Australian Broker Call

Citi rates 360 as Buy (1) -

Citi expressed surprise at the market's negative reaction to Life360's 3Q25 result, noting after the conference call that revenue is tracking towards the top end of guidance.

The broker reckons slower MAU growth may explain some weakness, but highlights conversion improved as marketing shifted toward higher-value users. 

The Nativo acquisition aligns with the broker's expectations, accelerating ad monetisation that would otherwise take longer to build internally. Pet Tracker sales have mainly come from existing Paying Circles, but new member adoption is increasing, supporting future growth.

Buy. Target $47.

Earlier today, Citi wrote:

Today's 3Q results by Life360 revealed another strong result, according to Citi's first take. Adjusted earnings (EBITDA) of US$24.5m beat the consensus forecast by 20%, driven by stronger revenue and cost control, explains the broker.

Revenue was a 4% 'beat' against consensus, and opex was -US$2m lower than Citi's forecast. 

Management's FY25 revenue guidance rose 2% to US$474-485m, while earnings guidance was lifted 12% to US$84-88m.

Target price is $47.00 Current Price is $48.32 Difference: minus $1.32 (current price is over target).
If 360 meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.50, suggesting upside of 8.1% (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: 0.9

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

Citi rates AGL as Buy (1) -

AGL Energy announced the sale of 19.9% of its 20% stake in Tilt Renewables for $750m, well above its $321m book value, Citi highlights.

The broker notes the deal aligns with the company's plan to shift renewables off balance sheet while keeping strategic minority interests for future offtake options. It delivers an estimated $590m net cash inflow and $265m after-tax gain, excluded from dividends.

The broker estimates a 10% post-tax IRR, highlighting scarcity value in de-risked renewable assets. Consensus net debt forecast is $3.2bn by FY26, which, to the broker, implies limited earnings upgrades despite the strong sale outcome.

Buy. Target unchanged at $11.50.

Target price is $11.50 Current Price is $9.06 Difference: $2.44
If AGL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $10.97, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates AIS as Upgrade to Buy from Hold (1) -

Bell Potter upgrades Aeris Resources to a Buy from Hold, with a lift in target to 65c from 52c.

This follows three positive catalysts in the broker's view, including $80m equity raising, a maiden ore reserve for the Constellation deposit at Tritton, and the sale of small North Queensland copper assets.

A high-cost loan has been repaid (circa $40m), and the placement removes an overhang on the stock.

The Tritton process plant is the largest plant in the Cobar region, and the Constellation mine now has visibility to produce 27-30ktpa copper from the start of 2026.

The analyst lowers its EPS estimates by -15% for FY26 and raises FY27 by 1%. Tritton will be the largest copper mine in Australia not owned by a major.

Target price is $0.65 Current Price is $0.41 Difference: $0.24
If AIS meets the Bell Potter target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.65, suggesting upside of 47.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates ANZ as Neutral (3) -

Citi notes the market reacted positively to ANZ Bank's FY25 result, likely due to a lower FY25 cost base, stable NIM outlook, and strong capital position, which reduced the likelihood of a second DRP.

The broker made minor earnings upgrades, retaining a Neutral rating and target price of $37. ANZ remains the broker's top pick among major banks.

In the early take yesterday, the broker wrote:

Today's ANZ Bank FY25 result was in line with expectations, with cash earnings of $5.8bn offset by a better cost outcome and strong capital position.

In an initial assessment, the broker suggests FY26 cost guidance of around -$11.5bn, down -3% y/y  and below consensus, establishes a firmer base for operating leverage into FY26.

The broker also points to CET1 capital at 12% as a beat, aided by risk-weight and floor benefits, while asset quality remains solid with stable non-performing loans and declining new impairments.

Citi expects modest earnings upgrades from lower costs and bad debt assumptions.

Target price is $37.00 Current Price is $37.98 Difference: minus $0.98 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.52, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates ANZ as Neutral (3) -

Macquarie retains a Neutral rating for ANZ Bank and lifts its target to $35 from $34.

FNArena's summary of Macquarie's research yesterday follows.

Management at ANZ Bank had previously detailed several foundations for FY26, though today’s announcement indicates to Macquarie (at first glance) a softer starting position than anticipated.

