Australian Broker Call

Morgan Stanley rates A2M as Overweight (1) -

Noting Chinese birth rates were 5.63 per thousand in 2025 versus 6.77 in 2024 and 6.39 in 2023, Morgan Stanley highlights the data infers the number of babies in 2025 fell -17% y/y despite government incentives to boost birth rates.

The analyst highlights management upgraded FY26 guidance in November due to strong performance in key products and currency tailwinds.

Although the birth rate declines have the potential to impact a2 Milk's ability to increase market share, the broker believes the longer-term declines are already discounted and will impact more marginal operators.

Retain Overweight. Target $10. Industry View: In-Line.

Target price is $10.00 Current Price is $8.30 Difference: $1.7
If A2M meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $9.77, suggesting upside of 16.3% (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

UBS rates A2M as Neutral (3) -

UBS notes media reports suggesting China births fell to 7.9m in 2025 from 9.5m a year earlier, against market expectations of 8.5-9m.

The analyst points to marriage data which infers a recovery in 2026, and industry feedback on Stage 1&2 (0-12mth) infant formula sales implies a slight fall in new users as consumption for infant formula moves to lower tier cities.

No change to NZ$11.10 target price and Neutral rating.

Current Price is $8.30. Target price not assessed.

Current consensus price target is $9.77, suggesting upside of 16.3% (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

Macquarie rates ALL as Outperform (1) -

Macquarie notes Aristocrat Leisure derives around 65% of earnings from North America, where land-based gaming remains resilient and iCasino/iLottery are growing strongly.

The broker has a positive view on the company's Interactive business, supported by near-full US iCasino access and multiple 2026 catalysts (new launches, licences and contract transitions).

EPS forecasts for FY26-28 trimmed slightly on minor modelling changes and updated forex assumptions.

Target cut to $66 from $75 as the broker trimmed the stock’s valuation premium to 15% from 30% versus the ASX300 Industrials. Outperform maintained.

Target price is $66.00 Current Price is $56.86 Difference: $9.14
If ALL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $72.87, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ALL as Buy (1) -

Ahead of the February reporting season, Morgans has updated its models for gaming companies. 

The broker notes Aristocrat Leisure recently extended its on-market share buyback by $750m, but this was already factored into its earnings estimate. A $190m non-operating benefit is now added from the Lights & Wonder Dragon Train litigation settlement.

Target rises to $74 from $73 after the broker also lifted peer multiples. Buy retained.

Target price is $74.00 Current Price is $56.86 Difference: $17.14
If ALL meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $72.87, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ALX as Outperform (1) -

Commenting on pricing trends and traffic data for Atlas Arteria's toll roads, Macquarie reckons potential Greenway price increases and a Skyway capital release offer upside, helping offset uncertainty around APRR.

APRR traffic likely tracked flat in 2H2025, the broker notes, with political uncertainty and a possible extension of the large company levy posing around -3c valuation headwind, but unlikely to affect distributions.

Greenway tolling outcomes were weaker than expected, though the company believes higher long-term price rises could be achieved. The broker sees 30c valuation upside risk, with first cash flows from 2030.

The broker highlights Skyway traffic has softened recently, but potential FY26 refinancing could release capital and support cash reserves if French tax pressures persist.

FY25 EPS forecast cut by -1.1% and FY26 by -2.6%. Outperform rating and $5.55 target are unchanged.

Target price is $5.55 Current Price is $4.89 Difference: $0.66
If ALX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates APE as Overweight (1) -

Going into the Feb/March reporting season, Morgan Stanley highlights key small and mid-cap ideas with high conviction on earnings. The broker views Eagers Automotive as well-positioned, particularly following the recent fall in the stock price.

One of the major concerns is how the company can generate another strong year of growth in 2026 after a robust 2025. The broker believes Eagers Automotive can deliver another upside surprise in February and retain earnings momentum into 2026.

Growth is expected to be boosted by new model launches, greater choice, and the late 2025 launch of the high-end brand, Denza.

Overweight rating and $32 target price retained. Industry View: In-Line.

Target price is $32.00 Current Price is $27.32 Difference: $4.68
If APE meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $31.76, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates BBT as Buy (1) -

Ahead of the February reporting season, Morgans has updated its models for gaming companies. 

The broker notes BETR Entertainment delivered a strong 2Q26 turnover, up 24.5% y/y and customer growth, though gross win margins were hit by customer-friendly sporting results. This is viewed as a one-off, with margins expected to normalise from here..

