Australian Broker Call

Bell Potter rates A1M as Buy (1) -

AIC Mines has extended its record of meeting production and cost guidance to a ninth consecutive quarter, with Bell Potter noting a strong September 2025 quarter at the Eloise copper mine in Queensland.

The broker highlights output of 3,324t copper and 1,618oz gold at costs (AISC) of -$4.97/lb, exceeding both the broker's forecasts and guidance, supported by higher mill throughput and recoveries.

Cash rose to $67.8m despite -$25.7m expansion spending at Jericho, while growth projects including the Jericho Access Drive and Eloise plant expansion remain on schedule.

Bell Potter lifts its FY26, FY27, and FY28 earnings forecasts by 33%, 37%, and 49%, respectively. The target price is raised to 67c from 60c. Buy rating kept.

Target price is $0.67 Current Price is $0.47 Difference: $0.205
If A1M meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.66, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates A1M as Speculative Buy (1) -

AIC Mines delivered a strong September quarter, assesses Ord Minnett, with production and sales exceeding the broker's forecasts by 3% and 5%, respectively, driven by higher throughput and lower capital spending.

Cash of around $13m was above the broker's expectations due to reduced investment and a working capital unwind.

Development at Jericho is advancing, highlight the analysts, with the link drive only 380m from the first ore and the first life-of-mine (LOM) ventilation shaft completed to improve productivity.

FY26 guidance remains 12.8-13.1kt copper at costs (AISC) of -$4.85-5.25/lb, though the broker sees upside potential for production.

Ord Minnett raises its target price to 56c from 55c and retains a Speculative Buy rating.

Target price is $0.56 Current Price is $0.47 Difference: $0.095
If A1M meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.66, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Adore Beauty’s store rollout is progressing well, notes Bell Potter based on its channel checks, with five new Adore banners and one iKOU banner opened in 1H26. This brings the total to 13 of the 15 stores targeted for 2025.

The broker expects 10 stores to contribute fully to the first quarter, with the remaining two to open ahead of the key Christmas trading period.

Web traffic rose 8% quarter-on-quarter, while the mobile app continues to drive strong customer engagement, supported by around 440,000 Adore Rewards members, the analysts note.

Bell Potter makes no forecast changes, maintaining FY26 revenue forecast at $225.4m and earnings (EBITDA) at $12.1m.

The broker keeps its $1.25 target and upgrades to Buy from Hold after -17% share price retreat since September 17.

Target price is $1.25 Current Price is $1.00 Difference: $0.245
If ABY meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

AMP's September quarter update shows strong momentum, assesses Citi. Net inflows into the North platform increased 60% year-on-year and were only slightly below the typically strong second quarter.

Adviser engagement is increasing and a potential reduction in competition from a major rival could further support growth, highlights the broker, although wealth and superannuation & investments flows turned negative.

Citi points to improved retention efforts and a growing likelihood of a FY25 capital return.

The broker raises its FY25, FY26, and FY27 earnings forecasts by 1%, 2%, and 2%, respectively. The target is raised to $2.10 from $2.00 and the rating is downgraded to Neutral from Buy after a strong recent share price performance.

Target price is $2.10 Current Price is $1.91 Difference: $0.19
If AMP meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

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 AMP as Neutral (3) -

AMP's 3Q2025 flows revealed a robust improvement in net cash flows onto Platform, up 62% y/y to $1,212m, offsetting the growing gross outflows of -$8.4bn compared to -$7bn a year earlier, Macquarie highlights.

Superannuation & investment experienced net cash outflows of around -$241m, with AUM coming in higher at $60.5bn from $58.5bn in the prior quarter. Loan book rose $273m, up 46% annualised.

The analyst notes no comments were made around the bank's strategic plans or AMP's MyNorth Lifetime product on the platform, which stands at $579m, up from $465m in the second quarter.

Macquarie lifts its EPS forecasts by 2.5% for 2025 and 6.4% for 2026.

No change to Neutral rating. Target is lifted 5% to $1.80 from $1.72.

Target price is $1.80 Current Price is $1.91 Difference: minus $0.11 (current price is over target).
If AMP 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 $1.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates AMP as Overweight (1) -

Morgan Stanley observes AMP showed continued improvement in flows in 3Q25, with platform net inflows remaining strong and similar to the seasonally strong 2Q25.

