Australian Broker Call

Bell Potter rates A4N as Speculative Buy (1) -

Alpha HPA announced its $30m QIC-backed debt facility is now binding. Separately, the company received positive commentary regarding its $400m senior debt facility with NAIF and Export Finance Australia ahead of financial close.

Bell Potter highlights these two announcements materially reduce funding risk, with total available cash, debt, and grants as of 30 Sept 2025 around $550m, above Stage 2 capital cost needs by $100m.

The broker reminds about 70% of the company's volumes are under LOIs with semiconductor-sector customers, focusing on CMP abrasives and zero-alpha radiation thermal interface materials. Demand is building, with LOI expansions, new drafts, and product testing across 10 Japan/US OEMs.

Expectation is for full LOI coverage by March 2026 and ramp-up of commercial production from 2027.

Speculative Buy. Target unchanged at $2.

Target price is $2.00 Current Price is $0.73 Difference: $1.27
If A4N meets the Bell Potter target it will return approximately 174% (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 ALQ as Buy (1) -

In a report on ALS Ltd's cyclical drivers, Bell Potter observes junior equity raisings reached a record high in October, up 154% y/y, led by precious and base metals, especially copper. This is higher than the previous peaks in 2011 and 2021.

The broker expects rising exploration spend by Juniors and Majors to drive organic growth for ALS's commodities business above the 5-7% target in 1H26. Operating leverage is expected to improve in 2H26 as lower-priced geochem contracts expire

Life Sciences is expected to grow modestly, around 5.4%, amid mixed regional trends but with improving EBIT margins from cost-outs and integrations.

The broker lifted FY27 EPS forecast by 1% and FY28 by 3% on a stronger commodities outlook.

Buy. Target rises to $23.50 from $19.70 on a lower WACC, with the broker seeing potential for consensus upgrades.

Target price is $23.50 Current Price is $21.79 Difference: $1.71
If ALQ meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $22.29, suggesting upside of 1.8% (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 AMC as Buy (1) -

Citi considers Amcor’s September quarter (1Q26) results as broadly in line, with EBIT of US$687m coming close to the consensus of US$684m. Revenue and EBITDA were slightly lower, but EPS of US19.3c beat the US18.7c consensus.

Volumes fell -2% y/y excluding North America beverages. The company re-affirmed FY26 guidance for EPS of US80-83c and free cash flow of US$1.8-$1.9bn. Interest and capex assumptions are unchanged.

On a pro-forma basis, the broker notes flexibles EBIT rose US$15m y/y to US$426m, offsetting volume declines, and rigid EBIT fell -US$11m to US$295m due to North American beverages weakness.

At the call, the broker will look for updated FY26 volume outlook, progress and timing of non-core divestments, cost and revenue synergies vs plan, and latest views on substrate competition and customer sustainability initiatives.

Buy. Target price $15.

Target price is $15.00 Current Price is $12.17 Difference: $2.83
If AMC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $16.43, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

UBS rates AMC as Buy (1) -

On first inspection, Amcor's 1Q26 EPS was a marginal beat on consensus but within the guidance range, UBS notes, with Flexibles EBIT a miss by -3% on consensus as lower volumes were offset by synergy and cost benefits.

Rigids EBIT was also a slight miss on consensus by -4%, with lower volumes and an adverse price mix somewhat offset by synergy and cost improvements.

The Amcor–Berry merger achieved synergies of US$38m within guidance, and these are considered on track to meet the US$260m target in FY26.

Management confirmed FY26 EPS guidance of US80-83c, which equates to constant currency growth of 12-17%.

Buy rating maintained. Target unchanged at $18.25.

Target price is $18.25 Current Price is $12.17 Difference: $6.08
If AMC meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $16.43, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Morgan Stanley rates AMP as Overweight (1) -

Morgan Stanley has an Overweight rating and $2.10 target price on AMP.

Industry View: In-Line.

Target price is $2.10 Current Price is $1.73 Difference: $0.375
If AMP meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates BRG as Neutral (3) -

Citi took away some comforting commentary on top-line trends from Breville Group's AGM. This was not completely unexpected following Whirlpool's recent quarterly update, as both companies have exposure to the premium end of the consumer market.

