Australian Broker Call

Ord Minnett rates ABB as Buy (1) -

The consumer regulator, the ACCC,  has released the NBN wholesale market indicators report for March. Ord Minnett highlights ongoing market share gains for Aussie Broadband.

This is notable in higher-speed tiers and customers using fibre to the premises (FTTP) technology. Sector discounting at the end of the financial year has been aggressive with the company participating in this competitive dynamic.

The company's share of the FTTP market has risen to 11.5%. Low earnings risk is envisaged going into the FY26 result and a Buy rating is reiterated given the recent softness in the share price. Target is reduced to $6.30 from $6.37.

Target price is $6.30 Current Price is $4.69 Difference: $1.61
If ABB meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Macquarie downgrades AGL Energy to Underperform from Neutral with a decline in the target price to $7.75 from $8.83, highlighting that power prices are at five-year lows and the future outlook as per the forward price curves is "weak".

The domestic power market is viewed as structurally oversupplied.

Data centre demand may appear as positive but is more likely to create challenges, commentary states, whereby the higher demand is absorbed by additional renewable capacity.

The market, however, is unlikely to be so oversupplied that coal power can exit, on balance creating an oversupply problem.

The analyst downgrades EPS forecasts for AGL by -4% for FY27, -25% for FY28 and -72% for FY29. The extent of the downgrade cycle is not fully reflected in consensus expectations, the broker highlights.

Target price is $7.75 Current Price is $8.44 Difference: minus $0.69 (current price is over target).
If AGL meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.04, suggesting upside of 23.1% (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

Morgans rates AIM as Hold (3) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

AI-Media Technologies retains a Hold rating with a lower target of 22c, down -12%. EPS forecasts are unchanged.

Target price is $0.22 Current Price is $0.22 Difference: $0.005
If AIM meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates ALX as Hold (3) -

Ahead of the August report, Morgans reduces the target for Atlas Arteria to $4.70 from $5.10 and retains a Hold rating. IFM Investors has closed its takeover bid with a 67% shareholding.

The broker's modelling adjusts for the company's US$100m termination payment to Ontario Teachers Pension Plan and updates for current FX. It also assumes the company carries through with its plan to sell the Warnow Tunnel which will replenish cash reserves.

Around 58% the broker's valuation is derived from the stake in APRR (31%), the value of which is expected to decline over time because of the key concession expiry in 2035. The Chicago Skyway and Dulles Greenway concessions are considered relatively low quality.

Target price is $4.70 Current Price is $5.03 Difference: minus $0.33 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates ANZ as Buy (1) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

On August 13, Citi expects ANZ Bank's CET1 ratio to increase to 12.63% in 3Q26 from 12.4% at the first half, driven by quarterly earnings generation. Over FY26-FY28, Citi's core earnings forecasts are broadly in line with consensus.

Unchanged Buy rating and $39.25 target.

Target price is $39.25 Current Price is $36.05 Difference: $3.2
If ANZ meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $34.52, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates APA as Trim (4) -

Ahead of the August report, Morgans adjusts forecasts for APA Group to take into account a lower cost of capital.

FY27-FY29 EBITDA estimates are downgraded by -1-3%, driven by more bullish re-contracting assumptions in Western Australia and assuming no material earnings from the growth capex pipeline until FY29.

The broker forecasts underlying distribution growth in FY26 of 1.8% and 1.7% in FY27. Trim maintained. Target rises to $8.38 from $7.96.

Target price is $8.38 Current Price is $9.95 Difference: minus $1.57 (current price is over target).
If APA meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.44, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates APE as Buy (1) -

Morgans notes June new vehicle deliveries rose 7% year-on-year to around 131,000 units, bringing first-half 2026 volumes broadly in line with the prior corresponding period despite a softer May.

The broker highlights June deliveries for BYD surged to around 18,900 units, lifting first-half sales to 52,300, almost matching the company's full-year 2025 total.

