Australian Broker Call

Morgan Stanley rates ALD as Overweight (1) -

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

For Ampol, the analysts forecast a1H25 dividend of 47c (consensus $43cps). Policy is for a payout between 50-70% of NPAT.

Overweight rating. Target $30. Industry View: In-Line.

Target price is $30.00 Current Price is $27.42 Difference: $2.58
If ALD meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $31.00, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Shaw and Partners rates AZY as Buy, High Risk (1) -

Antipa Minerals released assay results from the second batch of 54 holes out of the 304-hole Phase 1 drill program for 2025 totaling 34km at the Minyari gold copper project.

The results confirmed resource expansion potential at known deposits and a new gold-copper discovery south of Fiama and Rizzo.

Shaw and Partners notes Minyari is shaping up to be commercially viable and strategically attractive, and consolidation talks with players like Greatland Resources ((GGP)) (Telfer) seem likely as Antipa advances the project.

Buy, High Risk. Target unchanged at 86c.

Target price is $0.86 Current Price is $0.52 Difference: $0.34
If AZY meets the Shaw and Partners target it will return approximately 65% (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

Morgans rates BBT as Buy (1) -

Morgans highlights a strong 4Q25 finish from BETR Entertainment, exceeding expectations on turnover and gross win, despite a slight miss on active customers.

The company delivered turnover of $399.5m, up 7% on the broker’s forecast, and gross win of $53.1m, up 12%. Net win was $40.2m, broadly in line with expectation. FY25 earnings (EBITDA) guidance is confirmed at $7.0m.

Morgans attributes the result to a smooth integration of TopSport, with over 90% of value now on BETR Entertainment's platform, supporting a 10.1% net win margin.

Platform and marketing investments of -$8m in the quarter are expected to support stronger engagement into 1Q26 and the Spring Carnival.

BETR Entertainment's offer for PointsBet Holdings ((PBH)) has been revised to $1.35 per share, with $44.9m in estimated synergies.

Morgans lowers its 12-month target price to 38c from 47c largely a result of the increased share count following a $130m capital raise, announced on April 29. Buy rating maintained.

Target price is $0.38 Current Price is $0.31 Difference: $0.07
If BBT meets the Morgans target it will return approximately 23% (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 BPT as Underweight (5) -

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

Underweight. Target $1.14. Industry View: In-Line.

Target price is $1.14 Current Price is $1.14 Difference: $0
If BPT meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 11.9% (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 BRG as Accumulate (2) -

Ord Minnett highlights competitor De’Longhi’s 1H25 result as a positive read-through for Breville.

De’Longhi reported 11.3% sales growth (11.8% constant currency), with the Americas and the APAC region delivering double-digit expansion, driven by strong performance in household coffee and China, explain the analysts.

The coffee segment remained robust, notes the broker, while nutrition was flat. Management modestly upgraded FY25 guidance to 6–8% revenue growth (from 5–7%) and raised adjusted earnings (EBITDA) guidance.

Ord Minnett believes this performance by De’Longhi supports its expectations for Breville’s FY25.

While tariff-related cost pressures remain a key risk in the US, Breville’s mitigation plans, such as inventory builds and diversified manufacturing, are expected to soften the impact.

Unchanged $35 target and Accumulate rating.

Target price is $35.00 Current Price is $33.24 Difference: $1.76
If BRG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $35.01, suggesting upside of 8.8% (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

Morgans rates BTL as Buy (1) -

Beetaloo Energy remains on track with pilot construction for Carpentaria beginning in the December quarter and initial production (IP30) from the C-5H well expected by late September, highlights Morgans.

Cash rose to $39m during the June quarter, supported by a $35m placement and share purchase plan (SPP), bringing total liquidity to $59m. A further $30m midstream facility is ready pending regulatory approvals.

The broker highlights operational momentum, including strong C-5H (test well) stimulation metrics and NT-backed Light Detection and Ranging (LiDAR) development planning.

Pilot gas infrastructure is slated to commence in the December quarter, with first gas still guided for 2026. 

The target price falls to 71c from 73c. Morgans maintains a Speculative Buy rating.

Target price is $0.71 Current Price is $0.25 Difference: $0.46
If BTL meets the Morgans target it will return approximately 184% (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

Morgans rates COI as Speculative Buy (1) -

Morgans notes Comet Ridge's Mahalo gas project JV is making steady progress and remains on track for completion of dual FEED studies by late 2025. Final investment decision is still targeted for 1Q26.