Management did not offer any FY26 guidance, only noting it will be provided with the 1H26 results in February. Positively, the company is on track to achieve the target of 80% of US products' production outside China by the end of 1H26.

The Eye Q toaster has also been launched and is expected to retail in Australia for $469-629, well above the price range of other toasters.

A Neutral rating and $36.03 target are unchanged.

Target price is $36.03 Current Price is $29.43 Difference: $6.6
If BRG meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 25.7% (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 CAR as Buy (1) -

Citi notes Brazilian used vehicle sales rose 22% year-on-year in October and 4% month-on-month. Growth slowed from September’s 26% increase but was cycling stronger comparatives, explains the analyst.

The broker considers the 21% year-to-date rise in first-half 2026 indicative of robust market conditions for CAR Group. This momentum is viewed as implying potential upside to current Webmotors’ (online portal) forecast growth of 23% in constant currency for FY26.

Citi believes continued strength in Brazilian used vehicle demand reinforces positive trends for CAR Group’s online platform.

Buy. Target $42.55.

Target price is $42.55 Current Price is $34.90 Difference: $7.65
If CAR meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $42.15, suggesting upside of 22.0% (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 CAT as Upgrade to Buy from Hold (1) -

Ahead of Catapult Sports' 1H26 results on 18 November, Bell Potter has upgraded the rating to Buy from Hold as the price target is now at a 15% premium to the share price.

No change to forecasts and the $7.50 target.

The broker doesn't expect positive or negative surprises at the results, but does expect positive outlook commentary, mainly related to the recent Impect acquisition. 

Positive outlook commentary for the core business is also anticipated, including the potential for a new or expanded sideline video contract in 2H26 or FY27.

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

Current consensus price target is $7.97, suggesting upside of 27.9% (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

Citi rates CGF as Buy (1) -

Challenger's assessment of APRA’s proposed capital standards is broadly consistent with Citi's view, though full benefits may take time to emerge.

The broker notes Challenger’s surplus capital position includes around $300m of surplus CET1 and $400m overall, potentially rising to $500m-$600m depending on credit spreads and capital targets.

It's thought longer-term benefits could exceed $800m through reshaping the investment book, though progress will hinge on market conditions.

Buy rating. Target $10.25

Target price is $10.25 Current Price is $9.05 Difference: $1.2
If CGF meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates CGF as Underweight (5) -

In Morgan Stanley's view, Challenger will see many benefits from APRA's new annuity capital proposals. But with the stock re-rating by some 4x PE since the start of 2025, the broker thinks the benefits are largely in the price.

In practice, Morgan Stanley thinks the earnings impact would be spread over several years and Challenger  would seek to neutralise or improve return on equity and earnings per share outcomes by returning capital.

Challenger could also shift into higher yielding fixed income assets to protect investment yields, the broker suggests. Underweight and $7.00 target retained. Industry view: In Line.

Target price is $7.00 Current Price is $9.05 Difference: minus $2.05 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates CGF as Buy (1) -

Following the release of APRA's draft annuity capital standards, Challenger has provided its preliminary views on likely impacts, outlining excess capital benefits, broadly in line with UBS' previous estimates.

Longer-term benefits appear more favourable, the broker suggests, increasing the likelihood of further medium-term capital benefits from a mix-shift to fixed income and providing greater resilience to asset market shocks.

UBS now incorporates conservative benefits into its earnings and valuation outlook, leading to an increase in target to $11.00 from $10.10. Buy retained.

Target price is $11.00 Current Price is $9.05 Difference: $1.95
If CGF meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates CKF as Buy (1) -

McDonald's' Sep Q result released in the US showed an increase in market share in Australia for the second year running and four years in Germany. McDonald's also wants to expand more into chicken.

This could suggest competitive pressure is increasing for Collins Foods' KFC franchise, Citi warns. However, Collins seems to be executing well and thus its recent sales performance does not appear to have been impacted in Citi's view.

Further, the broker sees expectations for Collins as relatively conservative right now, and doesn't see this as an imminent risk to the share price. 

