Australian Broker Call

Shaw and Partners rates A1M as Buy (1) -

AIC Mines released drill results targeted at improving resources at Jericho, explains Shaw and Partners, and the miner remains the broker's preferred copper producer.

The analyst notes step-out drilling at Billabong produced a high-grade intercept, with the tenor of mineralisation inferring the resource is relatively underexplored and has potential to grow with further drilling.

Results from Matilda establish continuous copper mineralisation, with successful holes likely to increase the overall size of the mineral resource, the broker states, and lift the indicated resource category.

Buy, High Risk. Target unchanged at 70c. No change to Shaw and Partners' EPS estimates.

Target price is $0.70 Current Price is $0.31 Difference: $0.39
If A1M meets the Shaw and Partners target it will return approximately 126% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 82.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates A2M as Equal-weight (3) -

Morgan Stanley notes the Chinese government has announced childbirth subsidies of 3,600 yuan per year for children under age three, including partial back payments for those born before 2025.

While the policy is supportive for sentiment and reinforces efforts to stem birthrate declines, the broker does not expect this measure alone to significantly reverse demographic trends.

For a2 Milk Co, the broker sees only limited immediate benefit from the subsidy, with any tailwinds expected to be long-dated.

The company will report FY25 results on August 18, with revenue and earnings (EBITDA) guidance already released.

Morgan Stanley expects commentary on A2 Genesis, which likely had meaningful sales during the 618 shopping festival, and maintains an Equal-weight rating. Positive industry dynamics are balanced with long-term structural challenges.

Target $6.60. Equal-weight. Industry view: In-Line.

Target price is $6.60 Current Price is $8.09 Difference: minus $1.49 (current price is over target).
If A2M meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.59, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Citi rates ABB as Buy (1) -

Citi expects Aussie Broadband to deliver solid results next month, with momentum likely to accelerate from September as speed upgrades take effect.

The broker is also encouraged by the increase in app downloads in June, despite the June quarter being marked by price rises and heightened promotional activity.

The analysts expect the company to report revenue of $1,174m in FY25, representing a 17% uplift on the prior year, but slightly below the consensus estimate of $1,187m.

Target $4.80. Buy.

Target price is $4.80 Current Price is $4.39 Difference: $0.41
If ABB meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates AMC as Outperform (1) -

Ahead of Amcor's FY25 earnings report, Macquarie makes minor tweaks to its EPS estimates, with a favourable USD:EUR rate offset by higher interest costs and share count.

The analyst forecasts a 9% compound average growth rate over the next four years due to strategy implementation and cost-outs.

Target price is lowered to $18.14 from $18.35. No change to Outperform rating.

Target price is $18.14 Current Price is $14.74 Difference: $3.4
If AMC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.53, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates ARX as Speculative Buy (1) -

Morgans notes Aroa Biosurgery's 1Q26 cashflow report was the third straight positive one with net inflow of NZ$1.7m, in line with guidance.

The company reiterated FY26 guidance for 10-20% revenue growth, and the broker's estimate is marginally above the range on revenue and also on EBITDA.

The broker highlights proposed reimbursement changes to pricing in the physician's office which would be positive for the Symphony product if it comes to pass on January 1, 2026.

Speculative Buy. Target unchanged at 77c.

Target price is $0.77 Current Price is $0.62 Difference: $0.15
If ARX meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates AV1 as Buy (1) -

Adveritas' June quarter report revealed a 62% increase in annual recurring revenue (ARR) to $10.5m but fell short of Bell Potter's forecast. However, based on the ARR growth in July, the broker reckons the shortfall was largely due to contract timing.

Minor downward revisions to FY26-27 ARR and revenue forecasts. The broker remains of the view the company will be net cash flow breakeven in FY26.

Buy. Target rises to 20c from 18c on valuation roll-forward and increase in EV/revenue multiple to 8.5x from 7.5x.

Target price is $0.20 Current Price is $0.14 Difference: $0.06
If AV1 meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals announced its June quarter activities report with a cash balance of $36.5m, and subsequent to quarter end, an institutional placement raising $40m was conducted.

Over the quarter, Antipa reported assay results from the first batch of 66 holes completed as part of the 2025 Phase 1 drill program at the Minyari gold-copper project.

The broker believes the exploration success at GEO-01 has increased confidence in additional mineral expansion, resulting in an increase to the forecast mineral resource estimate to 4.9Moz from 4.4Moz.

The Buy, High Risk rating is retained. No change in target price at 86c.

Target price is $0.86 Current Price is $0.54 Difference: $0.32
If AZY meets the Shaw and Partners target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates B4P as Buy (1) -

Shaw and Partners highlights a robust June quarter update from Beforepay Group, with FY25 free cash rising to $6m from $1.6m in FY24.

The company initiated a $7.5m revolving sub-limit within its $55m credit facility, which improves Beforepay's funding efficiency by using excess cash, the broker explains. At the June year-end, the undrawn debt facility stood at $31m compared to $37m a year earlier.

Credit losses subsided to 0.56% in the quarter, which was better than the analyst's expectations.

Shaw and Partners raises its net profit after tax forecasts by 19.2% for FY25 and 19.7% for FY26.

Shaw retains a Buy, High Risk rating. Target price raised to $3 from $2.15.

