Australian Broker Call

Ord Minnett rates A1M as Speculative Buy (1) -

AIC Mines delivered a marginally softer Dec Q result, Ord Minnett reports, in which rainfall saw inventory levels increase. This should unwind this quarter and combine with first ore from Jericho.

Jericho mining rates should progressively ramp-up to 1.1mtpa by FY28 which will fill an expanded mill (1.1mtpa). This will see a step change in production, Ord Minnett notes.

Speculative Buy retained. Target rises to 80c from 75c.

Target price is $0.80 Current Price is $0.65 Difference: $0.15
If A1M meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.76, suggesting upside of 20.1% (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

Ord Minnett rates AIS as Speculative Buy (1) -

Aeris Resources delivered a mixed Dec Q result, Ord Minnett reports. Copper production came in -13% lower than expectations on lower throughput but this was more than offset by higher gold production at Cracow and better group costs and capital spend.

The company is in the "premiership" quarter, the broker suggests, in which Murrawombie contribution at Tritton should improve mill throughput and bring improved production. Combining this with higher commodity prices should see record free cash flows.

Speculative Buy and 85c target maintained. 

Target price is $0.85 Current Price is $0.68 Difference: $0.17
If AIS meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.68, suggesting upside of 8.9% (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

Ord Minnett rates ALD as Buy (1) -

Ampol guided to 2025 earnings (EBIT) of $945m, matching consensus estimates but modestly short of Ord Minnett’s forecast. Management commentary signalled growth in all divisions bar the New Zealand operations, where EBIT is expected to be flat on a year ago.

The Dec Q refining margin came in at US$15.14/bbl, in line with market expectations, as the company drove its Lytton refinery in Brisbane hard to gain maximum advantage from strong margins.

The disappointment was the omission of any commentary on the refining margin outlook, suggesting to Ord Minnett that margins have
narrowed significantly in January.

Target falls to $35.50 from $37.00, Buy retained.

Target price is $35.50 Current Price is $28.63 Difference: $6.87
If ALD meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $34.05, suggesting upside of 18.9% (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

Bell Potter rates ALK as Buy (1) -

Bell Potter assesses Alkane Resources' December quarter report as "very strong", noting production of 43,633oz gold equivalent beat forecasts and guidance. Improved grades across all assets were a key feature.

AISC (cost) came in at $2,739/oz, slightly below expectations and within guidance, helped by tight cost control and strong antimony by-product credits.

The broker notes the first full quarter post-merger (Mandalay Resources) was a success, adding $58m in cash and reducing hedge exposure to under 20%. It highlights effective operational and management execution, in the broker's view.

FY26 EPS forecast lifted by 37% and FY27 by 69%. Buy retained, with an increase in target to $1.95 from $1.40.

Target price is $1.95 Current Price is $1.67 Difference: $0.28
If ALK meets the Bell Potter target it will return approximately 17% (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 AMP as Buy (1) -

Two weeks ahead of AMP's 2025 result, the company has offered a maiden cost guidance for 2026 which is marginally above Citi's prior expectations and somewhat disappointing as it impacts the 2026 earnings outlook.

That said, the analyst believes it serves to narrow consensus expectations and reduces the likelihood of the new CEO rebasing the guidance outlook.

Buy rating retained with a $2.10 target.

Target price is $2.10 Current Price is $1.65 Difference: $0.45
If AMP meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates AMP as Overweight (1) -

AMP’s North platform is increasingly differentiated, according to Morgan Stanley with SuitabilityHub analysis showing a 20–25% fee discount to peers across $500k–$1m portfolios while retaining strong functionality for retiree-focused advisers.

This is expected to underpin a 25% upgrade to 2026 group net flow forecasts to $6.0bn, with the broker also pointing to improving super system dynamics as a structural tailwind for retail platforms.

Management offered higher 2026 cost guidance which tempers earnings forecasts slightly.

The analyst lowers underlying NPAT by -1 to -2% across 2025–2027, but this is more than offset by stronger flows and a near-80% step-up in dividends in 2026 as payout lifts to 55%.

Overweight retained, price target raised to $2.20 from $2.10. Industry View: In-Line.

Target price is $2.20 Current Price is $1.65 Difference: $0.55
If AMP meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.03, suggesting upside of 19.4% (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

UBS rates ANN as Neutral (3) -

UBS has reinstated coverage of Ansell ahead of the 1H26 result, pointing to steady margin improvement despite a tougher tariff backdrop.

While sales growth is expected to be softer than consensus, UBS forecasts a modest EPS beat in 1H26 and FY26, boosted by productivity savings, Kimberley Clark synergies and lower interest costs.

Price increases implemented to offset US tariffs are tracking effectively, in the broker’s view, helping protect margins as restructuring benefits largely wash through.

The analyst believes the recent CEO and CFO changes introduce an element of uncertainty around medium-term strategy and execution.

Neutral is reinstated with a $36.00 target, down from $38.20.

Target price is $36.00 Current Price is $33.38 Difference: $2.62
If ANN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.78, suggesting upside of 9.8% (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: 0.0

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

Bell Potter rates BPG as Speculative Buy (1) -

Black Pearl's first quarterly report since the ASX debut in November delivered strong ARR (annual recurring revenue) growth to $23.7m, up 114% y/y, well ahead of expectations, Bell Potter highlights.

Growth was driven by higher-value customers and Data-as-a-Service (DaaS) contracts. Operating metrics improved materially, with churn falling to 8.3%, ARR per employee up 13% y/y, and CAC (customer acquisition cost) payback shortened to 3.9 months, the broker notes.