Earlier, the broker saw a positive read-through for Collins Foods from Yum! Brands’ September-quarter result, which showed stronger KFC Australia system sales growth of 4%, up from 3% in the prior quarter.

The broker viewed this acceleration as encouraging, given Collins Foods’ current trading update just covers the first 18 weeks to August 31.

Yum’s result indicates improving momentum into September, suggesting to Citi potential upside to consensus forecasts for 1H26 KFC Australia same-store sales growth of 2.1%.

Buy rating. Target $13.07.

Target price is $13.07 Current Price is $10.79 Difference: $2.28
If CKF meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $11.19, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in April.

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

Morgans rates CYL as Buy (1) -

Morgans points to a weaker-than-anticipated 1Q26 result from Catalyst Metals, which can be attributed to mill maintenance.

Group gold sales of 21koz were a beat on consensus by 5% but were lower than the analyst's estimate by -15%. Lower mill throughput resulted in higher unit costs of $2,887/oz, though this largely met forecasts from both the broker and consensus.

The miner has maintained FY26 guidance of 100–110koz Au with an AISC of $2,200–$2,650/oz, with Morgans suggesting the midpoint of guidance is more likely to be achieved.

A Buy rating is retained, with a target price of $10.58, down slightly from the prior target of $11.

Target price is $10.58 Current Price is $6.83 Difference: $3.75
If CYL meets the Morgans target it will return approximately 55% (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

Shaw and Partners - Cessation of coverage

Market Sentiment: 0.0

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

Bell Potter rates GMG as Buy (1) -

Bell Potter notes Goodman Group re-affirmed FY26 operating EPS growth of 9% y/y at the 1Q26 update, but this was lower than its forecast and the consensus of 10%.

Development work-in-progress (WIP) fell -4% q/q to $12.4bn, but Goodman is targeting over $17.5bn by FY26. Yields on cost is maintained a 7.5%.

DC portfolio is evolving with new (PAR01, HK09) and adjusted (MEL01, TYO05) sites, but overall 0.5GW of utility power DC WIP has been retained. Net property income growth softened to 4.2% vs 5.1% in FY25, but ex-China/HK was at 6.1%.

Overall, the broker reckons Goodman looks attractive after underperformance, and it remains comfortable with the medium-term outlook. FY26 EPS estimate cut by -0.1% but FY27 lifted by 0.7%.

Buy. Target trimmed to $40.25 from $40.75.

Target price is $40.25 Current Price is $31.23 Difference: $9.02
If GMG meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 21.4% (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 GMG as Buy (1) -

The analysts at Citi point to a strong operational update by Goodman Group, underscored by an upgraded secured power pipeline from 2.7GW to 3.4GW. The broker views upcoming capital partnerships in Australia and Europe as supportive of long-term growth.

Work in progress stands at $12.4bn and is expected to exceed $17.5bn by June 2026, generating a 7.5% yield on cost.

Management continues to emphasise robust demand and favourable conditions for patient capital providers in land acquisitions.

Citi anticipates sustained earnings momentum into FY27 and beyond.

Target $40. Buy.

Target price is $40.00 Current Price is $31.23 Difference: $8.77
If GMG meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 21.4% (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 GMG as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades Goodman Group to Outperform from Neutral, retaining its target at $34.73 following a -12.4% decline in the stock price year-to-date (2025).

The 1Q26 update revealed work in progress is expected to grow around 17% by the end of FY26 to over $17.5bn, with data centres accounting for around $13bn or 497MW. Secured power has increased to 3.4GW, including an additional 650MW secured in Tokyo.

The group is progressing its capital partnerships well in Europe and Australia and is aiming for around 50% exposure to data centre developments.

Assets under management grew 0.4% to $85.9bn, with Australian partnership assets under management unchanged at $72.1bn.

There is no change in Macquarie's EPS estimates for the group.

News on new data centre lease contracts and capital partnerships is expected by August 2026.

Target price is $34.73 Current Price is $31.23 Difference: $3.5
If GMG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 21.4% (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 GMG as Accumulate (2) -

Morgans views the recent share price decline as an opportunity to retain its Accumulate rating on Goodman Group, noting a changing narrative around hyperscale capex has been a key factor behind the weakness.