While monthly deliveries are expected to normalise, the analyst believes BYD remains comfortably on track to exceed its 2026 forecast of 80,000 deliveries.

For Eagers Automotive, Morgans is encouraged by these stronger-than-expected BYD deliveries and an improved outlook for Toyota, helping support first-half A&NZ earnings guidance.

The broker makes no forecast changes and retains a Buy rating and $27.50 target.

Target price is $27.50 Current Price is $21.09 Difference: $6.41
If APE meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $26.51, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Morgans notes June new vehicle deliveries rose 7% year-on-year to around 131,000 units, bringing first-half 2026 volumes broadly in line with the prior corresponding period despite a softer May.

The broker highlights June deliveries for BYD surged to around 18,900 units, lifting first-half sales to 52,300, almost matching the company's full-year 2025 total.

For ARB Corp, Morgans looks through weaker near-term new vehicle sales, arguing the company's domestic aftermarket business has historically proved more resilient than vehicle volumes through the cycle.

While FY26 EPS forecasts are trimmed modestly, the broker upgrades its FY27-FY28 forecasts on easing Toyota supply constraints and favourable currency movements, which should support margins.

Morgans upgrades its rating to Buy from Accumulate with a target of $22.35, up from $22.04.

Target price is $22.35 Current Price is $17.53 Difference: $4.82
If ARB meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $24.03, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates ARX as Buy (1) -

Aroa Biosurgery has completed its control trial of Symphony in diabetic foot ulcers with preliminary results indicating the primary endpoint was met.

Bell Potter notes the full dataset is due in the third quarter of FY27, while this read-out provides important clinical validation ahead of the commercial launch of the product.

The second half of 2026 should provide further clarity on reimbursement. No changes are made to the Buy rating and target of $1.09.

Target price is $1.09 Current Price is $0.59 Difference: $0.5
If ARX meets the Bell Potter target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates ATA as Buy (1) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

No change to 75c target and Buy rating for Atturra.

Target price is $0.75 Current Price is $0.50 Difference: $0.25
If ATA meets the Morgans target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates AZJ as Trim (4) -

Ahead of the August report, Morgans retains a Trim rating for Aurizon Holdings, noting valuations in the sector are full.

The company has committed significant capital to diversify away from its coal export exposure into lower quality bulk and containerised freight which the broker notes has, thus far, not proved rewarding for shareholders.

Underlying EPS growth is forecast in FY26 and FY27 of 29% and 15%, respectively. Target is raised to $3.55 from $3.23.

Target price is $3.55 Current Price is $4.16 Difference: minus $0.61 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.71, suggesting downside of -10.1% (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

Citi rates BEN as Sell (5) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

On August 18, Citi expects Bendigo & Adelaide Bank to report FY26 cash profit of $514m, cash EPS of 90c and a dividend of 63c.

The broker's core earnings forecast is around -1% below consensus, primarily reflecting lower average interest-earning assets (AIEA).

Target reduced to $10.00 from $10.50. Sell rating maintained.

Target price is $10.00 Current Price is $10.63 Difference: minus $0.63 (current price is over target).
If BEN meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.36, suggesting downside of -2.4% (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 BGA as Outperform (1) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27; these are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Bega Cheese is one of the most preferred consumer stocks with long-term growth. Outperform rated. Target $6.50.

Target price is $6.50 Current Price is $5.99 Difference: $0.51
If BGA meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.54, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates CBA as Sell (5) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

On August 12, Citi expects CommBank to report FY26 cash profit of $10.9bn, cash EPS of 653c and a dividend of 505c, with earnings around 1% ahead of consensus.

The broker forecasts a 2bp increase in second-half net interest margin (NIM) to 2.06% and bad debt expenses around -10% below consensus, reflecting benign credit conditions.

Sell rating and $135 target maintained.

