Australian Broker Call

Macquarie rates 360 as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage of Life360 with an Outperform rating and $32.20 target, noting the current share price provides an asymmetrical risk profile for investors.

Margin expectations are "baked in" for the near term while the broker envisages upside to Paying Circles from Pet GPS. The brand also underpins a competitive advantage, resonating strongly with consumers for a simple and specific task.

Trading on a FY27 PE of 23x, Macquarie suggests this is an attractive entry to a strong top-line growth story with operating leverage potential.

Target price is $32.20 Current Price is $20.15 Difference: $12.05
If 360 meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $31.36, suggesting upside of 54.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates 6KA as Speculative Buy (1) -

Bell Potter highlights a strong March quarter from 6K Additive with cash receipts of US$6.6m and revenue of US$6.2m, supported by solid growth across both Powder and Alloy Products.

Powder Products saw a 5% qoq increase, with a US$7.0m backlog following a 46% lift in orders, while Alloy Products revenue rose 22% qoq on new agreements and spot sales.

The broker notes expansion is underway, backed by government funding and financing, alongside improving operating cash flow (OCF).

Speculative Buy rating and target of $1.45 maintained.

Target price is $1.45 Current Price is $0.80 Difference: $0.65
If 6KA meets the Bell Potter target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates 6KA as Buy (1) -

6K Additive provided a March quarter update that revealed revenue was up 88% to US$6.2m, which implies an annualised run rate of US$25m, Morgans observes.

This is ahead of 2026 revenue forecasts, with the company seen capturing market share and improving operating metrics.

The broker makes no changes to forecasts and ascertains the business is well-positioned to benefit from strong demand in metal additive manufacturing. Buy rating and $1.30 target maintained.

Target price is $1.30 Current Price is $0.80 Difference: $0.5
If 6KA meets the Morgans target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates ADH as Buy (1) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

Morgans lowers earnings estimates for Adairs by -3% for FY26 and -2% for FY27, largely driven by downgrades to sales and margin for Focus on Furniture. Buy rating retained. Target is reduced to $2.00 from $2.40.

Target price is $2.00 Current Price is $1.28 Difference: $0.72
If ADH meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 58.5% (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 ALX as Trim (4) -

IFM Global Infrastructure Fund has launched a takeover bid for the 65.5% of Atlas Arteria that it does not already own. A condition precedent is for Ontario Teachers Pension Plan to waive the option to sell its stake in the Chicago Skyway to Atlas Arteria.

Given the IFM stake in Atlas Arteria is large and there is the OTPP "poison pill" Morgans believes it unlikely a counter bid will emerge.

Of interest, too, is the statement by IFM that it is concerned about the recent changes in strategic direction by Atlas Arteria to pursue M&A more broadly.

Morgans reduces its target to $4.22 from $4.31 and retains a Trim rating.

Target price is $4.22 Current Price is $4.89 Difference: minus $0.67 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.67, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates AMC as Outperform (1) -

Amcor will deliver its third quarter results on May 6, having pre-guided EPS in the range of US$0.90-US$1.00. The main focus, Macquarie suspects, will be on the impact of rising raw material costs on fourth quarter earnings and cash flow.

The broker factors in a -US$20m lag in terms of the impact of resin prices on earnings in the fourth quarter and also expects -US$200m-US$250m in adverse working capital impact from higher raw material costs in inventory that is likely to reduce the company's free cash flow guidance for the year.

Raw material costs are expected to stabilise and/or fall in the event of any de-escalation in the Middle East conflict. Target is reduced to $84.63 from $86.50. Outperform.

Target price is $84.63 Current Price is $54.15 Difference: $30.48
If AMC meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $74.66, suggesting upside of 37.6% (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: 0.8

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals delivered stronger gold production in the March quarter, at 13,000 ounces, although Macquarie notes base metals production was -20-40% weaker than expected.

FY26 gold guidance has been upgraded to 45-50,000 ounces, reflecting a prioritisation of higher-value gold ore at Peak. The broker highlights the exploration results at Federation West, where drilling underground has extended around 70m down dip. High-grade mineralisation was hit within 1.8m of current workings.

