Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Bell Potter assesses Life360 has potential catalysts in its first half results when it reports on August 11. MAU growth is expected to rebound to be consistent with the prior corresponding period. 

The broker also expects paying circle growth to be strong again, and if more than 155,000 then there is potential for a further upgrade to 2026 revenue and EBITDA guidance as this is the main driver of subscription revenue.

At this stage the broker's 2026 revenue and EBITDA forecasts are well within guidance ranges of US$650-685m and US$130-140m, respectively. Buy rating retained. Target rises to $35 from $33.

Target price is $35.00 Current Price is $27.19 Difference: $7.81
If 360 meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $30.07, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates AEL as Outperform (1) -

Ahead of the June quarter updates, Amplitude Energy remains Macquarie's preferred small-to-mid cap exposure despite near term spot prices weakness.

Amplitude has an essentially contracted gas book and Orbost production is anticipated to remain robust.

Outperform rated. Target remains at $2.55. The June quarter result is due July 15.

Target price is $2.55 Current Price is $1.26 Difference: $1.29
If AEL meets the Macquarie target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 118.3% (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

UBS rates AMP as Buy (1) -

UBS marks-to-market wealth managers for the month of June.

AMP is Buy rated and is the preferred platform operator. Target price rises to $1.91 from $1.65.

Target price is $1.91 Current Price is $1.68 Difference: $0.23
If AMP meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates AVH as Downgrade to Hold from Speculative Buy (3) -

Morgans downgrades Avita Medical to Hold from Speculative Buy and maintains a $1.35 target. The shares have been volatile, driven by the closure of the MAC reimbursement overhang and early signs of the commercial recovery.

The broker notes the share price has rallied hard on "reasonable" volumes, closing the gap to the target and removing the margin of safety that supported the prior call.

At the current price the stock offers limited opportunity versus current expectations and there is no "fresh data" since the first quarter.

Morgans confirms the long-term thesis around RECELL adoption, Cohealyx scaling and international opportunity is unchanged.

Yet persistent shortfalls in sales and ongoing guidance downgrades as well as a high cash burn mean the capital risk is elevated.

Target price is $1.35 Current Price is $1.35 Difference: $0
If AVH meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates BPT as Underperform (5) -

Ahead of the June quarter updates, Macquarie remains cautious on Beach Energy which is due to report on July 22.

There is still some scope for downside on Waitsia, the analyst points out. East coast gas prices have been weaker, with the broker lowering forecasts to $9/Gj for the period, recently.

The East Coast gas review could stymie potential M&A activity, Macquarie states.

The stock is Underperform rated with a 75c target price.

Target price is $0.75 Current Price is $0.84 Difference: minus $0.085 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.99, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Bell Potter rates CHN as Speculative Buy (1) -

Chalice Mining continues to develop its Gonneville palladium-nickel-copper project in Western Australia, which has emerged as the largest and lowest-cost undeveloped reserve for these three metals in the western world.

The feasibility study, which has a budget of $25m, is due for completion in the second half of 2027. Bell Potter highlights the exposure to globally significant critical minerals, with designation by both state and federal governments as a major project.

The company is sufficiently funded to reach FID in the first half of 2028. Speculative Buy. Target is $4.00.

Target price is $4.00 Current Price is $1.15 Difference: $2.85
If CHN meets the Bell Potter target it will return approximately 248% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 112.4% (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 DOW as Outperform (1) -

Macquarie outlines FY26 net profit after tax for Downer EDI is forecast at $306m which sits at the midpoint of management's guidance. The analyst also expects the contractor to offer FY27 guidance for revenue, earnings growth and margins.

Post the company's robust delivery on cost outs and margin improvements, the analyst believes generating growth is the next lever.

Revenues for forecast to grow 2.7% in FY27, 3.8% in FY28 and 5% in FY29 with margins forecast to rise 70bp in FY26 y/y which should assist for ongoing margin expansion.

The broker stresses contract wins are required to boost confidence around management's 4%-5% long term revenue growth targets.

Outperform retained with a higher target price of $8.90 from $8.80.

Target price is $8.90 Current Price is $7.83 Difference: $1.07
If DOW meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.58, suggesting upside of 8.5% (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

Bell Potter rates EIQ as Downgrade to Speculative Hold from Speculative Buy (3) -

Bell Potter observes EchoIQ continues to execute on multiple fronts with new product development and securing long-term funding on favourable terms.

