Australian Broker Call

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

Ahead of the February results season, Morgan Stanley sees heightened uncertainty across the infrastructure sector -- the traditionally defensive group of stocks.

The broker's preferred stocks in this sector are Qube Holdings ((QUB)) and Transurban Group ((TCL)), and least preferred is Aurizon Holdings ((AZJ)).

The broker notes Atlas Arteria's December quarter traffic update broadly met estimates and is supportive of its expectation of 1H26 dividend guidance of 20c.

Equal-weight retained. Target trimmed to $5.06 from $5.09.Industry View: In-Line.

Target price is $5.06 Current Price is $4.81 Difference: $0.25
If ALX meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.21, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates AMC as Buy (1) -

At first take, Citi notes Amcor's 2Q26 earnings (EBITDA) missed consensus expectations, and revenue was softer than anticipated due to flexibles, which were weaker than forecasts, with volumes slipping by -2% y/y.

Rigid EBIT rose US$175m to US$228m, with Berry adding US$165m-plus. The analyst notes margins rose 280bps to 10.1% and net leverage stood at 3.6x at the end of the quarter.

Management reconfirmed FY26 EPS guidance of US$4-US$4.15 (consensus sits at US$4) and free cash flow of US$1.8bn-US$1.9bn, with a lower effective tax rate and capex unchanged at US$850-US$900m.

Buy rated. Target $75.

Target price is $75.00 Current Price is $63.08 Difference: $11.92
If AMC meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $78.59, suggesting upside of 20.0% (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: 0.8

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

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

Morgan Stanley has a research restriction on APA Group. No rating or target price.

Current Price is $8.87. Target price not assessed.

Current consensus price target is $8.24, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Macquarie rates AZJ as Outperform (1) -

Aurizon Holdings' extension of the UT5 below rail agreement for an additional ten years is a positive for investors, Macquarie suggests. The negative is it implicitly acknowledged demand for track will decline into the future.

Operational coal volumes remain flat year on year, and January makes a recovery year harder. Earnings growth is driven by cost management. Bulk will bounce back as bad debts do not repeat, the broker notes, and volumes start to normalise.

Macquarie lifts its target to $3.77 from $3.70, reflecting below-rail cashflow mitigated by a higher discount rate. Outperform retained.

Target price is $3.77 Current Price is $3.57 Difference: $0.2
If AZJ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.29, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Shaw and Partners rates BML as Buy (1) -

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks, including producers with robust organic growth and developers with scope to bring on near term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price for Boab Metals is raised to $1.76 from $1.08 and is the preferred silver stock pick with a Buy rating. High Risk.

Target price is $1.76 Current Price is $0.55 Difference: $1.21
If BML meets the Shaw and Partners target it will return approximately 220% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates CCP as No Rating (-1) -

Australian Consumer Lending provisions related to growth and disruptions in purchased debt ledger supply saw Credit Corp deliver a flat first half profit, missing consensus by -10%.

Credit Corp nevertheless reiterated FY26 guidance as management expects a boost from consumer loan book growth, Aust PDLs and US collections/other.

Macquarie is currently on research restriction.

Current Price is $11.89. Target price not assessed.

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 CCP as Buy (1) -

First half net profit for Credit Corp was flat y/y and less than Morgans expected. Guidance has been reiterated, yet the broker points out the composition mix moving towards Australian debt purchases for FY26 and the lowering of US purchasing guidance has impacted the stock.

Execution in the US is required to return Credit Corp to medium-term growth and improved investor sentiment, Morgans adds. Along with a valuation de-rating from historical multiples, this provides a favourable risk/reward and a Buy rating is retained.

Target is reduced to $19.35 from $21.50.

Target price is $19.35 Current Price is $11.89 Difference: $7.46
If CCP meets the Morgans target it will return approximately 63% (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 COH as Neutral (3) -

Following recent investor meetings in A&NZ, Citi observed investor feedback on Cochlear skewed more negative than positive on 1H26 delivery, with a small group expecting a guidance downgrade.

With 54% of net profit weighted to 2H, expectations for a stronger second half may prove challenging, the broker highlights, though its estimates do not assume a downgrade.