Platform inflows exceeded $1bn for a second straight quarter, with net inflows of $1.2bn ($629m post pensions), beating both the broker's and the consensus forecasts.

Platform AUM (assets under management) reached $86.9bn, 2% higher than the broker's forecast.

Super & Investments reverted to outflows and was slightly worse than expected, though AUM beat consensus by 2% on market gains. NZ Wealth AUM of $12.2bn was -2% below forecasts due to currency weakness.

The broker expects a modest upward revision to consensus EPS following the update.

Overweight. Target price $1.95. Industry View: In-Line.

Target price is $1.95 Current Price is $1.91 Difference: $0.04
If AMP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates AMP as Neutral (3) -

AMP’s 3Q25 Australian Wealth assets under management (AUM) was $147.4bn, broadly in line with UBS' forecast and 4% above consensus.

The 4.0% q/q growth was driven by market gains and $0.3bn net inflow, with Platforms up strongly but Super & Investments seeing net outflow. 

The broker notes the North platform flow grew 60% y/y to $1.3bn, lifting 12-month flow rates to 3% of FUM, though still well below peers HUB24 ((HUB) and Netwealth Group ((NWL)). Managed portfolios grew 33% y/y, increasing penetration to 28% of North AUM.

Loan book rose 1.2% q/q to $23.8bn, with the deposit-to-loan ratio steady at 87%. The broker believes the company is making good operational progress, which could support a return to capital management in FY26.

Neutral. Target rises to $1.95 from $1.85 on minor EPS revisions, and a higher Platform multiple.

Target price is $1.95 Current Price is $1.91 Difference: $0.04
If AMP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates ARB as Buy (1) -

The analysts at Citi departed ARB Corp's AGM incrementally more positive, believing the soft performance in the Australian Aftermarket division mainly reflects a shortage of fitters rather than weak demand.

Near-term improvement for this division is expected to be driven by the upcoming Ranger Super Duty launch and the recently released Raptor desert pack.

Management is lobbying for overseas worker visas and trialing new incentive systems to improve fitting throughput in Western Australia and New South Wales.

Citi also highlights a strong US performance as 4WP/ORW exceeded company expectations, aligning with recent market feedback.

While the broker's 1Q26 sales growth forecast sits slightly below consensus for 1H26, several factors point to a potential acceleration in growth through FY26.

Target $45.17. Buy.

Target price is $45.17 Current Price is $38.51 Difference: $6.66
If ARB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $43.36, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates ARB as Buy (1) -

Ord Minnett notes ARB Corp's 1Q update showed softer margins, with gross profit margins remaining near second-half FY25 exit levels, implying a -370bps year-on-year contraction and lower quarterly profit.

Sales rose by 3.8% year-on-year, with Australian Aftermarket up 1%, Export up 17.6%, and OEM down -33.4%.

The analysts explain export strength offset weaker domestic trends, though the exchange rate with Thailand (the company’s principal offshore manufacturing hub) continues to pressure margins.

Ord Minnett trims earnings forecasts slightly but remains constructive on long-term growth from new products, vehicles, and offshore expansion. The Buy rating and a $42.00 target price are retained.

Target price is $42.00 Current Price is $38.51 Difference: $3.49
If ARB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $43.36, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates ARB as Neutral (3) -

UBS notes ARB Corp's 1Q26 group sales growth of 3.8% y/y was weaker vs consensus for 6.6% growth in 1H26 but was mainly due to a tough comp in the Australian Aftermarket (AA) segment. This is set to improve from 2Q onwards.

AA sales grew 1% y/y in 1Q, OEM (original equipment manufacturer) fell -33.4% y/y, and exports rose 17.6% y/y. The broker highlights the outlook is positive with strong order books and new product launches.

Gross margins were flat vs 2H25, benefiting from US price rises, though FX headwinds (AUD weakness, THB strength) continue to weigh on margins. US business momentum remains solid with ORW/4WP profitable and ARB's product exposure expanding.

FY26 revenue forecast and 1H25 gross margin trimmed slightly, resulting in a -2% cut to FY26 EPS forecast and a -1% cut to FY27.

Neutral. Target unchanged at $39.60.

Target price is $39.60 Current Price is $38.51 Difference: $1.09
If ARB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $43.36, suggesting upside of 15.9% (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 ARX as Downgrade to Accumulate from Speculative Buy (2) -

Morgans points to a "solid" 2Q26 cash flow report for Aroa Biosurgery, which equates to a fourth consecutive quarter of positive operating cash flow. FY26 guidance was reiterated, a further positive, in the analyst's view.