Revenues came in -2% below the broker's expectation due to weaker institutional margins and lower deposit income, particularly in New Zealand.

It’s thought the cost outlook remains a key positive, with FY26 expenses guided around -3% lower year-on-year and -$200-300m below the analyst's forecast, supported by ongoing headcount reductions.

Macquarie notes impairment charges remain low at -4bps of loans and CET1 capital steady at 12%, while the dividend was maintained at 83c, 70% franked.

Despite a recent re-rating, ANZ still trades at a material discount to peers, notes the broker. 

Target price is $35.00 Current Price is $37.98 Difference: minus $2.98 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.52, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

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

Morgan Stanley liked ANZ Bank's 2H25 result, espousing the bank achieved the "best result" against expectations for some period, with no disappointment or surprises on key financial metrics.

The analyst evidenced improved margin management and has more confidence in costs, credit quality, and capital outlook, combined with a relatively attractive valuation.

FY26 guidance for a fall in the underlying cost base of -3% to around $11.5bn, and timing on restructuring were considered positives. The analyst forecasts some $2bn in cost savings from productivity benefits over the next three years.

ANZ is upgraded to the broker's preferred bank exposure over National Australia Bank ((NAB)). Equal-weight rating retained. Target lifted to $36 from $34. Industry view: In Line.

More evidence of sustained revenue growth is required for a further re-rating of the stock.

Target price is $36.00 Current Price is $37.98 Difference: minus $1.98 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.52, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Morgans rates ANZ as Trim (4) -

Morgans observes ANZ Bank's 2H25 revenue (up 2% ex-impairment) missed expectations due to weaker non-Markets income and slower loan growth.

Net interest margin declined slightly (-2 bps to 1.54%) but is expected to remain stable through FY26-30, aided by hedge benefits and cheaper deposit funding.

Management guided to a -3% cost decline in FY26 ($11.5 bn) and reaffirmed its cost-to-income (CTI) target of mid-40% by FY28.  ROTE goals of 12-13% by FY28-30 were re-affirmed, though the broker sees this as ambitious without stronger revenue growth or buybacks.

CET1 capital was solid at 12%, raising questions over the need for a continued DRP given limited loan growth, the broker highlights. Dividend (83 cps) was maintained, with the broker expecting it to stay flat until payout normalises.

FY26-28 cash earnings estimates lowered by 1-2%. Target price rises to $33.09 from $32.80 on CET1 capital outperformance. Trim unchanged.

Target price is $33.09 Current Price is $37.98 Difference: minus $4.89 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.52, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Ord Minnett rates ANZ as Lighten (4) -

ANZ Bank's 2H25 result met expectations on pre-provision profit and dividend but missed on cash earnings due to write-downs and charges, Ord Minnett observes.

Net interest margin fell -2bps to 1.54%, reflecting intense mortgage competition and weak deposit growth, up 1.7% y/y vs peers’ 3-8%.

The broker reckons the result reinforced CEO Nuno Matos’ turnaround plan but underscored the bank's weaker deposit base, leaving its NIM under greater pressure than larger peers amid intense mortgage competition.

While Ord Minnett sees the turnaround plan as clear and achievable on cost reduction, it doubts the bank can meet its revenue targets amid intense industry competition and margin pressure.

Lighten retained. Target unchanged at $30.

Target price is $30.00 Current Price is $37.98 Difference: minus $7.98 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.52, suggesting downside of -12.1% (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

UBS rates ANZ as Sell (5) -

ANZ Bank announced a mixed FY25 result, according to UBS, which represented a reset result with new management, as well as addressing investor issues around capital, provisioning, and the performance of retail banking.

The CET1 came in stronger, viewed as a good starting point to concentrate on cost management.

UBS tweaks its EPS estimates up by 0.4% for FY26 and up for FY27 by 1.3%. This accounts for a rise in the net interest margin forecast by 2bp over FY26-FY28, lower bad and doubtful debt assumptions (seen -11.6% and -7.8% in FY26/27), and a rise in expected credit charge of 5.3%.

No change to Sell rating with target of $30.

