Australian Broker Call

Morgans rates AIM as Hold (3) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Ai-Media Technologies falls by -29% to 25c. The Hold rating is maintained.

Target price is $0.25 Current Price is $0.24 Difference: $0.01
If AIM meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates ALK as Buy (1) -

Alkane Resources has demonstrated significant cash flow in the March quarter amid consistent performance at Tomingley, Costerfield and improvement at Bjorkdal.

Ord Minnett points out the business continues to trade on subdued multiples while share price momentum should continue amid delivery of free cash flow, and as the asset base is better understood by investors.

Buy rating maintained. Target rises to $2.10 from $2.05.

Target price is $2.10 Current Price is $1.69 Difference: $0.41
If ALK meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ALL as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Aristocrat Leisure falls by -15% to $63. Buy rating retained.

Target price is $63.00 Current Price is $47.41 Difference: $15.59
If ALL meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $65.74, suggesting upside of 37.3% (ex-dividends)

The company's fiscal year ends in September.

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 AMC as Buy (1) -

Given ongoing geopolitical uncertainty and elevated oil prices, Morgans has adopted a more conservative stance on earnings forecasts for Amcor, Brambles, Reece and Reliance Worldwide.

The broker makes modest earnings downgrades for Amcor, reducing FY26-FY28 underlying EPS forecasts by around -2%, with FY26 now below guidance.

Key risks are seen as rising resin input costs, potential supply disruptions, softer global demand and higher interest rates.

Despite this, the analyst views Amcor's earnings as defensive, supported by exposure to consumer staples and contractual pass-through of input costs, aiding margin recovery.

Morgans retains a Buy rating and lowers its target to $68.20 from $75.80. Buy retained due to an undemanding valuation and potential upside from Berry synergies, the broker explains.

Target price is $68.20 Current Price is $55.69 Difference: $12.51
If AMC meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $74.97, suggesting upside of 36.5% (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: 0.8

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

Morgans rates ATA as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Atturra falls by -6% to 75c. The Buy rating is maintained.

Target price is $0.75 Current Price is $0.47 Difference: $0.28
If ATA meets the Morgans target it will return approximately 60% (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

Morgans rates BHP as Hold (3) -

Morgans found the third quarter results from BHP Group largely in line with expectations. The downgrade to Spence guidance was disappointing, with the mine moving to more complex and variable ore and still relatively high-cost.

Offsetting this were upgrades to guidance at Antamina and reduced costs at Escondida. Western Australian iron ore shipments were better than feared, signalling to the broker the company recovered faster from Cyclones Narelle and Mitchell compared with expectations.

Hold rating and $53.80 target maintained.

Target price is $53.80 Current Price is $56.03 Difference: minus $2.23 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $54.05, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

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

While Bank of Queensland's 1H26 result showed a decline in earnings, EPS exceeded Morgans' forecast by 4% but missed consensus by -3%.

Margins softened in the half but are expected to improve in 2H26, supported by funding, mix and hedging tailwinds.

The broker highlights a stronger capital position, enabling higher dividends and potential capital returns, which may appeal to income-focused investors.

Morgans upgrades to Accumulate from Hold, retaining a $7.39 target, citing improved total shareholder return (TSR) following recent share price weakness.

Target price is $7.39 Current Price is $6.55 Difference: $0.84
If BOQ meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.57, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in August.

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 BXB as Accumulate (2) -

Given ongoing geopolitical uncertainty and elevated oil prices, Morgans has adopted a more conservative stance on earnings forecasts for Amcor, Brambles, Reece and Reliance Worldwide.

The broker makes minor earnings downgrades for Brambles, reducing FY26-FY28 underlying EBIT forecasts by around -1%, with FY26 growth now expected at the lower end of guidance.

Key risks are thought to include higher transport costs from elevated oil prices and softer global consumer demand.

However, the broker views Brambles as highly defensive, with the majority of revenue linked to consumer staples, while contractual cost pass-through mechanisms support margin recovery.

Morgans lowers its target to $25.50 from $27.00 and retains an Accumulate rating, citing a strong execution track record.

