Australian Broker Call

Citi rates A2M as Neutral (3) -

At first glance, Citi believes today's announcement by a2 Milk Co of a voluntary recall of three batches of a2 Platinum infant formula in the US is not financially material, but highlights several potential risks.

The broker flags possible brand damage if the issue gains traction on Chinese social media, despite the recall being limited to the US-labelled product.

Ongoing supply chain challenges remain a concern for the analyst, following prior manufacturing and logistics disruptions. It's noted uncertainty also remains around any impact on the company's US FDA submission for permanent access.

Citi retains a Neutral stance, citing risks that supply constraints may persist and that regaining lost consumers could prove difficult, particularly given limited valuation support for execution missteps. Target $8.40.

Target price is $8.40 Current Price is $7.27 Difference: $1.13
If A2M meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Macquarie rates A2M as Outperform (1) -

In a flash update Macquarie explains a2 Milk Co announced a voluntary recall of three small batches of US a2 Platinum brand and the batch relates to US-label product. It has a different formulation and ingredient to a2 Milk's English label products.

The batch totals some 63k tins of which 16k were sold in the market under the program Operation Fly Formula which ended in December 2025 and had been discontinued. Notably it was produced by Synlait, sold only to the US and had the presence of celluride.

No incidents have been confirmed. Stressing a recall is never good news, the announcement is seen as "less negative" as it relates only to the US market.

Macquarie views the greater risk lies with any concern Chinese consumers may have around the brand.

Outperform. Target $9.30.

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

Target price is $9.30 Current Price is $7.27 Difference: $2.03
If A2M meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $8.93, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Bell Potter rates A4N as Speculative Buy (1) -

Pointing to the rising demand for high purity aluminium products, Bell Potter highlights Alpha HPA's 3Q26 sales from its Stage one facility rose to 4.2t from 2t q/q with a higher weighted average unit price of US$430.52/kg from US$28.85/kg.

Cash at the end of the quarter lifted to $212m from $45m in the 2Q26 and no change in debt at -$30m.

The analyst anticipates more offtake letter of intent to be signed over 2026.

No change to Speculative Buy rating and $1.50 target price.

Target price is $1.50 Current Price is $0.65 Difference: $0.85
If A4N meets the Bell Potter target it will return approximately 131% (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 ADH as Hold (3) -

In what looks like a delayed update post Adairs' 1H26 results, Bell Potter cuts net profit after tax forecasts by -15% for FY26 and -14% for FY27.

Target price is slashed by -44% to $1.40 from $2.50 due to the earnings downgrades and lower price-to-earnings valuation.

The retailer achieved mid-to-high results on downgraded guidance from Oct 2025 but pressure on gross margins saw weakness at the lower end of guidance range, the analyst remarks.

Management updated 2H26 guidance. Focus on Furniture's performance for the first seven weeks of 2H26 reflected the impact of higher interest rates.

The broker notes headwinds for Adairs' 4Q26 as it cycles "clearance activity" a year earlier and the challenging macro backdrop.

No change to Hold rating.

Target price is $1.40 Current Price is $1.30 Difference: $0.1
If ADH meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 40.6% (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 AIS as Buy (1) -

Aeris Resources' 3Q26 result copper production came in below Morgans' forecast due to lower copper grades at Tritton, partially offset by stronger gold and silver output and a better cost performance.

The key highlight for the broker was strong cash flow, rising 72% qoq, which materially strengthened the balance sheet and improved funding flexibility.

The Tritton operation in NSW is expected to improve in 4Q26 as higher-grade ore is accessed, while Cracow (gold) delivered a steady performance, in the broker's view.

Commentary points to longer-term growth potential from Constellation, Golden Plateau and the Peel acquisition, underpinning production growth and mine life extension.

Unchanged Buy rating and 70c target.

Target price is $0.70 Current Price is $0.40 Difference: $0.305
If AIS meets the Morgans target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $0.77, suggesting upside of 96.8% (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 ALQ as Buy (1) -

Ahead of the May 2026 earnings reports, UBS flags investors are likely to be concentrating on possible "second tier" impacts of the war in the Middle East including inflation impact on the US consumer for James Hardie Industries ((JHX)) and Amcor ((AMC)).

For Orica ((ORI)) and Dyno Nobel ((DNL)) the impact from higher energy/nitrogen pricing and supply availability.

For ALS Ltd how geopolitical risk is impacting on mineral exploration. The analyst views the better miner capital raising and drilling activity suggests the exploration cycle is still early in its growth phase.

Buy rated with a $26 target.

Target price is $26.00 Current Price is $21.36 Difference: $4.64
If ALQ meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $25.70, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in March.

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 AMC as Buy (1) -

Ahead of the May 2026 earnings reports, UBS flags investors are likely to be concentrating on possible "second tier" impacts of the war in the Middle East including inflation impact on the US consumer for James Hardie Industries ((JHX)) and Amcor.

For Orica ((ORI)) and Dyno Nobel ((DNL)) the impact from higher energy/nitrogen pricing and supply availability.

For ALS Ltd ((ALQ)) how geopolitical risk is impacting on mineral exploration. The analyst views the better miner capital raising and drilling activity suggests the exploration cycle is still early in its growth phase.

Amcor is Buy rated with an $80 target.

Target price is $80.00 Current Price is $53.47 Difference: $26.53
If AMC meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $72.78, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Citi rates ANZ as Buy (1) -

Following ANZ Bank's interim results, Citi believes management is building credibility.

Even though longer-term earnings expectations and valuation remain subdued, investors are able to adopt a more patient stance with the stock at the current valuation, the analyst suggests. A Buy rating is maintained, with the target falling by -30c to $40.00.

A summary of the broker's initial thoughts on results day follows.

In an initial view, Citi found the first half result from ANZ Bank in line overall. Net interest margin of 1.53% was -3 basis points below expectations, largely a function of market drag. New Zealand was also a drag because of FX translation.

Costs were better than expected, supported by FX, and guidance has improved with the bank guiding to costs being down -5% on the FY25 baseline. This reflects productivity dividends being upgraded to $875m from $800m.

Bad debts were largely in line with the broker's expectations. Strategy components across FY26 and FY27 appear on track.

Citi suspects the results will have a mixed reception given the miss on revenue compared with consensus, although, on balance, the outlook is unchanged.