While the Sky Racing deal is a short-term margin headwind, the broker expects it to be offset by higher turnover from more engaged, higher-value customers.

A 10% share buyback has been factored into the forecasts this period, leaving around $60m in cash by year-end, with a strategic stake in PointsBet Holdings ((PBH)).

Target price 42c. Buy rating.

Target price is $0.42 Current Price is $0.25 Difference: $0.17
If BBT meets the Morgans target it will return approximately 68% (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 BGA as Outperform (1) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

The broker expects Bega Cheese to reaffirm FY26 EBITDA guidance of $215-220m at the 1H26 result, with potential upside from strong volume growth in high-margin yoghurt and milk-based beverages. 

No change to EPS forecasts. Target trimmed to $6.50 from $6.80 on increase in risk-free rate to 4.4%, and Outperform maintained.

Target price is $6.50 Current Price is $5.92 Difference: $0.58
If BGA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.24, suggesting upside of 4.8% (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

Morgan Stanley rates BHP as Overweight (1) -

Morgan Stanley notes the copper-aluminium price ratio is high at around 4.1x, which is two standard deviations above its 10-year average. It is also at the highest point since the ratio topped out at 4.3x in February 2021 before declining to around 2.7x in March 2022.

The recent copper price strength leaves scope for the aluminium price to rise via substitution as buyers seek out alternatives, the analyst explains. The assumption is copper demand remains.

The commodities team forecasts aluminium at US$3,250/t by 2Q26. South32 ((S32)) is the most preferred stock with around 32% of FY26 aluminium earnings exposure at the spot price, Overweight rated.

Rio Tinto ((RIO)) is Equal-weight rated with circa 18% aluminium earnings exposure.

BHP Group remains Overweight rated, with the share price implying only around US$2.55/lb for copper. Target price $56.50. Industry View: Attractive.

Target price is $56.50 Current Price is $48.75 Difference: $7.75
If BHP meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $48.40, suggesting upside of 1.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

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

Morgan Stanley considers the potential break-up value of BlueScope Steel following the acquisition approach from the joint party bid from SGH ((SGH)) and US steelmaker, Steel Dynamics.

The analyst estimates the value at between $30-$40 per share, which is slightly above the current share price. The steel producer is expected to achieve FY26 earnings (EBITDA) of $1.9bn based on consensus estimates, with the broker seeing the possibility of $2.3-$3bn EBITDA by FY30.

The uplift could be generated from cost-out initiatives, growth plans, and steel and forex spreads normalising.

The Equal-weight rating is retained. Target $30. Industry View: In-Line.

Target price is $30.00 Current Price is $31.63 Difference: minus $1.63 (current price is over target).
If BSL 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 $28.41, suggesting downside of -6.9% (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 CBA as Underweight (5) -

Morgan Stanley notes CommBank's share price has declined by over -20% since June, but the broker remains Underweight rated, with retail and business banking outperformance expected to be more challenged over the next 1-3 years.

The analyst sees more concentrated competition in retail and business banking in 2026, with reduced scope to manage margins. There is no change to capital management or cost reduction strategy.

The broker lowers EPS forecasts by under -1% for FY26 and -3% for FY27, with a fall in the target price by -8.5% to $131 from $143.20.

Underweight. Industry View: In-Line.

Target price is $131.00 Current Price is $153.26 Difference: minus $22.26 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.30, suggesting downside of -21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Ord Minnett rates CCL as Buy (1) -

Ord Minnett continues to retain its Buy rating on Cuscal after a robust share price performance in 2025, with potential for the valuation to lift further on merger synergies with Indue, ASX300 inclusion. There's also the possibility of achieving an EPS CAGR of 20% over the next four years.

The analyst forecasts net profit after tax of $22m at the 1H26 results with a 5c DPS (fully franked). Transaction volume growth is expected at the lower end of mid to high single-digit guidance. Indue will contribute one month to the 1H26 results.

Further upside catalysts could come from the RBA payments review by March, corporate shareholder sell-downs, and RBA interest rate decisions.

Target rises to $4.94 from $4.80.

Target price is $4.94 Current Price is $4.39 Difference: $0.55
If CCL meets the Ord Minnett target it will return approximately 13% (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 CDA as Neutral (3) -

Codan's 1H26 net profit expectation of over $70m and revenue of around $394m, as provided in a trading update, was ahead of Macquarie's expectations and the consensus.

The outperformance is driven by strong Metal Detection growth, up 46% y/y, with accelerating momentum and upside risk into 2H26.