Mahalo East saw a material reserve upgrade, with net 2P up by 27% and 3P by 29%. Cash balance at the end of the June quarter was $13.3m, with $9.5m of debt rolled to June 2027 and 55m new warrants issued at 16c/share.

Speculative Buy. Target rises to 25c from 23c on model roll-forward.

Target price is $0.25 Current Price is $0.14 Difference: $0.11
If COI meets the Morgans target it will return approximately 79% (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

Morgans rates CSC as Buy (1) -

Capstone Copper's 2Q25 copper production, cost and EBITDA beat Morgans' and the consensus forecasts. Copper production was 7% higher than the broker's estimate and cash cost of US$2.45/lb was -4% below.

The company reiterated the FY25 guidance. The broker notes Mantos Blancos and Cozamin production are tracking to the high end of guidance, while Mantoverde is tracking to the mid-point.

Buy. Target lifted to $12.10 from $11.50.

Target price is $12.10 Current Price is $9.37 Difference: $2.73
If CSC meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $12.03, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates DUR as Accumulate (2) -

Duratec has acquired EIG Australia for circa -$9m, comprising -$4.55m cash, -$0.65m in shares, and a -$3.8m earn-out linked to a $4.4m two-year earnings (EBITDA) hurdle.

Ord Minnett points out EIG adds specialist electrical infrastructure capabilities in fuels and fluid transfer, enhancing Duratec’s reach in Defence and Mining & Industrial sectors.

Ord Minnett sees the acquisition as strategically important despite its size, likening it to the successful 2022 WPF acquisition, which expanded rapidly under Duratec.

The broker's investment thesis remains supported by attractive valuation, a strong order book, and active tendering pipeline.

Target price lifted by 12.5% to $1.80. Accumulate rating.

Target price is $1.80 Current Price is $1.49 Difference: $0.31
If DUR meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 26.4% (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

Bell Potter rates EOS as Buy (1) -

Electro Optic Systems announced its 2Q2025 trading update and 4C, with operating cash flow of $30.5m, which Bell Potter believes is notably robust given the finalisation of a major contract with a Middle East customer.

The company had cash on hand of $130.3m at June 30, with an additional $51.9m in restricted cash deposits.

The analyst emphasises the upcoming Land400 program, valued at $80m–$100m, which is expected to be signed in 2025, alongside the High-Energy Laser Weapon  contract now valued at $100m, versus $50m–$100m previously.

Bell Potter now forecasts a bigger net loss for the company's FY25 results at -$37.7m, based on a change in assumptions for gross margin, open and finance costs.

Buy rating unchanged. Target rises to $3.75 from $3.10.

Target price is $3.75 Current Price is $3.03 Difference: $0.72
If EOS meets the Bell Potter 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:

Market Sentiment: 0.8

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

Ord Minnett rates INR as Speculative Buy (1) -

ioneer's June quarter update offered few new developments, according to Ord Minnett, with the focus on a 308% lift in ore reserves to 247mt and an updated Rhyolite Ridge economic study.

Cash of US$25m gives 5.1 quarters of funding. Strong interest is anticipated due to the asset’s quality.

A short-term catalyst is the release of an enhanced mine plan, which may lift throughput and lower sulphuric acid use, potentially increasing the broker's net asset value (NAV) metric by circa 20% to 25cps.

A gravity separation step could enhance lithium recoveries in later streams, note the analysts, improving long-term value for strategic partners.

Ord Minnett maintains its 19c target and Speculative Buy rating.

Target price is $0.19 Current Price is $0.12 Difference: $0.07
If INR meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

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: 1.0

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

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

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

For Karoon Energy, the analysts forecast an interim dividend of US$3.0c (consensus US$2.7c). The company's capital return policy (dividends plus buybacks) targets 20–40% of NPAT.

Management's 2025 guidance is for 9.0–10.5mmboe production and -US$120–140m capex.

Target $1.80. Equal-weight. Industry View: In-Line.

Target price is $1.80 Current Price is $1.86 Difference: minus $0.06 (current price is over target).
If KAR 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 $2.13, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Ord Minnett rates LYC as Upgrade to Hold from Sell (3) -

Ord Minnett raises its target for Lynas Rare Earths to $10.80 from $7.80 and upgrades to Hold from Sell.

These changes follow reports the US plans to expand price support for rare earths, likely keeping the Lynas share price elevated amid speculation.