Target price is $40.00 Current Price is $35.61 Difference: $4.39
If ANZ meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.18, suggesting downside of -3.1% (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

Macquarie rates ANZ as Neutral (3) -

Macquarie asserts ANZ Bank is delivering on its cost reduction targets as FY26 guidance has been upgraded, albeit largely supported by FX movements. Cost reductions are now in the base case and focus has shifted to revenue.

This is more challenging, the broker adds, noting balance sheet growth is weaker and margins slightly softer.

While envisaging limited upside potential in earnings, the broker still considers the stock cheap versus its peers, retaining a Neutral rating. Target edges down to $33.50 from $34.00.

Target price is $33.50 Current Price is $35.61 Difference: minus $2.11 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.18, suggesting downside of -3.1% (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 rates ANZ as Overweight (1) -

Morgan Stanley remarks 1H26 revenue from ANZ Bank was soft but not completely surprising given the strategic aims of the bank and the stronger AUD acting as a headwind.

The analyst believes good progress is being made on the improvements to productivity, forecasting expenses to decline again in FY27.

ANZ's pro forma ex dividend CET1 ratio of around 11.8% infers a cushion of circa $2.5bn which is noted for placing the bank in a better position than peers, CommBank ((CBA)) and National Australia Bank ((NAB)).

Provision top up is forecast and a rise in underlying loss rates with estimates FY26/FY27 loss rates equal to circa 27bps/39bps of non-housing loans versus a 5-year pre-covid average of around 45bps.

Target trimmed to $36.20 from $37. Overweight retained due to the large discount to peers on a valuation basis. Industry view: Cautious.

Target price is $36.20 Current Price is $35.61 Difference: $0.59
If ANZ meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.18, suggesting downside of -3.1% (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 ANZ as Upgrade to Trim from Sell (4) -

Following ANZ Bank's interim results, Morgans raises its target to $31.85 from $30.72 and upgrades to Trim from Sell.

Flat underlying revenue was offset by stronger-than-expected cost control and lower credit impairment charges, supporting a modest earnings beat.

The broker highlights a material reduction in operating costs, with further savings expected through FY26-FY27, underpinning improved profitability and a lower cost-to-income ratio.

Asset quality remained resilient, the analyst highlights, while capital levels were strong, allowing the bank to neutralise its dividend reinvestment plan and reduce dilution.

While near-term margins and lending growth show some improvement, Morgans remains cautious on longer-term revenue delivery. The bank's earnings outlook is seen as more reliant on cost execution than top-line growth.

Target price is $31.85 Current Price is $35.61 Difference: minus $3.76 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.18, suggesting downside of -3.1% (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 ANZ as Upgrade to Hold from Lighten (3) -

ANZ Bank delivered first half revenue that missed expectations while cash earnings were in line as Ord Minnett points to a better-than-expected cost outcome.

Rising domestic interest rates and subsequent surge in bond yields have caused net interest margins to widen across the broader industry, yet ANZ Bank has experienced a reduction in market revenue share to 21.7% and the broker expects this will be difficult to recoup given the bank does not want to compete on price.

Rating is upgraded to Hold from Lighten on valuation grounds with the target maintained at $33.

Target price is $33.00 Current Price is $35.61 Difference: minus $2.61 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.18, suggesting downside of -3.1% (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 ANZ as Upgrade to Neutral from Sell (3) -

Today's update on ANZ Bank from UBS results in a lift in EPS forecasts by 3.7% for FY26 and 3.8% for FY27.

With the share price moving below the target of $36.50, the stock is upgraded to Neutral from Sell.

****

At first glance on Friday (May 1), UBS notes ANZ Bank reported a 1H26 result ahead of expectations, with cash net profit after tax beating consensus by 2.7%, driven by lower costs and a smaller bad debt charge.

Revenue was slightly weaker, with net interest income down -2% and NIM compressing by -1bp to 1.53%, while non-interest income provided support.

Costs fell sharply. The broker highlights the cost-to-income ratio improved to 49.4%. Credit impairments were lower than expected at 7bp and CET1 strengthened to 12.39%.

Management's FY26 cost guidance was trimmed to around -$11.3bn. Overall, the result was considered as strong, though softer revenue trends and modest lending growth remain key areas of focus.

Sell rated. Target $36.50.

Target price is $36.50 Current Price is $35.61 Difference: $0.89
If ANZ meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.18, suggesting downside of -3.1% (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

Citi rates AX1 as Buy (1) -

At first glance, Citi notes today's FY26 earnings (EBIT) downgrade of -8% by Accent Group is larger than expected, even after adjusting for one-off restructuring costs.

New guidance for earnings is between $79.5m-$84.5m compared to the consensus estimate of $88.7m.

The broker highlights weaker trading conditions, with 2H26 like-for-like sales declining and gross margins below prior levels, reflecting softer consumer confidence and higher fuel costs.

While Citi had already recently downgraded its forecasts for the group, the magnitude of the revision still falls short of expectations, with further pressure on consensus estimates likely.

Management is now flagging a new cost-out program, which is expected to deliver meaningful savings into FY27.

Target $1.25. Buy.

Target price is $1.25 Current Price is $0.62 Difference: $0.63
If AX1 meets the Citi target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 78.5% (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

Morgans rates BGA as Accumulate (2) -

Management at Bega Cheese has reiterated FY26 earnings guidance despite cost pressures linked to the Middle East conflict. Morgans explains guidance was supported by pricing initiatives, improved product mix and favourable dairy prices.

The broker highlights upgraded medium-term targets, with stronger earnings growth expected through to FY31. The FY28 earnings target was raised to between $260m-$265m from $250m.

This improved outlook is underpinned by expansion in higher-margin, protein-focused products, capacity growth and ongoing cost efficiencies, the analyst explains.

Commentary notes strategy execution remains focused on core brands, international expansion and network optimisation, alongside increased investment in growth categories.

Morgans' forecast changes are modest, with higher depreciation and interest costs weighing on earnings beyond FY26, while the broker maintains a positive medium-term outlook. Target falls by -60c to $6.50. Accumulate.

