Australian Broker Call

Bell Potter rates A1M as Buy (1) -

AIC Mines' 3Q25 copper production and cost missed Bell Potter's forecast, but the broker says the highlight was the effective upgrade in the FY25 production guidance and cost trend.

Wet weather impacted shipments in the March quarter, resulting in lower than expected cash flow and end-quarter cash balance. The company expects 4Q production to come in at 3,000-3,300t, which points to a likelihood of the FY25 target of 12,500t being exceeded.

Cost-to-date of $5.17/lb is sitting below the company's FY25 guidance of $5.38/lb at midpoint, suggesting the full-year outcome will likely come in below.

The broker revised production and cost forecasts, resulting in a -0.8% cut to the FY25 estimate and a 1% lift to FY26. Buy. Target rises to 67c from 66c.

Target price is $0.67 Current Price is $0.35 Difference: $0.32
If A1M meets the Bell Potter target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 127.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates A1M as Buy (1) -

Shaw and Partners notes AIC Mines AIC reported March quarter production at Eloise at the low end of the guidance range, but year-to-date output positions the company to exceed its FY25 target of 12,500t copper at all-in-sustaining-costs of $5.25/lb, the analyst explains.

Shaw notes only 2,839t needs to be produced in the June quarter to meet this target, post Eloise producing 3.004t of copper at AISC at $5.49/lb in 3Q25.

The broker maintains its bullish copper outlook and views AIC Mines as its preferred producing copper exposure.

Price target is raised to $1.10 from $1.00, and the Buy rating is retained. No change to earnings forecasts.

Target price is $1.10 Current Price is $0.35 Difference: $0.75
If A1M meets the Shaw and Partners target it will return approximately 214% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 127.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates ACF as Buy (1) -

Acrow has announced the acquisition of Brand Australia and Above Scaffolding, two industrial access businesses adding around $40m in revenue and $7m in EBITDA (pre-synergies), explains Ord Minnett.

This strategic move boosts exposure to the NSW market and offsets the downgrade in FY25 guidance, believes the broker.

FY25 earnings (EBITDA) guidance is now $80-83m, down from $82-88m due to delayed contract commencements in the construction industry, explains the analyst.

Management remains positive on FY26 prospects as contract delays are expected to unwind, especially in Queensland ahead of the 2032 Brisbane Olympics. 

Ord Minnett maintains a Buy rating and $1.33 target price.

Target price is $1.33 Current Price is $1.04 Difference: $0.29
If ACF meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates ACF as Buy (1) -

Shaw and Partners highlights Acrow has made two acquisitions to expand its Industrial Access division, Brand Australia and Above Scaffolding.

The analyst estimates these will be circa 7% EPS accretive and boost FY26 revenue by around $40m and earnings (EBITDA) by at least $7m.

Management's FY25 guidance was updated to reflect delays in contract commencements, with revised forecasts largely in line with previous expectations.

The broker tweaks EPS forecasts for FY25/FY26/FY27 by -5.4%, 5.6% and 6.1%. 

Buy, High Risk rating retained with $1.30 target.

Target price is $1.30 Current Price is $1.04 Difference: $0.26
If ACF meets the Shaw and Partners target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates ALL as Outperform (1) -

Macquarie is confident in the resilience of US gaming revenues despite the softening consumer environment, anticipating modest growth for regional casino gaming revenues in 2025.

The Outperform rating and $75 target are maintained for Aristocrat Leisure.

Target price is $75.00 Current Price is $66.84 Difference: $8.16
If ALL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $76.93, suggesting upside of 15.1% (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

UBS rates ASX as Sell (5) -

UBS notes the ASX will increase CHESS resourcing following regulatory downgrades of its post-trade entities ASX Clear and ASX Settlement after December 2024 settlement issues.

The broker views this as a response to insufficient incident management capabilities and expects elevated costs through FY26 due to added staffing, 24/7 support, and system monitoring.

UBS sees limited near-term earnings upside, citing ongoing execution and regulatory risks, and notes ASX trades at a premium valuation versus global peers despite a weaker growth outlook.

UBS retains a Sell rating and $62.50 target price.

Target price is $62.50 Current Price is $70.43 Difference: minus $7.93 (current price is over target).
If ASX meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.34, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates AVL as Buy (1) -

Australian Vanadium announced 3Q25 progress report across its integrated vanadium battery storage strategy.

Shaw and Partners highlights two new expressions of interest received for 1.2GWh of storage since quarter-end, as the company expands commercialisation of its vanadium electrolyte production and VSUN Energy's flow battery deployments.

Project development at the Australian Vanadium Project is advancing, with strong demand expected from energy storage and steel sectors, the broker details

Shaw retains a Buy, High Risk rating and $0.06 price target, underpinned by a 10-hour, 50MW (500MWh) battery system deployment assumption. No changes were made to forecasts. Australian Vanadium remains one of Shaw’s key picks for 2025.

Target price is $0.06 Current Price is $0.01 Difference: $0.05
If AVL meets the Shaw and Partners target it will return approximately 500% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 AW1 as Buy (1) -

American West Metals released its March quarter FY25 report, highlighting the preliminary economic analysis (PEA) for the Storm Copper Project.

Shaw and Partners observes the study outlines a 10-year mine life producing 487kt of 17.1% copper concentrate, with a C1 cost of US$2.63/lb and -US$47.4m development capex, resulting in an NPV10 of $270m, almost nine times the current market cap of circa $30m.

A partnership with Ocean Partners includes a US$2m placement, potential US$40m project financing, and an offtake agreement covering 100% of copper and silver products.

The analyst notes exploration upside across multiple zones at Storm, including the Gap, Squall, Hailstorm, and broader belt potential. The project remains open in multiple directions.

A High risk, Buy rating and $0.20 target are retained.

Target price is $0.20 Current Price is $0.05 Difference: $0.147
If AW1 meets the Shaw and Partners target it will return approximately 277% (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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals announced its 3Q25 report with key changes to its joint ventures.

Shaw and Partners notes post Newmont Coporation’s ((NEM)) exit from the Paterson Province, Antipa regained 100% ownership of the Wilki Project along with a $0.6m cash payment.

IGO Ltd ((IGO)) also withdrew from the Paterson JV after investing around $15m, leaving Antipa full control of several greenfield copper and gold prospects.

Shaw highlights exploration upside across Wilki, Minyari, and GEO-01, with internal mineral resource estimates lifted by 50% to 4.4Moz AuEq. Minyari is positioned just 35km from the underutilised 22Mtpa Telfer mill, enabling a potential low-capex trucking option over standalone development.

Antipa completed a 10:1 share consolidation and ended the quarter with $40m cash and no debt.

The Buy rating and $0.66 price target are maintained.

Target price is $0.66 Current Price is $0.54 Difference: $0.125
If AZY meets the Shaw and Partners target it will return approximately 23% (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

Shaw and Partners rates B4P as Buy (1) -

Beforepay Group  delivered March quarter FY25 revenue ahead of expectations, with 14% year-on-year active user growth and 16% income growth, Shaw and Partners observes.

Marketing investment drove top-line gains, although operating expenditure also rose due to Carrington Labs and the Personal Loans rollout, the broker explains.

Earnings  (EBITDA) rose 64% on the previous quarter to $2.7m, with net credit losses and platform costs declining. 

Shaw retains a Buy, High risk rating and $2.15 target.

