Australian Broker Call

Bell Potter rates A2M as Hold (3) -

The trading update from a2 Milk Co has highlighted supply chain issues that have constrained sales. Significantly, elevated costs are affecting margins.

Guidance has been downgraded with revenue growth now expected in the low-mid double digits from mid-double digits. FY26 EBITDA margins are reduced to 14-14.5% from 15.5-16%. Net profit is expected to be flat or retreating slightly versus prior expectations for growth.

Bell Potter considers some of the issues are likely to be temporary, such as elevated airfreight, but may persist into the first quarter of FY27 as inventory levels in the market are restored. Of most concern is the deterioration in margin expectations.

Hold rating. Target is reduced to $8.35 from $9.55.

Target price is $8.35 Current Price is $8.04 Difference: $0.31
If A2M meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Citi rates A2M as Downgrade to Neutral from Buy (3) -

Citi elects to downgrade its rating for a2 Milk Co to Neutral from Buy following yesterday's update on product supply constraints, resulting in lost sales and higher costs. The broker's target falls to $8.40 from $10.55.

These issues may extend into FY27 and could result in customer loss, the analyst suggests, making earnings recovery uncertain.

A summary of the broker's research yesterday follows.

In a flash update, Citi emphasises a2 Milk Co's update is disappointing, with the company seemingly not capitalising on supply shortages affecting Genesis, as well as supply issues at Synlait, which were previously flagged by the broker.

a2 Milk should have been able to take market share from other international companies that have experienced recalls, which may be ongoing.

Any share price weakness off the back of the supply constraints announcement is considered by Citi as a buying opportunity, as the challenges are viewed as temporary and demand continues to remain robust.

Consensus earnings (EBIT) forecasts are expected to fall in the mid-teens post the announcement.

Target price is $8.40 Current Price is $8.04 Difference: $0.36
If A2M meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Macquarie rates A2M as Outperform (1) -

Macquarie notes a2 Milk Co downgraded its FY26 sales growth guidance by -2 to -3 percentage points at the midpoint, with an earnings (EBITDA) margin around 12%, which leads to a downgrade in earnings (EBITDA) outlook by circa -12%, noting robust demand and supply issues.

Strong demand over 3Q26 coincided with management trying to rebuild inventory from freight and customs disruptions, the analyst notes, which has resulted in the company moving to more expensive air freight over the period.

With Synlait Milk ((SM1)) production returning to target levels, stock is ready to be shipped, which should support a catch-up in safety stock, albeit using air freight.

Macquarie sees this as a "perfect storm" of strong demand when a2 Milk did not have sufficient safety stock. EPS forecasts are lowered by -11% for FY26 and -2% for FY27.

Target price slips to $9.30 from $9.60. No change to Outperform rating.

Target price is $9.30 Current Price is $8.04 Difference: $1.26
If A2M meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Morgans rates A2M as Upgrade to Accumulate from Hold (2) -

Morgans upgrades a2 Milk Co to Accumulate from Hold on a lower target of $8.70 from $9.50, highlighting the FY26 earnings guidance downgrade reflects supply chain disruption, higher freight costs, and product release delays rather than demand weakness.

Management highlighted robust sales momentum and market share gains.

Revenue guidance has been trimmed to low to mid double-digit growth, while earnings (EBITDA) margin guidance falls to 14.0–14.5% from 15.5–16.0%, a downgrade of around -150bp, with net profit after tax now expected to be flat or down on the prior year.

Cash conversion is reduced to circa 50% from around 80% due to a deferral in cash receipts into FY27, with later timing of infant formula sales into 4Q26.

Morgans'  net profit after tax forecasts fall by -11.5% for FY26 and around -8% for FY27–FY28. Higher freight costs are expected to persist into FY27, although earnings growth is still forecast to recover as supply normalises and new products launch.

Target price is $8.70 Current Price is $8.04 Difference: $0.66
If A2M meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Ord Minnett rates AAI as Hold (3) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The broker believes base metals will regain an upward trend if a ceasefire holds and oil and LNG start to flow again, thus tempering the inflation impact from the energy shock. Bulk commodities such as iron ore and coal have less appeal than base metals.

Aluminium prices should also be supported by supply disruptions because of damage to smelters in the Middle East.

Alcoa retains a Hold rating with the target lifted to $107 from $103.

