Australian Broker Call

Citi rates ABB as Buy (1) -

In an initial glance, Citi notes Aussie Broadband’s interim result missed expectations on higher costs. It's thought elevated marketing spend reflects heightened competition.

Subscriber momentum remained solid with a further 12,000 connections added in early 2H, which is particularly encouraging, suggest the analysts, given the increased competition.

FY26 underlying EBITDA guidance to $162-167m is an upgrade of around 1.5%, notes Citi, with capex unchanged. Strategic ambitions under the Look-to-28 plan have also been lifted, notes the broker.

While the share price is expected to trade down, Citi is prepared to look-through the interim result 'miss' given the guidance upgrade and Look-to-28 ambitions.

Buy. Target $6.15.

Target price is $6.15 Current Price is $5.23 Difference: $0.92
If ABB meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates ABB as Buy (1) -

At first glance, UBS notes Aussie Broadband's 1H26 earnings EBITDA were a slight miss versus expectations, though trading momentum into 2H26 has been strong.

Earnings (EBITDA) guidance has been upgraded to $162m-$167m from $157m-$167m previously, with the midpoint around 1% above consensus of $163m, while capex guidance of -$55m-$60m was reiterated by management.

A trading update highlighted 12k net subscriber additions to date in 2H26 versus consensus expectations of 24k for the half, although UBS notes early 2H26 discounting has supported growth.

The company also announced the acquisition of Nexgen’s Cloud & Communications segment for up to -$50m, adding around 7.5k broadband and voice customers at an implied 6.2x EV/ earnings (EBITDA) multiple on FY25 earnings (EBITDA) of $8.1m.

Buy. Target $6.50.

Target price is $6.50 Current Price is $5.23 Difference: $1.27
If ABB meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.94, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates ADH as Neutral (3) -

Adairs reported 1H26 underlying earnings (EBIT) of $30.0m and NPAT of $18.8m, both below UBS and consensus, despite sales of $329.0m rising 5.9% y/y and landing within guidance.

Gross margins were mixed across divisions, with Adairs down -170bps to 60.7% and EBIT below expectations the analyst notes while Focus broadly in line on sales but softer at EBIT, and Mocka outperforming on both sales growth of 29.8% and margin expansion.

The DPS of 5.5c per share was below forecast at 7.0c, while operating cash flow of $68.5m implied 116% conversion.

A trading update highlighted a strong start to 2H26, with first seven-week sales growth of 4.8% at Adairs, 0.8% at Focus and 31.3% at Mocka, and management guiding to sales, margin and underlying EBIT growth in 2H26 against last year.

Neutral rating. Target $2.05.

Target price is $2.05 Current Price is $1.81 Difference: $0.24
If ADH meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 21.9% (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 AGL as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley downgrades AGL Energy to Underweight from Equal-weight, noting lower and less volatile electricity prices are headwind for the company. Power market volatility has moderated reducing outsized gains for batteries and flexible generation.

Electricity demand may be growing but supply growth has run ahead, with no scheduled closures until the end of 2028.

The broker considers both AGL Energy's and Origin Energy's investment in batteries attractive, with existing grid connections and revenue opportunities not available to competitors.

The share prices have outperformed since strong first half results and the broker now finds share prices are exceeding its valuation. Target is $9.66. Industry View: In-Line.

Target price is $9.66 Current Price is $10.60 Difference: minus $0.94 (current price is over target).
If AGL 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 $11.12, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates ALL as Buy (1) -

Citi lowers its target for Aristocrat Leisure by -$6.00 to $65.00 following a further review of the company's outlook at the AGM.

A summary of the broker's initial thoughts follows.

Citi highlights Aristocrat Leisure reiterated FY26 guidance for constant currency net profit after tax growth, with the analysts emphasising  gaming revenue trends remain resilient at the AGM update.

The gaming company explained softness in destination markets has been offset by steadier regional demand, while operators continue to signal supportive capital budgets.

Citi expects Aristocrat to deliver 4,000-5,000 net adds in FY26, weighted to 2H, with fees per day expected to lift through the year after stable early 1H trends.

Product Madness direct-to-consumer revenue is tracking above 20% in early FY26, supporting margin expansion despite higher user acquisition spend.

Target price is $65.00 Current Price is $48.00 Difference: $17
If ALL meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $67.56, suggesting upside of 43.8% (ex-dividends)

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

Macquarie rates ALL as Outperform (1) -

Macquarie has high conviction in Aristocrat Leisure's ability to deliver 10-15% constant-currency earnings growth medium term. The broker forecasts 14% growth in constant-currency earnings in FY26.

Aristocrat trades on 17x 12-month forward PE, Macquarie notes, a -15% discount to the ASX300 industrials, despite attractive growth and a robust balance sheet, supporting M&A and buy-backs.

Commentary posits Aristocrat only operates in regulated markets, providing a wide moat to AI disruption. Target falls to $63 from $66, Outperform retained.

Target price is $63.00 Current Price is $48.00 Difference: $15
If ALL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $67.56, suggesting upside of 43.8% (ex-dividends)

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

Ord Minnett rates ALL as Buy (1) -

Ord Minnett lowers its target for Aristocrat Leisure to $65 from $74 following an AGM update, while noting 2H26 game releases and interactive momentum as upcoming catalysts.

Management reiterated constant-currency profit (NPATA) growth guidance, supported by stronger gross gaming revenue (GGR) and Product Madness share gains, explains the analyst.

It's felt FY26 will be a rebasing year, with 6% EPS growth before double-digit expansion from FY27.

The broker trims its EPS forecasts by -4.8%, -6.8% and -8.4%, respectively, across FY26-28, largely due to stronger Australian dollar estimates.

Target price is $65.00 Current Price is $48.00 Difference: $17
If ALL meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $67.56, suggesting upside of 43.8% (ex-dividends)

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 ALL as Buy (1) -

UBS found the AGM update from Aristocrat Leisure "modestly negative" with more weight shifted to the second half, consistent with growing an installed base and launching content.

While investors may have been concerned about the prospect of an adverse trading update, the broker does not believe the new AGM information justifies the recent share price weakness.

The broker suspects there has been undue pressure on the share price amid a broader rotation away from technology/growth and the perceived threats of AI. Buy rating retained. Target is reduced to $69 from $70.

Target price is $69.00 Current Price is $48.00 Difference: $21
If ALL meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $67.56, suggesting upside of 43.8% (ex-dividends)

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 ANZ as Buy (1) -

Citi notes Australian bank shares have rallied strongly year-to-date, supported by earnings upgrades and favourable macro conditions including a firmer Australian dollar and higher interest rates.

Relative outperformance has been aided by downgrades across other sectors, explain the analysts.

The broker argues valuations are not cheap but remain supported by inflation and a steeper yield curve. Asset quality appears resilient, with further rate rises a potential tailwind.

Relative preference is expressed for ANZ Bank over peers. 

Citi retains Buy on ANZ Bank with a target of $40.30. Westpac ((WBC)) is Neutral while CommBank ((CBA)) and National Australia Bank ((NAB)) are rated Sell.

Target price is $40.30 Current Price is $40.70 Difference: minus $0.4 (current price is over target).
If ANZ 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 $36.79, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates APE as Outperform (1) -

Eagers Automotive's 2025 underlying profit was up 15.7% year on year, in line with consensus  Record full year revenue grew 16.5% supported by contributions across the existing business, 2024 acquisitions and a record year for easyAuto123.

Eagers continues to outperform the industry average, Macquarie notes, with margins 2.1% ahead of industry benchmark in 2025. Management sees continued margin upside given ongoing execution of Next100.

The market remains resilient and Eagers continues to grow market share both organically and through strategic M&A. 

CanadaOne is expected to settle in 1Q26 and there are ongoing M&A opportunities. Target rises to $30.70 from $29.98, Outperform retained.

Target price is $30.70 Current Price is $25.57 Difference: $5.13
If APE meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $30.48, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in December.

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 AQZ as Hold (3) -

Ord Minnett lowers its target for Alliance Aviation Services to 85c from $1.50 after interim profit (PBT) of $14.8m came in well below the broker's $25.6m forecast. FY26 guidance was also downgraded by -21.9% to $35-40m.

Net debt remains a structural headwind for Alliance, suggest the analysts, increasing to $433.5m at the end of 2025 from $378.3m at June 30, 2025. Impairments of -$164.8m, announced earlier this month, were also incorporated into the result.

The broker highlights a loss-making wet lease contract with Qantas Airways ((QAN)) which continues to weigh on earnings. It's thought aircraft sales remain a potential option to protect equity value.

The Hold rating is maintained.