The broker amends earnings estimates to include the anticipated finance charge related to the PME debt facility and dilution to shares on issue from the eventual maturing of the convertible note.

The valuation is now raised to $1.75 from $1.65 following the capital raising. The share price is expected to continue being highly volatile in the short term amid modest revenue growth, high cash burn and periodic new business wins.

Recommendation is downgraded to Speculative Hold from Speculative Buy.

Target price is $1.75 Current Price is $1.75 Difference: $0
If EIQ meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting downside of -2.0% (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

Bell Potter rates GDG as Buy (1) -

Bell Potter updates its modelling for Generation Development to reflect strong, positive marking to markets. The company now stands to benefit from $1.8bn in confirmed mandates ahead of the next trading update on July 23.

The broker upgrades funds under management forecasts by 1% across 2026-28. All financial markets finished the June quarter higher and Australia was under indexed, Bell Potter adds, while global benchmarks have fully recovered and established new record highs. Buy rating and $6.20 target unchanged.

Target price is $6.20 Current Price is $3.72 Difference: $2.48
If GDG meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 53.4% (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 GQG as Neutral (3) -

Macquarie marks-to-market the wealth and asset managers post robust equity market performances across the June quarter, albeit Australia lagged global peers with the US up 14.9% and Europe, up 10%.

GQG Partners relative fund performance declined again with all funds underperforming on a five year basis. The analyst trims FUM forecasts due to the performance and increasing outflows according to the broker's flow tracker.

Neutral rated. Target price falls to $1.40 from $1.65.

Target price is $1.40 Current Price is $1.47 Difference: minus $0.065 (current price is over target).
If GQG 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 $1.82, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates GQG as Buy (1) -

UBS marks-to-market wealth managers for the month of June.

The preferred fund managers are Navigator Global Investments ((NGI)) and GQG Partners.

No change to Buy rating and $2 target price.

Target price is $2.00 Current Price is $1.47 Difference: $0.535
If GQG meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $1.82, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates HUB as Buy (1) -

Bell Potter updates its modelling on Hub24 to reflect strong, positive markets. The company offers high leverage and was more affected than its peers by market movements in the March quarter.

Funds under management forecasts are raised by 1% across 2026-28. All financial markets finished the June quarter higher and Australia was under indexed, Bell Potter adds, while global benchmarks have fully recovered and established new record highs.

The broker notes the share price has fallen -32% from the November peak, despite earnings upgrades and with further positive adjustment still to flow through. Buy rating maintained. Target is unchanged at $110.

Target price is $110.00 Current Price is $76.14 Difference: $33.86
If HUB meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $101.82, suggesting upside of 25.6% (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

Macquarie rates HUB as Upgrade to Outperform from Neutral (1) -

Macquarie marks-to-market the wealth and asset managers post robust equity market performances across the June quarter, albeit Australia lagged global peers with the US up 14.9% and Europe, up 10%.

Forecast FY26 FUA for Hub24 is lifted by 3.9% which results in higher EPS forecasts, up 8.5% for FY26 and 5.9% for FY27.

The platform is trading at PEG of 2.2x equating to around a -20% discount to its 5-year average. 

The analyst upgrades the stock to Outperform from a higher target price of $96.25 from $94.50, previously. Netwealth Group ((NWL)) is preferred over Hub24.

Target price is $96.25 Current Price is $76.14 Difference: $20.11
If HUB meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $101.82, suggesting upside of 25.6% (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 HUB as Neutral (3) -

UBS marks-to-market wealth managers for the month of June.

Hub24 is Neutral rated with an $86 target, down from $91, previously. AMP ((AMP)) is the preferred platform operator.

Target price is $86.00 Current Price is $76.14 Difference: $9.86
If HUB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $101.82, suggesting upside of 25.6% (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

Morgans rates IMR as Speculative Buy (1) -

Imricor Medical Systems has received US FDA clearance for its NorthStar mapping system and Diagnostic Catheter for use in paediatric patients, opening up a new commercial sales opportunity.

Morgans lauds the innovative technology that has its initial application in cardiac ablation procedures, while the clinical trials nbsp;underway have potential to significantly increase the addressable market.