The broker notes no confirmed detail but anticipates continued positive momentum until further announcements.

Commentary suggests the US may replicate Operation Warp Speed to boost domestic output, potentially lifting NdPr prices to US$110/kg. A clearer picture is expected in 4–6 weeks.

An investment in Lynas is now seen as speculative grade, as the shares are seen as trading on sentiment rather than earnings. 

Target price is $10.80 Current Price is $10.81 Difference: minus $0.01 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.36, suggesting downside 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 MEI as Speculative Buy (1) -

Meteoric Resources’ June quarter highlights material progreess, according to Ord Minnett, notably the expansion of Caldeira’s resource and a technology memorandum of understanding with Metallium ((MTM)).

Post-quarter's end, the company raised $42.5m in an oversubscribed placement, leaving it well-funded for pilot plant construction, permitting, and further exploration, in the analysts' view.

A 25kg/hr pilot plant is due by December quarter 2025 to produce bulk Mixed Rare Earth Carbonate (MREC) and support metallurgical optimisation and offtake discussions, highlight the analysts.

Ord Minnett maintains its 20cps target and Speculative Buy rating.

Target price is $0.20 Current Price is $0.13 Difference: $0.07
If MEI meets the Ord Minnett target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $0.23, suggesting upside of 66.7% (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 NEM as Accumulate (2) -

Morgans describes Newmont Corp's June quarter update as a solid one, both operationally and financially. Gold production in 2Q25 beat the broker's forecast by 7% and adjusted EBITDA was 26% higher vs the broker's estimate.

Capex came in below expectations, free cash flow was higher and net debt is now -43% below the broker's forecast at US$1.422bn.

The strong balance sheet resulted in a doubling of share buyback program, which the broker highlights is a sign of confidence in operational performance.

FY25 guidance was reiterated but the broker sees upside risk if the company continues on its 1H25 trajectory. Accumulate. Target rises to $107 from $103.

Target price is $107.00 Current Price is $96.29 Difference: $10.71
If NEM meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $111.20, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Bell Potter rates NOU as Buy (1) -

Noumi's 4Q25 sales were slightly better than expectations, with Bell Potter pointing towards the dairy business.

Dairy and nutritional offset a decline in plant-based beverages of 3%, with UHT domestic retail sales up 8.3% on a year earlier.

Operating cash flow was negative at -$2.2m and cash on hand with available facilities was $26.2m against $36.5m in 3Q25.

The company has pointed to ongoing improvements in earnings for FY25, but expects a net profit after tax loss after depreciation and financing costs, as well as 1H25 impairment charges.

Buy retained. Target slips to 18.5c from 24.5c due to changes in peer valuation multiples.

Target price is $0.19 Current Price is $0.12 Difference: $0.065
If NOU meets the Bell Potter target it will return approximately 54% (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 NST as Hold (3) -

Northern Star Resources pre-released 4Q25 sales of 444koz with all-in sustaining costs of $2,197, which met Ord Minnett's expectations, with slightly higher costs at Jundee, Thunderbox and Kalgoorlie offset by lower sustaining capex at Pogo by -14%.

Cash at $1,690m was below forecast due to higher capex by $72m, with bullion advancing by $58m.

The analyst notes the share price has fallen around -32% since June 13, resulting from softer FY26 guidance and souring sentiment toward gold shares.

No change to Hold rating. Target lifts to $17.30 from $17.20.

Target price is $17.30 Current Price is $15.30 Difference: $2
If NST meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $19.88, suggesting upside of 23.0% (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

Ord Minnett rates NTU as Speculative Buy (1) -

Northern Minerals is finalising its Wolverine definitive feasibility study (DFS), now due this quarter after last-minute mill and mine plan optimisations, explains Ord Minnett.

Ore sorters have been removed, lowering capex and simplifying operations, according to management.

Exploration resumed with drilling at Dazzler and Gambit aiming to extend mine life, though intercepts fell short of ore grade. The company also acquired satellite data to assess its broader WA and NT landholdings, note the analysts.

Commentary suggests cash of $24m should support the company through to FID.

It's thought Chinese rare earth export restrictions may favour Northern Minerals' xenotime concentrate, potentially attracting government support. The product is to be refined at Iluka Resources' ((ILU)) Eneabba facility.

Ord Minnett retains its 4c target and Speculative Buy rating.

