Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Bell Potter sees Life360 shares as currently providing standout value, citing strong defensibility as an app-based ecosystem, largely de-risked FY25 results, and solid growth across key operating metrics.

The broker believes consensus FY26 earnings (EBITDA) forecasts look achievable, with guidance expected to align at least with market expectations. It's also noted monthly active user (MAU) growth guidance implies accelerating user additions.

The valuation is attractive on FY26–27 multiples, according to the analysts, despite a modest margin uplift assumption, reflecting higher sales and marketing spend and Nativo’s lower margins.

Bell Potter retains a Buy rating and lowers its target to $41.50 from $45.00.

Target price is $41.50 Current Price is $24.98 Difference: $16.52
If 360 meets the Bell Potter target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $47.69, suggesting upside of 85.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Macquarie rates A11 as Downgrade to Underperform from Neutral (5) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst downgrades Atlantic Lithium to Underperform from Neutral and retains a 24c target price.

Target price is $0.24 Current Price is $0.26 Difference: minus $0.02 (current price is over target).
If A11 meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Shaw and Partners rates A1M as Buy, High Risk (1) -

Shaw and Partners expects a strong result from AIC Mines in the upcoming reporting season. The company is seen as a consistently reliable producer benefiting from record-high Australian dollar copper prices.

Buy, High Risk rating and 80c target are unchanged.

Target price is $0.80 Current Price is $0.55 Difference: $0.25
If A1M meets the Shaw and Partners target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $0.76, suggesting upside of 26.1% (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 ACL as Downgrade to Hold from Buy (3) -

Ord Minnett lowers its target for Australian Clinical Labs to $2.80 from $3.50 and downgrades to Hold from Buy. The company is still viewed as a "quality operator".

The analysts anticipate a deteriorating operating backdrop, with funding cuts, slower episode growth, and rising wage pressures weighing on near-term earnings.

The broker highlights flat sector volumes in 1H26, upcoming Fair Work wage increases from April, and the loss of the Australian Defence Force outpatient contract as key headwinds into FY27.

Target price is $2.80 Current Price is $2.58 Difference: $0.22
If ACL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates AIS as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

Target price for Aeris Resources raised by 17% to 70c. Outperform retained.

Target price is $0.70 Current Price is $0.50 Difference: $0.2
If AIS meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $0.73, suggesting upside of 36.8% (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 AMI as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

No change to Aurelia Metals' target price of 40c. Outperform maintained.

Target price is $0.40 Current Price is $0.30 Difference: $0.1
If AMI meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 41.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates ANZ as Buy (1) -

Citi notes Australian banks enter reporting season from February 10 following a mixed period for the sector but a recent improvement in share price performance.

Investors are increasingly focused on the medium-term benefits of higher interest rates for net interest margins and steady credit growth, explains the broker, though near-term results may reflect a transitional phase.

Overall, the analysts expect largely benign outcomes and a constructive outlook to support further sector strength.

ANZ Bank and Westpac ((WBC)) are preferred over National Australia Bank ((NAB)) and CommBank ((CBA)), while Citi prefers Bank of Queensland ((BOQ)) over Bendigo & Adelaide Bank ((BEN)) among regional banks.

For ANZ, the broker's Buy rating and $40.30 target are retained.

Target price is $40.30 Current Price is $37.01 Difference: $3.29
If ANZ meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $35.03, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates BEN as Underweight (5) -

Morgan Stanley believes margin trends and commentary from smaller banks will be the main area of focus in the upcoming reporting, given the benefit of higher interest rates.

For Bendigo & Adelaide Bank the broker notes there is a fulll agenda for management amid an uncertain earnings outlook and full trading multiples.

The main challenges are mortgage market share loss, a multi-year re-investment agenda and technology transformation. While higher rates provide upside risk to margin, Morgan Stanley believes this is already been reflected in the share price.

Underweight. Target is raised to $10.40 from $9.60. Industry View: In-Line.

Target price is $10.40 Current Price is $11.12 Difference: minus $0.72 (current price is over target).
If BEN 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 $10.52, suggesting downside of -7.0% (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 BGL as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Bellevue Gold with a higher target of $2.10 from $2 and the EPS forecast is raised by 11% for FY26 and FY27 is unchanged.

Target price is $2.10 Current Price is $1.66 Difference: $0.44
If BGL meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BHP as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The target for BHP Group rises to $51 from $48, predominantly driven by higher forecasts for iron ore and copper prices. Neutral maintained.

Target price is $51.00 Current Price is $48.79 Difference: $2.21
If BHP meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $50.18, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BOE as Neutral (3) -

UBS is increasingly bullish regarding the outlook for uranium as policy becomes more certain and supply remains soft. There are challenges and cost increases in bringing new uranium supply on line as well as inflation pressures in key producing regions.

The broker now envisages prices averaging US$95/lb over 2026-28. Demand momentum is expected to continue in 2026 with the crystallisation of US policy designed to speed ramping up of nuclear power and the further development of US stockpiling policies.

