating and $5.25 target price. The company is the fourth largest Land Lease Community operator, with the largest pipeline of yet-to-be developed vacant land which will target 50-year-old-plus homeowners.

The analyst believes Gemlife can build out a portfolio of 9,836 sites across the eastern seaboard, underpinned by demographic tailwinds, with management forecasting 408 lot settlements in the year to June 2026.

A profit is made on the sale of the houses, with sufficient cash to grow the business from retained earnings. The homes are provided within resort-style facilities, and there are no deferred management fees or capital contributions.

Target price is $5.25 Current Price is $4.29 Difference: $0.96
If GLF meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates GPT as Buy (1) -

On first take, GPT Group's 1H25 result was robust across operations and funds management execution according to Citi, with FY25 guidance lifted to the upper end of the range.

Management expects FY25 funds from operations to be no less than 33.2c per share, which sits marginally above the analyst and consensus forecasts and suggests no less than 3% growth on 2024.

First half funds from operations grew 4.4%, which was a beat, and dividend of 12c was flat on the prior period. NTA lifted to $5.31 from $5.27, with the share price trading at a discount of around -1%. Assets under management came in at $36.6bn and net gearing rose to 30.7%.

Citi expects the market to be positive about the results. Buy. Target $5.

Target price is $5.00 Current Price is $5.27 Difference: minus $0.27 (current price is over target).
If GPT meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.32, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

UBS rates GPT as Neutral (3) -

Today, GPT Group reported first half 2025 funds from operations (FFO) of $322.6m, ahead of UBS’s $310.7m forecast and consensus of $309.3m, with funds from operations (FFO) of 16.8cpu and a 12c dividend.

FY25 FFO guidance was lifted to at least 33.2cpu from 32.5-33.1cpu, with a 24c dividend maintained.

In first impressions, the broker notes the beat was driven by trading profits of $13.9m versus the analysts' $6m forecast. Office also delivered strong outcomes with like-for-like net property income up 6.5%, leasing spreads of 7.6%, and incentives steady at 35%.

Retail was slightly softer, note the analysts, while logistics grew 5% with occupancy at 99.5% and leasing spreads of 37%.

The broker highlights gearing of 30.7% with cost of debt rising to 5.4%, and net tangible assets (NTA) of $5.31. Hedging of 75% through FY26 remains solid, though higher hedge rates from the second half reduce exposure to interest rate cuts.

Neutral rating. Target $5.40.

Target price is $5.40 Current Price is $5.27 Difference: $0.13
If GPT meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates GT1 as Downgrade to Speculative Hold from Speculative Buy (3) -

Green Technology Metals continues to advance its Ontario-based lithium projects, with Bell Potter highlighting progress across Seymour, Root and the Ontario Lithium Conversion Facility.

At Seymour, the company secured two 21-year mining leases, though the Definitive Feasibility Study (DFS) has been deferred amid weaker lithium prices, with the environmental assessment expected by end-2025.

Work is progressing on the Pre-Feasibility Study (PFS) in partnership with downstream development partner EcoPro Innovation, note the analysts.

Development will require a meaningful recovery in lithium prices, cautions the broker, though a vertically integrated path with EcoPro could improve feasibility.

Given development uncertainty, Bell Potter downgrades its rating to Speculative Hold from Speculative Buy and sets a 4.5c target price, down from 14c.

Target price is $0.05 Current Price is $0.04 Difference: $0.005
If GT1 meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates GYG as Overweight (1) -

Morgan Stanley has conducted a survey on sector trends and consumer preferences in Australia, with findings reinforcing the broker's view industry conditions remain challenging and customer decisions are shifting beyond price.

It's thought fast casual operators are well positioned to capture market share.

Over the past 12 months, 78% of consumers have reduced quick service restaurant (QSR) visits due to budget constraints, according to the survey, with older consumers cutting back while younger consumers are visiting more often.

Many are willing to pay a 10-20% premium for healthier options, with sugar and fat content ranked as the top nutritional concerns shaping menu choices.

The survey found loyalty programs are most effective when offering tangible rewards, with 78% of consumers valuing monetary benefits above all else.

From stocks under coverage in the sector, Morgan Stanley prefers in order: Overweight-rated Guzman y Gomez and Collins Foods, followed by Domino's Pizza Enterprises (Equal-weight).