Target price is $30.00 Current Price is $37.98 Difference: minus $7.98 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.52, suggesting downside of -12.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Citi rates ASK as Neutral (3) -

Abacus Storage King’s trading update for 1Q26 confirmed FY26 distribution guidance of 6.2c per share, with a payout ratio between 90-100% of funds from operations, meeting Citi’s and consensus expectations.

The REIT’s established portfolio generated 1.3% revenue per available metre, with Qld growth of 4.3%. The analyst notes all regions were positive except NZ, where rates were lowered by -5% to maintain occupancy.

Existing occupancy is robust, up 30bp to 90.8%, and four new stores are flagged in FY26, with gearing lifting to 31%, up 170bps.

Neutral retained for Abacus Storage King. Target unchanged at $1.50. The stock trades at circa -19.5% discount to NTA.

Target price is $1.50 Current Price is $1.40 Difference: $0.1
If ASK meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates BEN as Neutral (3) -

On UBS' first assessment, Bendigo & Adelaide Bank's Q1 trading update has fallen short of forecasts on multiple metrics, including cash net profit and CET1 ratio.

The broker quickly calculates the bank can still achieve consensus forecast for the first half, but it'll require a benign credit environment and further cost management.

UBS's response also reminds investors the regional lender has only recently started with quarterly market updates (suggesting the market might not treat it too harshly) while the shares continue to trade above average historical valuation.

Neutral. Target $13.

Target price is $13.00 Current Price is $12.72 Difference: $0.28
If BEN meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.27, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Citi rates CBA as Sell (5) -

CommBank's first-quarter FY26 result was broadly in line with market expectations, according to Citi, with unaudited cash earnings of $2.6bn and revenue around $7.4bn, slightly above expectations.

Total revenue rose 3% versus the prior half, aided by solid volume growth and stronger markets income, explain the analysts, while underlying margins eased slightly from deposit switching and competition.

Management noted the underlying net interest margin (NIM) was 'slightly lower' on switching, competition and rates. CET1 capital stood at 11.8%, consistent with Citi's forecast.

Higher costs reflected the NZ class action settlement, with underlying cost growth near 4% and asset quality remaining benign, the broker assesses.

Sell rating. Target $130.

Target price is $130.00 Current Price is $174.92 Difference: minus $44.92 (current price is over target).
If CBA meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.61, suggesting downside of -27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

UBS rates CBA as Sell (5) -

UBS's first reaction to CommBank's quarterly update released earlier today is rising costs and CET1 decline raise questions about the bank's elevated valuation (which is quickly being 'corrected').

The result itself was seemingly in line with expectations, judging from the headline number, except for those two key items. Not what the market wants to see from a bank whose share price requires perfection, the response intimates.

Sell. Target $125.

Target price is $125.00 Current Price is $174.92 Difference: minus $49.92 (current price is over target).
If CBA meets the UBS target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.61, suggesting downside of -27.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Citi rates DNL as Upgrade to Buy from Neutral (1) -

After a thorough analysis of Dyno Nobel's FY25 results, Citi highlights its transformation into a pure explosives business is delivering strong growth.

This is supported by innovation, structural tailwinds, and the transformation program is targeting $600m EBIT by FY28. The broker notes AN volumes remain important but the company's ability to shift to bundled end-to-end solutions underpins sustained profitability.

Target lifted to $4.00 from $3.50. Rating upgraded to Buy from Neutral.

At first glance, the broker wrote:

Citi views today's Dyno Nobel’s FY25 result as solid, with group earnings (EBIT) of $714m at the top end of guidance and ahead of expectations.

The Explosives division performed strongly, highlights the broker, guiding to FY26 EBIT of $460-500m, around 4% above expectations, supported by continued growth at DNEL and progress on the Perdaman Offtake Agreement.

The broker notes Fertiliser separation is advancing and leverage of 1.4x remains below forecasts, though higher interest and tax costs led to a modest EPS miss. Citi expects the FY25 momentum to continue into FY26.

Target price is $4.00 Current Price is $3.46 Difference: $0.54
If DNL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.41, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates DNL as Hold (3) -

Dyno Nobel's FY25 EBIT was slightly above Morgans' forecast, though net profit missed on higher interest and tax.

Strong growth came from the Fertilisers business, which the company is divesting, while Explosives saw modest gains amid turnaround impacts, offset by $60m transformation benefits and strong DNEL performance.

