Australian Broker Call

Citi rates 360 as Buy (1) -

At the upcoming Life360 1Q result, Citi points to the key factor as the extent of the slowdown in MAU (monthly average users) growth, with app data from Sensor Tower inferring a slowdown, albeit March showed an improvement after two months of declines.

The analyst is forecasting 18% y/y growth in MAU to 98m, which is in line with consensus. US MAU is forecast to lift 15% to 52m, a slight softening from 4Q2025 at 16% y/y growth.

While international MAU is flagged to slow to 46m, up 21% y/y against 4Q2025 at 26% growth. Net adds for the US are estimated at 1.7m, down from 1.8m in the prior quarter, and international 1.2m net adds versus 2.4m in the December quarter.

Buy rating retained. Target tweaked to $32.10 from $32.20.

Target price is $32.10 Current Price is $21.66 Difference: $10.44
If 360 meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $31.71, suggesting upside of 57.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates AMA as Buy (1) -

Bell Potter expects a "good" third quarter update from AMA Group later this month.

There is no change to forecasts and the broker envisages little downside risk to expectations for $17.6m in normalised EBITDA, pre-AASB9 16, although does envisage some risk to the fourth quarter forecast of $23.9m if the war in the Gulf continues and fuel prices remain elevated.

Buy rating retained. Target is reduced to $1.20 from $1.25.

Target price is $1.20 Current Price is $0.53 Difference: $0.675
If AMA meets the Bell Potter target it will return approximately 129% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates ART as Underweight (5) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The Underweight rating for Airtasker is maintained. Target is reduced to 20c from 23c. Industry View: Attractive.

Target price is $0.20 Current Price is $0.23 Difference: minus $0.025 (current price is over target).
If ART meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates ASX as Neutral (3) -

ASX delivered near-record trading volumes in March, Citi highlights, with cash equities posting the second-highest month on record and futures reaching a new peak.

Strong activity supports earnings upgrades, with the analysts lifting FY26 forecasts by 3% and FY27–28 by 1%, albeit with expectations for moderating volumes ahead.

While core operations are performing well and valuation appears reasonable, the broker believes uncertainty remains around CEO succession, the cost outlook, and future investment commitments.

Citi retains a Neutral rating and lifts its target price to $56.80 from $55.50.

Target price is $56.80 Current Price is $53.88 Difference: $2.92
If ASX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $56.38, suggesting upside of 4.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates BEN as Neutral (3) -

UBS views Bendigo & Adelaide Bank's 3Q26 trading update as robust, with cash net profit after tax beating expectations by 4% and 12% above consensus. The net interest margin rose 6bps q/q.

Cash net profit after tax was 7.6% above the 1H26 quarterly average and inferred a run rate of around $108m in cash net profit after tax to achieve consensus forecasts, which is seen as achievable.

Management also announced two new strategic partnerships, UBS details, with Infosys and Genpact, which are considered positive for regional operators like Bendigo to improve technology to offset headwinds from a lack of scale relative to the Big Four.

A Neutral rating and $10.95 target are retained.

Target price is $10.95 Current Price is $10.46 Difference: $0.49
If BEN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.67, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Morgan Stanley rates CAR as Overweight (1) -

Post a US trip including the Morgan Stanley TMT Conference and insights gleaned from leading US and global software and internet companies, as well as "disruptive" AI platforms, Morgan Stanley believes it is prudent and apposite to adjust long term earnings forecasts for the TMT sector.

The analyst stresses it is not all "negative" and has identified some new and large opportunities for Australian software and internet companies if they are able to use the transformative AI coding models to accelerate their own new product development.

Investors are likely to focus on which companies have "durable moats", can pivot R&D spending the quickest, and management teams that appreciate the urgency.

Morgan Stanley views a "dominant audience and trusted brand" as imperatives for digital marketplaces and sees Seek, Car Group and REA Group ((REA)) as well positioned, and the highest Overweight convictions are in internet marketplaces and pure software.

Target price is lowered to $32 from $38 for Car Group. Overweight retained. Industry View: Attractive. EPS forecasts are tweaked lower.