Target price is $107.00 Current Price is $102.87 Difference: $4.13
If AAI meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

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

Market Sentiment: 0.0

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

Citi rates ANZ as Buy (1) -

Citi notes the outlook for Australian banks is becoming more stagflationary, with forecasts for higher interest rates alongside weaker growth and elevated inflation.

While potential additional rate hikes provide modest support to margins, this is expected to be offset by slower credit growth and rising credit costs.

The broker cautions that, despite recent market resilience, persistent inflation pressures may weigh on bank fundamentals and limit earnings upside.

Regarding results on May 1, Citi expects ANZ Bank's 1H26 cash profit of $3.8bn will be broadly in line with consensus, with a modest beat driven by operating costs skewing to the second half as investment spending ramps up.

Buy. Target $40.30.

This research was released by Citi on April 13.

Target price is $40.30 Current Price is $38.84 Difference: $1.46
If ANZ meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $35.96, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Bell Potter rates AV1 as Buy (1) -

Adveritas is expected to deliver another "solid" quarter although Bell Potter envisages some potential impacts from contract delays because of macro uncertainty and/or unfavourable currency movements.

Forecasts are maintained as the broker awaits the release of the quarterly before reassessing. Bell Potter forecasts cash receipts of $3m that would be broadly consistent with the second quarter and a double the first quarter. Buy rating and $0.20 target maintained.

Target price is $0.20 Current Price is $0.10 Difference: $0.103
If AV1 meets the Bell Potter target it will return approximately 106% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BET as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Betmakers Technology retains a Buy rating with a lower target of 24c from 26c.

Target price is $0.24 Current Price is $0.19 Difference: $0.055
If BET meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates BHP as Neutral (3) -

Citi expects a modest start to 1Q2026 production across miners, with iron ore output softer due to seasonal declines in Australian shipments at BHP Group and Rio Tinto.

Copper production is expected to recover over the year but remain flat sequentially in 1Q due to lower grades and maintenance, with growth weighted to 2H2026.

Overall the broker views unit costs as resilient, supported by higher by-product credits, while gold and silver production at Fresnillo is expected to be flat. Following updates to commodity price assumptions, target price for BHP is lifted to $54 from $53.

No change to Neutral rating.

Target price is $54.00 Current Price is $54.35 Difference: minus $0.35 (current price is over target).
If BHP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.63, suggesting downside of -4.5% (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: 0.3

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

Morgans rates BMC as Speculative Buy (1) -

Morgans highlights BMC Minerals has received a positive Decision Document from the Yukon Government for the ABM deposit at the Kudz Ze Kayah project, marking a key de-risking milestone and resolving a major development bottleneck.

The decision introduces ten permit conditions, which are not expected to materially impact project economics, with remaining approvals including the Quartz Mining License and Water License expected within 12–18 months ahead of a targeted final investment decision in late 2027.

The broker lifts its long-term gold price to US$4,000/oz and increases the assumed US$200m equity funding multiple to 0.7x NAV from 0.6x, reducing expected dilution.

Speculative Buy retained, with the target price raised to $5.70 from $4.90.

Target price is $5.70 Current Price is $2.78 Difference: $2.92
If BMC meets the Morgans target it will return approximately 105% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BMN as Hold (3) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

Uranium should also benefit from a desire for energy security and the broker lifts price forecasts by 3-9% over 2026-28.

Bannerman Energy's Hold rating is maintained with the target slipping to $4.05 from $4.70.

Target price is $4.05 Current Price is $3.73 Difference: $0.32
If BMN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Ord Minnett rates BPT as Hold (3) -

Ord Minnett has reviewed its energy sector coverage with a particular focus on the portfolio split between LNG and oil, and skew of the LNG production between the spot market and contracted supply, given damage to infrastructure in Qatar, the world's largest LNG producer, that may take some time to be rectified.

No changes are made to forecasts for Beach Energy. Hold rating and $1.22 target maintained.

Target price is $1.22 Current Price is $1.26 Difference: minus $0.04 (current price is over target).
If BPT meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Citi rates CBA as Sell (5) -

Citi notes the outlook for Australian banks is becoming more stagflationary, with forecasts for higher interest rates alongside weaker growth and elevated inflation.

While potential additional rate hikes provide modest support to margins, this is expected to be offset by slower credit growth and rising credit costs.