Incorporating the results and changes to gold and copper expenditure guidance drives EPS estimates downgrades of -5-6% for FY27-FY30. Outperform rating and $0.40 target maintained.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If AMI meets the Macquarie target it will return approximately 43% (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 AMI as Buy (1) -

Ord Minnett highlights a robust 3Q26 update from Aurelia Metals which beat forecasts by 28% due to the focus on higher value gold stopes from Peak.

Production across copper, lead and zinc came in below expectations by -23% with cash of $94.7m well above the $15m anticipated.

Management has upgraded FY26 gold guidance to 47.5koz versus 40koz, previously, offsetting the lower copper guidance to 2.75kt from 3.5kt prior.

Growth in FY26 capex was lowered by around -$10m from lower spending at Federation development and Peak mill expansion moved to FY27.

Target price rises to 50c from 45c with a Buy rating retained.

Target price is $0.50 Current Price is $0.28 Difference: $0.22
If AMI meets the Ord Minnett target it will return approximately 79% (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 ARR as Speculative Buy (1) -

American Rare Earths has achieved solid progress in the March quarter, according to Bell Potter, with Halleck Creek advancing from study phase toward development.

Key initiatives included launching an oxide-to-metal study, progressing a Wyoming-based pilot plant pathway and expanding development planning across the broader project area, the analysts observe.

The company also strengthened its key personnel across pilot plant delivery, permitting and corporate development, the broker highlights.

Preliminary feasibility study (PFS) completion is slated for late 2026, alongside a potential Nasdaq listing.

Bell Potter notes ongoing de-risking through technical and execution milestones, supporting positioning within the US rare earth supply chain.

The Speculative Buy rating and target price of 65c are maintained.

Target price is $0.65 Current Price is $0.37 Difference: $0.28
If ARR meets the Bell Potter target it will return approximately 76% (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 AX1 as Buy (1) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

Morgans lowers earnings estimates for Accent Group by -1% for FY26 and -5% for FY27, largely driven by downgrades to sales and margins. Buy rating retained. Target is reduced to $1.10 from $1.30.

Target price is $1.10 Current Price is $0.63 Difference: $0.47
If AX1 meets the Morgans target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 69.0% (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 BBN as Upgrade to Accumulate from Hold (2) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

In light of recent share price weakness, Morgans upgrades Baby Bunting to Accumulate from Hold, lowering its target to $1.79 from $2.60.

Target price is $1.79 Current Price is $1.48 Difference: $0.315
If BBN meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 102.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates BIO as Buy (1) -

Bell Potter highlights a softer March quarter for Biome Australia. Cash receipts of around $4.9m were broadly flat year-on-year and net operating cash outflow (OCF) of -$1.2m reflected inventory build and working capital timing, the analysts explain.

The broker estimates sales of approximately $5.5m, a 21% year-on-year rise, though the seasonally weaker quarter came in below expectations. Marketing spend also increased ahead of the peak cold and flu season.

Commentary points to strong underlying momentum, with Activated Probiotics continuing to gain market share and approaching market leadership. An onshoring strategy is nearing completion, which is expected to support structural margin improvement.

Buy rating and $1 target are unchanged.

Target price is $1.00 Current Price is $0.31 Difference: $0.695
If BIO meets the Bell Potter target it will return approximately 228% (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 BLX as Buy (1) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

Morgans lowers net profit forecasts for Beacon Lighting by -5% for FY26 and -8% for FY27. This is driven by expectations of softer like-for-like sales growth given a challenging environment. Buy rating retained. Target is reduced to $2.50 from $3.20.

Target price is $2.50 Current Price is $1.56 Difference: $0.94
If BLX meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 82.3% (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

Bell Potter rates BPT as Hold (3) -

Beach Energy's March quarter production of 4.8MMboe missed Bell Potter's 5.4MMboe forecast, as the Waitsia ramp-up was offset by softer output across other assets.

Weather disruptions in the Cooper Basin along with maintenance and lower demand in the Otway Basin weighed on volumes, the analysts explain, though stronger oil prices supported realised pricing.

FY26 production guidance was downgraded by around -5%, reflecting these impacts.

Despite near-term challenges, Bell Potter expects production growth to resume in FY27, supported by easing capex and improving free cash flow (FCF).

Bell Potter maintains its target of $1.15 and Hold rating.