Growth was broad-based across ventures, prompting the broker to pull forward ARR estimates and resulting in upgrades to EPS forecasts (narrower losses).

Speculative Buy maintained. Target rises to $1.91 from $1.45.

Target price is $1.91 Current Price is $0.98 Difference: $0.93
If BPG meets the Bell Potter target it will return approximately 95% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 CAR as Accumulate (2) -

Ahead of the February results season, Morgans notes classifieds trends have modestly improved, with stronger job ads at Seek, a dealer-skewed mix at CAR Group, and improving listings at REA Group.

The broker made minor downgrades to EPS forecasts, but higher cost of capital drove larger valuation cuts.

For CAR Group, the broker adjusted FY26-27 volume growth assumptions, with “Australia” dealer positively revised and Private negatively, resulting in a -0.5% decline to the revenue estimates.

Accumulate. Target cut to $35.50 from $40.80.

Target price is $35.50 Current Price is $28.93 Difference: $6.57
If CAR meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $40.41, suggesting upside of 45.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates CMM as Neutral (3) -

Macquarie sees Capricorn Metals tracking toward the upper end of FY26 guidance, with 30.5koz pre-reported in the December quarter and cash of $457m, building at $89m q/q.

Attention remains on Mt Gibson permitting, with the broker now assuming first production in 2Q28 following slower-than-expected federal and state approvals.

While Karlawinda continues to deliver consistent production, Macquarie flags near-term earnings pressure from the delayed Mt Gibson timeline despite potential underground upside at Orion South.

The analyst lifts FY26 EPS by 1% on pre-reported results, but FY27 and FY28 are cut by -26% and -18%, respectively. Neutral retained and target lowered to $15.20 from $15.80.

Target price is $15.20 Current Price is $16.05 Difference: minus $0.85 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.83, suggesting upside of 20.2% (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 COI as Speculative Buy (1) -

Morgans notes the highlight of the December quarter for Comet Ridge was the binding agreement to acquire Santos’ ((STO)) stake in the Mahalo Gas Project, moving to 100% ownership.

Additionally, progress was made on NAIF debt due diligence, key EPBC approval, and advancing FEED studies.

Speculative Buy and 25c target are unchanged.

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).

Market Sentiment: 1.0

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

Macquarie rates FCL as Outperform (1) -

Macquarie highlights Fineos Corp delivering positive free cash flow in 2025, with EUR9.2m generated over the past 12 months, in line with guidance and supporting a stronger balance sheet.

Net cash increased EUR8m year on year to EUR27.8m at Dec 2025, while quarter cash outflows were attributed to seasonality rather than operating weakness.

Two new North American AdminSuite clients were signed in 4Q2025 and, alongside lower staff costs and improved utilisation, underpin Macquarie’s view that the regional pipeline remains strong.

Earnings forecasts were left largely unchanged, although the broker notes cash generation implies upside risk to medium-term assumptions. Outperform rating and $3.48 target unchanged.

Target price is $3.48 Current Price is $2.30 Difference: $1.18
If FCL meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates GMD as Buy (1) -

Citi expects Genesis Minerals to release its 10-year plan in 2H26 which will offer more details on Tower Hill ore processing and the expanded Leonora mill.

The broker anticipates a positive market reaction to the release as the miner has a robust track record, with the market trusting management to deliver on targets.

Management also pointed to scope for first ore at Tower Hill to be pulled forward, and the analyst now models production to start in 4Q27 from 2Q28.

Target lifted to $10.10 from $7.60 with a Buy rating retained. The implied gold price at current share price levels is US$3,670/oz which is relatively cheap versus peers, Citi states.

Target price is $10.10 Current Price is $8.42 Difference: $1.68
If GMD meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.16, suggesting upside of 6.4% (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 IEL as Neutral (3) -

Macquarie highlights continued divergence across key markets for IDP Education, with Australian visa volumes weakening again in Dec-25, Canada showing a sharp rebound, and the UK delivering only modest growth.

Aligning visa approvals to the company's revenue recognition framework implies a challenging 1H26, with the broker flagging a market decline of roughly flat to -50% across Australia and Canada, while UK volumes appear broadly flat.

Volume weakness in Australia remains concentrated in India and China, while Canada surprised positively in Nov-25 with total visas up 41% and university volumes up 32%,, the analyst notes. 

No change to earnings forecasts. Neutral rating and $6 target retained.

Target price is $6.00 Current Price is $5.96 Difference: $0.04
If IEL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.24, suggesting downside of -1.0% (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

Citi rates IGO as Neutral (3) -

At first take, Citi notes IGO Ltd offered no comments around the TLEA JV structure at the Dec qtr update with Greenbushes year-to-date production annualising at 1,344kt which sits below guidance (1500-1650kt).

Spodumene production of 352kt met expectations, and cash costs were -1% below consensus. Kwinana generated an earnings (EBITDA) loss for the period of -$51.3m, some 7% above consensus, including capex.

Target price $9.30 and Neutral rating unchanged.

Target price is $9.30 Current Price is $8.57 Difference: $0.73
If IGO meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 2.9% (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 IGO as Neutral (3) -

Macquarie describes IGO Ltd’s 2Q26 update as mixed, with spodumene production of 352kt in line but sales missing by -9% due to shipment timing. CGP3 (Chemical Grade Plant 3 at Greenbushes) commissioning in December now shifts focus to ramp-up execution.