Communications revenue grew 19% y/y, in line with guidance but below forecasts, with defence spending and scheduled Kagwerks deliveries supporting growth despite short-term headwinds.

The broker lifted FY26 EPS forecast by 4% and FY27 by 13%. Target rises to $38.75 from $27.15 on earnings revisions and a cut in WACC to 8% from 8.5%.

Neutral remains.

Target price is $38.75 Current Price is $36.96 Difference: $1.79
If CDA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $37.48, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates CHI as Neutral (3) -

Dual-listed Channel Infrastructure NZ is scheduled to release 2025 financials on February 27. Macquarie reports EBITDA is expected towards the top end of the $89-94m range, both by itself and market consensus.

The company is expected to pay a dividend of NZ12.5cps (NZ12-12.5cps guided) and provide 2026 guidance "reflecting signs of positive momentum in 4Q op stats (esp jet fuel) and PPI escalation (3.25%)."

Macquarie analysts continue to like the company's prospects and are increasingly confident that at least some of the company's opportunities ahead will be delivered, but confirmation is required to support the next leg of share price re-rating.

Neutral. Target NZ$2.62.

Current Price is $0.00. Target price not assessed.

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

UBS rates CHN as Upgrade to Buy from Neutral (1) -

UBS upgrades Chalice Mining to Buy from Neutral with a higher target of $2.75 from $1.75.

The analyst points to the scaled back, simplified plan at Gonneville, which was announced late 2025 and was likely lower than market expectations. In contrast, the broker sees possible upside in Chalice's "bottom of cycle" plan, both in scale and through operational enhancements.

Current forecasts align with pre-feasibility study outcomes, but UBS believes there is potential for metallurgical improvements as well as a “bullish” outlook for commodity prices.

With years still to production, the stock's valuation remains geared to the assumed long-term palladium price of US$1,400/oz.

Target price is $2.75 Current Price is $2.28 Difference: $0.47
If CHN meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 15.3% (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 CKF as Neutral (3) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

No change to Collins Foods' forecasts.

Target trimmed to $11.20 from $11.70 on an increase in risk-free rate to 4.4%. Neutral maintained.

Target price is $11.20 Current Price is $11.01 Difference: $0.19
If CKF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.06, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in April.

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 COL as Outperform (1) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

The broker expects Coles Group to deliver 13% y/y EBIT growth in 1H26 with a 40bp margin uplift. Sustained outperformance versus Woolworths Group could drive an investor rotation back toward Coles despite ongoing price competition, in the broker's opinion.

EPS forecasts for FY26 and FY27 trimmed by -3%. Target trimmed to $24.50 from $26.10 on earnings downgrade and an increase in risk-free rate to 4.4%. Outperform maintained.

Target price is $24.50 Current Price is $21.23 Difference: $3.27
If COL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $24.67, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CRN as Speculative Hold (3) -

Bell Potter notes Met coal prices rose strongly in 4Q2025, with hard coking coal up 8% q/q and up 18% since then, driven by weather-related supply disruptions in Queensland.

Thermal coal prices remained subdued despite record Newcastle shipments, though potential Indonesian supply constraints could provide support in 2026, in the broker's view.

The broker lifted near-term coal price forecasts across both HCC and thermal coal, while leaving long-term price and FX assumptions unchanged. For 2026, the HCC price estimate is now US$220/t from US$190/t, and for thermal coal, the new forecast is US$110/t from US$100/t.

Production outlook for Coronado Global Resources lowered across the forecast period following recent performance, but combined with revised coal price estimate resulted in a lift to FY25-27 EPS forecasts.

Target rises to 47c from 33c. Speculative Hold retained.

Target price is $0.47 Current Price is $0.42 Difference: $0.05
If CRN meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting downside of -6.8% (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: -0.3

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

UBS rates CRN as Upgrade to Neutral from Sell (3) -

Coronado Global Resources is upgraded to Neutral from Sell by UBS with a higher target of 44c from 25c following the improvement in met coal prices due to supply challenges from Qld and more stable demand.

The analyst points to a rise in premium low-vol hard coking coal prices by 17% to around US$235/t since the start of December, the highest in a year, noting Coronado has good operating leverage to met coal prices.

Supply has been impacted by wet weather in Qld and an operational issue in Canada, alongside strong Indian buying.

Noting the tragic fatality at Mammoth underground from a roof fall, the broker assumes a six-week outage and additional remediation costs of around -US$50m.

Due to the producer's high debt and funding structure, there is “elevated” financial leverage to higher prices.