Management confirmed its FY26 operating EPS growth at 9%, compared with prior consensus forecasts of 10.4% and the analyst’s estimate of 11.2%.

The percentage of data centre work in progress is expected to lift to 75%, or over $17.5bn, by end-FY26, from 68% and $12.4bn at end-September, with a production rate of around $6bn per annum. In contrast, industrial development remains soft.

A 2H26 earnings skew was noted by management, leading Morgans to lower its EPS growth forecasts to 9.4% for FY26 from 11.7%, and to 11.4% for FY27 from 15.3% previously. The target price is tweaked lower to $36.30 from $38.40.

Target price is $36.30 Current Price is $31.23 Difference: $5.07
If GMG meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates GMG as Hold (3) -

At the September quarter (1Q26) update, Goodman Group re-affirmed FY26 EPS growth guidance of 9%, but flagged it will be heavily 2H-weighted with 62% skew due to project timing.

Ord Minnett notes development activity is set to rise sharply, with data centres now 68% of work-in-progress (WIP) with $12.4bn total, up from 57% in FY25.

Yield on cost held at 7.5%, and 45% of WIP is committed, reflecting strong data centre demand, the broker observes.

The broker is now modelling slower data centre starts, 350MW annually for FY27-29 and 400MW from FY30. FFO per security forecast trimmed by -0.9% for FY26 and by -1.7% for FY27.

Hold. Target cut to $31.75 from $33.50.

Target price is $31.75 Current Price is $31.23 Difference: $0.52
If GMG meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 21.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates GMG as Upgrade to Buy from Neutral (1) -

UBS notes Goodman Group's September quarter (1Q26) update fell short of high expectations amid slower perceived data centre (DC) progress. At the same time, management displayed confidence on the leasing side, the broker highlights.

FY26 operating EPS guidance was re-iterated for 9% growth, though a stronger 2H skew is now expected (62% vs consensus of 52%). 

The broker is more focused on catalysts ahead including higher DC starts based on work-in-progress of $17.5bn, and capital partnering in Australia/Europe likely in 2H26).

The broker suggests patience with the stock as the DC thesis takes time to unfold.

Rating upgraded to Buy from Neutral on more attractive valuation after recent underperformance. Target trimmed to $36.41 from $36.63.

Target price is $36.41 Current Price is $31.23 Difference: $5.18
If GMG meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $37.28, suggesting upside of 21.4% (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

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

Shaw and Partners considers Hansen Technologies’ acquisition of UK-based Digitalk a textbook example of the company’s disciplined M&A strategy. The transaction is profitable, margin accretive, and strategically aligned with its core Communications segment.

The broker estimates the deal to be 5% EPS accretive after funding costs on an annualised basis. It’s felt that Digitalk, with 90% recurring revenue and strong cash generation, enhances Hansen’s product offering across MVNO and wholesale voice markets.

MVNO stands for mobile virtual network operator.

The acquisition also enables cross-selling opportunities across Hansen’s existing customer base, highlight the analysts. FY26–27 forecasts are raised modestly and ongoing capacity for similar transactions is noted.

Shaw retains a Buy, High Risk rating and raises its target to $7.60 from $7.30.

Target price is $7.60 Current Price is $5.64 Difference: $1.96
If HSN meets the Shaw and Partners target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 17.4% (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

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

The 31 October trading update by Humm Group prompts a reduction in earnings forecasts by Shaw and Partners of between -7-15% over the forecast period, mainly within the company's Australian personal loans division.

The broker leaves Flexicommercial forecasts unchanged and upgrades New Zealand operations.

It’s thought Humm Australian hybrid regulated loan launch increases compliance costs and slows origination growth, while Flexicommercial continues to gain market share and remains on track for profit growth.

The broker considers NZ Cards performance resilient, with further upside expected as funding costs decline. The TAG takeover proposal is seen as a potential near-term catalyst.

Buy, High Risk and 80c target maintained.

Target price is $0.80 Current Price is $0.61 Difference: $0.19
If HUM meets the Shaw and Partners 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

UBS rates IEL as Buy (1) -

The Canadian government has cut international study permits by -65% for 2026. UBS notes the decreases are part of an overall strategy to reduce the number of temporary residents in Canada.