Target price for Guzman y Gomez unchanged at $41.90. Industry View: In-Line.

Target price is $41.90 Current Price is $27.88 Difference: $14.02
If GYG meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $36.97, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates HCW as Buy (1) -

HealthCo Healthcare & Wellness REIT reported its FY25 result with funds from operations (FFO) of 6.6cpu, which was -17% below Bell Potter’s forecast and -16% below consensus.

These misses were driven by the suspension of distributions in the second half by the Unlisted Healthco Fund (UHF), explain the analysts.

No FY26 guidance was provided, with distributions to recommence once the Healthscope situation is resolved.

HealthCo and UHF continue to work with the receiver on the Healthscope sale process to secure a new tenant. 

The broker notes all eleven Healthscope hospitals remain operational and full rent has been paid, while a receiver-led sale process is underway to replace Healthscope as tenant. If unsuccessful, Healthco and UHF are preparing alternative lease arrangements.

The broker highlights asset sales of $80m reduced gearing to 31.1%, within the 30-40% target range, supported by cash and undrawn debt of around $104m, though interest cover is under closer watch given UHF.

Bell Potter cuts its FY26-28 earnings forecasts by between -37% to -7%, sets its target price at $1.00, down from $1.15 and retains a Buy rating.

Target price is $1.00 Current Price is $0.81 Difference: $0.19
If HCW meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 5.7% (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

Morgan Stanley rates HCW as Underweight (5) -

HealthCo Healthcare & Wellness REIT reported FY25 funds from operations (FFO) of 6.6cpu and a distribution of 4.2cpu, both in line with Morgan Stanley’s forecasts.

But it was never going to be about the result, suggests the broker. No FY26 guidance was provided due to uncertainty around Healthscope, which represents the majority of rental income. Capital expenditure plans have been scaled back until the situation is resolved.

Management confirmed conditional agreements have been secured with alternative operators across the Healthscope hospital portfolio. Questions remain on achievable rent levels and potential downtime during any transition, suggest the analysts.

While all contracted rent has been paid, Healthscope’s receivers are still running a divestment process, and HealthCo has agreed to defer 15% of rent from May-August 2025 with repayment due in September.

The broker highlights gearing of 31.1% following $37m in asset sales, a decline in neat tangible assets (NTA) to $1.44 from $1.58, and an extension of the debt facility to November 2026 with reduced size to $475m.

Underweight rating. Target price 89c. Industry view: In-Line.

Target price is $0.89 Current Price is $0.81 Difference: $0.08
If HCW meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 5.7% (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 LTR as Speculative Buy (1) -

Liontown Resources announced a $316m placement and up to $20m Share Purchase Plan (SPP), lifting pro forma cash to $472m, Bell Potter comments.

The $266m institutional tranche settled on August 12, while a $50m conditional tranche remains subject to shareholder approval in September.

The broker notes investors included Australia’s National Reconstruction Fund Corporation with $50m and Canmax Technologies with $35m.

The funding provides runway at spodumene concentrate prices as low as US$700/t SC6 through 2028, with cash flow positive expected from mid-2026 if SC6 prices exceed US$850/t, highlight the analysts.

Speculative Buy. Target rises to $1.15 from $1.05.

Target price is $1.15 Current Price is $0.85 Difference: $0.3
If LTR meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting downside of -32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

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

Citi highlights Mirvac Group's result showed a return to EPS growth following a tough FY25, and is expecting growth to pick up in FY27-28 as key development projects are completed.

The broker sees upside to the current PE multiple of 18x FY26 earnings, and upside to the consensus forecasts for FY27-28.

Rating lifted to Buy from Neutral. Target rises to $2.60 from $2.30.

Previously in first impressions, the broker noted the following:

Mirvac Group's operating earnings of $474m were at the lower end of guidance and slightly below the broker's expectations.

FY26 EPS guidance of 12.8-13.0c also came in modestly under consensus.

The broker expects the share price to soften given earnings at the low end of guidance and softer FY26 guidance.

Residential settlements of 2,122 were ahead of consensus. Strong sales momentum from new Sydney project launches and a pick-up in MPC sales, explain the analysts, supported by an additional 279 of conditional sales.