Target price is $3.00 Current Price is $2.15 Difference: $0.85
If B4P meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates BIO as Buy (1) -

Biome Australia's June quarter cash receipts missed Bell Potter's forecast which, combined with additional employee costs and industry conference, resulted in a cash outflow.

The broker previously noted sales were at a record in June and 4Q25, and the June run-rate points to annualised sales of $24m, comparing well with its $26.7m forecast for FY26.

While EBITDA and net profit forecasts for FY25 were reduced, the broker reckons achieving positive EBITDA/NPAT for the first time is a milestone.

Buy. Target rises to 95c from 84c on valuation roll-forward.

Target price is $0.95 Current Price is $0.56 Difference: $0.39
If BIO meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates BMN as Buy (1) -

Bannerman Energy announced its June quarter activities report, highlighting that early construction at the Etango uranium project is in line with the miner's schedule and budget, explains Shaw and Partners.

An $85m equity raising was conducted over the period, which will be used to fund construction plans for first production of U3O8 to commence in late 2027. A final investment decision is flagged for the end of 2025.

The recent rally in uranium stock prices offered a good opportunity for Bannerman to raise funds for development plans without significant equity dilution, the analyst believes.

Shaw and Partners likes the scale and scalability of the Etango project.

The broker remains bullish on the U3O8 price and assumes a multiyear price spike to US$150/lb as utilities scramble to cover fuel needs from 2027–2030 amid limited new supply, before retreating to the long-term price forecast of US$80/lb (real) in 2032.

Shaw retains a Buy rating and a $4.70 target price.

Target price is $4.70 Current Price is $2.69 Difference: $2.01
If BMN meets the Shaw and Partners target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates BOE as Buy (1) -

Boss Energy has cut its FY26 guidance, with expected production of 1.6mlbs falling short of Bell Potter and consensus expectations.

The cost profile has risen sharply, with cash costs forecast at $41–45/lb and costs (AISC) at $64–70/lb, well above the broker’s estimates of $33/lb and $50/lb respectively.

Production assumptions have been revised lower due to a steep decline in leach tenor and a delay to commissioning of IX column 6, explain the analysts, while resource continuity issues are addressed.

Management was unable to quantify the potential impact on FY27 production, raising concerns over Honeymoon’s ability to reach nameplate capacity.

The board has commenced an internal review, and the broker questions the economic viability of the project if more wells are required.

Fourth quarter FY25 output rose 18% quarter-on-quarter to 349klb, meeting full year guidance of 850klb. Sales were limited to 100klb at an average price of US$71/lb, well below the analysts' expectations. 

The broker says the share price reaction looks overdone but acknowledges low confidence in forward guidance. The target price falls to $2.90 from $4.65. Buy rating maintained.

Target price is $2.90 Current Price is $1.80 Difference: $1.1
If BOE meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 37.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates BPT as Sell (5) -

Citi cautions Beach Energy’s final dividend remains under pressure amid continued execution risks and uncertainty at Waitsia.

The broker highlights that while a seventh LNG cargo was likely delivered during the June quarter, the lack of confirmation of first gas from Waitsia increases the risk of further capex overruns. Low remaining contingency heightens this risk, according to Citi.

Delays at Waitsia and the offshore Otway campaign, along with seasonal weakness, suggest to the broker a final dividend of 3c is more realistic than consensus expectations of 4c. This equates to a 25% payout for FY25, below the company’s 40-50% target.

The broker expects June quarter revenue to beat consensus by 8% on stronger Otway production and higher realised pricing.

Citi's FY25 abd FY26 earnings forecasts are lowered by -7% and -17%, respectively, due to lower Cooper output and delayed Waitsia gas. A Sell rating and $1.15 target price are maintained.

Target price is $1.15 Current Price is $1.34 Difference: minus $0.19 (current price is over target).
If BPT meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.36, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates BRL as Buy (1) -

Ord Minnett assesses Bathurst Resources ended FY25 on a strong note with equity sales of 407kt, up 31% vs its forecast. Consolidated cash of NZ$178m was 10% higher vs the broker's estimate.

The broker expects FY26 EBITDA of NZ$42m, at the upper end of the company's NZ$35-45m guidance.

Buy. Target price 94c.

Target price is $0.94 Current Price is $0.82 Difference: $0.12
If BRL meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates BSL as Outperform (1) -

Macquarie notes the US steel environment has tightened due to the tariffs, but the steel price has been "good" due to demand.

BlueScope Steel is positioned in the lead-up to FY25 results to benefit from Australian alterations and additions (A&A) painted volumes.

The broker states its earnings before interest and tax estimates sit 16% above consensus expectations for 1H26.

Outperform rated. Target raised to $29.05 from $28.70. Macquarie lowers EPS forecasts by -1% for FY25 and -8% for FY26 on higher US scrap prices and lower Asian hot rolled coil prices over the medium term.

Target price is $29.05 Current Price is $24.36 Difference: $4.69
If BSL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $27.11, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates BXB as Outperform (1) -

Ahead of Brambles’ FY25 earnings report, Macquarie lifts its EPS forecasts by 4% for FY25 and 10% for FY26 on expected better volumes across all regions and a stronger EUR, which is underpinning upgrades to EMEA.

Target price is raised to $24.60 from $21.85. No change to Outperform rating.