Target price is $2.15 Current Price is $1.39 Difference: $0.76
If B4P meets the Shaw and Partners target it will return approximately 55% (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 BBN as Buy (1) -

On first inspection, Baby Bunting has raised the lower end of its FY25 pro-forma net profit after guidance to $10m from $9.5m, with the upper end held at $12.5m, Citi explains.

Like-for-like sales in 2H25 to date have improved to growth of 3.7%, accelerating from 2.8% in the first seven weeks, implying stronger recent trading, the analyst, observes with gross margin year-to-date at 40%, a modest lift from 1H25’s 39.8%, and slightly ahead of consensus expectations.

Management's FY25 like-for-like sales guidance has been refined to growth of 2–3%, narrowing from the prior 0–3% range.

Citi highlights additional costs flagged by the company, including increased brand investment in NZ and higher provisions for short-term incentives. The company also narrowed capex guidance to -$11–12m.

Target price is $2.42 Current Price is $1.57 Difference: $0.855
If BBN meets the Citi target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates BML as Buy (1) -

Boab Metals announced it has completed the acquisition of the Degrussa Processing Plant from Sandfire for -$10m, which Shaw and Partners believes will significantly reduce Sorby Hills’ development capex by approximately -$30–50m.

A final investment decision is targeted for 2H 2025. and the analyst sees the Degrussa asset as a great fit for Sorby Hills and notes this acquisition de-risks project execution and improves economics.

The Buy/High risk rating and $0.40 target price are retained. No changes were made to forecasts in this update.

Target price is $0.40 Current Price is $0.13 Difference: $0.27
If BML meets the Shaw and Partners target it will return approximately 208% (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

Shaw and Partners rates BOE as Buy (1) -

Shaw and Partners notes Boss Energy released its March quarter update, with the analyst highlighting strong cost performance at the Honeymoon Uranium Project. Costs were below guidance, and the ramp-up remains on track.

The company reiterated its FY25 production guidance of 850,000 pounds of uranium. Financially, Boss is in a strong position, ending the quarter with $229m in cash and liquid assets, no debt, and positive free cash flow generation.

Shaw retains a Buy rating and $3.26 price target. No changes were made to earnings forecasts.

Target price is $3.26 Current Price is $3.17 Difference: $0.09
If BOE meets the Shaw and Partners target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BPT as Sell (5) -

Citi states Beach Energy delivered a 3QFY25 revenue and sales beat, driven by stronger realised pricing and an additional swapped cargo at Waitsia.

The result was overshadowed by weather-related production disruptions and the broker’s concern that consensus may be underestimating FY26–27 capital expenditure and restoration costs.

Citi notes increased risk from offshore rig execution in Otway/Bass, Waitsia commissioning delays, and flooding at Cooper.

The analyst has cut dividend expectations for 2H25 and FY26 and believes the market is underappreciating these risks. Sell rating is retained with a $1.15 target price

Target price is $1.15 Current Price is $1.18 Difference: minus $0.025 (current price is over target).
If BPT meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Shaw and Partners rates BTR as Buy (1) -

Shaw and Partners notes Brightstar Resources annnounced 3Q25 ore sales of 74.9kt at 2.3g/t Au for 5,529oz under the Genesis Minerals offtake, generating $12.1m in receipts received post quarter-end.

Operating cash flow was $4.7m, and net mine cash flow was $2.1m. The Fish Mine is scheduled to commence ore production in the June quarter, set to double the company's 20kozpa run rate, the analyst details.

Development continues on the Sandstone pre-feasibility study (PFS), targeting 120–140kozpa with a definitive study and mill construction expected from 2H 2027.

Combined with Menzies and Laverton,  Brightstar Resources  aims to be a 200kozpa producer by 2029. A 25-for-1 share consolidation lifted the price target to $1.14 from $0.05. Shaw retains a Buy/High risk rating; no changes were made to financial forecasts

Target price is $1.14 Current Price is $0.02 Difference: $1.118
If BTR meets the Shaw and Partners target it will return approximately 5082% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates CIA as Buy (1) -

Champion Iron missed Bell Potter's forecast for 4Q25 production mainly due to planned maintenance programs and wet weather impact.

Sales was also lower than the broker's estimate, but it was still a record as the company drew down its elevated inventory.

Cash cost was higher, but cash position still improved, leading to a strong liquidity position of CA$606m.

The broker expects a shift to higher grades to improve realised prices in 2026. Minor revisions to forecasts ahead of the FY25 result on May 29.

Buy. Target unchanged at $6.20.

Target price is $6.20 Current Price is $4.57 Difference: $1.63
If CIA meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Citi rates CIA as Buy (1) -

Champion Iron's March quarter production at Bloom Lake was slightly below Citi's expectations at 3.17mt by -4%, impacted by seasonal weather, while shipments surprised the analyst to the upside at 3.50mt, 8% better than anticipated, helped by new rail capacity.

Cash costs rose modestly to CA$80/t due to a higher strip ratio. Recovery remains below 80%, with ore hardness still a near-term challenge.

Citi lowers FY25  EPS forecasts by -2.4%, due to -1% cut to the realised iron ore price and FY26 by -13% due to a reduced premium assumption to the P65 benchmark.

The target price slips to $7.30 from $7.50. Citi retains a Buy rating, 

Target price is $7.30 Current Price is $4.57 Difference: $2.73
If CIA meets the Citi target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates CIA as Outperform (1) -

Macquarie highlights a -7% 3Q production miss for Champion Iron due to lower milling volumes and ore hardness, although shipments exceeded expectations by 4% thanks to an improved rail performance.

The drawdown of -0.3mt from site inventory to 2.6mt suggests to the analyst logistics bottlenecks are easing.

While realised pricing was slightly weaker, cash costs of CA$80/dmt were largely in line with the broker's forecast, and cash ended the quarter at CA$118m, beating consensus by CA$11m.

Macquarie retains a $6.10 target and Outperform rating, citing key catalysts including further stockpile drawdowns and commissioning of the DRPF plant in 2H 2025, which targets higher quality iron ore markets.

Target price is $6.10 Current Price is $4.57 Difference: $1.53
If CIA meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Citi rates CKF as Buy (1) -

Citi observes the 1Q25 results from Yum Brands to March end, which showed a slowdown in KFC Australia system sales to 1% growth from 11% in the December quarter. The analyst also points to the inclusion of NZ in its Australian disclosures, while Restaurant Brands noted its NZ operations were outperforming Australia.

The broker accepts there might be more slowing risks in the sales momentum for Collins Foods' KFC Australia sales, with consensus forecasts at 2H25 KFC Australia same-store sales growth of 1.4%.

Citi rates the stock a Buy with a $9.60 target price.

Target price is $9.60 Current Price is $8.24 Difference: $1.36
If CKF meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting upside of 19.3% (ex-dividends)

The company's fiscal year ends in April.

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

Bell Potter rates CMM as Hold (3) -

Capricorn Metals' 3Q25 cost of $1,390/oz came in better than Bell Potter's forecast of $1,519/oz. Production was pre-reported and in line with the broker's forecast.

The company is on track to meet FY25 guidance of 110-120koz at a cost of $1,370-1,470/oz, the broker notes. Incorporating the 3Q result into the forecast resulted in a 2% lift to FY25 EPS and a 1% increase to FY26.