Target price is $1.15 Current Price is $1.19 Difference: minus $0.035 (current price is over target).
If BPT meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -5.0% (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 BPT as Sell (5) -

Citi highlights ongoing execution risk at Beach Energy's Waitsia project, following a 3Q activities update, despite nearing late-stage ramp-up. Recent delays and a more cautious 4Q outlook imply to the analyst production around -15% below target.

Weather-related disruptions in the Cooper Basin have also contributed to a roughly -5% downgrade to FY26 production guidance, the broker explains.

While the balance sheet offers flexibility with around $984m in liquidity, Citi believes risks at Waitsia and the Otway campaign are not fully reflected in the share price.

Citi retains a Sell rating and target of $1.10.

Target price is $1.10 Current Price is $1.19 Difference: minus $0.085 (current price is over target).
If BPT meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -5.0% (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 BPT as Underperform (5) -

Beach Energy delivered a soft third quarter with Macquarie again disappointed in the ramp up at Waitsia, although acknowledges this was in part due to Cyclone Narelle.

Compressor performance issues also emerged on the restart after the shut-in at the North West Shelf and Waitsia. Production guidance has been revised to 19.4-20.3mmboe.

The company expects the wells that were affected by rainfall in the Cooper Basin and Western Flank will progressively be restored in the first half of FY27.

The broker welcomes more detail on the gas swap arrangements, suspecting consensus valuations are not adequately factoring this in. Target rises to $0.78 from $0.77. Underperform.

Target price is $0.78 Current Price is $1.19 Difference: minus $0.405 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley highlights a mixed March quarter for Beach Energy, with FY26 production guidance reduced to 19.4MMboe-20.3MMboe from 19.7MMboe-22.0MMboe.

3Q26 production of 4.8MMboe rose 5% qoq but missed the consensus expectation by -6%, the analyst explains, while revenue of $419m declined on weaker realised gas prices. Capex of -$126m was well below the consensus forecast for -$200m.

At Waitsia, commentary notes output reached around 200TJ/day following the third compressor, though cargo timing remains a focus. Weather impacted the Western Flank, while activity progressed across Otway and Moomba.

Target $1.18. Underweight. Industry view: In-Line.

Target price is $1.18 Current Price is $1.19 Difference: minus $0.005 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -5.0% (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 BPT as Sell (5) -

Higher realised prices assisted Beach Energy in achieving a beat on 3Q26 sales revenue according to UBS, some 4% above consensus expectations.

Production missed by -5% as a result of weather challenges in WA, the Cooper Basin and unplanned outages at Bass and Taranaki assets.

Management lowered FY26 production guidance to 19.4mmboe-20.3mmboe from 19.7mmboe-22mmboe with only one LNG cargo delivery in 4Q26.

The analyst expects east coast domestic gas prices to rise over 1H27, to which Beach is highly leveraged, but remains cautious on the anticipated rise in free cash flow from Waitsia.

Sell rating retained with an unchanged $1.10 target. EPS forecasts slip by -11% for FY26 and -5% for FY27.

Target price is $1.10 Current Price is $1.19 Difference: minus $0.085 (current price is over target).
If BPT meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Bell Potter rates CRN as Speculative Hold (3) -

Bell Potter highlights a challenging March quarter for Coronado Global Resources, with saleable production of 3.0Mt down -30% qoq and costs rising sharply due to operational disruptions.

The broker explains a six-week shutdown at Mammoth, weather impacts at Curragh and longwall moves at Buchanan drove weaker output and higher unit costs, resulting in an estimated earnings (EBITDA) loss of -US$88m.

While 2026 guidance is maintained, Bell Potter notes a significant uplift in performance is required.

Through a structural reset at Curragh and potential asset sales, management is aiming to improve cash flow.

Speculative Hold maintained. Target falls to 30c from 38c.

Target price is $0.30 Current Price is $0.26 Difference: $0.04
If CRN meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 60.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates CRN as Buy (1) -

Wet weather impacted Coronado Global Resources over the March quarter with Curragh missing consensus expectations while Buchanan was slightly better than consensus expectations, UBS observes.

From a business reset perspective, the analyst is relatively upbeat noting the use of consultants to look for ways to improve cash flow. While costs rose to $135/t on higher fixed costs. Capex remains "disciplined" with -US$34m invested over the quarter.

EPS forecasts are lowered by -97% for FY26, -16% to -19% for FY27/FY28 post the latest update, including higher diesel assumptions with a larger cost out program.

