Australian Broker Call

Macquarie rates 29M as Downgrade to Neutral from Outperform (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for 29Metals trimmed by -11% for FY25 but lifted sharply higher for FY26.

Target rises to 50c from 40c. Rating downgraded to Neutral from Outperform.

Target price is $0.50 Current Price is $0.43 Difference: $0.075
If 29M meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting downside of -33.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Macquarie rates A11 as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Atlantic Lithium lifted by 25% for FY26 but cut by -23% for FY27.

Neutral. Target rises to 23c from 16c.

Target price is $0.23 Current Price is $0.19 Difference: $0.04
If A11 meets the Macquarie target it will return approximately 21% (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 AGL as Buy (1) -

Citi highlights the wide valuation gap between Origin Energy and AGL Energy that's reaching a point observed only twice since 2008. The broker believes investor sentiment shift towards AGL is likely as its transformation value gains recognition.

In 2008, the divergence in favour of Origin was driven by high oil prices, LNG cash generation and M&A, and in 2022-23 it was driven by Russia-Ukraine conflict and record JKM prices, plus Brookfield/EIG M&A.

On this occasion, it is Origin's tech optimism vs transformation risk at AGL. The broker reckons catalyst for AGL includes successful BESS delivery, noting the 500MW Liddell power station is on track for operation by early 2026. 

FY26 earnings forecast for AGL Energy cut by -5% and FY27 by -14% on higher D&A and interest expenses.

Buy. Target unchanged at $11.50.

Target price is $11.50 Current Price is $9.22 Difference: $2.28
If AGL meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $10.97, suggesting upside of 19.8% (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

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

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Aeris Resources lifted sharply for FY26 and by 90% for FY27.

Target rises to 50c from 28c. Rating downgraded to Neutral from Outperform.

Target price is $0.50 Current Price is $0.45 Difference: $0.05
If AIS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.39, suggesting downside of -14.7% (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

Morgans rates ALL as Accumulate (2) -

A month after attending the Australasian Gaming Expo in Sydney and after taking into account latest US industry data, Morgans has revised forecasts for Aristocrat Leisure and Light & Wonder.

The broker highlights Aristocrat stood out with its Baron cabinet at the gaming expo, seen as its most successful launch in years, and driving a deeper pipeline of titles. Lead times for Baron hardware now exceed 6 weeks, underscoring demand momentum.

Light & Wonder's Dragon Train continues to rank number one, though Aristocrat's Thunder Empire and Baron games are catching up fast.

In the US, Light & Wonder leads premium leased/WAP with 44% share, while Aristocrat leads core outright games (46% share) with several top-performing titles. Further upside for Aristocrat is seen from upcoming Monopoly franchise.

The broker lifted Aristocrat's FY26 EPS estimate by 8% on greater margin expansion, lower D&A and interest costs.

Accumulate. Target rises to $77 from $71.

Target price is $77.00 Current Price is $69.56 Difference: $7.44
If ALL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $73.94, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates AMI as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

Sharp rises to FY26-27 EPS forecasts for Aurelia Metals.

Target rises to 30c from 27c after factoring in stronger copper price outlook and roll-forward. Outperform retained.

Target price is $0.30 Current Price is $0.25 Difference: $0.05
If AMI meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates AMP as Neutral (3) -

Macquarie updates its earnings forecasts for AMP post mark-to-market updates on investment income.

Gross loans, acceptances and advances (GLAA) have lifted 0.6% since June, with most coming forth in August by a rise of 55bps over June, versus the analyst's 2H25 estimate of 1.1% growth and consensus at 0.9%.

Net interest margin for 2025 is forecast by the analyst at around 1.3%, which is consistent with guidance and consensus expectations.

Macquarie tweaks its EPS estimates down by -0.6% for 2025 and up 0.7% for 2026, with the stock trading around a 1.6% premium above its three-year PER valuation.

Target rises to $1.72 from $1.62. No change to Neutral rating.

Target price is $1.72 Current Price is $1.66 Difference: $0.06
If AMP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates ANZ as Neutral (3) -

Touching on ANZ Bank's upcoming Strategy Day on Oct 13, Macquarie flags likely talking points to be around a step-up in the integration of the Suncorp Bank acquisition.

Also likely are updates on cost implementations, retail bank strategy, and new medium-term targets for CTI and ROE.

In the case of Westpac ((WBC)), the market rewarded the share price on the turnaround narrative prior to execution and, while the analyst remains cautious on the targeted transformation, it sees scope for the market to be positive.

Macquarie lifts earnings estimates for the speedier integration of Suncorp Bank and associated synergies and cost savings. The FY26/FY27 earnings are tweaked by -1% for FY26 and up 2% for FY27.

The bank's 2H25 results are due on November 10. No change to target price at $32.50 and Neutral rating.

Target price is $32.50 Current Price is $33.28 Difference: minus $0.78 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.12, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgan Stanley rates APE as Overweight (1) -

Morgan Stanley lifts its target price for Eagers Automotive to $32 from $28 after management announced the acquisition of a 65% stake in CanadaOne Auto for -$1,043m. An Overweight rating is maintained. Industry view: In-line.

The deal is financed via a $502m equity raising, including a $50m placement to Mitsubishi Corporation and $386 million of exchangeable shares issued to CanadaOne’s founder Pat Priestner. 

In the broker's view, expansion into Canada provides a long growth runway, with a fragmented 1.9m vehicle market and favourable competition versus Australia.

Vendor alignment is strong, with $950m in equity retained, while operational expertise offers scope to lift industry-average margins of 3%, suggests the analysts.

Morgan Stanley acknowledges offshore expansion risks and stretched management focus but sees these offset by vendor participation and execution capability. 