Target price is $25.50 Current Price is $22.26 Difference: $3.24
If BXB meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $26.32, suggesting upside of 19.5% (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: 0.6

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

Morgans rates CAR as Buy (1) -

Morgans updates target prices across its Technology, Media & Gaming coverage to reflect higher discount rates. This follows an increase in the broker's house risk-free rate to 4.6% from 4.2%, as well as greater uncertainty around terminal values driven by AI.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for CAR Group falls by -5% to 33.50. Buy rating retained.

Target price is $33.50 Current Price is $25.75 Difference: $7.75
If CAR meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $34.61, suggesting upside of 34.1% (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

Morgans rates CAT as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Catapult Sports falls by -11% to $5.55. The Buy rating is kept.

Target price is $5.55 Current Price is $3.23 Difference: $2.32
If CAT meets the Morgans target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting upside of 53.0% (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

Ord Minnett rates CHC as Downgrade to Accumulate from Buy (2) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates. The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously.

Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29. Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low weighted average cost of debt (WACD) but also stretched payout ratios that leave only a narrow safety margin.

Charter Hall is downgraded to Accumulate from Buy with the target lowered to $22.70 from $25.10.

Target price is $22.70 Current Price is $20.09 Difference: $2.61
If CHC meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $24.24, suggesting upside of 21.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates CIP as Accumulate (2) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates.

The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously. Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low WACD but also stretched payout ratios that leave only a narrow safety margin.

Accumulate rating and $3.35 target maintained for Centuria Industrial REIT.

Target price is $3.35 Current Price is $3.00 Difference: $0.35
If CIP meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 8.5% (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

Ord Minnett rates CNI as Buy (1) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates. The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously.

Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low weighted average cost of debt (WACD) but also stretched payout ratios that leave only a narrow safety margin.

Buy rating retained for Centuria Capital. Target is reduced to $2.10 from $2.15.

Target price is $2.10 Current Price is $1.68 Difference: $0.42
If CNI meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 17.5% (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

UBS rates COL as Buy (1) -

Ahead of Coles Group's May 1, March quarter update, UBS previews expectations with a total sales forecast of 2.7% growth y/y and a Buy rating retained due to Supermarkets continuing to perform strongly on cost leadership and effective promotions.

Notably the valuation gap with Woolworths Group ((WOW)) has increased due to the outperformance of its peer.

No change to $25 target.

Target price is $25.00 Current Price is $22.84 Difference: $2.16
If COL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.35, suggesting upside of 1.3% (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

Morgans rates DTL as Hold (3) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Data#3 falls by -9% to $7.50. The Hold rating is maintained.

Target price is $7.50 Current Price is $7.57 Difference: minus $0.07 (current price is over target).
If DTL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.36, suggesting upside of 4.4% (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

Bell Potter rates DVP as Buy (1) -

Develop Global is poised to deliver commodity price leverage amid elevated copper, zinc and silver prices, Bell Potter asserts. There was a significant uplift in the March quarter in contained metal production at Woodlawn, reflecting higher processing rates and feed grade.

The broker expects this will increase as the first quarter of steady-state production is achieved at Woodlawn and as stoping advances to the Kate lens core.

Free cash flow generation should now increasingly support project financing at Sulphur Springs and Pioneer Dome. Buy rating retained. Target edges up to $6.60 from $6.50.

Target price is $6.60 Current Price is $5.76 Difference: $0.84
If DVP meets the Bell Potter target it will return approximately 15% (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 EVT as Buy (1) -

EVT Ltd has provided an update to guidance, forecasting FY26 EBITDA growth. At first glance Citi points out the company's guidance is now for EBITDA to be "marginally up" compared to previous guidance of "a record year".

The broker notes some headwinds in the fourth quarter were flagged, such as works at QT Queenstown and QT Gold Coast and disruptions at QT Canberra from light rail work, that should result in the top end of consensus estimates being downgraded for FY26, and possibly FY27.

The latter because there is no obvious end in sight in the short term for the Middle East war.

There was no update to the George Street sale while entertainment guidance is now for "reasonable" growth compared to prior guidance of "modest" growth. Buy rating and $16.85 target.

Target price is $16.85 Current Price is $13.79 Difference: $3.06
If EVT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $16.85, suggesting upside of 32.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates FEX as Buy (1) -

Fenix Resources has signalled a path to incrementally grow iron ore production to 10mtpa at significantly lower unit costs, Bell Potter observes. The company reported production of 1.243mt and sales of 974,000t at an average realised price of US$101/dmt CFR.