Target price is $0.44 Current Price is $0.42 Difference: $0.02
If CRN meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting downside of -6.8% (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: -0.3

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

Citi rates CSC as Buy (1) -

Citi postures the strike at Mantoverde could be the first of many strikes to emerge at copper projects as high copper prices incentivise workers to seek higher wages.

The analyst notes Chile has 34 planned negotiations across large mining operations, including BHP Group's ((BHP)) Escondida, Los Bronces and El Teniente.

Capstone Copper reported December quarter production of 58.3kt, which met the broker's forecast and consensus. The analyst estimates all-in sustaining costs for the quarter at US$3.32/lb, with no guidance announced and not anticipated until after the strikes are over.

A 5% lift in wages would add an estimated additional cost to Capstone of -US$1.5m, which is considered immaterial. Citi lowers the 2026 copper production forecast by -19% to 107kt at Mantoverde from the strike, which lowers the EPS estimate by -15%.

Target price rises to $18.50 from $16.30. Buy rating retained.

Target price is $18.50 Current Price is $15.54 Difference: $2.96
If CSC meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $16.68, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

Morgans upgrades Cleanaway Waste Management to Buy from Accumulate with an unchanged target of $3.11 due to the recent share price weakness.

The company reaffirmed FY26 earnings (EBIT) guidance of $470-$500m at its October AGM. The analyst now assumes 55% of underlying earnings (EBIT) moves to 2H26, with 1Q26 experiencing softer trading conditions, versus 49% previously.

This compares to 53% in FY25 and 52% in FY24, inferring 1H26/2H26 EBIT of around $220m/$267m against consensus at $226m/$259m.

Management has started a strategic program to lower indirect costs and improve cash generation, with more details expected at the February results.

Target price is $3.11 Current Price is $2.53 Difference: $0.58
If CWY meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

The broker notes Domino's Pizza Enterprises is trialling an EDLP pricing model in WA to reduce coupon-led promotions. But sees soft comps and ongoing cost inflation keeping network profitability under pressure and limiting franchisee expansion in the near term.

EPS forecast for FY26 increased by 7% and by 3% for FY27. Target lifted $19.40 from $15.30 on earnings revisions and an adjustment to beta. 

Rating downgraded to Underperform from Neutral as improvements in franchisee profitability are expected to be gradual and the associated costs are reflected in expectations.

Target price is $19.40 Current Price is $24.03 Difference: minus $4.63 (current price is over target).
If DMP meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.26, suggesting downside of -11.1% (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 EDV as Underperform (5) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

No change to forecasts for Endeavour Group. Underperform rating and $3.40 target are unchanged.

Target price is $3.40 Current Price is $3.95 Difference: minus $0.55 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.72, suggesting downside of -4.8% (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 EQR as Speculative Buy (1) -

EQ Resources produced 38,292 metric tonne units (mtu) of tungsten in the December quarter, above Morgans' forecast of around 32-33kmtu from Barruecopardo and the remainder from Mt Carbine.

The ammonium paratungstate (APT) price lifted to an average US$700/mtu over the period and is trading above US$1,000/mtu now. The broker has lifted its long-term price assumption to US$600/mtu from US$350/mtu.

Speculative Buy retained with a higher target price of 16c from 6c.

Target price is $0.16

Market Sentiment: 1.0

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

Citi rates FBU as Neutral (3) -

Fletcher Building has announced a binding agreement to sell its construction division to Vinci for NZ$316-NZ$334m, equating to around 3.5x EV/EBITDA FY26 consensus midpoint, Citi explains.

The transaction will exclude residual liabilities with legacy contracts, including the NZ International Convention Centre, which is flagged for a further NZ$55m-NZ$56m of probable claims in the future.

Net debt should fall to the target range, and the analyst points to a possible FY27 dividend, with timing anticipated in 2026.

Neutral. Target NZ$3.50.

Current Price is $3.28. Target price not assessed.

Current consensus price target is $3.13, suggesting downside of -6.3% (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: -0.3

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

Macquarie rates GQG as Downgrade to Neutral from Outperform (3) -

Macquarie notes GQG Partners has shifted from a long inflow streak to net outflows in the Sep and Dec 2025 quarters as fund performance lags benchmarks.

Net flows are highly correlated with five-year relative performance, with the broker's models pointing to improved but still negative outflows in FY26 before worsening again in FY27.

With fund performance likely to remain below benchmarks, the broker assumes more conservative outflows, cutting FY27 EPS forecast by -8%, though FY25-26 saw small increases on base management fee lifts.

Target cut to $1.65 from $2.20 on valuation changes. Rating downgraded to Neutral from Outperform.