The stock is downgraded to Accumulate from Speculative Buy with a lift in target to 80c from 77c. There are no changes to the analyst's earnings forecasts.

The biotech is due to report 1H26 results on November 25, with a randomised control trial for Symphony anticipated to conclude in November for peer review.

Target price is $0.80 Current Price is $0.70 Difference: $0.1
If ARX meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. 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

Shaw and Partners rates BMN as Buy (1) -

Shaw and Partners notes Bannerman Energy reported good progress in its September quarter update, with early construction at the Etango Uranium Project tracking on schedule and within budget.

The company signed its first uranium offtake agreements during the quarter, positioning itself to benefit from rising prices. The broker notes term uranium prices have lifted to US$83/lb, and expects it to exceed US$100/lb.

A Final Investment Decision (FID) for Etango is targeted for late 2025. The company finished the quarter with $112m cash and liquid assets of $13.1m.

Buy, High Risk. Target unchanged at $4.70.

Target price is $4.70 Current Price is $4.02 Difference: $0.68
If BMN meets the Shaw and Partners target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates CGF as Buy (1) -

Challenger's first quarter update was mixed, assesses Citi. Positives included lower-than-expected maturities supporting book growth and strong Japan and lifetime sales.

Elsewhere, weaker retail fixed-term sales and equity outflows reduced group funds under management (FUM), though the key focus remains APRA’s pending capital framework changes, points out the analyst.

Citi expects these changes could drive higher consensus earnings, dividends, return on equity (ROE), and sales projections once finalised.

The broker raises its target price to $10.25 from $9.90, maintaining a Buy rating.

Target price is $10.25 Current Price is $9.16 Difference: $1.09
If CGF meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.06, suggesting upside of 2.1% (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 CGF as Outperform (1) -

Challenger announced its 1Q26 flows with mixed results, according to Macquarie. Total life sales rose 4% on the prior year to $2.5bn, equalling net total life outflows of over -$680m.

Total annuity sales rose 21% on the previous year to $1.6bn, with the tenor set at 5.1 years. The analyst notes the positive annuities were offset by disappointing fund management flows.

Guidance for FY26 net profit after tax range of $455m-$495m was reiterated, and capital is above the midpoint of guidance.

Macquarie tweaks its EPS forecasts lower by -2.7% for FY26 and -4.5% for FY27, representing the updated flow results from annuities and funds management. The AGM is scheduled for October 30.

Outperform rating unchanged. Target price slips by -3% to $9.30.

Target price is $9.30 Current Price is $9.16 Difference: $0.14
If CGF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.06, suggesting upside of 2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates CGF as Buy (1) -

UBS notes Challenger's first quarter exhibited strong Life division momentum, with 3.2% net book growth coming in well above consensus. Rising lifetime and institutional annuity sales offset weaker retail demand, explain the analysts.

Funds management outflows remain a drag, though the addition of Fulcrum is seen as supporting an asset recovery.

The broker highlights stable capital at 1.58x prescribed capital amount (PCA), an APRA measure to determine the minimum level of capital an insurer must hold to protect policyholders against financial stress.

UBS sees potential upside from APRA’s forthcoming annuity capital framework, expected to allow capital releases from FY26.

The broker raises its target price to $10.10 from $9.60 and retains a Buy rating.

Target price is $10.10 Current Price is $9.16 Difference: $0.94
If CGF meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.06, suggesting upside of 2.1% (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 EVN as Buy (1) -

Bell Potter observes a softer September 2025 quarter by Evolution Mining. Group output of 173.7koz gold and 18.2kt copper slightly missed the broker's forecasts, and costs (AISC) of -$1,724/oz were above expectations but within guidance.

The analysts attribute the weaker result to maintenance at Cowal and Ernest Henry, along with weather disruptions, and commissioning work at Mungari. More positively, stronger cash flow lifted net cash by $190m, reducing gearing to 11%.

FY26 production guidance of 710-780koz gold and 70-80kt copper at costs (AISC) of -$1,720-$1,880/oz was unchanged.

Bell Potter expects higher shareholder returns in FY26, given balance sheet strength and unhedged exposure to a rising gold price.

The broker raises its target price to $12.35 from $10.55 and retains a Buy rating.