To meet FY26 guidance, Greenbushes ex-CGP3 may need to operate at a 1.6mtpa run rate in 2H26, which the broker flags as a key productivity test despite having been achieved previously.

Kwinana underperformed, generating a 2Q26 earnings (EBITDA) loss of -$51.3m, above consensus, reflecting maintenance outages and the fully impaired Train 1. Nova nickel met expectations and copper costs surprised on the upside.

The analyst lowers FY26 EPS forecast by -2%.  Neutral retained with a $9.00 target

Target price is $9.00 Current Price is $8.57 Difference: $0.43
If IGO meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 2.9% (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

Morgan Stanley rates IGO as Underweight (5) -

IGO Ltd’s 2Q26 results were broadly in line with Morgan Stanley's expectations, with Greenbushes production of 352kt in line but shipments down some -11% on timing. Realised pricing lagging spot due to formula-linked contracts.

Nova nickel volumes missed slightly on lower ore mined and milled, although better grades and recoveries drove cash costs of $4.54/lb, beating expectations by more than 15% and tracking below FY26 guidance.

Kwinana underperformed on maintenance, with hydroxide production of 2.1kt and conversion costs up 46% q/q, though still within guidance.

Management's FY26 guidance was left unchanged, but the broker flags Greenbushes cash costs sitting marginally above guidance and a heavier shipment lift required in 2H to close the gap.

Underweight retained with the target lowered to $7.50 from $8.40.

Target price is $7.50 Current Price is $8.57 Difference: minus $1.07 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.54, suggesting upside of 2.9% (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

Bell Potter rates IKE as Buy (1) -

ikeGPS Group delivered strong December quarter (3Q26) momentum in subscriptions, with revenue rising 13% q/q to NZ$5.3m, beating Bell Potter's forecast of NZ$5.2m. 

Gross profit and margins improved materially, supported by subscription mix, margin expansion, and cost efficiencies.

The broker notes exit ARR (annual recurring revenue) is tracking ahead of FY26 expectations, supported by higher per-seat pricing and early uptake of the new AI product PolePilot. This is partially offset by a softer transaction outlook and higher FY26 EPS losses.

Downgrade to FY26 EPS forecast but no change to FY27. Buy rating and $1.17 target are unchanged.

Target price is $1.17 Current Price is $0.87 Difference: $0.3
If IKE meets the Bell Potter target it will return approximately 34% (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

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

Macquarie sees value emerging at Iluka Resources following a mixed 4Q2025 result, where a 54% production beat and solid sales offset weaker ilmenite output and a heavy exceptional charge.

The broker notes net debt of $1.06bn was in line, while revenue beat expectations by 18%, despite a -$0.6bn impairment and inventory write-down reflecting ongoing market weakness.

Guidance for 2026 disappointed on volumes, with synthetic rutile production guided to zero and zircon output tracking below consensus, although management flagged meaningful working capital release from inventory sales.

The analyst tweaks EPS forecasts for 2025 while 2026 is cut by -15%, and outer-year forecasts largely unchanged.

Macquarie upgrades the stock to Outperform to from Neutral and target cut to $6.50 from $7.10.

Target price is $6.50 Current Price is $5.55 Difference: $0.95
If ILU meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates ILU as Overweight (1) -

Iluka Resources delivered a beat in 4Q2025, with zircon, rutile and synthetic rutile production and sales materially ahead of expectations, driven by strong zircon processing and improved rutile recoveries, Morgan Stanley notes. Weaker realised prices, however, weighed on revenue.

Pricing for zircon and rutile fell -15 to -18% versus expectations due to Chinese discounting and product mix, offsetting much of the volume upside and contributing to mineral sands earnings (EBITDA) of around $300m in 2025.

Guidance for 2026 was mixed, with zircon and rutile volumes ahead of consensus ex-synthetic rutile, lower total cash production costs, but higher unit cost of goods sold.

The broker cut 2025 EPS forecast by -41% and lifts 2026 by 45%, while including an expected -$350m FY25 impairment and a shorter Cataby mine life.

Overweight retained, with the target cut to $6.75 from $7.30. Industry View: Attractive.

Target price is $6.73 Current Price is $5.55 Difference: $1.18
If ILU meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Sell (5) -

Iluka Resources' Dec Q saw solid production but dire mineral sand prices that led to impairments of -$565mn. Prices are so low they undercut the cost base of some inventory, Ord Minnett notes.

Iluka’s mineral sand business has clocked up net debt of $473m from Balranald capex, and the broker expects debt will climb to over $800m in the June half 2027 due to $200m injection needed for Eneabba, and negative operating cashflow from low prices.

Ord Minnett believes Iluka will need an equity raise to deal with the debt overhang as there is scant cashflow from the operations at current prices. Target falls to $5.00 from $6.00, Sell retained.

Target price is $5.00 Current Price is $5.55 Difference: minus $0.55 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.76, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates ILU as Neutral (3) -

UBS argues Iluka Resources’s 4Q2025 operational beat was quickly overshadowed by a notably weaker 2026 outlook, keeping the stock in what the broker describes as a “treading water” phase.

Zircon, rutile and synthetic rutile production of 155kt and sales of 161kt beat expectations, but 2026 Z/R/SR guidance of 265kt implies a -52% y/y decline and sits well below consensus. 