Target price is $0.85 Current Price is $0.76 Difference: $0.095
If AQZ meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates ASB as Neutral (3) -

Citi notes Austal’s 1H26 earnings (EBIT) of $60.3m beat consensus by 23%. As expected, no dividend was declared. In an early assessment of today's release, the analyst notes the strong outcome contrasts with the recent FY26 guidance downgrade.

The broker highlights a record $17.7bn order book and progress toward $500m support revenue by FY27. However, it's thought a qualified audit opinion and weaker cash conversion will weigh on confidence.

The audit report was qualified due to an inability to sight sufficient evidence relating to contractual relief for compensation for cost growth in relation to Towing, Salvage and Rescue Ship (T-ATS) and Auxiliary Floating Dry Dock Medium (AFDM).

Net cash fell to $241m amid higher capex, highlights Citi.

FY26 EBIT guidance of $110m was reiterated, implying to the broker a softer H2.

Target $6.90. Neutral.

Target price is $6.90 Current Price is $6.30 Difference: $0.6
If ASB meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates BLX as Upgrade to Buy from Accumulate (1) -

Morgans upgrades Beacon Lighting to Buy from Accumulate and reduces the target to $3.20 from $3.80. The first half was weaker than expected amid softer sales in both retail and trade which has reduced expectations of a meaningful recovery in the second half.

Morgans lowers sales forecasts FY26 and FY27, resulting in -5% and -6% downgrades to EBITDA forecast, respectively.

The broker pointts out the end markets are cyclical and the company remains well-positioned for strong growth when consumer sentiment improves.

Target price is $3.20 Current Price is $2.45 Difference: $0.75
If BLX meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 27.7% (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

Macquarie rates BXB as Neutral (3) -

Brambles delivered 1H26 results broadly in line with expectations, while FY26 free cash flow guidance surprised as capex is deferred. Management expects new business momentum to continue in 2H26, albeit offset by like-for-like volume pressures.

Improvements in consumer demand are key, and Macquarie remains focused on the bifurcated nature of US consumer activity. While management expects acceleration, performance has disappointed to date and risks remain.

EMEA conditions remain soft and characterised by low visibility. On the whole, Brambles remains dependent on self-help, on which Serialisation-plus's success could be a key driver, Macquarie suggests. The proof of this lays down the road.

Target falls to $24.70 from $24.85, Neutral retained.

Target price is $24.70 Current Price is $24.22 Difference: $0.48
If BXB meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.79, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Morgans rates BXB as Upgrade to Accumulate from Hold (2) -

Morgans upgrades Brambles to Accumulate from Hold and raises the target to $27.00 from $25.70. First half earnings were better than expected amid supply chain and productivity improvements.

Management has maintained a strong track record of margin expansion despite subdued consumer demand. The broker points out this is a global, defensive business with a strong market position and the ability to adjust pricing to reflect input costs.

New business wins and structural improvements in asset efficiency are expected to drive further operating leverage and free cash flow so the stock is considered an attractive long-term investment.

Target price is $27.00 Current Price is $24.22 Difference: $2.78
If BXB meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.79, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates CAR as Buy (1) -

UBS notes January data show CAR Group inventories declined -5% year-on-year, broadly in line with the three-month average. It is observed dealer listings rose 4% while private listings fell -16%.

New vehicle listings increased 3%, while used vehicles declined -7%. CAR’s share of total inventory lifted 1% to 59%, ahead of Gumtree at 21% and Carsguide at 20%, highlights the broker.

Within Trader Interactive, RV Trader grew 18%, the analysts highlight, while Commercial Truck Trader and ATV Trader remained weaker.

Buy rating and $39.60 target.

Target price is $39.60 Current Price is $25.44 Difference: $14.16
If CAR meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $36.54, suggesting upside of 47.0% (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

Ord Minnett rates CBO as Buy (1) -

Cobram Estate Olives' interim revenue of $120m fell -5% on the prior year, and missed Ord Minnett's expectation, while earnings (EBITDA) of $9.5m beat the broker's $6.2m forecast.

Renewed discounting pressured the Red Island brand, the analysts note, though Cobram-branded sales rose about 9%.

Margins held at 30% but the broker's forecasts were revised for conservative pricing and higher water costs. Ord Minnett's FY26 EPS estimate is reduced by -11%.

The analyst views the California Olive Ranch acquisition as accretive and supportive of US growth. Settlement is now due in March 2026 from February 2026.

Ord Minnett retains a Buy rating and target of $3.62, reduced from $3.65.

Target price is $3.62 Current Price is $3.25 Difference: $0.37
If CBO meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 2.9% (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

Bell Potter rates DGT as Buy (1) -

DigiCo Infrastructure REIT's 1H26 underlying EBITDA of $57.2m came in -5% below Bell Potter's forecast and -9% below consensus.

Management reiterated FY26 EBITDA guidance of $120-125m and 12c DPS, now expected at the top end of the EBITDA range with DPS set at 90-100% of funds from operations.

Contracted IT capacity increased 31% to 85mw, despite billings broadly flat at 51mw, with 22mw of recent contract wins and prior remixing expected to support 2H26 and potentially FY27 revenue, the broker comments.

SYD1 is tracking ahead of IPO projections with incremental yield on cost of 15% versus circa 12% previously. LAX 1 and 2 development timing has been delayed, though management maintains the underlying investment case remains intact.

Bell Potter retains its Buy rating, with FY26-FY28 forecast funds from operations lifted by 2-3% reflecting operating expense savings.

Target price rises to $3.30 from $3.25. Commentary highlights the REIT trades at a circa -40% discount to NAV.

Target price is $3.30 Current Price is $2.19 Difference: $1.11
If DGT meets the Bell Potter target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 84.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates DGT as Outperform (1) -

DigiCo Infrastructure REIT's 22MW of Australian contract wins in 1H26 takes Australian contracted capacity to 41MW from 21MW in June, Macquarie notes. Wins have come from AI, government, hyperscale and enterprise.

FY26 earnings guidance is raised to $125m, at the top end of the prior $120-125m range. DigiCo's total portfolio now comprises 85MW of contracted capacity, with billing IT capacity of 51MW.

DigiCo has posted some good runs on the board recently with approval for the SYD1 data centre, contract wins, and senior hires. Momentum is building, but Macquarie suggests the key to unlocking value is SYD1 capital recycling to demonstrate the inherent value of the asset.

Target falls to $3.54 from $3.89, Outperform retained.

Target price is $3.54 Current Price is $2.19 Difference: $1.35
If DGT meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 84.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Emeco Holdings' 1H26 operating earnings were largely in line with Macquarie. Mining sector operating conditions remain positive, the broker notes, with a robust production volume outlook, despite recent commodity price volatility.

Rental revenue grew 14% year on year, largely underpinned by the increase in services across fully maintained projects. Emeco's 2H26 focus will be on maintaining its safety record, ongoing improvement of financial metrics including the return on capital target of 20% and increased cash flow, fleet utilisation and optimisation.

The group will continue to expand its maintenance services offering as it grows fully maintained rental projects, Macquarie notes. Recent share price strength leads the broker to downgrade to Neutral from Outperform. Target unchanged at $1.40.

Target price is $1.40 Current Price is $1.33 Difference: $0.07
If EHL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates EVT as Buy (1) -

At first look, EVT Ltd announced 1H26 net profit after tax which slightly missed consensus, Citi notes, with an 18c dividend per share better than the 11c per share forecast by consensus.

Germany EBIT rose 54% due to robust local content, and Thredbo EBITDA advanced 31% due to a good winter season.

Hotels EBITDA rose 6% on 5.7% revenue growth and was impacted by works at QT Gold Coast and Queenstown, the analyst remarks.

Citi sees guidance for 2H26 as tracking in line with market expectations, with few surprises in the result.

Buy. Target $17.30.

Target price is $17.30 Current Price is $13.22 Difference: $4.08
If EVT meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $16.96, suggesting upside of 30.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates GMD as Buy (1) -

Genesis Minerals' 1H26 revenue of $820m, up 142% y/y was broadly in line with Bell Potter and consensus. EBITDA of $430m came in higher than the analyst's forecast, while net profit after tax missed consensus by -2%. 

January production of around 23koz reflected record throughput at Laverton.

Genesis also announced the -$639m acquisition of Magnetic Resources ((MAU)), adding 2.2Moz of Resources at an implied circa 290/oz, supporting higher-grade feed to Laverton and progression toward a 500kozpa production profile.

Longer-term growth guidance has been deferred to 1Q27, with mill expansion targets of 3.5-4.0Mtpa at Tower Hill flagged, though the configuration relative to Leonora remains unclear.