Target price is $135.00 Current Price is $168.86 Difference: minus $33.86 (current price is over target).
If CBA meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $123.40, suggesting downside of -27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Macquarie rates COL as Outperform (1) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

An Outperform rating on Coles Group is retained, albeit Greencross might be an overhang on the stock. Target price is raised to $25.10 from $24.10.

Target price is $25.10 Current Price is $23.56 Difference: $1.54
If COL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $24.00, suggesting upside of 3.9% (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 DBI as Hold (3) -

Ahead of the August report, Morgans adjusts forecasts for Dalrymple Bay Infrastructure, retaining a Hold rating and raising the target to $5.47 from $5.31.

Updates include the latest RBA CPI forecasts and current BBSW/swap yield curve. The broker asserts consensus is "baking in too much capex across the period" and forecasts EBITDA growth through FY26-FY28 of 10%.

Target price is $5.47 Current Price is $5.65 Difference: minus $0.18 (current price is over target).
If DBI meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.76, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates DDR as Downgrade to Neutral from Buy (3) -

Dicker Data has re-rated significantly, UBS observes, its shares up 35% in the last six weeks.

The broker believes the elevated margin profile stemming from the memory and hardware pricing "upcycle" has been captured and "normalisation" is probably underway through the second half.

Forecasts for FY27 and FY28 are modestly upgraded to account for the slightly more attractive gross margin profile. Rating is downgraded to Neutral from Buy on valuation grounds and the target is raised to $12.00 from $11.20.

Target price is $12.00 Current Price is $11.99 Difference: $0.01
If DDR meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.12, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in December.

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 DMP as Neutral (3) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Target price for Domino's Pizza Enterprises is lowered to $16.90 from $17.40 with no change in Neutral rating.

Target price is $16.90 Current Price is $16.09 Difference: $0.81
If DMP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.17, suggesting upside of 13.7% (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

Morgans rates DTL as Hold (3) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Data#3's target price lifts to $9.40 after applying a circa 8% premium for upgrade risks, the analyst states.

EPS forecasts are tweaked higher for FY26 and FY27. Hold rating retained.

Target price is $9.40 Current Price is $9.49 Difference: minus $0.09 (current price is over target).
If DTL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.04, suggesting downside 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

Citi rates DXS as Neutral (3) -

Citi remains cautious on the Sydney CBD office market despite a structural supply drought emerging from 2028-2030. It's felt stronger evidence of tenant demand is required before becoming more positive.

Premium-grade offices continue to outperform, the analysts note, benefiting from lower vacancy and stronger rental growth, while a flight-to-quality trend persists.

Recent demand has been driven largely by businesses relocating from suburban offices to the CBD, according to the broker.

Commentary points to the risk of corporates requiring less space through efficiency gains and AI, potentially limiting vacancy absorption before the supply shortage takes effect.

Neutral rating and $6.50 target for Dexus.

Target price is $6.50 Current Price is $5.61 Difference: $0.89
If DXS meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.77, suggesting upside of 19.4% (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) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady", albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Macquarie rates Endeavour Group as the least preferred. No change to Underperform with a $2.80 target.

Target price is $2.80 Current Price is $3.46 Difference: minus $0.66 (current price is over target).
If EDV 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 $3.11, suggesting downside of -10.2% (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 FMG as Outperform (1) -

Macquarie previews Fortescue's 4Q26 update and expected iron ore shipments to 53Mt, 2% above consensus, with Hematite expected to continue to outperform.

Realised prices are anticipated at US$91.8/t, 1% above consensus and C1 -1% below consensus at US$19/t. Capex is forecast at 28% higher to US$1.28M, some 28% above consensus, albeit the FY26 forecast remains in the guidance range.

EPS forecasts are tweaked up 1% for FY26 and down -2% for FY27.

No change to $21 target and Outperform rating.

Target price is $21.00 Current Price is $18.47 Difference: $2.53
If FMG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.73, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in 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 GYG as Outperform (1) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Guzman y Gomez is Outperform rated with a higher target of $25.50 from $25.20.