Target price is $32.00 Current Price is $24.66 Difference: $7.34
If CAR meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $35.68, suggesting upside of 52.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates CAT as Overweight (1) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The target for Catapult Sports is reduced to $5.00 from $6.50. Overweight rating is maintained. Industry View: Attractive.

Target price is $5.00 Current Price is $3.48 Difference: $1.52
If CAT meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting upside of 67.9% (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: 1.0

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

Bell Potter rates CGS as Buy (1) -

Cogstate has reported new third quarter contract sales of $25.4m, ahead of each of the two prior quarters and lifting sales for the year to date to $67.1m.

Bell Potter suspects sales momentum has benefited from diversifying beyond Alzheimer's indications and increased opportunities through channel partners.

Another item that stood out for the broker was FY27 contracted revenue, currently at $35.6m. Revenue estimates are increased for FY27 and FY28 by 3% and 5%, respectively. A Buy rating is maintained. Target is lifted to $3.20 from $2.90.

Target price is $3.20 Current Price is $2.40 Difference: $0.8
If CGS meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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 CHC as Buy (1) -

Charter Hall has announced a $1.2bn property mandate, which Citi assesses, at first glance, is positive support for earnings growth. The details are confidential.

The broker points out the stock is down -20% in the year to date and has underperformed the A-REIT index by -7%, largely amid concerns about higher bond yields and what it means for valuation and fund flows.

A Buy rating is retained as Citi does not expect a significant repricing of assets, and the sell down already reflects any potential downside for the short term. Target is $26.40.

Target price is $26.40 Current Price is $19.47 Difference: $6.93
If CHC meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $24.89, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CSL as Hold (3) -

Bell Potter agrees with CSL's assessment that the majority of its products are unlikely to be affected by the recently-announced US pharmaceutical tariff.

Plasma-derived therapies, which provide 63% of its revenue appear to be explicitly excluded, and the company's flu vaccine sales in the US are largely from its UK manufacturing facilities, where a 10% tariff is in place.

The broker suggests the threats of tariffs are employed to increase US sovereign drug manufacturing and would not be surprised if CSL enters an official pricing/onshoring agreement.

Bell Potter incorporates the $100m upfront payment received from Eli Lilly related to the clazakizumab deal announced after the first half result and retains a Hold rating. Target is reduced to $155 from $175.

Target price is $155.00 Current Price is $142.18 Difference: $12.82
If CSL meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $202.91, suggesting upside of 44.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

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

Morgans initiates coverage of Deterra Royalties with a Buy rating and $4.85 target price, offering investors exposure to tier-1 iron ore via its 1.232% gross revenue royalty over BHP Group's ((BHP)) Mining Area C (MAC), with an earnings (EBITDA) margin of 93%.

The analyst emphasises MAC is 145mtpa nameplate with a 45-year plus mine life, and Deterra remains profitable even with iron ore below US$50/t.

While the Trident acquisition added Thacker Pass, a 1.05% gross revenue royalty over what is described as a global lithium deposit backed by General Motors.

Deterra trades at a -32% to -46% discount to global royalty peers, Franco-Nevada and Wheaton, which Morgans views as "excessive".

Target price is $4.85 Current Price is $4.17 Difference: $0.68
If DRR meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.57, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates EBR as Buy (1) -

Bell Potter highlights strong preliminary 1Q26 metrics released today by EBR Systems, with implants of 41 more than doubling quarter-on-quarter. Revenue also more than doubled to US$2.3m.

At first glance the broker feels growth was supported by increased hospital contracts, physician training, and improving utilisation of the WiSE leadless cardiac pacing system.

Average selling prices rose around 10% to US$56,098, exceeding the analyst's expectations, while adoption trends remain positive across both volume and usage.

With further sales team expansion expected to support growth from 2Q26, Bell Potter sees continued momentum building investor confidence.

Buy rating. Target of $2.00.