Bell Potter retains a Buy rating with a $9.90 target. EPS forecasts are raised by 2% in FY26 and lowered -2% in FY27.

Target price is $9.90 Current Price is $6.87 Difference: $3.03
If GMD meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 34.4% (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

Citi rates GMD as Buy (1) -

Genesis Minerals’ 1H FY26 result was in line with Citi's expectations. The analyst assumes the scheme to acquire Magnetic Resources ((MAU)) proceeds and sees synergies justifying the premium.

The broker also updates its financial model to incorporate Lady Julie gold deposit (part of the Magnetic takeover) located near Laverton in Western Australia.

Citi maintains assumptions of a Leonora mill upgrade to 3.75Mtpa in Q1 FY28, with Laverton at 3Mtpa. Upside exists if Laverton expands to 4.5-5Mtpa and group output approaches 500koz, in the analysts' view.

Long-term strategy timing shifts to Q1 FY27, the broker notes, reflecting the pending acquisition. Forecasts have been updated to incorporate Lady Julie.

Citi retains a Buy rating and raises its target to $10.20 from $10.10. 

Target price is $10.20 Current Price is $6.87 Difference: $3.33
If GMD meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 34.4% (ex-dividends)

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

Ord Minnett rates GMD as Accumulate (2) -

Ord Minnett assesses Genesis Minerals delivered a broadly in-line interim result, with earnings (EBITDA) beating the consensus forecast by 3%.

Management noted January production of 23koz lifted cash by about $60m.

The broker highlights the recent takeover offer by Genesis Minerals for Magnetic Resources ((MAU)) at about $2.00 per share, funded by cash and scrip. Around 9% net asset value (NAV) and 20% EPS accretion are expected from FY29.

Ord Minnett's Accumulate rating and $8.15 target are unchanged pending Magnetic deal certainty.

Target price is $8.15 Current Price is $6.87 Difference: $1.28
If GMD meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 34.4% (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

Ord Minnett rates GMG as Hold (3) -

Goodman Group delivered 1H FY26 operating earnings modestly ahead of Ord Minnett's expectation, driven by 17% year-on-year investment income growth.

This improvement was also driven by rental growth, acquisitions and project completions, which offset weaker income from the funds management division, explains the analyst.

Management maintained 9% FY26 EPS guidance. This outcome disappointed the broker as H1 earnings came in 20% ahead of the company's prior guidance at the September quarter update.

The broker highlights occupancy easing to 95.9% and softer data centre leasing sentiment, while work in progress (WIP) shifts to 73% data centre exposure from 57% in FY25.

The Hold rating is kept on valuation grounds, explains the broker. The $31.25 target is also maintained.

Target price is $31.25 Current Price is $30.32 Difference: $0.93
If GMG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 24.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates GYG as Sell (5) -

Citi lowers its target for Guzman y Gomez to $16.55 from $21.35 following interim results. It's felt a disconnect has arisen between operating performance and market expectations.

While the company is the best-executing listed quick service restaurant (QSR) under the broker's coverage, the valuation remains demanding.

Comparative sales growth in Australia of 4.4% trailed consensus, though momentum improved to 4.8% in Q2, highlights the analyst, and may lift further with the Uber launch this coming weekend.

US comps of 2.9% (consensus 7.4%) disappointed amid weather impacts, the broker notes, with material average unit volume (AUV) improvement required to validate the concept. 

The Sell rating is maintained.

Target price is $16.55 Current Price is $17.53 Difference: minus $0.98 (current price is over target).
If GYG 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 $23.37, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates GYG as Outperform (1) -

Guzman y Gomez' 1H26 underlying earnings were -3% below consensus, driven by deepening US losses, while the Australian segment's underlying earnings were 1% ahead.

The market is laser-focused on short-term Australian comparables, Macquarie notes, which are accelerating through an elevated previous corresponding period. The long-term Australia outlook is intact.

Though US performance is mixed, in a worst case scenario management retains the option to close the business, where the terminal value would go to zero. Therefore, Macquarie believes concerns on the segment are overdone.

Target falls to $27.30 from $30.00, Outperform retained.

Target price is $27.30 Current Price is $17.53 Difference: $9.77
If GYG meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $23.37, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates GYG as Overweight (1) -

Morgan Stanley was disappointed with the earnings in the first half result from Guzman y Gomez. Momentum may be building but is still behind expectations while the Australian business will continue to cycle tough comparables in the second half.

The broker is encouraged by the fact transaction growth was ahead of sales growth, which means demand is continuing to build. US losses are expected to moderate in the second half amid improvements in labour productivity and sales growth.

Overweight. Target is $28.00, reduced from $31.20. Industry View: In-Line.

Target price is $28.00 Current Price is $17.53 Difference: $10.47
If GYG meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $23.37, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates GYG as Buy (1) -

Guzman y Gomez continues to outperform in its home market, Morgans obsserves, while its strrategy for global expansion was "breathtakingly ambitious". First half underlying EBITDA was lower than forecast as US losses exceeded expectations.

The pace of network expansion in the US has been "pedestrian" the broker points out and the step-up in US losses disappointed investors. Morgans is confident global growth will "click into gear at some point" and maintains a Buy rating with the target reduced to $24.00 from $32.30.

Target price is $24.00 Current Price is $17.53 Difference: $6.47
If GYG meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $23.37, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Further to the half-year results from Guzman y Gomez, UBS upgrades to Buy from Neutral and reduces its target to $21 from $24. EBITDA was below estimates in the first half, but the upgrade has been made because of attractive growth at a lower valuation.

There are multiple drivers, the broker contends, driven by menu innovation, renewed delivery growth and increased opening hours.

Start-up US network has been an increasing focus for investors, given guidance of rising losses in FY26, yet the company has flagged customers are positive on the brand and food quality, although the broker adds same-store sales growth to date has been modest.

Target price is $21.00 Current Price is $17.53 Difference: $3.47
If GYG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $23.37, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates HUB as Neutral (3) -

Further to the first half result, UBS notes in an analysis by Investment Trends, Hub24 will rank #1 again including #1 in managed accounts.

This is translating into above-peer trends in adviser growth, account growth, and the broker points out ultimately outpacing competitor Netwealth Group ((NWL)) in market share gains.

While the broker continues to prefer Hub24 and can justify the relative PE premium, it is not yet clear whether "terminal multiples" can be justified in light of the AI disruption risk. Neutral retained. Target is reduced $100 from $107.

Target price is $100.00 Current Price is $97.50 Difference: $2.5
If HUB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $111.01, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates IGO as Outperform (1) -

IGO Ltd reported a 1H26 underlying loss of -$39m, -$8m below consensus. Cash flow was weak with both operating and free cash flow missing on small numbers.

Macquarie reports lower strip ratios and an underground resource could extend Greenbushes' economics, with life-of-mine optimisation and productivity gains key catalysts.

With the base metals division approaching end of mine life, Macquarie highlights IGO's growth strategy is increasingly dependent on Kwinana's future plans and Greenbushes life-of-mine optimisation result. Outperform and $9.25 target retained.

Target price is $9.25 Current Price is $7.90 Difference: $1.35
If IGO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.85, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates IMB as Speculative Buy (1) -

First half EBITDA from Intelligent Monitoring was less than Morgans expected amid lower margins. The environment in New Zealand was challenging and offset in part by more robust growth in Australia.

The broker expects the addition of Tyco NZ and Red Wolf will help deepen the business and reduce the volatility in New Zealand in the future.

Guidance for underlying EBITDA, ex Tyco NZ, of $43-47m has been reiterated. The broker expects completion of the Tyco settlement will occur now at the end of May instead of February.

Target price unchanged at $1. Speculative Buy.

Target price is $1.00 Current Price is $0.63 Difference: $0.37
If IMB meets the Morgans target it will return approximately 59% (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 IMD as Buy (1) -

In an early call, Citi expects shares of Imdex will rise today following the release of "solid" interim results. Global exploration fundamentals are strengthening, the analysts suggest, underpinning an upbeat outlook. 

Revenue of $247m, up 16%, and earnings (EBITDA) of $78m came in ahead of consensus expectations for $234m and $72m, respectively, explains the broker. It's thought margins of 31.6% and a rising share of wallet reflect strategy execution.

The analysts note revenue for the cloud-based drilling data platform HUB-IQ rose 22% and growth in Krux and Datarock was robust, supported by low leverage.

Krux is IMDEX’s data analytics and drilling optimisation platform and Datarock is the AI-powered geoscience platform.

Africa/Europe margins missed Citi's forecast and R&D capitalisation remains elevated.

Target $4.20. Buy.

Following an conference call with management, the analysts highlight North America as a near-term growth engine, with Canadian activity around -20% below prior peaks and poised to recover. Management expects a step-up in junior exploration in late 2026.