Hold. Target rises to $9.03 from $8.77 on model roll-forward and updated capital structure and net cash outlook.

Target price is $9.03 Current Price is $9.25 Difference: minus $0.22 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.94, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates CMM as Neutral (3) -

Capricorn Metals produced 30.6koz of gold in the March quarter, as previously disclosed, while sales were slightly softer at 28.3koz, observes Macquarie.

All-in sustaining costs (AISC) of $1,390/oz beat the broker's estimate and support confidence in achieving FY25 guidance of 110-120koz at cost of between $1,370–1,470/oz.

Year-to-date production reached 84.9koz (74% of mid-point of guidance), with costs expected to track inside guidance due to a strong fourth quarter, explains the analyst.

All hedges were closed out in the period, and the company is now fully exposed to spot gold pricing, highlights the broker.

Macquarie maintains a Neutral rating with a 12-month target price of $8.40, up 2%. 

Target price is $8.40 Current Price is $9.25 Difference: minus $0.85 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.94, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates COL as Hold (3) -

Coles Group's 3Q25 supermarket revenue of 3.7% y/y to $9.401bn matched Bell Potter's forecast, and liquor revenue of $813m also met the $812m estimated.

The company's comments included early 4Q trading in line with the 3Q trend, positive liquor sales trend and -$7m cost in 2H related liquor rebranding

Minor changes to the broker's forecasts. Hold retained. Target rises to $22.10 from $21.15 on 0.5x increase in peer group trading multiples and model roll forward.

Target price is $22.10 Current Price is $21.22 Difference: $0.88
If COL meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $22.05, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates COL as Outperform (1) -

Coles reported 3Q Supermarkets comparable sales growth of 3.0%, or 3.2% adjusted for Easter timing, slightly ahead of Macquarie and consensus expectations.

Liquor sales were below forecast, though management continues to prioritise market share via a non-food price investment strategy and expanded customer fulfilment centre network, which supports larger basket sizes online, explains the analyst.

The broker highlights Coles' completed closures of manual distribution centres and the $130m EBIT benefit, which de-risks margin uplift into FY26. Liquor weakness is attributed to ongoing repositioning via the “Simply Liquorland” strategy and a softer macro backdrop.

Macquarie retains an Outperform rating and raises the target price to $23.10 from $22.00, supported by resilient earnings, improving margins, and execution against operational guidance.

Target price is $23.10 Current Price is $21.22 Difference: $1.88
If COL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $22.05, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates COL as Overweight (1) -

Morgan Stanley views 3Q25 update from Coles Group as steady, with supermarket like-for-like (LFL) sales up 3.0%, ahead of the 2H25 consensus forecast of 2.5%. Normalised for Easter timing, this rose to 3.2%.

The broker highlights growth was supported by successful promotional events, strong eCommerce, up 25.7%, and expanding private-label penetration rising 4.5%. Both customer fulfilment centres and automated distribution centres were fully operational for the first time this quarter, driving digital momentum, Morgan Stanley explains.

Liquor LFL sales were down -2.0%, flat when adjusting for timing, and below the 2H consensus of growth of 1.1%. eCommerce liquor sales still rose 18.2%.

Management expects to have held or gained supermarket and liquor market share in 3Q and company guidance suggests 4Q trading is tracking in line with 3Q for supermarkets, with continued positive liquor trends.

On margins, deflation of -0.3% was reported, reflecting easing pricing pressure across categories, the broker believes, particularly in fresh. 

Morgan Stanley retains an Overweight rating and $21.70 target price. Industry View: In-Line.

Target price is $21.70 Current Price is $21.22 Difference: $0.48
If COL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.05, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates COL as Hold (3) -

Coles Group's 3Q25 supermarkets and liquor sales growth missed Morgans' forecast, but the broker describes it as largely in line, making minor changes to FY25-26 revenue forecasts.

The broker notes supermarkets' sales growth in the 4Q is in line with the 3Q trend, while liquor sales momentum is positive.

The broker lowered FY25-26 liquor EBIT forecast by -6% to account for the costs related to the "Simply Liquorland" program, but the impact to group EBIT was minimal.

Hold retained, with the broker considering reassessing the view on share price weakness. Target rises to $20.95 from $20.90.

Target price is $20.95 Current Price is $21.22 Difference: minus $0.27 (current price is over target).
If COL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.05, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates COL as Accumulate (2) -

Coles Group achieved 3.2% like-for-like sales growth in its Supermarkets division for the March quarter, ahead of Ord Minnett's 2.7% forecast.

Liquor division sales were flat, below expectations for 3% growth, as consumers cut back on discretionary spending, observes the analyst.

The Supermarket result was particularly strong, in Ord Minnett's view, given it cycled elevated comparables and competed with a rival promotional campaign from Woolworths Group ((WOW)).

The Liquor underperformance is being addressed, with all First Choice and Vintage Cellars outlets rebranded to Liquorland and tailored to local demographics, notes the analyst.

Ord Minnett raises the target price to $22.00 from $21.00 and maintains an Accumulate rating.

Target price is $22.00 Current Price is $21.22 Difference: $0.78
If COL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $22.05, suggesting upside of 2.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates COL as Buy (1) -

Coles Group delivered March quarter group sales of $10.38bn, up by 3.4%, in line with the UBS estimate and slightly below consensus.

Supermarket sales were $9.4bn, up by 3.7% (or 4.7% excluding tobacco), with like-for-like growth of 3.0%, above the broker’s 2.8% forecast, driven by strong execution and investments in automation and online.

The Witron automated distribution centres and Ocado-powered fulfilment centres are materially improving product availability and delivery, note the analysts, while store-specific ranging and replenishment efforts are lifting in-store performance.

Online sales grew by 25.7%, with especially strong growth in New South Wales and Victoria, notes the broker.

Liquor sales of $813m rose by 3.4%, below UBS expectations, with like-for-like sales down by -2.0%. 

UBS retains a Buy rating and $23.50 target price.

Target price is $23.50 Current Price is $21.22 Difference: $2.28
If COL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.05, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

Coronado Global Resources' 1Q25 production, sales and group mining costs all missed Bell Potter's forecast, but the bigger takeaway from the update was emerging balance sheet concerns on weaker coal markets.

The company is negotiating the restructuring of US$150m facility under more flexible terms or with another lender. The company is also in discussions to extend rebate and royalty payment terms, and is targeting -US$100m operating/capital cash reductions in FY25. 

Based on the recent figures, the broker has calculated 3Q EBITDA loss of -US$73m vs its forecast of -US$11m.

Rating downgraded to Hold (Speculative) from Buy on balance sheet risks. Target cut to 23c from 50c.

Target price is $0.23 Current Price is $0.20 Difference: $0.035
If CRN meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 124.4% (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

Bell Potter rates CWP as Buy (1) -

Cedar Woods Properties upgraded FY25 net profit guidance once again, this time to over 15% growth vs 10%-plus before on increased confidence in sales as the FY-end nears. Bell Potter's estimate was 11%-plus.

The company also took the unusual step of guiding FY26 outlook, saying it expects "strong growth" in net profit. The broker believes it indicates a good portion of the remaining 60% of $642m pre-sales will settle in FY26 (40% settling in FY25) and the balance in FY27.

The broker raised FY25-27 EPS estimates to reflect the upgraded guidance and outlook for FY26.