Target price is $25.50 Current Price is $20.92 Difference: $4.58
If GYG meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $25.58, suggesting upside of 19.0% (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

UBS rates HSN as Buy (1) -

Ahead of the FY26 results, UBS continues to expect Hansen Technologies to deliver EBITDA margins of more than 30%, factoring in mid-single digit growth across the forecast period.

FX headwinds and higher depreciation are factored in, with downward revisions to EPS of -4%-6% for FY26-FY30. Target is unchanged at $7.20. Buy rating.

Target price is $7.20 Current Price is $4.20 Difference: $3
If HSN meets the UBS target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 52.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates IAG as Neutral (3) -

Citi expects Australian personal lines pricing and an improved contribution from RACQ to support Insurance Australia Group's FY26 result. The broker holds this view despite softer commercial conditions in New Zealand and affordability concerns.

While premium growth guidance may prove difficult to achieve, the broker still views the insurer as its preferred general insurance exposure ahead of reporting season.

The broker retains a Neutral rating and raises the target to $9.00 from $8.50.

Target price is $9.00 Current Price is $8.19 Difference: $0.81
If IAG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting downside of -5.2% (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 ING as Underperform (5) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady", albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Inghams Group is one of the least preferred consumer stocks. Underperform rated with a $1.80 target price.

Target price is $1.80 Current Price is $2.12 Difference: minus $0.32 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.40, suggesting upside of 10.6% (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 IRE as Buy (1) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Iress has a $10.35 target price, with no change in Buy rating. EPS forecasts are tweaked lower.

Target price is $10.35 Current Price is $6.31 Difference: $4.04
If IRE meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $10.98, suggesting upside of 75.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates JBH as Outperform (1) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Macquarie sees long-term upside for JB Hi-Fi boosted by cost management. Outperform rating and $98 target retained.

Target price is $98.00 Current Price is $78.10 Difference: $19.9
If JBH meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $84.63, suggesting upside of 6.9% (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

Citi rates JDO as Buy (1) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

On August 18, Citi expects Judo Capital to report FY26 cash profit of $115m, cash EPS of 10.3c and no dividend, broadly in line with consensus.

While the broker sees little scope for earnings surprises following recent updates, it expects investors to focus on management's credit risk appetite and lending standards.

Unchanged Buy rating and $1.50 target.

Target price is $1.50 Current Price is $0.92 Difference: $0.58
If JDO meets the Citi target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 49.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates JIN as Outperform (1) -

Macquarie's Australian lottery volume forecasts are unchanged in FY25-FY29 at a CAGR of 5%.

The analyst has reduced the digital penetration to 50% in FY30 from 51.5%, previously, versus 41% in 1H26.

EPS forecasts for Jumbo Interactive are lowered by -3% for FY26 and -5% for FY27.

Target price falls to $9.50 from $10.50. No change in Outperform rating.

Target price is $9.50 Current Price is $7.25 Difference: $2.25
If JIN meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $8.49, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates JIN as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Jumbo Interactive's target price falls -31% to $10.25 post inclusion of a probability-weighted assessment of Lottery Corp's reseller agreement not renewing, expiry is FY30. Without the contract, the business is valued at $7.40.

Target price is $10.25 Current Price is $7.25 Difference: $3
If JIN meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $8.49, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates MFG as Upgrade to Accumulate from Hold (2) -

Magellan Financial's fourth quarter update revealed a drop in assets under management by -$1bn to $36.7bn amid -$2.5bn in net outflows. Morgans observes a soft quarter, with the outflows a step up from recent trends and well above the average of the past four quarters.

While the company has execution risk in turning around the funds management business, the broker believes the merger with Barrenjoey reinvigorates the overall outlook.

The balance sheet is strong and with the recent pull back in the share price there is now more upside to the target so the rating is upgraded to Accumulate from Hold. Target is lowered to $11.26 from $11.29.