Target price is $2.00 Current Price is $0.62 Difference: $1.385
If EBR meets the Bell Potter target it will return approximately 225% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates GGP as Buy (1) -

Greatland Resources’ March quarter production of 83koz exceeded the consensus forecast by 9%. The outperformance was driven by grade and throughput rather than additional stockpile processing, Citi explains.

Management now expects FY26 production to be around or slightly above the 260koz–310koz guidance range, versus prior expectations for the upper end. The broker maintains its 319koz forecast.

Cash of $1.21bn at December quarter end also exceeded the analyst's expectation, with the March quarter adding around $3,143/oz to the balance sheet.

Target $16. Buy.

Target price is $16.00 Current Price is $15.23 Difference: $0.77
If GGP meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 11.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates GGP as Buy (1) -

Greatland Resources has flagged March quarter gold and copper production that was ahead of Ord Minnett's estimates, largely attributed to greater throughput and good recovery rates at the mill.

No quantitative upgrade to FY26 production was made although the company did indicate full year gold output would be "around, or slightly above". The broker raises gold production estimates to 315,000 ounces for FY26, slightly ahead of the guidance range of 260-310,000 ounces.

A fall in output is expected in the June quarter as higher grade stockpiles are diminished and production moves to lower quality ore. Ord Minnett reiterates a Buy rating and maintains a $19 target.

Target price is $19.00 Current Price is $15.23 Difference: $3.77
If GGP meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 11.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates GLF as Buy (1) -

Citi expects housing market headwinds to emerge following a revised forecast for 100bps of cash rate hikes in 2026, alongside potential tax changes, which may weigh on investor demand.

Rising construction costs are also expected to pressure developer margins, particularly from FY27. While strong migration and supply shortages should support pricing, national house prices are seen as experiencing modest declines.

Citi downgrades ratings for residential developers Stockland and Mirvac Group to Neutral, citing limited near-term catalysts despite recent share price weakness.

The broker prefers land lease exposure, retaining Buy ratings on Gemlife Communities and Ingenia Communitie, but downgrades Lifestyle Communities to Neutral from Buy.

The target for Gemlife Communities falls to $5.25 from $6.10.

Target price is $5.25 Current Price is $4.38 Difference: $0.87
If GLF meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting upside of 33.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates GMG as Hold (3) -

Goodman Group has introduced American group DataBank as a 50:50 joint venture partner in the $1.2bn 32MW LAX01 development in Los Angeles.

DataBank has over 70 sites across more than 25 US cities along with first refusal rights over the company's planned LAX02 and LAX03 developments.

Ord Minnnett considers the win a good deal that will allow Goodman Group to realise around $230m in development earnings in the second half of FY26. It also introduces DataBank's valuable intellectual property to its data centre business.

The main negative, the broker assesses, is that LAX01 is not leased although the company is currently in negotiations for around 10MW of installed capacity. Hold rating and $29.15 target maintained.

Target price is $29.15 Current Price is $28.10 Difference: $1.05
If GMG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.53, suggesting upside of 24.1% (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

Morgans rates GYG as Buy (1) -

Morgans joins other brokers in acknowledging the robust 3Q26 trading update from Guzman y Gomez, with an acceleration in Australian comp sales growth for the period, which reinforces the view management is executing well against a challenging macro backdrop.

Australian comp sales rose 6.6% y/y from 4.8% y/y in 2Q26 and beat the analyst's 2H26 forecast of 4.6% growth and consensus at 5.1%. The result is notable for the strength given last year's comp of 11.1% growth for 3Q25.

Notably, the 2-year stack is accelerating to 17.7% growth from 15%, which offers confidence the business momentum is improving.

Earnings forecasts are upgraded slightly, with Morgans retaining an earnings (EBITDA) margin of 6.2% at the upper end of management's guidance range for FY26, which was reiterated.

Buy rating maintained. Target price lifts to $26.70 from $24.

Target price is $26.70 Current Price is $20.25 Difference: $6.45
If GYG meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $25.01, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The Equal-weight rating for hipages Group is maintained. Target is reduced to 78c from $1.00. Industry View: Attractive.