Clearly not positive news for IDP Education, UBS laments. A -60% further reduction on already tight caps and holding these low levels until 2029 reduces scope for a reasonable rebound in Canada.

UBS' forecasts do not incorporate a strong rebound in Canada (or other markets), but the broker essentially assumes market volumes trough and IDP is able to continue to take market share (50% of the historical share gains).

Buy and $7.80 target retained.

Target price is $7.80 Current Price is $5.01 Difference: $2.79
If IEL meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates IMD as Neutral (3) -

Macquarie lifts its EPS estimates for Imdex on the back of the latest S&P Global financing data to September, showing raisings have continued to grow over 2025. Year-to-date funds raised stood at $12.4bn, almost double the $6.6bn a year ago.

Gold remains the largest contributor, with gold funds raising $6.7bn and representing 52% of all funds raised, up from 46% in 2024 and 38% in 2023.

Imdex is witnessing a rise in rig utilisation in all regions, with US activity a standout. Europe is stable, and Africa is described as steady.

The analyst lifts its EPS estimates by 3% for FY26 and 5% for both FY27/FY28. The target is raised 4% to $3.65.

No change to Neutral rating.

Target price is $3.65 Current Price is $3.36 Difference: $0.29
If IMD meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates IMR as Speculative Buy (1) -

Morgans sees Imricor Medical Systems' completion of the world’s first ischemic VT ablation fully under real-time MRI guidance, in collaboration with Amsterdam University, as a major milestone.

The procedure achieved several global firsts, including MRI-guided transseptal crossing, mapping, and ablation with Vision-MR catheters. The patient was non-inducible for VT post-procedure, confirming acute success.

The broker expects this success to drive adoption and trial expansion in Europe.

The company ended 3Q25 with US$45.7m cash and a US$4.8m operating outflow. No changes to forecasts.

Speculative Buy. Target unchanged at $2.22.

Target price is $2.22 Current Price is $1.45 Difference: $0.77
If IMR meets the Morgans target it will return approximately 53% (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 JHX as Buy (1) -

Citi expects shares of James Hardie Industries to trade sideways ahead of its November 19 result amid uncertainty surrounding Trex, which recently reported weak results.

Trex is a major US manufacturer of composite decking and outdoor living products which competes directly with James Hardie and Azek in the home improvement and building materials market.

The broker still believes guidance may be upgraded at upcoming 2Q results on November 19.

The analysts explain around half of James Hardie’s exposure (non-south, renovation and remodelling, and multi-residential segments) is performing better than the double-digit decline embedded in guidance.

The broker also points to the relative size of the the company's core business compared with decking, and to Azek’s second-quarter update, which signals share gains.

Buy rating and target of $36.50.

Target price is $36.50 Current Price is $29.48 Difference: $7.02
If JHX meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 47.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Citi rates LNW as Buy (1) -

Light & Wonder reported Sep Q adjusted earnings up 18% year on year, 5% above consensus. Revenue of $841m was in line with Citi. The beat came through in the margin, with earnings margins up 500bps in Gaming and 700bps in iGaming.

The earnings beat suggests to Citi there is less risk in hitting FY25 guidance, with 25-38% growth required in the Dec Q to hit the range. Management guided FY26 Gaming margins are likely to be in the low 50% range given the impact of tariffs.

This is in line with Citi's current FY26 forecast of 52.5% but does suggest margins will be down on the Sep Q result of 54.7%. Buy and $176 target retained.

Target price is $176.00 Current Price is $115.38 Difference: $60.62
If LNW meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $187.83, suggesting upside of 50.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

UBS rates MPL as Neutral (3) -

Medibank Private has acquired Better Medical, a network of GP and medical clinics, which is consistent with its strategy of expanding in primary care and complements its Myhealth network, UBS notes.

Given only mid-single digit initial returns, UBS expects Medibank to look for synergies across this joint network over time as well as a benefit from increased Government bulk billing support.