Target price is $0.04 Current Price is $0.03 Difference: $0.01
If NTU meets the Ord Minnett target it will return approximately 33% (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 ORG as Underweight (5) -

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

For Origin Energy, the broker anticipates anticipate Energy Markets tailwinds from widening sparkspread jaws and Kraken-driven opex savings. Sparkspread is the gross margin a generator earns by converting natural gas into electricity.

Underweight. Target is unchanged at $9.80. Industry View: In-Line.

Target price is $9.80 Current Price is $11.76 Difference: minus $1.96 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.49, suggesting downside of -2.8% (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 PLS as Sell (5) -

According to Ord Minnett, Pilbara Minerals reported a solid June quarter result with both production and shipments coming in above consensus by 10%–13%, with pricing a slight miss due to some one-off changes in sales grades.

The miner's production of 755kt was above the 700kt–740kt range, with FOB costs of $627/t and capex of -$569m at the bottom end of guidance.

Management announced FY26 guidance which broadly met the market's expectations. The Ngungaju plant is anticipated to remain offline for FY26 but could restart if market conditions improve.

The analyst points to sizeable downgrades in earnings estimates for FY25–FY27 because of higher depreciation and amortisation, as well as losses on the POSCO JV in 2H25, plus spending on the newly acquired Colina project.

Sell rating retained on valuation grounds. Target lifts to $1.20 from $1.15.

Target price is $1.20 Current Price is $1.67 Difference: minus $0.47 (current price is over target).
If PLS meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.71, suggesting upside of 1.4% (ex-dividends)

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

Bell Potter rates QBE as Hold (3) -

QBE Insurance is due to announce 1H2025 results on August 8, with Bell Potter flagging more natural catastrophes since the 1Q2025 update on May 9 (NSW flooding, US storms and tornadoes), which are expected to have some impact on CAT costs and exceed the 1H allowance.

The analyst also points to the portfolio yield around 3.8%–3.9%, as 2-year government bond yields have fallen, and lowers its EPS estimates by -2.3% for FY25 and -0.7% for FY26.

Target price moves to $21.40 from $21. No change to Hold rating.

Target price is $21.40 Current Price is $22.90 Difference: minus $1.5 (current price is over target).
If QBE meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.79, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates RMD as Buy (1) -

ResMed announced better than expected FY25 EPS by 2%, according to Citi, at US$2.55 versus consensus at US$2.50, with stronger revenue by 1% and much better gross margins which benefitted from a lower USD by circa 120 basis points.

Revenue growth across the divisions came in with devices at 8%, masks at 11%, and SaaS up 9%, with opex growth restrained to allow for a rise in the earnings before interest and tax margin of 260 basis points to 35.3%.

Management has guided to strong gross margin for FY26 between 61% and 63% versus 60% in FY25, which is above consensus but expected to be offset by a higher tax rate of 21% to 23%.

Citi views the consensus revenue growth for FY26 at circa 8% as "conservative" and anticipates 10% growth, with single digit upgrades to consensus earnings estimates likely.

A Buy rating is maintained. Target price lifts to $49 from $45. Citi raises its EPS forecasts by 2% to 4% for FY26 and FY27 on higher expected gross margin assumptions and a further share buyback, offset by a higher tax rate.

Target price is $49.00 Current Price is $42.88 Difference: $6.12
If RMD meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $47.47, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Morgan Stanley rates RMD as Overweight (1) -

ResMed's June quarter result beat Morgan Stanley's expectations, with earnings (EBITDA) supported by currency gains and the VirtuOx acquisition. VirtuOx specialises in at-home diagnostics for sleep, respiratory, and cardiac conditions.

Gross margin rose to 60.7%, up 150bps year-on-year and 80bps quarter-on-quarter. Free cash flow rose 25% to US$1.7bn, and installed devices exceeded 30m, doubling since 2021.

For FY26, gross margin is expected to be in the range of 61-63%, ahead of the prior consensus forecast of circa 60.5%.

The analyst continues to see a favourable growth outlook for ResMed, supported by increased uptake in addressable markets, reflecting increased diagnosis and awareness of OSA.

The buy-back program is expected to increase to US$150m per quarter from US $100m.

The broker lifts FY26 and FY27 EPS forecasts by 3% and 2% respectively. The target price is raised to US$298 from US$291. An Overweight rating is retained. Industry View: In-Line.

Current Price is $42.88. Target price not assessed.

Current consensus price target is $47.47, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett concurs that ResMed reported a "solid" June quarter result, with financial metrics, revenue, margins, operating cash flow, and dividend all exceeding consensus expectations.