Additionally, -$350m pre-tax impairment at Iluka’s Narngulu processing hub and a -$215m inventory write-down, and the net result was a cut to the broker's 2026–2027 volumes by around -20%, with a forecast for a loss in 2026.

The analyst lowers EPS forecast by -69% for 2025. Neutral retained, target cut to $5.25 from $5.45

Target price is $5.25 Current Price is $5.55 Difference: minus $0.3 (current price is over target).
If ILU meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.76, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates IPD as Speculative Buy (1) -

ImpediMed's December quarter (2Q26) revenue was up 8% q/q and 18% y/y, driven by 14% price increases on renewals, Bell Potter notes. Volumes rose q/q due to stronger RoW sales, offset by weak US unit volumes.

Cash flow improved materially with net operating outflow narrowing to -$2.9m (from -$6.0m), supported by an R&D tax incentive, leaving a solid cash balance of $18.5m.

The broker observes challenging US performance, with a slight decline in installed base and churn rising to 4%, reflecting hospital budget pressures.

Speculative Buy maintained. Target cut to 4.5c from 7c on -36% reduction in valuation due to lower volumes assumptions and rise in WACC by 50bps.

Target price is $0.05 Current Price is $0.02 Difference: $0.025
If IPD meets the Bell Potter target it will return approximately 125% (excluding dividends, fees and charges).

Current consensus price target is $0.09, suggesting upside of 341.7% (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

Morgans rates IPD as Speculative Buy (1) -

Morgans notes ImpediMed's December quarter update showed ongoing weakness in US sales due to hospital budget constraints. 

Revenue rose 8% q/q to $3.9m, but US unit sales disappointed. Cash remains tight with 6.5 quarters of runway, making pipeline conversion and cost control critical, the broker explains.

Revenue forecasts for FY26-28 downgraded sharply, resulting in a forecast for wider net EPS loss in FY26-28.

Speculative Buy. Target trimmed to 10c from 13c.

Target price is $0.10 Current Price is $0.02 Difference: $0.08
If IPD meets the Morgans target it will return approximately 400% (excluding dividends, fees and charges).

Current consensus price target is $0.09, suggesting upside of 341.7% (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

Bell Potter rates LTR as Buy (1) -

Liontown's December quarter (2Q26) production of 105kt spodumene was slightly lower than Bell Potter's estimate, with sales and revenue also below expectations. These negatives were partly offset by lower unit costs and a strong cash position of $390m.

LG Energy Solution elected to convert its US$250m convertible note into equity, reducing Liontown's debt but increasing its holding to 8% of issued shares.

The company maintained FY26 guidance, with improving lithium prices expected to lift realised prices and cash flow. Expansion options at Kathleen Valley (up to 4Mtpa) are being reassessed for potential approval in mid-2026.

EPS forecast for FY26 trimmed by -1% and by -3% for FY27. Buy retained with a cut in target to $2.42 from $2.48 on impact of note conversion.

Target price is $2.42 Current Price is $2.05 Difference: $0.37
If LTR meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 4.1% (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 LTR as Sell (5) -

Management has erred against investing more capital into Liontown's 4mtpa plan, awaiting further confirmation of sustained SC6 prices, Citi explains.

The analyst believes management has the decline in SC6 prices that transpired in 2023/2024 as front and centre, when prices fell around -US$1000/t in the 18 months from the start of Kathleen Valley construction to first production.

A final investment decision is flagged in early FY27, and management indicated on the call M&A opportunities are being considered.

No change to Sell rating and $1.70 target.

Target price is $1.70 Current Price is $2.05 Difference: minus $0.35 (current price is over target).
If LTR meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting upside of 4.1% (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

Macquarie rates LTR as Underperform (5) -

Macquarie views Liontown’s 2Q26 as operationally strong, with production, sales and costs beating expectations, although lower realised spodumene prices drove an ~8% revenue miss.

The broker has, for the first time, incorporated the 4mtpa expansion into its base case, assuming $250m capex, a 4Q2026 start in construction and full ramp-up by late CY28, with execution risk now a key focus.

The analyst lowers EPS forecasts for FY26 by -6% and material upgrades beyond FY27 reflecting the expansion profile and LG Energy Solution’s debt conversion.

Macquarie retaining an Underperform rating due to the valuation at current prices. target lifted to $1.70 from $1.00

Target price is $1.70 Current Price is $2.05 Difference: minus $0.35 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting upside of 4.1% (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 LTR as Trim (4) -

Liontown's December quarter (2Q26) update beat expectations on production and costs, with a clear pathway to higher run-rates as underground feed ramps up in 2H26, Morgans highlights.

The balance sheet was materially de-risked by LG Energy Solution’s US$250m convertible note conversion, removing debt and enhancing flexibility despite dilution.

Minor changes to forecasts. Target unchanged at $2 and Trim rating maintained.

Target price is $2.00 Current Price is $2.05 Difference: minus $0.05 (current price is over target).
If LTR meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting upside of 4.1% (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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences' December quarter (2Q26) revenue of $3.7m was down -16% y/y but rose 3% q/q, with 1H26 revenue of $7.3m slightly below expectations, Bell Potter highlights.

Strong growth in the Microbiome Explorer was offset by the wind-down of legacy revenues. The broker notes legacy revenues are now largely exited, setting up a cleaner growth profile into 2H26, where management expects a strong rebound versus 2H25.

Guidance for Australia and UK regions' EBITDA breakeven in FY26 was reaffirmed, contingent on higher test volumes in 2H26. Minor downgrades to EPS forecasts.