Neutral. Target $300.

Target price is $300.00 Current Price is $266.76 Difference: $33.24
If COH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $299.41, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Citi rates CSL as Buy (1) -

Following recent investor meetings in A&NZ, the key takeaway for Citi was that investor sentiment on CSL remains cautious.

Most saw limited downside risk to 1H consensus, with potential risks mainly tied to Vifor and US IV iron dynamics rather than core operations.

At the same time, upside to consensus is seen as unlikely in the near term, with expectations that fundamentals should look more favourable over the next 12 months

Buy. Target unchanged $225.

Target price is $225.00 Current Price is $178.11 Difference: $46.89
If CSL meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $227.36, suggesting upside of 25.1% (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: 0.6

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

Morgans rates CYL as Buy (1) -

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Catalyst Metals lifted to $14.56 from $12.51. Buy retained.

This report was published February 3.

Target price is $14.56 Current Price is $7.86 Difference: $6.7
If CYL meets the Morgans target it will return approximately 85% (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 EVN as Upgrade to Hold from Trim (3) -

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Evolution Mining lifted to $14.30 from $13.20. Rating upgraded to Hold from Trim.

This report was published February 3.

Target price is $14.30 Current Price is $14.46 Difference: minus $0.16 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.47, suggesting downside of -10.6% (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

Shaw and Partners rates GHM as Buy (1) -

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks, including producers with robust organic growth and developers with scope to bring on near term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price for Golden Horse Minerals is raised to $1.50 from $1.22 and is one of the preferred picks with a Buy rating.

Target price is $1.50 Current Price is $0.71 Difference: $0.79
If GHM meets the Shaw and Partners target it will return approximately 111% (excluding dividends, fees and charges).

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

Citi rates GLF as Neutral (3) -

Citi has lowered Gemlife Communities' FY25 EPS forecast to reflect the post-IPO share count. Earnings and growth forecasts remain unchanged.

No change to the broker's investment thesis, with upside potential still seen from faster pipeline rollout and further acquisitions.

Neutral rating and $5.60 target price are unchanged.

Target price is $5.60 Current Price is $5.01 Difference: $0.59
If GLF meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in December.

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

Shaw and Partners rates GMD as Buy (1) -

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks, including producers with robust organic growth and developers with scope to bring on near term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price for Genesis Minerals is raised to $10 from $5.40 and is one of the preferred picks with a Buy rating.

Target price is $10.00 Current Price is $7.10 Difference: $2.9
If GMD meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $9.48, suggesting upside of 29.4% (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

Bell Potter rates LGI as Buy (1) -

Ahead of LGI's 1H26 results, Bell Potter cut 1H26 revenue, EBITDA and net profit forecasts by -5%, -2% and -3%, respectively. This followed sharp declines in NEM wholesale power prices and lower volatility in AEMO's December Q report, reducing arbitrage opportunities.

The broker notes the company is partially protected by a 75% FY26 hedge book and sees stronger 2H26 performance. Still, it lowered FY26-28 EPS forecasts by -3% to -6% due to weaker power prices and revised volume assumptions.

Buy. Target trimmed to $4.70 from $4.88.

Target price is $4.70 Current Price is $3.73 Difference: $0.97
If LGI meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 27.0% (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

Shaw and Partners rates MAU as Buy (1) -

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks, including producers with robust organic growth and developers with scope to bring on near term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price for Magnetic Resources is raised to  from $4 from $3.97 and is one of the preferred picks with a Buy rating.

Target price is $4.00 Current Price is $1.57 Difference: $2.43
If MAU meets the Shaw and Partners target it will return approximately 155% (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 MEK as Buy (1) -

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Meeka Metals lifted to 40c from $30. Buy retained.

This report was published February 3.

Target price is $0.40 Current Price is $0.23 Difference: $0.17
If MEK meets the Morgans target it will return approximately 74% (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

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

Morgan Stanley expects Macquarie Group will deliver a robust third quarter when it updates the market, suspecting net profit will be up 10-20% on the prior corresponding period. The broker looks for 14% earnings growth for FY26, slowing to around 7.5% in FY27.