Target price is $32.00 Current Price is $29.32 Difference: $2.68
If APE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $25.07, suggesting downside of -14.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates BGL as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Bellevue Gold lifted by 70% for FY26 and by 67% for FY27.

Outperform. Target rises to $1.35 from $1.20.

Target price is $1.35 Current Price is $1.18 Difference: $0.175
If BGL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 13.6% (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 BHP as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for BHP Group lifted by 3% for FY27 and by 7% for FY28.

Target trimmed $42 from $43. Neutral retained.

Target price is $42.00 Current Price is $41.47 Difference: $0.53
If BHP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $43.90, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates BPT as Underperform (5) -

Macquarie has an underweight view on Australian upstream oil and gas sector vs ASX200 on expectations of falling oil and LNG prices over the next 1-2 years.

The broker cut forecasts for Brent oil, US gas, and spot LNG (JKM) over the next five quarters, and is now sitting below consensus. Spot LNG price forecasts cut by -US$2/MMBtu over the next three quarters, reflecting more comfortable near-term winter balances.

EPS forecast for Beach Energy trimmed by -15.3% for FY26 and by -6.5% for FY27.

Underperform. Target cut to 90c from 92c.

Target price is $0.90 Current Price is $1.14 Difference: minus $0.235 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.13, suggesting downside of -2.7% (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 BVS as Neutral (3) -

Bravura Solutions upgraded FY26 guidance, with revenue implied at the midpoint up $4m due to forex benefit and an additional circa $7m from EMEA wealth, Macquarie highlights.

FY26 earnings (EBITDA) upgrade at midpoint comprises of $4-5m from higher revenue and $5-6m from operational efficiency.

Positively, the guidance upgrades came despite customer exits announced in 2022. One of the three customer exits in Nov 2022 is expected to finish migration to BPO by Jan 1, 2026, a revenue headwind of circa -$5m in FY26.

Macquarie lifts its EPS estimates by 17%-18% for FY26-FY27. Target price is upgraded to $3.02 from $2.03, but a Neutral rating remains as the share price moved upwards on the announcement.

Target price is $3.02 Current Price is $2.99 Difference: $0.03
If BVS meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Shaw and Partners rates BVS as Buy, High Risk (1) -

Shaw and Partners reiterates its Buy (High risk) rating on Bravura Solutions on the back of "another" guidance upgrade.

FY26 revenue guidance is lifted to $265m-$275m from $258.7m and FY26 earnings (EBITDA) guidance is lifted to $55m-$65m from over $50m. The analyst sees the upward revision as an indication management has restored trust with its customers.

Colin Greenhill has been appointed the new CEO, which the broker reckons is extremely positive for Bravura. Greenhill is the ex-CEO of SSP Worldwide, an insurance software provider.

Target price is raised to $3.40 from $2.90.

Target price is $3.40 Current Price is $2.99 Difference: $0.41
If BVS meets the Shaw and Partners target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates CCL as Buy (1) -

Bell Potter notes rising mobile wallet adoption and accelerating mutual bank mergers as key positives for Cuscal.

Mobile wallet transactions have risen 10% since January 2025, card insert fell -11%, and mobile penetration reached 51%. The broker sees Cuscal benefiting from higher digital enablement volumes as Australia leads in digital payments.

The analysts also highlight merger activity, with Beyond Bank signing an MOU with Family First Bank, and P&N Bank exploring a union with Great Southern Bank, forming a $35bn institution.

Bell Potter raises its target price to $4.60 from $4.50 on higher earnings forecasts and retains a Buy rating.

Target price is $4.60 Current Price is $3.88 Difference: $0.72
If CCL meets the Bell Potter target it will return approximately 19% (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 CIA as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Champion Iron lifted by 18% for FY26 and by 38% for FY27.

Neutral. Target price $5.

Target price is $5.00 Current Price is $4.70 Difference: $0.3
If CIA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

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: 0.7

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

Macquarie rates CMM as Downgrade to Underperform from Neutral (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Capricorn Metals lifted by 23% for FY26 and by 16% for FY27.

Target rises to $11 from $10. Rating downgraded to Underperform from Neutral.

Target price is $11.00 Current Price is $13.36 Difference: minus $2.36 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.37, suggesting upside of 6.1% (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 CNB as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Carnaby Resources lifted by 6% for FY26 and sharply higher for FY27.

Target rises to 75c from 70c. Outperform maintained.

Target price is $0.75 Current Price is $0.34 Difference: $0.415
If CNB meets the Macquarie target it will return approximately 124% (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 CPU as Neutral (3) -

Macquarie has updated its earnings forecasts for Computershare for mark-to-market changes, noting the blended OIS/BBSW forward curve has fallen by -8bps in FY26 and -2bps in FY27 compared to the positions as at FY25 results on August 12.

The analyst highlights each 25bps of non-hedged margin income yield has 1.8% impact on EPS estimates.

In FY26, margin income of $723m is estimated by Macquarie, reflecting the curves as at Oct 1. EPS forecast is lowered by -0.5% for FY26 and lifted by 0.8% for FY27.

Target price falls to $36 from $37.50. No change to Neutral rating.

Target price is $36.00 Current Price is $36.43 Difference: minus $0.43 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.58, suggesting upside of 5.1% (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 CRN as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

Underperform retained for Coronado Global Resources. Target rises to 24c from 18c.

Target price is $0.24 Current Price is $0.28 Difference: minus $0.035 (current price is over target).
If CRN meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.23, suggesting downside of -17.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.4

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

Macquarie rates CSC as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Capstone Copper lifted by 40% for FY25 and by 35% for FY26.

Outperform. Target rises to $13.70 from $12.50.

