Australian Broker Call

Morgans rates A2M as Hold (3) -

Morgans notes a2 Milk Co delivered a stronger-than-expected start to FY26, leading to upgraded sales and profit guidance. FY26 revenue growth of low double-digit is now expected compared to prior guidance of high-single-digit growth. 

Year-to-date trading is ahead of plan, supported by improved performance across infant formula, other nutritionals and liquid milk, with new products gaining traction and Double-11 results solid, highlights the analyst.

The acquisition of A2 Pokeno and the sale of Mataura Valley Milk underpin long-term growth, suggests the broker, with new China-label products due in 1H27.

Morgans raises its target to $9.40 from $8.00 and retains a Hold rating.

Target price is $9.40 Current Price is $9.59 Difference: minus $0.19 (current price is over target).
If A2M meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.78, suggesting upside of 4.9% (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: 0.5

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

Ord Minnett rates AGL as Buy (1) -

Ord Minnett raises the target on AGL Energy to $13 from $12 and reiterates the Buy rating on the stock.

The company hosted an investor day at Bayswater Power Station and Liddell Battery assets in the Hunter Valley. It underpinned a higher level of confidence in the outlook for the energy generator by the analyst, who was already positively disposed.

Over $800m has been invested to permit flexible power generation (3.3GW) at Bayswater, including trials of taking coal generation units offline and then putting them back on in 5 minutes.

The broker anticipates Bayswater will be the lowest-cost generator in NSW given the spot coal contracts and flexible capacity, and raises EPS forecasts by 6.1% for FY26, while FY27 is trimmed by -0.5%.

Target price is $13.00 Current Price is $9.40 Difference: $3.6
If AGL meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $11.17, suggesting upside of 20.1% (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 AIH as Buy (1) -

FY25 results for Advanced Innergy were stronger-than-expected by Morgans, with earnings (EBITDA) and profit exceeding prospectus pro forma forecasts on lower operating costs and a solid base-business performance.

The company reiterated FY26 guidance for $388m in revenue and $62m in earnings, supported by a healthy $220m order book providing around 60% revenue coverage, highlights the broker.

Management flagged unusually strong subsea demand across multiple new geographies and highlighted cost synergies and growth opportunities from the Ovun (rotor-moulding and specialised manufacturing business) acquisition.

Morgans raises its target to $1.50 from $1.40 and retains a Buy rating.

Target price is $1.50 Current Price is $1.02 Difference: $0.475
If AIH meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

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

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

While APRA has introduced a high debt-to-income lending limit to curb emerging housing-market risks, Morgan Stanley does not expect a material change in major-bank lending standards or the broker's loan-growth forecasts.

Investment property loan growth has accelerated to about 10.5% in October, up from 7.5% in the June quarter. In the analysts' view, this acceleration underpins APRA’s concern over rising vulnerabilities and raises the possibility of further intervention.

A cap on investment property lending, similar to 2014, would likely slow overall housing loan growth, in the broker's opinion.

Equal-weight rating and $36 target retained for ANZ Bank. Industry view: In Line.

Target price is $36.00 Current Price is $34.64 Difference: $1.36
If ANZ meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $33.52, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Morgan Stanley rates AUB as Overweight (1) -

Morgan Stanley believes Insurance Australia Group and Suncorp Group remain well placed to expand margins. The analysts are on watch for revenue risks to brokers AUB Group and Steadfast Group if softer commercial trends persist.

Australian direct insurance industry gross written premium (GWP) rose around 3.5% year-on-year in the September quarter, easing from 5% in June-25.

Commercial lines declined -1.5%, reversing the 2-3% growth seen in the prior two quarters. Within this segment, commercial property fell 3% year-on-year, while commercial motor held relatively steady with 4% growth, highlight the analysts.

Personal lines remained more resilient at 7% compared with the weaker commercial result.

For AUB Group, the $45 target and Overweight rating are unchanged. Industry view: In-Line.