For FY26, the company guided to Explosives EBIT at $460-500m, up 11-21% y/y, supported by transformation gains and better volumes despite minor tariff impacts.

FY26 Phosphate Hill output is estimated at 790-850kt vs 769kt in FY25, but costs are also expected to rise. Still, the broker expects Phosphate Hill's EBIT at $259.7m in FY26, marking the third-highest. A sale or closure by Sept 2026 remains likely, but the broker expects limited proceeds to the company. 

Hold. Target rises to.$3.33 from $3.16.

Target price is $3.33 Current Price is $3.46 Difference: minus $0.13 (current price is over target).
If DNL 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 $3.41, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates DNL as Downgrade to Hold from Accumulate (3) -

Dyno Nobel delivered FY25 earnings at the top of guidance and guided to stronger-than-expected FY26 growth, led by robust explosives performance, Ord Minnett notes.

Management reaffirmed its FY28 EBIT target of $600m, supported by strong demand in Australia, record high gold and copper prices, and balanced coal markets. The broker lifted its forecast to $574m, up from $562m.

The broker highlights Phosphate Hill EBIT more than doubled on favourable prices and production, though closure remains planned if unsold by March 2026.

The company announced a $470m share buyback and the broker estimates $400m in FY26. Post-result, Ord Minnett lifted FY26 EPS forecast by 7.1%, with minor adjustments for FY27-28.

Target unchanged at $3.45. Rating downgraded to Hold from Accumulate following 11% share price gains since end-September.

Target price is $3.45 Current Price is $3.46 Difference: minus $0.01 (current price is over target).
If DNL meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.41, suggesting downside of -0.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates DNL as Neutral (3) -

UBS’s first snapshot take of Dyno Nobel was a “solid” FY25 result, with FY26 basically in line with both the broker’s and consensus expectations.

FY25 earnings (EBIT) rose 23%, which was a beat on both the analyst’s and consensus forecasts, with underlying net profit after tax up 6%, below both UBS and consensus, and operating cash flow rising 98%, a miss.

FY26 explosives outlook is expected at $460-$500m, with an earnings skew to 2H26 of 40:60. Phosphate Hill is guided between 790mt-850mt, which assumes FY26 operation.

The analyst points to explosives guidance slightly above expectations and the restart of the buyback with $470m remaining. No change to Neutral rating and $3.35 target price.

Target price is $3.35 Current Price is $3.46 Difference: minus $0.11 (current price is over target).
If DNL 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 $3.41, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley - Cessation of coverage

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

Bell Potter rates FHE as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage of Frontier Energy with a Buy rating and 50c target. Frontier is a renewable energy developer in Perth with the target to build a 120MW solar facility with an 81.5MW (six-hour) battery to supply energy to the grid.

The analyst highlights the company owns a well-positioned site with access to the grid and approvals, as well as available land for expansion, while WA continues to experience power shortages at peak demand periods and thus peak prices have been increasing.

With reserve capacity mechanism credits worth $32m/yr, the first stage of the project is anticipated to generate $55m p.a. in earnings (EBITDA) from October 2027.

Bell Potter likes the long asset life, low operating costs, and low cost of equity.

Target price is $0.50 Current Price is $0.29 Difference: $0.21
If FHE meets the Bell Potter target it will return approximately 72% (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 FLT as Buy (1) -

Ahead of Flight Centre Travel's AGM on Wednesday (Nov 12), Citi believes there is potential for the company to provide positive guidance.

The broker's view is based on peer updates and airport data pointing to resilient demand and pricing, despite a challenging macro backdrop.

GBTG’s September quarter update showed TTV up 9% and Expedia’s results support the leisure outlook, with B2C gross bookings up 7% y/y and improving revenue trends, the broker notes.

Airport passenger growth in Australia remains positive, further reinforcing the improving demand backdrop.

Buy. Target price $15.10.

Target price is $15.10 Current Price is $11.82 Difference: $3.28
If FLT meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $15.02, suggesting upside of 23.9% (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 IFT as Buy (1) -

Ahead of Infratil's 1H26 result on November 13, Citi reiterates its Buy rating and NZ$14.10 target price.