Target price is $6.50 Current Price is $5.58 Difference: $0.92
If BGA meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 20.9% (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 BOE as Underperform (5) -

Boss Energy had a challenging quarter, Macquarie observes, with production of 97,000lbs at Alta Mesa disappointing. Costs at Honeymoon peaked during the quarter and the broker now forecasts $43/lb in the fourth quarter.

Delivery of the new feasibility study remains the key catalyst and Macquarie retains an Underperform rating. Target edges down to $1.30 from $1.35.

FY26 EPS estimates are reduced by -28.6% on the higher operating costs and lower production at Alta Mesa. Macquarie asserts there are lower risk and higher quality opportunities in the ASX-listed uranium sector that offer significant leverage to an improving uranium price.

Target price is $1.30 Current Price is $1.43 Difference: minus $0.125 (current price is over target).
If BOE meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.58, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates BOE as Overweight (1) -

Wet weather impacted on Boss Energy's 3Q26 result with Honeymoon production declining -56% q/q to 203klb.

Production guidance for FY26 was lowered, Morgan Stanley notes, to 1.4mlb-1.45mlb from 1.6mlb of U3O8 which results in a reduction in EPS estimates by -67.1% for FY26. EPS forecasts for FY27 and FY28 fall by -15.7% and -4.5%, respectively.

The updated earnings forecasts also include a more gradual ramp up at Alta Mesa.

Overweight. Target trimmed to $1.80 from $1.90. Industry view: Attractive.

Target price is $1.80 Current Price is $1.43 Difference: $0.375
If BOE meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates BRL as Speculative Buy (1) -

Bathurst Resources delivered a strong result at Stockton in the March quarter which helped offset scheduled revisions at Maramarua and the labour availability issue at Rotowaro.

The cash balance was affected by working capital movements although Ord Minnett expects this to unwind in coming quarters and strength in metallurgical coal prices should help preserve margins. EBITDA guidance appears on track for NZ$35-45m in  FY26 after NZ$14m was generated in the quarter.

Speculative Buy maintained. Target is reduced to $0.84 from $0.90.

Target price is $0.84 Current Price is $0.56 Difference: $0.285
If BRL meets the Ord Minnett target it will return approximately 51% (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 COL as Buy (1) -

Following Coles Group's 3Q trading update, Citi retains its $23 target and Buy rating, noting the sales gap to Woolworths Group ((WOW)) appeared to be reducing into April.

A summary of the broker's initial research follows.

At first take, Citi notes 3Q26 supermarket like for like sales for Coles Group came in at 3.6% growth, better than forecast (3.1%) and in line with consensus at 3.5% growth.

Total supermarket sales at 4% growth is marginally better than the February update at 3.7% while 4Q26 sales are noted for tracking in line with 3Q26 adjusted for Easter and Anzac Day.

Due to the cycling of the ramp up of Ocado customer fulfillment centre, online sales slipped slightly to 24.8% from 27% in 1H26.

Liquor like for like sales declined -4.3%, worse than Citi's -2.5% forecast and consensus at -2.3%. Warehouse stores around 10% of sales continue to "drag" on total sales.

Management only offered commentary around Liquor sales, which are expected to continue to decline and impact earnings in 2H26.

Target price is $23.00 Current Price is $22.92 Difference: $0.08
If COL meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $23.75, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates COL as Outperform (1) -

Macquarie found the quarterly update from Coles Group consistent with its track record of execution in supermarkets, noting there was no specific detail on FY26 earnings. Sales growth accelerated from 3.7% in the first half to an implied 4.4%.

Management pointed to weakening sentiment in liquor throughout March which has persisted into April. Along with ongoing competition this meant comparable sales contracted -4.3% compared with the prior corresponding quarter.

The broker remains attracted to the defensive growth profile, cost management and a PE that is broadly in line with long run averages. Target edges up to $23.80 from $23.70 and the Outperform rating is retained.

Target price is $23.80 Current Price is $22.92 Difference: $0.88
If COL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $23.75, suggesting upside of 7.8% (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

Morgan Stanley rates COL as Overweight (1) -

Coles Group announced super market sales growth of 4% and same store sales growth of 3.6% versus Woolworths Group ((WOW)) at 5.3%, Morgan Stanley notes which aligned with consensus expectations.

Ecommerce advanced 24.8% over 3Q26 y/y tracking ahead of Woolworths at 23.8% with liquor sales down -3.9% y/y.

Post earnings call, the analyst points to 3Q sales growth ahead of the market, despite the more challenging comps and is being led by volume. Market share is being picked up from independents.

Higher fuel costs are cited with a -$10m to -$15m impact or around -10bpt on gross profit margin. Cost efficiencies are expected to offset costs.

Overweight retained with a $24 price target. Industry View: In-Line.

Target price is $24.00 Current Price is $22.92 Difference: $1.08
If COL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $23.75, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates COL as Accumulate (2) -

Morgans notes Coles Group's 3Q26 sales were slightly softer than expected, with solid Supermarkets performance offset by ongoing weakness in Liquor.

Supermarkets continue to gain market share, the analyst highlights, supported by strong volume growth and demand for value and own-brand products. Increased at-home consumption and price sensitivity by the consumer are noted.

The Liquor division remains challenged amid weak consumer sentiment and heightened competition, notes Morgans.

The broker makes minor earnings downgrades but highlights Coles' defensive earnings profile, strong execution and market positioning, particularly in a macro environment marked by geopolitical uncertainty.

Target rises to $24.60 from $22.90. Accumulate rating is unchanged.

Target price is $24.60 Current Price is $22.92 Difference: $1.68
If COL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.75, suggesting upside of 7.8% (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

Ord Minnett rates COL as Accumulate (2) -

Coles Group reported supermarket sales growth of 4% in the March quarter, in line with expectations.

The main negative from the result, Ord Minnett observes, was the accelerating decline in the liquor business, as sales fell -3.9% in the quarter in the face of broader industry challenges, both locally and globally, and discounting by Endeavour Group ((EDV)), the owner of BWS and Dan Murphy's.

The broker is also concerned about the large-format First Choice operation, where sales fell -20% and now sit -57% below per-store sales for Dan Murphy's.

Ord Minnett asserts the liquor industry is taking up "too much real estate" given the trend to online sales. Target is raised to $23.00 from $22.50 and an Accumulate rating maintained.