The clearances from the FDA are strategically important as they expand the opportunity beyond adult electrophysiology procedures and into paediatric cardiac interventions. Speculative Buy rating maintained. Target rises to $2.94 from $2.61.

Target price is $2.94 Current Price is $2.03 Difference: $0.91
If IMR meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates KAR as Neutral (3) -

Ahead of the June quarter updates, Macquarie previews small-to-mid cap energy producers.

Production from SPS-92 has been completely restored, and is producing 8.6kbpd the broker notes with total Bauna production to around 20.5kbpd.

Karoon Energy has lifted FY26 guidance to US$178m-US$202m with the analyst forecast at US$197m. A third share buyback is expected to start in July.

Neutral rated with a target of $1.48.

Target price is $1.48 Current Price is $1.39 Difference: $0.09
If KAR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates KLS as Buy (1) -

Kelsian Group secured a seven-year Auckland ferry contract valued at around $83m from FY28 and will acquire Belaire Ferries for $7.3m.

UBS views the announcement as modestly positive, noting the company had previously flagged its interest in the contract.

The contract is estimated to contribute around 1% of group EBITDA, excluding the Tourism divestment, and includes the replacement of five vessels funded through a special purpose vehicle.

Buy rated. Target $5.50.

Target price is $5.50 Current Price is $4.35 Difference: $1.15
If KLS meets the UBS target it will return approximately 26% (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

UBS rates L1G as Neutral (3) -

UBS marks-to-market wealth managers for the month of June.

L1 Group is Neutral rated with a $1.25 target price.

Target price is $1.25 Current Price is $1.19 Difference: $0.06
If L1G meets the UBS 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: 0.0

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

UBS rates MAF as Buy (1) -

UBS marks-to-market wealth managers for the month of June.

MA Financial is Buy rated with a lower target price of $9.90 from $10.40, previously.

Target price is $9.90 Current Price is $5.99 Difference: $3.91
If MAF meets the UBS target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $10.01, suggesting upside of 58.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates MAP as Speculative Buy (1) -

Microba Life Sciences has raised $5m in capital via an institutional placement which includes a further strategic investment from Sonic Healthcare ((SHL)). Morgans notes this follows an unsuccessful private equity approach for the company's testing and supplements business.

Sales continue to grow with the broker assessing the stock represents an opportunity for longer-term upside by leveraging the increasing emphasis on gut health. As healthcare professionals gain a deeper understanding of the microbiome's role Morgans anticipates a surge in demand.

Drivers will include the introduction of Microbiome Explorer and MetaPanel alongside the potential monetisation of the therapeutic candidate. Speculative Buy rating maintained. Target is reduced to $0.12 from $0.15.

Target price is $0.12 Current Price is $0.04 Difference: $0.08
If MAP meets the Morgans target it will return approximately 200% (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 MFG as Underperform (5) -

Macquarie marks-to-market the wealth and asset managers post robust equity market performances across the June quarter, albeit Australia lagged global peers with the US up 14.9% and Europe, up 10%.

The analyst notes net outflows for Magellan Financial deteriorated in May and the broker's analysis infers net outflows of around -42% annualised in May, versus around -26% over the previous three months, due to the transfer of some of Global equities FUM to Vinva.

FY27 EPS forecasts are lowered by -4%. Target price slips to $7.40 from $7.65. No change to Underperform rating.

Target price is $7.40 Current Price is $10.84 Difference: minus $3.44 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.63, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates MFG as Neutral (3) -

UBS marks-to-market wealth managers for the month of June.

Magellan Financial is Neutral rated with a higher target of $10.71 from $10.10.

Target price is $10.71 Current Price is $10.84 Difference: minus $0.13 (current price is over target).
If MFG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.63, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates MMA as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage on Maronan Metals with a Speculative Buy rating and $0.66 target. The company's Maronan mineral development lease in Queensland was approved in September 2025 and evaluated as a 10-year underground mine based on 22% of the total resource.

The company is yet to deliver a feasibility study although the preliminary economic assessment was robust. With 40-45% exposure to silver and 20-25% to lead, commodity prices are the key to the level of profitability, the broker adds.

The area hosts established mines including support services at Mount Isa and Cloncurry. Morgans envisages little administrative risk in terms of the mining title or logistics amid access to a skilled workforce.