Neutral retained for Boss Energy and the target is raised to $1.60 from $1.30.

Target price is $1.60 Current Price is $1.43 Difference: $0.17
If BOE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting upside of 12.8% (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

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

Morgan Stanley believes margin trends and commentary from smaller banks will be the main area of focus in the upcoming reporting, given the benefit of higher interest rates.

Morgan Stanley believes margin trends and commentary from smaller banks will be the main area of focus in the upcoming reporting, given the benefit of higher interest rates.

For Bank of Queensland the broker is cautious about FY26 revenue, albeit this is mitigated by cost reductions and the potential benefits from the whole-of loan sale.

While the results for the first half are not expected until April 22, the broker suspects the focus for investors will be business loan growth expectations, mortgage run-off and the impact on margins of rising rates, as well as mix shift and competition.

Equal-weight. Target rises to $7.00 from $6.80. Industry View: In-Line.

Target price is $7.00 Current Price is $6.85 Difference: $0.15
If BOQ meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in August.

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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett highlights further positive metallurgical test work at Brazilian Rare Earths, with ore sorting successfully upgrading Monte Alto total rare earth oxides (TREO) grades by 1.3–2.2 times.

The broker notes composite high-grade sorting delivered a product of around 21% TREO from a 12.8% feed, rejecting roughly 40% of mass while recovering about 97% of TREO.

According to the analyst, chevkinite’s physical properties make it well suited to low-cost ore sorting, improving front-end economics and validating the existing development model. Chevkinite contains light rare earth elements, along with iron and titanium.

Ord Minnett retains a Speculative Buy rating and target of $7.50.

Target price is $7.50 Current Price is $3.51 Difference: $3.99
If BRE meets the Ord Minnett target it will return approximately 114% (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 CAR as Buy (1) -

Citi observes CAR Group is in line to achieve the upper end of FY26 revenue and earnings (EBITDA) guidance post the 1H26 earnings report with forex remaining around a -2% headwind.

The company announced 11% growth in net profit after tax which met the analyst's expectations and consensus.

The US looks to be improving but requires increased investment as 2H26 growth is underpinned by an earlier price rise and OEM brands signing up recently, supporting growth in Media. Marine was noted as a probable loss of -$1m in 1H26 with investment impacting margins.

Management continues to look at M&A options, but large transactions are currently constrained due to the valuation ascribed to the company's stock. Re AI, the company has moved ahead well and is considered to be ahead of REA Group ((REA)).

The broker has a Buy rating and a $39.95 target, from $39.65.

Target price is $39.65 Current Price is $24.48 Difference: $15.17
If CAR meets the Citi target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $39.99, suggesting upside of 48.6% (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 CIA as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a Neutral rating on Champion Iron with a higher target of $6.25 from $5.75 and raises the EPS estimates by 5% for FY26 and 27% for FY27.

Target price is $6.25 Current Price is $5.31 Difference: $0.94
If CIA meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

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: 0.0

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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades Capricorn Metals to Outperform from Neutral with a higher target price of $16.20 from $15.20 and raises FY26 EPS forecast by 4% with FY27 unchanged.

Target price is $16.20 Current Price is $12.96 Difference: $3.24
If CMM meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.17, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates CNB as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The Outperform rating and 70c target for Carnaby Resources are retained.

Target price is $0.70 Current Price is $0.44 Difference: $0.26
If CNB meets the Macquarie target it will return approximately 59% (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 CQR as Neutral (3) -

Charter Hall Retail REIT reported 1H26 EPS which met Macquarie's expectations and FY26 guidance was retained of 4% growth in EPS for 26.4c per share.

Debt of $1.6bn was refinanced at a 40bp improvement, or 125bp margin, which in the absence of RBA rate rises would have resulted in an earnings upgrade. The REIT has also extended its hedging profile into FY27 with a rise in hedges to 68% from 20%, in August last year.

Macquarie highlights the portfolio fundamentals are robust with occupancy up to 99.1% and net property income growth to 3%.

The analyst tweaks EPS estimates up by 0.1% for FY26 and 0.7% for FY27 with no change to the Neutral rating but the target price is raised to $4.15, by 3.5%.

Target price is $4.15 Current Price is $3.78 Difference: $0.37
If CQR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 8.1% (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

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

Charter Hall Retail REIT posted first half EPS of $0.13, in line with estimates, and has also reiterated FY26 guidance of 26.4 cents per security. Morgan Stanley highlights the large amount of transactions done in the first half, around $1.9bn in gross deals.

This large number is "implicitly good" for the manager Charter Hall from the fee perspective, the broker adds. For the Retail REIT it appears most divestments were assets that were yielding less than 6% whereas the new assets are generating more than 6%.

Guidance has been maintained. Equal-weight rating, $4.35 target and In-Line industry view.