The company intends to leverage its integrated logistics network to support cash flow and fund its growth outlook. Sufficient diesel supply is anticipated for operating activities. Costs are expected to rise nonetheless amid higher fuel and freight rates.

The broker updates its outlook to take into account the iron ore price and AUD/USD. Buy rating retained. Target is $0.63.

Target price is $0.63 Current Price is $0.34 Difference: $0.295
If FEX meets the Bell Potter target it will return approximately 88% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates IKE as Buy (1) -

ikeGPS Group delivered a March quarter trading update that revealed continued momentum in subscription revenue, up 21% year-on-year to $5.1m.

This was lower than Bell Potter anticipated, largely because of the timing of a customer completing a project. The revenue should be recognised in FY27.

The broker notes the company is funded for the development of its product suite and should continue to embed itself within tier-1 utility/communications companies. Buy rating retained. Target rises to $1.21 from $1.17.

Target price is $1.21 Current Price is $0.94 Difference: $0.27
If IKE meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates INA as Buy (1) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates.

The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously. Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low WACD but also stretched payout ratios that leave only a narrow safety margin.

Ingenia Communities has a Buy rating and the target is reduced to $4.95 from $5.00.

Target price is $4.95 Current Price is $4.09 Difference: $0.86
If INA meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.85, suggesting upside of 18.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates LNW as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Light & Wonder falls by -6% to $183. Buy rating retained.

Target price is $183.00 Current Price is $122.23 Difference: $60.77
If LNW meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $198.00, suggesting upside of 63.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates MGR as Neutral (3) -

Mirvac Group's 3Q update revealed healthy residential sales, according to Citi, with more than 96% of FY26 earnings already secured.

Despite this, the share price fell, which the broker found surprising given the stock was already trading at a significant discount to net tangible assets (NTA).

Citi suggests market concerns are centred on potential demand impacts from further rate hikes and housing policy changes, as well as uncertainty around construction costs and margins.

While near-term uncertainty persists, the broker sees some upside and maintains its target of $1.84 and Neutral rating.

Target price is $1.84 Current Price is $1.75 Difference: $0.09
If MGR meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 15.4% (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

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

Mirvac Group reiterated its FY26 guidance for EPS of 12.8c-13c and a DPS of 9.5c alongside residential settlements of 2k-3k, Morgan Stanley explains.

Notably residential sales were up 12% y/y but somewhat below management's first expectations that sales would align with 2Q26. The developer does require a capital partner for Badgery's Creek (Seed) and joint venture a residential project, a stage of Kilandra.

The analyst reckons FY26 is on track but EPS guidance remains contingent on the three factors highlighted as being achieved.

Target price $2.10 with an Equal-weight rating. Industry View: In-Line.

Target price is $2.10 Current Price is $1.75 Difference: $0.35
If MGR meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 15.4% (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 MGR as Downgrade to Accumulate from Buy (2) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates.

The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously. Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low weighted average cost of debt (WACD) but also stretched payout ratios that leave only a narrow safety margin.

Mirvac Group's rating is downgraded to Accumulate from Buy with the target lowered to $1.85 from $1.95.

Target price is $1.85 Current Price is $1.75 Difference: $0.1
If MGR meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 15.4% (ex-dividends)

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

UBS rates MGR as Neutral (3) -

Highlighting some emerging weakness in April across NSW/Victoria, UBS notes Mirvac Group remains confident it can achieve FY26 guidance with settlements of 1074/1060, respectively, needed in 4Q to achieve the midpoint of FY26 guidance.

The 3Q26 trading update reflected some seasonality and timing of project completion while margins are expected to soften over 2H26 with more apartments coming on stream.

Rising costs are most prevalent with higher diesel prices impacting on master planned communities (MPC) more than apartments with civil projects essentially compete for FY27 which is expected to protect margins.

The broker views risks to the earnings downside from rising interest rates and a more challenging macro backdrop.

No change in Neutral rating and $1.97 target price.

Target price is $1.97 Current Price is $1.75 Difference: $0.22
If MGR meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 15.4% (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 MP1 as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Megaport falls by -16% to $13.50. Buy rating retained.