Target price is $45.00 Current Price is $37.25 Difference: $7.75
If AUB meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $40.02, suggesting upside of 30.6% (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 AUC as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiated coverage of Ausgold with a Speculative Buy rating and target price of $1.60.

The company is advancing its wholly owned Katanning gold project in Western Australia, a proposed free-milling open-pit mine backed by a 2.4Moz Resource and 1.3Moz Reserve, with big exploration upside.

The broker notes a 44,000m drill program started in October to de-risk early mining areas and hunt high-grade additions across 3,500sq.km in the Katanning Greenstone Belt.

The June 2025 definitive feasibility study (DFS) showed a 10-year mine producing 114kozpa (140kozpa in years 1-4), AISC of $2,265/oz, and capex of $355m.

Optimised DFS is due this quarter, plus steady catalysts through mid-2026 include drill results, permitting and approvals, Mineral Resource Estimate, funding and FID (final investment decision).

First gold is expected in late 2027.

Target price is $1.60 Current Price is $0.87 Difference: $0.73
If AUC meets the Bell Potter target it will return approximately 84% (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

Macquarie rates BGL as Outperform (1) -

Macquarie transfers coverage of Bellevue Gold to Adam Baker from Andrew Bowler.

Outperform and $1.70 target price.

Target price is $1.70 Current Price is $1.33 Difference: $0.375
If BGL meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BSL as Buy (1) -

BlueScope Steel showed off its new electric arc furnace at the Glenbrook operations near Auckland at last Friday's investor day, with commissioning starting this week and first steel due in April next year.

Ord Minnett notes the steel company is aiming for full output capacity from the end of FY27.

The analyst retains EPS forecasts for FY26 while raising FY27 and FY28 by 2.4%, representing the inclusion of increased earnings from NZ assets.

Buy rating maintained and target lifts to $27.50 from $27.

Target price is $27.50 Current Price is $24.27 Difference: $3.23
If BSL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.30, suggesting upside of 3.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates CMM as Neutral (3) -

Macquarie transfers coverage of Capricorn Metals to Adam Baker from Andrew Bowler.

Neutral rated and $14 target price.

Target price is $14.00 Current Price is $14.65 Difference: minus $0.65 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.77, suggesting upside of 9.8% (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

Macquarie rates CTD as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades Corporate Travel Management to Underperform from Neutral and lowers the target price by -27% to $11.50 as the ongoing forensic review is unlikely to be completed before December 31, 2025.

Until the FY25 results are finalised, the analyst is not revising earnings forecasts but expects "material downside" risks to future revenue and earnings resulting from loss of existing customers, lower contract wins and higher remediation costs.

Currently, the cash impact of refunds and prior year earnings adjustments is unknown, but a reversal of up to -GBP58.2m of previously recognised revenue in FY23/FY24 is expected. FY25 revenue reversal adjustments up to -GBP19.4m is also expected.

As of October 31, cash on hand stood at over $148.3m with no debt drawn.

Target price is $11.50

Current consensus price target is $13.29, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Ord Minnett rates CTD as No Rating (-1) -

Ord Minnett has withdrawn its rating on Corporate Travel Management due to the lack of sufficient information and the ongoing suspension of the stock from trading on the ASX, awaiting the release of the FY25 accounts.

The company anticipates negative adjustments of around -$171m pre-tax for FY23-FY25, which reflect revenue reversals from FY23/FY24 at around -GBP$58.2m and -GBP$19.4m in FY2. There's also a further A&NZ credit loss provision of -$13.9m for FY25, not previously announced.

The analyst reckons, on current circumstances, things are going to get "worse before they get better."

Current Price is $0.00. Target price not assessed.

Current consensus price target is $13.29, suggesting downside of -17.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Shaw and Partners rates CTD as Downgrade to Sell from Buy (5) -

Shaw and Partners suggests Corporate Travel Management faces substantial financial account restatements after KPMG identified revenue-recognition failures across its UK operations.