Target price is $4.35 Current Price is $3.78 Difference: $0.57
If CQR meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 8.1% (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

Ord Minnett rates CQR as Upgrade to Accumulate from Hold (2) -

Charter Hall Retail REIT delivered first-half FY26 operating EPS and DPS growth of 3.4% and 4.1%, respectively, supported by convenience store net property income (NPI) and and net lease retail NPI growth, explains Ord Minnett.

The broker highlights refinancing of the $1.6bn debt facility as a key positive, reducing interest margins, extending debt maturity and improving covenant headroom.

According to the analyst, the REIT continues to offer reliable funds from operations (FFO) growth, although higher gearing and hedging activity temper distribution growth expectations.

Ord Minnett raises its target to $4.10 from $4.00 and upgrades to an Accumulate rating from Hold on valuation grounds.

Target price is $4.10 Current Price is $3.78 Difference: $0.32
If CQR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 8.1% (ex-dividends)

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

UBS rates CQR as Neutral (3) -

Charter Hall Retail REIT posted first half earnings that were in line with expectations amid very strong asset growth. UBS is most interested in the capital and transactions developments as the company has finalised $2.3bn in gross transaction since July 2025.

While the transactions have achieved an attractive 70-basis points spread on acquisition versus divestment cap rates, based on current estimates, UBS also notes these add to the complexity of tracking which should be a simple business.

Operating earnings estimates across FY27-30 are lifted by 2-3% and a Neutral rating is maintained. Target is reduced to $4.09 from $4.20.

Target price is $4.09 Current Price is $3.78 Difference: $0.31
If CQR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.24, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates CRN as Underperform (5) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Underperform rating on Coronado Global Resources with an unchanged 40c target price and no changes to EPS forecasts.

Target price is $0.40 Current Price is $0.38 Difference: $0.02
If CRN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.45, suggesting upside of 16.0% (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: 0.0

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

Macquarie rates CSC as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

Macquarie maintains an Outperform rating on Capstone Copper and lifts its target price by 15% to $19.60, driven by EPS upside from a stronger near-term copper price outlook.

The broker also raises its assumed EV/EBITDA multiple to 8.0x from 7.0x, aligning the Capstone valuation with peer Sandfire Resources.

Capstone Copper is the broker's preferred senior copper producer.

Target price is $19.60 Current Price is $15.26 Difference: $4.34
If CSC meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $17.60, suggesting upside of 9.9% (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

Macquarie rates CTM as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

Target price for Centaurus Metals raised by 17% to 68c. Outperform retained.

Target price is $0.68 Current Price is $0.52 Difference: $0.16
If CTM meets the Macquarie target it will return approximately 31% (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

Macquarie rates DPM as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on DPM Metals with a higher target price of $59 from $52 and raises 2026 EPS estimate by 6%.

Target price is $59.00 Current Price is $48.83 Difference: $10.17
If DPM meets the Macquarie target it will return approximately 21% (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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst lifts EPS estimates by 2% for FY26 and 6% for FY27 for Deterra Royalties while upgrading the rating to Outperform from Neutral with a higher target of $4.70 from $4.40.

Target price is $4.70 Current Price is $4.11 Difference: $0.59
If DRR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting upside of 4.4% (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 ELV as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Elevra Lithium with a higher target of $9 from $8.50.

Target price is $9.00 Current Price is $6.42 Difference: $2.58
If ELV meets the Macquarie target it will return approximately 40% (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 EVN as Underperform (5) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Underperform rating on Evolution Mining with a new target price of $11 from $10.20 with a lift in FY26 EPS forecasts by 8% and 1% in FY27.

Target price is $11.00 Current Price is $14.34 Difference: minus $3.34 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.60, suggesting downside of -9.2% (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 FFM as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The broker's FireFly Metals' target price is unchanged at $2.30 and the Outperform rating is maintained.

Target price is $2.30 Current Price is $1.78 Difference: $0.52
If FFM meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 0.5% (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

Macquarie rates FMG as Upgrade to Neutral from Underperform (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The target for Fortescue rises by 5% to $22 and the broker's rating is upgraded to Neutral from Outperform.

Target price is $22.00 Current Price is $21.23 Difference: $0.77
If FMG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.50, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.2

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

Macquarie rates GGP as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a Neutral rating on Greatland Resources with a higher target of $13.30 from $13 and lifts EPS forecasts by 6% for FY26 and 1% for FY27.

Target price is $13.30 Current Price is $11.87 Difference: $1.43
If GGP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates GL1 as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Global Lithium Resources with an unchanged target of 65c.

Target price is $0.65 Current Price is $0.51 Difference: $0.14
If GL1 meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.65, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates GMD as Buy (1) -

Citi highlights Genesis Minerals as having the strongest delivery track record in its gold coverage, averaging a 9% beat against guidance across FY24-FY26.

The broker points to the planned release of a 10-year mine plan in the second half of FY26, which is expected to exceed current consensus production expectations.

Citi models Genesis ramping up to 400koz per annum by FY29 versus consensus of around 385koz, while also noting the company has the lowest implied gold price among peers.

The Buy rating and $10.10 target are maintained.