Target trimmed to 38c from 42c with no change in Buy rating.

Target price is $0.38 Current Price is $0.26 Difference: $0.12
If CRN meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 60.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Citi rates DMP as Neutral (3) -

Citi notes Domino's Pizza Enterprises weighed on Domino's Pizza Inc's 1Q26 result, with weak same-store sales (SSS) the key driver of the miss for the period to March 22.

Domino's Pizza, Inc. is the US-listed parent company and global franchisor of the Domino's brand.

The broker can see the parent is working closely with Domino's Pizza Enterprises to improve performance. It's noted the broader international business of the parent remains on track.

Commentary also points to challenged pizza category growth will weigh on the franchisor's ability to reach multi-year top-line targets.

For Domino's Pizza Enterprises, Neutral rating and $17.50 target.

Target price is $17.50 Current Price is $15.85 Difference: $1.65
If DMP meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.30, suggesting upside of 25.0% (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 DMP as Buy (1) -

UBS observes Domino's Pizza Enterprises 1Q2026 update revealed a miss on same store sales growth for international, down -0.4% versus consensus at 0.6% growth and 3.7% in 1Q2025.

The analyst highlights Domino's Pizza Enterprises' first eight weeks of trade in 2026 saw same store sales down -7.2% y/y, pointing to downside risks to forecasts for store closures and sales growth for 2026.

The US parent company continues to work closely with its Australian operations to turn the business around including a leadership visit in March.

No change to Buy rating and $24 target. EPS forecasts unchanged.

Target price is $24.00 Current Price is $15.85 Difference: $8.15
If DMP meets the UBS target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $20.30, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates GGP as Buy (1) -

Citi highlights a strong March quarter result from Greatland Resources, with costs (AISC) of -$2,056/oz coming in 7% better than expected by consensus and record net revenue of $742m.

Production guidance is maintained at 260koz-310koz, though the analyst sees upside risk, with FY26 output potentially reaching around 329koz if June quarter production meets expectation.

Ongoing drilling activity and growing recognition of the O'Callaghan's project, alongside rising cash generation, are seen as key drivers of further upside despite recent share price strength.

Target $16. Buy.

Target price is $16.00 Current Price is $14.11 Difference: $1.89
If GGP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $16.67, suggesting upside of 19.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates GGP as Neutral (3) -

Greatland Resources has maintained FY26 guidance for 260-310,000 ounces in the third quarter production report, although management hints it will be "around, or slightly above, the upper end of the guidance range".

Macquarie suspects, with some cost escalation in the form of diesel pricing as well as increase in sustaining capital expenditure in the fourth quarter, the miner is likely to be erring on the conservative side for guidance.

The stock is up 34% in the year to date, outperforming peers, and the broker still considers it trading at fair value, retaining a Neutral rating with a $15 target.

Target price is $15.00 Current Price is $14.11 Difference: $0.89
If GGP meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.67, suggesting upside of 19.1% (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

Macquarie rates GL1 as Outperform (1) -

Global Lithium Resources recently secured funding for the Manna development via a binding term sheet with Lopal, comprising a $7.3m equity investment and up to US$75m in offtake prepayment. The offtake will comprise 40% of Manna production under a 10-year contract.

The company has also agreed to divest its non-core Marble Bar tenements for up to $14.9m, narrowing its focus to Manna ahead of the targeted 2026 FID.

This will be the key near-term catalyst, Macquarie suggests. Target lifts to $0.80 from $0.70. Outperform maintained.

Target price is $0.80 Current Price is $0.57 Difference: $0.225
If GL1 meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates IMR as Speculative Buy (1) -

Imricor Medical Systems reported net operating cash flow of US$7.8m for the first quarter. Morgans notes, while sales remain modest, the underlying cash burn was higher than the prior quarter and is expected to normalise at around -US$6m.

During the quarter costs, albeit one-off, related to the purchase of 40 generators that are part of an in-house transition process.

The broker makes no changes to forecasts but a higher risk-free rate means the valuation, hence target, is reduced to $2.63 from $2.71. Speculative Buy rating maintained as numerous catalysts approach.

Target price is $2.63 Current Price is $1.99 Difference: $0.64
If IMR meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

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

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

While making modest downward revisions to earnings forecasts, Morgans expects JB Hi-Fi to show more resilience than other discretionary retailers as its core categories have become less "discretionary". Rating is upgraded to Accumulate from Hold and the target lowered to $83.50 from $87.00.