The sale of  US and European public asset management businesses to Nomura and stronger capital markets should support the quarter, the broker reckons.  Additionally, remaining assets under management and BFS mortgages are growing.

Capital markets remain the key to FY27 earnings upside. Equal-weight. Target rises to $225 from $221. Industry View: In-Line.

Target price is $225.00 Current Price is $216.84 Difference: $8.16
If MQG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $228.00, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in March.

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 NEC as No Rating (-1) -

Macquarie has research restriction on Nine Entertainment. No rating or target price.

Current Price is $1.22. Target price not assessed.

Current consensus price target is $1.64, suggesting upside of 35.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Newmont lifted to $190 from $162. Rating upgraded to Buy from Accumulate.

This report was published February 3.

Target price is $190.00 Current Price is $164.75 Difference: $25.25
If NEM meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $200.40, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgans rates NST as Upgrade to Buy from Hold (1) -

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Northern Star lifted to $33 from $26. Rating upgraded to Buy from Hold.

This report was published February 3.

Target price is $33.00 Current Price is $26.89 Difference: $6.11
If NST meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $29.88, suggesting upside of 4.8% (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 NUF as Neutral (3) -

Citi views the confirmation of FY26 guidance from Nufarm as a positive, particularly regarding crop protection earnings growth.

The broker notes global peers have highlighted expected volume growth in crop protection globally and this should also benefit Nufarm's products and offset softness in prices.

The analyst continues to view earnings (EBITDA) for emerging platforms as on the light side, around $30m, if the ongoing trends in fish oil continue.

The broker retains a Neutral rating and $2.55 target price.

Target price is $2.55 Current Price is $2.29 Difference: $0.26
If NUF meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates ORG as Underweight (5) -

Ahead of the February results season, Morgan Stanley sees heightened uncertainty across the utilities sector -- the traditionally defensive group of stocks.

Origin Energy is the broker's least preferred due to commodity headwinds and valuation concerns, with the primary risk to its underweight view being a potential Kraken realisation event.

Forecast for 1H26 dividend is 30c compared with consensus at 30.4c and the company's policy of over 50% of free cash flow.

Underweight retained. Target trimmed to $10.88 from $11.11. Industry View: In-Line.

Target price is $10.88 Current Price is $11.54 Difference: minus $0.66 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.03, suggesting upside of 7.4% (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

Macquarie rates PMT as Outperform (1) -

In early January, Macquarie downgraded all lithium producers under coverage, questioning the sustainability of the sharp lithium price rally and its implications for long-term value creation at these companies.

Many lithium equities have declined by double digits in recent days. Macquarie expects lithium consumption activity to soften through February.

The broker updated PMET Resources' funding assumptions following recent share price strength, resulting in EPS losses widening by -17% from FY28 onwards.

Target for PMET rises to 70c from 60c. Outperform maintained.

Target price is $0.70 Current Price is $0.62 Difference: $0.08
If PMT meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. 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 PNI as Outperform (1) -

Pinnacle Investment Management's first-half underlying profit (adjusting for fair value impact) beat Macquarie's forecast by 2.3%. Pinnacle funds under management grew 13% on the second half of last year, supported by record net flows.

Pinnacle announced the acquisition of the remaining 79.2% of UK-based Pacific Asset Management. The transaction is expected to be immediately accretive, with mandates and fund commitments to support earnings growth.

Pinnacle has an attractive organic growth outlook, Macquarie suggests, with potential to add accretive M&A. The outlook for organic performance is backed by net flows, performance fees, and operating leverage.

Target falls to $25.25 from $26.55 on a higher discount rate. Outperform retained.

Target price is $25.25 Current Price is $17.20 Difference: $8.05
If PNI meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $23.14, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates PNR as Upgrade to Buy from Trim (1) -

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Pantoro Gold lifted to $6.04 from $5.00, after increasing FY26 revenue forecast by 8%, with no change to FY27. Rating upgraded to Buy from Trim.

This report was published February 3.