The 2H is viewed by the company as likely stronger than H1. Management also remains upbeat despite Australian dollar headwinds, highlights Citi.

Target price is $4.20 Current Price is $3.90 Difference: $0.3
If IMD meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting downside of -6.0% (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 IMD as Neutral (3) -

At first look, Imdex delivered a strong result with net profit after tax 13% ahead of UBS' expectations, supported by 2Q26 revenue growth of 23% y/y, highlighting a strengthening exploration cycle.

The analyst notes margins expanded 140bps to 31.6%, demonstrating operating leverage to rising activity levels.

Management commented it enters 2H26 in an improving exploration market, with major budgets increasing and better junior funding conditions supporting demand.

Consensus currently implies 2H26 revenue growth of 10% y/y, which UBS believes is too low and likely to be materially upgraded. Neutral. Target $3.50.

Target price is $3.50 Current Price is $3.90 Difference: minus $0.4 (current price is over target).
If IMD meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.76, suggesting downside of -6.0% (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

Bell Potter rates ING as Buy (1) -

According to Bell Potter, Inghams' 1H26 earnings (EBITDAL) of $80.6m was broadly in line with revenue flat y/y and underlying earnings (EBITDA) of $143.7m, down -34% y/y.

Earnings per kg fell -35% and volumes slipped by -1% y/y with pricing up 1%, as costs increased by around $32m reflecting mix transition, distribution changes and onboarding following the loss of Woolworth Group's ((WOW)) volumes.

Management's FY26 earnings guidance has been downgraded to $180-200m from $215-230m previously, reflecting delayed earnings benefits from capital deployment and softer NZ performance.

Bell Potter lowers earnings forecasts by -9% for FY26 and -3% for FY27. The analyst flags a recovery in 2H26 earnings and the share price, retaining a Buy rating and $2.75 target.

Target price is $2.75 Current Price is $2.11 Difference: $0.64
If ING meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates ING as Underperform (5) -

Inghams Group's 1H26 result was impacted by higher costs, Macquarie notes, with FY26 guidance revised down by -15% at the mid-point, albeit volume dynamics are improving.

The key downside surprise was the material increase in cost-to-serve and supply chain inefficiencies as Inghams onboarded new customers.

As the company looks to continue diversifying its customer base, Macquarie will be focused on its ability to optimise its efficiency and offset these cost pressures. Earnings risks remain as a result of increasing market supply and rising competition.

Target falls to $1.80 from $2.20, Underperform retained.

Target price is $1.80 Current Price is $2.11 Difference: minus $0.31 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates ING as Upgrade to Buy from Hold (1) -

Inghams Group deliver a weak first half result, Morgans comments, albeit in line with guidance, while revising FY26 underlying EBITDA guidance to $180-200m, down -15-24% on FY25,\.

Commentary suggests the downgrade is reflecting the timing of benefits from operating improvements with the recovery taking longer than previously expected.

Morgans points out the company has recovered quickly from such issues in the past and is confident the new CEO will ultimately prove positive, given a strong track record running the NZ operations.

As Australasia's largest poultry producer, the business is considered well placed and the broker upgrades to Buy from Hold, reducing the target to $2.90 from $3.03.

Target price is $2.90 Current Price is $2.11 Difference: $0.79
If ING meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgan Stanley found the second half result from Latitude Group "solid" with cash profit up 27% and better than expected. Margins continue to expand, supported by ongoing repricing actions and lower funding costs.

The dividend was also higher than expected which reflects ongoing confidence in the earnings outlook and capital position, the broker adds.

Morgan Stanley assesses the business is building a track record although volume growth will become marginally more challenging in the near term, as higher interest rates and tighter financial conditions weigh on demand.

Equal-weight retained. Target is raised to $1.25 from $1.20. Industry view: In Line.

Target price is $1.25 Current Price is $0.95 Difference: $0.3
If LFS meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates LGI as Buy (1) -

Bell Potter notes LGI Ltd's 1H26 revenue rose 20% y/y slightly better than expected. Net profit after tax missed forecasts due to higher interest expense prior to debt being fully repaid following the $56m capital raise in October 2025.

Operationally, record biogas recovery drove a 41% y/y increase in MWh generation, offsetting weaker wholesale electricity prices, and an interim dividend of 1.25c was declared.

Full-year guidance for 25-30% earnings (EBITDA) growth, implying $21.7m to $22.6m, was reiterated by management, with Mugga Lane expected online late 2H26 and Belrose and Nowra targeted for 2H27, taking capacity to more than double by end FY27.

The analyst retains a Buy rating and price target is reduced to $4.64 from $4.70, with EPS forecasts lowered by -5% in FY26 and  unchanged in FY27.

Target price is $4.64 Current Price is $3.61 Difference: $1.03
If LGI meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $4.70, suggesting upside of 28.6% (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

Citi rates LIC as Downgrade to Neutral from Buy (3) -

Lifestyle Communities’ interim result showed improved quarterly sales of 60 in Q2 versus 50 in Q1, highlights Citi. 

Lower net debt (from land sales and targeted inventory reduction) and renegotiated covenants have also helped ease balance sheet risk, explain the analysts.

The broker cautions development margins remain around 11%, well below prior peaks, with recovery reliant on Melbourne pricing. Current sales imply 200-240 per annum at current run rates.

Citi's earnings forecasts for FY27-28 are cut by -25%, and the broker's target falls to $5.60 from $7.00. Rating downgraded to Neutral from Buy.

Target price is $5.60 Current Price is $5.20 Difference: $0.4
If LIC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 10.9% (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 LLC as Buy (1) -

In an early take, Citi notes an interim operating loss after tax for Lendlease Group of -$200m driven by -$284m of Communities Residential Urban (CRU) segment losses driven by write-downs. The stock price is expected to react negatively today.

EPS for the half was a loss of -29c versus estimates by consensus and the broker for 2.8c and 5.6c, respectively.

Investment & Development Capital (IDC) EPS guidance of 28-34c was maintained, ahead of the consensus expectation for 17.1c, highlight the analysts.

IDC delivered $87m in earnings, with construction margins improving to 3.7% and backlog rising to $8bn, observes the broker. The development book increased to $13.6bn.

Gearing declined to 25.8%, the analysts add, with a target of below 15% by FY26 end. An interim divided of 6.2c was declared, ahead of consensus at 4.4c, highlights Citi.

Target $6.30. Buy.

Target price is $6.30 Current Price is $4.58 Difference: $1.72
If LLC meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 35.9% (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 LOV as Hold (3) -

Following a period of research restriction, Ord Minnett resumes coverage of Lovisa Holdings with a Hold rating and $30.65 target.

First half FY26 like-for-like sales growth of 2.2% missed the broker's expectations, with a -2.1% decline in the final six weeks of the period.

The analyst forecasts 1.8% like-for-like growth in 2H26, below consensus, and expects -$11m in EBIT losses from the UK Jewells division to persist at the same rate in H2.

The analyst anticipates competitive pressure from Harli + Harpa. Lower UK losses are modeled in FY27, pending improvement or divestment.

Target price is $30.65 Current Price is $26.21 Difference: $4.44
If LOV meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $32.14, suggesting upside of 24.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates MFG as Hold (3) -

Magellan Financial delivered a first half operating profit that Morgans observes was flat comparatively but appeared "comfortably above" consensus and the first half dividend of 39.5c per security was up 50% and also well above consensus.

The broker points out core earnings are stabilising, although some fee and flow pressures still exist. Growth options are becoming more evident with the scaling of Barrenjoey, the recent addition of Vinva a potential for further acquisitions given significant surplus capital.

Morgans retains a Hold rating and reduces the target to $9.80 from $10.74.

Target price is $9.80 Current Price is $9.35 Difference: $0.45
If MFG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.15, suggesting upside of 8.7% (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 MIN as Buy (1) -

Bell Potter retains a Buy rating and $70 target on Mineral Resources with record 1H26 underlying EBITDA of $1,167m, a beat against forecast and consensus.

No dividend was declared to preserve cash, and management's FY26 guidance was reiterated.

EBITDA contributions were led by Onslow at $519m and Mining Services at $488m, alongside $167m from Lithium, with net debt including leases reduced to $4.9bn and liquidity of $1.4bn.

The pending US$765m, 30% sell down of Wodgina and Mt Marion to POSCO, together with Onslow ramp-up and improving lithium prices, is expected to see net leverage fall below the 2.0x target by FY26-end the analyst notes.

Bell Potter's EPS forecast lifts 10% in FY26, and slips by -2% in FY27.