Target price is $13.50 Current Price is $8.81 Difference: $4.69
If MP1 meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $15.23, suggesting upside of 71.3% (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 NEM as Buy (1) -

UBS believes Newmont Corp delivered a strong 1Q26 result today. At first glance, the broker notes earnings (EBITDA) 'beat' the consensus expectation by 23%, supported by higher production and lower unit costs.

Production and cost guidance for FY26 remain unchanged despite inflationary pressures, the analysts observe, alleviating concerns around potential cost blowouts.

The broker also points to accelerating shareholder returns, with the company doubling its buyback authorisation to US$6bn and committing to return 100% of free cash flow (FCF) once net cash exceeds its target range.

UBS views the capital management framework as a key positive for the investment case relative to peers.

Target $195. Buy.

Target price is $195.00 Current Price is $154.48 Difference: $40.52
If NEM meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $204.00, suggesting upside of 31.1% (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

Morgans rates NXT as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for NextDC falls by -12% to $18. The Buy rating is maintained.

Target price is $18.00 Current Price is $14.75 Difference: $3.25
If NXT meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $19.49, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates NXT as Buy (1) -

NextDC has completed the first stage of a $1.5bn equity raising with the proceeds to be used to accelerate various projects, particularly the construction of the S4 data centre in western Sydney. This follows the launch on April 7 of a $1bn hybrid security issue.

Ord Minnett now assesses the company's planned capital expenditure (-$3bn in FY26; -$5bn in FY27; and around -$3bn in FY28) is fully funded, unless other developments are accelerated or new contracts are won.

Target is raised to $21.50 from $20.00 and a Buy rating is reiterated.

Target price is $21.50 Current Price is $14.75 Difference: $6.75
If NXT meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $19.49, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates OCL as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Objective Corp falls by -13% to $14.60. The Buy is retained.

Target price is $14.60 Current Price is $12.21 Difference: $2.39
If OCL meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $16.67, suggesting upside of 40.4% (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 PDN as Buy (1) -

Paladin Energy delivered a broadly positive March quarter operational update, Citi suggests, despite a modest miss on sales volumes and realised pricing.

Ramp-up at the Langer Heinrich Mine remains on track, with full run-rate expected by the end of FY26. Unit costs are expected to rise in 4Q as operations transition and input cost pressures emerge, the analyst explains.

Cost moderation into FY27 is anticipated by the broker, with manageable exposure to higher diesel and reagent prices.

Citi lifts its target to $15.00 from $12.80 citing improving operational confidence and continued progress toward a final investment decision at the PLS project.

Target price is $15.00 Current Price is $12.95 Difference: $2.05
If PDN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $13.18, suggesting upside of 4.6% (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: 0.3

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

Citi rates PRU as Buy (1) -

Citi assesses Perseus Mining delivered a solid March quarter result, with production and costs broadly in line with consensus expectations.

The broker forecasts production will increase in the 4Q, supported by the CMA underground ramp-up, but caution remains around diesel cost pressures.

The Nyanzaga gold development project in north-west Tanzania remains on track for first production in January 2027 and within budget, while FY26 guidance is unchanged.

Citi also highlights potential upside from future reserve updates if a greater portion of resources is converted into mineable reserves.

Buy. Target $7.00.

Target price is $7.00 Current Price is $5.58 Difference: $1.42
If PRU meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting upside of 21.2% (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

UBS rates PRU as Buy (1) -

UBS notes the March quarter update from Perseus Mining was in line with expectations and is on track to achieve the lower end of FY26 guidance of 400-440koz. AISC of US$1,748/oz was higher than the analyst's forecast with high diesel exposure of around 10% of AISC.

Cash on hand at quarter end came in at US$817m and bullion of US$254m with the sale of Meyas Sand for US$260m now finalised.

Nyanzaga, the gold producer's key growth project is on time for development with first gold targeted for January 2027 and represents around 30% of the broker's NPV estimated of around US$2.1bn.

Notably, recent happenings in Burkina Faso and developments in Ghana reinforce the challenges of operating in Africa, commentary states.

Target price is unchanged at $6.75 and Buy rating retained.

Target price is $6.75 Current Price is $5.58 Difference: $1.17
If PRU meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting upside of 21.2% (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 QBE as Neutral (3) -

Macquarie points out initial assessments suggest traditional security measures are poorly equipped to detect subtle data corruption or behavioural manipulation in AI models.