Target price is $23.00 Current Price is $22.92 Difference: $0.08
If COL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $23.75, suggesting upside of 7.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates COL as Buy (1) -

UBS observes Coles Group's 3Q26 sales modestly beat expectations, driven by stronger supermarkets performance, while liquor lagged and weighed on group outlook.

The analyst sees ongoing momentum in supermarkets, supported by solid like-for-like growth, cost savings initiatives, and a strong value proposition, sustaining an attractive earnings (EBIT) outlook despite rising costs.

Liquor sales remain weak, with significant operating deleverage and structural headwinds prompting further earnings (EBIT) downgrades.

Buy is retained with a slightly higher $25.50 target, citing favourable risk-reward and stronger execution relative to peers. EPS forecasts are trimmed slightly.

Target price is $25.50 Current Price is $22.92 Difference: $2.58
If COL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.75, suggesting upside of 7.8% (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

UBS rates DNL as Neutral (3) -

Ahead of the May 2026 earnings reports, UBS flags investors are likely to be concentrating on possible "second tier" impacts of the war in the Middle East including inflation impact on the US consumer for James Hardie Industries ((JHX)) and Amcor ((AMC)).

For Orica ((ORI)) and Dyno Nobel the impact from higher energy/nitrogen pricing and supply availability.

For ALS Ltd ((ALQ)) how geopolitical risk is impacting on mineral exploration. The analyst views the better miner capital raising and drilling activity suggests the exploration cycle is still early in its growth phase.

Dyno Nobel is rated Neutral with a $3.55 target.

Target price is $3.55 Current Price is $3.34 Difference: $0.21
If DNL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 4.7% (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 DUG as Buy (1) -

Dug Technology has surpassed FY25 growth nine months into the current financial year, Ord Minnett observes. Momentum continued in services, while demand for the higher-margin software and HPCaaS meant these now represent 32% of total revenue.

Operating cash flow was robust and the broker notes the business "collected well" on Petronas invoices. Going forward, elevated oil prices have spurred exploration and production and set up a strong finish to FY26. Buy rating retained. Target rises to $3.15 from $2.93.

Target price is $3.15 Current Price is $2.25 Difference: $0.9
If DUG meets the Ord Minnett 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

Bell Potter rates DVP as Buy (1) -

Bell Potter views a direct shipping ore spodumene operation at Pioneer Dome as the best, low-capital pathway to accelerate market entry, with production expected to be highly responsive to lithium price cycles for Develop Global.

The broker highlights the project's simple mine, crush and haul design, enabling rapid ramp-up and suspension depending on pricing and offtake conditions.

Pioneer Dome is not valued on a discounted cash flow basis given sub-economic returns under long-term price assumptions, instead it is framed as a short-term cash flow generator.

Assuming a 2-year direct shipping ore operation at US$250/t, the analyst forecasts the project could deliver earnings (EBITDA) of $164m and free cash flow of $91m, with initial production likely hedged to secure capex payback.

No change to Buy rating and $6.60 target. Earnings forecasts unchanged.

Target price is $6.60 Current Price is $5.35 Difference: $1.25
If DVP meets the Bell Potter target it will return approximately 23% (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 EBO as Buy (1) -

Ebos Group expects $610-620m in underlying EBITDA in FY26. The company has briefed investors and set out its medium-term strategic and financial initiatives.

Ord Minnett notes operating leverage is expected to accelerate earnings growth in the medium term with further upside from bolt-on M&A.

If the company can navigate the risks around community pharmacy competition and a transition in New Zealand for Chemist Warehouse, the broker envisages a material re-rating opportunity. Buy rating. Target edges down to $28 from $29.

Target price is $28.00 Current Price is $17.42 Difference: $10.58
If EBO meets the Ord Minnett target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $25.64, suggesting upside of 46.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates EDV as Neutral (3) -

Endeavour Group has revealed a slowdown in sales growth amid fuel-related cost pressures in the second half. At first glance Citi observes the update aligns with its rationale for downgrading the stock to Neutral in late March.

Second half sales growth in the year to date decelerated to 0.7% in retail and 3.7% in hotels, a slowdown from 1.3% and 4.5%, respectively, in the initial seven weeks of the half.

The company is targeting -$100m in cost savings for FY27, which to the broker appears to be the start of a new three-year cost reduction program where targets for years 2 and 3 could be revealed at the investor briefing on May 27. Target is $3.70.

Target price is $3.70 Current Price is $3.42 Difference: $0.28
If EDV meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 10.2% (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 GTK as Buy (1) -

Gentrack Group announced the acquisition of airport technology and services provider, Dubai Technology partners for US$10m, circa NZ$17m, Bell Potter notes.

The company offers a platform for managing planning and operations for aviation, transportation and logistics which is viewed as aligning with Veovo's technology.

Adjusting for the update the analyst EPS estimates are lowered by -9% for FY26 and -8% for FY27 with some uncertainty around the timing of pipeline execution and impacts on the ARR margin.

Target price is lowered to $8.80 from $11. No change to Buy rating.

Target price is $8.80 Current Price is $4.78 Difference: $4.02
If GTK meets the Bell Potter target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $7.38, suggesting upside of 52.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates HLI as Underperform (5) -

Helia Group delivered a trading update that was slightly weaker than Macquarie anticipated, largely because of mark-to-market losses on the bond portfolio from rising rates. This was offset by lower claims.

As macroeconomic pressures emerge the broker expects claims to normalise through to the end of FY26 and into FY27.

Macquarie points out negative claims are being supported by reserve releases from rising house prices, yet with higher interest rates and consumer sentiment affected by higher fuel costs house prices in several capital cities are already coming under pressure. Underperform maintained. Target is $3.70.

Target price is $3.70 Current Price is $5.37 Difference: minus $1.67 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

UBS rates JHX as Neutral (3) -

Ahead of the May 2026 earnings reports, UBS flags investors are likely to be concentrating on possible "second tier" impacts of the war in the Middle East including inflation impact on the US consumer for James Hardie Industries and Amcor ((AMC)).

For Orica ((ORI)) and Dyno Nobel ((DNL)) the impact from higher energy/nitrogen pricing and supply availability.

For ALS Ltd ((ALQ)) how geopolitical risk is impacting on mineral exploration. The analyst views the better miner capital raising and drilling activity suggests the exploration cycle is still early in its growth phase.