Target price is $11.26 Current Price is $9.93 Difference: $1.33
If MFG meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.47, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Citi rates MP1 as Buy (1) -

Citi reiterates its Buy rating on Megaport, arguing consensus is underestimating earnings, with the broker's FY27 earnings (EBITDA) forecast sitting 16% above market expectations.

Faster anticipated deployment of recent contract wins and the Latitude GPU pool, firm rental pricing and stronger operating leverage underpin the broker's positive view.

The analysts note Latitude recently indicated it expects to deploy 2,048 Nvidia B300 GPUs by November, ahead of the broker's forecasts.

Positively, Megaport is also expected to expand its debt facilities to support further growth rather than rely on equity raisings.

While operating costs remain a key focus ahead of Megaport's FY26 result, Citi sees further upside from additional AI infrastructure contracts.

Citi retains a Buy rating. Target $22.10.

Target price is $22.10 Current Price is $20.08 Difference: $2.02
If MP1 meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 5.3% (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 MP1 as Accumulate (2) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Megaport's target price moves to $24 from $21, previously.

EPS forecasts are lowered by -3.8% for FY26 and lifted by 21.8% for FY27. No change to Accumulate rating.

Target price is $24.00 Current Price is $20.08 Difference: $3.92
If MP1 meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 5.3% (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 MQG as Neutral (3) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

For Macquarie Group's quarterly update on July 23, Citi's FY26 earnings forecasts are broadly in line with consensus.

Stronger commodities revenue, particularly from oil hedging, could help avoid another soft first-quarter update, although the broker believes this is largely reflected in the share price. Unchanged Neutral rating and $240 target.

Target price is $240.00 Current Price is $254.49 Difference: minus $14.49 (current price is over target).
If MQG meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $251.26, suggesting downside of -0.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Bell Potter rates MSB as Upgrade to Buy from Speculative Buy (1) -

Mesoblast delivered fourth quarter revenue of US$36m, which Bell Potter considers "outstanding", with Ryoncil revenue of US$115m at the midpoint of guidance.

The broker points out the product was launched from a standing start in April 2025 and commercial adoption has been exceptionally strong. Forecasts for FY27 Ryoncil sales are US$275m, relative to the annualised exit rate of US$144m.

The broker believes this is achievable based on expansion of the key account manager team servicing this market, while the company has already begun to gain traction with the largest transplant centres in the US.

Target of $4.45 is retained and the rating is upgraded to Buy from Speculative Buy.

Target price is $4.45 Current Price is $2.24 Difference: $2.21
If MSB meets the Bell Potter target it will return approximately 99% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates MTO as Buy (1) -

Morgans notes Australian motorcycle sales rose 8.8% in the June quarter, marking a third consecutive quarter of growth, led by off-road and off-highway vehicle segments.

The broker expects Motorcycle Holdings to outperform a weak discretionary retail environment, supported by the Peter Stevens acquisition and stronger wholesale sales.

Greater revenue diversification is also noted through the company's key brand in Australia, CFMOTO, the Chinese manufacturer of motorcycles.

Buy rating and $4.77 target unchanged.

Target price is $4.77 Current Price is $2.48 Difference: $2.295
If MTO meets the Morgans target it will return approximately 93% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates NAB as Neutral (3) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

At quarterly results on August 17, Citi expects National Australia Bank's CET1 ratio to increase to 11.93% in 3Q26 from 11.65% at the first half.

The broker continues to favour banks with greater exposure to business lending, preferring NAB over CommBank and Westpac.

Target for National Australia Bank rises to $38 from $36.75. Neutral rating maintained.

Target price is $38.00 Current Price is $39.61 Difference: minus $1.61 (current price is over target).
If NAB meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.85, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates NIC as Outperform (1) -

Macquarie points out the nickel price has declined by -20% from its recent peak over Indonesian quota concerns. Those concerns are that there would be possibly a rise in 2026 production quotas by as much as 360Mt, above prior guidance of 260Mt-270Mt.