Target price is $12.35 Current Price is $11.45 Difference: $0.9
If EVN meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.54, suggesting downside of -18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Morgans rates EVN as Trim (4) -

Morgans views Evolution Mining's 1Q26 cash flow as solid, noting the company flagged over $500m upside to cash flow in FY26, should gold prices hold.

Group gold production of 173koz missed the analyst's forecast of 180koz and consensus at 178koz, and group copper production of 18kt was slightly below Morgans and consensus at 19kt.

Wet weather issues at Cowal resulted in the production miss, and Mungari was impacted by load shedding in Kalgoorlie. Both issues are considered "immaterial," with no change in the positive stance held on the miner.

All-in-sustaining cost of $1,724/oz was slightly below both the analyst and consensus estimates, with 1Q26 net mine free cash flow up 23% on the prior quarter to $366m.

Morgans forecasts FY26 gold production at the lower end of the guidance range of 710koz-780koz post the weaker production update, with costs expected at the lower end due to the removal of Mt Rawdon.

No change to the Trim rating, with a $10 target price, down from $10.20.

Target price is $10.00 Current Price is $11.45 Difference: minus $1.45 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.54, suggesting downside of -18.3% (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

Bell Potter rates FEX as Buy (1) -

Fenix Resources delivered record September quarter results. Bell Potter highlights group iron ore production of 1,018kwmt and sales of 885kwmt, up 17% quarter-on-quarter, as operations ramped-up at the Beebyn-W11 mine.

A realised price of US$97/dmt ($148/dmt) and costs (C1) of -$76/wmt were recorded, with a higher lump-to-fines ratio supporting strong margins, explain the analysts.

Cash ended the quarter at $58m, and FY26 guidance was maintained for 4.0-4.4mt of sales at costs (C1) of -$70-80/wmt.

Bell Potter observes rapid progress at the 290mt Weld Range Project, which could lift production to over 10mtpa from late 2026.

The broker retains a Buy rating and a 65c target price.

Target price is $0.65 Current Price is $0.52 Difference: $0.13
If FEX meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Bell Potter initiates coverage on developer, builder, operator, and owner of over-55s lifestyle communities, Gemlife Communities,  with a Buy rating and a $5.55 target price.

The broker highlights a strong position in Queensland and a greenfield development focus. The analysts have a three-year earnings growth forecast of 15%, underpinned by settlement expansion to 451 by 2027 and sector-leading gross build margins of around 50%.

Gemlife's vertically integrated construction model is seen as a key advantage, allowing flexible delivery and strong cost control.

Management alignment remains high, highlights Bell Potter, with significant insider ownership supporting long-term value creation.

Target price is $5.55 Current Price is $4.82 Difference: $0.73
If GLF meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 12.6% (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

Ord Minnett rates GMD as Accumulate (2) -

Genesis Minerals' September quarterly report pleased Ord Minnett given production exceeded expectation by around 4%, driving free cash flow (FCF) $13m above the broker's estimate despite higher exploration spend.

FY26 guidance is unchanged at 260-290koz gold at costs (AISC) of -$2,500-2,700/oz, supported by stronger grades at Laverton and solid cash generation of $107m, highlight the analysts.

Management has doubled its FY26 exploration budget to -$40-50m and is evaluating mill expansions at Leonora and Laverton following the latter purchase from Focus Minerals ((FML)).

Ord Minnett lifts FY27 production assumptions and lowers cash tax forecasts, resulting in a target of $7.30, up from $6.25. The Accumulate rating is unchanged.

Target price is $7.30 Current Price is $7.02 Difference: $0.28
If GMD meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates GMD as Buy (1) -

Genesis Minerals delivered a strong 1Q26 production of 73koz (62koz ex-ore purchases), beating the consensus of 66koz and UBS's forecast of 69koz.

Cost (AISC) of $2,529/oz ($2,890/oz incl. ore purchases) was slightly better than expectations. The broker notes the company is on track to meet the upper end of 260-290koz FY26 guidance, with annualised production of around 292koz.

The company is also well-positioned on the costs side and could hit the low end of the $2,500-2,700/oz guidance, in the broker's view. The broker is forecasting $2,550/oz.

Tower Hill development and plant expansion studies are progressing, targeting 450kozpa long-term production with $450m capex by FY30

Buy. Target rises to $8.05 from $8.00.