The broker cautions that, despite recent market resilience, persistent inflation pressures may weigh on bank fundamentals and limit earnings upside.

For CommBank's upcoming 3Q trading update, Citi forecasts the CET1 ratio will decline to 11.75% in 3Q26 from 12.25% in 1H26, primarily reflecting dividend payments and higher IRRBB-related risk-weighted assets.

The broker’s 2H26 cash earnings estimate is broadly in line with consensus.

Sell. Target $140.

This research was released by Citi on April 13.

Target price is $140.00 Current Price is $183.20 Difference: minus $43.2 (current price is over target).
If CBA meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.58, suggesting downside of -30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Ord Minnett rates COS as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Cosol retains a Buy rating with a lower target of 31c from 32c.

Target price is $0.31 Current Price is $0.22 Difference: $0.095
If COS meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates CSC as Buy (1) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The broker believes base metals will regain an upward trend if a ceasefire holds and oil and LNG start to flow again, thus tempering the inflation impact from the energy shock. Bulk commodities such as iron ore and coal have less appeal than base metals.

The broker downgrades silver and copper forecasts for 2026 by -21% and -6%, respectively, to incorporate spot pricing.

Capstone Copper's Buy rating is maintained and the target is lowered to $14.50 from $15.00.

Target price is $14.50 Current Price is $11.90 Difference: $2.6
If CSC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.68, suggesting upside of 23.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates CTM as Accumulate (2) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The broker believes base metals will regain an upward trend if a ceasefire holds and oil and LNG start to flow again, thus tempering the inflation impact from the energy shock. Bulk commodities such as iron ore and coal have less appeal than base metals.

The broker downgrades silver and copper forecasts for 2026 by -21% and -6%, respectively, to incorporate spot pricing.

Centaurus Metals' Accumulate rating and $0.60 target are maintained.

Target price is $0.60 Current Price is $0.58 Difference: $0.02
If CTM meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Market Sentiment: 0.8

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

Ord Minnett rates CXO as Downgrade to Hold from Buy (3) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The "biggest winners", in the broker's opinion, are medium-term lithium prices with the view that the cycle will stay stronger for longer.

Core Lithium is downgraded to Hold from Buy with the target steady at $0.30.

Target price is $0.30 Current Price is $0.29 Difference: $0.01
If CXO meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Ord Minnett rates DLI as Upgrade to Hold from Sell (3) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The "biggest winners", in the broker's opinion, are medium-term lithium prices with the view that the cycle will stay stronger for longer.

Delta Lithium is upgraded to Hold from Sell and the target rises to $0.24 from $0.21.

Target price is $0.24 Current Price is $0.21 Difference: $0.035
If DLI meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Ord Minnett rates DRR as Accumulate (2) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The broker believes base metals will regain an upward trend if a ceasefire holds and oil and LNG start to flow again, thus tempering the inflation impact from the energy shock. Bulk commodities such as iron ore and coal have less appeal than base metals.

Deterra Royalties has an Accumulate rating and the target is lowered to $4.30 from $4.70.

Target price is $4.30 Current Price is $4.12 Difference: $0.18
If DRR meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.51, suggesting upside of 7.1% (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

Ord Minnett rates DUG as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Dug Technology remains Hold rated with an unchanged $2.93 target price.

Target price is $2.93 Current Price is $1.98 Difference: $0.95
If DUG meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates DYL as Upgrade to Accumulate from Hold (2) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The "biggest winners", in the broker's opinion, are medium-term lithium prices with the view that the cycle will stay stronger for longer.

Uranium should also benefit from a desire for energy security and the broker lifts price forecasts by 3-9% over 2026-28. Deep Yellow is upgraded to Accumulate from Hold and the target is reduced to $2.05 from $2.30.

Target price is $2.05 Current Price is $1.77 Difference: $0.28
If DYL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting upside of 14.8% (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

Bell Potter rates EMV as Speculative Buy (1) -

EMVision Medical Devices ended the third quarter with positive operating cash flow of $900,000.

Bell Potter notes this led to a corresponding rise in the cash balance, also noting that AusIndustry has approved covering eligible expenditure under the Advanced Overseas Findings program.

2026 is expected to be a pivotal year for the company with successful completion of the current validation trial leading to potential clearance from the US FDA in 2027. Speculative Buy. Target unchanged at $3.15.