Target price is $10.10 Current Price is $6.65 Difference: $3.45
If GMD meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 39.6% (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 GMD as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Genesis Minerals with a higher target of $9.40 from $8.70 and raises FY26 EPS forecast by 4% with FY27 unchanged. Genesis is one of Macquarie's top mid-cap stock picks.

Target price is $9.40 Current Price is $6.65 Difference: $2.75
If GMD meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 39.6% (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

Shaw and Partners rates GMD as Buy (1) -

Australian gold miners are poised to deliver strong February results, according to Shaw and Partners, underpinned by record-high gold prices in Australian dollar terms.

The backdrop is further supported by largely clean hedge books, solid operational performance and disciplined cost management across the sector, explain the analysts.

The broker suggests attention will centre on second-half outlook statements for any emerging signs of cost inflation.

Shaw notes Genesis Minerals is tracking toward the upper end of its production guidance while operating near the lower end of its cost estimates. Buy. Target $10.00.

Target price is $10.00 Current Price is $6.65 Difference: $3.35
If GMD meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 39.6% (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

Morgan Stanley rates GQG as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley downgrades GQG Partners to Equal-weight from Overweight as risks to flows are envisaged for the next 12-18 months.

The broker's tracking indicates the majority of strategies remain below benchmarks on a three-year and five-year basis. As a result, outflows are likely to persist.

Earnings estimates are downgraded by -7% for FY26 and -14% for FY27. Target is reduced to $1.75 from $2.65. Industry view is In-Line.

Target price is $1.75 Current Price is $1.70 Difference: $0.05
If GQG meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.94, 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: 0.4

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

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

HMC Capital has established its energy transition platform, which Morgan Stanley notes was considered somewhat of an overhang for the stock as it made up 20% of FY26 earnings guidance and was one of its five divisions yet to secure third-party capital.

Securing KKR as a partner, which will invest up to $603m in the platform over seven years, has alleviated risks of the FY26 EPS downgrade.

The broker welcomes the update but warns it is not structured like a typical JV/externally managed fund, and is somewhat akin to a structured financing deal. KKR will end up with a 20-35% equity stake in the joint venture even after the full return on its invested capital.

Equal-weight. Target is $3.85. Industry View: In-Line.

Target price is $3.85 Current Price is $3.92 Difference: minus $0.07 (current price is over target).
If HMC meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.70, suggesting upside of 26.3% (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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades IGO Ltd to Outperform from Neutral and the target price lifts to $9.50 from $9.

Target price is $9.50 Current Price is $8.11 Difference: $1.39
If IGO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 5.0% (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 ILU as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

Macquarie maintains an Outperform rating and $6.50 target for Iluka Resources. Movements in rare earths, zircon and rutile prices present the most significant upside/downside risks to the broker's earnings forecasts and valuation.

Target price is $6.50 Current Price is $4.94 Difference: $1.56
If ILU meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.76, suggesting upside of 10.9% (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 JDO as Overweight (1) -

Morgan Stanley assesses Judo Capital offers high earnings growth at attractive trading multiples and there is potential for upgrades to consensus estimates as well as FY26 profit guidance.

The main issues for the first half result on February 17 include FY26 guidance for loans, margins, the lending pipeline as well as credit quality trends and an update on strategic initiatives.

Overweight. Target rises to $2.20 from $2.15. Industry view is In-Line.

Target price is $2.20 Current Price is $1.84 Difference: $0.36
If JDO meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.11, suggesting upside of 11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates JMS as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

Macquarie highlights manganese price movements as the primary upside and downside risk to earnings forecasts and valuation for Jupiter Mines. Unchanged 29c target and Outperform rating.

Target price is $0.29 Current Price is $0.28 Difference: $0.01
If JMS meets the Macquarie target it will return approximately 4% (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 LOT as Speculative Buy (1) -

Lotus Resources has announced it is raising up to $76m via an institutional placement and a further $5m through a share purchase plan to provide additional capital to fund the ongoing ramp up of the Kayelekera uranium project.

Bell Potter notes 2Q26 production of 70klbs (U308 drummed) was affected by shortages of sulphuric acid and transportation issues. Management spent $39m in capital over the period and finished with cash of $56m.

Bell Potter retains a Speculative Buy rating and lowers the target to $3.70 from $4 and posts slight changes after the recent 11.5:1 share consolidation and issuance of equity for capital raising.

Target price is $3.70 Current Price is $2.08 Difference: $1.62
If LOT meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 56.8% (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 LOT as Speculative Buy (1) -

Management at Lotus Resources has announced an $81m equity raising at a -25% discount to the latest share price. Ord Minnett explains this dilutes recent share price gains and reflects delayed cash receipts from production ramp-up issues.

The broker attributes the funding need to acid shortages and a longer-than-expected wait for first sales, now forecast for September 2026 following initial shipments in June.

While Kayelekera’s restart faces typical start-up challenges, the slow monetisation heightens the risk of further capital raisings if setbacks persist, caution the analysts.

Ord Minnett retains a Speculative Buy rating and lowers its target to $3.90 from $4.20.