Buy. Target rises to $7.30 from $7.20.

Target price is $7.30 Current Price is $5.60 Difference: $1.7
If CWP meets the Bell Potter target it will return approximately 30% (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

Shaw and Partners rates CWP as Buy (1) -

Cedar Woods Properties upgraded FY25 net profit after tax guidance by 15% from over 10%, driven by strong presales exceeding $700m.

Shaw and Partners upgrades FY25 and FY26 EPS by 2% and 9%, respectively, reflecting earlier-than-expected settlement of some FY27 sales. FY26 sales are now forecast above $550m, supported by key project deliveries across VIC, WA, SA, and QLD, with FY26 net profit after tax expected to grow over 30%.

The company has taken price increases in three of four geographies, aiding FY25–FY26 margin expansion, the broker highlights. Liquidity is projected above $120m by June 2025, implying net debt may fall to around $125m from $185m in 1H25.

Shaw models -$60m in land purchases in FY26 and $75m in FY27.

The Buy/High risk rating and $7.00 price target are retained, based on a 20% premium to FY25 NTA estimated of $5.86 and supported by a a forecast run-off value of inventory over $10 per share.

Target price is $7.00 Current Price is $5.60 Difference: $1.4
If CWP meets the Shaw and Partners target it will return approximately 25% (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

Morgans rates DBI as Add (1) -

The March quarter headline CPI outcome of 2.4% was lower than the 3.3% incorporated by Morgans in the modelling for Dalrymple Bay Infrastructure. The broker adjusted the forecast for this and for bond yields, and also for forward interest rate and tax assumptions.

The terminal infrastructure charge is adjusted on July 1, with the increase based on the March quarter CPI and a charge based on 10-year Australian government bond yield and non-expansionary capex.

The revised EBITDA and cash flow forecasts are marginal as lower revenue is mostly offset by lower costs in a lower interest rate environment. Target price rises to $4.35 from $4.13 as the broker reduced equity discount to DCF valuation on the asset's defensive qualities.

Add maintained.

Target price is $4.35 Current Price is $4.11 Difference: $0.24
If DBI meets the Morgans target it will return approximately 6% (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 EDV as Neutral (3) -

Citi flags risk of a soft 3QFY25 update for Endeavour Group, primarily driven by weakness in the retail segment.

The broker points to a deterioration in alcohol spending across the industry, increased competitive pressure from Coles Group ((COL)), and the first-time liquor store closures on Anzac Day as potential headwinds that may also impact 4QFY25 comparables.

In contrast, hotels appear more resilient, with gaming revenue moderating but still holding up, and improved eating-out trends in recent months.

Neutral rated with $4.50 target.

Target price is $4.50 Current Price is $3.99 Difference: $0.51
If EDV meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates FFM as Buy (1) -

FireFly Metals announced 3Q25 infill drilling results at Green Bay, aiming to convert Inferred to Measured and Indicated tonnes ahead of a September quarter resource upgrade.

Shaw and Partners notes the current resource stands at 59mt at 2% CuEq, including 1mt of contained copper, 550koz of gold, and 5.4moz of silver, with 41% of copper already in the Measured and Indicated category.

The broker expects an increase in M&I to 50–70% of the total resource, underpinned by six rigs drilling and step-out success.

First mining studies are due by end-2025, with a 15-year mine life at 2mtpa expected. FireFly ended the quarter with $68.5m cash.

Shaw and Partners retains a Buy/High risk rating and $1.90 price target,

Target price is $1.90 Current Price is $0.80 Difference: $1.1
If FFM meets the Shaw and Partners target it will return approximately 137% (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 GPT as Buy (1) -

Citi explains GPT Group reconfirmed growth in funds from operations of 1%–3% and a dividend per share of 24c at the AGM for FY25.

The analyst notes the company continues to progress its strategic initiatives and is expected to benefit from lower interest rates in 2025 and beyond due to reduced funding costs.

Assets under management advanced to $34.7bn, with third-party capital of $22.6bn. The broker notes office occupancy at 94.7% with 1.9% like-for-like income growth, retail occupancy at 99.8% with 4.8% like-for-like income growth, and logistics at 99.5% with 5.6% income growth.

Buy rated with a $5 target price.

Target price is $5.00 Current Price is $4.63 Difference: $0.37
If GPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates GSS as Speculative Buy (1) -

Genetic Signatures' 3Q25 revenue fell -24% q/q, which was expected due to seasonally softer summer months in Australia. Bell Potter expects an acceleration in 4Q.

Cash flow was negative, but the broker considers the $37.4m cash balance at March-end, with no debt, to be enough to support ramp-up in the US.

The company signed the first US customer for its EasyScreen detection kit in February and is negotiating with several more. The broker has, however, pushed back the forecast for first US sales to FY26, and now expects US sales to surpass Australia in FY28 from FY27 estimated before.

Speculative Buy. Target cut to $0.75 from $1.05, mainly on revised US sales forecast.

Target price is $0.75 Current Price is $0.41 Difference: $0.345
If GSS meets the Bell Potter target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates IGO as Sell (5) -

Bell Potter considers IGO Ltd's 3Q25 report to be largely in line with expectations, with realised spodumene concentrate price higher than its expectation, but nickel price falling short. The company reiterated the FY25 production cost guidance.

The broker pushed back the forecast for first spodumene production from CGP3 by a quarter to 4Q2025 in line with the update. The forecast for Nova Nickel mine was reduced to match the company's update.

The key revision to forecasts was due to a downgrade to the lithium price outlook on the broker's updated outlook for a supply deficit to emerge in 2030 from 2027 expected before.

Sell. Target cut to $3.25 from $3.85.

Target price is $3.25 Current Price is $3.92 Difference: minus $0.67 (current price is over target).
If IGO meets the Bell Potter target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.49, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates IGO as Buy (1) -

IGO Ltd has improved disclosure, allowing Citi to estimate Greenbushes generated around $65m in pre-dividend cash flow in the quarter after -$200m capex, at US$791/t SC6 which is viewed as postive.

Management's FY25 capex was revised down by -$150m at Greenbushes and -$15–25m at Kwinana, where state government support is offsetting costs. The company also flagged concerns over Train 1 viability, with no value ascibed in the broker's net asset valuation.

Citi forecasts FY26 exploration spend at -$35–40m, down -$10–15m from the previous year, and Nova’s life-of-mine output is guided at 15–18kt, below Citi’s 19kt estimate.

Net cash stands at $284m. Target price is raised by 40c to $4.40 as the broker's earnings model rolls forward, with Greenbushes exiting peak capex and CGP3 ramping up.

Buy rating maintained; resolution of Train 1 remains important, the analyst stresses, and Citi lowers EPS estimates by -24.6% and -74.1% for FY25/FY26, respectively.

Target price is $4.40 Current Price is $3.92 Difference: $0.48
If IGO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates IGO as Outperform (1) -

IGO reported a mixed third quarter, in Macquarie's view, with spodumene production from Greenbushes of 341kt missing the broker's estimates by -6%, while costs were a positive surprise, beating forecasts by 5%.

Group earnings (EBITDA) of $34m proved -20% below consensus, but the $284m closing cash balance beat expectations by $21m, highlights the analyst.

Capex guidance at Greenbushes was cut by -$150m, and production guidance of 1,350-1,550kt was retained, suggesting to the analysts the company remains on track to meet FY25 targets despite milling and sales disruptions.