Target price is $24.60 Current Price is $23.33 Difference: $1.27
If BXB meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $22.40, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

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: 0.5

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

Macquarie rates FCL as Outperform (1) -

Macquarie explains Fineos Corp's June quarter cash receipts declined -3% after rising 40% in 1Q2025, with payments up 9% to EUR17.5m and 1H2025 free cash flow up EUR11.4m compared to the previous year.

The company won two new North American clients for Fineos IDAM and Claims, and a top ten US insurance group contracted the company to undertake a major migration and consolidation of on-premise systems to Fineos Absence. All projects are flagged to go live in 2026, Macquarie states.

Cash slipped -EUR0.5m over the quarter, including a currency decline of -EUR1.5m, with operating cash flow at EUR8.3m.

Outperform rating maintained. Target lifts to $3.29 from $2.45. No change to the broker's EPS estimates.

Target price is $3.29 Current Price is $2.65 Difference: $0.64
If FCL meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in EUR. 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 GGP as Buy (1) -

Citi observes Greatland Resources’ shares sold off more than -20% following a softer FY26 outlook, larger-than-expected capex and a weak FY25 result.

FY26 production guidance of 260-310koz gold and 9-13kt copper compares to Citi’s prior expectations.

However, costs (AISC) of $2,400-2,800/oz were higher-than-expected due to stockpile head grade downgrades, weather disruptions and mine development deferrals.

Growth capex at Telfer is now guided at $230-260m (which includes includes stripping, new fleet and tailings spend, notes the broker), while pre-FID costs at Havieron total $60-70m.

Citi raises its FY26 and FY27 capex forecasts and lowers the FY26 earnings (EBITDA) forecast by -12%. The FY27 outlook holding is expected to hold given tighter drill spacing and no change to FY27 mine reserve estimates.

Citi lowers its target price to $7.00 from $8.00 and retains a Buy rating.

Target price is $7.00 Current Price is $5.24 Difference: $1.76
If GGP meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates GQG as Overweight (1) -

GQG Partners remains Morgan Stanley’s preferred pick among Asset Managers under coverage, driven by strong June quarter inflows despite relative underperformance across strategies due to defensive positioning.

The broker expects GQG's flow growth to slow from circa 9% in FY25 to around 5% in FY26, yet still sees double-digit earnings per share growth supported by robust distribution and a solid performance track record.

Target price eases to $3.04 from $3.07. Overweight rated. Industry view: In-Line.

Target price is $3.04 Current Price is $2.07 Difference: $0.97
If GQG meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 37.8% (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: 0.8

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

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

Morgans lowered its rating on GQG Partners to Hold from Buy to reflect the risk of negative net flows given recent investment underperformance.

Target price is cut to $2.10 from $2.65 mainly due to the broker applying temporary discount to align with the downgraded rating.

At the same time, the broker has flagged the potential for index buying demand if the likely index inclusion (ASX200/300) under proposed S&P changes after September 19 close materialises.

At the upcoming 1H25 results, the broker expects underlying net profit of US$218.1m, up 8.4% y/y but down -5.2% sequentially. Focus will be on commentary around flows.

Target price is $2.10 Current Price is $2.07 Difference: $0.03
If GQG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 37.8% (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: 0.8

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

Morgan Stanley rates HVN as Underweight (5) -

Leading into August reporting, Morgan Stanley remains Underweight Discretionary Retail. Sales are supported by a resilient consumer, yet it's thought elevated valuations leave little margin for error in the FY26 outlook.

The broker's Underweight rating for Harvey Norman reflects valuation concerns, alongside persistent volatility linked to the Australian franchise model compared to pure-play retail peers.

Target $4.80. Industry View: In-line.

Target price is $4.80 Current Price is $5.65 Difference: minus $0.85 (current price is over target).
If HVN 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 $5.38, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates IKE as Buy (1) -

ikeGPS Group's 1Q26 update showed a disappointing start to FY26 with subscription revenue slightly down q/q due to a decline in seat licenses. Transaction volumes were softer at 47k y/y vs FY25 quarterly average of 72k, Bell Potter notes.

Gross margin, however, improved and the company reaffirmed forecast for over 35% subscription revenue growth in FY26. The broker expects the recent capital raise to aid sales and marketing spend, and target near-term pipeline opportunities.

No changes to forecasts. Buy. Target unchanged at $1.14.

Target price is $1.14 Current Price is $0.94 Difference: $0.2
If IKE meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Shaw and Partners rates IKE as Buy (1) -

Shaw and Partners observes ikeGPS Group's 1Q26 trading update revealed slightly softer subscriber growth of 28% on the previous year, but the business achieved or exceeded internal expectations, the broker emphasises, with FY26 guidance reiterated.

Subscriber revenue grew 29% on the prior period to $16.6m, which was lower than the previous quarter at $17.6m, largely due to forex movements. Total revenue advanced by 12% on the previous year, with transactional revenue falling -16% and hardware up 3%. Gross margin rose to 76% from 70% in 4Q25.

Buy, High Risk rating. Target retained at $1.30. No change to Shaw and Partners' EPS forecasts.

Target price is $1.30 Current Price is $0.94 Difference: $0.36
If IKE meets the Shaw and Partners target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates LTR as Speculative Buy (1) -

Liontown Resources' June quarter revenue of $96m missed Bell Potter's forecast of $104m as higher sales volumes were offset by weaker realised prices. 