Speculative Buy. Target trimmed to 13c from 14c.

Target price is $0.13 Current Price is $0.10 Difference: $0.03
If MAP meets the Bell Potter target it will return approximately 30% (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 MAP as Speculative Buy (1) -

Microba Life Sciences' December quarter (2Q26) update showed strong momentum in core testing, with Australia adoption accelerating and UK uptake building, Morgans observes.

It supports a clear path to the 24k testing volume target by EOFY despite softer headline revenue from legacy wind-downs, the broker highlights.

The cost base continues to improve, supporting stronger operating leverage and increasing confidence in achieving FY26 breakeven.

No change to forecasts. Speculative Buy and 29c target are unchanged.

Target price is $0.29 Current Price is $0.10 Difference: $0.19
If MAP meets the Morgans target it will return approximately 190% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Mineral Resources' December quarter (2Q26) sales volumes beat Bell Potter's forecasts across iron ore and lithium. Mining Services volumes were strong, Onslow costs were low, 1H26 capex was lower than expected, and liquidity improved.

The company upgraded FY26 SC6 sales guidance at both Wodgina and Mt Marion, reflecting operational flexibility and the ability to capture stronger lithium prices. Other guidance metrics were maintained.

EPS forecasts revised down in FY26 but upgraded in FY27-28, and valuation lifted to reflect higher long-term lithium pricing assumptions.

Buy. Target rises to $70 from $68.

Target price is $70.00 Current Price is $61.02 Difference: $8.98
If MIN meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $58.25, suggesting upside of 2.4% (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

Morgan Stanley rates MIN as No Rating (-1) -

Morgan Stanley highlights a strong 2Q26 performance from Mineral Resources, with production and sales materially ahead of both broker and consensus expectations across iron ore and lithium.

Onslow continues to stand out, with costs tracking at the bottom end of guidance and ramp-up now stabilised, while Pilbara volumes benefited from inventory movements ahead of Lamb Creek.

Lithium output and pricing surprised positively, prompting upgrades to FY26 guidance at Wodgina and Mt Marion, with costs unchanged and Bald Hill restart under evaluation.

Net debt of $4.9bn was lower than expected, supported by strong operating cash flow and exchange rate gains, although potential impairments were flagged. 

Morgan Stanley is under research restriction for Mineral Resources. No rating or target price.

Current Price is $61.02. Target price not assessed.

Current consensus price target is $58.25, suggesting upside of 2.4% (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 MIN as Hold (3) -

Morgans notes Mineral Resources' December quarter (2Q26) update beat expectations across Mining Services, lithium and iron ore. Strong execution, improved lithium pricing and lower-than-guidance costs were the highlights.

Lithium optionality has increased, the broker explains, with higher guidance at Mt Marion and Wodgina, opportunistic operation of Wodgina Train 3, and a potential Bald Hill restart under assessment.

Net debt reduced to $4.9bn from $5.4bn the quarter prior. Hold maintained, with a higher target of $67 from $66.

Target price is $67.00 Current Price is $61.02 Difference: $5.98
If MIN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $58.25, suggesting upside of 2.4% (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

Bell Potter rates MSB as Speculative Buy (1) -

Bell Potter notes Mesoblast's Ryoncil delivered strong December quarter (2Q26) revenue of US$30m, beating consensus by 8%, despite a higher gross-to-net discount driven by sales mix.

The company ended the quarter with US$130m cash, posting a net operating cash outflow of US$15.6m as operating spend rose due to expanded US clinical and commercial activity.

A new debt facility simplifies the balance sheet, the broker highlights, with a straightforward 8% interest-only structure, while improving cash flow outlook.

Speculative Buy. Target rises to $4.45 from $4.00.

Target price is $4.45 Current Price is $2.58 Difference: $1.87
If MSB meets the Bell Potter target it will return approximately 72% (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 OMA as Speculative Buy (1) -

Progress at the Canyon appraisal project and a strategic 19.43% stake in Elixir Energy ((EXR)) were highlights for Omega Oil & Gas in the December quarter, Morgans notes.

The broker explains Canyon has evolved into a dual oil and gas appraisal following encouraging oil flows, with multiple wells planned across both eastern and western flanks of the Taroom Trough.

A strong funding position supports Omega's forward program. Speculative Buy maintained.

Target trimmed to 56c from 64c mainly on dilution following equity raising.

Target price is $0.56 Current Price is $0.47 Difference: $0.09
If OMA meets the Morgans target it will return approximately 19% (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 PME as Overweight (1) -

With shares lagging the ASX200 year to date, down -16%, Morgan Stanley argues Pro Medicus is approaching its 1H26 result on 12 Feb with expectations set conservatively despite strong underlying momentum.

Management has indicated performance is ahead of budget, and the broker expects revenue to skew 45/55 between 1H and 2H, reflecting implementation timing, including the second phase of Trinity.

The market's attention is likely to focus on early contribution from the $170m UC Health cardiology rollout, which Morgan Stanley assumes carries at least double the pricing per scan of radiology, alongside any commentary on margins.

Overweight retained with a $350 target. Industry View: Attractive.

Target price is $350.00 Current Price is $181.69 Difference: $168.31
If PME meets the Morgan Stanley target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $317.72, suggesting upside of 72.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates PPT as Buy (1) -

Bell Potter describes Perpetual's December quarter (2Q26) update as underwhelming, with Asset Management AUM down -2% to $227.5bn due to net outflows of -$7.8bn. This was partly offset by positive market movements.