Kwinana’s lithium hydroxide production of 1.6kt was flat quarter-on-quarter and missed Macquarie's expectation by -12%, though no change was made to guidance.

Nova’s nickel and copper production were ahead of Macquarie's expectations, and costs at Nova also beat, driven by better fixed-cost absorption.

The broker retains an Outperform rating, pointing to asset quality at Greenbushes and value creation potential from CGP3 (the third chemical grade processing plant under construction at Greenbushes), and leaves its $5.50 target unchanged.

Target price is $5.50 Current Price is $3.92 Difference: $1.58
If IGO meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

IGO Ltd announced weaker than expected 3Q25 production, with Greenbushes output of 341kt , below Morgan Stanley's estimates by -8%, while Nova nickel production came in at 4.18kt, some -8% below the broker's forecast.

Realised pricing at Greenbushes was stronger than the analyst's forecast, and lower costs at Nova supported margins.

Management's capex guidance for FY25 was revised lower across Greenbushes to -$700–$800m from -$850–$950m and Kwinana to -$65–$75m from -$100m.

The company flagged Nova’s end of mine life by Dec-2026 and guided long-term nickel production to 15–18ktpa which is in line with Morgan Stanley's expectations.

IGO Ltd flagged new exploration spending to fall to -$35–40m in FY26, still above Morgan Stanley’s prior estimate of -$27.5m.

Financial results were largely in line with consensus, the broker observes. Equal-weight rating with a $3.50 target price retained.

Industry view: In-Line.

Target price is $3.50 Current Price is $3.92 Difference: minus $0.42 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.49, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates IGO as Neutral (3) -

IGO Ltd delivered mixed March quarter results, according to UBS, with Greenbushes spodumene production of 341kt falling short of the broker's 366kt estimate, while Nova outperformed with 4.2kt nickel versus 3.7kt forecast.

FY25 production guidance is unchanged, though capex for both Greenbushes and Kwinana has been reduced, and the FY26 exploration budget cut to -$35–40m.

The analysts model declining revenue and margin pressure into FY26 before potential upside returns from CGP3 ramp-up in 2026 and longer-term spodumene volume growth.

UBS retains a Neutral rating and $4.30 target price.

Target price is $4.30 Current Price is $3.92 Difference: $0.38
If IGO meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates JMS as Outperform (1) -

Jupiter Mines reported lower production and sales for the March quarter due to weak demand from Chinese steel mills and reduced exports, explains Macquarie.

The Tshipi operations produced 858kt of manganese (down -6% on the broker's expectations) and sold 777kt (down -15%). Despite this, realised manganese prices rose to US$4.03/dmtu, supporting a stronger-than-expected financial outcome.

Macquarie raises FY25 EPS forecast by 7% and maintains an Outperform rating with a 23c target. The broker highlights stronger margins and sees further upside from rising manganese prices and potential strategic updates around Tshipi consolidation.

Target price is $0.23 Current Price is $0.15 Difference: $0.08
If JMS meets the Macquarie target it will return approximately 53% (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

Macquarie rates LNW as Outperform (1) -

Macquarie is confident in the resilience of US gaming revenues despite the softening consumer environment, anticipating modest growth for regional casino gaming revenues in 2025.

The Outperform rating and $198 target are maintained for Light & Wonder.

Target price is $198.00 Current Price is $132.45 Difference: $65.55
If LNW meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $202.20, suggesting upside of 50.7% (ex-dividends)

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 LOT as Speculative Buy (1) -

The restart of Lotus Resources’ Kayelekera uranium project remains on track for the September quarter, notes Ord Minnett, with plant recommissioning over 80% complete. 

March quarter restart capex of -US$6.6m was below the broker's expectations, though capex is expected to peak in the June quarter at an estimated -US$36m. 

Approximately 38% of output is under contract at fixed prices near US$80/lb, and Lotus is pursuing further sales agreements to reduce spot market exposure, highlights the broker.

Ord Minnett retains a 35c target price and Speculative Buy rating.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If LOT meets the Ord Minnett target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 80.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates MAP as Speculative Buy (1) -

The key information in Microba Life Sciences' 3Q25 update was growth in test volumes, and the 26% q/q rise in MetaXplore tests and flat growth in MetaPanel is considered positive by Morgans.

The broker notes the result showed strong growth in new accounts and an increase in tests, reinforcing confidence in the opportunity going ahead.

No changes to underlying sales assumptions, but rolling off the research testing business revenue led to a decrease in valuation.

Speculative Buy. Target cut to 32c from 34c.

Target price is $0.32 Current Price is $0.17 Difference: $0.15
If MAP meets the Morgans target it will return approximately 88% (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 MGR as Neutral (3) -

Mirvac delivered a solid 3Q25 update with 530 lot sales, up 76% on a year earlier and residential pre-sales rising around 10% to $2.1bn, led by strong apartment project sales at Riverlands and Highforest, Citi explains.

FY25 year-to-date settlements of 937 lots imply a heavy 4Q skew to achieve 2,000–2,500 lot guidance, the analyst highlights.

Capital partnering has progressed, with a -49% sell-down agreed for Badgerys Creek industrial and due diligence underway for a -50% Harbourside sell-down.

Management's FY25 earnings guidance of 12.0–12.3c is unchanged, though Citi notes downside risks due to the 2H skew. FY26 earnings may also face pressure from softer residential development margins versus consensus.

Neutral rated. Target raised to $2.30 from $2.20.

Target price is $2.30 Current Price is $2.28 Difference: $0.02
If MGR meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates MGR as Neutral (3) -

Mirvac Group progressed on key FY25 priorities in the March quarter, highlights UBS, including capital partnerships at Badgerys Creek and Harbourside, and strong residential momentum with 530 sales, up 68% year-on-year, and pre-sales of $2.1bn.

Office leasing improved, with 51,000sqm leased and 55 Pitt Street now 42% committed, while logistics saw 96.5% occupancy and strong rental growth, detail the analysts.

Guidance for FY25 operating EPS remains 12.0-12.3c (UBS estimates 12.1c). The broker expects growth from rate cuts and recovering residential sales. 

UBS retains a Neutral rating and $2.28 target price.

Target price is $2.28 Current Price is $2.28 Difference: $0
If MGR meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates MSB as Speculative Buy (1) -

The key positive news in Mesoblast's 3Q25 update was five patients enrolled for Ryoncil out of 10 transplant centres being onboarded, which Bell Potter highlights is an outstanding uptake. Cash from these purchases is expected in this quarter.

Among other details, the broker notes the upcoming Type B meeting between the company and US FDA will be a pivotal moment for the Revascor drug development. Partnering discussion is expected to begin following this meeting, with the broker noting strong balance sheet and Ryoncil outlook provide a strong position to negotiate.

Speculative Buy. Target unchanged at $3.40.

Target price is $3.40 Current Price is $1.80 Difference: $1.605
If MSB meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates NIC as Buy (1) -

Citi has trimmed its target price to 90c from $1.00 on Nickel Industries after raising mine royalty assumptions to 14% from 10% and applying a weaker nickel pig iron (NPI) price deck.

Despite only a minor FY25 earnings impact of around -$12m, the analyst points to ongoing uncertainty following the March sale of Harum Energy’s 4.2% stake and broader fiscal risks, particularly given the company's exposure to tax holidays.