Overall, the broker highlights the 2H outcomes revealed operational respose to weak lithium market as production and sales fell short of guidance but cost and capex were lower too.

For FY26, the company guided to 365-450t production, resulting in a -7% cut to the broker's forecast. Cost and capex forecasts were close to the broker's estimates.

The broker cut FY26 sales forecast by -10%, leading a -22% lowering of EBITDA estimate. FY27 EBITDA forecast was lifted by 2%.

Speculative Buy. Target rises to $1.05 from $0.90.

Target price is $1.05 Current Price is $0.83 Difference: $0.22
If LTR meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting downside of -26.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates LTR as Underperform (5) -

Liontown Resources reported stronger-than-consensus spodumene sales for 4Q25, up 6% at 97.3kt, with operating costs higher than consensus by 6% and up 32% on the previous quarter at $898/t due to ore sorting and a drawdown of stockpiles, Macquarie explains.

FY26 guidance was released, with spodumene concentrate production expected at 365–450kt. The midpoint is approximately -7% lower than consensus, with all-in sustaining cost guidance at the midpoint higher by 11% compared to consensus estimates. Total capex guidance of $100m–$125m is also above expectations.

Macquarie lowers its earnings (EBITDA) forecasts by -3%, -104%, and -37% for FY25, FY26, and FY27, respectively, with FY26 guidance now included.

No change to Underperform rating and 55c target price.

Target price is $0.55 Current Price is $0.83 Difference: minus $0.28 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.60, suggesting downside of -26.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Morgans rates LTR as Sell (5) -

Morgans notes Liontown Resources' 4Q25 spodumene production missed its forecast on lower head grades and recoveries, but sales beat expectations. Costs missed the forecasts on lower volumes. 

The company sees FY26 as a transitional year with production and cost cuts to be 2H weighted as the underground mine ramps up, but beyond FY26, units costs are expected to decline 20-25%.

The broker updated forecasts to reflect FY26 guidance, resulting in a cut to its production forecast and increases to cost and capex estimates.

Sell. Target rises to 56c from 50c.

Target price is $0.56 Current Price is $0.83 Difference: minus $0.27 (current price is over target).
If LTR meets the Morgans target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.60, suggesting downside of -26.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Morgan Stanley rates MFG as Underweight (5) -

GQG Partners remains Morgan Stanley’s preferred pick among Asset Managers under coverage, driven by strong June quarter inflows despite relative underperformance across strategies due to defensive positioning.

For Magellan Financial, fund performance lags persist, note the analysts, with flagship strategies underperforming over one, three, and five-year periods.

While outflows slowed in the June quarter, Morgan Stanley forecasts they will continue at greater than 10% of funds under management (FUM) in FY26.

The broker also expects base fee compression to continue in 2H25, exceeding market expectations. 

The target rises to $7.40 from $6.30.Underweight. Industry view: In-Line.

Target price is $7.40 Current Price is $10.88 Difference: minus $3.48 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.50, suggesting downside of -19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates MIN as Neutral, High Risk (3) -

Today, Mineral Resources reported a June quarter result, underlining its high sensitivity to iron ore prices, says Citi, in the broker's first perusal of metrics. 

Management has secured zero-cost hedges at $99–100/t for up to one-third of production through the rest of the calendar year.

Citi highlights new chair priorities including improved governance and balance sheet management, with a target of reducing net debt to earnings (EBITDA) below 2 times by FY27. It's noted this would require iron ore and spodumene to sustain pricing of $100/t and $1,000/t, respectively.

Greater clarity was provided on asset financing, factored into Citi’s model but seen as a surprise to the market, and management also flagged numerous FY25 exceptionals.

FY26 capex is guided at  around $1bn, consistent with the broker's expectations, and Onslow volumes at 30–33mt.

Citi sees no execution risk with the May 2027 bonds, though pricing remains a consideration. The broker remains Neutral/High Risk rated. Target $20.00.

Target price is $20.00 Current Price is $30.10 Difference: minus $10.1 (current price is over target).
If MIN meets the Citi target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.64, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates MLX as Buy (1) -

Ord Minnett notes Metals X tin-in-concentrate production in the June quarter was the third-highest on record, driven by strong mill throughput and grade which offset weaker mining rates due to absenteeism.

EBITDA of $67m beat the broker's forecast of $58m and was also third-highest since 2021.

The broker highlights updated ore reserves and mine life plan is due in the September quarter. The biggest disappointment during the quarter was the very weak response to its partial takeover of Greentech in Hong Kong.

Buy. Target unchanged at 80c.

Target price is $0.80 Current Price is $0.63 Difference: $0.17
If MLX meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates PDN as Buy (1) -

Ord Minnett notes Paladin Energy's June quarter production was a strong beat vs the consensus but was offset by nearly -20% lower U3O8 price vs expectations. 

This resulted in a miss to revenue forecast and the broker updated its estimates to reflect the result. The FY25 production guidance, in the broker's view, is conservative and its own estimates for both production and sales are above the guidance.

The broker now expects FY26 to be another negative year for free cash flow but remains of the view the stock offers strong exposure for nuclear energy and decarbonisation theme for patient investors.

Buy. Target cut to $7.60 from $9.50.