Target price is $3.15 Current Price is $1.53 Difference: $1.62
If EMV meets the Bell Potter target it will return approximately 106% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates EOL as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One, and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Energy One remains Buy rated with a lower target of $20.56 from $21.58.

Target price is $20.56 Current Price is $12.99 Difference: $7.57
If EOL meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates EVN as Buy (1) -

Evolution Mining is considered relatively well placed to deal with potential energy security issues. Bell Potter reviews forecasts for the company and incorporates the latest commodity price exchange rate forecasts into modelled assumptions.

Lower gold production is partially offset by higher copper production. All-in sustaining costs (AISC) are marginally higher overall. The net impact is a -14% reduction to FY26 earnings forecasts and a -5% reduction to the full year dividend forecast.

Target edges down to $16.60 from $16.70 and a Buy rating is maintained.

Target price is $16.60 Current Price is $13.22 Difference: $3.38
If EVN meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.51, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates FFM as Upgrade to Lighten from Sell (4) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The broker believes base metals will regain an upward trend if a ceasefire holds and oil and LNG start to flow again, thus tempering the inflation impact from the energy shock. Bulk commodities such as iron ore and coal have less appeal than base metals.

The broker downgrades silver and copper forecasts for 2026 by -21% and -6%, respectively, to incorporate spot pricing. FireFly Metals is upgraded to Lighten from Sell with a steady target of $1.90.

Target price is $1.90 Current Price is $2.02 Difference: minus $0.12 (current price is over target).
If FFM meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

Ord Minnett rates GL1 as Hold (3) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The "biggest winners", in the broker's opinion, are medium-term lithium prices with the view that the cycle will stay stronger for longer.

Hold rating maintained for Global Lithium Resources and the target is lifted to $0.75 from $0.65.

Target price is $0.75 Current Price is $0.53 Difference: $0.22
If GL1 meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Morgan Stanley rates GMG as Overweight (1) -

Morgan Stanley builds up a valuation scenario for Goodman Group whereby the company retreats to its industrial roots. The work is based on a "backstop" if the company's data centre strategy takes longer to execute than previously expected.

The stock could be valued at $18-$22 a share if it were industrials-only developer and ceased the roll-out of data centre projects.

On this basis, Morgan Stanley calculates the data centre venture is valued at 12-13x PE, a large discount versus established data centre operator/owners.  Overweight rating and $36.73 target. Industry View: In-Line.

Target price is $36.73 Current Price is $27.62 Difference: $9.11
If GMG meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $34.53, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates GQG as Neutral (3) -

GQG Partners announced net outflows of -US$1.2bn in March, an improvement on the outflow of -US$3.2bn in Feb and -US$4.1bn in Jan, and better than Macquarie's forecast at -US$2.2bn and consensus of -US$1.6bn).

FUM of US$162.5bn proved in line with expectations.

The broker notes outflows were driven by Emerging Markets down -US$0.8bn, or -22.8%, and Global down -US$0.3bn, or -9.1%, while International and US were broadly flat.

Recent fund performance has improved, although longer-term returns remain weak, including Global down -14.5% (1yr) and EM down -16.9% (1yr).

Macquarie lowers EPS forecasts slightly reflecting marginally higher assumed outflows of -11.9%. Neutral retained with an unchanged $1.60 target price.

Target price is $1.60 Current Price is $1.77 Difference: minus $0.17 (current price is over target).
If GQG meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

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

Morgans is encouraged by the improving outflow trajectory for GQG Partners, which indicates the risk to performance from flows may be gradually coming to an end.

Monthly outflows are still negative but did improve significantly on February and January levels in the March update.

The broker lowers FY26 and FY27 estimates for EPS by -5% and -8%, respectively, based on reduced FUM levels detailed in the quarterly report.

The March investment performance was "difficult" and a reminder that volatility remains elevated.

Morgans continues to believe the stock is "too cheap" yet downgrades to Accumulate from Buy as there is less upside compared with its price target, which is reduced to $1.92 from $2.03.

Target price is $1.92 Current Price is $1.77 Difference: $0.15
If GQG meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Ord Minnett rates GTK as Hold (3) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Gentrack Group remains Hold rated with a an unchanged target of $5.63.