The Buy rating is driven by upside potential in CDC’s valuation vs peer NextDC ((NXT)) and expectation that the -26% NAV discount will narrow as growth in renewables and data centres progresses.

The broker notes recent months showed solid momentum in CDC and the US renewable arm, Longroad. While no CDC revaluation is expected, positive result updates could lift sentiment and reduce the NAV gap, in the broker's view.

The broker also sees scope for NAV upgrades from higher renewable valuations.

Current Price is $10.75. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

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 IRE as Accumulate (2) -

Iress announced a business efficiency program, targeting 25% cash EBITDA margin by end-FY26 vs 19% in FY25, with the expectation to maintain it from there, Morgans highlights.

The program implies -$25m annual cost savings mainly from corporate functions. The company also tightened FY25 EBITDA guidance to 128-132m, from $127-135m, and underlying net profit to $67-71m from $65-73m, both meeting the broker's forecasts.

The company continues to explore strategic proposals, and while the absence of a takeover bid is regarded as a key short-term share price risk, the broker takes confidence from the incoming CEO’s proven execution track record.

Forecast changes are minor, with FY27 net profit estimate rising 8.7%, though margins remain below Iress' 25% target in the broker's base case.

Target rises to $10.50 from $9.69. Accumulate maintained.

Target price is $10.50 Current Price is $9.35 Difference: $1.15
If IRE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

Ord Minnett re-assesses its James Hardie Industries model after US rival Louisiana Pacific posted stronger siding sales, indicating it may be losing market share amid a softening US housing market.

The broker notes the stock has fallen -50% in 2025, pressured by macro weakness, competition, and legal risks tied to the US$9bn Azek acquisition, which has also triggered governance turmoil.

FY26 EPS forecast lowered by -4.1% and FY27 by -8.4% to reflect weaker North American sales. Despite ongoing challenges and potential index weighting cuts, the broker believes these negatives are largely priced in, prompting an upgrade to Hold from Sell.

Target trimmed to $31 from $32.

Target price is $31.00 Current Price is $26.47 Difference: $4.53
If JHX meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 43.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Citi rates LLC as Buy (1) -

Citi highlights two recent press reports related to Lendlease Group, implying both positive developments for its re-rating.

The November 9 article discussed LendLease buying $100m of TCorp’s $275m stake in the APPF Industrial Fund, securing part of its FUM business. The broker reckons this move should stabilise the APPF series and refocus attention on other operations.

A separate November 3 article noted progress on the retirement business sale.

The broker views asset sales, buybacks, and new project wins as key catalysts for LendLease's re-rating.

Buy. Target unchanged at $6.70.

Target price is $6.70 Current Price is $5.46 Difference: $1.24
If LLC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.35, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Morgan Stanley trimmed Lendlease Group's target price to $6.58 from $7.12.

Equal-weight. Industry View: In-Line.

Target price is $6.58 Current Price is $5.46 Difference: $1.12
If LLC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.35, suggesting upside of 15.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates MND as Hold (3) -

Monadelphous Group offered a trading update with management pointing to 1H26 (Dec half) group revenue of around $1.5bn, above both Bell Potter's and consensus forecasts. FY26 group revenue was flagged to be up 20-25% above FY25, again above the broker's and consensus estimates.

Record contract wins in FY25 and more awards in FY26 year-to-date at over $570m have resulted in the sizeable guidance beat, with higher activity levels across all divisions.

Bell Potter lifts its EPS forecasts by 19% for FY26 and 5% for FY27, with a revenue skew to the higher-margin engineering construction division.

No change to Hold rating. Target rises to $24 from $22.

Target price is $24.00 Current Price is $25.00 Difference: minus $1 (current price is over target).
If MND meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.79, suggesting downside of -3.8% (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

Macquarie rates MND as Outperform (1) -

Monadelphous Group continues to benefit from elevated activity across both engineering and maintenance operations, highlights Macquarie. Management expects 1H26 revenue will rise 43% to $1.5bn, more than 20% above consensus.

The broker forecasts FY26 revenue growth of 26%, supported by strong demand in energy, renewables, and iron ore sustaining projects.

Macquarie feels operating leverage and favourable project mix will lift margins modestly, with the broker's FY26 earnings (EBITDA) margin forecast at 7.0%.