Target price is $70.00 Current Price is $51.25 Difference: $18.75
If MIN meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $63.33, suggesting upside of 17.7% (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 MIN as Outperform (1) -

Mineral Resources' result beat on earnings (7%), underlying profit (19%), operating cash flow (5%) and capex (13%). With FY26 guidance reiterated, Macquarie cuts central cost forecasts in line with actuals.

Management called out potential growth levers in the business across iron ore, lithium and CSI Mining Services. Onslow (iron ore) continues to ramp up and lithium growth at higher prices is a near term positive catalyst, Macquarie suggests.

Dividends might be around the corner. Target rises to $76 from $75, Outperform retained.

Target price is $76.00 Current Price is $51.25 Difference: $24.75
If MIN meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $63.33, suggesting upside of 17.7% (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 MIN as No Rating (-1) -

Mineral Resources posted net profit of $343m in the first half, beating Morgan Stanley's estimates. There were no changes to guidance across mining services, iron ore or lithium.

The broker lifts estimates for FY26 EPS by 13.2% while FY27 and FY28 are largely unchanged.

The broker is under research restriction for Mineral Resources. No rating or target price. Industry View: Attractive.

Current Price is $51.25. Target price not assessed.

Current consensus price target is $63.33, suggesting upside of 17.7% (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 MME as Speculative Buy (1) -

MoneyMe delivered a first half result that was largely in line with expectations and Morgans finds momentum in originations continues to augur well for the second half. The company is expected to provide a balance between profitability and growth.

Now cash profitable, the broker highlights near-term risks and the fact the stock trades at a discount versus valuation. Hence a Speculative Buy rating is retained. Risks flagged include ongoing macro uncertainty, softening consumer demand and interest-rate pressures. Target is steady at $0.21.

Target price is $0.21 Current Price is $0.12 Difference: $0.095
If MME meets the Morgans target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates MND as Buy (1) -

Citi sees increasing capacity as central for small-cap contractor Monadelphous. It's felt the group is well placed to replenish and grow its order book amid abundant opportunities.

Hiring activity remains strong, highlights the broker, demonstrating the company continues to secure a disproportionate share of work across both Engineering & Construction (E&C) and Maintenance & Industrial Services (M&IS).

The analysts expect this elevated level of activity to persist.

Target $28.75. Buy.

Target price is $28.75 Current Price is $30.50 Difference: minus $1.75 (current price is over target).
If MND 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 $29.75, suggesting downside of -2.8% (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

Morgans rates MP1 as Buy (1) -

The first half EBITDA from Megaport beat Morgans estimates while FY26 guidance is largely in line with expectations.

Calculating the EBITDA margin, the broker points out the skew from the first to the second half and the composition are "meaningfully different". 

Guidance is pointing to a huge increase in operating expenditure in the second half, which leaves Morgans suspecting guidance could be conservative.

Cycling this expenditure into FY27 and beyond causes a reduction in FY27 and FY28 EBITDA forecasts of -20% while concurrently revenue forecasts are lifted by 6%. Buy retained. Target is reduced to $15.50 from $17.00.

Target price is $15.50 Current Price is $9.65 Difference: $5.85
If MP1 meets the Morgans target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 100.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates MXI as Buy (1) -

Ord Minnett assesses a "solid" interim result by MaxiPARTS, with adjusted profit of $4.6m and revenue of $139.3m both in line with the broker's forecasts. These outcomes are considered resilient in the face of subdued east coast transport activity and competitive pressures.

Earnings (EBITDA) of $13.9m were broadly flat on the prior year, observes the analyst, with management expecting revenue and profit improvement in 2H26.

Ord Minnett believes ongoing organic growth and acquisitions will support margin expansion over time.

Target eases -10c to $2.85. Buy.

Target price is $2.85 Current Price is $2.08 Difference: $0.77
If MXI meets the Ord Minnett target it will return approximately 37% (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) -

While Mystate's interim normalised profit of $28.2m rose 61% on the prior year, it still missed Ord Minnett's forecast by -3% on weaker-than-expected interest margins. The 12c interim dividend beat the analyst's 11.5c forecast.

It's felt retained merger synergies underpin earnings and dividend growth through FY28. No FY26 guidance was provided, though management reaffirmed its three-year merger synergy target of $20m-$25m from the Auswide acquisition.

The broker trims its EPS forecasts by -3%/-3%/-4% across FY26-28 on lower margin assumptions, yet still sees a 16% three-year compound annual growth rate (CAGR).

The analyst views the 5.1% fully franked yield and discounted valuation as compelling. Unchanged Buy rating and $5.42 target.

Target price is $5.42 Current Price is $4.80 Difference: $0.62
If MYS meets the Ord Minnett target it will return approximately 13% (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 NEM as Buy (1) -

Citi highlights Newmont’s strong 4Q25, with earnings (EBITDA) of $4.5bn beating expectations and free cash flow (FCF) of $2.8bn, implying an 8% annualised yield at around $4,200/oz gold.

2026 production guidance is broadly in line with the broker's forecast, though cost guidance appears elevated.

The analyst observes the refreshed capital allocation policy targets a steady $1.1bn annual dividend, with surplus FCF directed to buybacks after leverage targets.

A Notice of Default filed against Barrick Mining over the Nevada Gold Mines joint venture adds uncertainty, the analyst suggests.

Target $177. Buy.

Target price is $177.00 Current Price is $167.60 Difference: $9.4
If NEM meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $197.80, suggesting upside of 12.5% (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: 0.9

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

Macquarie rates NEM as Outperform (1) -

Newmont Corp's new capital allocation framework sees an incremental 4% lift in annual dividends, Macquarie notes, with share buybacks pushed behind in the pecking order.

2026 guidance of 5.26Moz is in line with market expectations but -11% lower year-on-year, and costs are higher. Earnings will be down -6%.

Following an asset divestment phase in 2025, Newmont is reinvesting back in the business with 2026 expected to be somewhat of a transitional year, Macquarie notes. Outperform and $185 target retained.

Target price is $185.00 Current Price is $167.60 Difference: $17.4
If NEM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $197.80, suggesting upside of 12.5% (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: 0.9

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

Morgans rates NEM as Downgrade to Accumulate from Buy (2) -

Newmont Corp's fourth quarter results materially beat estimates while 2026 guidance is in line with expectations. Morgans updates its modelling and makes several changes to gold production forecasts as well as costs and capital expenditure for 2026-28.

As a result, 2026 and 2027 EBITTDA forecast have risen 9% and 8%, respectively. The broker expects strong momentum in operating earnings and cash flow will continue, supported by a diversified portfolio of tier-1 gold assets.

Rating moves back to Accumulate from Buy while the target is reduced to $187 from $190.

Target price is $187.00 Current Price is $167.60 Difference: $19.4
If NEM meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $197.80, suggesting upside of 12.5% (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: 0.9

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

UBS rates NEM as Buy (1) -

Fourth quarter results from Newmont Corp beat estimates although in terms of cost guidance UBS was disappointed.

The company has announced a new cash return framework, essentially making a commitment to return 100% of free cash flow if net cash is more than US$3bn and the broker considers this a positive move, providing increased visibility.

The company has reiterated the issue that current capital expenditure is higher than targeted, reflecting deferrals of sustaining expenditure from 2025.

Guidance has already been provided for capex of -US$3.3-3.4bn. Buy rating retained. Target is reduced to $225 from $245.

Target price is $225.00 Current Price is $167.60 Difference: $57.4
If NEM meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $197.80, suggesting upside of 12.5% (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: 0.9

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

UBS rates NGI as Buy (1) -

On initial inspection, Navigator Global Investments delivered a strong 1H26 result, with adjusted EBITDA (earnings) 30% above UBS' expectations and 37% ahead of consensus, driven by robust Lighthouse performance fees.

Statutory net profit after tax was softer due to a non-cash fair value adjustment, while underlying operating momentum was solid, with earnings quality supported by performance-related income.

UBS highlights the strength of the Lighthouse contribution as the key driver of the 'beat' versus expectations.

Buy. Target $3.85.

Target price is $3.85 Current Price is $3.02 Difference: $0.83
If NGI meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Citi rates NHF as Buy (1) -

nib Holdings' 1H26 underlying operating profit of $129m beat the $123m consensus forecast, with divisional quality stronger despite softer investment income, explains Citi, in an early take on today's release.

FY26 group underlying operating profit (UOP) guidance of $257-267m aligns with consensus at the midpoint, highlight the analysts.

The broker points to stable Australian Residents Health Insurance (ARHI) net margins near the top of the 6-7% guidance range, though policyholder growth slowed in Australia and declined in New Zealand. 

Investment earnings disappointed and the 13c dividend was below the 16.5c consensus expectation, the analysts add.