So-called "search engine poisoning" exploits search engine optimisation techniques to elevate malicious links and misinformation, relying on user trust in prominent search results.

Insurers like QBE Insurance are moving to limit AI exposure in cyber policies, heading towards AI-specific security and governance systems, covering data controls, monitoring and adversarial testing.

The broker suspects a time is approaching when manipulated data could have unintended consequences and no business should be complacent about AI.

Neutral rating and $25.10 target.

Target price is $25.10 Current Price is $22.37 Difference: $2.73
If QBE meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.90, suggesting upside of 11.3% (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: 0.8

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

Morgans rates RDY as Speculative Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for ReadyTech Holdings falls by -2% to $2.15. The Speculative Buy rating is maintained.

Target price is $2.15 Current Price is $1.42 Difference: $0.735
If RDY meets the Morgans target it will return approximately 52% (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

Morgans rates REA as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for REA Group falls by -4% to $220. The Buy rating is maintained.

Target price is $220.00 Current Price is $173.45 Difference: $46.55
If REA meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $213.43, suggesting upside of 24.9% (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

Morgans rates REH as Downgrade to Hold from Accumulate (3) -

Given ongoing geopolitical uncertainty and elevated oil prices, Morgans has adopted a more conservative stance on earnings forecasts for Amcor, Brambles, Reece and Reliance Worldwide.

The broker's FY26-FY28 underlying earnings (EBIT) forecasts for Reece are lowered by between -2%-3%, with FY26 now broadly in line with guidance.

Key risks are seen as higher input costs for plastic-related products, potential supply disruptions and softer housing demand driven by elevated interest rates.

While Reece has a strong track record of passing through costs, the analyst sees uncertainty in housing markets across A&NZ and the US.

Morgans downgrades its rating to Hold from Accumulate and sets a $14.10 target, down from $17.70.

Target price is $14.10 Current Price is $13.49 Difference: $0.61
If REH meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $16.07, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates.

The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously. Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low WACD but also stretched payout ratios that leave only a narrow safety margin.

Region Group's rating is upgraded to Accumulate from Hold and the target is lifted to $2.55 from $2.35.

Target price is $2.55 Current Price is $2.29 Difference: $0.26
If RGN meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 6.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates RHC as Underweight (5) -

Morgan Stanley notes the proposed Australian Government reduction in the private health insurance (PHI) rebate for those 65-years and over.

The analyst estimates this would result in around a circa -50,700 reduction in members based on the number of insured people with hospital coverage (Dec 2025) of around 12.7m.

Applying the number of private hospital episodes in 2025, it is estimated a possible volume impact of circa -36,000 episodes and would translate to a volumes headwind of around -1%.

Ramsay Health Care remains Underweight rated with $35.60 target price. In-Line industry view.

Target price is $35.60 Current Price is $39.49 Difference: minus $3.89 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.31, suggesting upside of 1.1% (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

Bell Potter rates RRL as Buy (1) -

Regis Resources produced a March quarter production outcome that was slightly below Bell Potter's forecast. Duketon production slightly beat estimates while Tropicana missed.

The broker believes the business is well-placed to meet FY26 guidance and build on its track record of consistent delivery. The unhedged exposure to a rising gold price has meant robust free cash flow and balance sheet strength.

Bell Potter is attracted to the all-Australian, multi-mine portfolio and demonstrated leverage to the gold price, retaining a Buy rating and increasing the target to $9.45 from $9.35.

Target price is $9.45 Current Price is $7.45 Difference: $2
If RRL meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $8.84, suggesting upside of 19.8% (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

UBS rates RRL as Buy (1) -

Regis Resources pre-released what UBS notes as inline March quarter production which places the producer on track to achieve the upper end of guidance in FY26.

Costs at Tropicana came in lower than anticipated while Duketon was higher, the analyst points out and a fully franked dividend of 15c per share was paid out.

Management has progressed well the broker reckons in terms of mitigating concerns over mine life and growing resource and reserve inventory by 10% and 20% above replacement, respectively.

Target price lifts to $8.75 from $8.65 with no change to Buy rating.

Target price is $8.75 Current Price is $7.45 Difference: $1.3
If RRL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.84, suggesting upside of 19.8% (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

Morgans rates RWC as Hold (3) -

Given ongoing geopolitical uncertainty and elevated oil prices, Morgans has adopted a more conservative stance on earnings forecasts for Amcor, Brambles, Reece and Reliance Worldwide.