Target price is $0.66 Current Price is $0.44 Difference: $0.225
If MMA meets the Morgans target it will return approximately 52% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates NGI as Buy (1) -

UBS marks-to-market wealth managers for the June period.

The preferred fund managers are Navigator Global Investments and GQG ((GQG)).

Navigator is Buy rated with no change in target price of $3.80.

Target price is $3.80 Current Price is $2.47 Difference: $1.33
If NGI meets the UBS target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 43.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates NST as Buy (1) -

Citi observes Northern Star Resources 4Q26 production update was a beat with gold sold of 433koz, which came in around 11% above consensus.

Kalgoorlie beat by 8%, Yandal 14% and Pogo 17%, with the 18% q/q rise in sales from Yandal likely to offer some relief to investors post the prior Jundee issues, the analyst states.

Group FY26 gold sales of 1,543koz was in excess of the revised guidance over 1,500koz. Unaudited cash and bullion was $1,255m, a rise of $72m on the prior quarter, versus consensus expectations of a net outflow of around -$203m.

Share buybacks were $129m over the period and the KCGM Mill expansion stage 1 is still expected to be commissioned early in FY27, Citi highlights.

Buy rated. Target $29.70

Target price is $29.70 Current Price is $19.83 Difference: $9.87
If NST meets the Citi target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $27.03, suggesting upside of 22.6% (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 NST as Outperform (1) -

On further inspection from Macquarie's quick take on the 4Q26 update, detailed below, the analyst lifts FY26 EPS forecasts by around 9%, while retaining an Outperform rating and $25 target price.

***

Macquarie's quick response indicates Northern Star Resources' preliminary sales for 4QFY26 have beaten consensus by some 12%.

Separately, Suresh Vadnagra will assume the role of CEO/MD from 5-Oct-26. Michael Ashforth will assume the role of Chairman.

Full results will be released on 29 July 2026.

The broker posits that, while management notes KCGM remains on track for commissioning, the ramp-up schedule remains a key risk.

More positively, commentary suggests the appointment of a new CEO from 5 October 2026 is a positive, and could now accelerate a portfolio review.

Outperform. Target $25.00.

Target price is $25.00 Current Price is $19.83 Difference: $5.17
If NST meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $27.03, suggesting upside of 22.6% (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 NWL as Buy (1) -

Bell Potter notes global equity markets have recovered and posted outsized returns for the June quarter, while Netwealth Group offers the "highest and cleanest leverage" across its platform coverage.

Funds under management forecasts are raised by 1% across 2026-28. All financial markets finished the June quarter higher and Australia was under indexed, the broker adds, while global benchmarks have fully recovered and established new record highs.

Bell Potter resets its margin expectations to 49%, resulting in a reduction of -2% to FY26 EPS, and retains a Buy rating and $30 target.

Target price is $30.00 Current Price is $21.76 Difference: $8.24
If NWL meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $28.19, suggesting upside of 24.6% (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 NWL as Outperform (1) -

Macquarie marks-to-market the wealth and asset managers post robust equity market performances across the June quarter, albeit Australia lagged global peers with the US up 14.9% and Europe, up 10%.

Netwealth Group is trading around a -30% discount to the 5-year valuation, the analyst notes and sees upside risk from the HIN/broker opportunity. The First Guardian risks are also now in the rear view mirror, albeit somewhat reflected in the share price.

No change in Outperform rating. Target rises to $30.50 from $27.90 and is preferred over Hub24.

Target price is $30.50 Current Price is $21.76 Difference: $8.74
If NWL meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $28.19, suggesting upside of 24.6% (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 NWL as Neutral (3) -

UBS marks-to-market wealth managers for the month of June.

Netwealth Group is Neutral rated with a lower target of $24.45 from $27. AMP ((AMP)) is the preferred exposure for platform operators.

Target price is $24.45 Current Price is $21.76 Difference: $2.69
If NWL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $28.19, suggesting upside of 24.6% (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 OCL as Overweight (1) -

Morgan Stanley considers the loss of the Department of Defence contract an isolated event and unrelated to product or competitive issues. There appears to be little risk to other public-sector contracts for Objective Corp.

While it drives near-term earnings downgrades, the broker asserts the de-rating is "overdone". Annual recurring revenue guidance of $120m is expected to be met and the company should start FY27 with a similar base to FY26.

As the stock was down -34% on July 1 and down -59% over the year to date, Morgan Stanley emphasises this is not a performance, competitive or AI-obsolescence issue.