Target price is $0.78 Current Price is $0.74 Difference: $0.045
If HPG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates HUB as Buy (1) -

Citi expects market weakness to weigh on 3Q funds under administration (FUA) for Australian brokers and asset managers, though a rebound in April supports unchanged full-year forecasts.

Higher trading activity may also support revenue margins, the analyst explains.

The broker sees upside risk to Hub24's FY26 earnings margins, with hiring activity remaining consistent.

Citi retains a Buy rating for Hub24 and lowers its target price by -2% to $104.70, reflecting weaker peer multiples.

Target price is $104.70 Current Price is $91.00 Difference: $13.7
If HUB meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $109.69, suggesting upside of 25.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates IFT as Buy (1) -

Infratil reported a 3.5% like-for-like increase in data cenre operator CDC’s valuation for the March quarter, reflecting continued portfolio growth, Citi  explains. Including a $500m equity injection, total valuation rose by more than 7%.

Given CDC represents around 40% of Infratil’s portfolio, the uplift supports ongoing net asset value (NAV) per share growth, the analysts suggest.

Despite this, the stock continues to trade at an approximate -30% discount to NAV, implying to the broker further upside.

Citi retains a Buy rating and $12.34 target.

Target price is $12.34 Current Price is $9.82 Difference: $2.52
If IFT meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.82, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates INA as Buy (1) -

Citi expects housing market headwinds to emerge following a revised forecast for 100bps of cash rate hikes in 2026, alongside potential tax changes, which may weigh on investor demand.

Rising construction costs are also expected to pressure developer margins, particularly from FY27. While strong migration and supply shortages should support pricing, national house prices are seen as experiencing modest declines.

Citi downgrades ratings for residential developers Stockland and Mirvac Group to Neutral, citing limited near-term catalysts despite recent share price weakness.

The broker prefers land lease exposure, retaining Buy ratings on Gemlife Communities and Ingenia Communitie, but downgrades Lifestyle Communities to Neutral from Buy.

The target for Ingenia Communities falls to $5.00 from $6.10.

Target price is $5.00 Current Price is $4.06 Difference: $0.94
If INA meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.87, suggesting upside of 19.9% (ex-dividends)

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 LIC as Downgrade to Neutral from Buy (3) -

Citi expects housing market headwinds to emerge following a revised forecast for 100bps of cash rate hikes in 2026, alongside potential tax changes, which may weigh on investor demand.

Rising construction costs are also expected to pressure developer margins, particularly from FY27. While strong migration and supply shortages should support pricing, national house prices are seen as experiencing modest declines.

Citi downgrades ratings for residential developers Stockland and Mirvac Group to Neutral, citing limited near-term catalysts despite recent share price weakness.

The broker prefers land lease exposure, retaining Buy ratings on Gemlife Communities and Ingenia Communitie, but downgrades Lifestyle Communities to Neutral from Buy.

The target for Lifestyle Communities falls to $5.10 from $5.60.

Target price is $5.10 Current Price is $4.82 Difference: $0.28
If LIC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 19.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates MFG as Buy (1) -

Magellan Financial's March quarter FUM was down -6% due to a mix of outflows across most funds and adverse market movements, Morgans explains.

Net outflows of -$1bn were split between retail, down -$0.5bn, and institutional, down -$0.5bn, with market movements of -$1.4bn also weighing on FUM.

The merger with Barrenjoey is viewed as "reinvigorating" the Magellan story.

EPS forecasts are lowered by -1% for FY26 and -8% for FY27 due to weaker FUM assumptions. Target price slips to $11.99 from $12.43. Buy rating maintained.

Target price is $11.99 Current Price is $9.95 Difference: $2.04
If MFG meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Citi expects housing market headwinds to emerge following a revised forecast for 100bps of cash rate hikes in 2026, alongside potential tax changes, which may weigh on investor demand.

Rising construction costs are also expected to pressure developer margins, particularly from FY27. While strong migration and supply shortages should support pricing, national house prices are seen as experiencing modest declines.