Target price is $3.90 Current Price is $2.08 Difference: $1.82
If LOT meets the Ord Minnett target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates LTR as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a Neutral rating on Liontown with a higher target price of $1.75 from $1.70.

Target price is $1.75 Current Price is $1.67 Difference: $0.08
If LTR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates LYC as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating and $17.50 target on Lynas Rare Earths with no changes in EPS estimates.

Target price is $17.50 Current Price is $14.27 Difference: $3.23
If LYC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $14.08, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates MEI as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating and 39c target for Meteoric Resources with no change to EPS estimates.

Target price is $0.39 Current Price is $0.18 Difference: $0.21
If MEI meets the Macquarie target it will return approximately 117% (excluding dividends, fees and charges).

Current consensus price target is $0.35, suggesting upside of 73.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates MFG as Underweight (5) -

Morgan Stanley notes the funds management business of Magellan Financial continues to face challenges with the two flagship funds lagging benchmarks on a 1-5-year basis.

With outflows concentrated in higher-margin equity strategies, the broker believes base fee margin compression will continue.

Joint venture earnings growth presents the upside risk which raises a question as to what multiple should be placed on JV earnings. As there is a lack of visibility on the drivers the broker concludes it is too early for this to command a high multiple.

Target lifts to $8.10 from $7.85 and an Underweight rating is retained, although the broker acknowledges the strong balance sheet and improving earnings outlook. Industry view is In-Line.

Target price is $8.10 Current Price is $8.41 Difference: minus $0.31 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.35, suggesting upside of 8.2% (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 MIN as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Mineral Resources with a higher target of $75 from $70, while lifting EPS forecasts by 68% for FY26 and 78% for FY27 on higher iron ore and lithium price forecasts.

The stock is Macquarie's preferred bulk name with good leverage to lithium and iron ore prices.

Target price is $75.00 Current Price is $51.81 Difference: $23.19
If MIN meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $63.17, suggesting upside of 21.1% (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 MQG as Neutral (3) -

Citi notes Macquarie Group has meaningfully outperformed global alternative managers despite a recent sell-off driven by AI and software concerns.

This resilience comes despite material exposure, with 39% of the $24bn private credit portfolio in software and technology-related assets, points out the broker.

According to the analysts, relative share performance reflects diversified earnings, although consensus growth is narrowly driven by MacCap private credit and asset realisations.

Citi expects a positive quarterly update from the group but sees modest risk to forward earnings, with technology exposure potentially weighing on sentiment.

Citi retains a Neutral rating and $210 target.

Target price is $210.00 Current Price is $207.83 Difference: $2.17
If MQG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $228.00, suggesting upside of 7.1% (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

Ord Minnett rates MYS as Buy (1) -

Ord Minnett previews Mystate's interim result due on February 20, highlighting ongoing retail banking pressures offset by Auswide merger synergies and an attractive income profile.

The broker expects first-half profit of $29.2m, up 67% year on year, reflecting six months of Auswide earnings, alongside an interim fully franked dividend of 11.5c.

According to the analyst, integration milestones in FY26 are critical to unlocking targeted synergies, supporting a strong medium-term growth outlook and sector-leading yield.

Ord Minnett retains a Buy rating and raises its target to $5.06 from $4.94.

Target price is $5.06 Current Price is $4.49 Difference: $0.57
If MYS meets the Ord Minnett target it will return approximately 13% (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 NEM as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Newmont Corp with a higher target of $185 from $175 and a lift in FY26 EPS forecast by 6% and no change to FY27. Newmont remains the preferred gold stock due to its unhedged production profile.

Target price is $185.00 Current Price is $154.80 Difference: $30.2
If NEM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $202.40, suggesting upside of 22.7% (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

Macquarie rates NHC as Underperform (5) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst lifts the target price on New Hope to $4.20 from $4 with no change in Underperform rating and no changes to EPS estimates.

Target price is $4.20 Current Price is $4.57 Difference: minus $0.37 (current price is over target).
If NHC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.27, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in July.

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 NIC as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

For Nickel Industries, Macquarie raises its target by 10% to $1.10 per share, largely due to EPS increases from a stronger nickel price outlook. Outperform retained.

Target price is $1.10 Current Price is $0.89 Difference: $0.21
If NIC meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates NST as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Northern Star Resources with a higher target price of $32 from $31 with a lift in FYY26 EPS forecast by 5% and no change to FY27.

Target price is $32.00 Current Price is $26.77 Difference: $5.23
If NST meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $30.05, suggesting upside of 8.4% (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 NWS as Neutral (3) -

News Corp announced 2Q26 earnings (EBITDA) growth of 9% y/y which was better than expected, across revenue by 6% y/y growth and adj net profit after tax growth of 20% y/y, Macquarie notes.

The broker observes an improvement in profitability with an earnings (EBITDA) margin of 22.1%, up 0.7 percentage points y/y, or 22% when the US$16m book publishing write-off is included.