March quarter results showed modest cash build with RKEF earnings (EBITDA)/t up 5% to US$1,376/t. HNC HPAL earnings, owned 10% by Nickel Industries, improved and ENC remains on track for early 3Q commissioning, though final ENC payments have been deferred six months.

Citi forecasts a cash low of circa US$150m in 1H26 from US$216m end-March. Buy/High Risk rating maintained, with earnings growth expected from Hengjaya, Sampala, and ENC.

Target price is $0.90 Current Price is $0.56 Difference: $0.335
If NIC meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 90.6% (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

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

Northern Star Resources' 3Q25 gold sales of 385koz fell short of Bell Potter's forecast of 403koz due to slower ramp-up at the Kalgoorlie Consolidated Gold Mines, while cost was higher.

On the brighter side, the average gold price of $4,039/oz beat the broker's $4,008/oz forecast. The company downgraded the FY25 gold sales volume forecast, lifted the cost forecast and raised capex guidance.

The broker incorporated these into forecasts, and additionally cut FY26 production forecast and lifted cost estimate.

Rating downgraded to Hold from Buy on valuation grounds. Target cut to $20.85 from $22.15 on forecast revisions.

Target price is $20.85 Current Price is $19.18 Difference: $1.67
If NST meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $22.55, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates ORG as Buy (1) -

Origin reported a solid 3QFY25 operational update according to Citi. Generation fleet reliability supported electricity sales around 2% above the broker's expectations, while natural gas sales exceeded forecasts by 5%.

Citi remains positive on gross margins in the Energy Markets segment. APLNG faced production issues from Cyclone Alfred and eastern field underperformance, both well-flagged, yet remains on track to meet FY25 management guidance of 670–690PJ, the analyst believes.

APLNG revenue was circa -6% below Citi’s forecast due to cargo timing and softer domestic gas pricing.

Citi views a deferral of part of FY25 APLNG distributions into FY26 was misinterpreted by the market, leading to unwarranted share price pressure.

The analyst sees this timing shift as incrementally positive, with around $93m more cash versus consensus, while preserving fully-franked dividend capacity. Kraken’s growth remains ahead of schedule, with its 100m customer target likely pre-2027.

Progress at Yanco Delta includes secured transmission access and on-track Bess construction.

Citi lowers FY25 EPS forecast by -3.7% and raises FY26 by 3.7%. Buy rating maintained. Target $11.50.

Target price is $11.50 Current Price is $10.64 Difference: $0.86
If ORG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

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 ORG as Neutral (3) -

Origin Energy’s March 2025 quarter highlighted to Macquarie continued stability across Energy Markets and APLNG, while Octopus Energy outperformed expectations.

Octopus’ Kraken platform reached 67m customers (5m ahead of the broker's forecast), and active users were circa 2m ahead of expectations, underpinning FY26 earnings.

APLNG production and pricing were in line with guidance, though the deferral of the fourth-quarter dividend is seen as earnings-positive due to a lower tax expense at the Origin level, explains the analyst.

Gas sales into industrial markets remained solid, and power generation was slightly softer due to Eraring outages, notes Macquarie. Lower LGC prices and reduced generation at Eraring impacted near-term earnings, though renewable volumes were stable.

Macquarie retains a Neutral rating with a $10.00 target price, up from $9.94.

Target price is $10.00 Current Price is $10.64 Difference: minus $0.64 (current price is over target).
If ORG 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 $10.62, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

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 ORG as Buy (1) -

March quarter APLNG production for Origin Energy was in line with the UBS forecast, with sales revenue ahead of expectations due to stronger realised LNG prices.

The broker notes Origin will defer part of its FY25 APLNG distribution into FY26 to enable full franking of the final dividend and improve leverage. This is viewed as NPV accretive and enhances dividend sustainability.

UBS notes Origin is trading at a -20% discount to its long-term average valuation and highlights improved dividend visibility.

The $11.70 target and Buy rating are maintained.

Target price is $11.70 Current Price is $10.64 Difference: $1.06
If ORG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates PEN as Hold (3) -

Peninsula Energy remains in trading suspension as it reviews its Life of Mine Model for the Lance Uranium Project, with production downgrades for 2025–2027 expected, Shaw and Partners highlights.

Construction delays to the yellowcake filtration and drying circuits have pushed completion to June 2025. Until then, uranium output is being stored on resin, with storage constraints likely to curtail production from end-May unless resolved. The broker expects updated guidance and trading resumption before end-May.

Cash fell to US$24m at 31 March from US$46m in December, enough to complete construction but insufficient to reach cash flow breakeven.

Shaw and Partners estimates US$30m in further funding will be required. Management changes include the resignation of the Chairman and former CEO. Despite timing, contract, and funding risks, the analyst sees no technical issues with Lance achieving a 2Mlb annual rate.

Hold/High Risk rated with a $1.00 target.

Target price is $1.00 Current Price is $0.62 Difference: $0.38
If PEN meets the Shaw and Partners target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates PPE as Downgrade to Speculative Buy from Add (1) -

Morgans notes PeopleIN cited recent weather events in Queensland for soft trading conditions in 3Q25, but also flagged conditions are expected to remain challenging.

The broker notes offshore peers like Robert Walters and Page Group also pointed to the challenging environment for their Australian business. The analyst cut FY25 EBITDA forecast by -3.5% and FY26 forecast by -7%.

Rating downgraded to Speculative Buy from Add. Target cut to $1.05 from $1.40.

Target price is $1.05 Current Price is $0.76 Difference: $0.29
If PPE meets the Morgans target it will return approximately 38% (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

Ord Minnett rates PPE as Buy (1) -

PeopleIn delivered March quarter earnings (EBITDA) of $6.3m, down from $6.9m a year ago impacted by severe weather in Queensland, explains Ord Minnett.

The broker estimates weather disruptions cost the group around -$0.84m, with the food, industrial, and construction segments most affected.

The broker lowers FY25 and FY26 earnings (EBITDA) forecasts by -6% and -9%, respectively, reflecting ongoing cautious business sentiment and a soft permanent recruitment market.

Dividend forecasts are also reduced as the company focuses on deleveraging.

Despite current weakness, the broker notes materially improving leverage and strong free cash flow conversion support the longer-term outlook. 

Ord Minnett reduces the target price to $1.06 from $1.15 and retains a Buy rating.

Target price is $1.06 Current Price is $0.76 Difference: $0.3
If PPE meets the Ord Minnett target it will return approximately 39% (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 PRU as Neutral (3) -

Citi views Perseus Mining as "reliable," with the latest March quarter report coming in better than expected versus consensus cost assumptions.

All-in-sustaining-costs rose 12% to US$1,209/oz, a lift of 7% on the previous quarter, with production of 122koz, down –8%, the analyst explains, on the December quarter.

Management retained 2H25 guidance, with cash and bullion of US$801m pre-released alongside the Nyanzaga final investment decision.

Citi anticipates more details on the LOM group production outlook in 2H of 2025. Neutral/High Risk rating and $3.50 target price retained.

Target price is $3.50 Current Price is $3.35 Difference: $0.15
If PRU meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Macquarie rates PRU as Outperform (1) -

In line with Macquarie's forecasts, Perseus Mining reported March quarter production of 122koz, while costs (AISC) of US$1,209/oz beat consensus by 13%.