The analyst notes the government has denied the rumoured rise, yet sentiment remains poor, and leaves open an opportunity in Nickel Industries which is considered to be offering value at current levels.

The August RKAB (government mining work plan) is flagged as a potential positive for improving sentiment. EPS forecasts are tweaked lower by -2% to -5% for 2026-2027. Target price rises by 4% to $1.25.

No change in Outperform rating.

Target price is $1.25 Current Price is $0.89 Difference: $0.36
If NIC meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 73.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates NXT as Downgrade to Accumulate from Buy (2) -

Morgans downgrades NextDC to Accumulate from Buy with a new target price of $15.50 from $18, previously.

The analyst sees NextDC as well positioned to benefit from ongoing structural growth due to demand for data centres.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

EPS forecasts are lowered by -3% for FY26 and -134% for FY27.

Target price is $15.50 Current Price is $13.94 Difference: $1.56
If NXT meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.16, suggesting upside of 42.3% (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 ORG as Neutral (3) -

Macquarie anticipates the rise of over-supply and batteries are overtaking the day-to-day working of gas plants.

The full impact is expected from FY28 when an "earnings cliff" for power markets is flagged. Origin Energy is expected to move from over-earnings in power by around $43MWh to being in the middle of its range of $25MWh-$40MWh.

Post the government intervention, the domestic gas market is also under pressure, and markets are somewhat oversupplied leading to weaker pricing.

EPS forecasts are downgraded by -7.1% for FY27, -25.3% for FY28 and -34.3% for FY29. Target price declines to $10.16 from $11.25, previously.

No change to Neutral rating.

Target price is $10.16 Current Price is $10.47 Difference: minus $0.31 (current price is over target).
If ORG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.35, suggesting upside of 10.6% (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 PWR as Hold (3) -

Morgans highlights June new vehicle deliveries rose 7% year-on-year to around 131,000 units, bringing first-half 2026 volumes broadly in line with the prior corresponding period despite a softer May.

The broker notes June deliveries for BYD surged to around 18,900 units, lifting first-half sales to 52,300, almost matching the company's full-year 2025 total.

For Peter Warren Automotive, Morgans removes the proposed Wakeling acquisition from its forecasts given ongoing uncertainty over the timing and completion of the transaction. The broker also revises its margin and operating cost assumptions.

Hold retained. Target $1.04, up from 73c.

Target price is $1.04 Current Price is $0.99 Difference: $0.055
If PWR meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.45, suggesting upside of 49.1% (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

Citi rates QBE as Downgrade to Neutral from Buy (3) -

Citi raises its earnings forecasts for QBE Insurance by 4% for FY26, 2% for FY27 and 1% for FY28 after updating investment yields, foreign exchange assumptions and mark-to-market movements.

The broker expects catastrophe claims to remain within guidance, crop insurance conditions to stay supportive and investment income to benefit from higher bond yields.

While commercial insurance pricing continues to soften, it's thought rate adequacy remains favourable.

Citi believes QBE's valuation re-rating may continue but downgrades to Neutral from Buy after lifting its target to $27.20 from $23.70.

Target price is $27.20 Current Price is $25.47 Difference: $1.73
If QBE meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $25.34, suggesting downside of -0.7% (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: 0.6

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

UBS rates RIC as Buy (1) -

Ahead of the FY26 results, UBS factors in higher margins across bulk and fertiliser distribution for Ridley Corp. This means lower revenue but higher earnings forecasts. Net adjustments result in FY26-FY30 EPS revisions of up to 2%.

Target is steady at $3.20. Buy rating maintained.

Target price is $3.20 Current Price is $2.75 Difference: $0.45
If RIC meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates SIG as Outperform (1) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Macquarie sees long-term upside for JB Hi-Fi ((JBH)) boosted by cost management.

Sigma is Outperform rated with a $3.50 target.