The company made limited progress on the Wealth Management sale, the broker notes. Outflows were concentrated at Barrow Hanley and TSW, while Corporate Trust performed better, with Funds under Administration rising 2.1% to $1.3trn

Costs are tracking at the low end of FY26 guidance, the broker observes, helped by favourable FX, with significant items expected at $54-63m after tax and no impairments flagged.

FY26 EPS forecast trimmed by -2.3% and FY27 by -3.1%. Buy retained, with a lower target of $22.80 from $25.00.

Target price is $22.80 Current Price is $18.99 Difference: $3.81
If PPT meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $21.55, suggesting upside of 20.3% (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 PPT as Neutral (3) -

Perpetual experienced considerable 2Q26 outflows which infers to the Citi analyst that the investment/wealth manager is some way from a recovery in flows, while costs appear to be in control.

The divestment of Wealth management seems to be progressing on schedule and an announcement may be very soon.

The analyst lowers EPS estimates by -1% for FY26 and -4% for FY27, noting the stock is "inexpensive" if the sale of Wealth Management can be achieved at a sufficient price.

Target slips to $19.70 from $20.60 with a Neutral rating retained.

Target price is $19.70 Current Price is $18.99 Difference: $0.71
If PPT meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.55, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates PPT as Outperform (1) -

Perpetual's net outflows of -$7.8bn in the Dec Q is weaker than consensus expectations of -$3.8bn and the Sep Q of -$2.2bn. Funds under management of $227.5bn was -2.1% below consensus.

Discussions on the sale of the Wealth division are well advanced, Macquarie reports, including flagging significant progress has been made on transaction documentation. This suggests to the broker a sale is likely and should serve as a catalyst to unwind some of the sum-of-the-parts valuation discount.

Despite continued outflows, Macquarie reiterates an Outperform rating, given the potential sale of the Wealth division and scope for further cost-out above current plans with Perpetual's cost-to-income ahead of global peers.

Target falls to $22.25 from $23.70.

Target price is $22.25 Current Price is $18.99 Difference: $3.26
If PPT meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $21.55, suggesting upside of 20.3% (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

UBS rates PPT as Neutral (3) -

UBS points to a soft but largely expected 1H26 trading update from Perpetual, with flows and earnings reflecting ongoing pressure in the Australian platform business.

The broker notes stabilisation in advice net flows, although institutional and offshore mandates remain challenged, limiting near-term operating leverage.

Cost discipline continues to be key in the broker's view, with management reiterating its focus on margin protection while investing selectively in growth initiatives.

UBS left earnings forecasts broadly unchanged, preferring to wait for clearer evidence of sustained flow recovery before turning more constructive.

Target slips to $20.60 from $22.40. No change to Neutral rating.

Target price is $20.60 Current Price is $18.99 Difference: $1.61
If PPT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $21.55, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates PRU as Neutral (3) -

Perseus Mining's Dec Q production of 88.9koz was -12% below Macquarie's forecast, while costs of US$1,800/oz were 12% above. Perseus maintained FY26 production guidance of 400-440koz but cost guidance has been increased by 9%.

Following a period of restriction, Macquarie reinstates coverage with a Neutral recommendation and $6.40 target.

FY27 is expected to be a period of high capital expenditure with growth expenditure at Nyanzaga suppressing free cash flow to 0% (2% at spot gold).

Target price is $6.40 Current Price is $6.40 Difference: $0
If PRU meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 6.0% (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: 0.3

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

Morgan Stanley rates REA as Overweight (1) -

Morgan Stanley flags elevated risk and opportunity around REA Group’s 1HF26 result on 6 Feb, with share price volatility likely higher than usual as investors focus on AI disruption, competitive dynamics and strategic direction under the new CEO.

The broker notes sentiment has been weighed down by concerns around CoStar, Domain’s new ownership and uncertainty over AI’s impact on long-term earnings, with REA shares down -21% over the past year.

The market will focus most likely on earnings (EBITDA) margins and any change to R&D spend, with Morgan Stanley’s base case assuming 7-8% 1H26 revenue growth, margins of 70–71% and a stable R&D envelope.

A lift in R&D spending to address AI or competitive threats would likely be viewed negatively by the market, while confirmation current investment levels are sufficient could ease near-term concerns. Overweight rating retained with a $290 target.

Industry View: Attractive

Target price is $290.00 Current Price is $189.00 Difference: $101
If REA meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $244.39, suggesting upside of 28.2% (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 REA as Accumulate (2) -

Ahead of the February results season, Morgans notes classifieds trends have modestly improved, with stronger job ads at Seek, a dealer-skewed mix at CAR Group, and improving listings at REA Group.

The broker made minor downgrades to EPS forecasts, but higher cost of capital drove larger valuation cuts.

For REA Group, the broker lowered 1H26 volume growth forecast to -5% from -4%, with EPS forecasts for FY26-28 cut by around -1%.

Accumulate. Target cut to $236 from $247.

Target price is $236.00 Current Price is $189.00 Difference: $47
If REA meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $244.39, suggesting upside of 28.2% (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 RMS as Downgrade to Neutral from Outperform (3) -

Ramelius Resources' Dec Q production of 45.6koz was pre-released, while costs of $1,977/oz were 7% higher than consensus forecasts. Exploration at Galaxy could displace lower-grade tonnes, Macquarie suggests, providing upside to the five-year plan.