James Hardie Industries is Neutral rated with a $33.50 target.

Target price is $33.50 Current Price is $29.38 Difference: $4.12
If JHX meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $39.91, suggesting upside of 38.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Bell Potter rates LGI as Buy (1) -

The 1Q 2026 AEMO report revealed another quarter of declines in electricity prices across the NEM, Bell Potter observes.

Qld wholesale prices fell -27% and NSW down -16% y/y albeit underlying demand came in at record for the quarter. The decline in prices reflected lower temperatures and volatility.

Notably, LGI has offset the softer prices via hedging (75% hedged) for FY26 most in Qld with NSW more exposed to the spot price, the broker explains.

Net profit after tax estimates are tweaked down for FY26 and FY27. Target price eases to $4.50 from $4.64. No change in Buy rating.

Target price is $4.50 Current Price is $3.62 Difference: $0.88
If LGI meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting upside of 31.6% (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

Macquarie rates LIN as Initiation of coverage with Neutral (3) -

Macquarie initiates coverage of Lindian Resources with a Neutral rating and $0.75 target. The company has a rare earth project at Kangankunde in Malawi with first production targeted in late 2026.

The broker notes the resource has a 45-year stage 1 mine life with a probable reserve of 23.7mt at 2.9% TREO and there is a strategic partnership for offtake.

While project progress and geopolitical support are constructive, the broker considers the valuation full after a recent rally. Catalysts include the completion of infrastructure by mid 2026.

Target price is $0.75 Current Price is $0.82 Difference: minus $0.07 (current price is over target).
If LIN meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates LOT as Outperform (1) -

Lotus Resources has reaffirmed confidence in the Kayelekera restart despite the setbacks. Macquarie notes the disappointments have stemmed not from the resource but in the ability to run the processing plant effectively, and the issues are likely to be overcome with time and running freshly-mined ore.

The company is one of the uranium miners most impacted by the crisis in the Middle East with acid costs for leaching and elution running at many multiples of initial assumptions.

The broker considers the market reaction to the update overdone, given the issues are related to processing. Outperform retained. Target is reduced to $1.90 from $2.75.

Target price is $1.90 Current Price is $0.90 Difference: $1
If LOT meets the Macquarie target it will return approximately 111% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 158.8% (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 LOT as Downgrade to Hold from Speculative Buy (3) -

Lotus Resources had what Ord Minnett describes as a "truly horrible March quarter" and two months after a $79m capital raising appears likely to be back for more in September. The company delivered just 80,000lb of uranium oxide output while burning $56m in cash.

Future earnings should justify a price of $2.75 a share but the broker points out it needs to get there first, and this will need funding of around $100m, perhaps some debt and more equity.

Ord Minnett considers the stock has been a "bad call" and expects equity concerns will constrain it until funding is resolved. Rating is downgraded to Hold from Speculative Buy and the target drops to $1.00 from $3.90.

Target price is $1.00 Current Price is $0.90 Difference: $0.1
If LOT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 158.8% (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

Morgans rates LTR as Downgrade to Trim from Hold (4) -

Following Liontown's 3Q report, Morgans raises its target by 40c to $2.20 and downgrades to Trim from Hold.

The broker assesses a weak 3Q26 result, with lower recoveries driving softer production, though this is thought to reflect ramp-up timing rather than structural issues.

Operationally, Kathleen Valley is progressing well, according to the analyst, reaching its underground run-rate ahead of schedule, with recoveries improving toward the end of the quarter as ore feed shifts.

Commentary notes the company generated positive cash flow and strengthened its balance sheet, while rising spodumene prices provide a supportive outlook for earnings and cash flow.

Improving recoveries and pricing are seen as key tailwinds, though Morgans believes much of the near-term upside is already reflected in valuation.

Target price is $2.20 Current Price is $2.64 Difference: minus $0.44 (current price is over target).
If LTR meets the Morgans target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.23, suggesting downside of -8.3% (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

Citi rates MGR as Neutral (3) -

While Citi remains cautious on the sales and cost environment, the broker notes residential developers Stockland and Mirvac Group have already largely priced in a housing downturn.

Both stocks are down more than -30% from their October 2025 highs.

Although upside catalysts have been lagging, a less negative Australian Federal budget outcome on May 12 could provide support.

Neutral rating and $1.84 target retained for Mirvac Group.

Target price is $1.84 Current Price is $1.71 Difference: $0.135
If MGR meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.00, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Mineral Resources delivered March quarter volumes in iron ore, lithium and mining services that exceeded Ord Minnett's expectations. Realised prices for its commodities also were ahead of estimates.

FY26 volume guidance has been upgraded for the Onslow iron ore and Wodgina and Mount Marion lithium divisions.

The company reports the mining services division has a positive outlook for several years, with two external contracts recently renewed, although the increased cost of diesel means costs in the June quarter will trend towards the top end of guidance.

Ord Minnett calculates a unit cost impact of -$4-7/t on the iron ore operations and -$60/t on the lithium business. Rating is downgraded to Accumulate from Buy on valuation while the target is lifted to $67 from $65.

Target price is $67.00 Current Price is $66.70 Difference: $0.3
If MIN meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $71.20, suggesting upside of 6.5% (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

Morgans rates MX1 as Speculative Buy (1) -

Morgans notes Micro-X delivered another 'workmanlike' quarter, with modest product sales while project milestones remain broadly on track.

Advancement across CT programs and milestone payments suggest to the analysts operational progress. Growing interest is also apparent in the Rover mobile X-ray product supporting the sales pipeline.

Cash receipts were softer than expected, with liquidity supported by an anticipated R&D tax incentive and plans to monetise non-core security assets.

The broker lowers its FY26 revenue forecasts, increasing the expected net loss, while maintaining a positive long-term view driven by medical imaging growth opportunities. Speculative Buy rating maintained. Target eased to 15c from 16c.

Target price is $0.15 Current Price is $0.05 Difference: $0.098
If MX1 meets the Morgans target it will return approximately 188% (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 NAB as Sell (5) -

First half cash earnings from National Australia Bank were ahead of estimates and, at first glance, Citi assesses this is predominantly revenue driven.