The analyst raises FY26-28 EPS forecasts by 14-20% on higher revenue and margin assumptions.

Macquarie retains an Outperform rating and raises its target to $26.36 from $22.17.

Target price is $26.36 Current Price is $25.00 Difference: $1.36
If MND meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting downside of -3.8% (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

Morgan Stanley - Cessation of coverage

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 MND as Buy (1) -

Monadelphous Group issued a strong trading update, Morgans highlights, with FY26 revenue growth of 20-25%, despite a flagged 2H moderation due to front-loaded oil & gas activity.

Management noted strong operating conditions and expects further contract awards soon. The broker notes the company's E&C revenue is closely tied to Rio Tinto’s ((RIO)) Pilbara capex cycle, suggesting replacement spend is set to triple in 2026-27 vs 2024-25.

In rare earths, Arafure Rare Earths' ((ARU)) $475m raise for the Nolans project is seen reviving potential work for Monadelphous, which remains well placed despite prior pauses.

Overall, robust conditions, Pilbara momentum, and project opportunities underpin a positive outlook.

Buy. Target rises to $29.00 from $24.40.

Target price is $29.00 Current Price is $25.00 Difference: $4
If MND meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.79, suggesting downside of -3.8% (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

Macquarie rates NEU as Outperform (1) -

For the third quarter, Neuren Pharmaceuticals reported a 24% year-on-year rise in royalty revenue to $16.4m, modestly above Macquarie’s estimate.

The broker notes licensing partner Acadia narrowed FY25 guidance, implying royalties of $63-66m (mainly from Daybue), consistent with the broker’s $64m forecast.  

Daybue patients increased around 9% year-on-year in Q3 to 1,006, with Acadia's recent 30% increase in salesforce supporting growth, explains Macquarie.

It is believed expansion outside centres of excellence and an enlarged salesforce weill drive stronger growth through 4Q25 and FY26.

The analyst expects near-term catalysts from Daybue’s European Medicines Agency approval and the PMS phase-3 trial launch.

Macquarie retains an Outperform rating and target of $21.20.

Target price is $21.20 Current Price is $18.67 Difference: $2.53
If NEU meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $25.70, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates OML as Outperform (1) -

oOh!media expects to deliver 2025 revenues of $689-694m and adjusted earnings (EBITDA) of $139-142m, representing 9% growth at the midpoint.

This softer adjusted earnings guidance, as part of last week's trading update, came in -9% below the broker's estimate and -7% adrift of consensus. The analyst explains slowing ad spend and mix shift are weighing on gross margin, now around 43%.

Macquarie sees the ad market near its low point but expects a gradual recovery supported by digitisation, new assets, and Move 2.0’s 2026 launch.

The analyst's earnings forecasts have been reduced by -14-19% across 2025-27, with valuation now appealing at 10x forward P/E.

Macquarie retains an Outperform rating and target of $1.45, down from $2.00.

Target price is $1.45 Current Price is $1.26 Difference: $0.19
If OML meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 39.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates QAN as Buy (1) -

Upon further analysis, Citi reacts to Qantas Airways' 1H trading update at the AGM by lowering its target to $12.45 from $13.60. The Buy rating is maintained.

FNArena's summary of yesterday's research by Citi follows.

Qantas Airways’ 1H26 update was broadly in line with Citi's expectations, with domestic revenue per available seat kilometre (RASK) up around 3% and international RASK rising 2-3%.

The broker believes recent share price weakness should allow for a constructive investor response. It’s thought the Loyalty division’s 10-12% EBIT growth guidance and stable capacity outlook reaffirm operational consistency.

Fuel costs at -$2.62bn were only modestly above guidance due to refining margins, explains the analyst, while Jetstar Asia’s small loss and Japan FX effects are unlikely to concern investors.

Target price is $12.45 Current Price is $9.73 Difference: $2.72
If QAN meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $12.57, suggesting upside of 29.0% (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

Ord Minnett rates QAN as Buy (1) -

In a trading update at the AGM, management at Qantas Airways flagged a material rise in FY26 fuel costs, with refining margins for jet fuel climbing to US$29 from US$17 at the FY25 result, highlights Ord Minnett.

The broker estimates the -$600m fuel headwind would require more than a 3% lift in unit revenue to offset, though the airline has already reduced capacity by -1% and plans fare increases.