Buy. Target price $8.15.

Target price is $8.15 Current Price is $6.53 Difference: $1.62
If NHF meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 15.3% (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 NHF as Neutral (3) -

At first peek, nib Holdings's 1H26 net profit after tax and EPS in line were with UBS' expectations despite a 5% beat at the underlying operating profit level, driven by stronger International Inbound Health Insurance (IIHI) and NZ results and lower corporate costs.

FY26 underlying operation guidance of $257m-$267m is in line with consensus at the midpoint of $262m, though the analyst notes this implies 2H around -4% below consensus.

Management guided to stable ARHI net margins of 6-7%, with above-system premium growth, continued strong IIHI contribution and ongoing NZ recovery, while Health Services profitability is expected to continue.

Amortisation of acquired intangibles is guided to -$17m-$18m and one-off costs to -$22m to -$23m, with a reduction in the group opex ratio also flagged.

Neutral. Target $7.60.

Target price is $7.60 Current Price is $6.53 Difference: $1.07
If NHF meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 15.3% (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

Citi rates NWH as Buy (1) -

Citi sees increasing capacity as central for small-cap contractor NRW Holdings. It's felt the group is well placed to replenish and grow its order book amid abundant opportunities.

While recruitment moderated in January, the broker attributes this to project timing and added capacity from the acquired Fredon Group, alongside low attrition. With a buoyant tender pipeline, hiring is expected to re-accelerate.

Target $6.85. Buy.

Target price is $6.85 Current Price is $6.33 Difference: $0.52
If NWH meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 7.3% (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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley reiterates an Underweight rating for Origin Energy, noting lower and less volatile electricity prices are a headwind for the company.

Power market volatility has moderated reducing outsized gains for batteries and flexible generation. Electricity demand may be growing but supply growth has run ahead, with no scheduled closures until the end of 2028.

The broker considers both Origin Energy's and AGL Energy's investment in batteries attractive, with existing grid connections and revenue opportunities not available to competitors.

The share prices have outperformed since strong first half results and the broker now find share prices are exceeding its valuation. Target is $10.88. Industry View: In-Line.

Target price is $10.88 Current Price is $12.20 Difference: minus $1.32 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.03, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates PDN as Neutral (3) -

Paladin Energy has received Saskatchewan ministerial approval for the environmental impact study at the Patterson Lake South (PLS) project, which Macquarie notes is an important milestone.

It's very early days, the broker acknowledges, but the provincial approval places Paladin well to work towards its targeted 2031 first production from PLS.

With the Langer Heinrich mine and plant running more smoothly, Canada is the key swing factor for the stock in terms of asset valuation, Macquarie notes. Target rises to $14.00 from $12.35, Neutral retained.

Target price is $14.00 Current Price is $13.95 Difference: $0.05
If PDN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.18, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Ord Minnett rates PDN as Sell (5) -

Ord Minnett retains a Sell rating and $9.75 price target for Paladin Energy after Saskatchewan approved the Environmental Impact Statement for Patterson Lake South project.

The broker notes the project can now advance to a Canadian Nuclear Safety Commission construction licence, a process taking up to two years and 60 days, implying first production by mid-2031 after a three-year build.

Ord Minnett describes the project as world class, producing 10-11mlb per year at 1.41% U3O8 and adding around $630m in annual free cash flow (FCF). On the flipside, the broker highlights major capex of -CAD$1.6bn and a lengthy approval timeframe.

The broker still feels Paladin stock’s 22x forward EV/EBITDA multiple is excessive. 

Target price is $9.75 Current Price is $13.95 Difference: minus $4.2 (current price is over target).
If PDN meets the Ord Minnett target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.18, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Macquarie rates PLS as Outperform (1) -

PLS Group's 1H26 result was solid, Macquarie suggests, with earnings a beat (11%) and free cash flow in line. The announced Ngungaju restart approval a key positive.

No dividend was declared as expected, however, PLS indicated it may consider paying a dividend at the end of FY26, subject to market conditions, which is another key positive.

PLS remains Macquarie's preferred lithium producer, underpinned by its operating leverage, growth outlook, and near term shareholder-return potential. Outperform and $5.00 target retained.

Target price is $5.00 Current Price is $4.18 Difference: $0.82
If PLS meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.85, suggesting upside of 11.0% (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

Shaw and Partners rates PLY as Buy (1) -

Playside Studios has secured a global publishing agreement with MVRX Games for Dew, with Shaw and Partners highlighting the title strengthens the company’s publishing pipeline ahead of its planned 2028 PC and console release.

The broker notes Playside will fund development advances in the low to mid single-digit millions and receive a share of net revenue, while pointing to the pedigree of the Unravel development team as supportive of commercial prospects.

MOUSE: P.I. For Hire is scheduled for release on 19 March 2026 and currently ranks number 18 on Steam’s most wishlisted unreleased titles, with wishlists estimated to be approaching 1.3m versus 1.2m confirmed in Dec25 and a 1.4m launch target.

The analyst expects 1H26 revenue of $19-20m and EBITDA of $8-10m, including a $7.8m benefit from the FY25 Digital Games Tax Offset claim.

Shaw and Partners retains a Buy rating and 44c price target.

Target price is $0.44 Current Price is $0.33 Difference: $0.11
If PLY meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates PMT as Outperform (1) -

Macquarie lowers the target price on PMET Resources to 65c, while lowering forecast earnings losses by -5% to -9% for FY26-FY29 due to the equity raising.

The broker remains “constructive” on lithium, with Pilbara Minerals ((PLS)) the preferred large-cap exposure.

Elevra Lithium ((ELV)) offers the highest leverage to upside in lithium prices, with its forecast FY26 free cash flow yields rising by around 30%-40% under prices of US$2500-US$3000/t. Outperform.

Target price is $0.65 Current Price is $0.53 Difference: $0.12
If PMT meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting upside of 60.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. 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 PNI as Neutral (3) -

Despite Pinnacle Investment Management's 1H26 result on February 3 being well received, alongside its equity step-up in Pacific Asset Management, the stock has underperformed by -7% year-to-date, observes UBS.

The broker explains the growth equities affiliate Hyperion has experienced a material drawdown amid the software sector sell-off. It is estimated the Australian Growth strategy fell more than -40% below benchmark intra-February.

The analysts assess Hyperion’s funds under management (FUM) of around $15.4bn at December would decline to roughly $13bn on mark-to-market impacts. Hyperion represents 49.9% of Pinnacle and around 11% of effective FUM, highlights UBS.

Performance fee contributions have moderated sharply, the analysts add, falling from about 40% of FY25 profit to an estimated 16% in 1H26.

Target $18.65. Neutral.

Target price is $18.65 Current Price is $16.66 Difference: $1.99
If PNI meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $22.23, suggesting upside of 41.7% (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

Bell Potter rates PNV as Buy (1) -

Bell Potter lowers the target price on PolyNovo to $1.80 from $2 while retaining a Buy rating.

1H26 product sales revenue of $68.2m, rose 26% y/y, with total revenue of $70.4m below Bell Potter’s forecast, and EBITDA of $3.4m missed against consensus at $6.9m 

US revenue growth slowed to 26% from 30% in FY25, while ex-US revenue of $16.5m increased y/y but was only in line with 2H25, reflecting lumpy ordering patterns, with Novosorb MTX contributing $6.2m versus $2.1m in 1H25.

Operating cash flow improved to $9.0m from a -$12.5m outflow a year ago, with closing cash of $29.3m and circa -$2.2m capex remaining on the Port Melbourne expansion, with management expecting free cash flow in 2H26.

FY26 revenue forecast is reduced by -7% implying 2H26 revenue of $79.4m, which Bell Potter sees as an ambitious target.

Target price is $1.80 Current Price is $0.92 Difference: $0.88
If PNV meets the Bell Potter target it will return approximately 96% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 97.1% (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

Macquarie rates PNV as Outperform (1) -

PolyNovo's commercial sales rose 26% year on year, with strong growth in both the US and rest of world. MaTriX sales are accelerating, Macquarie notes, contributing 9% of total sales for 1H26.

In the near term, the broker expects ongoing strong order growth, with MaTriX acceleration and new markets to support sales growth. In the medium term, Macquarie expects new product filings and new market entries.

Target falls to $1.75 from $1.90, Outperform retained.

Target price is $1.75 Current Price is $0.92 Difference: $0.83
If PNV meets the Macquarie target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 97.1% (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

Morgans rates PNV as Buy (1) -

PolyNovo delivered first half results that were in line with forecasts although Morgans points out the cost base was higher than expected.

Despite anticipating a stronger second half, the broker moderates FY26 forecasts to reflect these higher costs and takes a conservative stance on FY27 and FY28.