Net interest margins were 1-2 basis points ahead of estimates, driven by markets and liquid assets with the lending margins slightly more of a drag than was expected. Costs were in line with expectations.

A change in investment expenditure policy will take effect in the second half with the bank now expensing 50% expenditure, although the broker notes this remains below peers ANZ Bank and Westpac which expense at 60-80%.

The result overall is construed as "relatively in-line" if adjusting for timing. Without an "underlying earnings beat", the broker suspects it will receive a muted market reaction. Sell rating and $39.25 target.

Target price is $39.25 Current Price is $39.83 Difference: minus $0.58 (current price is over target).
If NAB meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.30, suggesting upside of 2.4% (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 NAB as Neutral (3) -

In a flash update Macquarie notes National Australia Bank's interim result was largely in line following pre-announced BDDs.

The main surprise was a modest -1% to -2% revenue miss driven by softer margins and weaker fee and commission income amid competitive lending conditions.

The broker points to slightly improved 2H26 margin guidance, supported by wholesale funding tailwinds and continued gains in proprietary mortgage share.

Credit quality was softer, with non performing loans and impairments edging higher, and likely to remain a key market focus given macro pressures and sector exposure.

Costs were flat and guidance unchanged, while capital and dividend outcomes were in line. The broker retains a Neutral stance, citing insufficient positives to support a re-rating despite reasonable valuation.

Target price is $42.00 Current Price is $39.83 Difference: $2.17
If NAB meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $40.30, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates NAB as Buy (1) -

At first look, National Australia Bank delivered an in-line 1H26 result on largely pre-guided metrics, with UBS viewing the recent share price weakness as overdone.

Earnings, margins, and revenue were broadly in line to slightly ahead, supported by solid NIM and volume growth, while costs remained well controlled and capital positions stable.

Divisional performance was strong, particularly in Business & Private Banking, with asset quality trends improving and balance sheet settings appearing more conservative following provision increases.

The analyst notes unchanged guidance, including cost growth and payout ratios, reinforcing confidence in 2H26 outlook.

UBS highlights reassuring underlying momentum despite valuation remaining elevated relative to history, with the stock trading at a discount to sector peers. Buy rated with a $50.50 target.

Target price is $50.50 Current Price is $39.83 Difference: $10.67
If NAB meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $40.30, suggesting upside of 2.4% (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

Bell Potter rates NIC as Buy (1) -

Nickel Industries announced production of 30,264t, slightly lower than Bell Potter's forecast with in line cash costs of US$10,453/t, reflecting a rise of 4% on the prior quarter.

Consolidated earnings (EBITD) of US$135.6m was better than forecast and cash came in at US$212m, down from US$361m q/q.

Notably the RKEF (Rotary Kiln Electric Furnace) operations were viewed as standing out with earnings (EBITDA) rising 145% largely due to NPI pricing up 19% rather than volume, down -4%.

Bell Potter retains a Buy rating and target of $1.45. EPS forecasts are cut by -14% for 2026 and 2027 largely unchanged.

Target price is $1.45 Current Price is $1.07 Difference: $0.385
If NIC meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 44.7% (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: 1.0

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

UBS rates ORI as Buy (1) -

Ahead of the May 2026 earnings reports, UBS flags investors are likely to be concentrating on possible "second tier" impacts of the war in the Middle East including inflation impact on the US consumer for James Hardie Industries ((JHX)) and Amcor ((AMC)).

For Orica and Dyno Nobel ((DNL)) the impact from higher energy/nitrogen pricing and supply availability.

For ALS Ltd ((ALQ)) how geopolitical risk is impacting on mineral exploration. The analyst views the better miner capital raising and drilling activity suggests the exploration cycle is still early in its growth phase.

Orica is Buy rated with a $27 target.

Target price is $27.00 Current Price is $21.18 Difference: $5.82
If ORI meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $26.19, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates PMT as Outperform (1) -

PMET Resources announced successful spodumene production from its ApplePick pilot at CV5, its flagship orebody, achieving concentrate grades above 6% and recovery of 89%, exceeding feasibility assumptions.

Macquarie highlights the strong recovery outcome, driven by higher head grade material, noting potential upside to its base case recovery assumption of 70%, although not fully representative of the broader orebody.

The pilot also validates the dense media separation flowsheet as a viable processing route, with ore size and fines management identified as key factors for commercial performance.

Overall, the results are seen as encouraging for future project economics and recovery potential. The broker retains an Outperform rating, citing the scale and grade of the Shaakichiuwaanaan project. Target 65c.

Target price is $0.65 Current Price is $0.63 Difference: $0.025
If PMT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates QBE as Buy (1) -

Citi anticipates QBE Insurance's upcoming 1Q26 update to be modestly positive, with catastrophe claims tracking below allowance and crop conditions appearing favourable, supported by a potential new product.

Investment markets to April were broadly supportive, the analysts note, while any Middle East-related claims are expected to be limited.

Although global insurance rates continue to soften, US pricing remains resilient, the broker highlights.

Gross written premium is expected to track at least in line with guidance, if not slightly ahead, with FY guidance likely to be reaffirmed.

For QBE Insurance, target of $23.80 and Buy rating.

Target price is $23.80 Current Price is $22.47 Difference: $1.33
If QBE meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $24.90, suggesting upside of 9.9% (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: 0.8

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

Ord Minnett rates QPM as Speculative Buy (1) -

QPM Energy delivered a third quarter that was slightly softer than Ord Minnett expected with gas production relatively flat. Investment to date in the Isaac power station has increased to $138m and the broker expects the broader funding package will be finalised shortly.

Planning is underway for drilling at the higher gas Wotonga area, proximate to other productive wells, and along with a recovery in third-party supply this should deliver production growth from the MGP on the broker's estimates to 35TJ/day by mid 2027.

Unchanged Speculative Buy rating and 10c target.

Target price is $0.10 Current Price is $0.03 Difference: $0.073
If QPM meets the Ord Minnett target it will return approximately 270% (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 RMD as Buy (1) -

Citi's assessment is ResMed's Q3 performance looks like a small 'beat' on core EPS. Sales were in line with consensus.

For both masks and devices, ex US looked slightly stronger than US. Gross margin was 30bps ahead of expectations. SaaS results looked in line after a miss in the prior quarter.