The standout cost performance was driven by Yaoure (-22% versus the analyst's estimate), offset by underperformance at Sissingue due to lower grades and productivity issues that have since been addressed.

Second-half FY25 guidance of 215-250koz at AISC US$1,360-1,435/oz is on track, suggests Macquarie, with Perseus forecasting full-year outcomes likely at the top end of production and bottom end of cost guidance. 

Macquarie retains an Outperform rating and a $3.80 target price.

Target price is $3.80 Current Price is $3.35 Difference: $0.45
If PRU meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

UBS rates PRU as Buy (1) -

UBS assesses another strong quarter from Perseus Mining, with March quarter production of 121.6koz up by 4% on the broker's estimates and costs (AISC) of US$1,209/oz down by -13%, keeping the company on track for FY25 guidance of 470-505koz.

Nyanzaga has received FID approval, with first production expected in March 2027 and projected average output of 195kozpa at US$1,700/oz AISC over 12 years. 

Perseus remains well positioned financially, suggests UBS, with no debt, over US$100m in investments, and a partial buyback underway. 

UBS trims the price target to $4.40 from $4.60 and retains a Buy rating.

Target price is $4.40 Current Price is $3.35 Difference: $1.05
If PRU meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Shaw and Partners rates RMS as Buy (1) -

Ramelius Resources reported production of 80.5koz of gold at an all-in-sustaining-cost of $1,492/oz in the March quarter, generating $223m in free cash flow, Shaw and Partners details.

Management's FY25 production guidance was upgraded to 290–300koz at $1,550–1,650/oz, driven by grade outperformance at Cue. The analyst forecasts 297.7koz at $1,589/oz with forward gold sales total 81koz at an average $3,216/oz.

The company ended the quarter with $657m in cash and gold, and $485m in listed investments including Spartan Resources, which the company plans to acquire fully under a July/August implementation.

The proposed merger would form a group with 12.1Moz resource and 500kozpa production target by FY30, the analyst notes.

Shaw and Partners' Buy rating maintained with a $3.14 price target.

Target price is $3.14 Current Price is $2.63 Difference: $0.51
If RMS meets the Shaw and Partners target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Regis Resources' March quarter production of 89,666oz at a cost (AISC) of $2,538/oz beat Bell Potter's expectations, with production slightly ahead and costs materially below forecast.

The Duketon assets remained consistent, while Tropicana's output declined as expected. The result supports the company's improving track record of delivering to guidance, observes the broker.

Operating cash flow rose to $221m, up quarter-on-quarter, despite lower output, with an average realised gold price of $4,591/oz. Net cash and bullion rose to $367m, reflecting a $512m improvement over 15 months, highlight the analysts.

A record $1,539/oz in cash was added to the balance sheet per ounce produced, and following full debt repayment, Regis is expected to evaluate growth and shareholder return options.

Bell Potter increases its target price to $4.57 from $4.34 and downgrades the rating to Hold due to recent share price strength.

Target price is $4.57 Current Price is $4.51 Difference: $0.06
If RRL meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Regis Resources reported March quarter production of 89.7koz at an all-in sustaining cost (AISC) of $2,445/oz, ahead of Macquarie's expectations for both volume and cost.

Duketon delivered higher-grade output despite lower mill throughput, while Tropicana tracked in line with the broker's estimates. Sales lagged production due to timing, with gold sold at an average $4,591/oz.

FY25 guidance of 350-380koz at a cost of $2,440-2,740/oz was maintained, with year-to-date output at 285koz (78% of guidance midpoint). 

Macquarie cuts its FY25 EPS by -12% due to lower sales, while FY26 and FY27 forecasts were unchanged. The target of $4.30 is maintained.

The rating is downgraded to Neutral from Outperform due to recent share price strength.

Target price is $4.30 Current Price is $4.51 Difference: minus $0.21 (current price is over target).
If RRL 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 $4.10, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates RRL as Add (1) -

Most of Regis Resources' 3Q25 numbers were pre-reported, and Morgans' reiterates the standout was cash flow due to consistent production and higher gold prices.

The broker revised 4Q25 gold sales volume forecast to closely match the company's guidance midpoint, and reckons there's scope for upside from Tropicana, given the conservative 4Q production target.

The analyst upgraded its gold price forecast for 2025/26/27 by 7%/7%/11% respectively.  Add maintained. Target lifts to $4.80 from $4.65.

As the broker points out, Regis Resources is among the few ASX gold miners to produce over 350koz gold, hedge-free and debt-free.

Target price is $4.80 Current Price is $4.51 Difference: $0.29
If RRL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates RRL as Neutral (3) -

UBS retains a Neutral rating and $4.20 target for Regis Resources following pre-released March quarter operational results, noting strong cash generation but limited visibility on long-term growth.

March quarter production of 90koz was in line with the broker's forecast, keeping the company on track for FY25 guidance of 350-380koz (UBS 378koz).

Free cash flow (FCF) was strong at $138m, assesses the broker, driven by unhedged gold exposure and minimal capital requirements, though UBS notes the business is in a harvest phase.

Mine life remains relatively short at around seven years for Duketon and nine for Tropicana, highlight the analysts, with clarity expected from a reserve update in May and site visits in June.

Target price is $4.20 Current Price is $4.51 Difference: minus $0.31 (current price is over target).
If RRL meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.10, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates SGP as Buy (1) -

Stockland’s 3Q25 update showed improving residential sales of 1,509 lots, rising 11% on the previous year, though Citi notes the inclusion of Lendlease Communities distorts comparability.

The company reported a rise in pre-sales to 6,232, with prices around 17% higher than 1H25, supporting confidence in FY25 volume guidance of 6,200–6,700 lots and margin outlook.

Settlements in the quarter were circa 1,000, implying a more than 50% 4Q volume skew to meet guidance, the broker explains.

Citi notes land lease volume guidance was revised down to 500 from 600 due to adverse weather in Queensland and softer sales in Victoria.

Logistics remains robust with 26% spreads year-to-date, Citi explains, and retail delivered 2.4% comparable MAT growth.

Citi sees the update as confirming improving sales conditions and margin strength. Buy rating maintained. Target price rises to $6 from $5.80.

Target price is $6.00 Current Price is $5.49 Difference: $0.51
If SGP meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates SGP as Neutral (3) -

UBS retains a $5.37 target and Neutral rating on Stockland, seeing valuation as balanced at current levels.

March quarter net sales rose by 21% quarter-on-quarter to 1,509 lots, just under the broker’s 1,600 estimate, partly due to the Lendlease ((LLC)) communities acquisition contributing late in the period.

Positively, average pricing improved, up by 17% compared to 1H25 settlements, with price growth of around 3% on a like-for-like basis. highlight the analysts.

FY25 funds from operations (FFO) guidance is unchanged but Land Lease settlement forecasts were revised lower to 500 from 600 due to VIC softness and weather disruptions in QLD, explains UBS.

Target price is $5.37 Current Price is $5.49 Difference: minus $0.12 (current price is over target).
If SGP meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.64, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Shaw and Partners rates TTT as Buy (1) -

Shaw and Partners highlights Titomic's US expansion remains on track with the 59,000 sq ft Huntsville facility set to open in June 2025.