The broker lowers its earnings forecasts for Reliance Worldwide Corp, reducing FY26-FY28 revenue by -1% and underlying earnings (EBITDA) by -2%.

For 2H26, the broker forecasts revenue growth of around 3%, below management's guidance for mid-single digit growth.

Target falls to $3.00 from $3.65. Hold rating maintained.

Target price is $3.00 Current Price is $2.95 Difference: $0.05
If RWC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 26.2% (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: 0.2

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

Morgan Stanley rates SCG as Overweight (1) -

Scentre Group has announced it is repurchasing all its outstanding 2080 hybrids (US$1.3bn) which Morgan Stanley notes will be funded by existing senior bank facilities, with the broker estimating around $3bn remains undrawn.

The estimated savings from the repurchase are forecast at $40m-$50m even assuming longer-term more expensive debt. While gearing would rise to circa 36% from 30.4% as at the last report as hybrids are treated as equity.

The tender for the repurchase has just started and doesn't end until April 30.

No change to target price of $4.41. Overweight rated. Industry view: In-Line.

Target price is $4.41 Current Price is $3.68 Difference: $0.73
If SCG meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Accumulate (2) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates.

The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously. Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low WACD but also stretched payout ratios that leave only a narrow safety margin.

Accumulate rating maintained for Scentre Group. Target edges down to $3.90 from $3.95.

Target price is $3.90 Current Price is $3.68 Difference: $0.22
If SCG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 5.4% (ex-dividends)

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 SDR as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for SiteMinder falls by -16% to $5.90. The Buy rating is maintained.

Target price is $5.90 Current Price is $3.10 Difference: $2.8
If SDR meets the Morgans target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting upside of 126.7% (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

Citi rates SEK as Buy (1) -

Citi notes job ad volumes for Seek continue to soften, with ANZ listings down modestly year-on-year, pointing to downside risk to FY26 volume guidance.

The broker lowers volume and earnings forecasts, reflecting weaker macro conditions and FX headwinds in Asia, alongside expectations for further rate hikes.

Despite this, Citi believes the market is overly pessimistic, underestimating Seek's value proposition for both hirers and applicants.

Citi reiterates a Buy rating and lowers its target to $24.15 from $26.00.

Target price is $24.15 Current Price is $14.80 Difference: $9.35
If SEK meets the Citi target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $21.81, suggesting upside of 48.8% (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 SEK as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Seek falls by -9% to $25.10. The Buy rating is maintained.

Target price is $25.10 Current Price is $14.80 Difference: $10.3
If SEK meets the Morgans target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $21.81, suggesting upside of 48.8% (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

Morgan Stanley rates SFR as Underweight (5) -

Sandfire Resources announced 3Q26 update which was slightly below consensus expectations Morgan Stanley observes.

Underlying operating cost was US$70/t, 7.7% above forecasts and 4.5% above consensus while C1 fell to around US$62/lb higher than the broker expected but slightly lower than consensus on better by-product pricing.

Management lifted FY26 guidance for Motheo to 5.8mt from 5.6mt suggesting lower grades are anticipated with FY26 CuEq unchanged but at the lower end of the range.

The broker notes most operating detail for Matsa was pre-released on April 9 and overall consensus EPS forecasts are expected to trend lower over the next 12-months.

Underweight rating. Target $16.20. Industry view: Attractive.

Target price is $16.20 Current Price is $17.22 Difference: minus $1.02 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.57, suggesting upside of 8.9% (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: -0.1

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

Morgans rates SFR as Hold (3) -

Morgans notes Sandfire Resources' 3Q26 operational result was in line with pre-released production, with weaker output driven by timing and weather impacts rather than structural issues.

The broker expects a stronger 4Q, supported by improving throughput at Matsa and higher grades at Motheo.

Costs remain well controlled, in the analyst's opinion, although risks from Middle East-related disruptions to fuel and logistics are building.

Morgans retains its $20.40 target and upgrades to Accumulate from Hold, citing recent share price weakness and a constructive outlook for copper.