Target price is $8.05 Current Price is $7.02 Difference: $1.03
If GMD meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates GMG as Buy (1) -

Citi sees positive read-throughs for both Goodman Group and NextDC from Infratil's latest update on Canberra Data Centres (CDC).

Infratil announced a 40MW data centre contract for its 49.75%-owned CDC with Firmus Technologies in Melbourne, with delivery expected from April 2026, which Citi views as a key milestone.

The broker notes this marks the first stage of a new partnership between CDC, Firmus, and Nvidia, with Firmus targeting more than $73bn of data centre development by 2028, highlighting further upside potential.

Citi observes the agreement secures CDC’s goal of doubling earnings (EBITDA) between FY25 and FY27.

Citi has a Buy for Goodman Group. Target unchanged at $40.

Target price is $40.00 Current Price is $34.50 Difference: $5.5
If GMG meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $37.82, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates HUB as Neutral (3) -

Citi reports Macquarie Group ((MQG)) has informed several fund managers it will close new flows and applications to managers with less than $500bn in its super fund, though this has not been verified.

If accurate, the broker notes the threshold is well above earlier reports.

The analysts note Hub24 and Netwealth Group's shares rose 10.5% and 8.5%, respectively, yesterday on expectations advisers may shift clients to other platforms, given Macquarie’s 14% market share and restricted investment menu.

Citi suggests this market reaction appears reasonable if this policy leads to adviser churn.

Target for Hub24 is $109. Neutral.

Target price is $109.00 Current Price is $112.64 Difference: minus $3.64 (current price is over target).
If HUB meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.59, suggesting downside of -1.0% (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 IFT as Buy (1) -

Infratil has announced a 40MW data centre contract for its 49.75%-owned Canberra Data Centres (CDC) with Firmus Technologies in Melbourne, with delivery expected from April 2026, which Citi views as a key milestone.

The broker notes this marks the first stage of a new partnership between CDC, Firmus, and Nvidia, with Firmus targeting more than $73bn of data centre development by 2028, highlighting further upside potential.

Citi observes the agreement secures CDC’s goal of doubling earnings (EBITDA) between FY25 and FY27 and expects upside to net asset value (NAV) and a narrowing price-to-NAV discount.

Citi retains a Buy rating with a NZ$14.10 target price.

Current Price is $11.11. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Imdex's first quarter performance impressed Bell Potter, with revenue rising 10% year-on-year to $123.2m and a favourable shift in mix as sensors, services, and software rose to 68% of total sales.

The broker maintains a $3.90 target but downgrades to Hold from Buy on valuation.

The analysts highlight a 17% quarter-on-quarter lift in IMDEX Mining Technology revenue, driven by strong product uptake across the Asia-Pacific region, particularly Western Australia.

Bell Potter interprets management’s outlook as the most optimistic in recent updates, with multiple industry indicators now “green” and tools on hire increasing since the fourth quarter.

Activity is improving in the Americas, note the analysts, with the US benefiting from the FAST-41 program and record copper-driven demand in South America.

Bell Potter makes no material changes to its forecasts.

Target price is $3.90 Current Price is $3.65 Difference: $0.25
If IMD meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Imdex's 1Q performance impressed Citi, with the broker highlighting 10% year-on-year revenue growth and a more positive industry tone suggesting exploration activity may be turning higher.

The broker expects margin improvement will continue through FY26, supported by a favourable business mix and rising activity across most regions.

Citi observes improving sentiment, underpinned by higher junior raisings, supportive commodity prices, and ongoing industry consolidation, indicating a potential upcycle.

The broker's earnings margin forecast is raised to 30.5% for 1H26 from 28.5% in 2H25. Citi raises its target price to $4.20 from $3.70 and upgrades to Buy from Neutral.

Target price is $4.20 Current Price is $3.65 Difference: $0.55
If IMD meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates JHX as Outperform (1) -

Ahead of James Hardie Industries' AGM on October 29, Macquarie upgrades its EPS forecasts by 18% for FY26 and 9% for FY27 on the updated preliminary 2Q26 release, with a follow-up lift in target price to $40.60 from $37.20.

Management's inferred tax rate and interest cost declines generated most of the FY27 EPS upgrade.

Several directors are up for re-election and election, and many outcomes could arise, the analyst postures, while last week's preliminary results release is viewed as an important "cleansing event" for the company.