Target price is $13.70 Current Price is $12.84 Difference: $0.86
If CSC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.45, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates CTM as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Centaurus Metals cut by -77% for FY25 but lifted by 7% for FY26.

Outperform. Target unchanged at 60c.

Target price is $0.60 Current Price is $0.42 Difference: $0.18
If CTM meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates DNL as Neutral (3) -

Dyno Nobel completed the sale of its fertiliser distribution business, and is committed to sell Phosphate Hill or close it before the end of FY26, if not sold prior.

Citi notes the fertiliser chapter is effectively closed, and focus is now entirely on the explosives business. However, given recovery in Diammonium Phosphate (DAP) prices, the broker sees upside to 2H25 EBIT from Phosphate Hill manufacturing.

The broker expects EBIT skew to 2H of 94% vs 90% guidance. FY25 revenue forecast lifted by 3%, but FY26 cut by a sharp -29%.

Target rises to $3.50 from $2.55 as improved clarity on the business led to higher multiples in valuation. Neutral remains.

Target price is $3.50 Current Price is $3.25 Difference: $0.25
If DNL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates DNL as No Rating (-1) -

Dyno Nobel has completed the sale of its fertiliser distribution business, and Phosphate Hill is either to be sold or closed by Sept 2026. Management anticipates some capital will be invested at Phosphate Hill to maintain the asset's worthiness prior to potential closure or sale.

Capex is expected to be funded from operating cash, Macquarie notes, and around $545m in net proceeds are forecast from the separation of the fertiliser business.

Macquarie raises its EPS forecasts by 18% for FY25 and 11% for FY26 due to a better than anticipated performance from fertiliser unit arising from higher DAP prices.

The removal of Phosphate Hill results in a reduction in EPS estimates further out by -6% to -11% from FY27-FY29.

No rating or target price due to research restrictions.

Current Price is $3.25. Target price not assessed.

Current consensus price target is $3.18, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates DNL as Hold (3) -

By this time next year, Dyno Nobel is expected to fully draw the curtains on its fertiliser business. Paradoxically, it's the fertiliser unit where it upgraded the FY25 guidance.

In fact, Morgans expects FY26 EBIT for Phosphate Hill to be the second-highest on record at $315m. As background, the sale process for Phosphate Hill is ongoing and if a buyer is not found by March 2026, it will be closed by September.

The fertiliser distribution unit divestment was completed on September 30. FY25 EBIT guidance of $695-715m is significantly higher than FY24 and nearly 20% higher vs consensus, thanks to Phosphate Hill EBIT guidance of $225-235m, sharply higher than consensus of $124.4m.

The broker made material upward revisions to FY25-26 forecasts, but FY27 saw downgrades as it is ex-Phosphate Hill.

The broker prefers Orica ((ORI)) for exposure to explosives industry over Dyno Nobel.

Hold. Target rises to $3.16 from $2.82.

Target price is $3.16 Current Price is $3.25 Difference: minus $0.09 (current price is over target).
If DNL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.18, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates DPM as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage of DPM Metals with an Outperform rating and target price of $41.

The broker reckons the stock may qualify for ASX200 index inclusion during the next rebalancing in December, which is an upside risk.

The company operates three mines in the Balkans, has a strong organic growth pipeline and is underpinned by free cash flow (FCF) generation.

The broker believes it offers a compelling mix of growth, self-funding, and undervaluation.

Target price is $41.00 Current Price is $33.61 Difference: $7.39
If DPM meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Shaw and Partners rates DRO as Buy, High Risk (1) -

Drone incursions over September across Europe have pushed C-UAS (Counter-Unmanned Aircraft System) to the fore, Shaw and Partners highlights, which has underpinned an EU-backed Drone Wall along its eastern borders.

The analyst explains detection and assessment are the main parts of the C-UAS kill chain, which necessitates sensors to locate, fix, and track early threats. DroneShield's radio frequency (RF) systems meet the passive detection trend, with their portable kits scaling economically.

Electro Optic Systems' ((EOS)) laser system still encounters weather, power, cooling, and dwell time limits in comparison.

A Buy, High risk rating is retained with an unchanged target price of $3.60.

Target price is $3.60 Current Price is $5.74 Difference: minus $2.14 (current price is over target).
If DRO meets the Shaw and Partners target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates DRR as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Deterra Royalties lifted by 8% for FY26 and by 7% FY27.

Neutral. Target price $4.20.

Target price is $4.20 Current Price is $3.98 Difference: $0.22
If DRR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.27, suggesting upside of 4.9% (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

Macquarie rates ELV as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Elevra Lithium (formerly Sayona Mining) cut by -29% for FY26 and by -65% for FY27.

Outperform. Target unchanged at $5.50.

Target price is $5.50 Current Price is $3.58 Difference: $1.92
If ELV meets the Macquarie target it will return approximately 54% (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 EVN as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Evolution Mining lifted by 39% for FY26 and by 59% for FY27.

Underperform. Target rises to $7.60 from $7.00.

Target price is $7.60 Current Price is $10.75 Difference: minus $3.15 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.11, suggesting downside of -27.3% (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 FFM as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for FireFly Metals lifted by 2% for FY27.

Outperform. Target price $1.60.

Target price is $1.60 Current Price is $1.29 Difference: $0.315
If FFM meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.63, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates FLT as Buy (1) -

Citi reviewed the state of Flight Centre Travel's underlying markets for at least signs of stabilisation after a volatile FY25, and returned with positive observations.

Underlying global travel market relevant to the company has started better than the "fairly flat" guidance, the broker highlights.

The short-haul international travel routes show modest improvement, long-haul international are seeing capacity additions by airlines, which could lower fare and stimulate demand.