Target price is $7.60 Current Price is $6.51 Difference: $1.09
If PDN meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 36.3% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates PLS as Neutral (3) -

On first take, Citi notes Pilbara Minerals reported another "solid" quarter operationally while ramping up P1000.

The analyst notes realised pricing was US$599/t, with the miner suggesting the "lithium winter" is showing signs of lifting, though conditions remain volatile with a sentiment-induced rally based on expected supply cuts.

The June quarter opex fell by around -10% on the previous quarter to FOB US$619/t. The miner also made a $40m equity contribution to the POSCO JV, with another contribution expected in the FY25 accounts.

Neutral rating maintained with a $1.30 target price.

Target price is $1.30 Current Price is $1.68 Difference: minus $0.38 (current price is over target).
If PLS meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.56, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates PNV as Outperform (1) -

PolyNovo announced commercial sales for FY25 were up around 29% to $118.6m, with the US market representing around 75% of total sales.

Macquarie notes US sales growth of circa 29%, and Rest of the World up 30% against last year, with sales growth in Canada, Turkey, India, and France coming in more strongly than the US, albeit off a lower base. The UK generated 52% annual growth to $7.5m.

The company launched MTX in the US in FY24 with sales of $0.5m, which rose to $6.7m for FY25, or circa 6% of total sales.

Cash on hand came in at $33.5m at the June year-end, with 2H25 cash from operations of $15.7m, up from $12.5m in 1H25.

Macquarie lowers its EPS estimates by -45% for FY25 and -30% for FY26 due to changes in sales forecasts. Target price falls to $2.45 from $2.80 due to forecast EPS declines of -14% between FY27–FY30, the analyst states.

No change to Outperform rating.

Target price is $2.45 Current Price is $1.23 Difference: $1.22
If PNV meets the Macquarie target it will return approximately 99% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 55.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

GQG Partners remains Morgan Stanley’s preferred pick among Asset Managers under coverage, driven by strong June quarter inflows despite relative underperformance across strategies due to defensive positioning.

Perpetual faces a challenging near-term outlook, in the broker's view. The potential sale of Wealth could help reduce debt, but asset management outflows remain problematic, explain the analysts.

While new management is resetting strategies and developing products, Morgan Stanley sees this as a multi-year recovery story.

The Corporate Trust division offers stability, though goodwill impairment risks have been flagged.

The broker's forecasts for FY26–27 earnings are upgraded by around 8% after incorporating updated funds under management (FUM) and currency changes.

Target rises to $20.40 from $19.00. Equal-weight. Industry View: In-Line.

Target price is $20.40 Current Price is $20.94 Difference: minus $0.54 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.43, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates PXA as Hold (3) -

Morgans notes Pexa Group and Natwest have formally committed to a strategic digital partnership aimed at modernising the UK property transaction and remortgaging process.

The broker sees this a significant milestone for the company, providing a strong footing into the UK market.

No changes to FY25-26 EPS forecasts, but FY27 lifted 4% on higher UK business earnings.

Hold. Target lifted to $16.30 from $13.93 on a rise in medium-term UK business growth assumptions.

Target price is $16.30 Current Price is $15.92 Difference: $0.38
If PXA meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $15.74, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates QUB as Neutral (3) -

Qube Holdings is expected to report FY25 earnings on August 21, with UBS forecasting operating earnings (EBITDA) growth of 2% on the previous year and EPSA growth estimated at 6.3%, which is around -1% below consensus, with guidance set at 5% growth.

Group FY26 guidance from the company is expected to be "directional" only.

In terms of industry container port volumes, UBS highlights a decline of -2% in 2H25 across all data except Sydney in the June quarter. Positively, east coast grain export volumes have gained notably in the latter part of 2H25, which should support margins in Logistics.

UBS points to possible downside risks to consensus Patrick forecasts, which still infer 2H TEU volume growth.

Neutral rating retained for Qube Holdings. Target lifts to $4.50 from $4.40.

Target price is $4.50 Current Price is $4.37 Difference: $0.13
If QUB meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

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 REH as Neutral (3) -

Ahead of Reece's FY25 earnings report, Macquarie raises the target price to $14.90 from $14.50 due to a roll-through of the valuation to FY27.

The risk/reward is viewed by the analyst as balanced, despite the material decline in the share price. The expected recovery in Reece's market is likely to be slow, and ongoing competitive pressures could further reduce growth outcomes in the US.

Tariffs add another layer of uncertainty to US plumbing market conditions.

No change in Neutral rating.

Target price is $14.90 Current Price is $13.36 Difference: $1.54
If REH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.76, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Ord Minnett rates RMS as Buy (1) -

Ord Minnett assesses FY25 as a strong year for Ramelius Resources, with $810m of free cash flow generated. Production was pre-reported but the cost was -7% lower than the broker's forecast on lower capex and lower royalties.

Focus is now on the combination of the company and Spartan Resources ((SPR)) expected on July 31, with a new five-year outlook expected in the December quarter.

The broker recently incorporated Spartan's Dalgaranga gold mine into the base case forecasts but now tempered initial contributions from the mine. This resulted in a cut to FY26-27 estimates.

Buy. Target price $3.15.

Target price is $3.15 Current Price is $2.64 Difference: $0.51
If RMS meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates RMS as Buy (1) -

Ramelius Resources announced its June quarter activities report with production of 73,454oz and underlying free cash of $207.8m, Shaw and Partners notes.