Target price is $5.63 Current Price is $5.17 Difference: $0.46
If GTK meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.11, suggesting upside of 57.8% (ex-dividends)

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: 0.3

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

Ord Minnett rates HSN as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies, TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Hansen Technologies remains Buy rated with a lower target of $6.77 from $6.99.

Target price is $6.77 Current Price is $4.55 Difference: $2.22
If HSN meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 45.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates IMD as Buy (1) -

Bell Potter assesses the cyclical drivers for Imdex and reiterates a Buy rating with a $4.60 target.

The forecast for major and intermediate miner exploration budgets in 2026 indicates an expansion of 24%, a level of growth not seen by the broker since 2021-22.

Considering the company's historical revenue sensitivities to major and intermediate expenditure and leading junior equity raisings, the broker considers the consensus expectations for revenue growth of 21% as conservative.

Bell Potter is encouraged by the significant expansion in both gold and copper exploration budgets and, together with greater junior exploration activity, this means the company is well-positioned for strong revenue growth and operating leverage.

Target price is $4.60 Current Price is $3.83 Difference: $0.77
If IMD meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgans updates second half forecasts for Mineral Resources to reflect the impact of weather in the third quarter, with a modest effect on Onslow iron ore shipments anticipated alongside minor increases to costs and capital expenditure assumptions.

The broker also incorporates a revised long-term iron ore price of US$85/t, from US$80/t previously. Target edges down to $67 from $68 and the rating is reduced to Accumulate from Buy as recent share price strength has reduced the valuation upside.

Target price is $67.00 Current Price is $57.56 Difference: $9.44
If MIN meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $68.00, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates MPL as Neutral (3) -

Macquarie notes promotional activity in Australian private health insurance remains elevated above the 12-month average during the April churn period, although the number of insurers offering promotions declined post the March price rise. 

Medibank Private and nib Holdings ((NHF)) reduced “weeks free” offers, while three brands have already extended promotions into May. 

The broker highlights potential regulatory risk, with the Department of Health reviewing the treatment of “weeks free” offers and the 12% promotional cap. 

Emerging disruption from aggregators and AI-driven distribution is also flagged as a risk, with some insurers reassessing platform participation.

Macquarie maintains a negative long-term sector view, noting a 0.25% change in policyholder growth impacts EPS forecasts by circa 0.3% for Medibank and around 0.6% for nib Holdings.

Neutral retained for Medibank with a $4.80 target price.

Target price is $4.80 Current Price is $4.52 Difference: $0.28
If MPL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates MQG as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley assesses a "Goldilocks" scenario is playing out for Macquarie Group. Volatility in commodities and LNG is higher and should remain structurally higher, yet capital markets are resilient and demand for real assets is rising.

While the stock is not cheap at around 18x FY27 PE on the broker's forecast, a re-rating is envisaged as it enters an upgrade cycle.

Morgan Stanley envisages return on equity recovering to 14% in FY28 from the recent lows of 11%. This may be short of the "high teens" seen in FY22/23 but the broker believes there is more on the way and earnings growth is part of this.

Rating is upgraded to Overweight from Equal-weight and the target raised to $270 from $223.

Target price is $270.00 Current Price is $223.74 Difference: $46.26
If MQG meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $240.70, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates MVF as Speculative Buy (1) -

Monash IVF has received a revised takeover proposal from a consortium at $0.90 a share, versus $0.80 previously, via a scheme of arrangement. The consortium consists of Genesis Capital and WH Soul Pattinson ((SOL)).

The consortium has indicated this is its best and final offer, valid until April 21. Morgans makes no changes to forecasts and increases the target in line with the offer to $0.90 from $0.87 previously. Speculative Buy.

The Monash IVF board is reviewing the proposal and there is no certainty the discussions will result in a transaction, the report highlights.

Target price is $0.90 Current Price is $0.77 Difference: $0.13
If MVF meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.83, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates NAB as Sell (5) -

Citi notes the outlook for Australian banks is becoming more stagflationary, with forecasts for higher interest rates alongside weaker growth and elevated inflation.

While potential additional rate hikes provide modest support to margins, this is expected to be offset by slower credit growth and rising credit costs.

The broker cautions that, despite recent market resilience, persistent inflation pressures may weigh on bank fundamentals and limit earnings upside.

Citi expects National Australia Bank’s 1H26 cash profit of $3.8bn will be around -2% below consensus, reflecting higher bad debt charges, while core earnings are broadly in line. Results are due on May 4.