Early read of US and Europe travel data also point to upside risk, the broker explains.

Buy. Target unchanged at $15.10.

Target price is $15.10 Current Price is $11.47 Difference: $3.63
If FLT meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $15.15, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates FMG as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Fortescue lifted by 20% for FY26 and by 19% for FY27.

Target rises to $16.50 from $15.50. Underperform remains.

Target price is $16.50 Current Price is $18.94 Difference: minus $2.44 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.35, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.2

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

Macquarie rates GGP as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Greatland Resources lifted by 32% for FY26 and by 89% for FY27.

Outperform. Target rises to $8.20 from $7.10.

Target price is $8.20 Current Price is $7.40 Difference: $0.8
If GGP meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.63, suggesting upside of 29.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates GL1 as Upgrade to Neutral from Underperform (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Global Lithium Resources lifted by 13% for FY26 but cut by -30% for FY27.

Target rises to 35c from 13c. Rating upgraded to Neutral from Underperform.

Target price is $0.35 Current Price is $0.34 Difference: $0.01
If GL1 meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates GMD as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Genesis Minerals lifted by 30% for FY26 and by 53% for FY27.

Outperform. Target rises to $6.50 from $5.50.

Target price is $6.50 Current Price is $5.93 Difference: $0.57
If GMD meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates GQG as Outperform (1) -

Macquarie marks-to-market the Asset Managers under research coverage where funds under management (FUM) have been supported by "robust" global markets in September and muted currency movements.

Despite this, GQG Partners generated weaker September quarter returns, with Emerging Markets and International strategies up 1.0% and 0.4%, respectively, offset by -0.7% and -1.0% declines in Global and US strategies.

All up, this equates to investment return of -0.1%, the analyst estimates, below the broker's prior 1.5% estimate. It's noted a cost-to-income ratio of around 25% limits the earnings impact.

Macquarie lowers its FY26 EPS forecast by -2.5%. The target falls to $2.55 from $2.63. Outperform retained.

Target price is $2.55 Current Price is $1.70 Difference: $0.855
If GQG meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates GWA as Outperform (1) -

During a recent visit to the US, the analysts at Macquarie came away noting a stabilisation of market conditions for the building industry though confidence is still the missing element for recovery.

Ongoing channel consolidation is reinforcing broadly supportive medium-term industry dynamics, according to the broker.

Among Macquarie's research coverage, James Hardie Industries is preferred for its medium-term EPS recovery potential, which underpins an attractive valuation.

For GWA Group, the broker emphasises the company remains vulnerable to underlying product cost pressures, which may be difficult to offset. Still, an Outperform rating and $3.05 target are retained.

Target price is $3.05 Current Price is $2.56 Difference: $0.49
If GWA meets the Macquarie target it will return approximately 19% (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 IGO as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for IGO Ltd lifted by 1% for FY26 but trimmed by -14% for FY27.

Outperform. Target rises to $5.75 from $5.50.

Target price is $5.75 Current Price is $4.97 Difference: $0.78
If IGO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.04, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates ILU as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Iluka Resources lifted by 10% for FY25 and by 11% for FY26.

Neutral. Target rises to $6.60 from $5.80.

Target price is $6.60 Current Price is $6.42 Difference: $0.18
If ILU meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting downside of -13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates IMA as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecasts for Image Resources cut sharply for FY25-26.

Outperform. Target unchanged at 14c.

Target price is $0.14 Current Price is $0.07 Difference: $0.071
If IMA meets the Macquarie target it will return approximately 103% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates IPH as Outperform (1) -

September filings declined -11.3% year-on-year against market growth of 7.1%, leaving IPH Ltd's  Australian share at 26.4%, observes Macquarie.

Filing weakness continues, notes the analyst, with Patent Cooperation Treaty (PCT) volumes down -8% year-on-year, while US PCT activity remains a negative lead indicator.

Around 70% of IPH’s income is recurring, assures the broker, with revisions to prior months showing modest improvements in activity.

Macquarie makes no changes to its forecasts or valuation, retaining an Outperform rating and $5.55 target.

Target price is $5.55 Current Price is $3.53 Difference: $2.02
If IPH meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $5.97, suggesting upside of 65.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates JHX as Outperform (1) -

During a recent visit to the US, the analysts at Macquarie came away noting a stabilisation of market conditions for the building industry though confidence is still the missing element for recovery.

Ongoing channel consolidation is reinforcing broadly supportive medium-term industry dynamics, according to the broker.

Among Macquarie's research coverage, James Hardie Industries is preferred for its medium-term EPS recovery potential, which underpins an attractive valuation.

The AGM on October 29 is a key near-term event, suggests the analyst, though the central focus remains on the prospect of a more supportive market environment beyond FY26.

The Outperform rating and $37.20 target are maintained.

Target price is $37.20 Current Price is $29.14 Difference: $8.06
If JHX meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $35.22, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates JMS as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Jupiter Mines lifted by 5% for FY26 and by 16% for FY27.

Outperform. Target rises to 27c from 25c.

Target price is $0.27 Current Price is $0.25 Difference: $0.02
If JMS meets the Macquarie target it will return approximately 8% (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 KAR as Neutral (3) -

Macquarie has an underweight view on Australian upstream oil and gas sector vs ASX200 on expectations of falling oil and LNG prices over the next 1-2 years.

The broker cut forecasts for Brent oil, US gas, and spot LNG (JKM) over the next five quarters, and is now sitting below consensus. Spot LNG price forecasts cut by -US$2/MMBtu over the next three quarters, reflecting more comfortable near-term winter balances.