Macquarie raises EPS estimates by 4% for FY26 and 11% for FY27 with forex impacts included for higher AUD/USD translation benefits from REA Group ((REA)) earnings forecasts.

The analyst lowers the target by -12% to $44.40 from $50, previously, with caution around REA's valuation and re-rating catalysts, while retaining a Neutral rating.

Target price is $44.40 Current Price is $38.32 Difference: $6.08
If NWS meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $54.95, suggesting upside of 45.8% (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: 0.7

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

UBS rates NWS as Buy (1) -

Further to the first half results, UBS notes the outperformance of Dow Jones and Move, as News Corp continues to execute on strategy. The broker is positive regarding digital growth drivers.

AI displacement concerns remain a key overhang, yet UBS highlights the extension of the Bloomberg partnership to incorporate AI licenses and achieve a range of enterprise deals within the Dow Jones segment.

The stock appears the best placed across the broker's media coverage to benefit from gradual content monetisation and AI developments. Buy rating reiterated. Target is raised to $65.50 from $64.40.

Target price is $65.50 Current Price is $38.32 Difference: $27.18
If NWS meets the UBS target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $54.95, suggesting upside of 45.8% (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: 0.7

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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades Ora Banda Mining to Outperform from Neutral with a higher target price of $1.50 from $1.40 and FY26 EPS forecast is raised by 8% with FY27 unchanged.

Target price is $1.50 Current Price is $1.07 Difference: $0.43
If OBM meets the Macquarie target it will return approximately 40% (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

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

Shaw and Partners expects a strong result from Paladin Energy this reporting season, with production tracking toward the upper end of full-year guidance.

Management has recently completed the acquisition of Fission Uranium, adding the high-grade Patterson Lake South project in Canada to its global development pipeline, the analysts explain.

Buy, High risk rating and $10.40 target price unchanged.

Target price is $10.40 Current Price is $11.01 Difference: minus $0.61 (current price is over target).
If PDN meets the Shaw and Partners target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.93, suggesting upside of 3.7% (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: 0.4

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

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

UBS is increasingly bullish regarding the outlook for uranium as policy becomes more certain and supply remains soft. There are challenges and cost increases in bringing new uranium supply on line as well as inflation pressures in key producing regions.

The broker now envisages prices averaging US$95/lb over 2026-28. Demand momentum is expected to continue in 2026 with the crystallisation of US policy designed to speed ramping up of nuclear power and the further development of US stockpiling policies.

Rating on Paladin Energy is downgraded to Neutral from Buy, as the shares have gone "too far", UBS points out, while the target is raised to $12.25 from $9.00.

Target price is $12.25 Current Price is $11.01 Difference: $1.24
If PDN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.93, suggesting upside of 3.7% (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: 0.4

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

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

Macquarie has updated commodity price forecasts for 2026 with iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

PLS Group is upgraded to Outperform from Neutral and the target price rises 111% to $5. EPS estimates are also upgraded for higher spodumene price assumptions.

Target price is $5.00 Current Price is $4.12 Difference: $0.88
If PLS meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.89, suggesting upside of 17.2% (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 PMT as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a 70c target price and Outpeform rating on PMET Resources.

Target price is $0.70 Current Price is $0.60 Difference: $0.1
If PMT meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 23.7% (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

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

Morgan Stanley observes Perpetual is facing large outflows while the benefit of cost initiatives is complicated by large costs below the line.

The sale of the wealth business provides the option to reduce debt and focus on turning around the asset manager and an update on the sale is expected at the results on February 26.

Yet flows at the asset manager continue to ebb, driven by offshore boutiques and higher margin equity strategies. Target is reduced to $19.70 from $22.40. Equal-weight retained. Industry View: In-Line.

Target price is $19.70 Current Price is $16.97 Difference: $2.73
If PPT meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $21.01, suggesting upside of 21.4% (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 Upgrade to Outperform from Neutral (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades Perseus Mining to Outperform from Neutral with a higher target of $6.50 from $6.40.

Target price is $6.50 Current Price is $5.34 Difference: $1.16
If PRU meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates REA as Neutral (3) -

REA Group announced 1H26 net profit after tax up 9% y/y, to $341m, which slightly missed Macquarie and consensus forecasts by -1%.

The analyst considers medium term earnings growth remains and forecasts around 15% CAGR from calendar 2025 to FY28, which includes the announced $200m share buyback.

Macquarie remains cautious on the stock's valuation relating to AI uncertainty and global peers. The analyst feels it is too early to assess whether online classifieds are net beneficiaries of AI, but believes real estate has a greater moat than small consumer shopping transactions.

The broker lowers EPS forecasts by -3% for FY26 and -2% for FY27 and reduces the target price to $200 from $210 while retaining a Neutral rating.

Target price is $200.00 Current Price is $168.10 Difference: $31.9
If REA meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $232.94, suggesting upside of 39.4% (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 REA as Upgrade to Buy from Accumulate (1) -

Post REA Group's 1H26 result which basically met Morgans' expectations, the analyst upgrades the stock to Buy from Accumulate with the result reflecting the strength of the company's franchise against a challenging macro backdrop and a more attractive valuation.