Target price is $6.04 Current Price is $4.84 Difference: $1.2
If PNR meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.40, suggesting upside of 32.2% (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

Ord Minnett rates QOR as Buy (1) -

Qoria has announced the merger with Aura, a US-based provider of digital safety and security solutions for consumers and small-to-medium businesses.

Ord Minnett notes the deal infers a valuation of 72c per share, with the merged entity aiming for a $3bn enterprise value. The analyst believes the merger is positive and offers a strategic fit, with cross-selling potential and cost out plans of -US$55m.

There are no changes to the analyst's earnings forecasts. Buy rating retained. Target set at 76c.

Target price is $0.76 Current Price is $0.43 Difference: $0.33
If QOR meets the Ord Minnett target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 64.3% (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

Shaw and Partners rates RFG as Buy (1) -

Retail Food announced preliminary 1H26 underlying earnings (EBITDA) of between $9m-$10m, with guidance for FY26 between $20m-$24m. Shaw and Partners notes management detailed a restructuring plan and debt facility refinancing.

Cost savings of $5-$7m were flagged from staff reductions and closure of company-owned stores, and are expected to be achieved in FY27.

Interest costs and higher debt levels are largely responsible for the analyst's net profit after tax forecast downgrades, along with the updated earnings outlook.

Management confirmed its intention to open its first Firehouse store in FY26, while the QSR division is recovering from a competitive FY25, and Coffee, Cafe, Bakery is soft. Beefy's same-store sales are up 4.6%.

The analyst lowers EPS forecasts by -44.9% for FY26 and -35.8% for FY27. Buy rating retained with a new target of $2.

Target price is $2.00 Current Price is $1.34 Difference: $0.66
If RFG meets the Shaw and Partners target it will return approximately 49% (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 RHC as Neutral (3) -

At recent investor meetings in A&NZ, Citi's observation was that investors are awaiting clarity on Ramsay Health Care's plans for its European business, Ramsay Sante. Most expect an in-specie distribution or spin-off. 

The broker agrees this is the most likely outcome and believes it is partly reflected in the current share price, while noting that spin-off structures can vary, with EuroAPI’s 2022 separation from Sanofi a relevant precedent.

Neutral rating and $39 target. 

Citi recently initiated a 90-day upside catalyst watch on likely Sante exit.

Target price is $39.00 Current Price is $36.05 Difference: $2.95
If RHC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.10, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Ramelius Resources lifted to $5.76 from $5.50. Rating upgraded to Buy from Accumulate.

This report was published February 3.

Target price is $5.76 Current Price is $4.47 Difference: $1.29
If RMS meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Shaw and Partners rates RMS as Buy (1) -

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks, including producers with robust organic growth and developers with scope to bring on near term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price for Ramelius Resources is upgraded to $6.50 from $4.19 with a Buy rating as one of the preferred stocks.

Target price is $6.50 Current Price is $4.47 Difference: $2.03
If RMS meets the Shaw and Partners target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 16.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates RRL as Upgrade to Buy from Hold (1) -

Morgans remains bullish on gold despite a recent correction, upgrading its price forecasts across FY26-FY29 and long term following the January rally. 

In terms of gold stocks, the broker's focus is on disciplined producers with strong execution and production-led cash flow growth, rather than just current free cash flow.

In the large-cap space, Newmont Corp is preferred over Northern Star Resources, and in the mid-cap, it is Ramelius Resources. Small-cap preference is Catalyst Metals.

Target price for Regis Resources lifted to $9.13 from $8.05 after raising the revenue forecast by 7%, with no change to FY27. Rating upgraded to Buy from Hold.

This report was published February 3.

Target price is $9.13 Current Price is $7.71 Difference: $1.42
If RRL meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.26, suggesting upside of 1.0% (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

Shaw and Partners rates SMI as Buy (1) -

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks, including producers with robust organic growth and developers with scope to bring on near term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price for Santana Minerals is raised to $2.15 from $1.63 and is one of the preferred picks with a Buy rating.