Guidance for growth in international division revenue per available seat kilometre (RASK) of 2-3% in H1 was reiterated, with “demand stable across key markets.”

Ord Minnett retains a Buy rating and lowers its target to $13 from $13.80.

Target price is $13.00 Current Price is $9.73 Difference: $3.27
If QAN meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $12.57, suggesting upside of 29.0% (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

Macquarie rates QBE as Outperform (1) -

Macquarie expects QBE Insurance's North American Crop portfolio to deliver an average FY25 outcome, supported by stable peer commentary and steady yield expectations.

The broker notes Spring Wheat is the only crop posing elevated loss risk, though it represents just 6% of the portfolio, with corn, soy, and cotton conditions remaining favourable.

Around 53% of QBE’s North American gross written premium is tied to crop insurance, explains the analyst, who sees medium-term upside as performance converges with industry averages.

Macquarie retains an Outperform rating and target of $23.50.

Target price is $23.50 Current Price is $20.16 Difference: $3.34
If QBE meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley's commodity team envisages a rising supply deficit for aluminium from 2026, which leaves scope for prices to continue to rise.

Aluminium prices have exceeded the broker's 2026 forecast of US$2,270/t, with US$3000/t possible with supply limitations.

The analyst retains an Overweight on South32 with a target price of $3.45, unchanged. Industry view: Attractive.

Target price is $3.45 Current Price is $3.19 Difference: $0.26
If S32 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 9.2% (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: 0.5

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

Citi rates SCG as Buy (1) -

In an operating update, Scentre Group re-affirmed its FY25 FFO target of 22.75c, up 4.3% y/y, meeting consensus.

Sales remain solid, with specialty sales up 4.4% and portfolio occupancy at 99.8%, supporting strong rent escalations. Scentre further lowered its funding costs after $1.9bn in long-term debt issuance at attractive margins.

The broker notes Scentre continues to benefit from robust operations, cheaper funding, and retail/residential development upside.

Buy. Target price $4.60. Trading on a FY26 PE of 16.9x and a 4.4% yield, structural growth at a reasonable value is on offer.

Target price is $4.60 Current Price is $4.14 Difference: $0.46
If SCG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates SGH as Outperform (1) -

Management at SGH Ltd has reaffirmed FY26 earnings (EBIT) growth guidance for low-to-mid single digits. Guidance was supported by solid performances from WesTrac, Coates, and Media, while Boral overcame early weather challenges, explains Macquarie.

The broker highlights improving residential conditions in Victoria and Queensland, with product support revenue expected to remain a key earnings driver as Caterpillar fleet ages.

It's felt capital sales growth may moderate, but M&A optionality and balance sheet strength provide upside potential.

Macquarie retains an Outperform rating and raises its target to $53.60 from $53.20.

Target price is $53.60 Current Price is $45.84 Difference: $7.76
If SGH meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $54.15, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates SUL as Buy (1) -

Super Retail today announced further management changes, with Ben McDonnell appointed interim managing director of Supercheap Auto following Benjamin Ward’s move to Endeavour Group ((EDV)).

In an early assessment, Citi views Ward’s departure as a loss, though McDonnell’s long experience within the division should ensure continuity through the key December quarter.

Recent softness in sales reflects a deliberate pullback in discounting to protect margins, highlights the broker, with underlying trading expected to improve.

Buy. Target price $20.50.

Target price is $20.50 Current Price is $16.02 Difference: $4.48
If SUL meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $18.13, suggesting upside of 14.0% (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

Bell Potter rates VMM as Speculative Buy (1) -

Bell Potter recently visited Viridis Mining and Minerals' Colossus project in Brazil, including a tour of the Caldeira site and the demonstration plant.

Viridis announced a non-binding letter of support from Bpifrance Assurance Export, which is connected to offtake with French companies. It is limited to the lower of offtake (value) or 50% of total senior long-term debt, which the analyst estimates at around US$215m.

The broker raises its target price to $2.65 from $1.55 due to the latest project financing outlook and maintains a Speculative Buy rating.

Target price is $2.65 Current Price is $1.38 Difference: $1.27
If VMM meets the Bell Potter target it will return approximately 92% (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