It’s thought the reversal of around -GBP80m in revenue and potential client refunds materially increases near-term financial and reputational risk.

The broker sees FY25 guidance withdrawal and the likelihood the company will not resume trading in 2025 as reinforcing uncertainty, while cash impacts remain unclear despite available liquidity.

Shaw applies a -50% discount to its valuation, reducing the broker's price target to $7.60 from $15.20. Rating downgraded to Sell from Buy.

Target price is $7.60

Current consensus price target is $13.29, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

UBS rates CTD as Neutral (3) -

Post a KPMG forensic review into Corporate Travel Management's UK business, a number of areas of concern have arisen, UBS details. This includes revenue restatement by up to -$117.9m for UK results in FY23-FY24 and a revenue reversal of up to -$39.3m in FY25.

The CEO of UK/Europe, Michael Healy, has been temporarily stood down and replaced by Global COO, Eleanor Noonan. FY25 guidance has been withdrawn and the travel company does not anticipate lodging its financial statements by Dec 31, 2025.

The analyst highlights cash impacts are expected, although the timing and quantity are unknown. Current cash on hand stands at over $148.3m and no drawn debt.

UBS has a Neutral rating and $16.70 target price.

Target price is $16.70

Current consensus price target is $13.29, suggesting downside of -17.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Ord Minnett rates DOW as Accumulate (2) -

Post the investor day, Ord Minnett raises Downer EDI's target price to $8.45 from $7.90 due to long-term cash flow forecast changes and a revised valuation, while retaining an Accumulate rating.

The company detailed EPS CAGR targets of 9% for FY25-28 on a targeted revenue CAGR of 4-5% over FY26-30 with margins around 6%. Post FY30, Downer expects to grow in excess of the GDP growth rate and margins to expand more.

The energy transition will support the energy/utilities division, which should generate around 41% of revenue by FY30, the analyst flags, up from 33% in FY25.

The broker lowers EPS estimates by -1.5% for FY26 and -3.7% for FY27 due to a larger-than-anticipated decline in defence-related earnings.

Target price is $8.45 Current Price is $7.91 Difference: $0.54
If DOW meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.32, suggesting upside of 5.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates EVN as Underperform (5) -

Macquarie transfers coverage of Evolution Mining to Adam Baker from Andrew Bowler.

Underperform rated. Target $9.50.

Target price is $9.50 Current Price is $11.88 Difference: minus $2.38 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.95, suggesting downside of -15.3% (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 GGP as Outperform (1) -

Macquarie transfers coverage of Greatland Resources to Adam Baker from Andrew Bowler.

Outperform and $10.50 target price.

Target price is $10.50 Current Price is $7.55 Difference: $2.95
If GGP meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $10.50, suggesting upside of 26.4% (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

Macquarie rates GMD as Outperform (1) -

Macquarie transfers coverage of Genesis Minerals to Adam Baker from Andrew Bowler.

Outperform and $8 target price.

Target price is $8.00 Current Price is $6.66 Difference: $1.34
If GMD meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.98, suggesting upside of 6.6% (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

UBS rates GNE as Neutral (3) -

Observing the ongoing evolution of Genesis Energy's Gen-35 strategy, UBS highlights the next three years will focus on solar build out, IT transformation and awaiting increased certainty on fuel outcomes around LNG and methanex gas.

A re-rating on the stock is dependent, in the view of the analyst, on a more explicit generation development program and improved earnings clarity, particularly over the longer term which equates to post FY25.

Neutral rating and NZ$2.60 target retained.

Current Price is $2.12. 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 HUB as Buy (1) -

The highlight from Hub24's investor day for Bell Potter was the early upside risk to FUA guidance from strong inflows and a broader product set. 

The broker notes the trustee licence is progressing ahead of expectations as a separate, flexible move with an embedded purchase option. The company lifted FY26 expenses guidance by 18-20%, front-loaded in 1H, and aimed to out-invest peers.