Target price is $2.15 Current Price is $1.07 Difference: $1.08
If SMI meets the Shaw and Partners target it will return approximately 101% (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 TLX as Buy (1) -

Following recent investor meetings in A&NZ, Citi highlights investor interest in Telix Pharmaceuticals remained strong despite multiple share price overhangs and 4Q sales already reported

There was broad agreement that valuation is attractive even on diagnostics alone. The upcoming TLX591 safety data pose near-term risk, but many investors seem willing to re-engage once uncertainty clears, the broker observed.

FY26 sales expectations are broadly in line with consensus.

Buy. Target $34. 

Target price is $34.00 Current Price is $10.21 Difference: $23.79
If TLX meets the Citi target it will return approximately 233% (excluding dividends, fees and charges).

Current consensus price target is $27.24, suggesting upside of 168.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates XRO as Buy (1) -

Xero’s Melio and AI briefing provided useful transparency, particularly on Direct vs Syndicated revenue and AI monetisation, Citi highlights.

The broker notes the FY28 EBITDA aim of US$1.2-1.25bn is 10% above consensus but broadly in line with buy-side expectations. The analyst reckons disclosure is incrementally positive for confidence in Melio’s growth, with strong direct revenue growth driven by higher take-rates despite softer TPV from subscription rollout.

The focus on controllable direct levers supports the outlook, though questions remain around embedded/syndicated strategy and whether AI monetisation could pressure near-term gross margins.

Buy rating and $210 target are unchanged.

Target price is $210.00 Current Price is $96.10 Difference: $113.9
If XRO meets the Citi target it will return approximately 119% (excluding dividends, fees and charges).

Current consensus price target is $188.97, suggesting upside of 133.1% (ex-dividends)

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: 0.9

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

Macquarie rates XRO as Outperform (1) -

Xero's management is walking the walk, Macquarie suggests, making data-driven decisions that invariably lead to better capital allocation outcomes. The broker sees the stock as fundamentally mispriced, and expects AI monetisation will be the key catalyst in the near term to re-rate the stock.

AI assistant Melio settled less than six months ago and the integration progress and product roadmap are solid, the broker believes.

Macquarie's outer-year forecast earnings increases are largely driven by updated Melio growth assumptions and break-even timeline on newly provided guidance. Target rises to $233.80 from $230.30, Outperform retained.

Target price is $233.80 Current Price is $96.10 Difference: $137.7
If XRO meets the Macquarie target it will return approximately 143% (excluding dividends, fees and charges).

Current consensus price target is $188.97, suggesting upside of 133.1% (ex-dividends)

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: 0.9

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

Ord Minnett rates XRO as Buy (1) -

Ord Minnett continues to ascribe a Buy rating on Xero with a lower target of $150 from $200 due to changes in long term earnings forecasts and a higher risk free rate.

The broker believes the stock is undervalued at current levels, which infers the market is applying “nil value” for the US and Melio operations.

Management has reconfirmed cost guidance for FY26 and outlined guidance for Melio to reach earnings (EBITDA) break-even in 2H28.

The target to return to Rule of 40 was restated for FY28, while the guidance is for revenue more than doubling by FY28 vs FY25, prior to synergies from the Melio acquisition.

No change in the broker's earnings forecasts.

Target price is $150.00 Current Price is $96.10 Difference: $53.9
If XRO meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $188.97, suggesting upside of 133.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

UBS rates XRO as Buy (1) -

UBS continues to believe Melio remains fundamentally undervalued, with Xero AI and Melio product update revealing Melio earnings (EBITDA) are expected to now break even in 2H28 on a run rate basis. This is 6 to 12 months ahead of the analyst's expectations.

Management stressed its moat was resilient against AI disruption due to domain expertise, decades of transaction and SME decision data, and infrastructure with banks, payment rails, app ecosystems. These are considered challenging to disrupt by AI natives.

The analyst notes Xero plans to commence AI monetisation in FY27, with the UBS Evidence Lab inferring SMEs are prepared to pay 8.5% plus for AI. This factor is positive for SaaS acceleration versus erosion.

Buy rating and $174 target retained. No change to earnings forecasts.

Target price is $174.00 Current Price is $96.10 Difference: $77.9
If XRO meets the UBS target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $188.97, suggesting upside of 133.1% (ex-dividends)

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: 0.9

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