Target price is $1.65 Current Price is $1.62 Difference: $0.03
If GQG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Macquarie rates GYG as Outperform (1) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

In the case of Guzman y Gomez, the broker cut FY26 EPS forecast by -23% and FY27 by -11% due mainly to a review of non-cash stock-based payment expenses.

Target trimmed to $30.00 from $31.10 on a lift in risk-free rate to 4.4%, and Outperform maintained.

Target price is $30.00 Current Price is $22.40 Difference: $7.6
If GYG meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $27.71, suggesting upside of 26.9% (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

Shaw and Partners rates HLO as Buy (1) -

Shaw and Partners reckons the travel momentum reflected in ABS's recent November data is supportive of Helloworld Travel. Departures rose 8.5% in FY26 year-to-date, and the destination mix was steady.

Helloworld is trading at a deep discount to peers with 56% TSR and a 5.5% fully franked FY26 yield, the broker highlights.

Buy, High Risk rating and $2.75 target are unchanged.

Target price is $2.75 Current Price is $1.83 Difference: $0.92
If HLO meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $2.39, suggesting upside of 28.0% (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

Citi rates HUB as Neutral (3) -

Earlier today Hub24's market update revealed a record quarter of net flows, with net flows up 8% qoq. Analysts at Citi, in  a quick response, comment the number points to strong momentum across the quarter, including December, despite market weakness.

Importantly, the broker argues, it highlights management's strategy is delivering results as the platform operator enhances its product offering across client segments.

Citi is not only anticipating a strong result in February, but also upgrades to consensus forecasts. Target $101.50. Neutral.

Target price is $101.50 Current Price is $98.20 Difference: $3.3
If HUB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $111.16, suggesting upside of 9.6% (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

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

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

In the case of Harvey Norman, the broker notes furniture sales remain strong, driven by higher-income cohorts, supporting operating leverage and 21% EBIT growth in the Australian franchise business in 1H26. 

EPS forecast for FY26 increased by 1% and by 2% for FY27. No change to the $7.60 target.

Rating upgraded to Outperform from Neutral on leverage to improving mid-to-high tier furniture spend.

Target price is $7.60 Current Price is $6.72 Difference: $0.88
If HVN meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.48, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Ord Minnett stresses just how challenging it is to forecast weather impacts given the floods, bushfires and cyclones over the last six months.

The analyst expects Insurance Australia Group to overrun its natural perils limit, which is attributed to the RACQ business it purchased at the start of the December quarter.

To meet its FY26 insurance margin guidance of 14-16%, the insurer is expected to work to mitigate some of the weather-related claims impact.

With the inclusion of RACQ into its group reinsurance coverage, the broker lowers EPS estimates by -2% for FY26 and -2.6% for FY27.

Restricted coverage.

Current Price is $7.53. Target price not assessed.

Current consensus price target is $8.86, suggesting upside of 17.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

Ahead of Inghams Group's 1H26 result, the broker flags downside risk to FY26 EBITDA guidance, given an unusually heavy 2H skew. There's also added pricing pressure from a competitor’s new facility coming online in April 2026.

EPS forecast for FY26 trimmed by -4% and by -3% for FY27. Target cut to $2.20 from $2.30.

Rating downgraded to Underperform from Neutral 

Target price is $2.20 Current Price is $2.66 Difference: minus $0.46 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.70, suggesting upside of 5.7% (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

Shaw and Partners rates IPG as Buy (1) -

Shaw and Partners assesses IPD Group's acquisition of Platinum Cables for $37.5m as strategically complementary, with no revenue crossover with the existing CMI Cables business.

The deal is largely debt-funded and expected to be 11.5% EPS accretive with modest post-deal leverage of 0.9x EBITDA. The broker notes the company is comfortable with leverage up to 1.5x.

The broker lifted FY26 EPS forecast by 5.4% and FY27 by 11.5%. Buy, High Risk maintained, with a higher target of $5.25 from $5.10.

Target price is $5.25 Current Price is $4.46 Difference: $0.79
If IPG meets the Shaw and Partners target it will return approximately 18% (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 JBH as Outperform (1) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

Ahead of JB Hi-Fi's 1H26 result, the broker notes electronics momentum is slowing to low single-digit growth on tough comps. However, medium-term support remains from replacement demand, tech upgrades, product launches, and strong execution.

EPS forecast for FY26 trimmed by -2% and by -3% for FY27. Target cut to $112 from $121 on earnings downgrade and rise in risk-free rate to 4.4%. Outperform remains.