Target price is $20.40 Current Price is $17.22 Difference: $3.18
If SFR meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.57, suggesting upside of 8.9% (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: -0.1

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

Ord Minnett rates SFR as Accumulate (2) -

After a "softer" March quarter result Ord Minnett adjusts estimates to better align with FY26 guidance from Sandfire Resources and this drives a minor uplift to earnings estimates as well as the target price.

Rainfall and unplanned maintenance impacted Matsa while a delayed transition to higher grade ore affected Motheo. Matsa is expected to "comfortably achieve" the lower half of FY26 production guidance, set at 91-101,000t.

Accumulate retained. Target is raised to $20.30 from $19.75.

Target price is $20.30 Current Price is $17.22 Difference: $3.08
If SFR meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.57, suggesting upside of 8.9% (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: -0.1

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

UBS rates SFR as Downgrade to Sell from Neutral (5) -

UBS downgrades Sandfire Resources to Sell from neutral with a lower target of $16.75 from $17.05 due to the recent strength in the share price.

The analyst points to the pre-release of its net cash and March quarter production of 22.9kt of copper which was less than expected due to the impact of wet weather and ongoing downtime at Matsa and delays in accessing higher grade ore at Motheo.

Management however has retained FY26 guidance for 102-114kt copper and will need to print a strong 4Q production to achieve the flagged guidance, the broker points out.

Costs for Matsa and Motheo came down with "polymetallic benefits" noted as the reason while UBS' very "bullish" outlook on precious metals has silver generating around 20% of revenue, exceeding zinc at circa 15% for the next two years.

Target price is $16.75 Current Price is $17.22 Difference: minus $0.47 (current price is over target).
If SFR meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.57, suggesting upside of 8.9% (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: -0.1

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

Citi rates STO as Buy (1) -

Santos enters the 2Q with improving operational momentum, Citi highlights, as temporary headwinds unwind and production is expected to recover across key assets.

The Pikka development in Alaska is seen as the primary growth catalyst, nearing first oil and continuing to de-risk through commissioning milestones. Barossa is expected to restart shortly, supported by improving LNG pricing.

The broker also highlights additional portfolio upside from appraisal and development activity, alongside upcoming project milestones.

Citi maintains a Buy rating and $8.65 target, expecting execution delivery and catalysts to help narrow the valuation discount.

Target price is $8.65 Current Price is $7.71 Difference: $0.94
If STO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.18, suggesting upside of 5.0% (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

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

Morgan Stanley anticipates a "muted" response to Santos' March 2026 results with unchanged FY26 guidance.

March quarter production rose 2% q/q some -4% below the analyst's forecast and -5% below consensus due to timing in PNG LNS.

The sales revenue over the period lifted 3% q/q and was down -2% y/y and capex was down -29% q/q to US$441m some -10% below the broker's expectations and 6% higher than consensus.

Target remains at $7.50. Equal-weight. Industry view In-Line.

Target price is $7.50 Current Price is $7.71 Difference: minus $0.21 (current price is over target).
If STO meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.18, suggesting upside of 5.0% (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) -

March quarter production from Santos was largely in line with Ord Minnett's expectations.

The broker points out, while headline sales revenue matched market expectations, this was somewhat misleading, as Santos had to purchase four spot LNG cargoes at around US$150m to satisfy customer contracts at the Barossa project.

Adjusting for the spot purchases, Ord Minnett suspects, will drive downgrades to the market's earnings forecasts.

The broker reduces EPS estimates by -5.2% for FY26 and -0.7% for FY27 to incorporate delays to Barossa and Pikka as well as the cost of spot LNG cargoes. Accumulate rating and $7.90 target maintained.

Target price is $7.90 Current Price is $7.71 Difference: $0.19
If STO meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.18, suggesting upside of 5.0% (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

UBS rates STO as Buy (1) -

Santos' 1Q2026 production was slightly weaker than anticipated UBS notes due to an interruption in the ramp up at Barossa but was offset by crude liftings to boost Australia's domestic fuel supply.

Post a US visit and site tour with TotalEnergies to Rio Grande LNG the analyst is more comfortable about Papua LNG's scheduling, with TotalEnergies 37.5% and Santos at 17.7% and the operator with a government back-in.

The final investment decision is on track for 2H26.

The Investor Day is scheduled for May 26 and commentary suggests this could be a positive catalyst with development plans for Pikka 2 and Beetaloo.