Channel inventory seems to have been cleared and sell-through has improved, although post a recent trip some inventory still needs to be sold as year-end approaches. The outlook for 2026 dealer and builder inventories looks better, Macquarie points out.

No change to Outperform rating, with the 2Q26 results due out on November 19.

Target price is $40.60 Current Price is $34.66 Difference: $5.94
If JHX meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $36.77, suggesting upside of 10.3% (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

Shaw and Partners rates MMI as Buy (1) -

Metro Mining Limited posted a strong September quarter operational performance, Shaw and Partners highlights, setting multiple production and shipping records.

As expected by the broker, 2,246kt of bauxite was shipped, a new quarterly record, supporting confidence in its 7.5Mt FY26 shipping forecast.

Achieved price was $48.6/wmt, -$10 lower than forecast, due to deliveries into legacy low-priced contracts with Xinfa Group (35% of shipments). Operating cash flow of $21m was impacted by shipment timing and a temporary $27.2m receivable build.

FY25 production guidance was lowered to 6.2-6.6Mt from 6.5-7.0Mt, but this was expected. The broker had downgraded its forecast to 6.3Mt in anticipation, but now sees some possibility of the lower end of previous guidance being achieved.

FY25 EBITDA forecast downgraded -27% on lower achieved bauxite price, but FY26 maintained.

Buy, High Risk. Target unchanged at 17c.

Target price is $0.17 Current Price is $0.07 Difference: $0.097
If MMI meets the Shaw and Partners target it will return approximately 133% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MQG as Accumulate (2) -

Macquarie Group will receive an estimated US$2bn performance fee, estimates Ord Minnett, after funds it manages sold Aligned Data Centers to a BlackRock-led consortium for US$20bn equity value.

The analyst notes the deal gives Aligned Data Centers an enterprise value of about US$40bn, making it one of the largest data centre sales globally.

Completion is expected in the first half of 2026, with most fees recognised between FY27-29 as Macquarie Asset Management (MAM) funds mature.

The broker slightly lifts its FY26-FY28 earnings forecasts, offsetting weaker trading expectations. The target price is raised to $255 from $245. Accumulate rating retained.

Target price is $255.00 Current Price is $229.00 Difference: $26
If MQG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $225.77, suggesting downside of -0.4% (ex-dividends)

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments' September quarter update exceeded Ord Minnett's expectations. Around 7% growth in assets under management (AUM) at Lighthouse Partners, is noted, including 60% from net inflows, the first in more than two years.

The broker highlights additional 2% AUM growth in Navigator Global Investments Strategic, led by strong private markets performance from Marble, Invictus, and Longreach.

Wholly-owned subsidiary Lighthouse Investment Partners' hedge funds also performed well, according to the broker, supported by new fund launches and solid returns at North Rock and Mission Crest.

Ord Minnett raises FY26 profit forecasts by 4%, reflecting improved flows and performance. The broker lifts its target price to $2.80 from $2.75 and retains a Buy rating.

Target price is $2.80 Current Price is $2.16 Difference: $0.64
If NGI meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates NWL as Buy (1) -

Citi reports Macquarie Group ((MQG)) has informed several fund managers it will close new flows and applications to managers with less than $500bn in its super fund, though this has not been verified.

If accurate, the broker notes the threshold is well above earlier reports.

The analysts note Hub24 and Netwealth Group's shares rose 10.5% and 8.5%, respectively, yesterday on expectations advisers may shift clients to other platforms, given Macquarie’s 14% market share and restricted investment menu.

Citi suggests this market reaction appears reasonable if this policy leads to adviser churn.

Target for Netwealth Group is $35. Buy.

Target price is $35.00 Current Price is $32.90 Difference: $2.1
If NWL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $32.50, suggesting upside of 0.9% (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 NXT as Buy (1) -

Citi sees positive read-throughs for both NextDC and Goodman Group from Infratil's latest update on Canberra Data Centres (CDC).

Infratil announced a 40MW data centre contract for its 49.75%-owned CDC with Firmus Technologies in Melbourne, with delivery expected from April 2026, which Citi views as a key milestone.

The broker notes this marks the first stage of a new partnership between CDC, Firmus, and Nvidia, with Firmus targeting more than $73bn of data centre development by 2028, highlighting further upside potential.

Citi observes the agreement secures CDC’s goal of doubling earnings (EBITDA) between FY25 and FY27.

NextDC is Buy rated with an $18.35 target.