Following a strong share price performance, Macquarie views valuation as fair on an FY27 enterprise value to earnings multiple of 10.3x (improving to 6.8x at spot gold of US$5,400/oz).

Downgrade to Neutral from Outperform. Target rises to $4.80 from $4.60.

Target price is $4.80 Current Price is $5.04 Difference: minus $0.24 (current price is over target).
If RMS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.56, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates SEA as Buy (1) -

Sea Forest has released Dec Q results, maintaining strong momentum since listing in November. Post listing, the company has added 12,000 head of cattle to take the total head under contract to 118,000 and has commenced work on the first Distribution Centre.

Sea Forest recently formed a partnership with Woolworths ((WOW)), Teys and DIT AgTech to conduct a large-scale commercial trial to enter the 30m head Australian grazing market.

With a clear pathway to profitability from feedlots alone by FY27, Ord Minnett remains very positive about Sea Forest’s future growth. Buy and $3.05 target retained.

Target price is $3.05 Current Price is $3.03 Difference: $0.02
If SEA meets the Ord Minnett target it will return approximately 1% (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 SEK as Accumulate (2) -

Ahead of the February results season, Morgans notes classifieds trends have modestly improved, with stronger job ads at Seek, a dealer-skewed mix at CAR Group, and improving listings at REA Group.

The broker made minor downgrades to EPS forecasts, but higher cost of capital drove larger valuation cuts.

In the case of Seek, the broker lowered FY27 volume growth forecast to 4% from 6%, resulting in -2.5% downgrade to EPS forecasts for FY27-28.

Accumulate. Target cut to $27.50 from $30.80.

Target price is $27.50 Current Price is $21.55 Difference: $5.95
If SEK meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $30.21, suggesting upside of 43.6% (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 VEA as Outperform (1) -

Weaker-than-expected gross refinery margins dragged on Viva Energy's Dec Q, but with works and maintenance now complete, the company has a clear run at 2026, Macquarie suggests.

Shop sales gross margins were a highlight at 42.2%, and retail fuel margins ended the year very strongly, the broker notes.

The shares sold off, likely due to the weaker realised refining margins and the lack of earnings guidance provided. Macquarie  remains attracted to the outlook, ahead of the appointment of a new retail head. 

Outperform retained. Target falls to $3.10 from $3.20.

Target price is $3.10 Current Price is $1.88 Difference: $1.22
If VEA meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 41.3% (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

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

With attention turning to the FY25 result in late February, Morgan Stanley sees Viva Energy’s Dec-25 quarter as broadly steady, delivering a reasonable refining performance and improving shop economics despite mixed volume trends.

The Geelong refining margin lifted to US$12.10/bbl, well above last year but below the broker’s expectations, while refining intake of 9.4MMbbl exceeded forecasts.

Fuel sales rose 5% q/q, driven by Commercial & Industrial demand where aviation strength offset weaker marine conditions, while retail volumes were flat and slightly below estimates.

Convenience & Mobility sales were affected by store conversion disruption, though gross margins improved sequentially on tobacco mix and network optimisation.

Equal-weight retained with a $2.13 target. Industry view: In-Line.

Target price is $2.13 Current Price is $1.88 Difference: $0.25
If VEA meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 41.3% (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

Ord Minnett rates VEA as Buy (1) -

Viva Energy surprised the market by not providing earnings guidance in its Dec Q update, implying to Ord Minnett a soft outlook for 2026, and investors reacted accordingly.

Dec Q convenience retail sales and fuel volumes missed market expectations, hurt by conversion of its convenience locations to Viva’s On The Run (OTR) store format, although the broker expects these issues were partially offset by wider margins on retail fuel in December.

The margin from Viva’s Geelong refinery of US$12.10/bbl also missed consensus forecasts, with power outages a problem in the period, Target falls to $2.40 from $3.20. Buy retained on valuation.

Target price is $2.40 Current Price is $1.88 Difference: $0.52
If VEA meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 41.3% (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

UBS rates VEA as Buy (1) -

UBS notes Viva Energy's December quarter (4Q25) update missed on refining margins and convenience metrics. However, the broker reckons the share price reaction appears overdone given stabilising tobacco sales and improving convenience margins.

Stronger fuel margins and a record run-rate of OTR conversions are additional positives.

Near-term catalysts include refinery margin uplift from the ULSG upgrade, potential extension of fuel security payments, leadership changes, and delivery of cost savings.

FY2025 EPS forecast cut by -6% on lower convenience sales and fuel volumes, and FY27 by -5%. Buy, with a marginally lower target of $2.60 from $2.65.

Target price is $2.60 Current Price is $1.88 Difference: $0.72
If VEA meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 41.3% (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

Bell Potter rates VFY as Speculative Buy (1) -

Vitrafy Life Sciences reported improved December quarter (2Q26) operating cash flow with net outflow narrowing to -$2.9m, supported by $1.8m in grant receipts, Bell Potter notes. Cash costs rose to $5.0m as activity ramped up.

The company now has eight quarters of funding, the broker observes. Quarterly costs are expected to rise 10-15% in 2H26 due to regulatory testing, US commercial expansion, and device fleet investment.

The company secured its maiden commercial agreement with IMV Technologies, creating a potential $100m-plus long-term opportunity.

Speculative Buy. Target rises to $2.28 from $2.10 on valuation increase due to time creep.