Target price is $83.50 Current Price is $76.12 Difference: $7.38
If JBH meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $88.46, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates KAR as Neutral (3) -

Macquarie assesses Karoon Energy is juggling some operating challenges, with a focus on maintenance/recovery work at Bauna and Who Dat.

Revenue in the first quarter missed estimates while capital expenditure guidance has been increased to accommodate additional sidetrack wells at Who Dat. The broker now expects US$82.8m for capital expenditure at Who Dat in 2026.

While prices have boosted cash flows, a recovery in operating momentum may be necessary for a re-rating, Macquarie adds. Neutral rating and $2 target unchanged.

Target price is $2.00 Current Price is $2.15 Difference: minus $0.15 (current price is over target).
If KAR meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.07, suggesting downside of -3.5% (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: 0.4

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

Morgans rates LOV as Buy (1) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

Morgans believes Lovisa Holdings has the ingredients to become a "truly global brand" and retains a Buy rating, reducing the target to $32.50 from $36.80.

Target price is $32.50 Current Price is $23.39 Difference: $9.11
If LOV meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $29.74, suggesting upside of 26.7% (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

Ord Minnett rates MEI as Speculative Buy (1) -

The acquisition of Serra Verde at US$2.9bn on April 20 by US Rare Earths is considered validation for Ord Minnett's Speculative Buy ratings for Meteoric Resources and Viridis Mining and Minerals ((VMM)).

The transaction emphasises the appetite for rare earth projects and feedstocks from both the US and EU markets, commentary highlights.

Notably, Serra Verde's grade is highlighted as "modest" and its ore value half of that at Meteoric and Viridis with both companies moving towards final investment decisions, the analyst highlights.

A target price of 25c is retained for Meteoric Resources.

Target price is $0.25 Current Price is $0.20 Difference: $0.05
If MEI meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 66.7% (ex-dividends)

The company's fiscal year ends in December.

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 MI6 as Speculative Buy (1) -

A positive March quarter from Minerals 260 featured several key de-risking developments, including a $220m funding agreement with Franco-Nevada and a strong $250m cash balance with no debt, Bell Potter highlights.

Drilling at the Bullabulling Gold Project continues to deliver wide, high-grade results, supporting further resource growth, in the analysts' opinion.

At Bullabulling, the preliminary feasibility study (PFS) and maiden Ore Reserve remain on track for July 2026, with a resource update due in August.

Development has accelerated, with early works and DFS activities underway, supporting a targeted first production by end-2028.

Bell Potter retains a Speculative Buy rating and raises its target to $1.35 from $0.90.

Target price is $1.35 Current Price is $0.73 Difference: $0.62
If MI6 meets the Bell Potter target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 58.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates NEM as Buy (1) -

Ord Minnett describes Newmont Corp's 1Q26 trading update as an "outstanding performance" with gold, silver and copper production coming in above expectations.

Operating earnings and free cash flow exceeded forecasts by 16% facilitating a rise in the gold producer's share buyback program by US$6bn.

Management pointed to rising cost pressures from diesel and cautioned the "positive" operational factors are unlikely to repeat in the June quarter.

EPS forecasts are tweaked higher by 2.5% for 2025 and trimmed slightly lower in 2027. Buy rating is reiterated with an unchanged $205 target price.

Target price is $205.00 Current Price is $158.69 Difference: $46.31
If NEM meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $203.00, suggesting upside of 32.2% (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 ORG as Buy (1) -

UBS details Kraken's key points of differentiation post Origin Energy's Kraken Investor Day with no new growth targets for annual recurring revenue, margin or subscriber growth targets.

The key points include management view Kraken as an "AI enhanced" business not one facing a competitive challenge; the TAM is larger than previously expected with expansion into Saudi Arabia.

The Dec 2025 funding round saw Saudi Energy buy into the US$8.65bn valuation.

Management also believes it has a "flywheel effect" underpinning higher efficiency and value per customer as it moves to new areas.

Origin Energy remains Buy rated with a $14.10 target.

Target price is $14.10 Current Price is $11.66 Difference: $2.44
If ORG meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.10, suggesting upside of 0.6% (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 PNR as Buy (1) -

Pantoro Gold's 3Q26 production missed Ord Minnett's expectations by -16% due to flooding at Scotia underground mine impacting also on grade.