Growth is being driven by platform transitions plus AI-enabled automation, lifting share of wallet to 27% ($22m per adviser), with room to deepen mature advisers. EPS forecast for FY26 trimmed by -3% but lifted by 1% after factoring in guidance and mark-to-market.

Buy. Target cut to $125 from $135, as the broker notes expense guidance as a negative surprise, but remains confident on growth prospects.

Target price is $125.00 Current Price is $103.70 Difference: $21.3
If HUB meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $113.49, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Morgan Stanley believes Insurance Australia Group and Suncorp Group remain well placed to expand margins. The analysts are on watch for revenue risks to brokers AUB Group and Steadfast Group if softer commercial trends persist.

Australian direct insurance industry gross written premium (GWP) rose around 3.5% year-on-year in the September quarter, easing from 5% in June-25.

Commercial lines declined -1.5%, reversing the 2-3% growth seen in the prior two quarters. Within this segment, commercial property fell 3% year-on-year, while commercial motor held relatively steady with 4% growth, highlight the analysts.

Personal lines remained more resilient at 7% compared with the weaker commercial result.

For Insurance Australia Group: Equal-weight. Target $8.80. Industry View: In-Line.

Target price is $8.80 Current Price is $7.76 Difference: $1.04
If IAG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 17.6% (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

Bell Potter rates IKE as Buy (1) -

ikeGPS Group's 1H26 result showed a slightly narrower operating EBITDA loss of -NZ$4.2m vs Bell Potter's forecast of -NZ$3.7m. Revenue was pre-reported at 5% y/y growth.

The broker notes subscription revenue jumped 34% to NZ$8.8m while transaction revenue fell -32% due to policy uncertainty.

The company pointed to a strong start for 2H26 but left guidance unchanged for 35% annual revenue growth in FY26, and a breakeven EBITDA run-rate in 2H.

Buy. Target rises to $1.17 from $1.14 on roll-forward.

Target price is $1.17 Current Price is $1.00 Difference: $0.17
If IKE meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates JHX as Buy (1) -

Following a review of construction material and building product stocks post-AGM season, Morgans highlights James Hardie Industries and Maas Group as its two top picks.

The broker sees value in James Hardie following a string of headwinds, especially since earnings appear to be bottoming out or at least stabilising.

Buy. Target unchanged at $35.50.

Target price is $35.50 Current Price is $30.37 Difference: $5.13
If JHX meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $36.15, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates LTR as Underperform (5) -

Macquarie transfers coverage of Liontown Resources to Austin Yun from Adam Baker.

Underperform. Target unchanged at 65c.

Target price is $0.65 Current Price is $1.44 Difference: minus $0.785 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 55% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.94, suggesting downside of -32.2% (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

Morgans rates M7T as Buy (1) -

Management at Mach7 Technologies outlined a comprehensive strategic transformation at its AGM, centred on a customer-focused operating model, highlights Morgans.

The upcoming Flamingo AI platform will also aid the transformation, notes the broker, by modernising imaging workflows without requiring system replacement.

While FY26 revenue is expected to be softer and more second-half weighted due to fewer capital deals and lower services work, disciplined cost control supports resilience, suggest the analysts.

Longer-term benefits from the transformation are expected from higher recurring revenue and operating leverage.

Morgans retains a Buy rating and lowers its target to 76c from 81c.

Target price is $0.76 Current Price is $0.45 Difference: $0.31
If M7T meets the Morgans target it will return approximately 69% (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 MGH as Accumulate (2) -

Following a review of construction material and building product stocks post-AGM season, Morgans highlights Maas Group as one of its top picks.

The broker expects the southern states to rebound and spark a renewed investment cycle, positioning the business for mid-double-digit EPS growth on a mid-teens PER.

Accumulate. Target unchanged at $5.45.

Target price is $5.45 Current Price is $4.54 Difference: $0.91
If MGH meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

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 MPL as Neutral (3) -

Private health insurance conditions in the September quarter remained broadly favourable, highlights Citi.  APRA data show a modest rise in the industry penetration rate to 55.2%, up from 55.0% a year earlier.