Morgans expects the recent appointment of CEO Bruce Peatey will remove uncertainty around leadership, and additional board changes have improved governance issues which should attract new investors to the name. Buy. Target is reduced to $1.83 from $2.03.

Target price is $1.83 Current Price is $0.92 Difference: $0.91
If PNV meets the Morgans target it will return approximately 99% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 97.1% (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

Ord Minnett rates PPE as Buy (1) -

The broker highlights a new transformation phase for PeopleIN including a CEO change, re-segmentation of accounts, and the -NZ$24m acquisition of New Zealand-based workforce services provider Infrawork.

Ord Minnett notes interim earnings (EBITDA) of $9m declined from circa $11m in the prior year due to visa delays but expects improvement by 4QFY26. The broker sees tighter SE QLD labour markets supporting engineering and trades exposure.

Ord Minnett lowers its target to $1.02 from $1.20 and retains a Buy rating, citing value at a pro-forma EV/EBITDA multiple of around 4x and price/free cash flow of about 10x.

Target price is $1.02 Current Price is $0.68 Difference: $0.345
If PPE meets the Ord Minnett target it will return approximately 51% (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 PRN as Buy (1) -

At first glance, Citi assesses Perenti’s interim result as softer than expected, with revenue and earnings (EBITA) guidance trimmed around -1% at the midpoint. Lower net capex and higher free cash flow guidance partly offset the earnings miss, explain the analysts.

The broker highlights a stronger Drilling Services performance and an expanded $18.6bn pipeline. However, weaker Contract Mining contributions, higher Idoba costs (Perenti’s technology and innovation division) and a decline for work in hand (WIH) weighed.

Free cash outflow of -$17m also disappointed the broker, with no update on CEO succession adding uncertainty. 

Buy. Target price $3.10.

Target price is $3.10 Current Price is $2.82 Difference: $0.28
If PRN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates PRU as Neutral, High Risk (3) -

Citi raises its target for Perseus Mining by 40c to $6.70 following interim results, noting valuation remains below peers at an implied US$3,600/oz, gold price. The Neutral, High Risk rating is unchanged.

Reserves were increased by 73% to 90.9 Mt (a 40% 'beat' versus consensus), while costs (AISC) of -US$1,695/oz were modestly higher, explains the analyst. 

The broker flags upside risk from upcoming Yaoure and Edikan reserve updates if resource conversion exceeds consensus assumptions. It's noted mine life extensions would also be value accretive.

Target price is $6.70 Current Price is $5.87 Difference: $0.83
If PRU meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting upside of 10.9% (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: 0.5

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's 1H26 underlying earnings beat consensus by 4% and the 5c dividend was a significant beat. Macquarie notes that the dividend represents an annualised yield of 1.8%, which compares to Perseus" policy of 'at least 1% annual yield per year'.

Perseus updated its ore reserve estimate for the Nyanzaga project up 73% to 4.0Moz after incorporating higher gold price assumptions to US$3,000/oz and incorporating an additional 82.7km of drilling.

FY26/27 earnings guidance is raised 9% and  3% respectively on the strong 1H26 result and lower D&A. Outperform and $6.50 target retained.

Target price is $6.50 Current Price is $5.87 Difference: $0.63
If PRU meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

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

UBS upgrades Perseus Mining to Buy from Neutral with a higher target price of $7.15 from $7.10.

Perseus' interim dividend of US5cps was robust and materially ahead of expecations at circa US2.5cps and consensus around US2cps, despite a softer 4Q with FY26 considered as a transition year.

The broker notes production guidance of 400-440koz is retained, while cost guidance was lifted by 9% in DecQ on higher gold prices and royalties in Cote d’Ivoire, which remain under negotiation.

Perseus announced a 73% increase in Nyanzaga reserves to 4.0Moz from 2.3Moz, adding around five years of mine life and supporting first gold in 1Q202727, with UBS assuming a 17 years of mine life and 243koz in FY28 at AISC of US$1,620/oz.

Commentary posits the balance sheet remains strong at around US$1.15bn, preserving optionality for shareholder returns, inorganic growth and investment across CMA underground and Nyanzaga. 

The analyst lifts EPS forecasts by 2% for FY26 and 1% for FY27.

Target price is $7.15 Current Price is $5.87 Difference: $1.28
If PRU meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates PWH as Hold (3) -

PWR Holdings achieved 1H26 earnings, a 17% beat on Bell Potter’s forecast, and NPAT of $5.7m, 44% above expectations, driven primarily by stronger revenue of $80.4m versus $69.6m forecast, with margins broadly in line at 20.2%.

The revenue beat was led by Motorsports at $44.8m versus $36.4m expected, with Aerospace & Defence also ahead. The interim dividend of 3.0c exceeded the 2.0c forecast.

Management reiterated prior commentary pointing to modest NPAT margin improvement in FY26 and margins trending back towards FY24 levels over three to five years, with divisional commentary implying FY26 revenue of around $165m and reasonable growth in FY27.

Bell Potter lifts EPS estimates by 1%-2% for FY26-FY28, retains a Hold rating and lifts the target to $9.25 from $7.75.

Target price is $9.25 Current Price is $9.55 Difference: minus $0.3 (current price is over target).
If PWH meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.43, suggesting downside of -3.2% (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

Morgans rates PWH as Accumulate (2) -

Morgans highlights the strong growth in motorsports and aerospace & defence, with PWR Holdings delivering a first half result that was ahead of forecasts. First half revenue was up 28%, which implies a very strong uplift in the second quarter.

Management expects "modest" profit margin improvement in FY26 with margins expected to track back towards FY24 levels of around 17.8% over the next 3-5 years.

The broker considers the stock high quality amid a strong track record, with the disruption from relocating to the new Australian manufacturing facility now in the rearview mirror and the expanded capacity and capability positioning the business well. Accumulate. Target is raised to $11.15 from $8.50.

Target price is $11.15 Current Price is $9.55 Difference: $1.6
If PWH meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.43, suggesting downside of -3.2% (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

Morgan Stanley rates PWR as Overweight (1) -

Peter Warren Automotive delivered an "in-line" result, Morgan Stanley observes in a first take, with improvements showing across key line items.

The focus going forward, the broker contends, would be a better understanding of the bridge from the current earnings base to "earnings power".

Overweight rating. Target is $2.30. Industry view is In-Line.

Target price is $2.30 Current Price is $1.60 Difference: $0.7
If PWR meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 24.0% (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

Morgans rates PWR as Hold (3) -

First half results from Peter Warren Automotive were ahead of forecasts and Morgans observes industry margins appear to have "passed the trough".

The outlook for expansion across new/used vehicles remains relatively limited in the near term and the broker assesses the stock more cyclically exposed compared with peers, with limited structural earnings drivers to bring margins ahead of industry levels.

Morgans considers the current valuation undemanding and further consolidation over time can add structural earnings potential as the business continues to act as a consolidator.

Hold maintained. Target is reduced to $1.65 from $1.95.

Target price is $1.65 Current Price is $1.60 Difference: $0.05
If PWR meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 24.0% (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

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

Maintaining a $2.00 target, Ord Minnett upgrades its rating for Peter Warren Automotive to Buy from Hold following interim results.

The broker highlights three consecutive halves of gross margin at or above 16.1%, with the FY25 margin currently at 16.2%, supported by 14% growth in used vehicles and strength in service and parts.

New car sales rose a modest 2% and inventory fell -5%, highlight the analysts.

Ord Minnett notes opex rose/worsened by -2.4% and opex/revenue declined by -10bps to 11.9%, with seasonal improvement expected in H2.

The broker increases its profit (PBT) forecasts by between 1-8% after the recent Wakeling acquisition and observes the stock trades on attractive valuation multiples.

Target price is $2.00 Current Price is $1.60 Difference: $0.4
If PWR meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 24.0% (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

Citi rates QBE as Buy (1) -

Upon further review of FY25 results for QBE Insurance, Citi raises its FY26 and FY27 EPS forecasts by 8% and 7%, respectively, and lifts its target by 10c to $23.80.

A summary of the broker's initial thoughts last Friday follows.

Upon first glance, it is Citi's assessment QBE Insurance released a strong result (4% beat) with better GWP, COR, investment earnings and dividend.

Commentary explains today's 'beat' is mostly driven by more favorable CAT slightly offset by higher commissions and expenses together with stronger investment income. The reported COR is 91.9% vs “circa 92.5%” guidance.

Also, strong performance in crop, reduced drag from non-core lines helping North America's COR improve to 97.7% (FY24: 98.9%).

The 78c final dividend (30% franked) is well above Citi's 13.5c forecast. 