Citi downgrades ratings for residential developers Stockland and Mirvac Group to Neutral, citing limited near-term catalysts despite recent share price weakness.

The broker prefers land lease exposure, retaining Buy ratings on Gemlife Communities and Ingenia Communitie, but downgrades Lifestyle Communities to Neutral from Buy.

The target for Mirvac Group falls to $1.84 from $2.50.

Target price is $2.50 Current Price is $1.77 Difference: $0.735
If MGR meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 30.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates MP1 as Equal-weight (3) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The Equal-weight rating for Megaport is maintained. Target is reduced to $9.00 from $10.00. Industry View: Attractive.

Target price is $9.00 Current Price is $7.43 Difference: $1.57
If MP1 meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $15.73, suggesting upside of 129.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Morgans initiates coverage of Many Peaks Minerals with a Speculative Buy rating and $1.92 target price.

Many Peaks is exploring the Ferke Gold Project in Cote d'Ivoire, and the analyst's mining assumption is an initial 7.5 year operation, producing around 110kozpa at an AISC of circa $2,525/oz. There is scope for expansion due to the underground and regional positioning.

A maiden Mineral Resource Estimate stands at 1Moz, which is due in 2Q2026 and is expected to proceed into the pre-feasibility study. Work has already started.

The broker sees Cote d'Ivoire as a preferred African mining area due to the stable mining code and favourable geopolitics.

Target price is $1.92 Current Price is $0.98 Difference: $0.94
If MPK meets the Morgans target it will return approximately 96% (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 NWL as Buy (1) -

Citi expects market weakness to weigh on 3Q funds under administration (FUA) for Australian brokers and asset managers, though a rebound in April supports unchanged full-year forecasts.

Higher trading activity may also support revenue margins, the analyst explains.

The broker assumes Netwealth Group's earnings margin is down -30bps year-on-year in FY27 given elevated hiring activity.

Citi retains a Buy rating and lowers its target price by -7% to $27, reflecting weaker peer multiples.

Target price is $27.00 Current Price is $24.00 Difference: $3
If NWL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $29.24, suggesting upside of 29.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates NXL as Overweight (1) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The Overweight rating for Nuix is maintained. Target is reduced to $2.50 from $3.75. Industry View: Attractive.

Target price is $2.50 Current Price is $1.33 Difference: $1.17
If NXL meets the Morgan Stanley target it will return approximately 88% (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 ORA as Neutral (3) -

Citi retains a Neutral rating and $2.30 target on Orora, observing the Middle East conflict is expected to have an impact, including slowing demand and a likely pause to the share buyback.

FY26 underlying earnings (EBIT) for Saverglass are expected to be EUR63m to EUR68m versus the "broadly in line" guidance of EUR79.2m.

At the midpoint, the guidance downgrade is around -8% on consensus forecasts, the analyst highlights, against the decline in the share price of circa -7% since the start of the war.

Management is pointing to a weaker mix in 2H26, with demand the main factor underpinning the guidance change.

The expected cash impact to inventories is noted at $50m-plus.

Target price is $2.30 Current Price is $1.98 Difference: $0.325
If ORA meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 41.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates PME as Overweight (1) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

Overweight rating for Pro Medicus is maintained. Target is reduced to $200 from $275. Industry View: Attractive.

Target price is $200.00 Current Price is $132.08 Difference: $67.92
If PME meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $237.33, suggesting upside of 86.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates PXA as Overweight (1) -

Post a US trip including the Morgan Stanley TMT Conference and insights gleaned from leading US and global software and internet companies, as well as "disruptive" AI platforms, Morgan Stanley believes it is prudent and apposite to adjust long term earnings forecasts for the TMT sector.

The analyst stresses it is not all "negative" and has identified some new and large opportunities for Australian software and internet companies if they are able to use the transformative AI coding models to accelerate their own new product development.

Investors are likely to focus on which companies have "durable moats", can pivot R&D spending the quickest, and management teams that appreciate the urgency.

Morgan Stanley views a "dominant audience and trusted brand" as imperatives for digital marketplaces and sees Seek ((SEK)), CAR Group ((CAR)) and REA Group ((REA)) as well positioned, and the highest Overweight convictions are in internet marketplaces and pure software.