Sales were robust, supported by CPAP machine demand in the US market, as improvements in the diagnostic process and set up of machines in customer settings assisted. The recent acquisition of Virtuox, a virtual diagnostic business, also played a role.

The analyst raises ResMed's EPS estimates by 2% for FY26, with a slight downward tweak for FY27 by -0.2%.

Target rises to $48.80 from $45.60. No change to Buy rating.

Target price is $48.80 Current Price is $42.88 Difference: $5.92
If RMD meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $47.47, suggesting upside of 10.6% (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: 0.9

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

Bell Potter rates SIG as Initiation of coverage with Sell (5) -

Bell Potter initiates coverage of Sigma Healthcare with a Sell rating and $2 target price, with the analyst stressing the current market capitalisation is not underpinned by the outlook for the company's earnings growth and dividend yield.

The merger between Chemist Warehouse Group and Sigma has proven to be one of the most successful M&A transactions, with sizeable wealth generated for the founders and franchisee shareholders, and with potential low hanging opportunities, the broker states.

However, the "imminent" expiry of the first escrow date for the partial sell down of shares by co-founders, and potential weaker 2H2025 earnings, which accords with historical trends, are highlighted as other headwinds for the stock with consensus earnings forecasts for FY26 expected to converge.

Target price is $2.00 Current Price is $2.86 Difference: minus $0.86 (current price is over target).
If SIG meets the Bell Potter target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.82, suggesting downside of -1.7% (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

Shaw and Partners - Cessation of coverage

Market Sentiment: 0.0

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

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

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

For Santos, the analysts forecast a 1H25 dividend of US$16cps (consensus US$17cps). The company's 1H25 pre-growth free cash flow (FCF) target is US$1.1bn and management targets a 40% payout.

No change to Equal-weight rating with an $8.88 target. Industry View: In-Line.

Target price is $8.88 Current Price is $7.84 Difference: $1.04
If STO meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.33, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Ord Minnett rates STO as Accumulate (2) -

Ord Minnett believes it will take some time for Abu Dhabi sovereign wealth fund ADC and Carlyle Group to achieve regulatory and financial approval for the Santos takeover, based on the fact two previous offers were rejected.

The analyst expects FIRB approval eventually, but the transaction is unlikely to be completed before March 2026.

Alternatively, if the deal were not to proceed, Ord Minnett estimates the company could generate an attractive dividend yield of 10%-14% for 2028 to 2030, based on Barossa and Pikka coming on stream, assuming a US$75bbl oil price.

No change to Accumulate rating and $8.89 target.

Target price is $8.89 Current Price is $7.84 Difference: $1.05
If STO meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.33, suggesting upside of 6.5% (ex-dividends)

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: 0.4

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) -

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

For Viva Energy, management's 2025 guidance is for 9.0-10.5mmboe production and -US$120-140m capex.

The broker forecasts refining margins of US$7.90/bbl for 2025, US$10.10/bbl for 2026 and US$11.00/bbl onwards. 

Target $2.11. Equal-weight. Industry View: In-Line.

Target price is $2.11 Current Price is $2.11 Difference: $0
If VEA meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 23.9% (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 VMM as Speculative Buy (1) -

Viridis Mining and Minerals' 4Q25 cash balance declined to $1.2m, with the share price up 70% since the US Department of Defense MP Materials deal, which has ignited interest in the rare earth sector, Ord Minnett highlights.

The rally in the share price allowed for an $11m capital raising, its largest since listing on the ASX in early 2022. The broker believes much of the cash concerns have been alleviated with the raising.

The company is also negotiating with Brazilian private equity over funding for up to $46m over three years, and if agreed and funds received, then Ord Minnett believes Viridis would be fully funded through to the final investment decision on Colossus.

Speculative Buy retained. No change to $1.60 target.

Target price is $1.60 Current Price is $1.06 Difference: $0.54
If VMM meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

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

Morgan Stanley highlights key metrics to watch across its Australian energy coverage this August reporting season.

The broker prefers downstream names such as Ampol, Viva Energy, while Beach Energy and Origin Energy remain less favoured.

For Woodside Energy, the analysts are looking for progress updates on Beaumont New Ammonia, Scarborough, Trion, Louisiana LNG, and any further new energy initiatives.

Equal-weight rating. Target $27. Industry View: In-Line.

Target price is $27.00 Current Price is $26.53 Difference: $0.47
If WDS meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.58, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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