The analyst pointed to the residential yield as a positive with 14% buy yield growth above the forecast of 12% due to an average 7% Premiere-plus price rises as well as growth in add-ons and higher subscription revenues.

In contrast, there was a downgrade to volume growth expectations, with a decline of -1% to -3% now anticipated, and REA India remains challenging and competitive.

Morgans lowers EPS forecasts by around -1% to -2% for FY26-FY28 on reduced residential growth assumptions for 2H26 and a more cautious stance on growth in India.

Target price is $230.00 Current Price is $168.10 Difference: $61.9
If REA meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $232.94, suggesting upside of 39.4% (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 REA as Hold (3) -

Ord Minnett feels the sell-off in REA Group shares is overdone after first-half FY26 revenue and earnings came in only modestly below expectations, triggering an almost -8% share price decline.

The broker argues the weakness reflects softer listing volumes, which are largely uncontrollable. It's thought management continues to execute well on costs, yields and capital management, including a $200m buyback.

The analyst points out guidance was largely maintained despite softer listings in Brisbane and Perth, although geographic mix may influence yields through the second half.

Ord Minnett retains a Buy rating and lowers its target to $225 from $260.

Target price is $225.00 Current Price is $168.10 Difference: $56.9
If REA meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $232.94, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates REA as Buy (1) -

Further to REA Group's 1H26 result UBS assesses key items that dragged on the outcome were from media and Elara and the stock continues to be affected by concerns around competition and AI.

While this may be valid, the broker asserts there is yet to be meaningful evidence underpinning these concerns.

The current market environment makes it difficult to pin down valuation support yet the broker considers multiples are attractive for a stock that continues to deliver resilient double-digit earnings growth.

Sell-off appears overdone and a Buy rating is reiterated. Target is reduced to $218.90 from $248.00.

Target price is $218.90 Current Price is $168.10 Difference: $50.8
If REA meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $232.94, suggesting upside of 39.4% (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

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley says any update from Philips in the US relating to the potential timing of a re-entry into the sleep device market should be a near-term catalyst for ResMed. The former has been prohibited from selling sleep therapy devices in the US as part of the consent decree that commenced in April 2024.

The broker assumes Philips re-enters the US device market in 2027 but if it returns earlier it would be more bearish for ResMed.

On balance Morgan Stanley continues to envisage the re-entry of Philips will be longer dated with a gradual recovery in market share and retains an Overweight rating for ResMed. Target is US$310. Industry View: In-Line.

Current Price is $37.92. Target price not assessed.

Current consensus price target is $47.23, suggesting upside of 22.8% (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: 1.0

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

Macquarie rates RMS as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a Neutral rating and $4.80 target on Ramelius Resources and raises FY26 EPS estimate by 5% with no change to FY27.

Target price is $4.80 Current Price is $4.34 Difference: $0.46
If RMS meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Shaw and Partners rates RMS as Buy (1) -

Australian gold miners are poised to deliver strong February results, according to Shaw and Partners, underpinned by record-high gold prices in Australian dollar terms.

The backdrop is further supported by largely clean hedge books, solid operational performance and disciplined cost management across the sector, explain the analysts.

The broker suggests attention will centre on second-half outlook statements for any emerging signs of cost inflation.

For Ramelius Resources, Shaw believes the market underestimates Dalgaranga’s production potential. Also, given management’s conservative forecasting track record, it's thought additional discoveries at Cue or Magnet could drive outperformance.

Buy. Target $6.50.

Target price is $6.50 Current Price is $4.34 Difference: $2.16
If RMS meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $5.47, suggesting upside of 19.5% (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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades Regis Resources to Outperform from Neutral with a higher target price of $9.60 from $7.60 and lifts FY26 EPS estimate by 6% with FY27 unchanged. The stock has become one of Macquarie's preferred mid-cap picks with dividend upside.

Target price is $9.60 Current Price is $7.66 Difference: $1.94
If RRL meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $8.60, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates RSG as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating on Resolute Mining and raises the target to $1.85 from $1.55 with no changes to EPS estimates.

Target price is $1.85 Current Price is $1.26 Difference: $0.59
If RSG meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates S32 as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The target for South32 rises to $4.80 from $4.60. Outperform maintained.

Target price is $4.80 Current Price is $4.41 Difference: $0.39
If S32 meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Macquarie rates SFR as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

Macquarie maintains a Neutral rating on Sandfire Resources and lifts its target price by 3% to $20.10, reflecting higher earnings and valuation after upgrading copper and silver price assumptions.

The broker also lowers its assumed EV/EBITDA multiple to 8.0x from 9.0x following the near-term commodity price upgrade.