The current opportunity to buy the stock appears compelling and the broker reiterates an Overweight rating. Target is reduced to $16.00 from $21.30.

Target price is $16.00 Current Price is $7.80 Difference: $8.2
If OCL meets the Morgan Stanley target it will return approximately 105% (excluding dividends, fees and charges).

Current consensus price target is $13.87, suggesting upside of 105.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates PME as Buy (1) -

Citi articulates the rise in Pro Medicus over the last month of around 28% while pointing out the view that the company's customers are "better off with than without" the product.

AI concerns around SaaS are highlighted for continuing to have a meaningful influence on the shares, albeit investors, for now, are prepared to give Pro Medicus the benefit of the doubt with management stressing how hard the tech is to replicate with its ecosystem.

The broker tweaks earnings for the roll-on of already won business in 2H26 which does impact FY26 earnings, although mid-term EPS changes are in the low-single digits.

Target price slips to $240 from $245 with a Buy rating retained. Upside potential to the target is more limited given the strong share price rally.

Target price is $240.00 Current Price is $205.93 Difference: $34.07
If PME meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $221.17, suggesting upside of 5.5% (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 PNI as Neutral (3) -

UBS marks-to-market wealth managers for the month of June.

Pinnacle Investment Management is Neutral rated with a higher target price of $18 from $16.75.

Target price is $18.00 Current Price is $17.85 Difference: $0.15
If PNI meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $22.48, suggesting upside of 23.6% (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

Morgans rates PPE as Speculative Buy (1) -

Morgans updates underlying earnings estimates for PeopleIn, excluding acquisition amortisation. The company has divested around 35% of its business in FY26, leaving management to focus on four key verticals.

The broker observes, despite operating conditions being a challenge, earnings appear to be stabilising. To this end there is scope for improvement on the back of a recovery inrecruitment/labour hire markets albeit this is yet to materialise.

Speculative Buy rating and $0.95 target maintained.

Target price is $0.95 Current Price is $0.68 Difference: $0.27
If PPE meets the Morgans 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 PPS as Buy (1) -

Bell Potter notes global equity markets have recovered and posted outsized returns for the June quarter, while noting Praemium offers the "leanest leverage" across its platform coverage and tends to be more influenced by flows. As a result funds under management forecasts are unchanged across 2026-28.

The broker continues to envisage a floor in the valuations for financial services companies, evidenced by Bank of Montreal acquiring a capital market business and amid ongoing private equity interest in wealth management. Buy rating and $1.20 target unchanged.

Target price is $1.20 Current Price is $0.69 Difference: $0.515
If PPS meets the Bell Potter target it will return approximately 75% (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 PPT as Outperform (1) -

Perpetual has rejected a non-binding indicative proposal from EQT AB of $21.64 per share which aligns with Macquarie's valuation of the investment manager, albeit there is scope for EPS growth upside from cost outs and new management.

EQT previously bid for Perpetual with Regal Partners ((RPL)) in 2024 and has returned with this bid, with the EQT structure offering a potential way to manage the tax liability of $500m which the analyst highlights as the reason the KKR offer failed in 2024.

Target price remains unchanged at $21.60 with an Outperform rating.

Target price is $21.60 Current Price is $18.73 Difference: $2.87
If PPT meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting upside of 7.6% (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 QAL as Outperform (1) -

Macquarie marks-to-market the wealth and asset managers post robust equity market performances across the June quarter, albeit Australia lagged global peers with the US up 14.9% and Europe, up 10%.

No changes to Qualitas earnings forecasts. The stock remains Outperform rated with a $3.95 target.

Target price is $3.95 Current Price is $2.89 Difference: $1.06
If QAL meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 26.5% (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 QRI as Buy (1) -

In updating its modelling Citi revises earnings estimates for Qualitas Real Estate Income Fund to incorporate the latest monthly distributions and updated interest-rate expectations.

The broker calculates, at a distribution yield on net asset values that is underpinned by a 9.66% gross income yield, the stock continues to offer risk-adjusted income for investors.

A 1-year spread to the RBA benchmark of 332 basis points provides measured income appeal relative to cash alternatives, Citi adds. Buy rating and $1.60 target.