Management has maintained FY26 guidance of 86koz-92koz but the analyst errs on the conservative estimate at 82koz.

Costs rose largely due to lower production exceeding the broker's forecast by 15% and consensus by 17%.

Target price eases to $5.90 from $6.35 with a Buy rating retained.

Target price is $5.90 Current Price is $3.38 Difference: $2.52
If PNR meets the Ord Minnett target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $6.17, suggesting upside of 88.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates PNR as Buy (1) -

Pantoro Gold announced weaker than expected March quarter production, missing UBS' estimate by -11% and consensus by -16%.

Sales volumes came in below consensus by -7% while revenue also slightly missed both the broker's and market expectations. AISC were higher than expected at $3,204/oz, 28% above UBS and 21% higher than consensus.

Downgraded FY26 production guidance, announced in March, was retained and, according to the analyst, it appears "optimistic" at this stage.

Target price is cut by -11% to $6.20 with a Buy rating retained. EPS forecasts are trimmed by -8% for FY26 and -15% for FY27.

UBS has also lowered production estimates out to FY20 to 12koz-20koz on moderated grade assumptions.

Target price is $6.20 Current Price is $3.38 Difference: $2.82
If PNR meets the UBS target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $6.17, suggesting upside of 88.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates RWC as Neutral (3) -

Citi views Reliance Worldwide's trading update as solid, with FY26 guidance reaffirmed and tariff impacts largely offsetting across regions.

The broker notes pricing actions in the UK and Australia should largely offset resin cost pressures into 1H27, though uncertainty remains around US pricing power amid customer consolidation.

Input cost timing risks are noted with the analyst estimating a 2-3 month lag before resin costs impact earnings, alongside a 4-5 month copper lag. The key question is considered the extent of US price recovery in 1H27.

Neutral rating. Target of $3.90.

Target price is $3.90 Current Price is $3.15 Difference: $0.75
If RWC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 20.1% (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 RWC as Hold (3) -

Reliance Worldwide has reaffirmed earnings guidance for the second half and FY26. The trading update was better than Morgans feared, given the uncertain global backdrop and the potential impact of higher oil prices.

The company has indicated it has no direct exposure to the conflict or the closure of the Strait of Hormuz and while higher oil prices have lifted resin, logistics and energy costs, these are being offset by price increases, although a prolonged war may weigh on the outlook for FY27.

Morgans notes, while earnings are expected to rebound strongly when volumes recover, the timing of any recovery is uncertain and a Hold rating is maintained with the target raised to $3.25 from $3.00.

Target price is $3.25 Current Price is $3.15 Difference: $0.1
If RWC meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 20.1% (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 STP as Hold (3) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

Morgans lowers forecasts for Step One Clothing, driven by expectations of softer sales and margins. FY26 is expected to be a "reset year" and a Hold rating is maintained. Target is reduced to $0.20 from $0.29.

Target price is $0.20 Current Price is $0.20 Difference: $0
If STP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates TLX as Buy, High Risk (1) -

Citi notes Telix Pharmaceuticals' TLX591 may face reduced competitive pressure in Europe. This follows Novartis' withdrawal of its European Medicines Agency (EMA) application to expand Pluvicto into earlier-line mCRPC.

The decision reflects EMA concerns around trial design and unclear overall survival benefit, the analyst explains, despite prior US approval.

Commentary highlights TLX591's trial design advantage, including combination therapy versus standard care comparators.

While European plans remain unclear, Citi sees this development as potentially favourable for Telix's competitive positioning.

A Buy/High Risk rating and target of $32.00 are maintained.

Target price is $32.00 Current Price is $14.74 Difference: $17.26
If TLX meets the Citi target it will return approximately 117% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 72.3% (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: 1.0

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

UBS rates TNE as Downgrade to Neutral from Buy (3) -

Ahead of TechnologyOne's 1H26 results (May 19), UBS downgrades the stock to Neutral from Buy with a lower target of $32 from $38.70 with the analyst flagging few surprises post the February guidance upgrade at the AGM.

The company continues to be viewed as the most "AI defensive" due to its customer base in local councils and higher education. The possibility of SaaS AI disruption via customer DIY and new entrant risk is considered "minimal".