Sell. Target $39.25.

This research was released by Citi on April 13.

Target price is $39.25 Current Price is $44.95 Difference: minus $5.7 (current price is over target).
If NAB meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.55, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates NGI as Buy (1) -

UBS previews Navigator Global Investments' 3Q26 quarterly AUM release, with four of its partner firms already having offered AUM updates over the March quarter.

CFM (liquid alternatives, quant) saw AUM rise 15% q/q, Capstone (hedge) saw AUM at Feb up 7.5% versus December, Lighthouse (hedge fund) AUM up 4.1% in Feb versus December, and Waterfall (asset-backed credit) down -2.3% at Feb versus December.

The analyst notes only four of Navigator's 11 partners have offered AUM updates, but the data are positive relative to most asset managers.

Navigator Global Investments is expected to announce 3Q26 AUM in the week starting April 20.

Buy rated with a $3.50 target.

The research was published on April 13.

Target price is $3.50 Current Price is $2.10 Difference: $1.4
If NGI meets the UBS target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 50.6% (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

Macquarie rates NHF as Underperform (5) -

Macquarie notes promotional activity in Australian private health insurance remains elevated above the 12-month average during the April churn period, although the number of insurers offering promotions declined post the March price rise.

Medibank Private ((MPL)) and nib Holdings reduced “weeks free” offers, while three brands have already extended promotions into May.

The broker highlights potential regulatory risk, with the Department of Health reviewing the treatment of “weeks free” offers and the 12% promotional cap.

Emerging disruption from aggregators and AI-driven distribution is also flagged as a risk, with some insurers reassessing platform participation.

Macquarie maintains a negative long-term sector view, noting a 0.25% change in policyholder growth impacts EPS forecasts by circa 0.3% for Medibank and around 0.6% for nib Holdings.

Neutral retained for nib with a $6.10 target price.

Target price is $6.10 Current Price is $6.61 Difference: minus $0.51 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.30, suggesting upside of 9.1% (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

Ord Minnett rates ORG as Hold (3) -

Ord Minnett has reviewed its energy sector coverage with a particular focus on the portfolio split between LNG and oil, and skew of the LNG production between the spot market and contracted supply, given damage to infrastructure in Qatar, the world's largest LNG producer, that may take some time to be rectified.

No changes are made to forecasts for Origin Energy. Hold rating and $11.10 target maintained.

Target price is $11.10 Current Price is $12.37 Difference: minus $1.27 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.14, suggesting downside of -1.7% (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

Bell Potter rates PME as Buy (1) -

Pro Medicus has signed a five-year extension with Northwestern Medicine for Visage Viewer, at increased rates and with the minimum deal value also increased. This is one of the largest healthcare providers in the state of Illinois.

The company continues to win business in the US, and has also previously announced a five-year $22m deal with the University of Maryland Medical System covering Visage 7 Viewer and Visage Workflow.

Bell Potter makes earnings changes, reducing FY26 revenue forecasts by a further -3.4% owing to amendments in the commencement date for examination revenues on major new contract implementations at Trinity Health and the University of Colorado.

Buy rated Target is reduced to $226 from $240.

Target price is $226.00 Current Price is $132.38 Difference: $93.62
If PME meets the Bell Potter target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $235.00, suggesting upside of 78.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates QAN as Outperform (1) -

In a flash update on Qantas Airways following its trading update, Macquarie highlights fuel hedging has risen to 90%, with crack unhedged, and fuel costs have increased to -$3.1bn–$3.3bn in guidance from around -$2.5bn, with the analyst forecasting -$2.95bn.

For 2H26 domestic, the updated revenue per available seat and capacity data suggests an earnings (EBITDA) impact of around -$70m, while international is estimated to add an additional -$400m in losses. Capex is at the lower end of the range at -$4.1bn.

While earnings were expected to be impacted by the Middle East war, the trading update offers some context at around a loss of -$500m.

With the share price down circa -$1.20 since the start of the war, and the value loss around -$750m to -$850m post tax, or -$0.50 to -$0.60 per share, the market's reaction appears overdone, commentary suggests.

Outperform with an $11.30 target. Investors will increasingly focus on FY27, the report stipulates.

Target price is $11.30 Current Price is $9.01 Difference: $2.29
If QAN meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $12.06, suggesting upside of 34.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates QOR as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria, preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Qoria's target price is lowered to 74c from 76c with a Buy rating retained.