Residential margins fell to 14.9% in FY25 on higher construction costs, but management expects 18-22% margins in FY26 as weaker-margin projects are largely absorbed.

The investment portfolio saw slight cap rate compression to 5.75%, offsetting softer office valuations, with positive re-leasing spreads across all sectors, highlights Citi.

Target price is $2.60 Current Price is $2.29 Difference: $0.31
If MGR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 1.6% (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

Macquarie rates MGR as Outperform (1) -

Mirvac Group reported FY25 operating EPS of 12.0c, in line with Macquarie’s forecast and consensus but at the low end of guidance.

FY26 guidance of 12.8-13.0c implies 7-8% growth and aligns with consensus, though it sits below the broker’s forecast.

The analyst suggests FY26 marks the start of a multi-year recovery, with development earnings expected to rise 52% to around $270m, driven by 2,000-2,300 residential settlements at margins near 20%.

Residential sales rose 39% in FY25 to 2,100, with momentum improving into the fourth quarter and pre-sales of $1.9bn, around 30% of which are due to settle in FY26, highlights the analyst.

The broker also points to improving office conditions with 95% occupancy, 7% re-leasing spreads, and stable valuations in the second half.

Macquarie cuts its FY26-28 earnings forecasts by up to -5%. The target price rises to $2.48 from $2.38 driven by a roll forward of valuation. Outperform rating maintained.

Target price is $2.48 Current Price is $2.29 Difference: $0.19
If MGR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 1.6% (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

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

Mirvac Group delivered FY25 earnings per share of 12.0c, at the low end of management's 12.0-12.3c guidance range, observes Morgan Stanley.

FY26 guidance of 12.8-13.0c is in line with consensus, underpinned by 2,000-2,300 residential settlements, more than $500m in asset sales, and profit contributions from capital partnering, explains the broker.

The analysts assess FY25 profit was mixed, with community development profit of $46m well below expectations due to Anura (community development project) write-downs and sub-contractor issues at 55 Pitt. A partial offset was provided via cost savings and lower interest expense.

Impairments at Willoughby and Quay apartments quarantined margin impacts to FY25, while Badgerys Stage 1 sell-down secured profits into FY26, highlights Morgan Stanley.

The broker anticipates a solid earnings trajectory through FY26-27 but flags downside risk to FY27 and beyond from construction costs. 

Equal-weight. Target $2.45. Industry view: In Line.

Target price is $2.45 Current Price is $2.29 Difference: $0.16
If MGR meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 1.6% (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 MGR as Hold (3) -

Mirvac Group's FY25 earnings missed Ord Minnett's forecast but final distribution was in line.

Guidance is for earnings growth in FY26 and 5.6% y/y lift in distribution, and is based on 7.8% y/y increase in residential settlements and increase in gross margin to 18-22% from 14.9% in FY25.

The broker, however, reckons the guidance is optimistic given write-downs and project timelines, plus higher interest expenses.

Operating EPS forecast for FY26 cut by -0.9% and FY27 by 4.5%.

Hold. Target rises to $2.20 from $2.15.

Target price is $2.20 Current Price is $2.29 Difference: minus $0.09 (current price is over target).
If MGR meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.41, suggesting upside of 1.6% (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

UBS rates MGR as Neutral (3) -

Following full analysis of Mirvac Group's FY25 result, UBS notes lack of improvement in transparency (unquantified transactional profits) will create investor unease.

On the positive side, signs of easing construction cost pressures is supporting the broker's 6% compounded annual growth forecast FY26-29 operating EPS.

Overall, minor revisions to FY26-28 operating EPS forecasts, but FY29-30 trimmed by -3-4% on lower development profits.

The broker reckons a tilt away from office toward residential would be a good strategy but the pace of redeployment must balance dilution vs portfolio quality improvement.

Neutral. Target cut marginally to $2.31 from $2.32. Previously the broker wrote:

It is UBS' initial conclusion that Mirvac Group has released an in-line FY25 performance today, but with question marks around accounting impacts from impairments.

Resi/commercial development missed the broker's forecast by -16% but then the burden from interest expenses also proved -16% lower than assumed.

Neutral. 

Target price is $2.31 Current Price is $2.29 Difference: $0.02
If MGR meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 1.6% (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 NAB as Sell (5) -

Citi's initial look at National Australia Bank's 3Q25 results showed in-line earnings of $1.77bn, which met consensus but were above forecast by 7%.