EPS forecast for Karoon Energy trimmed by -23.5% for FY25 and by -24.9% for FY26.

Neutral. Target cut to $1.75 from $1.90.

Target price is $1.75 Current Price is $1.62 Difference: $0.13
If KAR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Morgans rates LNW as Buy (1) -

A month after attending the Australasian Gaming Expo in Sydney and after taking into account latest US industry data, Morgans has revised forecasts for Aristocrat Leisure and Light & Wonder.

The broker highlights Aristocrat stood out with its Baron cabinet at the gaming expo, seen as its most successful launch in years, driving a deeper pipeline of titles. Lead times for Baron hardware now exceed 6 weeks, underscoring demand momentum.

Light & Wonder's Dragon Train continues to rank number one, though Aristocrat's Thunder Empire and Baron games are catching up fast.

In the US, Light & Wonder leads premium leased/WAP with 44% share, while Aristocrat leads core outright games (46% share) with several top-performing titles. Further upside for Aristocrat is seen from upcoming Monopoly franchise.

The broker left FY25 forecasts largely unchanged for Light & Wonder, but lifted FY26-27 adjusted EBITDA forecasts by 1-2% on slightly more optimism in outright sales.

Buy. Target unchanged at $175.

Target price is $175.00 Current Price is $127.08 Difference: $47.92
If LNW meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $188.33, suggesting upside of 46.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates LTR as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

Underperform maintained for Liontown Resources. Target unchanged at 65c.

Target price is $0.65 Current Price is $0.88 Difference: minus $0.23 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.73, suggesting downside of -25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Macquarie rates LYC as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Lynas Rare Earths lifted by 13% for FY26 and by 33% for FY27.

Neutral. Target rises to $16.50 from $14.50.

Target price is $16.50 Current Price is $17.00 Difference: minus $0.5 (current price is over target).
If LYC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.53, suggesting downside 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

Macquarie rates MEI as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

Outperform maintained for Meteoric Resources. Target unchanged at 34c.

Target price is $0.34 Current Price is $0.14 Difference: $0.195
If MEI meets the Macquarie target it will return approximately 134% (excluding dividends, fees and charges).

Current consensus price target is $0.23, suggesting upside of 61.9% (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

Macquarie rates MFG as Underperform (5) -

Macquarie marks-to-market the Asset Managers under research coverage where funds under management (FUM) have been supported by "robust" global markets in September and muted currency movements.

Magellan Financial's flagship fund performance was broadly in line with the broker's forecast for the September 2025 quarter.

It's noted the Vinva strategy delivered a strong 8.7% return, while Global Equities and Infrastructure  posted more modest gains of 0.4% and 2.1%, respectively.

The broker's EPS forecasts are trimmed by -0.5% from FY27 onwards, and the target eases by -10c to $8.55. Underperform rating maintained.

Target price is $8.55 Current Price is $9.77 Difference: minus $1.22 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.41, suggesting downside of -5.3% (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 MIN as Buy (1) -

Bell Potter expects substantial earnings (EBITDA) growth for Mineral Resources in FY26 to $1.6bn from $0.9bn in FY25, supported by the Onslow ramp-up.

FY26 guidance implies to the analysts higher iron ore sales of 26.1-28.8mt versus 17.7mt in FY25, mining services volumes of 305-325mt versus 280mt, and stronger haul road toll fees.

The broker highlights FY26 capex guidance of -$1.1bn, sharply lower than prior years, as Onslow nears completion.

Net debt of $5.35bn at June 2025 is expected to decline from FY27 as free cash flow (FCF) generation improves, aided by refinancing and potential asset selldowns.

Bell Potter raises its target price to $49.00 from $29.50 and retains a Buy rating. It's felt the company is strategically positioned to benefit from a recovery in lithium markets.

Target price is $49.00 Current Price is $39.58 Difference: $9.42
If MIN meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $39.96, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates MIN as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Mineral Resources cut by -29% for FY26 but lifted by 45% for FY27.

Target rises to $35 from $30. Underperform maintained.

Target price is $35.00 Current Price is $39.58 Difference: minus $4.58 (current price is over target).
If MIN meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.96, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates MP1 as Buy (1) -

Citi's US telco analyst met with Lumen management to understand its strategy, given it is now more focused on Network-as-a-Service (NaaS). 

The analyst covering Megaport notes competitive risk has increased with this development but sees positive implications given it will increase awareness around NaaS. The broker believes it will help the company's adoption in underpenetrated regions like the US.

Buy. Target unchanged at $16.30.

Target price is $16.30 Current Price is $15.50 Difference: $0.8
If MP1 meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting downside of -5.9% (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

Macquarie rates NEM as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Newmont Corp lifted by 8% for FY25 and by 84% for FY26.

Neutral. Target rises to $130 from $111.

Target price is $130.00 Current Price is $128.52 Difference: $1.48
If NEM meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Macquarie rates NHC as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for New Hope lifted by 23% for FY26 and by 36% for FY27.

Underperform. Target unchanged at $3.80.

Target price is $3.80 Current Price is $3.93 Difference: minus $0.13 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.15, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Nickel Industries lifted by 8% for FY25 and by 36% for FY26.

Target rises to 80c from 73c. Rating upgraded to Outperform from Neutral.

Target price is $0.80 Current Price is $0.73 Difference: $0.075
If NIC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 36.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Macquarie rates NST as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Northern Star Resources lifted by 36% for FY26 and by 59% for FY27.

Outperform. Target rises to $27 from $24.

Target price is $27.00 Current Price is $23.91 Difference: $3.09
If NST meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $22.21, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates OBM as Underperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Ora Banda Mining lifted by 54% for FY26 and by 86% for FY27.