Target price is $0.74 Current Price is $0.28 Difference: $0.465
If QOR meets the Ord Minnett target it will return approximately 169% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates RDY as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

ReadyTech Holdings remains Buy rated with a lower target of $1.55 from $1.85.

Target price is $1.55 Current Price is $1.19 Difference: $0.365
If RDY meets the Ord Minnett target it will return approximately 31% (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 RIO as Neutral (3) -

Citi expects a modest start to 1Q2026 production across miners, with iron ore output softer due to seasonal declines in Australian shipments at BHP Group  and Rio Tinto. 

Copper production is expected to recover over the year but remain flat sequentially in 1Q due to lower grades and maintenance, with growth weighted to 2H2026. 

Overall, the broker views unit costs as resilient, supported by higher by-product credits, while gold and silver production at Fresnillo is expected to be flat.

Following updates to commodity price assumptions, target price for Rio Tinto shares is lifted to $170 from $162. No change to Neutral rating.

Target price is $170.00 Current Price is $172.07 Difference: minus $2.07 (current price is over target).
If RIO meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $162.00, suggesting downside of -7.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Ord Minnett rates RIO as Accumulate (2) -

Ord Minnett once again reviews its commodity price forecasts in what looks like an increasingly fragile ceasefire in the Middle East that has spurred oil and gas prices to rise sharply amid closure to the Strait of Hormuz and damage to LNG infrastructure in the Gulf states.

The broker believes base metals will regain an upward trend if a ceasefire holds and oil and LNG start to flow again, thus tempering the inflation impact from the energy shock. Bulk commodities such as iron ore and coal have less appeal than base metals.

Aluminium prices should also be supported by supply disruptions because of damage to smelters in the Middle East.

The "biggest winners", in the broker's opinion, are medium-term lithium prices with the view that the cycle will stay stronger for longer.

Uranium should also benefit from a desire for energy security and the broker lifts price forecasts by 3-9% over 2026-28. The broker downgrades silver and copper forecasts for 2026 by -21% and -6%, respectively, to incorporate spot pricing.

Rio Tinto's Accumulate rating is maintained with the target edging up to $172 from $171.

Target price is $172.00 Current Price is $172.07 Difference: minus $0.07 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $162.00, suggesting downside of -7.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Ord Minnett rates RTH as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne, Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

RAS Technology retains a Buy rating with a lower target of $1.58 from $1.73.

Target price is $1.58 Current Price is $0.68 Difference: $0.9
If RTH meets the Ord Minnett target it will return approximately 132% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates SDF as Outperform (1) -

Macquarie observes mixed pricing trends for Steadfast Group in March, with workers compensation and commercial motor showing strength, while personal motor, home, and business pack remain weak.

The broker estimates portfolio pricing of  up 3.0% for the March quarter, in line with FY26 guidance of 2–3% growth, with personal motor flat at 0.0%.

The quarter represents around 22.2% of annual gross written premium for commercial lines and around 25.2% for personal lines on the platform.

The stock is currently trading at a circa -4.3% discount to international brokers versus a long-term 2.3% premium, Macquarie highlights.

Outperform rating and $4.80 target unchanged.

Target price is $4.80 Current Price is $4.22 Difference: $0.58
If SDF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.59, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates STG as Hold (3) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Straker retains a Hold rating with a lower target of 32c from 37c.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If STG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

Ord Minnett rates STH as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

StepChange retains a Buy rating with an unchanged 23c target.

Target price is $0.23 Current Price is $0.13 Difference: $0.1
If STH meets the Ord Minnett target it will return approximately 77% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates STO as Outperform (1) -

Macquarie expects a mixed 1Q update from Santos, forecasting production of 23.2MMboe and sales of 22.9MMboe, both below consensus, with revenue of US$1,245m broadly in line.

Delays at Barossa and Pikka are expected to weigh on near-term volumes, although a sequential uplift is expected through 2026 as both projects ramp.

Management's FY26 guidance of 101–111MMboe is still expected to be met at the lower end, versus consensus of 103.5MMboe.

The analyst highlights a potential US$1.3bn post-tax earnings tailwind in 2026 from higher commodity prices, alongside positive Quokka-1 appraisal results supporting Alaska development.