Target price is $18.35 Current Price is $16.29 Difference: $2.06
If NXT meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $19.87, suggesting upside of 23.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates QPM as Speculative Buy (1) -

Management at QPM Energy has instructed energy technology company GE Vernova to proceed with delivery of the two gas turbines for the Isaac Power Station. This development marks a key milestone in the project’s progress, according to Ord Minnett.

The $114m funding package is advancing, highlights the broker, with the first drawdown under the Master Loan Agreement (MLA) completed and Northern Australia Infrastructure Facility (NAIF) due diligence ongoing.

Macquarie Group's ((MQG)) execution of the MLA prior to detailed engineering and final investment decision (FID) represents a strong endorsement, suggests Ord Minnett. It materially de-risks project financing though some uncertainties and downside risks remain.

Speculative Buy maintained for QPM Energy. Target unchanged at 13c.

Target price is $0.13 Current Price is $0.04 Difference: $0.087
If QPM meets the Ord Minnett target it will return approximately 202% (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 SGP as Buy (1) -

The highlight of Stockland's 1Q26 update, in Citi's view, was the strong q/q growth in residential sales (2,117 vs 1,848), marking the strongest quarter since 2Q21.

This is despite 1Q being a seasonally weak period, leading the broker to see further upside in 2Q26, with the government's First Home Guarantee Scheme a supporting factor.

Land lease sales were also strong, the best in over 3 years. Overall, the broker believes the company is on track to meet volume guidance, with potential upside.

Importantly, the broker sees the update as a positive read-through for residential peers Mirvac Group ((MGR)), Ingenia Communities Group ((INC)) and Lifestyle Communities ((LIC)).

Buy. Target unchanged at $6.90.

Target price is $6.90 Current Price is $6.43 Difference: $0.47
If SGP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates SGP as Neutral (3) -

UBS highlights Stockland experienced improving residential momentum in 1Q26, with net sales of 2,117, up 89% y/y and 15%q/q. Enquiry momentum was also strong, up 121% y/y on interest rate cuts and first-home buyer (FHB) demand.

While enquiry conversion dipped sequentially to 5% from 7%, the broker expects a recovery on support from the expanded FHB deposit scheme. Victoria sales softened (-6%), but the positive was reduced incentives.

The broker notes the company has 5,276 contracts on hand and settlement guidance of 7.5-8.5k for FY26 is achievable given sales momentum and contract pipeline, though Victoria's performance is key.

The broker highlights solid execution and sector tailwinds support fundamentals, but valuations look stretched.

Neutral. Target unchanged at $6.10.

Target price is $6.10 Current Price is $6.43 Difference: minus $0.33 (current price is over target).
If SGP meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.28, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Shaw and Partners rates SMI as Buy (1) -

Santana Minerals signed a binding agreement to acquire 797ha of Bendigo Station land for NZ$50m ($44m), covering key areas of the Bendigo-Ophir Gold Project (BOGP).

The acquisition is in line with its strategy to own all land directly impacted by mining operations, which it has accomplished.

Shaw and Partners notes the deal removes a 1.25% NSR (net smelter return) royalty on the first 1Moz produced and simplifies project development.  The transaction is subject to Overseas Investment Office approval and the fast-tracked project consents.

The broker highlights the company is well-funded to complete the purchase, with $99m cash post $60m capital raise.

Buy, High Risk. Target unchanged at $1.63.

The company is one of the broker's top 10 small-cap picks for 2025.

Target price is $1.63 Current Price is $0.94 Difference: $0.69
If SMI meets the Shaw and Partners target it will return approximately 73% (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 STO as Buy (1) -

Following Santos' 3Q25 report, Citi believes the company continues to deliver on growth, with Barossa commissioning back on track and LNG sales expected within weeks.

Pikka project remains on schedule, with strong drilling results improving capital efficiency. The broker considers gearing to be elevated and peaking at 27% by end-FY25, before declining as cash flow grows and capex falls.

Dividend outlook remains solid, in the broker's view, with its estimate for a final dividend of US11c. The broker also believes portfolio optimisation could boost balance sheet flexibility and fund further growth.

Buy. Target unchanged at $7.50.

Target price is $7.50 Current Price is $6.38 Difference: $1.12
If STO meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 24.0% (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 STO as Outperform (1) -

Post Santos' 3Q2025 production update, Macquarie continues to rate the stock Outperform, highlighting investors should be able to achieve a "de-risking" return as Barossa and Pikka projects come on stream.