Target price is $1.60 Current Price is $1.58 Difference: $0.025
If QRI meets the Citi target it will return approximately 2% (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 RMD as Buy (1) -

ResMed currently trades on around 16x forward PE compared with an historical trading range of 25-30x and Morgans wonders just how much bad news is priced into the stock.

The prospect of Philips re-entering the US PAP market in 2027 and a broader de-rating of the healthcare sector has driven recent share price weakness.

The prevailing market narrative also assumes widespread adoption of GLP-1, which the broker notes would materially reduce future OSA diagnosis and PAP therapy volumes.

Morgans concludes the fundamentals of the business remain sound, amid consistent execution, strong cash generation and structural growth from expanding diagnosis and resupply.

Importantly the company retains a strategic equity stake in Apnimed, signalling management considers oral therapies complementary to the sleep health ecosystem rather than just disruptive. Buy rating and $41.72 target maintained.

Target price is $41.72 Current Price is $29.32 Difference: $12.4
If RMD meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $40.76, suggesting upside of 33.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Bell Potter rates RPL as Buy (1) -

Bell Potter notes global equity markets have recovered and posted outsized returns for the June quarter, updating its modelling to reflect this and noting Regal Partners offers leveraged exposure with fund-specific drivers.

May portfolio returns are incorporated and funds under management forecasts are upgraded by 2% for 2026-28. While markets delivered "flatter returns" in May-June, regional exposure to North America and Europe, along with currency impacts, should be incremental positives for the business.

Buy rating. Target is raised to $4.80 from $4.70.

Target price is $4.80 Current Price is $2.94 Difference: $1.86
If RPL meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 49.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates S32 as Overweight (1) -

Further to the announcement regarding the sale of the South32 alumina/aluminium portfolio to Alcoa, Morgan Stanley calculates it is value-accretive and strengthens the capital return potential.

The deal is seen leading the company well-positioned with Hermosa and Sierra Gorda to drive the next phase of growth. The upside is even better when current low alumina prices are used in the assessment.

Morgan Stanley remains constructive on the stock, given the simplification of the portfolio as well as the improving balance sheet flexibility. The proposed in-specie distribution of Alcoa shares also provides a near-term capital return.

Overweight. Target is $4.85. Industry view: Attractive.

Target price is $4.85 Current Price is $4.16 Difference: $0.69
If S32 meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates S32 as No Rating (-1) -

UBS has moved to no rating on South32 with a research restriction.

South32 announced the sale of its aluminium businesses to Alcoa for up to US$5.6bn which aligns with the start of the new CEO, Matt Daley, the broker points out.

Strategically, the sale represents a move away from the more cyclical, capital-intensive downstream aluminium exposures, the broker explains with a refocus on upstream base metals.

The move coincides with the approval of Sierra Gorda's fourth grinding line, a circa US$725m brownfield expansion for higher copper equivalent production and growth.

Current Price is $4.16. Target price not assessed.

Current consensus price target is $4.99, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Ord Minnett rates SGH as Resume coverage with Buy (1) -

Ord Minnett has resumed coverage of SGH Ltd with a Buy rating and $55 target, given its view of the prospects over the medium term. The balance sheet also has plenty of room for significant acquisitions even after the recent $500m share buyback.

The broker forecasts a compound annual growth rate in EPS of 9% over FY26-FY30. WesTrac accounts for around 54% of group revenue and Ord Minnett forecasts revenue growth of more than 4% in FY27.

The other large segment, Boral, was able to impose a surcharge to cover increased production and freight costs from the spike in diesel prices while the equipment hire arm, Coates, which accounts for 10% of revenue has also experienced robust residential and non-residential construction activity.

Target price is $55.00 Current Price is $43.31 Difference: $11.69
If SGH meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $51.80, suggesting upside of 16.1% (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 SUN as Neutral (3) -

At first glance, Citi notes the growth forecasts from Suncorp Group's update have gross written premium downgraded to "around 2.7%" from "approximately 3%" amid particular weakness in NZ commercial rates and some evidence of softer demand in Australia.

The FY27 main reinsurance renewal appears largely in line with expectations, although total FY27 reinsurance costs are above FY26 levels because of the purchase of additional cover.

The broker concludes this is a "slightly mixed" update as there is disappointing news for the top line albeit increased buyback potential. Investment earnings, reinsurance costs and the weather all appear in line with prior expectations.

Suncorp Group is Neutral rated with a $17.50 target price.