EPS forecasts are cut -9% for 2026, with minor downgrades beyond. Outperform retained with an unchanged $8.75 target.

Target price is $8.75 Current Price is $8.03 Difference: $0.72
If STO meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.12, suggesting upside of 1.7% (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: 0.6

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

Ord Minnett rates STO as Accumulate (2) -

Ord Minnett has reviewed its energy sector coverage with a particular focus on the portfolio split between LNG and oil, and skew of the LNG production between the spot market and contracted supply, given damage to infrastructure in Qatar, the world's largest LNG producer, that may take some time to be rectified.

The review has led to earnings upgrades of 3-10% for Santos. Accumulate rating maintained. Target is raised to $7.90 from $7.80.

Target price is $7.90 Current Price is $8.03 Difference: minus $0.13 (current price is over target).
If STO meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.12, suggesting upside of 1.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Citi rates TLX as Buy (1) -

Telix Pharmaceuticals' collaboration with US-based Regeneron is broad in scope, Citi notes, combining Regeneron’s targeting agents with Telix’s radiopharmaceutical development and manufacturing capabilities.

The broker highlights Telix’s platform spans early-stage discovery through to late-stage assets, suggesting flexibility in pursuing a wide range of solid tumour targets.

The partnership will likely focus on cancers suited to radiotherapy, potentially across multiple tumour types and development stages, with earlier-stage opportunities more likely, the analysts suggest.

Buy rated. Target $32.

Target price is $32.00 Current Price is $15.77 Difference: $16.23
If TLX meets the Citi target it will return approximately 103% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 67.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates TNE as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne, Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

TechnologyOne remains Buy rated with a lower target of $29.73 from $30.54.

Target price is $29.73 Current Price is $27.23 Difference: $2.5
If TNE meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.16, suggesting upside of 14.8% (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

Ord Minnett rates VGL as Buy (1) -

Ord Minnett highlights ongoing volatility in Australian technology stocks amid higher bond yields and AI-driven valuation concerns, with discount rates rising and target prices on average reduced by -2 to -16% for the universe of stocks covered.

Despite sector de-rating, opportunities remain in defensively positioned, mission-critical software names, with Hansen Technologies ((HSN)), TechnologyOne ((TNE)), Energy One ((EOL)), and Qoria ((QOR)) preferred.

These businesses have legacy customers that are heavily regulated and "verticalised", with products that require substantial trust and integration into workflows.

The broker notes AI disruption risk is uneven, favouring companies with entrenched, regulated customer bases and high integration.

Vista International retains a Buy rating with a lower target of $3.10 from $3.22.

Target price is $3.10 Current Price is $1.47 Difference: $1.635
If VGL meets the Ord Minnett target it will return approximately 112% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 101.3% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Citi rates WBC as Neutral (3) -

Citi notes the outlook for Australian banks is becoming more stagflationary, with forecasts for higher interest rates alongside weaker growth and elevated inflation.

While potential additional rate hikes provide modest support to margins, this is expected to be offset by slower credit growth and rising credit costs.

The broker cautions that, despite recent market resilience, persistent inflation pressures may weigh on bank fundamentals and limit earnings upside.

Citi expects Westpac’s 1H26 cash profit of $3.6bn to be around -2% below consensus, with stronger core earnings offset by higher credit provisions reflecting economic deterioration and updated loss assumptions. Results are due on May 5.

Neutral. Target $39.

This research was released by Citi on April 13.

Target price is $39.00 Current Price is $42.59 Difference: minus $3.59 (current price is over target).
If WBC meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.50, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Ord Minnett rates WDS as Sell (5) -

Ord Minnett has reviewed its energy sector coverage with a particular focus on the portfolio split between LNG and oil, and skew of the LNG production between the spot market and contracted supply, given damage to infrastructure in Qatar, the world's largest LNG producer, that may take some time to be rectified.

The review has led to earnings upgrades of 3-10% for Woodside Energy. The company's portfolio is more heavily weighted to energy than Santos although weightings in the pricing mix means it has only a slightly larger exposure to spot LNG and elevated prices.

Ord Minnett concludes Woodside Energy does not warrant a meaningful price premium for its spot market exposure. Sell rating maintained. Target is raised to $25.50 from $25.00.

Target price is $25.50 Current Price is $34.15 Difference: minus $8.65 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.89, suggesting downside of -8.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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