The energy company lowered its 2025 production guidance to 23.6mmboe-25.6mmboe, with the analyst now forecasting production for the fourth quarter at 23.8mmboe on a lower Barossa contribution.

Free cash flow of US$0.3bn was as anticipated, with gearing expected above the 28.2% level including lease liabilities. The debt ratio needs to fall to around the 15%-25% target range before increased capital management kicks in via share buybacks etc.

Macquarie lowers its EPS forecast by -1% for 2025 on softer production and -2% for 2026 on higher costs and tax rate.

Target price is tweaked down by -1.2% to $8.15.

Target price is $8.15 Current Price is $6.38 Difference: $1.77
If STO meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 24.0% (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

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

Morgan Stanley describes Santos' 3Q25 report as a modest shortfall, with production of 21.3 MMboe down -4% q/q and -3% vs its forecast. Production was impacted by outages in WA and Cooper basin flooding.

Revenue of US$1.13bn was down -12% q/q, and -11% vs the broker's estimate on weaker oil/LNG pricing.

The company trimmed FY25 production guidance to 89–91 MMboe (from 90–95) and sales guidance to 93-95 MMboe vs 92-99MMboe.

The broker expects a modest downward revision in consensus 12-month EPS following the report.

Equal-weight. Target price $7. Industry View: In-Line.

Target price is $7.00 Current Price is $6.38 Difference: $0.62
If STO meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 24.0% (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

Morgans rates STO as Upgrade to Accumulate from Trim (2) -

Santos announced 3Q2025 production at 21.3mmboe, around -4% down on the prior quarter and below consensus by -3% and Morgans forecast.

Sales of US$1,129m fell -12% on the prior quarter and missed consensus/Morgans by -5% and -7%, respectively.

The miss was attributed to maintenance in WA and Cooper flood recovery. On a positive note, Barossa delivered first gas and the initial LNG cargo is still targeted for 4Q2025.

Production guidance for 2025 also declined to 89-91mmboe from around 92mmboe, with higher second half capex in WA due to maintenance.

Morgans highlights sentiment has been hit by the failure of the Adnoc deal, and the share price is viewed as oversold. The stock is upgraded to Accumulate from Trim with a lower target of $6.80 from $7.20.

Target price is $6.80 Current Price is $6.38 Difference: $0.42
If STO meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 24.0% (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

UBS rates STO as Buy (1) -

Santos reported slightly weaker 3Q25 production and sales revenue, impacted by Cooper Basin flooding (150 wells offline), slower GLNG ramp-up, and a modest delay in Barossa, UBS notes.

As a result, the company trimmed FY25 production and sales volume guidance, with production now flagged at 89-91Mmboe. The midpoint of 90Mmboe is in line with the broker's forecast but below the consensus of 91Mmboe.

The broker observes Barossa commissioning is progressing well, with first gas introduced and first production expected within 2–3 weeks, a key de-risking milestone.

Gearing rose to 24% due to the Barossa FPSO lease, but rapid deleveraging is expected as Barossa and Pikka Stage 1 ramp up.

The broker highlights strong free cash flow growth, asset optionality, and potential higher payout ratios from mid-2026 are all supportive the investment case. However, management succession planning is emerging as a focus.

FY25 EPS forecast trimmed by -5% on Cooper Basin and GLNG adjustments, and a slower Barossa ramp-up, with FY26-27 also cut by -2-3%.

Buy. Target falls to $8.10 from $8.20.

Target price is $8.10 Current Price is $6.38 Difference: $1.72
If STO meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 24.0% (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

Morgan Stanley rates WBC as Underweight (5) -

Ahead of FY25 results, Westpac announced a -$273m pre-tax restructuring charge related to the Fit for Growth program, which came as no surprise to Morgan Stanley. 

The broker expects the expense to reduce FY25 earnings by -2.5% and CET1 capital by -4bps. 

Most productivity benefits will be realised in FY26–FY27, with a modest impact in FY25. The broker notes the estimated cost savings of $250m over the next two years is captured in its total cost savings estimate of $550–600m per year in FY26-27.

The broker highlights the longer-term savings align with the bank's simplification and productivity goals.

Underweight. Target unchanged at $31.60. Industry View: In-Line.

Target price is $31.60 Current Price is $39.05 Difference: minus $7.45 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.09, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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