The broker points out the company is actively in deal-making mode, referring to US$6m increase in SG&A, which otherwise would have beaten market forecasts by 4%.

Amidst so many market doubts and questions about where a mishap could have possibly occurred, Citi thinks this is a "clean" result, and the shares should have responded positively (they did not).

Target US$340. Buy.

Current Price is $28.73. Target price not assessed.

Current consensus price target is $43.21, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates RMD as Outperform (1) -

ResMed has maintained gross margin guidance for FY26 at 62-63% while, geographically, the rest of the world has outperformed in both devices and masks. In contrast, the Americas was -2% below Macquarie's estimates in both categories.

The AS11 roll-out in China should support ongoing growth in rest of the world and the company has acquired Noctrix for -US$340m which has an FDA De Novo classified device for moderate-severe restless leg syndrome. The broker now captures this acquisition in its forecasts.

Outperform maintained. Target edges down to $46.50 from $47.50.

Target price is $46.50 Current Price is $28.73 Difference: $17.77
If RMD meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $43.21, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley points to ResMed's 3Q26 EPS which beat forecast by 2% and consensus by 3% on better than anticipated revenue and gross margin expansion.

The medtech company announced the acquisition of Noctrix which focuses on restless leg syndrome for -US$340m.

The analyst notes ResMed had cash of US$996m at the end of March. EPS dilution of around -2% is expected for FY27 but not yet included in EPS estimates.

Forex offered a US$39m benefit which was better than expected with revenue higher by US$3m ex forex than estimated.

Cost increases in FY27 should be offset by internal measures the analyst notes. EPS is forecast to advance 18% in FY26 on 7% revenue growth.

Overweight retained. Target US$286. Industry View: In-Line.

Current Price is $28.73. Target price not assessed.

Current consensus price target is $43.21, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates RMD as Buy (1) -

ResMed delivered a solid 3Q result, in Morgans's view, with double-digit revenue and earnings growth, margin expansion and strong cash flow generation.

Sleep and respiratory demand remains robust, the analysts highlight, supported by mask growth and improving performance outside the Americas, while SaaS growth is stable but subdued.

The broker notes gross margin expansion continues, driven by manufacturing and procurement efficiencies, with operating leverage evident and cash conversion strong.

Softer US device growth is seen as normal variability rather than demand weakness, with no evidence of competitive disruption or impact from GLP-1 drugs.

The Noctrix acquisition is considered strategically sound but modestly dilutive near term.

Overall, Morgans considers fundamentals intact, despite emerging cost pressures, and retains a positive long-term outlook. Buy.

The target falls to $41.72 from $47.73 mainly due to the broker's changes to FX and risk-free rate assumptions.

Target price is $41.72 Current Price is $28.73 Difference: $12.99
If RMD meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $43.21, suggesting upside of 49.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett was impressed with the quarterly report from ResMed, as net income rose 20% year-on-year off revenue growth of just 11%, amid benefits from operating leverage.

The broker notes a "stellar" 14% jump in revenue from US mask sales, while in the rest of the world mask and machine sales were up 10% and 6%, respectively.

The company has also revealed the acquisition of Noctrix, which has a nerve stimulator product used to treat restless leg syndrome. While the price of US$340m is considered "full", the broker believes this is a sound strategic move as it complements the company's existing sleep disorder business.

Buy rating reiterated and $41.40 target maintained.

Target price is $41.40 Current Price is $28.73 Difference: $12.67
If RMD meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $43.21, suggesting upside of 49.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates RMS as Buy (1) -

Ramelius Resources has revised FY26 capital expenditure guidance, with around $100m slipping into FY27 because of the timing of the Mount Magnet mill expansion.

AISC also moves higher because of the timing of commercial production at Dalgaranga. Ord Minnett highlights exploration results from the March quarter which revealed extensions to known high-grade underground sources near the Mount Magnet mill.

As a result, the mill's contribution has increased production estimates for FY27 by around 3-5% and the broker retains a Buy rating, raising the target to $5.30 from $5.00.

Target price is $5.30 Current Price is $3.40 Difference: $1.9
If RMS meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 57.3% (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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global's 3Q26 update evidenced a rise in US claimed profiles to 443k with 4k adds over the period and Bell Potter notes US revenues grew 10% y/y with A&NZ revenues up 5.2% y/y.

Momentum in the US brokerage channel continues, with RMA signing Re/Max, providing access to 75k agents and enabling automated review integration across its platform.

The broker highlights a top-down sales funnel strategy, with initial brokerage partnerships creating a pipeline for upselling agents into premium subscription services.

Forecasts have been adjusted for a softer macro backdrop, with modest EPS revisions and lower FY26 costs following improved cash burn.

Target price slips to 10c from 13c. Speculative Buy retained.

Target price is $0.10 Current Price is $0.04 Difference: $0.061
If RMY meets the Bell Potter target it will return approximately 156% (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 S32 as Buy (1) -

Management at South32 has revised Hermosa project (zinc, lead and silver) capex to -US$3.3bn from -US$2.2bn, alongside increased resources and reserves, implying to Citi a longer mine life.

The higher capex is a key drag in the analysts' financial model, though revised timelines, unit costs and sustaining capex were broadly in line with prior conservative assumptions.

The broker's net present value (NPV) for Hermosa remains largely unchanged, as the capex increase is offset by a 17% uplift in life-of-mine production and a higher long-term silver price assumption.

Unchanged Buy rating and $5.40 target.

Target price is $5.40 Current Price is $4.12 Difference: $1.28
If S32 meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 18.5% (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: 0.9

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

Morgan Stanley rates SCG as Overweight (1) -

Scentre Group has completed the repurchase of its 2030 hybrids $1.8bn with 89% acceptance noted by Morgan Stanley which paves the way for the balance to be acquired on a compulsory basis.

As flagged previously, the group could "theoretically" save some $65m per annum adding 2.5% accretion to funds from operations for a half year impact the analyst describes in 2026.

Investors looking for an earnings upgrade are likely to be disappointed but overall it is considered a positive result for Scentre Group.

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

Target price is $4.41 Current Price is $3.77 Difference: $0.64
If SCG meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in December.

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 SGP as Neutral (3) -

While Citi remains cautious on the sales and cost environment, the broker notes residential developers Stockland and Mirvac Group have already largely priced in a housing downturn.