The broker notes a target to lift operating profit to $200m by FY30 requires an ambitious 18% CAGR off this proforma base. Given execution risks here, greater political scrutiny of PHI margins and an already healthy circa 20x 12m forward PE versus 19x over the past five years, UBS retains Neutral.

Target unchanged at $5.35.

Target price is $5.35 Current Price is $4.90 Difference: $0.45
If MPL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.05, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates NAB as Neutral (3) -

On first inspection, National Australia Bank’s FY25 result was in line, according to UBS, although cash net profit after tax was a slight miss by -1.5% and EPS met consensus.

The CET1 ratio came in lower than expected at 11.7%, with net interest margins supporting revenue growth, although the ability to continue achieving this remains in doubt.

Costs rose 5% as the bank defends its business banking share, while credit quality was slightly lower due to a rise in non-performing loans from impaired assets.

Guidance inferred opex growth is expected to be below the FY25 level of 4.6%, with investment of $1.8bn. Management also flagged business credit growth of around 7.5% and housing loan growth of around 6% for FY26.

Neutral rating maintained with a $37.50 target.

Target price is $37.50 Current Price is $44.53 Difference: minus $7.03 (current price is over target).
If NAB meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.54, suggesting downside of -15.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Bell Potter rates NAN as Sell (5) -

Nanosonics provided an update on the Coris rollout at the AGM and reiterated FY26 guidance. Bell Potter, however, read a subtle warning about 1H26 earnings, concluding 1H26 gross margin could come at or below FY26 guidance.

The broker lowered the 1H26 earnings estimate slightly and reckons there will be more pressure on margin recovery in the 2H.

Coris rollout remains on schedule, with 510K submitted in the US, controlled market release expected to begin in Europe/Australia in 2H26, and in the US in 4Q26.

Trophon 3 and 2 Plus launched, but lower production and higher airfreight costs pressured margins.

Sell. Target unchanged at $4.10.

Target price is $4.10 Current Price is $4.30 Difference: minus $0.2 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in 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

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

Nido Education's outlook reflects macroeconomic pressure and continued sector softness, suggests Shaw and Partners, though its incubation pipeline remains active.

Government childcare reforms, including the upcoming three-Day Guarantee subsidy, are expected to support future demand.

Management guides to FY25 service earnings (EBITDA) of $28.5-30m and group earnings of $16.5-18m, with margin headwinds driven by higher living costs, work-from-home trends, and lower birth rates.

Margin compression reflects both macro headwinds and a slower recovery, explains the analyst. Potential is seen for M&A interest given Nido’s superior operating profile.

Buy, High Risk. Target reduced to 90c from $1.30. 

Target price is $0.90 Current Price is $0.62 Difference: $0.28
If NDO meets the Shaw and Partners target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates NXT as Buy (1) -

Following Sharon AI’s announcement of a 50MW agreement with NextDC, management noted it is a drawdown arrangement rather than a committed contract.

Citi views this structure positively, highlighting the flexibility to deploy capacity across different data centres.

The earnings impact is expected to be modest but potentially additive to consensus forecasts for FY27 earnings (EBITDA), depending on deployment timing and scale.

The analyst also anticipates pricing to exceed that of typical hyperscale contracts, reflecting stronger demand for AI-related infrastructure.

Buy. Target $18.35.

Target price is $18.35 Current Price is $15.69 Difference: $2.66
If NXT meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $19.87, suggesting upside of 31.4% (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

Macquarie rates PXA as Outperform (1) -

Pexa Group reiterated its FY26 guidance with group revenue of $405–$430m, group earnings (EBITDA) margins of 32–35%, and group net profit after tax of $5–$15m.

1Q26 market volume rose 6% on the previous year and came in better than Macquarie's estimate of down -4% and consensus at 1% growth. The analyst raises its total market volume growth forecast to 2.8% in 1H26.

Completion volumes were strong for Optima, up 32% in re-mortgages, and Smoove re-mortgages were up 22%, a beat on the broker's 1H26 revenue forecast. Positively, UK revenue rose around 1-2%, with management reconfirming NatWest volume to be onboarded in 2026.

Macquarie raises its EPS estimates by 4.2% for FY26 and by 0.3% for FY27. The target price is unchanged at $19.10, with an Outperform rating retained.