All-in sustaining costs were $1,339/oz, with an achieved gold price of $4,442/oz. FY25 production of 301,664oz was better than upgraded guidance and the broker's estimate, with costs lower than upgraded guidance and better than expectations.

Shaw and Partners' gold price forecast is US$3,250/oz for 2H2025, up from US$3,000/oz previously.

Buy rating reiterated, High Risk. Ramelius remains one of the preferred gold exposures due to its leading low all-in sustaining costs and robust growth profile. Target price rises to $3.19 from $3.14.

Target price is $3.19 Current Price is $2.64 Difference: $0.55
If RMS meets the Shaw and Partners target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates RSG as Outperform (1) -

Resolute Mining reported 2Q2025 production and all-in sustaining costs which met Macquarie's expectations, although production of 76koz was 20% above consensus, with a robust quarter from Mako offsetting weakness at Syama due to explosive supply issues in Mali.

Net cash and bullion of US$111m rose US$10m on the quarter but came in -US$7m below the analyst's forecast after paying US$25m relating to Doropo alongside US$46m in income taxes to Mali and Senegal.

Management has retained 2025 guidance of 275–300koz and all-in sustaining costs of US$1,650–US$1,750, with year-to-date production at 53% of the guidance mid-point. All-in sustaining costs are in line with guidance.

Macquarie lowers its EPS forecasts by an average of -33% over 2025–2027 due to changes in cost assumptions.

No change to Outperform rating and 75c target price.

Target price is $0.75 Current Price is $0.63 Difference: $0.12
If RSG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates SFR as Neutral (3) -

Macquarie notes Sandfire Resources reported 4Q25 production of 41.5kt copper equivalent, which came in around 4% above consensus, with cash costs better than expected.

Net debt of US$123m was well below the consensus forecast of US$189m, attributed to an additional concentrate shipment as well as proceeds from the Old Highway sale.

The broker was critical of management’s flagging that the expected underlying effective tax rate in FY25 will come in between 35%–38%, which is above expectations, due to Botswana’s sliding scale tax regime of 22%–55%.

Macquarie believes the miner can restart a dividend policy in the next six to twelve months as the balance sheet is deleveraged and the cash position improves. The analyst lowers the FY25 EPS forecast by -8% due to higher tax.

Neutral. Target unchanged at $12.

Target price is $12.00 Current Price is $11.16 Difference: $0.84
If SFR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.28, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.1

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

Morgan Stanley rates SFR as Underweight (5) -

Fourth quarter FY25 copper production of 29.2kt for Sandfire Resources was broadly in line with Morgan Stanley's forecast, with group costs outperforming due to stronger grades, particularly at Matsa.

FY26 production guidance for copper of 102–114kt came in around -4% below consensus and -10% below the broker’s forecasts. Total copper equivalent  guidance of 149–165kt was similarly soft against expectations.

Management expects costs to rise in FY26, with Motheo underlying costs worsening by -10% year-on-year and ahead of both Morgan Stanley and consensus estimates. Higher Matsa costs are also anticipated, largely due to euro currency effects.

FY26 capital expenditure is forecast in line with FY25’s $208m, matching consensus estimates. This includes resumed spend at Motheo and ongoing tailings storage facility construction at Matsa, explain the analysts.

Morgan Stanley notes progress across the growth pipeline, including drilling success at Black Butte ahead of a pre-feasibility study due in Q2 FY26 and continued near-mine exploration at Matsa and Motheo.

Target $8.35. Underweight. Industry View: Attractive.

Target price is $6.75 Current Price is $11.16 Difference: minus $4.41 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.28, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.1

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

Morgans rates SFR as Hold (3) -

Morgans highlights Sandfire Resources delivered a strong lift in 4Q25 production, ahead of its forecast and consensus, ensuring FY25 guidance miss was a tiny -1%.

Group underlying FY25 EBITDA of US$528m was in line with expectations. Copper equivalent production guidance for FY26 was 149-165kt, resulting in a small downgrade to the broker's forecast.

The broker lifted FY25 net profit forecast by 2% but cut FY26 by -6% following a -7% reduction in EBITDA forecast on higher cost.

Hold. Target trimmed to $11.40 from $11.60. 

Target price is $11.40 Current Price is $11.16 Difference: $0.24
If SFR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.28, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.1

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

Ord Minnett rates SFR as Accumulate (2) -

Sandfire Resources' 4Q25 copper production met Ord Minnett's forecast and cost was down -7% on lower operating costs at Matsa.

FY26 production guidance of 149-165kt copper equivalent was in line with the broker's 158kt forecast, as higher zinc production is seen as an offset to slightly softer copper production.

The company will publish FY26 cost guidance with the FY25 financial results but the broker expects higher unit cost at Motheo on waste-stripping expenses and at Matsa on elevated euro exchange rate.

Accumulate. Target rises to $11.95 from $11.75.

Target price is $11.95 Current Price is $11.16 Difference: $0.79
If SFR meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.28, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.1

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

UBS rates SFR as Buy (1) -

UBS notes Sandfire Resources managed to fulfill the uphill task of strong production in 4Q25 to compensate for a weaker 3Q, with FY25 production eventually falling short of guidance by a tiny -1%.

Stronger grades and higher processing volumes aided the recovery at both the Motheo and Matsa mines. Costs were lower than expected on cost control and lower treatment and refining expenses.