Underperform. Target rises to $1.10 from $0.95.

Target price is $1.10 Current Price is $1.18 Difference: minus $0.08 (current price is over target).
If OBM meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates ORG as Buy (1) -

Citi highlights the wide valuation gap between Origin Energy and AGL Energy that's reaching a point observed only twice since 2008. The broker believes investor sentiment shift towards AGL is likely as its transformation value gains recognition.

In 2008, the divergence in favour of Origin was driven by high oil prices, LNG cash generation and M&A, and in 2022-23 it was driven by Russia-Ukraine conflict and record JKM prices, plus Brookfield/EIG M&A.

On this occasion, it is Origin's tech optimism vs transformation risk at AGL. The broker reckons catalyst for AGL includes successful BESS delivery, noting the 500MW Liddell power station is on track for operation by early 2026. 

FY26 earnings forecast lifted by 1% to reflect latest electricity forward curve.

Buy. Target unchanged at $13.

Target price is $13.00 Current Price is $12.48 Difference: $0.52
If ORG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.27, suggesting downside of -1.4% (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 PLS as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Pilbara Minerals lifted sharply for FY26-27.

Outperform. Target rises to $2.75 from $2.30.

Target price is $2.75 Current Price is $2.36 Difference: $0.39
If PLS meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates PMT as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

No change to FY26-27 EPS forecasts for PMET Resources.

Outperform. Target unchanged at 50c.

Target price is $0.50 Current Price is $0.45 Difference: $0.05
If PMT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 57.8% (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

Shaw and Partners rates PNC as Buy, High Risk (1) -

The latest employment data from the ABS offers a good macro backdrop and trading conditions for Pioneer Credit, according to Shaw and Partners.

Its cash flow statements and non-GAAP disclosure regarding remaining collections offer insights for the analyst, who retains the view FY26 cash collections should rise by around 20% to $169m vsFY25.

The broker estimates remaining cash collections will surpass $760m in FY26 from $702m in FY25, with an estimated net present value of circa $500m or over $3/share.

Target 80c retained and the broker believes it is achievable if Pioneer can meet FY26 net profit after tax guidance of $18m.

Buy, High Risk rating retained.

Target price is $0.80 Current Price is $0.59 Difference: $0.215
If PNC meets the Shaw and Partners 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

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

Macquarie marks-to-market the Asset Managers under research coverage where funds under management (FUM) have been supported by "robust" global markets in September and muted currency movements.

For Perpetual, the broker raises its target to $23.95 from $22.85 on a revised valuation method and upgrades to Outperform from Neutral give the stock has underperformed the ASX200 by -12.7% since FY25 results.

The upcoming September FUM update in mid-October is expected to drive consensus upgrades.

Target price is $23.95 Current Price is $18.70 Difference: $5.25
If PPT meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $22.27, suggesting upside of 11.2% (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 PRU as Downgrade to Neutral from Outperform (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Perseus Mining lifted by 29% for FY26 and by 81% for FY27.

Target rises to $4.70 from $4.10. Rating downgraded to Neutral from Outperform

Target price is $4.70 Current Price is $4.88 Difference: minus $0.18 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.80, suggesting downside of -2.6% (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: 0.3

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

Bell Potter rates QOR as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage on Qoria with a Buy rating, citing its position as a leading global provider of cyber safety products and services.

The company supports 17m students across kindergarten through to year 12 globally and has expanded into the parental market with more than 8m users, explain the analysts.

Qoria's ecosystem approach enables delivery across any network or device, and integration into third-party offerings, highlights the broker.

The broker views Qoria as nearing an inflection point, expecting positive free cash flow (FCF) in FY26. Guidance also implies to Bell Potter the Rule of 40 will be met for the first time.

Near-term catalysts include quarterly updates in October and January, which coincide with back-to-school demand and the festive season, explains the broker. A target price of 90c is set.

Target price is $0.90 Current Price is $0.75 Difference: $0.15
If QOR meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting downside of -15.0% (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 QPM as Speculative Buy (1) -

The FY25 results from QPM Energy showed ongoing earnings improvement, with EBITDA rising to $9m from a loss of -$17m in FY24, and momentum continuing into FY26. The analyst expects earnings (EBITDA) of $28m.

Free cash flow of $14m, excluding growth capex, was also viewed as "solid," although lease costs of -$53m impacted negatively. The analyst lowered earnings for the September quarter due to the delay in commencing Townsville Power Station and the seasonal impact of softer electricity prices.

FY26 free cash flow is forecast by Ord Minnett at $17m, with electricity prices expected to firm over the warmer months, notably during the Dec and March quarters.

A Speculative Buy rating and 13c target are retained.

Target price is $0.13 Current Price is $0.04 Difference: $0.091
If QPM meets the Ord Minnett target it will return approximately 233% (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 QUB as Upgrade to Buy from Accumulate (1) -

Ord Minnett upgrades Qube Holdings to Buy from Accumulate, retaining a $4.52 target due to the recent weakness in the share price.

Volume of full TEUs handled through the four major ports advanced 3.9% for the two months of FY26, which is viewed as positive for Patrick Stevedoring.

The analyst believes the good level of diversification across sectors and geographies insulates the earnings from one-off contract losses, noting product suspension for at least one resource customer over the first half of FY26.

Ord Minnett continues to forecast EPS growth of 6% for FY26 and sees good support from both the energy and agri sectors, alongside a pickup in volumes for Moorebank IMEX.

Target price is $4.52 Current Price is $4.09 Difference: $0.43
If QUB meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 10.7% (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

Macquarie rates REH as Underperform (5) -

During a recent visit to the US, the analysts at Macquarie came away noting a stabilisation of market conditions for the building industry though confidence is still the missing element for recovery.