Pexa Group's target price is lowered to $15.50 from $17.50. Overweight retained. Industry View: Attractive.  EPS forecasts are lowered by -4.8% and -8.1% for FY26/FY27.

Target price is $15.50 Current Price is $12.39 Difference: $3.11
If PXA meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $15.97, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley asserts QBE Insurance is positioned to capture the opportunity in data centre premiums.

Global data centre capacity is expected to expand at 22% compound through to 2030. The broker calculates QBE could generate around US$1bn in new data centre premiums by 2030.

The insurer's leading business, Lloyds, has specialty expertise which positions it to capture this growth, Morgan Stanley adds.

Forecast is for 6% gross written premium growth in FY27-28. Overweight maintained. Target is $25.65. Industry View: In-Line.

Target price is $25.65 Current Price is $22.21 Difference: $3.44
If QBE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $24.76, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates REA as Overweight (1) -

Post a US trip including the Morgan Stanley TMT Conference and insights gleaned from leading US and global software and internet companies, as well as "disruptive" AI platforms, Morgan Stanley believes it is prudent and apposite to adjust long term earnings forecasts for the TMT sector.

The analyst stresses it is not all "negative" and has identified some new and large opportunities for Australian software and internet companies if they are able to use the transformative AI coding models to accelerate their own new product development.

Investors are likely to focus on which companies have "durable moats", can pivot R&D spending the quickest, and management teams that appreciate the urgency.

Morgan Stanley views a "dominant audience and trusted brand" as imperatives for digital marketplaces and sees Seek ((SEK)), CAR Group ((CAR)) and REA Group as well positioned, and the highest Overweight convictions are in internet marketplaces and pure software.

Target price is lowered to $230 from $250 for REA. Overweight retained. Industry View: Attractive. 

Target price is $230.00 Current Price is $165.08 Difference: $64.92
If REA meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $216.27, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates RMD as Buy (1) -

Citi expects ResMed to deliver strong 3Q growth on May 1, forecasting revenue of US$1.44bn and core EPS of US$2.85, up 20% year-on-year. Gross margin expansion of around 250bps is expected, broadly in line with consensus.

The broker has marginally reduced its gross margin forecast, citing potential cost pressures from the current geopolitical environment despite improved supply chain management since covid.

While this is expected to be the strongest growth quarter in the near term, Citi cautions any earnings miss could be punished, particularly given recent sector weakness.

Citi retains a Buy rating and target of $50.

Target price is $50.00 Current Price is $33.01 Difference: $16.99
If RMD meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $47.23, suggesting upside of 44.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates SEK as Overweight (1) -

Post a US trip including the Morgan Stanley TMT Conference and insights gleaned from leading US and global software and internet companies, as well as "disruptive" AI platforms, Morgan Stanley believes it is prudent and apposite to adjust long term earnings forecasts for the TMT sector.

The analyst stresses it is not all "negative" and has identified some new and large opportunities for Australian software and internet companies if they are able to use the transformative AI coding models to accelerate their own new product development.

Investors are likely to focus on which companies have "durable moats", can pivot R&D spending the quickest, and management teams that appreciate the urgency.

Morgan Stanley views a "dominant audience and trusted brand" as imperatives for digital marketplaces and sees Seek, CAR Group ((CAR)) and REA Group ((REA)) as well positioned, and the highest Overweight convictions are in internet marketplaces and pure software.

Target price is lowered to $21 from $28 for Seek. Overweight retained. Industry View: Attractive. EPS forecasts are lowered by -3.9% for FY26 and -4.8% for FY27.

Target price is $21.00 Current Price is $15.25 Difference: $5.75
If SEK meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $23.53, suggesting upside of 58.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Citi expects housing market headwinds to emerge following a revised forecast for 100bps of cash rate hikes in 2026, alongside potential tax changes, which may weigh on investor demand.