Target price is $112.00 Current Price is $89.52 Difference: $22.48
If JBH meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $107.21, suggesting upside of 21.6% (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

Morgans rates JIN as Buy (1) -

Ahead of the February reporting season, Morgans updated its models for gaming companies. 

In the case of Jumbo Interactive, the broker highlights 1H26 jackpot activity was softer, particularly for over $50m draws. This prompted a moderation in the FY26 lottery revenue growth forecast to 4% and a cut to the underlying EBITDA estimate by -3%.

Digital penetration is expected to reach 42.3% by year-end, with volumes normalising in 2H26. The company's EBITDA margin and Managed Services growth guidance broadly align with the broker's forecasts.

DPS expectations fall materially after the company lowered its payout ratio to prioritise debt reduction following recent acquisitions.

Buy. Target trimmed to $15.60 from $16.60.

Target price is $15.60 Current Price is $11.24 Difference: $4.36
If JIN meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $13.78, suggesting upside of 28.3% (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

Macquarie rates LNW as Outperform (1) -

Macquarie reckons the investment case for Light & Wonder has strengthened following Australian price discovery and the settlement of Aristocrat Leisure ((ALL)) litigation. The broker expects leverage to steadily decline as earnings grow.

Operating momentum remains strong, supported by market share gains, new machine placements, and a robust backdrop in US casino gaming and North American iCasino growth.

The broker notes the share trades on a low 14.5x forward P/E despite strong EPS growth, supporting re-rating potential with each 1x P/E worth $12.50 per share.

Target lifted to $230 from $170 based on 18.5x forward P/E (-10% discount to ASX300 Industrials), reflecting a shift to a simpler P/E-based valuation. Outperform maintained.

Target price is $230.00 Current Price is $179.55 Difference: $50.45
If LNW meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $201.83, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Morgans rates LNW as Accumulate (2) -

Ahead of the February reporting season, Morgans updated its models for gaming companies. 

The broker made minor revisions to Light & Wonder's forecasts to reflect updated land-based assumptions and lower amortisation. FY25 adjusted EBITDA estimate of US$1.44bn is in line with guidance.

Target rises to $200 from $175, driven by the removal of litigation risk after the Dragon Train settlement. Accumulate rating.

The broker expects favourable North American market dynamics to support both Light & Wonder and Aristocrate Leisure over the next 12 months.

Target price is $200.00 Current Price is $179.55 Difference: $20.45
If LNW meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $201.83, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Shaw and Partners rates MAU as Buy (1) -

Shaw and Partners transferred coverage of Magnetic Resources to Peter Kormendy.

The company's latest update showed a significant increase in the Lady Julie Mineral Resource to over 2.24Moz gold, the broker highlights. This confirms it as a major, high-grade WA open-pit project nearing shovel-ready status, in the broker's opinion.

The company is one of the broker's preferred development exposures to gold. Buy rating and $3.98 target are unchanged.

Target price is $3.98 Current Price is $1.45 Difference: $2.53
If MAU meets the Shaw and Partners target it will return approximately 174% (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 MTS as Neutral (3) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

No change to forecasts for Metcash. Neutral rating and $3.50 target are unchanged.

Target price is $3.50 Current Price is $3.32 Difference: $0.18
If MTS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.72, suggesting upside of 11.4% (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 PNV as Outperform (1) -

Macquarie notes PolyNovo's 1H26 sales rose 26% y/y to $68.2m, driven by strong US and ROW growth, with the MTX product contributing 9% of sales.

Regulatory progress continues with a PMA (premarket approval) submission for full-thickness burns nearing completion and a CMS package submitted for Medicare coverage.

With multiple near-term catalysts and longer-term indication expansion, the broker retained an outperform rating. Target trimmed to $1.90 from $2.00 on cut to EPS forecasts for FY26-28.

1H26 result is due on Feb 20.

Target price is $1.90 Current Price is $1.20 Difference: $0.7
If PNV meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 74.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates QBE as Hold (3) -

Ord Minnett stresses just how challenging it is to forecast weather impacts given the floods, bushfires and cyclones over the last six months.

QBE Insurance will be affected by the recent weather, although not as much as its peers due to the allowances the insurer announced in November. The analyst makes no changes to EPS forecasts following the January 6 update.

No change to Hold rating and $22 target.

Target price is $22.00 Current Price is $19.85 Difference: $2.15
If QBE meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 14.0% (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 QUB as Equal-weight (3) -

Morgan Stanley continues to envisage a pathway to a "bull case" share price of $5.86 per share.