Target price is $17.50 Current Price is $19.35 Difference: minus $1.85 (current price is over target).
If SUN meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.43, suggesting upside of 4.3% (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 SYL as Buy (1) -

Ahead of the August results Morgans makes some incremental adjustments to its forecasts for Symal Group. This reflects the forecast settlement of Shamrock Civil and the prior over-estimation of earnings from previous acquisitions.

Buy rating maintained. Target rises to $3.40 from $3.35.

Target price is $3.40 Current Price is $2.83 Difference: $0.57
If SYL 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: 1.0

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

Citi rates TLX as Buy (1) -

Telix Pharmaceuticals announced a positive outcome from its Type B meeting with the US FDA for the Phase III ProstACT Global trial of TLX591 in prostate cancer.

The FDA agreed the company can include all three treatment combinations tested in Part 1 in the US Phase III study. Citi believes this removes a key uncertainty for investors, with agreement also reached on the trial protocol, statistical analysis and safety monitoring.

Buy rated. Target $32.

Target price is $32.00 Current Price is $17.18 Difference: $14.82
If TLX meets the Citi target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $26.10, suggesting upside of 54.6% (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 TLX as Buy (1) -

Telix Pharmaceuticals announced the US FDA has cleared the Phase III ProstACT Global trial of TLX591 to progress to Part 2.

UBS notes the FDA confirmed the safety data from Part 1 is sufficient to advance all three standard-of-care cohorts, including the docetaxel arm, addressing investor concerns around haematological toxicity.

The commencement of Part 2 remains subject to the FDA reviewing an Investigational New Drug amendment.

Buy rated with a $31 target price.

Target price is $31.00 Current Price is $17.18 Difference: $13.82
If TLX meets the UBS target it will return approximately 80% (excluding dividends, fees and charges).

Current consensus price target is $26.10, suggesting upside of 54.6% (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

Morgan Stanley rates TPG as Underweight (5) -

Morgan Stanley asserts TPG Telecom investors need to take note of any changes in the landscape in regard to competitor Optus.

SingTel has reaffirmed a long-term commitment to Australia and considers Optus an integral part of its group but has also disclosed it is exploring the possibility of introducing a long-term local partner to acquire a meaningful minority stake.

The broker will be watching developments closely because any transaction could provide valuable insight into how strategic and financial buyers price Australian Telecom assets.

It will be interesting to consider how TPG Telecom is strategically positioned in this regard, as Morgan Stanley expects SingTel to recycle any sale proceeds into faster growing assets such as Southeast Asia data centres and digital infrastructure.

Underweight rating. Target is $3.50. Industry view: In-line.

Target price is $3.50 Current Price is $3.64 Difference: minus $0.14 (current price is over target).
If TPG meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in December.

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 TTT as Initiation of coverage with Speculative Buy (1) -

Ord Minnett initiated coverage of Titomic with a Speculative Buy recommendation, citing the company's proprietary cold-spray additive manufacturing technology and growing opportunities in the US defence and aerospace markets.

The broker expects Titomic's redomicile to the US will reduce regulatory barriers, while relationships with Boeing, Northrop Grumman, Lockheed Martin, NAVSEA and the US Military Research Organisation should support future revenue growth.

While meaningful revenue acceleration is not expected until full-scale production by FY29, it is believed the company has significant upside potential if commercialisation exceeds expectations.

Target price set at 38c.

Target price is $0.38 Current Price is $0.22 Difference: $0.165
If TTT meets the Ord Minnett target it will return approximately 77% (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 VFY as Speculative Buy (1) -

Ord Minnett maintains a Speculative Buy recommendation on Vitrafy Life Sciences, highlighting FY27 as a transformational year driven by the expected FDA approval of Guardion, expansion of the Vitalant partnership and growth in Animal Health revenue.

The broker believes the withdrawal of legacy blood-processing technologies creates a significant opportunity in the US blood market, with Vitrafy well positioned through its technology, scientific validation and commercial partnerships.

Following the recent $30m capital raising, the broker increased its long-term revenue forecasts and valuation, citing an improved commercialisation pathway and a de-risked funding profile.

Target price is raised to $4.20 from $2.40.

Target price is $4.20 Current Price is $2.95 Difference: $1.25
If VFY meets the Ord Minnett target it will return approximately 42% (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