Core earnings beat consensus by circa 3% on better net interest income and lower costs. NIM came in at around 1.78%, some 8bps better than anticipated, of which 4bps came from markets & treasury and liquids.

The bank generated loan growth of 2% in the quarter on the prior quarter across all segments. Compared to peers, its customer deposits were generally stable, which, commentary suggests, should have offered some price and mix benefits over the quarter.

Bad and doubtful debts of -$254m were higher than forecast due to a 5bps rise in non-performing loans. Payroll remediation is likely to be viewed by the market as a one-off item. Citi believes it is a good result with the market likely to look for a return to deposit growth.

Sell. Target $30.50.

Target price is $30.50 Current Price is $39.19 Difference: minus $8.69 (current price is over target).
If NAB meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.24, suggesting downside of -17.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates NAB as Neutral (3) -

In a first read of National Australia Bank's 3Q25 update, UBS assesses cash earnings as broadly in line, with higher revenue but higher costs and bad debts.

Net interest margin got a 8bps boost from replicating portfolios and lower short-term funding costs. Revenue was up 3% q/q while opex was also 3% higher but in line with broker's forecast on higher staff and tech spend.

The broker notes higher-than-expected costs led to FY25 cost guidance of 4.5% increase, rather than below 4.5%, making upward revision of 60bps likely to consensus forecast of 3.9%.

Neutral. Target price $37.50.

Target price is $37.50 Current Price is $39.19 Difference: minus $1.69 (current price is over target).
If NAB meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.24, suggesting downside of -17.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates OML as Buy (1) -

In a snapshot of oOh!media's 1H25 result, UBS notes strong revenues were offset by lower-than-expected gross profit margins, leading to -2% miss on EBITDA vs consensus.

On the positive side, 3Q25 revenue is tracking 5% y/y on stronger growth expectation in August/September. Outdoor industry is expected to grow mid-high single digits in 2H vs consensus for 6% revenue growth.

Gross margin is guided at 44%, in line with consensus, and implies strong 2H margin recovery. The broker sees upside to consensus revenue forecasts, but confidence in margin recovery is seen as key.

Buy. Target price $2.

Target price is $2.00 Current Price is $1.77 Difference: $0.23
If OML meets the UBS target it will return approximately 13% (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

Ord Minnett rates ORG as Hold (3) -

Ord Minnett notes Origin Energy's FY25 underlying net profit slightly beat market expectations while the final dividend was in line.

At the EBITDA level, energy markets outperformed, offsetting continued losses at Octopus Energy. The key disappointment for Ord Minnett was the push back in Kraken IPO vs the broker's forecast, and additional funding required to build scale before the IPO.

The broker reckons this means any capital return to Origin from IPO is still several years away.

EPS forecast for FY26 downgraded by -1.1% and for FY27 by -3.9%. Hold. Target unchanged at $12.

Target price is $12.00 Current Price is $12.78 Difference: minus $0.78 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.97, suggesting downside of -6.3% (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 ORG as Buy (1) -

After further analysis of Origin Energy's FY25 result, UBS believes there's scope for Octopus' value realisation over the coming 6-12 months.

Potential financial separation of Octopus Energy Retail and Kraken is expected to happen in 1H26 but the company may need to contribute equity, and has capacity to do so. The stock could re-rate from Kraken's value realisation.

FY26-27 EPS forecasts trimmed by -2-4% mainly on higher interest costs and D&A, while FY28-30 forecasts lifted by 14-30% on higher electricity prices and higher output from Eraring power station. 

Target rises to $13.70 from $11.70

In the first take, the broker noted the following:

Origin Energy reported a "solid" 2H25 result on first take, with FY26 energy markets earnings (EBITDA) guidance in line and a robust balance sheet offering scope for the utility to support dividends and fund growth, according to UBS.

Many of the main financial metrics were pre-released, with the broker suggesting the market will focus on FY26 expected earnings from energy markets. Origin's share of Octopus FY26 earnings (EBITDA) is guided at levels slightly below consensus.

UBS will be focusing on any upside potential and value from the Octopus stake. The report suggests investors will be looking for the next growth lever to drive the stock higher after a 19% total return over the last year.