Target price is $19.10 Current Price is $15.10 Difference: $4
If PXA meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates PXA as Buy (1) -

Pexa Group's 1Q26 update revealed overall momentum remains broadly consistent with reiterated FY26 guidance. Domestically, total exchange volume trends over the period tracked in line with UBS' expectations, supported by stronger growth in lower margin refinances.

In the UK, the broker suggests stronger remortgage activity is a shorter-term tailwind and momentum in the Sale & Purchase market is positive over the medium term if Pexa can attract bank and conveyancer customers.

With UK pricing points now released and broadly consistent with expectations, UBS continues to believe Pexa's share price only partially values longer-term UK upside, supporting a Buy rating and $17.45 target.

Target price is $17.45 Current Price is $15.10 Difference: $2.35
If PXA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 20.2% (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 REA as Neutral (3) -

Commenting on REA Group's competitive positioning, Citi notes Domain’s strong momentum in app downloads continues into October, accompanied by growth in monthly active users.

CoStar’s recent results indicate to the broker heavier marketing investment and a broader channel mix, fuelling competitive intensity in the property listings space.

Domain’s surge is not expected to materially affect REA Group’s near-term earnings, given its marketing commitments are largely pre-sold.

The analyst does, however, anticipate heightened competitive rhetoric as CoStar prepares to launch homes.com.au in Australia.

Neutral. Target $279.25.

Target price is $279.25 Current Price is $213.18 Difference: $66.07
If REA meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $270.32, suggesting upside of 27.9% (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

Morgans rates RMS as Buy (1) -

Morgans found Ramelius Resources' September quarter (1Q26) update in line with its expectation, but noted the share price reaction was likely in reaction to higher-than-expected unit costs.

Production of 55koz gold was solid, but lower Cue grades led to higher costs, 10% above consensus. FY26 guidance of 195koz was -14% below the broker's estimate but in line with consensus.

However, the broker sees upside from grade enhancement at Cue as the sequencing advances. In other updates, the integration of Mt Magnet and Dalgaranga, following the acquisition of Spartan Resources, is progressing well.

The broker revised model to factor in synergies, higher-than-expected D&A and acquisition-related costs, leading to a -22% reduction to FY26 EPS.

Buy. Target cut to $4.50 from $5.00.

Target price is $4.50 Current Price is $3.20 Difference: $1.3
If RMS meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 24.2% (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 STO as Equal-weight (3) -

Morgan Stanley has an Equal-weight rating and $6.76 target price on Santos.

Industry View: In-Line.

Target price is $6.76 Current Price is $6.32 Difference: $0.44
If STO meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates VCX as Neutral (3) -

Citi believes positive leasing spreads achieved by Vicinity Centres in 1Q26, and a rise in the occupancy cost ratio (OCR) are indications the REIT is in a strong leasing position.

Occupancy was maintained at 99.5%, leasing spreads rose to 2.9% from 2.5% at FY25 results, and OCR rose to 14.2% from 14.1%.

Milestones during the quarter included the re-opening of Chatswood Chase Stage 1, receiving strong initial retailer feedback, and Chadstone continuing to deliver strong performance six months after opening The Market Pavilion precinct.

Redevelopment at Galleria in Perth is expected to be completed before Christmas 2026.

Overall, the broker reckons Vicinity's portfolio momentum and tenant engagement remain robust.

Neutral. Target price $2.60.

Target price is $2.60 Current Price is $2.46 Difference: $0.14
If VCX meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates WDS as Neutral (3) -

Woodside Energy's Capital Markets Day reinforced to Citi management's disciplined capital allocation strategy and focus on value-accretive growth through the new “maximise, deliver, create” framework.

Management outlined indicative guidance for capex, operating cash flow, and free cash flow. The broker flags potential upside risk to sustaining capex assumptions.

The analyst sees improved confidence in the LNG expansion, with a final investment decision (FID) on Pluto Train 4 and 5 likely within two years. 

Neutral. Target $25.50.

Target price is $25.50 Current Price is $25.16 Difference: $0.34
If WDS meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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