Notably, the stock is trading at an implied oil price of US$67/bbl, a large discount to its peers Woodside Energy ((WDS)) at US$73/bbl and Beach Energy ((BPT)) at US$83/bbl, respectively.

Target price is lifted to $8.80 from $8.70 with an unchanged Buy rating. EPS forecasts are tweaked lower in FY26 and slightly higher in FY27.

Target price is $8.80 Current Price is $7.71 Difference: $1.09
If STO meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.18, suggesting upside of 5.0% (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

Morgans rates TNE as Downgrade to Hold from Accumulate (3) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for TechnologyOne falls by -10% to $31.20. The rating is downgraded to Hold from Accumulate.

Given the timing of the rollout of Plus and the company's AI features, along with a 2H earnings skew, Morgans sees little chance of a near-term upgrade to FY26 guidance.

Target price is $31.20 Current Price is $29.78 Difference: $1.42
If TNE meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $31.94, suggesting upside of 9.8% (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

Morgans rates TTX as Speculative Buy (1) -

Tetratherix delivered a solid 3Q26, with progress across clinical, commercial and operational fronts in line with expectations.

Key developments included a new R&D agreement supporting the STEPP platform, continued advancement toward FDA clearance for bone regeneration products, and encouraging clinical progress across its tissue-focused portfolio.

The broker expects increasing news flow over the remainder of the year, with multiple catalysts across its franchises.

While forecasts are unchanged, the target is reduced to $6.84 from $7.03 due to a higher assumed risk-free rate. Morgans retains a Speculative Buy rating.

Target price is $6.84 Current Price is $4.67 Difference: $2.17
If TTX meets the Morgans target it will return approximately 46% (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 VCX as Downgrade to Hold from Accumulate (3) -

Ord Minnett reviews the property sector coverage to incorporate at least two further increases in official interest rates in 2026 and consequent changes to commercial rates.

The 90-day bank bill swap rate in its model is now expected to peak at 4.65% compared with 4.20% previously. Higher interest rates are expected to drive the weighted average cost of debt up to 5.7% for FY29.

Across the sector the broker envisages the most risk of "absolute cuts in distributions per security" will come from those groups with low WACD but also stretched payout ratios that leave only a narrow safety margin.

Vicinity Centres is downgraded to Hold from Accumulate and the target is steady at $2.50.

Target price is $2.50 Current Price is $2.57 Difference: minus $0.07 (current price is over target).
If VCX 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 $2.53, suggesting downside of -1.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates WOW as Neutral (3) -

UBS previews Woolworths Group's upcoming 3Q26 trading update due on April 30, flagging FY26 Australian food earnings (EBIT) guidance will be reiterated at the top end of mid-high single digit growth with consensus looking for 9.8% and the broker's forecast at 9.9%.

Australian food continues to improve and the analyst believes sales growth will remain "elevated" with a lingering question mark around how the retailer/supermarket operator will handle higher supplier costs.

Both Big W and NZ Food remain challenged. Neutral retained with an unchanged target price of $37.25.

Target price is $37.25 Current Price is $37.89 Difference: minus $0.64 (current price is over target).
If WOW meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.53, suggesting downside of -3.8% (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

Morgans rates WTC as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for WiseTech Global falls by -16% to 70.40. Buy rating retained.

Target price is $70.40 Current Price is $44.38 Difference: $26.02
If WTC meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $76.74, suggesting upside of 72.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates XRO as Upgrade to Buy from Accumulate (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

The broker's house risk-free rate is increased to 4.6% from 4.2%. Greater uncertainty around terminal values driven by AI is also taken into account for valuations.

Given the sector's long-duration cash flows, technology remains highly sensitive to interest rates, the analysts highlight, with every 50bps increase reducing valuations by around -13% on a discounted cash flow (DCF) valuation basis.

Australian rates have already risen 50bps year-to-date, with further increases expected.

The broker's key picks are WiseTech Global, Megaport, REA Group, CAR Group and Light & Wonder.

The target for Xero falls by -21% to $111.00. The rating is upgraded to Buy from Accumulate. The broker broadly reduces its expense forecasts by -4% which meaningfully lifts EPS due to fixed cost leverage.

Target price is $111.00 Current Price is $81.27 Difference: $29.73
If XRO meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $144.08, suggesting upside of 76.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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