The broker estimates system growth of 2.1% based on the increase in total persons insured versus the prior comparable period. Consistent with recent quarters and commentary from industry participants, lapse and switching activity remains elevated.

Even so, the ongoing decline in hospital utilisation is helping to contain claims inflation at a relatively moderate level, explain the analysts.

Citi retains a Neutral rating and a $5.05 target price. for Medibank Private.

Target price is $5.05 Current Price is $4.75 Difference: $0.3
If MPL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 9.4% (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

Macquarie rates MPL as Neutral (3) -

APRA reported industry policy growth of 2.3% in the September quarter, which Macquarie expects will slow slightly in FY26.

Medibank Private is aiming to grow market share in the current fiscal year while nib Holdings ((NHF)) is aiming for around 3% policyholder growth.

Private health insurers are viewed as a relative "safe haven" in a more challenging economic environment.

Neutral rating and $4.75 target price.

Target price is $4.75 Current Price is $4.75 Difference: $0
If MPL meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates MPL as Neutral (3) -

UBS has a Neutral rating and $5.25 target price on Medibank Private.

Target price is $5.25 Current Price is $4.75 Difference: $0.5
If MPL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 9.4% (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

Citi rates MTS as Neutral (3) -

In a first take of Metcash's 1H26 result, Citi expects the earnings miss to lead to a lower share price today.

Underlying net profit of $126.7m missed the broker's forecast and consensus. Food outperformed, but Hardware and especially Liquor were materially weaker, and the interim dividend of 8.5c missed the broker's 9c estimate.

Hardware EBIT missed on margin pressure despite a better 2Q. Early 2H26 trading showed improving Supermarkets and Hardware momentum, offset by soft Liquor, with management still expecting positive sales trends through the rest of the half.

Neutral rating and target of $3.90.

Target price is $3.90 Current Price is $3.70 Difference: $0.2
If MTS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in April.

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 NEM as Neutral (3) -

Macquarie transfers coverage of Newmont Corp to Adam Baker from Andrew Bowler.

Neutral and $153 target.

Target price is $153.00 Current Price is $139.46 Difference: $13.54
If NEM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $154.20, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates NHF as Buy (1) -

Private health insurance conditions in the September quarter remained broadly favourable, highlights Citi.  APRA data show a modest rise in the industry penetration rate to 55.2%, up from 55.0% a year earlier.

The broker estimates system growth of 2.1% based on the increase in total persons insured versus the prior comparable period. Consistent with recent quarters and commentary from industry participants, lapse and switching activity remains elevated.

Even so, the ongoing decline in hospital utilisation is helping to contain claims inflation at a relatively moderate level, explain the analysts.

Citi retains a Buy rating and $8.90 target for nib Holdings.

Target price is $8.90 Current Price is $7.17 Difference: $1.73
If NHF meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 9.1% (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

Macquarie rates NHF as Underperform (5) -

APRA reported industry policy growth of 2.3% in the September quarter, which Macquarie expects will slow slightly in FY26.

Medibank Private ((MPL)) is aiming to grow market share in the current fiscal year while nib Holdings is aiming for around 3% policyholder growth.

Private health insurers are viewed as a relative "safe haven" in a more challenging economic environment.

Underperform rated with a $5.60 target price.

Target price is $5.60 Current Price is $7.17 Difference: minus $1.57 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting upside of 9.1% (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

Macquarie rates NST as Outperform (1) -

Macquarie transfers coverage of Northern Star Resources to Adam Baker from Andrew Bowler.

Outperform and $30 target price.

Target price is $30.00 Current Price is $27.16 Difference: $2.84
If NST meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $26.93, suggesting downside of -1.7% (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

Macquarie rates OBM as Neutral (3) -

Macquarie transfers coverage of Ora Banda Mining to Adam Baker from Andrew Bowler.