The company guided to 149-165kt production in FY26 and the broker's forecast is for 115kt. Incorporating the guidance into the forecast, including for lower-than-expected cost, resulted in a 7% rise to FY26 EPS forecast and a 3% lift to FY27.

Buy. Target rises to $13.35 from $13.15.

Target price is $13.35 Current Price is $11.16 Difference: $2.19
If SFR meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.28, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

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: 0.1

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

Macquarie rates SGH as Outperform (1) -

Ahead of SGH Ltd's FY25 earnings report, Macquarie notes EPS momentum has softened in recent weeks due to wet weather in June, which is expected to impact Boral's performance.

The broker continues to envisage sound growth into FY26, driven by Westrac product support and Boral, as the residential sector recovers with improved efficiencies.

Macquarie lowers its EPS estimates by -2.8% for FY25 and -2% for FY26.

Target price is lowered to $59.20 from $59.25. No change to Outperform rating.

Target price is $59.20 Current Price is $51.71 Difference: $7.49
If SGH meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $57.30, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates SGM as Outperform (1) -

Ahead of Sims' FY25 earnings Macquarie tweaks its EPS estimates by -4% for FY26 on slightly lower scrap price forecasts.

Target price raised to $17.40 from $15.70. No change to Outperform rating.

Target price is $17.40 Current Price is $16.20 Difference: $1.2
If SGM meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.56, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates SGP as Buy (1) -

Citi expects limited near-term earnings contribution from Stockland's joint venture with John Boyd Properties to develop the Kogarah Golf Club site.

The $3.5bn logistics precinct will offer up to 340,000sqm of space targeting aviation-linked logistics, medical and tech freight, and last mile distribution.

The broker believes the site’s location near Sydney Airport and South Sydney’s premium industrial market makes the project highly attractive over the medium term.

The analysts estimate Stockland’s 50% equity requirement could exceed -$1bn and sees likely capital partner involvement, referencing existing partnerships with KKR and M&G.

Buy rating. Target $6.00.

Target price is $6.00 Current Price is $5.43 Difference: $0.57
If SGP meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

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 SIG as Overweight (1) -

Morgan Stanley maintains an Overweight rating on Sigma Healthcare, citing its dominant position as Australia’s largest pharmacy distributor and franchisor.

The broker highlights structural growth drivers such as an ageing population and increased consumer focus on health, supporting sector-leading same-store sales.

Further upside stems from potential industry consolidation, market share gains, and a shift toward big-box pharmacy retail. Sigma is also expected to benefit from revenue and cost synergies following recent merger activity. 

At FY25 results the analysts will be looking for revenue synergy guidance (the broker $40m pa full run rate) and updates to quantum of cost synergies ($60m pa by FY27).

Target $3.30. Industry View: In-Line.

Target price is $3.30 Current Price is $2.88 Difference: $0.42
If SIG meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates SLC as Buy (1) -

Citi expects Superloop to deliver solid results next month, with momentum likely to accelerate from September as speed upgrades take effect.

The broker is also encouraged by the increase in app downloads in June, despite the June quarter being marked by price rises and heightened promotional activity.

The analysts expects the company to report revenue of $555mn in FY25, which represents 33% growth on the prior year, which is broadly with the consensus estimate of $550m.

Buy. Target $3.55

Target price is $3.55 Current Price is $3.20 Difference: $0.35
If SLC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates SUL as Underweight (5) -

Leading into August reporting, Morgan Stanley remains Underweight Discretionary Retail. Sales are supported by a resilient consumer, yet it's thought elevated valuations leave little margin for error in the FY26 outlook.

For Super Retail, the broker's Underweight rating is primarily due to valuation. The analysts are also cautious on gross profit margins amid intense competition in Supercheap Auto and ongoing margin pressure in Rebel from stock loss and product mix shifts.

Capital management, including a forecast 25c special dividend, provides some upside risk and valuation support, concedes Morgan Stanley.

At FY25 results the broker will be looking for commentary on the competitive and promotional environment to assess whether conditions have stabilised.

Target $11.90. Industry View: In-Line.

Target price is $11.90 Current Price is $15.08 Difference: minus $3.18 (current price is over target).
If SUL meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.69, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates TLC as Buy (1) -

UBS previews FY25 earnings for Lottery Corp, which is due to report on August 20, with the broker's tracker suggesting 2H25 lottery revenue fell -13% on a year earlier and will be down -10% for FY25.

The analyst anticipates no FY26 guidance, as usual, but expects the company may offer some clues around opex, depreciation & amortisation, capex, digital share, and any feedback on gaming changes.

UBS believes the company has a strong "growth formula" that is not fully appreciated or recognised by the market. Following a year of jackpot normalisation in FY26, the broker flags that Lottery Corp can achieve single-digit EPS growth, underpinned by GDP-linked lottery growth and a shift in the digital channel mix.

No change to Buy rating and $6.20 target price.

Target price is $6.20 Current Price is $5.36 Difference: $0.84
If TLC meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates TUA as Buy (1) -

Tuas shares have trended lower following a revision to app download data, notes Citi, but FY25 app downloads through June indicate a 6.4% increase year-on-year, reinforcing ongoing momentum in Mobile.

The broker remains constructive, citing industry feedback from Singapore suggesting an accelerating shift toward post-paid subscriptions, particularly in the value segment.