Target price is $3.50 Current Price is $2.82 Difference: $0.68
If SIG meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates SLC as Hold (3) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Superloop's target price lifts to $3.10, up 3% with no change in Hold rating. EPS forecasts are raised by 4.9% for FY26 and 9.5% for FY27.

Target price is $3.10 Current Price is $3.09 Difference: $0.01
If SLC meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates TAH as Buy (1) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Tabcorp Holdings' target price stands at $1.02, down -5% with a Buy rating. EPS forecasts are tweaked higher.

Target price is $1.02 Current Price is $0.82 Difference: $0.2
If TAH meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 27.0% (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

Morgans rates TCL as Upgrade to Trim from Sell (4) -

Morgans upgrades Transurban Group to Trim from Sell and raises the target to $12.74 from $12.50, noting valuations in the infrastructure sector are "full".

The upgrade largely stems from rolling forward the valuation. Adjustments to FY26-FY28 forecasts include ongoing WGTP interest capitalisation, higher costs and the timing of interest payments. The broker forecasts EBITDA growth across FY26-FY29 of 6%.

Target price is $12.74 Current Price is $14.62 Difference: minus $1.88 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.36, suggesting downside of -2.8% (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 TLC as Outperform (1) -

Macquarie's Australian lottery volume forecasts are unchanged in FY25-FY29 at a CAGR of 5%.

The analyst has reduced the digital penetration to 50% in FY30 from 51.5%, previously, versus 41% in 1H26.

Notably, Lottery Corp's trackable Australian lotteries volumes, circa 90% of products are down -3% y/y in FY26. Base games are up 6% y/y, due to Powerball and Oz Lotto jackpot activity.

Outperform rating and $6 target. EPS forecasts are tweaked down for FY28.

Target price is $6.00 Current Price is $5.48 Difference: $0.52
If TLC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 5.9% (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

Morgans rates TLC as Downgrade to Hold from Accumulate (3) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Lottery Corp's target price slips -3% to $5.80, with a downgrade in the rating to Hold from Accumulate.

EPS forecasts are tweaked lower by -3.1% for FY27 and up 1.7% for FY27.

Target price is $5.80 Current Price is $5.48 Difference: $0.32
If TLC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 5.9% (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

Morgans rates TLS as Hold (3) -

Morgans adjusts target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

Telstra Group's target price is unchanged at $5.20 with a Hold rating retained.

Target price is $5.20 Current Price is $4.90 Difference: $0.3
If TLS meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates TLS as Neutral (3) -

Ahead of the FY26 results in August, UBS expects Telstra Group will report earnings and dividends that largely meet expectations although it envisages potential for softening trends across the industry.

Fixed enterprise remains challenged although there remains potential upside from further cost reductions and productivity initiatives.

The broker points out there have been concerns around satellite displacement, particularly in mobiles, but assesses that it is more challenging for satellite direct-to-mobile to compete directly with incumbent terrestrial networks, given constraints such as spectrum access, device compatibility and latency/indoor coverage issues.

Neutral rating reiterated with a target of $5.30.

Target price is $5.30 Current Price is $4.90 Difference: $0.4
If TLS meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates TPG as Accumulate (2) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

TPG Telecom's target price slips -9% to $4 with no change in Accumulate rating.

Target price is $4.00 Current Price is $3.63 Difference: $0.37
If TPG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates TPG as Neutral (3) -

Ahead of the FY26 results in August, UBS expects TPG Telecom will report earnings and dividends that largely meet expectations although it envisages potential for softening trends across the industry.

The broker will be watching for blended mobile ARPU dilution from rising enterprise competition as the company seeks to gain share.

UBS points out there have been concerns around satellite displacement, particularly in mobiles, but assesses that it is more challenging for satellite direct-to-mobile to compete directly with incumbent terrestrial networks, given constraints such as spectrum access, device compatibility and latency/indoor coverage issues.

Neutral rating reiterated with a target of $3.97.