Ongoing channel consolidation is reinforcing broadly supportive medium-term industry dynamics, according to the broker.

Among Macquarie's research coverage, James Hardie Industries is preferred for its medium-term EPS recovery potential, which underpins an attractive valuation.

For Reece, the broker notes growing propositional strength in plumbing and Heating, Ventilation, and Air Conditioning (HVAC), supported by confidence in management's ability to gain share from incumbent specialist wholesalers.

The broker cautions limited brand recognition and awareness remain challenges, contributing to the heightened competitive intensity highlighted by management.

The $10.10 target and Underperform rating are kept.

Target price is $10.10 Current Price is $11.32 Difference: minus $1.22 (current price is over target).
If REH meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.05, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgan Stanley rates RHC as Downgrade to Underweight from Equal-weight (5) -

Morgan Stanley lowers its target for Ramsay Health Care to $31.30 from $36.70 and downgrades to Underweight from Equal-weight. Industry View: In-Line.

The broker notes Australian private hospital growth slowed in 2H25, with utilisation falling despite supportive demographics.

The analysts forecast around 2% annual hospital volume growth in FY26-28, though EBIT margins in Australia and France are expected to contract further in FY26 before stabilising in FY27.

Indexation benefits are being offset by higher costs and revised Joondalup funding, highlights the broker.

Morgan Stanley sees potential upside from strategic options for Ramsay Sante but highlights timing as uncertain. The broker's EPS forecasts for FY27 and FY28 fall to levels -7% and -13% below consensus, respectively.

Target price is $31.30 Current Price is $32.55 Difference: minus $1.25 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.72, suggesting upside of 10.2% (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

Macquarie rates RIO as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Rio Tinto lifted by 1-13% for FY25-28 on higher iron ore, lithium and aluminium prices.

Target rises to $115 from $111. Neutral retained.

Target price is $115.00 Current Price is $122.58 Difference: minus $7.58 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.67, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

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

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Ramelius Resources lifted by 24% for FY26 and by 67% for FY27.

Target rises to $3.70 from $3.30. Rating downgraded to Neutral from Outperform

Target price is $3.70 Current Price is $3.90 Difference: minus $0.2 (current price is over target).
If RMS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.51, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates RRL as Downgrade to Underperform from Neutral (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Regis Resources lifted by 49% for FY26 and by 114% for FY27.

Target rises to $5.20 from $4.40. Rating downgraded to Underperform from Neutral.

Target price is $5.20 Current Price is $5.94 Difference: minus $0.74 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.16, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Macquarie rates RSG as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Resolute Mining lifted by 5% for FY25 and by 79% for FY26.

Target rises to $1.00 from $0.75. Neutral maintained.

Target price is $1.00 Current Price is $1.05 Difference: minus $0.05 (current price is over target).
If RSG meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Macquarie rates S32 as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for South32 lifted by 27% for FY26 but trimmed by -7% for FY27.

Target rises to $2.80 from $2.70. Neutral retained.

Target price is $2.80 Current Price is $2.75 Difference: $0.05
If S32 meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 17.3% (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: 0.5

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

Macquarie rates SBM as No Rating (-1) -

St. Barbara announced maiden guidance for FY26 with Simberi production guidance of 54–70koz and all-in-sustaining costs of $4,000–$4,400/oz.

At the midpoint, consensus FY26 production estimates stand at 62koz, lower than guidance by -4% and below Macquarie's forecast by -2%. Some 56% of production is due in 2H2025.

Management has also offered an update on its strategic review for Atlantic, stating it hasn't received a proposal for the assets and therefore doesn't have enough information to offer shareholders sufficient participation in the future value.

The Simberi final investment decision is flagged for late 2025 or early 2026.

Macquarie is on research restriction.

Current Price is $0.51. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates SFR as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Sandfire Resources lifted by 42% for FY26 but trimmed by -1% for FY27.

Target rises to $13.50 from $12.50. Neutral maintained.

Target price is $13.50 Current Price is $14.50 Difference: minus $1 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.17, suggesting downside of -17.9% (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: -0.1

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

Macquarie rates SGH as Outperform (1) -

During a recent visit to the US, the analysts at Macquarie came away noting a stabilisation of market conditions for the building industry though confidence is still the missing element for recovery.

Ongoing channel consolidation is reinforcing broadly supportive medium-term industry dynamics, according to the broker.

Among Macquarie's research coverage, James Hardie Industries is preferred for its medium-term EPS recovery potential, which underpins an attractive valuation.

The Outperform rating and $53.20 target are kept for SGH Ltd, which has a 72% stake in Boral.

Target price is $53.20 Current Price is $49.65 Difference: $3.55
If SGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $53.80, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates SNT as Speculative Buy (1) -

Bell Potter highlights Syntara's compelling Phase 2a results for amsulostat in myelofibrosis. Patients with limited prior treatment response showed significant symptom improvement and spleen size reductions.

Half of the patients achieved a -50% or greater reduction in Total Symptom Score (TSS) and four of nine evaluable patients recording a greater than (or equal) -25% spleen reduction.

The broker believes the consistency of benefits underlines the drug’s potential and supports progression to late-stage trials.

Discussions with regulators are planned for 1H 2026 ahead of a Phase 2b trial expected to commence later in 2026. 

No material forecast changes are made, and the broker maintains a 6c target and a Speculative Buy rating.

Target price is $0.06 Current Price is $0.03 Difference: $0.032
If SNT meets the Bell Potter target it will return approximately 114% (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 STO as Outperform (1) -

Macquarie has an underweight view on Australian upstream oil and gas sector vs ASX200 on expectations of falling oil and LNG prices over the next 1-2 years.