Overall, Citi believes Tuas’s growth in Mobile will likely be supported by both subscriber net-adds and rising average revenue per user (ARPU).

Buy. Target $7.10.

Target price is $7.10 Current Price is $5.06 Difference: $2.04
If TUA meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates TWE as Neutral (3) -

Treasury Wine Estates’ June quarter export data showed a year-on-year decline in red wine shipments to China, which Citi attributes to the annualisation of the tariff removal in March.

The broker remains cautious heading into FY26, citing weak Chinese demand and soft conditions in other Asian markets, which could hinder Treasury’s ability to lift sell-in volumes as planned.

The analysts see ongoing uncertainty over the company’s earnings outlook, particularly given a vague update in June and a CEO transition not due until late October.

While Treasury reaffirmed its downgraded FY25 earnings guidance of $770m last month and reduced FY26 segment expectations, Citi does not expect further cuts at the upcoming result.

Citi retains a Neutral rating and $85 target.

Target price is $8.50 Current Price is $7.68 Difference: $0.82
If TWE meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.57, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates TWE as Buy (1) -

UBS notes the June quarter Wine Australia data showed decline in both export value and volume, though annualised momentum was positive.

All markets, except Canada, showed a y/y decline in value, and in China the higher price (over $10/litre) segment fell more than the below $10/litre segment.

The broker concludes the export contraction in the June quarter is more cyclical than structural in China but the trends in the US are more deep-rooted. The US weakness is weighing on Treasury Wine Estates, driving the -6% decline in FY25 underlying EBITS.

Buy. Target unchanged at $10.

Target price is $10.00 Current Price is $7.68 Difference: $2.32
If TWE meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $9.57, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

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

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

Viva Energy reported 1H25 group earnings (EBITDA) replacement cost of circa $300m, which was below Morgan Stanley’s $325m forecast and the $318m consensus estimate.

Refining earnings missed, with a 2Q25 Geelong Refining Margin of US$8.50/bbl (1H average US$8.20/bbl), the latter falling short of both Morgan Stanley and consensus estimates of US$8.36/bbl.

Intake volumes were also light at 9.3mbbls, highlight the analysts, below the 9.8mbbl expectation.

Retail divisions performed better, with Convenience & Mobility and Commercial & Industrial earnings of $310m (the broker$305m, consensus $309m). Fuel volumes rose 4% quarter-on-quarter to 4.3BL, rebounding from weather-related disruption in 1Q.

Convenience sales declined -5% quarter-on-quarter, dragged by a 27% year-on-year fall in tobacco sales. Ex-tobacco sales were flat. 

Synergies of $80m are underway for 2H25 as part of the broader $140m target for 2026. Morgan Stanley expects a modestly negative share price reaction to the result.

Target $2.16. Equal-weight. Industry View: In-Line.

Target price is $2.16 Current Price is $2.05 Difference: $0.11
If VEA meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 25.7% (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

Ord Minnett rates VEA as Buy (1) -

Ord Minnett notes Viva Energy's 1H25 group EBITDA guidance points to a -7% shortfall to market expectations. The broker attributed this mainly to the unplanned shutdown of the Geelong refinery earlier in the year and lower-than-expected gross refining margin.

The broker highlights commercial and industrial division sales fell -2% y/y in 1H, but there was a sequential improvement in the 2Q. Convenience and mobility operations performed well despite a steep fall in tobacco sales due to the impact of cheaper illicit tobacco availability.

The broker cut FY25 EPS forecast by -9.5% and lowered FY26-27 estimates by -1.0% and -0.5%, respectively.

Buy. Target unchanged at $3.40.

Target price is $3.40 Current Price is $2.05 Difference: $1.35
If VEA meets the Ord Minnett target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 25.7% (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

Morgan Stanley rates WES as Underweight (5) -

Leading into August reporting, Morgan Stanley remains Underweight Discretionary Retail. Sales are supported by a resilient consumer, yet it's thought elevated valuations leave little margin for error in the FY26 outlook.

The broker's Underweight rating on Wesfarmers reflects limited scope for earnings upgrades in FY26 amid ongoing weakness in hardware and delays in the lithium ramp-up, along with an elevated valuation.

The analysts also have a cautious view on the domestic consumer backdrop.

Upside risks include potential M&A, supported by balance sheet strength and a solid track record, as well as a stronger-than-expected recovery in consumer sentiment or the housing market.

Target $67.60. Industry View: In-Line.

Target price is $67.60 Current Price is $83.21 Difference: minus $15.61 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.23, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Shaw and Partners rates WZR as Buy (1) -

Shaw and Partners details that loan originations for Wisr’s June quarter rose 154% on a year earlier, with FY25 originations coming in at $420m. Net interest margin was up 33bps in the period, and credit losses were down by -39bps to $3.3m.

Some 80% of loans were approved by the company’s automated decision engine, a rise of 79% on the March quarter. Wisr also received higher loan applications, and its automation improved conversion, the analyst explains.

The company has expanded its funding capacity for FY26 with a third warehouse for $267m from Barclays, and now has $302m of available funding capacity.

Buy/High Risk rating maintained. Target price remains at 6.7c.

Target price is $0.07 Current Price is $0.03 Difference: $0.037
If WZR meets the Shaw and Partners target it will return approximately 123% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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