Target price is $23.80 Current Price is $21.48 Difference: $2.32
If QBE meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.06, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates QBE as Outperform (1) -

QBE Insurance's 2025 combined operating ratio (CoR) benefited by 20bps from reserve releases and 220bps from natural catastrophes absorbing large aviation and energy losses, Macquarie notes.

QBE achieved an 89.7% CoR on its North American Crop business, which is the second best performance for QBE in the last ten years.

Exiting peak catastrophe season, with a buy-back running and with an absence of material catalysts for the coming months, Macquarie maintains an Outperform recommendation. Target rises to $24.40 from $22.90.

Target price is $24.40 Current Price is $21.48 Difference: $2.92
If QBE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $24.06, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates QBE as Overweight (1) -

QBE Insurance posted a 2025 result that Morgan Stanley asserts investors have awaited for 20 years, including better underwriting, better dividend, reduced risk exposures and a new 15% or more medium-term ROE target.

The combined operating ratio of 91.9% beat estimates because of better catastrophe costs, despite an elevated large loss experience and a modest US$50m in reserve top up in the second half. Morgan Stanley forecasts a 92.3% COR in FY26.

The broker believes the business can continue to deliver, with the next steps coming from better topline growth, recognition of reserve strength and improvement in North America.

Morgan Stanley forecasts an additional US$300m buyback in FY27. Target rises to $24.60 from $22.80. Overweight retained. Industry View: In-Line.

Target price is $24.60 Current Price is $21.48 Difference: $3.12
If QBE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $24.06, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

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

Ord Minnett lifts its target for QBE Insurance  to $26 from $22 and upgrades to Buy from Hold after a stronger-than-expected second-half 2025 result. The final dividend also came in comfortably ahead of the consensus estimate, explains the analyst.

Net profit beat the broker's forecast due to lower weather claims. Favourable reinsurance renewals reduce retention to US$250m from US$300m and cut large single-risk exposure to -US$25m per event.

Ord Minnett highlights a 1 percentage point rise in the underlying combined operating ratio (COR) to 94.2%, driven by North American Accident & Health (A&H) losses.

Target price is $26.00 Current Price is $21.48 Difference: $4.52
If QBE meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.06, suggesting upside of 8.2% (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: 1.0

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

UBS rates QBE as Buy (1) -

On further inspection, UBS lifts its target to $23.75 from $22.50, previously and retains a Buy rating.

The analyst's EPS forecasts are raised by 4% for FY26/FY27 due to stronger gross written premium and slightly better core operating ratio.

****

UBS reviews today's FY25 result by QBE Insurance. Insurance profit and cash profit beat the broker's expectations by 4% and 5%, respectively.

In an early assessment, the analysts note gross written premium (GWP) growth accelerated to 8.5% in 2H from 5.9% in H1, and the FY25 core operating ratio (COR) of 91.9% outperformed the 92.4% consensus forecast.

The broker highlights supportive FY26 guidance, including mid-single digit GWP growth, a circa 92.5% COR and a $450m buyback alongside a 50% payout ratio.

Comfort on managing cyclical rate pressure has improved, the analyst suggests, with return on investment (ROE) guidance supportive. 

Buy. Target $22.50.

Target price is $23.75 Current Price is $21.48 Difference: $2.27
If QBE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.06, suggesting upside of 8.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates QPM as Speculative Buy (1) -

Bell Potter retains a Speculative Buy rating on QPM Energy and lowers the target to 6c from 8c.

December 2025 quarterly gas supply of 25.1TJ/day was flat q/q and around -15% below Bell Potter’s estimate, while electricity dispatch of 26,802MWh fell -26% q/q and was -51% below expectations, resulting in quarterly gas and electricity sales of $14m versus $24m forecast.

Commentary highlights the weakness is due to softer Queensland wholesale electricity prices, particularly during peak periods, following new BESS and renewable project commissioning.

EBITDA forecasts are reduced by around -30% to -50% across FY26-FY28.

A "step change" in QPM's earnings is expected from mid-2027 with a final investment decision by late March/early April on the 112MW Isaac power station.

Target price is $0.06 Current Price is $0.04 Difference: $0.025
If QPM meets the Bell Potter target it will return approximately 71% (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

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

First half EBITDA from Qube Holdings was marginally lower than Morgan Stanley expected.

The company has reiterated expectations for  "solid" growth in profit and earnings in FY26 with strong earnings from logistics and infrastructure offsetting softer ports and bulk.

Equal-weight rated with a $5.20 target. Industry View: In-Line.

Target price is $5.20 Current Price is $5.06 Difference: $0.14
If QUB meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 1.2% (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

Ord Minnett rates QUB as Hold (3) -

Ord Minnett retains a Hold rating and $5.20 price target on Qube Holdings. Interim underlying profit (NPATA) of $157.5m rose 10% on the prior period and beat the broker's expectations by 3%. 

Stronger contributions from Patrick Stevedoring and Logistics & Infrastructure are noted.

FY26 guidance is for 6-10% underlying profit growth. FY26 marks the sixth consecutive year of above-market EPS growth for Qube, highlights Ord Minnett.

Capital expenditure guidance is lowered by -$200m-$250m. This provides flexibility for opportunistic growth or special dividends under the Scheme Implementation Deed (SID) with Macquarie Group's ((MQG)) Macquarie Asset Management division, explains the broker.

Target price is $5.20 Current Price is $5.06 Difference: $0.14
If QUB meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 1.2% (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

UBS rates QUB as No Rating (-1) -

Qube Holdings' 1H26 normalised NPAT of $158m proved in line with consensus, UBS comments, while Group EBITA was -5% below on softness in Ports & Bulk, partly offset by strong grain throughput, up 49% at bulk export terminals.

Management flagged downside risk to 2H volumes.

UBS notes Patrick NPAT grew 19% y/y, and asset sale proceeds of $163m exceeded prior FY26 guidance of $120-140m, while the interim dividend rose 30% y/y, 10% above consensus, and fully franked.

Management issued FY26 Group NPATA and EPSA growth guidance of 6-10%, versus prior “solid” guidance, with Logistics & Infrastructure expected to deliver strong EBITA growth and Ports & Bulk broadly flat.

UBS is restricted on rating and target at present.

Current Price is $5.06. Target price not assessed.

Current consensus price target is $5.10, suggesting upside of 1.2% (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

UBS rates REA as Buy (1) -

UBS notes REA Group's Proptrack data show January national new listings fell -8% year-on-year, with capital cities down -7%. Sydney and Melbourne outperformed, while Perth declined -23%, highlight the analysts.

Early February data suggest to the broker listings are stabilising, with national volumes flat year-on-year for the four weeks to mid-February.

App metrics improved for both REA Group and Domain, the analyst highlights, though REA maintains leadership with 69% share of active users.

Buy. Target $218.90. 

Target price is $218.90 Current Price is $162.00 Difference: $56.9
If REA meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $228.23, suggesting upside of 43.5% (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

Citi rates REH as Neutral (3) -

Today's Reece's interim results revealed earnings (EBIT) of $262m, around 5% above consensus, driven by better cost control in Australia, explains Citi in an early assessment.

In Australia, sales were in line, though Australian earnings declined -7% year-on-year amid challenging conditions, points out the analyst.

US sales were broadly in line withe the broker's forecast, with like-for-like sales down low single digits and earnings falling -26% on increased investment. It's noted store openings accelerated, rising by 19 in the half.

FY26 earnings guidance of $520-540m sits about 5% above consensus, the analyst states, largely reflecting A&NZ cost performance flowing into H2.

Overall, it appears results were better-than-expected, though the market still looks challenged, cautions Citi.

Target $12.40. Neutral.

Target price is $12.40 Current Price is $13.94 Difference: minus $1.54 (current price is over target).
If REH meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.03, suggesting downside of -18.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates REH as Sell (5) -

Reece's 1H26 Group earnings EBIT were down -14% y/y but 5% ahead of  consensus, UBS notes on first take with the 'beat' driven by a stronger than expected A&NZ EBIT margin.

Group sales rose 6% to $4.6bn in line with expectations, while underlying net profit after tax fell -20% to $144m, still ahead of expectations and consensus. The interim dividend of 5.44c was above forecast.

US earnings (EBIT) declined -26% with margins pressured by network expansion and higher D&A, and like-for-like sales were down low single digit.

FY26 Group earnings (EBIT) guidance of $520m-$540m is around 5% above consensus at the midpoint, with gross interest expense guided to $65m-$75m and no material change expected in demand in 2H.

Sell. Target $13.

Target price is $13.00 Current Price is $13.94 Difference: minus $0.94 (current price is over target).
If REH meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).