The broker cut forecasts for Brent oil, US gas, and spot LNG (JKM) over the next five quarters, and is now sitting below consensus. Spot LNG price forecasts cut by -US$2/MMBtu over the next three quarters, reflecting more comfortable near-term winter balances.

EPS forecast for Santos trimmed by -4.7% for FY25 and by a sharp -24% for FY26.

Outperform. Target cut to $8.25 from $8.45. 

Santos is the broker's preferred exposure.

Target price is $8.25 Current Price is $6.76 Difference: $1.49
If STO meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.77, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates SVM as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

Outperform maintained for Sovereign Metals. Target unchanged at $1.

Target price is $1.00 Current Price is $0.72 Difference: $0.285
If SVM meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates TBN as Buy, High Risk (1) -

Citi notes Tamboran Resources reached final investment decision on the Shenandoah South Pilot Project, clearing the final hurdle to first gas. Pilot wells are expected to be drilled/completed in early 2026, with first gas expected in mid-2026.

The company secured US$118m JV debt financing for the Stuart Plateau Compression Facility, a key infrastructure step.

Additionally, the company announced acquisition of Falcon Oil & Gas for US$172m in a cash and share deal expected to close in February 2026. The broker notes the deal is deal is accretive and equates to US$169/acre.

Buy, High Risk. Target rises to US$35 from US$29.

Current Price is $0.22. Target price not assessed.

Market Sentiment: 1.0

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

Macquarie rates TCG as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

No change to FY25-26 forecasts for Turaco Gold.

Outperform. Target unchanged at 80c.

Target price is $0.80 Current Price is $0.44 Difference: $0.36
If TCG meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates TLC as Sell (5) -

Citi notes growth in major lottery turnover was flat in 1Q26, making it unlikely Lottery Corp will meet the 20% consensus growth forecast for 1H26.

The broker's thesis is based on soft Powerball like-for-like sales, down -7.5% on a rolling 6-month basis, and higher comps for jackpots.  Additionally, the 16.7% Powerball price increase is effective November, and only partial retention is expected. 

On the brighter side, Saturday Lotto is performing well but not enough to offset the broader weakness.

Sell. Target unchanged at $5.

The broker has removed the 90-day downside catalyst watch, replacing it with another 90-day downside watch.

Target price is $5.00 Current Price is $5.84 Difference: minus $0.84 (current price is over target).
If TLC meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.81, suggesting upside of 0.7% (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 VAU as Outperform (1) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for Vault Minerals lifted by 60% for FY26 and by 138% for FY27.

Outperform. Target rises to 75c from 65c.

Target price is $0.75 Current Price is $0.67 Difference: $0.08
If VAU meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.67, suggesting downside of -1.0% (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

Macquarie rates WAF as Downgrade to Underperform from Outperform (5) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

EPS forecast for West African Resources lifted by 6% for FY25 and by 46% for FY26. However, target price cut to $3.00 from $3.40 on a doubling of WACC to 25% from 12.5% to reflect country risk.

Rating downgraded to Underperform from Outperform

Target price is $3.00 Current Price is $3.04 Difference: minus $0.04 (current price is over target).
If WAF meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates WDS as Neutral (3) -

Macquarie has an underweight view on Australian upstream oil and gas sector vs ASX200 on expectations of falling oil and LNG prices over the next 1-2 years.

The broker cut forecasts for Brent oil, US gas, and spot LNG (JKM) over the next five quarters, and is now sitting below consensus. Spot LNG price forecasts cut by -US$2/MMBtu over the next three quarters, reflecting more comfortable near-term winter balances.

EPS forecast for Woodside Energy trimmed by -6.4% for FY25 and by a sharp -25% for FY26.

Neutral. Target cut to $24 from $25.

Target price is $24.00 Current Price is $22.85 Difference: $1.15
If WDS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $25.63, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Macquarie rates WGX as Outperform (1) -

The new three-year-outlook provided by management at Westgold Resources exceeded consensus forecasts, observes Macquarie.

The company issued FY26-28 production guidance of 365koz, 420koz and 470koz, beating consensus by 2%, 1% and 7%, respectively, highlights the broker. 

Costs (AISC) of $2,750/oz, $2,456/oz and $2,499/oz, were also -5%, -15% and -10%, respectively, lower-than-expected by consensus.

Production growth is led by Murchison, explains the analyst, rising from 197koz in FY25 to 306koz in FY28, while Southern Goldfields contributes steady gains from 129koz to 164koz over the same period.

Macquarie increases its target to $5.60 from $4.70, and retains an Outperform rating.

Target price is $5.60 Current Price is $4.96 Difference: $0.64
If WGX meets the Macquarie 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

Macquarie rates WHC as Neutral (3) -

Macquarie has updated its forecasts for commodities. In the short-term, the broker is overweight gold, with its 2026 price forecast rising by 22% to US$3,475/oz.

Copper and aluminium forecasts have lifted modestly for 2025-26 and remain below consensus for 2026. Nickel forecasts raised, but remain -2% below consensus, with the broker having an even-weight/neutral view.

Forecast spodumene prices cut by -3–14% for 2025-26, now -1–11% below consensus, so an underweight. The broker lifted iron ore price forecast in the short term (2025-26) and is underweight longer term.

Met coal price forecast little changed, and alumina/zinc/manganese price estimates are all below consensus, with the broker retaining an underweight view.

EPS forecast for Whitehaven Coal lifted sharply for FY26 and by 25% for FY27.

Neutral. Target rises to $7.25 from $6.25.

Target price is $7.25 Current Price is $6.46 Difference: $0.79
If WHC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.49, suggesting upside of 11.9% (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