The broker points to the strategic location advantages near major defence and aerospace firms, supporting US content compliance and sovereign supply chain policy. A collaboration with Northrop Grumman to develop aerospace-grade pressure vessels using Titomic Kinetic Fusion could unlock scaled defence manufacturing.

The company reported a rise in 3Q25 customer receipts to $2.5m, up 127% on the previous quarter, with net operating cash burn of -$4.0m and a cash balance of $18.9m, supporting five future quarters, the broker explains.

Defence pipeline traction includes Airbus deliveries and Australian Department of Defence coatings. Revenue and earnings forecasts remain unchanged. Buy/High risk rating and 30c price target retained

Target price is $0.30 Current Price is $0.24 Difference: $0.065
If TTT meets the Shaw and Partners target it will return approximately 28% (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

Ord Minnett rates WDS as Hold (3) -

Woodside Energy has approved the final investment decision for its Louisiana LNG project, highlights Ord Minnett, with -US$18bn in capex and first production expected in 2029.

The company expects an internal rate of return above 13%, assuming a Henry Hub–Japan-Korea Marker spread of US$6.50/mmBtu, explains the broker.

The analyst points to execution risk, noting the project could face challenges if the LNG market returns to surplus by 2029.

The funding burden from this and other major projects is expected to weigh on the balance sheet and constrain shareholder returns until production ramps-up.

Ord Minnett retains a Hold rating and $27.00 target price.

Target price is $27.00 Current Price is $20.74 Difference: $6.26
If WDS meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $25.47, suggesting upside of 26.1% (ex-dividends)

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: 0.2

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources produced 80.1koz in the March quarter, a -3-5% miss versus Macquarie's expectations, with sales of 79.4koz and costs (AISC) of $2,829/oz, -4-5% worse than estimates due to higher Murchison costs.

Year-to-date production is 70% of guidance, requiring a strong June quarter to meet full-year targets, points out the analyst.

FY25 guidance is maintained at 330-350koz and AISC of $2,400–2,600/oz, with a ramp-up at Beta Hunt and Bluebird-South Junction expected to lift output.

Westgold remains unhedged and achieved a gold price of $4,630/oz during the period. Capex guidance for FY25 is maintained at -$200m, though reduced by -$20m following the deferral of Big Bell deeps development, explains the broker.

Macquarie's target price is reduced by -5% to $3.50 due to EPS forecast revisions and the roll-forward of the valuation model. The broker retains an Outperform rating, expecting improved cost management and stronger production in the June quarter.

Target price is $3.50 Current Price is $2.97 Difference: $0.53
If WGX meets the Macquarie target it will return approximately 18% (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

Ord Minnett rates WGX as Buy (1) -

Westgold Resources delivered a slightly weaker March quarter result, highlights Ord Minnett, with production -7% below expectations and costs (AISC) 5% above, largely due to delays at Bluebird South-Junction.

Beta Hunt performed well, in the broker's view, meeting production forecasts and beating cost expectations by -16%.

FY25 guidance is maintained at 330-350koz at costs (AISC) of $2,400–2,600/oz, with the broker expecting a stronger June quarter led by Bluebird South-Junction and Beta Hunt.

Lower production reduced the quarter-end cash balance to $207m versus the analyst's $240m forecast.

Ord Minnett lowers the target price to $3.65 from $3.85 and retains a Buy rating.

Target price is $3.65 Current Price is $2.97 Difference: $0.68
If WGX meets the Ord Minnett target it will return approximately 23% (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 WOW as Neutral (3) -

On first inspection, Citi notes Woolworths Group announced 3Q25 like-for-like Australian Food sales growth of 3%, modestly ahead of the broker's and consensus expectations.

Volume improved, partly due to the success of the Minecraft collectables campaign, which had no prior-year comparison.

In-store sales growth of 1.4% matched Coles Group ((COL)), while flat online growth at 16.3% suggests to the analyst Woolworths may be losing some online share to Coles, which is benefiting from its Ocado fulfilment centres.

The analyst observed New Zealand saw a lift from the Minecraft promotion, with 3.8% LFL growth and outperforming expectations.

BIG W returned to positive sales growth at 1.1%, but Woolworths lowered guidance due to increased clothing markdowns, now expecting an around -$70m earnings before interest and tax loss in 2H25, previously estimated at -$40m.

Citi notes Cyclone Alfred also added -$20m to -25m in unplanned group costs.

Target price is $33.00 Current Price is $31.57 Difference: $1.43
If WOW meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $32.29, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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 WOW as Outperform (1) -

In a flash update, Macquarie highlights Woolworths Group posted 3Q25 like-for-like sales growth of 3.0% in Australian food, 3.8% in NZ food, and 1.1% in Big W, all Easter-adjusted, outperforming 2H25 consensus expectations, the broker notes.

Volume growth in Australian Food was estimated at 3.0% by Macquarie due to flat average prices, and the result was tempered by -$20m to -$25m in weather-related cost impacts. 

Big W remains challenged, the analyst states, despite a return to positive sales growth. Woolworths downgraded 2H25 earnings before interest and tax guidance for Big W to a -$70m loss from a -$40m loss, citing weak clothing sales and elevated markdowns.

Macquarie notes key areas to watch are market share shifts where Coles Group ((COL)) marginally outperformed Woolworths in 3Q, and the realisation of around $400m in support office cost savings, for which no further details were provided.

Outperform rated with $30.80 target price.

Target price is $30.80 Current Price is $31.57 Difference: minus $0.77 (current price is over target).
If WOW 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 $32.29, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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 WTC as Buy (1) -

Citi remains positive on WiseTech Global, noting  March quarter freight forwarder results from DSV, DHL, and Kuehne & Nagel show stable volumes, suggesting limited macroeconomic risk to the company's FY25 performance.

Customers have reaffirmed guidance, and while Citi acknowledges downside risk to FY26 revenue growth due to global freight headwinds, this is partly offset by operating leverage, with the WiseTech headcount only up 4% year-on-year.

No changes have been made to FY25 or FY26 forecasts.

Citi details freight volume growth for the March quarter slowed, sea freight up 3%, air freight up 4% from 2H 2024 as tariff-related pull-forward activity eased.

The broker believes customers will remain sticky, with DSV’s acquisition of DB Schenker not expected to affect CargoWise adoption.

Citi views DSV's value-added service strategy as positive for uptake of CargoWise’s Global Customs and Advanced Order Manager modules.

Buy rated with a $115 target price.

Target price is $115.00 Current Price is $88.52 Difference: $26.48
If WTC meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners rates WZR as Buy (1) -

Shaw and Partners observes Wisr upgraded FY25 loan origination guidance to 90% growth from 75% after delivering 115% year-on-year growth in the March quarter to $111m.

The broker lifts FY26 cash net profit after tax forecast to $1.0m from a -$1.3m loss and raises the target price to 6.7c from 6.0c. Wisr’s share in a $60bn personal and vehicle loan market remains less than 1%, highlighting growth potential.

In the 3Q automation efficiencies improved, and as per commentary, with 79% of loans approved via its decision engine and portfolio yield rose to 11.25%, NIM increased to 5.6%, and credit quality remained strong with net losses at 2.0%.

The broker notes funding capacity of $98m (warehouses), $15m (corporate), and $22.5m cash supports growth.

Buy/High risk rating maintained. 

Target price is $0.07 Current Price is $0.03 Difference: $0.039
If WZR meets the Shaw and Partners target it will return approximately 139% (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