Rising construction costs are also expected to pressure developer margins, particularly from FY27. While strong migration and supply shortages should support pricing, national house prices are seen as experiencing modest declines.

Citi downgrades ratings for residential developers Stockland and Mirvac Group to Neutral, citing limited near-term catalysts despite recent share price weakness.

The broker prefers land lease exposure, retaining Buy ratings on Gemlife Communities and Ingenia Communitie, but downgrades Lifestyle Communities to Neutral from Buy.

The target for Stockland falls to $4.30 from $6.40.

Target price is $4.30 Current Price is $4.04 Difference: $0.26
If SGP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.01, suggesting upside of 23.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates TCL as Buy (1) -

Transurban Group has updated by March quarter traffic, up 3% and driven by the opening of new roads such as the Westgate tunnel and the Northern Extension in Virginia. At first glance, Citi assesses this reflects the resilience of traffic in the network despite higher fuel prices.

While Sydney traffic was weaker during the quarter other markets more than offset this, with Melbourne up 3.8% and Brisbane 5.2%. North America was exceptionally strong, up 7.9%.

The broker points out that, while overall traffic growth was healthy for the quarter, the trends in Sydney and Melbourne, in March in particular, could indicate some risk to the outlook if fuel prices remain high.

The offset is the benefit from CPI-linked toll increases which provides defensive exposure. Buy rating and $16.10 target.

Target price is $16.10 Current Price is $13.90 Difference: $2.2
If TCL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 3.3% (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

Morgan Stanley rates TNE as Overweight (1) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The target for TechnologyOne is reduced to $32 from $34. Industry View: Attractive.

Target price is $32.00 Current Price is $29.43 Difference: $2.57
If TNE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.29, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates TYR as Underweight (5) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The Underweight rating for Tyro Payments is maintained. Target is reduced to 70c from 90c. Industry View: Attractive.

Target price is $0.70 Current Price is $0.80 Difference: minus $0.095 (current price is over target).
If TYR meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.06, suggesting upside of 35.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates WTC as Overweight (1) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The target for WiseTech Global is reduced to $70 from $100. Industry View: Attractive.

Target price is $70.00 Current Price is $43.35 Difference: $26.65
If WTC meets the Morgan Stanley target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $82.49, suggesting upside of 113.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates XRO as Overweight (1) -

Morgan Stanley has lowered price targets by around -20% on average across its Australian software and internet coverage. Near-term EPS estimate cuts are relatively modest but more meaningful over the longer-term.

Changes reflect the rapid impact of AI models and coding tools in compressing development timelines for competing software, the analysts explain.

Commentary notes all is not lost, with new opportunities emerging through additional products and revenue streams. However, it's noted companies will need to pivot and accelerate AI adoption to capture this potential.

Further, recent share price sell-offs are seen as largely indiscriminate and fail to reflect the relative competitive positioning of individual  software and internet stocks.

The broker's highest conviction Overweight positions within the sector are the internet marketplaces REA Group and CAR Group, alongside software names WiseTech Global, Xero and TechnologyOne.

Among smaller software names, Hansen Technologies and Catapult Sports are preferred. 

The target for Xero is reduced to $130 from $225. Industry View: Attractive.

Target price is $130.00 Current Price is $80.28 Difference: $49.72
If XRO meets the Morgan Stanley target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $162.27, suggesting upside of 121.0% (ex-dividends)

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: 0.9

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

UBS rates ZIP as Buy (1) -

UBS expects third quarter results will reflect a seasonally weaker period when Zip Co reports its third quarter on April 17. Over the second half the broker envisages slightly lower growth in Australia and the US, along with incremental pressure on bad debts as economic uncertainty builds.

UBS suspects the business is likely to offset macro impacts with a pullback in expenditure temporarily. FY26-FY28 portfolio income and cash EBTDA estimates are cut by around -5% and -8%, respectively.

Despite this, a Buy rating is reiterated as the current share price appears to assume a more challenging macro backdrop. Target is reduced to $2.85 from $4.50.

Target price is $2.85 Current Price is $2.00 Difference: $0.855
If ZIP meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 77.4% (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