Target price is $13.70 Current Price is $12.78 Difference: $0.92
If ORG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.97, suggesting downside of -6.3% (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 PXA as Buy (1) -

Ahead of Pexa Group's FY25 result on August 29, UBS has a Buy rating and $17.35 target price.

Target price is $17.35 Current Price is $15.92 Difference: $1.43
If PXA meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.15, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates RWC as Buy (1) -

Citi notes since the May tariff update, rates, reciprocals, and s232 duties have all shifted, and companies are rolling back initial estimates of cost headwinds after reassessing the impact.

The broker looked at 2Q25 results of Reliance Worldwide's peers, concluding the company will wind back its initial estimate but unsure by how much.

The low conviction estimate is a wind back of -15-20% from the previously flagged -$25-35m impact. This would equate to -2-4% of FY25 EBIT.

Buy. Target unchanged at $5.25.

Target price is $5.25 Current Price is $4.55 Difference: $0.7
If RWC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgan Stanley rates SDF as Overweight (1) -

Recent insurer results showed slowing pricing momentum, highlights Morgan Stanley, with QBE Insurance ((QBE)) reporting group-wide rate increases of just 0.8% in the June quarter versus 3.4% in March.

Pricing pressures were most pronounced in commercial property and certain Lloyd’s portfolios, explain the analysts, while SME pricing in Australia remains in low-to-mid single digits and flat to low single digits in A&NZ.

While volume growth and new products should partly offset moderating pricing for insurers, broker earnings growth is better positioned, in Morgan Stanley's view.

Brokers face less trade-off between rate and volume, explain the analysts, with commissions, fees, and acquisitions expected to drive double-digit earnings growth for Steadfast Group in FY26.

Target of $6.71 and Overweight rating retained. Industry view is In-Line.

Target price is $6.71 Current Price is $6.29 Difference: $0.42
If SDF meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates SIG as Overweight (1) -

Sigma Healthcare's FY25 result, its first as a merged entity, will be closely watched by investors, suggests Morgan Stanley. It's felt earnings (EBIT) growth will be judged against the 36% already flagged in the May trading update.

The broker expects the market to focus on same-store sales growth within Chemist Warehouse Group's (CWG), domestic store count growth, and earnings (EBIT) performance.

The broker outlines three scenarios: consensus-beating outcomes with more than 10% same-store sales growth and store count above 560, results broadly in line with 8-10% growth and around 550-560 stores, or a miss with less than 8% growth and fewer than 550 stores.

As part of the broker's catalyst-driven idea, Morgan Stanley’s base case is Scenario 1, factoring in 10% same-store sales growth, 553 domestic stores at June 2025, and earnings growth of around 40% for FY25.

Morgan Stanley retains an Overweight rating with a $3.30 target price. Industry View: In-Line.

Target price is $3.30 Current Price is $2.84 Difference: $0.46
If SIG meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Ord Minnett rates SUN as Hold (3) -

Suncorp Group's FY25 earnings and dividend beat Ord Minnett and the market expectations as stronger investment income offset a miss in insurance profit.

The company is focusing on margins vs growth, which explains the sharp slowing in gross written premiums growth in 2H vs 1H.

Underlying insurance margin in 2H was 12%, and the company guided to top end of 10-12% band in FY26. The broker notes the company has enough flexibility to manage price/volume mix to meet the target.

EPS forecast for FY26 lifted by 1.7% and for FY27 by 1.8%.

Hold. Target rises to $22.50 from $22.00.

Target price is $22.50 Current Price is $21.01 Difference: $1.49
If SUN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $22.73, suggesting upside of 6.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates SYA as Outperform (1) -

Macquarie notes Piedmont Lithium ((PLL)) announced a delay of its 2025 Shareholder Special Meeting to approve the merger with Sayona Mining, and the deadline for Resource Capital Fund subscription has been extended to the end of 2025 with call options issued.

The analyst notes the adjournment is disappointing but doesn't see it as changing the outcome of securing enough votes for the proposed merger, it is just taking more time.

Macquarie includes the 4Q25 trading update and reduces its forecast FY25 loss by -12%. The merger with Piedmont Lithium is due to complete in 2H2025. No change in Outperform rating. Target rises to 3c from 2c.