Neutral and $1.40 target retained.

Target price is $1.40 Current Price is $1.33 Difference: $0.07
If OBM meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

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

Macquarie rates PMT as Outperform (1) -

Macquarie transfers coverage of PMET Resources to Austin Yun from Adam Baker.

Outperform rated. Target 45c.

Target price is $0.45 Current Price is $0.55 Difference: minus $0.1 (current price is over target).
If PMT meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.69, suggesting upside of 23.2% (ex-dividends)

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

UBS rates PNI as Neutral (3) -

UBS has a Neutral rating and $23 target price on Pinnacle Investment Management.

Target price is $23.00 Current Price is $18.26 Difference: $4.74
If PNI meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $25.56, suggesting upside of 47.4% (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 PRU as Outperform (1) -

Macquarie transfers coverage of Perseus Mining to Adam Baker from Andrew Bowler.

Outperform rated. Target $5.50.

Target price is $5.50 Current Price is $5.65 Difference: minus $0.15 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

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

Bell Potter raises its target for QBE Insurance to $21.80 from $21.20 and upgrades to Buy from Hold following a largely in-line September quarter update. Gross Written Premiums rose to US$18.6bn, an increase of 6% at the headline.

Management continues to expect an attractive combined operating ratio (COR) of 92.5% for FY25, and sees it continuing into FY26.

Three factors underpin the broker's higher rating.

First, capital return to shareholders shifts the focus from retaining capital for growth to writing for profit and return on capital employed. Commencing this month, the group will commence an on-market buyback of ordinary shares totalling $450m, funded by surplus capital. 

Also, management’s confidence in sustaining a 92.5% COR in FY26 reflects available levers to maintain profitability, suggest the analysts. The valuation is now also considered far less demanding.

Target price is $21.80 Current Price is $19.25 Difference: $2.55
If QBE meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $23.69, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

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

APRA’s September-quarter data showed private hospital episodes up 2.1% year-on-year, though Morgan Stanley notes utilisation declined.

Benefits increased 8.5%, driven by higher benefits per episode, explains the broker, while Ramsay Health Care reported 8.6% revenue growth across its private hospitals.

The analysts note industry commentary points to stronger indexation from insurers and explain limited residential aged-care capacity is contributing to higher medical admissions.

Morgan Stanley is watching near-term developments from the Fair Work Commission’s work-value case and remains focused on potential outcomes for Ramsay Sante.

Equal-weight. Target $34.80. Industry view is In-Line.

Target price is $34.80 Current Price is $36.81 Difference: minus $2.01 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.63, suggesting downside of -4.1% (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

Macquarie rates RMS as Outperform (1) -

Macquarie transfers coverage of Ramelius Resources to Adam Baker from Andrew Bowler.

Outperform rated. Target $3.90.

Target price is $3.90 Current Price is $3.66 Difference: $0.24
If RMS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 15.8% (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

Macquarie rates RRL as Neutral (3) -

Macquarie transfers coverage of Regis Resources to Adam Baker from Andrew Bowler.

Neutral and $7.20 target price.

Target price is $7.20 Current Price is $7.38 Difference: minus $0.18 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.05, suggesting downside of -16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates RSG as Neutral (3) -

Macquarie transfers coverage of Resolute Mining to Adam Baker from Andrew Bowler.

Neutral and $1.25 target.

Target price is $1.25 Current Price is $1.13 Difference: $0.12
If RSG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Macquarie rates SBM as No Rating (-1) -

Macquarie transfers coverage of St. Barbara to Adam Baker from Andrew Bowler.

Macquarie remains on research restriction.

Current Price is $0.57. Target price not assessed.

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

Morgan Stanley rates SDF as Overweight (1) -

Morgan Stanley believes Insurance Australia Group and Suncorp Group remain well placed to expand margins. The analysts are on watch for revenue risks to brokers AUB Group and Steadfast Group if softer commercial trends persist.