Target price is $2.28 Current Price is $1.75 Difference: $0.53
If VFY meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates WDS as Hold (3) -

Woodside Energy posted Dec Q sales volumes and revenue ahead of market expectations, while 2025 production came in modestly ahead of guidance, Ord Minnett reports.

The performance was supported by 100% reliability at the Pluto LNG processing plant operation in WA in the second half and sustained high output from the Sangomar field, offshore Senegal.

Cost guidance for 2025 suggests upgrades for the market and Ord Minnett’s underlying profit numbers, which augurs well for the final dividend. Guidance for 2026 output disappointed, however. Target falls to $23.25 from $24.25, Hold retained.

Target price is $23.25 Current Price is $25.16 Difference: minus $1.91 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.58, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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

Bell Potter rates WHC as Downgrade to Sell from Hold (5) -

Whitehaven Coal's December quarter (2Q26) production and sales beat Bell Potter's expectations, with strong Narrabri performance driving higher realised prices. The company maintained FY26 guidance, and the broker notes metrics are tracking in the upper half of ranges.

Queensland met coal and NSW thermal coal pricing remained solid in the quarter, though near-term production will be disrupted by heavy rainfall and Cyclone Koji, the broker explains.

The broker expects met coal prices to ease as weather impacts subside and supply normalises, with a softer 2H outlook implied by guidance midpoints. Modest EPS downgrades across FY26-27.

Rating downgraded to Sell from Hold following share price moves. Target unchanged at $8.40.

Target price is $8.40 Current Price is $9.46 Difference: minus $1.06 (current price is over target).
If WHC meets the Bell Potter target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.98, suggesting upside of 2.0% (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

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

Whitehaven Coal's Dec Q saw beats across run-of-mine (12%), coal production (9%), and sales (10%), while realised pricing was slightly weaker (-5%) versus consensus. 

FY26 guidance is on track, Macquarie notes, with Whitehaven guiding run-of-mine, production and sales towards the upper end of the guidance range.

As the share prices has risen 21% since early December and 34% over three months, Macquarie downgrades to Neutral from Outperform. Target rises to $10.00 from $8.75.

Target price is $10.00 Current Price is $9.46 Difference: $0.54
If WHC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 2.0% (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

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

Momentum through the December quarter reinforces Morgan Stanley’s view Whitehaven Coal is tracking toward the upper half of FY26 guidance, following a clear production and sales beat.

Group ROM of 11Mt exceeded expectations on strong performances at Blackwater and Narrabri, more than offsetting weaker output at Maules Creek, while managed coal sales of 8.7Mt also surprised positively.

Unit costs of around $135/t sat at the low end of FY26 guidance, with the broker noting the $60–80m cost-out programme remains on track and net debt easing to about $0.7bn.

Realised prices were mixed, with met coal slightly ahead of expectations and thermal coal softer due to product mix.

Equal-weight retained with an $8.75 target. Industry View: Attractive.

Target price is $8.75 Current Price is $9.46 Difference: minus $0.71 (current price is over target).
If WHC meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.98, suggesting upside of 2.0% (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

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

Whitehaven Coal delivered a strong December quarter (2Q26) beat on production, materially reducing 2H execution risk and positioning the company to benefit from higher hard-coking coal prices, Morgans highlights.

The broker lifted FY26 ROM production and coal sales forecasts to the upper half of guidance. This drove material upgrades to revenue, EBITDA and net profit forecasts.

Rating downgraded to Hold from Accumulate. Target rises to $9.75 from $7.95.

Target price is $9.75 Current Price is $9.46 Difference: $0.29
If WHC meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 2.0% (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

Ord Minnett rates WHC as Accumulate (2) -

Whitehaven Coal has delivered a strong Dec Q result. Managed production of 8.7Mt exceeded Ord Minnett's expectations and net debt declined faster than expected.

The improving outlook for met coal provides a significant tailwind, and the broker forecasts a strong underlying free cash flow outlook with upside if spot rates hold.

Target rises to $9.90 from $9.50, Accumulate retained.

Target price is $9.90 Current Price is $9.46 Difference: $0.44
If WHC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 2.0% (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

UBS rates WHC as Sell (5) -

UBS describes Whitehaven Coal's December quarter (2Q26) update as operationally strong, with managed ROM up 20% q/q in QLD and 23% in NSW. The company is now well-positioned to deliver in the upper half of FY26 ROM and sales ranges, the broker highlights.

Despite strong execution, valuation appears stretched at 6.5x estimated FY26 EV/EBITDA versus global peers, with limited upside given coal prices are already near peak assumptions, the broker notes.

Sell maintained. Target rises to $8.95 from $8.45.

Target price is $8.95 Current Price is $9.46 Difference: minus $0.51 (current price is over target).
If WHC meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.98, suggesting upside of 2.0% (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

Morgan Stanley rates WTC as Overweight (1) -

Shares in WiseTech Global can  be extremely volatile during reporting seasons. Morgan Stanley is taking the view 1H revenue and EBITDA will likely meet expectations this time around.

Plus management is expected to leave guidance for FY26 unchanged.

Commentary highlights the global “AI eats software” trade has continued to pressure Australian software stocks early in 2026 and the share price is now approaching its lowest multiples since listing in 2016.

Target $130. Overweight. WiseTech Global remains a Top Pick for Morgan Stanley.

Target price is $130.00 Current Price is $59.43 Difference: $70.57
If WTC meets the Morgan Stanley target it will return approximately 119% (excluding dividends, fees and charges).

Current consensus price target is $114.02, suggesting upside of 95.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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