Target price is $0.03 Current Price is $0.03 Difference: $0
If SYA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates TPW as Hold (3) -

Temple & Webster delivered a FY25 earnings (EBITDA) result around 4% ahead of consensus, observes Bell Potter.

Key operating metrics including conversion, active customers of around 1.3m, and repeat orders at about 59% performed strongly, though the broker notes marketing return and per-customer revenue slipped -1% year-on-year.

FY26 guidance targets margins of 3-5%, with early momentum from 28% check-out revenue growth in the first six weeks.

The analysts' longer-term assumptions remain at a 21% compound annual growth rate (CAGR) through 2034. The earnings margins forecast for FY26 is reduced by -10bps to 4.4%, but fixed cost leverage is factored in longer term.

Bell Potter raises its target price to $28.00 from $22.00 on a change of valuation method, a valuation roll-forward, and an upgrade to longer-term earnings margins. Hold rating maintained.

Target price is $28.00 Current Price is $25.03 Difference: $2.97
If TPW meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 5.2% (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

Citi rates TPW as Buy (1) -

After deeper analysis of FY25 result, Citi notes Temple & Webster remains a growth plus margin expansion story.

Revenue growth is expected to accelerated in FY26 on macro (housing, rates) and company-specific (marketing, AI, scale) factors.

Target rises to $34.32 from $27.26. Buy maintained.

The broker highlighted the following on first take:

Temple & Webster reported FY25 net profit after tax of $11.3m, which missed consensus forecasts by -6.6%, with revenue slightly weaker at -1% and earnings (EBITDA) higher than expected by 5%, Citi explains.

Revenue per active customer declined to $456 from $461 a year earlier, while the exit run rate was robust, with June up 28% on last year. Earnings (EBITDA) margin was 3.1%, slightly above the top end of guidance at 3%. Cash on hand stood at $144m with no debt.

Sales from July 1 to August 11 rose 28% on the prior year, which is viewed as a good result. Cycling comps into 1H26 should be easier, with sales growth for 1H25 at 24% versus consensus 1H26 growth of 22%.

Citi believes the robust FY26 trading update and the improvement in earnings margin justify the rise in the share price of 21% over the last month. Buy.

Target price is $34.32 Current Price is $25.03 Difference: $9.29
If TPW meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 5.2% (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

Bell Potter rates TRJ as Buy (1) -

Trajan Group has pre-released its FY25 result with revenue of around $166.5m, representing growth of 7.4% and above Bell Potter’s forecast of $162.5m.

Revenue exceeded the top end of guidance despite the loss of a -$3.9m biotech syringe stream and compared favourably with US peers (which posted low single-digit growth), highlights the broker.

Earnings (EBITDA) of about $15.5m will fall below the $17m-$19m guidance range and the broker's $16.6m forecast.

Bell Potter attributes underperformance to -$0.8m in currency movements, timing of a $1m microsampling order, lower gross margins from geographic sales mix, and tariff impacts on supply chains.

The broker cuts its FY26-27 earnings forecasts by around -5% and reduces its target price to $1.45 from $1.50, while retaining a Buy rating.

Target price is $1.45 Current Price is $0.93 Difference: $0.52
If TRJ meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates UNI as Buy (1) -

Ahead of Universal Store's FY25 result, Citi is forecasting net profit of $35m vs the consensus of $36.2m.

The broker will focus on strong retail execution and network expansion.

Buy. Target unchanged at $10.53.

Target price is $10.53 Current Price is $8.91 Difference: $1.62
If UNI meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.27, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates WBC as Sell (5) -

After a deeper look at Westpac's 3Q25 update, Citi revised earnings forecasts by 3-4% following higher net interest margin and marginally lower bad debt charges.

Target lifted to $29.75 from $28.50. Sell retained.

Below is a summary of the broker's initial reaction: 

Citi notes Westpac reported 3Q25 net profit after tax of $1.9bn, which beat both the broker's and consensus expectations by 12% and 14%, respectively, due to better revenue from Treasury & Markets, with costs in line.

Core NIM at 1.85% came in better than anticipated and above Citi's 1.76% estimate.

The analyst notes the market has taken the result well but cautions against assuming the revenue momentum will be maintained into 4Q25.

Target price is $29.75 Current Price is $36.81 Difference: minus $7.06 (current price is over target).
If WBC meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.70, suggesting downside of -17.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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