The decline in target reflects a higher weighted average cost of capital assumption as the risk free rate moves to 4.5% from 4%, with a higher equity risk premium ascribed at 6% from 5.5%.

EPS forecasts are tweaked higher.

Target price is $32.00 Current Price is $28.66 Difference: $3.34
If TNE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.82, suggesting upside of 7.7% (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 TWE as Neutral (3) -

Citi notes weak Nielsen data for Treasury Wine Estates, though higher-frequency indicators point to some recent improvement in on-premise sales, which account for around 20% of Americas revenue.

The broker highlights mixed industry data for Treasury Collective, the direct-to-consumer (DTC) and premium membership platform, which was not addressed in the company's latest update.

While downside risks to earnings and the balance sheet have eased following the April update, Citi sees ongoing risks from US distributor changes and structural headwinds, including increasing availability of GLP-1 oral formats.

Neutral rating and $4.25 target are maintained.

Target price is $4.25 Current Price is $4.36 Difference: minus $0.11 (current price is over target).
If TWE 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 $4.74, suggesting upside of 9.0% (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 TWE as Neutral (3) -

March quarter Australian export data reflected the underperformance of lower price points with value down -11.4% y/y and volume off -7% y/y, UBS notes.

China mainland value declined for a second straight quarter, down -20.7% on the back of a -30.3% fall in the prior period. The analyst points to a stabilisation of shipment levels to meet demand. Value has also stabilised post the removal of import duty.

United States exports saw a fall of -35.9% y/y above the $5/l price and down -43.8% below $5/l level. Canadian exports were robust.

Management pointed to 0.3m cases ex-California distributor inventory which it expects to handle over the next two years.

Treasury Wine Estates remains Neutral rated with a $4 target. No change to EPS estimates.

Target price is $4.00 Current Price is $4.36 Difference: minus $0.36 (current price is over target).
If TWE meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.74, suggesting upside of 9.0% (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

Morgans rates UNI as Buy (1) -

Amid a soft consumer environment Morgans re-bases its expectations for the retail sector, noting sentiment surveys have registered readings near record lows in March and April.

Sentiment has been affected by two consecutive increases to official interest rates on top of persistent cost-of-living pressure and headwinds from the Middle East conflict, and the spike in fuel prices, are pushing the earnings recovery further out.

Universal Store appears to be faring better than other discretionary retailers in the broker's view and no changes are made to earnings forecasts. Buy rating retained. Target is reduced to $9.60 from $10.60.

Target price is $9.60 Current Price is $7.35 Difference: $2.25
If UNI meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $10.28, suggesting upside of 38.4% (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

Bell Potter rates VFY as Speculative Buy (1) -

Retaining a Speculative Buy rating, Bell Potter raises its target for Vitrafy Life Sciences to $3.00 from $2.25 following 3Q results.

The broker highlights increasing investment by management in the March quarter, with net operating cash outflow (OCF) rising to -$4.4m. Commentary explains the uptick is due to regulatory testing, US commercial expansion and an acceleration in device rollout.

Cash of $18.5m is thought to provide around four quarters of funding, with costs expected to rise ahead of revenue generation.

Bell Potter believes the company is approaching a commercial inflection point, with revenue expected from 4Q26.

Key catalysts, the broker suggests, include potential U.S. Army Institute of Surgical Research (USAISR) commercial agreements and FDA approval in 1H27.

Target price is $3.00 Current Price is $2.15 Difference: $0.85
If VFY meets the Bell Potter target it will return approximately 40% (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 VMM as Speculative Buy (1) -

The acquisition of Serra Verde at US$2.9bn on April 20 by US Rare Earths is considered validation for Ord Minnett's Speculative Buy ratings for Meteoric Resources and Viridis Mining and Minerals ((VMM)).

The transaction emphasises the appetite for rare earth projects and feedstocks from both the US and EU markets, commentary highlights.

Notably, Serra Verde's grade is highlighted as "modest" and its ore value half of that at Meteoric and Viridis with both companies moving towards final investment decisions, the analyst highlights.

A target price of $3.60 is retained for Viridis.

Target price is $3.60 Current Price is $2.71 Difference: $0.89
If VMM meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates WA1 as Speculative Buy (1) -

In WA1 Resources' March quarter update, Bell Potter notes work is ongoing to derisk the Luni Mobium project including infill diamond drilling.