There is around $400m in debt within its gearing target of 30-40%, and up to $1bn within S&P's BBB/stable rating threshold, which would allow for bolt-on acquisitions and ongoing investment in logistics and infrastructure sectors.

Ports automation could continue to lift margins, alongside decommissioning opportunities in the energy oil and gas sectors, as well as energy transition tailwinds.

Macquarie Asset Management will have exclusive due diligence until February 1, 2026, and the company is expected to announce 1H26 results on Feb 20.

Equal-weight rated with a $5.20 target unchanged. Industry View: In-Line.

Target price is $5.20 Current Price is $4.80 Difference: $0.4
If QUB meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates SCG as Overweight (1) -

Scentre Group has continued to hint at the potential to build mixed-use residential across its mall portfolio, with Morgan Stanley investigating the possibilities and estimating the group could have rights to build around 75k apartments on top of or adjacent to its 37 Westfield malls.

This would add an estimated $50bn in end value, which could be achieved by selling adjacent or air rights, build-to-sell, or build-to-rent.

An additional 66c-$1 per share could potentially be added from the residential strategy on the assumption it takes until 2050-plus for the total build out.

Overweight rating. Industry View: In-Line. Target rises to $4.90 from $4.60.

Target price is $4.90 Current Price is $4.20 Difference: $0.7
If SCG meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates SIG as Upgrade to Neutral from Underperform (3) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

In the case of Sigma Healthcare, the broker notes health and beauty demand remains strong, supporting Chemist Warehouse sales. The broker expects the company to deliver 14% y/y comp sales growth in 1H26 and strong operating leverage.

EPS forecast for FY26 increased by 1% and by 3% for FY27. Target rises to $3.00 from $2.90, and rating upgraded to Neutral from Underperform.

Target price is $3.00 Current Price is $2.87 Difference: $0.13
If SIG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.19, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates SUN as Hold (3) -

Ord Minnett stresses just how challenging it is to forecast weather impacts given the floods, bushfires and cyclones over the last six months.

Suncorp Group, the Qld insurer, is fully liable for weather events under a $150m threshold, the analyst explains, outlining the segments where the highest rise in claims is anticipated to be generated.

The November hailstorm in SE Qld increased claims above the allowance by around $450m. While the adverse weather events in the December quarter have most likely been discounted, any further major weather events could impact the group's earnings.

The challenging conditions may also make it more difficult for Suncorp to buy increased aggregate protection for FY27 without affecting insurance margins.

No change to Hold rating and $20 target.

Target price is $20.00 Current Price is $16.76 Difference: $3.24
If SUN meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $20.54, suggesting upside of 20.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates TAH as Accumulate (2) -

Ahead of the February reporting season, Morgans updated its models for gaming companies. 

The broker updated Tabcorp Holdings' forecasts for a softer FY26 start, assuming a -70bp gross yield impact, though this is expected to be offset through cost discipline. Expectation is for margin normalisation in 2H26.

FY26 EPS forecast cut by -8% and FY27 by -5%. Target rises to $1.07 from $1.02 on higher terminal growth and updated comps, and Accumulate maintained.

The broker remains constructive on the company, with potential regulatory and tax reform offering upside to margins and earnings.

Target price is $1.07 Current Price is $0.97 Difference: $0.1
If TAH meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates TLC as Hold (3) -

Ahead of the February reporting season, Morgans updated its models for gaming companies. 

In the case of Lottery Corp, the broker notes recent lottery tracker data points to a softer FY26 start. The broker now forecasts -3% y/y fall in lotteries revenue in 1H26, though FY26 is still expected to grow 4% on improving digital penetration and solid base game trends.

Keno forecasts rise modestly on strong Queensland momentum, while group 1H26 revenue falls -1% and FY26 underlying EBITDA is cut -6% to $778m.

Hold maintained. Target cut to $5.40 from $5.90.

Target price is $5.40 Current Price is $5.10 Difference: $0.3
If TLC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates TLX as Buy (1) -

Telix Pharmaceuticals announced the Phase 3 BiPASS study is dosing US patients, Citi states, and notes BiPASS is assessing the standard of care MRI as well as Illuccix/Gozellix for the diagnosis of prostate cancer.

The analyst stresses the importance as it potentially lifts the number of scans Telix can capture per patient and expands the addressable market for the products.

Recent comments from management suggest BiPASS is increasingly being employed in Australia, with upside for the US dependent on FDA approval. The analyst has not incorporated the potential for BiPASS success in earnings forecasts.