Australian direct insurance industry gross written premium (GWP) rose around 3.5% year-on-year in the September quarter, easing from 5% in June-25.

Commercial lines declined -1.5%, reversing the 2-3% growth seen in the prior two quarters. Within this segment, commercial property fell 3% year-on-year, while commercial motor held relatively steady with 4% growth, highlight the analysts.

Personal lines remained more resilient at 7% compared with the weaker commercial result.

For Steadfast Group, the Overweight rating and target of $6.74 are unchanged. Industry View: In-Line.

Target price is $6.74 Current Price is $5.19 Difference: $1.55
If SDF meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates SDF as Buy (1) -

UBS has a Buy rating and $6.80 target price on Steadfast Group.

Target price is $6.80 Current Price is $5.19 Difference: $1.61
If SDF meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates SUN as Overweight (1) -

Morgan Stanley believes Insurance Australia Group and Suncorp Group remain well placed to expand margins. The analysts are on watch for revenue risks to brokers AUB Group and Steadfast Group if softer commercial trends persist.

Australian direct insurance industry gross written premium (GWP) rose around 3.5% year-on-year in the September quarter, easing from 5% in June-25.

Commercial lines declined -1.5%, reversing the 2-3% growth seen in the prior two quarters. Within this segment, commercial property fell 3% year-on-year, while commercial motor held relatively steady with 4% growth, highlight the analysts.

Personal lines remained more resilient at 7% compared with the weaker commercial result.

For Suncorp Group: Overweight. Target $25.00. Industry View: In-Line.

Target price is $25.00 Current Price is $17.56 Difference: $7.44
If SUN meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $21.63, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates TCG as Outperform (1) -

Macquarie transfers coverage of Turaco Gold to Adam Baker from Andrew Bowler.

Outperform rated. Target 80c.

Target price is $0.80 Current Price is $0.52 Difference: $0.28
If TCG meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates VAU as Outperform (1) -

Macquarie transfers coverage of Vault Minerals to Adam Baker from Andrew Bowler.

Outperform rated. Target price $6.50.

Target price is $6.50 Current Price is $5.00 Difference: $1.5
If VAU meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Veem's AGM update was softer than expected by Morgans, with delays in ASC orders and a slower security-clearance process for Hunter-class propellers. Customer hesitancy ahead of the Mark III gyro launch also pushed work into 2H26.

Updated guidance implies a weak first half, resulting in the broker lowering its FY26-28 earnings (EBITDA) forecasts by -51%, -28% and -26%, respectively.

Even so, Morgans notes early US defence traction with Huntington Ingalls Industries and an imminent Northrop Grumman request for quote (RFQ) support a more constructive longer-term outlook.

The broker lowers its target to $1.10 from $1.66 and upgrades to Speculative Buy from Accumulate.

Target price is $1.10 Current Price is $0.86 Difference: $0.24
If VEE meets the Morgans target it will return approximately 28% (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

Macquarie rates WAF as Underperform (5) -

Macquarie transfers coverage of West African Resources to Adam Baker from Andrew Bowler.

Underperform. Target set at $3.00.

Target price is $3.00 Current Price is $2.81 Difference: $0.19
If WAF meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates WGN as Accumulate (2) -

Following a review of construction material and building product stocks post-AGM season, Morgans believes Wagners Holding Co's South-East Queensland exposure should keep driving outperformance.

The broker reckons the 2H26 guidance appears conservative, though still contingent on weather.

Accumulate. Target unchanged at $3.75.

Target price is $3.75 Current Price is $3.54 Difference: $0.21
If WGN meets the Morgans target it will return approximately 6% (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

Macquarie rates WGX as Outperform (1) -

Macquarie transfers coverage of Westgold Resources to Adam Baker from Andrew Bowler.

Outperform. Target price set at $7.40..

Target price is $7.40 Current Price is $6.10 Difference: $1.3
If WGX meets the Macquarie target it will return approximately 21% (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