Both stocks are down more than -30% from their October 2025 highs.

Although upside catalysts have been lagging, a less negative Australian Federal budget outcome on May 12 could provide support.

Neutral rating and $4.30 target retained for Stockland.

Target price is $4.30 Current Price is $4.05 Difference: $0.25
If SGP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 19.0% (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

Macquarie rates SKC as Outperform (1) -

SkyCity Entertainment has lowered FY26 guidance to underlying EBITDA in FY26 of NZ$180-190m. This is around -7.5% below the prior mid point and -4.5% below Macquarie's estimates. Asset sales are progressing, which may exceed NZ$300m.

The broker points out the business is navigating a deteriorating backdrop and mitigating some impacts from cost reductions and asset sales, yet the timing of a re-rating is an uncertainty albeit there is deep value in the stock.

Outperform rating with target lowered to NZ$0.90 from NZ$1.00.

Current Price is $0.51. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates SMI as Speculative Buy (1) -

Santana Minerals has strengthened its funding position following a $130m equity raise at $0.90/sh, ending the March quarter with $184m cash and additional proceeds pending, supporting early works at the Bendigo-Ophir Gold Project, Bell Potter highlights.

The equity component covers pre-production capex, with remaining funding expected via debt, while early site activity and long-lead procurement help de-risk the development timeline.

Progress on the fast-track approvals process dominated the quarter, with a final determination due by late October and a potential draft decision in mid-September acting as a key catalyst, the analyst believes.

Speculative Buy retained. Unchanged $1.70 target.

Target price is $1.70 Current Price is $0.57 Difference: $1.13
If SMI meets the Bell Potter target it will return approximately 198% (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 SNT as Buy (1) -

Syntara has reached alignment with the FDA on the Phase 2b trial design for amsulostat in myelofibrosis. Bell Potter believes this removes a key overhang and clears the path to commence the study, with topline data expected in 2029.

The broker highlights the outcome as a clear positive, while noting an $8-10m capital raise extends funding to 3Q2027, although additional capital will be required to fully fund the Phase 2b program.

Bell Potter views Amsulostat as remaining positioned as a potentially attractive asset in a sizeable and competitive myelofibrosis market currently dominated by JAK inhibitors.

No material forecast changes are made, and the broker maintains a 6c target and a Speculative Buy rating.

Target price is $0.06 Current Price is $0.03 Difference: $0.031
If SNT meets the Bell Potter target it will return approximately 107% (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 STX as Speculative Buy (1) -

Strike Energy's March quarter Walyering production came in ahead of Bell Potter's expectation, supported by improved output following installation upgrades.

The broker notes gas prices softened slightly, while reliance on third-party gas purchases remained, though recent compression additions are expected to lift production and reduce this dependency.

The South Erregulla Peaking Gas Power Plant remains on track for completion in October 2026, with the company progressing its pivot toward power generation, the analysts explain.

A new gas discovery at Walyering West is thought to provide additional upside, pending flow testing to confirm commerciality.

Speculative Buy rating. Target rises by 1c to 16c.

Target price is $0.16 Current Price is $0.12 Difference: $0.04
If STX meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.15, suggesting upside of 25.0% (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 TCL as Neutral (3) -

Transurban Group has published additional disclosures to its quarterly numbers published at the beginning of April. Weekly volumes in the last two weeks of March were materially lower across Sydney and Melbourne.

Fuel prices since mid-April have returned to levels similar to around March 9 so traffic could be improving, Macquarie observes, yet risk remains that a fear of fuel shortages may mean some trips are avoided.

The sensitivity in traffic numbers reflects the magnitude of the changes in fuel prices and government intervention has mitigated a material amount of the increase so the "drag" could diminish, the broker adds. Neutral retained. Target unchanged at $14.05.

Target price is $14.05 Current Price is $14.06 Difference: minus $0.01 (current price is over target).
If TCL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.35, suggesting upside of 1.2% (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

Bell Potter rates VMM as Speculative Buy (1) -

Bell Potter assesses a strong March quarter for Viridis Mining and Minerals, with continued progress in de-risking the Colossus Rare Earth Project in Brazil.

The analysts note key milestones advanced across the demonstration plant, definitive feasibility study (DFS), permitting and EPCM tendering. Several near-term catalysts are expected to converge ahead of a targeted final investment decision FID in 3QCY26.

Drilling has progressed well, supporting a forthcoming resource and reserve update, according to Bell Potter, while a recent capital raise strengthened the balance sheet and funding runway into early project execution.

The broker retained its Speculative Buy recommendation, citing multiple upcoming catalysts. Unchanged $4.30 target.

Target price is $4.30 Current Price is $2.69 Difference: $1.61
If VMM meets the Bell Potter target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates XRO as Buy (1) -

Citi points to Xero's announced price rises in Australia for all Business edition plans as well as Partner edition products with changes effective July 1.

Business pricing is up around 6% in Australia, marginally lower than the previous year and notably this year's rises are slanted towards the higher-end plans, the analyst explains.

Based on an assumed 50% of Australian subscribers on the Partner editions this infers around a 4% rise to the average revenue per user or circa 2% lift for the group average revenue per user.

The broker views the price adjustment as underpinning forecast 5% y/y average revenue per user growth in Australia in FY27 with the possibility of slightly higher churn due to the price increase to the Ignite plan.

On balance, Citi views the announcement as positive. Buy rated with a $112.65 target.

Target price is $112.65 Current Price is $80.57 Difference: $32.08
If XRO meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $144.08, suggesting upside of 73.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates ZZZ as Buy (1) -

Citi's assessment is ResMed's Q3 performance looks like a small 'beat' on core EPS. Sales were in line with consensus.

For both masks and devices, ex US looked slightly stronger than US. Gross margin was 30bps ahead of expectations. SaaS results looked in line after a miss in the prior quarter.

The broker points out the company is actively in deal-making mode, referring to US$6m increase in SG&A, which otherwise would have beaten market forecasts by 4%.

Amidst so many market doubts and questions about where a mishap could have possibly occurred, Citi thinks this is a "clean" result, and the share should have responded positively (they did not).

Target US$340. Buy.

Current Price is $0.00. Target price not assessed.

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