Target price is $3.97 Current Price is $3.63 Difference: $0.34
If TPG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates TWE as Neutral (3) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Treasury Wine Estates' target price is raised to $4.90 from $4.80. No change in Neutral rating.

Target price is $4.90 Current Price is $4.57 Difference: $0.33
If TWE meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates WBC as Neutral (3) -

Citi believes the recent underperformance of Australian banks relative to the broader market provides a more favourable backdrop heading into June quarter results.

The broker remains cautious on the sector, however, warning credit and deposit growth are likely to slow materially over the next 12 months. While negative news flow may ease in the near term, bank valuations remain unappealing to the analysts.

At quarterly results on August 17, Citi expects Westpac's CET1 ratio to ease to 12.3% in 3Q26 from 12.4% at the first half.

The broker also expects housing credit growth to slow following the housing-related tax changes introduced in the 2026 Budget. It's felt Westpac will be more affected given its significant exposure to the mortgage market.

Unchanged Neutral rating and $37.50 target.

Target price is $37.50 Current Price is $36.54 Difference: $0.96
If WBC meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.85, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Macquarie rates WES as Neutral (3) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady", albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Wesfarmers' target price is lifted to $86 from $85 with no change to Neutral rating.

Target price is $86.00 Current Price is $89.70 Difference: minus $3.7 (current price is over target).
If WES meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $78.97, suggesting downside of -13.5% (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 Downgrade to Underperform from Neutral (5) -

In the consumer sector, Sigma Healthcare remains the most preferred exposure with structural tailwinds supporting pharmacy.

Electronics, according to Macquarie's high-frequency consumer data series, shows ongoing momentum in 2Q2026.

Grocery spend has remained "steady" albeit constrained household budgets in FY27 are expected to support trade into the home, rather than going out.

Furniture has evidenced sequential slowing growth in the June quarter and hardware remains soft. Alcohol continues to be a laggard, the broker states.

Woolworths Group remains one of the least preferred consumer stocks post its recent re-rating and is downgraded to Underperform from Neutral. Target price is raised to $37 from $34.

Target price is $37.00 Current Price is $40.16 Difference: minus $3.16 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.77, suggesting downside of -10.1% (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

Citi rates WTC as Buy (1) -

Citi raises its FY28 earnings forecast by 9% for WiseTech after management clarified the timeline for major customer DSV's migration away from CargoWise. A more gradual transition and complete roll-off in the second half of FY29 is now assumed.

While DSV remains contracted until September 2028, the analyst expects some volumes to begin migrating in FY28.

The broker still views consensus FY27 revenue forecasts as too optimistic but sees 4% upside to earnings (EBITDA) from recent workforce reductions.

Citi retains a Buy rating and raises its target to $55.05 from $52.00.

Target price is $55.05 Current Price is $34.00 Difference: $21.05
If WTC meets the Citi target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $69.79, suggesting upside of 109.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates WTC as Buy (1) -

Morgans lowers target prices across its Technology, Media & Gaming coverage to reflect higher discount rates.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

WiseTech Global retains a Buy rating with a new target price of $67 from $70.40, previously.

EPS forecasts are trimmed by -2.9% for FY26 and -5.3% for FY27.

Target price is $67.00 Current Price is $34.00 Difference: $33
If WTC meets the Morgans target it will return approximately 97% (excluding dividends, fees and charges).

Current consensus price target is $69.79, suggesting upside of 109.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates XRO as Downgrade to Accumulate from Buy (2) -

Morgans downgrades Xero to Accumulate from Buy with a new target price of $85 from $111 due to changes in interest rate assumptions.

With every 50bps rate rise it removes around -13% off technology discounted cash flow valuation and 7 PER points off fair value, stated as a broad generalisation.

EPS forecast changes are negligible.

Target price is $85.00 Current Price is $73.40 Difference: $11.6
If XRO meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $133.57, suggesting upside of 90.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in NZD. 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