Buy, High Risk maintained. Target unchanged at $34.

Target price is $34.00 Current Price is $11.28 Difference: $22.72
If TLX meets the Citi target it will return approximately 201% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 138.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 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) -

UBS flags Telix Pharmaceuticals is expected to announce its 4Q trading update on Jan 20, with investors likely to be concentrating on its Precision Medicines PSMA franchise, Illuccix/Gozellix, as well as the therapeutics pipeline.

Channel checks and interaction with management suggest the PSMA franchise is set to advance by 8% q/q to US$167m versus US$155m in 3Q, with 2025 revenue expected to reach US$800-US$820m.

The broker forecasts 4Q2025 total revenue of US$219m, up 7% q/q and 50% y/y, and above consensus at US$216m. For 2026, the analyst forecasts group revenue of US$1,006m, up 23% y/y and above consensus at US$943m.

The stock remains Buy rated with a $31 target price.

Target price is $31.00 Current Price is $11.28 Difference: $19.72
If TLX meets the UBS target it will return approximately 175% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 138.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates TWE as Neutral (3) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

Commenting on Treasury Wine Estates, the broker notes ongoing uncertainty around Chinese consumer demand raises the risk of a prolonged inventory unwind vs initial guidance.

EPS forecast for FY26 increased by 3% and by 4% for FY27 on a lift in long-term comp sales growth estimates. Target rises to $5.20 from $5.00, and Neutral maintained.

Target price is $5.20 Current Price is $5.53 Difference: minus $0.33 (current price is over target).
If TWE meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.10, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

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

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

In the case of Wesfarmers, the broker tempered the margin outlook for Kmart, but this is expected to be offset by stronger growth from Bunnings and Health in the later years. EPS forecast for FY26 trimmed by -2% but FY27 raised by 1%.

Target rises to $91 from $86. Rating upgraded to Outperform from Neutral.

Target price is $91.00 Current Price is $82.64 Difference: $8.36
If WES meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $87.47, suggesting upside of 4.7% (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

Bell Potter rates WHC as Hold (3) -

Bell Potter notes Met coal prices rose strongly in 4Q2025, with hard coking coal up 8% q/q and up 18% since then, driven by weather-related supply disruptions in Queensland.

Thermal coal prices remained subdued despite record Newcastle shipments, though potential Indonesian supply constraints could provide support in 2026, in the broker's view.

The broker lifted near-term coal price forecasts across both HCC and thermal coal, while leaving long-term price and FX assumptions unchanged. For 2026, HCC price estimate is now US$220/t from US$190/t, and for thermal coal the new forecast is US$110/t from US$100/t.

EPS forecasts for Whitehaven Coal lifted sharply for FY26-28 as upgraded coal price forecasts more than offset a slightly downgraded production outlook.

Hold maintained. Target rises to $8.40 from $7.00.

Target price is $8.40 Current Price is $8.80 Difference: minus $0.4 (current price is over target).
If WHC meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.41, suggesting downside of -5.5% (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 WHC as Sell (5) -

Despite the sizeable improvement in met coal prices, UBS retains a Sell rating on Whitehaven Coal while raising the target price to $8.45 from $7.15.

The benchmark premium low-vol hard coking coal price has advanced 17% since the start of December to around $235/t, with other coking coal qualities having risen less. The rise was due to wet weather and operational problems in Qld and Canada, alongside robust Indian buying.

With over 50% of the producer's ROM production from Qld, there are ongoing risks from wet weather.

The analyst points to the high valuation of Whitehaven relative to international peers while lifting EPS forecasts by 57% for FY26 and FY27.

Target price is $8.45 Current Price is $8.80 Difference: minus $0.35 (current price is over target).
If WHC meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.41, suggesting downside of -5.5% (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 WOW as Neutral (3) -

Macquarie notes consumer conditions remained pressured in late 2025 and continue into 2026 as inflation and potential RBA rate hikes weigh on discretionary spend and keep consumers cautious.

However, easing inflation, strong income growth, stable employment and healthier balance sheets are expected to support a more constructive consumer backdrop as 2026 progresses.

Ahead of Woolworths Group's 1H26 results, the broker sees downside risk to margins and thus to guidance on heightened competition and price reinvestment into Christmas.

EPS forecast for FY26 trimmed by -1% but FY27 lifted by 3%. Target trimmed to $28.50 from $29.60 on an increase in risk-free rate to 4.4%. Neutral maintained.

Target price is $28.50 Current Price is $30.46 Difference: minus $1.96 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.96, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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