Overall, the period is viewed as "relatively quiet" resulting from weather issues.

The Mineral Resource Estimate is due in the June quarter update. The analyst expects both a rise in the overall resource tonnage and better resource confidence.

Bell Potter retains a Speculative Buy rating and a target of $24.80.

Target price is $24.80 Current Price is $15.88 Difference: $8.92
If WA1 meets the Bell Potter target it will return approximately 56% (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 WHC as Hold (3) -

Bell Potter points to an inventory drawdown to assist sales for Whitehaven Coal's March quarter with production impacted by wet weather in Qld and geo-technical problems at Narrabri.

Realised prices rose 9% on the prior quarter to $207/t which aligns with higher met and thermal coal prices.

Management re-confirmed FY26 guidance with ROM production and sales tracking to the upper end. Bell Potter notes cost guidance stands at the mid-point of the range.

Higher diesel prices have impacted with each $1/l rise impacting on unit costs by -$10 to -$11/t while no diesel supply disruptions have transpired so far.

EPS forecasts are lowered by -20% for FY26 and -27% for FY27. Last week's debt refinancing achieves annual interest savings of $50m-$55m.

Target unchanged at $8.10 with a Hold rating.

Target price is $8.10 Current Price is $8.00 Difference: $0.1
If WHC meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.30, suggesting upside of 13.0% (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

Macquarie rates WHC as Outperform (1) -

ROM coal production from Whitehaven Coal in the third quarter was in line with expectations despite wet weather impacts in Queensland. FY26 guidance is unchanged.

Macquarie notes the company is focused on the integration of its Queensland and New South Wales operations and over the medium term expects to expand Vickery for a -$1bn investment for 8.5mtpa ROM of higher quality incremental production.

Importantly, for the broker FY26 appears on track and an Outperform rating is maintained. Target rises to $9.75 from $9.50.

Target price is $9.75 Current Price is $8.00 Difference: $1.75
If WHC meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.30, suggesting upside of 13.0% (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

Morgans rates WHC as Accumulate (2) -

Whitehaven Coal beat expectations in the third quarter with Morgans highlighting "exceptional results" for coal sales and saleable coal production.

The broker assesses FY26 guidance is intact and there is high confidence in achieving the upper reaches. Refinancing has been completed, with around $50-55m in annual interest savings locked in.

Outstanding performances at Daunia, Maules Creek and Gunnedah open cut mines were partially offset by underperformance at Blackwater and Narrabri. Accumulate retained. Target rises to $9.20 from $9.05.

Target price is $9.20 Current Price is $8.00 Difference: $1.2
If WHC meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.30, suggesting upside of 13.0% (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 WHC as Buy (1) -

Ord Minnett views Whitehaven Coal's 3Q26 update as a "solid" result. Blackwater was impacted by heavy rain but production came in at 8.4Mt while sales of 6.8Mt were marginally above expectations.

Net debt declined to $0.6bn from $0.7bn in the prior quarter, sitting above the $0.5bn anticipated but lower than consensus at $0.8bn.

Management achieved US$1.5bn in debt refunding at a rate of around 6.3% and a tenor of 5-8 years which is considered a good result. Interest savings of $60m are flagged for FY27.

Target price slips by -2% to $9.90 due to higher diesel cost assumptions and inflationary pressures on earnings estimates. Buy rating retained.

Target price is $9.90 Current Price is $8.00 Difference: $1.9
If WHC meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $9.30, suggesting upside of 13.0% (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

UBS rates WHC as Buy (1) -

UBS explains wet weather impacted on Whitehaven Coal's Qld operations over 3Q26 while volumes in NSW remained "solid".

Blackwater (Qld) was a miss on consensus expectations by -18% on production with inventory underwriting sales, which will be rebuilt in the June/Sept quarters, the analyst notes.

NSW open pit realised slightly better than consensus volumes with costs on track to the midpoint of FY26 guidance. The broker points to softer realised prices, some -4% lower than consensus.

Target price is lowered to $9.10 from $9.60. No change to Buy rating. EPS forecasts are lowered by -33% for FY26 and -24% for FY27.

Target price is $9.10 Current Price is $8.00 Difference: $1.1
If WHC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.30, suggesting upside of 13.0% (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