Target price is $20.10 Current Price is $18.55 Difference: $1.55
If SFR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $17.69, suggesting downside of -8.7% (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: -0.3

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

Ord Minnett rates SFX as Hold (3) -

Ord Minnett lowers its target for Hold-rated Sheffield Resources to 6c from 11c following another difficult quarter (December). Wet weather and contractor productivity issues disrupting the KMS ramp-up, driving a sharp decline in concentrate production, explain the analysts.

The broker notes shipments were supported by further prepayments from joint venture partner Yansteel, highlighting the mine’s reliance on external financial backing amid weak mineral sands markets.

Ord Minnett sees a potential debt restructuring following the novation to Sheng Feng as a key near-term catalyst, although operational performance at Thunderbird remains the core challenge.

Target price is $0.06 Current Price is $0.07 Difference: minus $0.01 (current price is over target).
If SFX meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates SGQ as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating and 20c target on St. George Mining with no change to EPS estimates.

Target price is $0.20 Current Price is $0.09 Difference: $0.11
If SGQ meets the Macquarie target it will return approximately 122% (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 SIG as Hold (3) -

Bell Potter highlights Sigma Healthcare’s defensive earnings profile and low debt as key drivers of recent outperformance, with the stock beating the ASX200 and Healthcare index over the past year.

The broker notes limited corporate updates since August but expects buoyant Christmas trading, with first-half margins and operating cost movements seen as critical to full-year earnings.

According to the analysts, gross profit margin sensitivity, distribution centre closure costs and store network expansion remain focal points, particularly opportunities emerging in Queensland.

Bell Potter retains a Hold rating and raises its target to $3.00 from $2.85 to reflect a Defensive sector re-rating, with earnings changes immaterial.

Target price is $3.00 Current Price is $3.13 Difference: minus $0.13 (current price is over target).
If SIG meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.21, suggesting upside of 3.0% (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 SVM as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a Neutral rating and 65c target on Sovereign Metals with no change to EPS forecasts.

Target price is $0.65 Current Price is $0.71 Difference: minus $0.06 (current price is over target).
If SVM meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates TCG as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating and $1.10 target for Turaco Gold with no changes to EPS forecasts.

Target price is $1.10 Current Price is $0.63 Difference: $0.47
If TCG meets the Macquarie target it will return approximately 75% (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 TLX as Buy (1) -

Citi sees Telix Pharmaceuticals shares remaining in a holding pattern as the market awaits safety and dosimetry data for TLX591 and FDA resubmission of Pixclara.

The broker highlights two supportive read-throughs this week for prostate cancer demand, despite near-term catalysts still pending.

US distributor Cardinal Health reported over 30% second-quarter revenue growth in Nuclear and Precision Health Solutions, supporting radiopharma momentum, explains the analyst.

Novartis also delivered a 12% sales beat for Pluvicto and flagged expanding radiogland therapy (RLT) use. 

Buy. Target $34. 

Target price is $34.00 Current Price is $9.85 Difference: $24.15
If TLX meets the Citi target it will return approximately 245% (excluding dividends, fees and charges).

Current consensus price target is $27.24, suggesting upside of 176.3% (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

Macquarie rates TWE as Neutral (3) -

Macquarie views the valuation multiple ascribed to Treasury Wine Estates reflects the underlying metrics that generate value for the stock, notably return on invested capital and growth, and both are currently trending down over the analyst's earnings forecast period.

The broker explains customer preference for wine is "waning" in terms of relevance, alongside a loss of purchase frequency.

Moderation rather than outright rejection of alcohol is the trend, with no volume growth for alcohol, so growth will come from value.

Macquarie believes brand building via marketing is essential, with no change to the analyst's earnings forecasts and a Neutral rating, target price of $5.20.

Target price is $5.20 Current Price is $5.08 Difference: $0.12
If TWE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.02, suggesting downside of -3.0% (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

Citi rates TWR as Initiation of coverage with Buy (1) -

Citi has initiated coverage of dual-listed Tower with a Buy rating and share price targets of respectively NZ$2.15 and $1.85.

Commentary explains insurer Tower is entering a phase where execution, rather than benign weather and rate increases, should increasingly determine its future risk profile. 

If everything falls into place, the broker can see 7.5%-plus GWP CAGR growth in the medium term.

Citi argues the investment question is no longer whether Tower can survive adverse years, but whether the insurer can generate returns in average periods.

Target price is $1.85 Current Price is $1.62 Difference: $0.23
If TWR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

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

Market Sentiment: 0.5

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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades Vault Minerals to Outperform from Neutral with a higher target of $7.70 from $6.50 and lifts FY26 EPS forecast by 7% with FY27 unchanged.

Target price is $7.70 Current Price is $5.08 Difference: $2.62
If VAU meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 42.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst upgrades West African Resources to Outperform from Neutral and lifts the target to $5 from $3.90, with a rise in 2026 EPS estimate by 3%.

Target price is $5.00 Current Price is $3.20 Difference: $1.8
If WAF meets the Macquarie target it will return approximately 56% (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

Macquarie rates WGX as Outperform (1) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains an Outperform rating while lifting the target to $9.90 from $8.20 and lifts FY26 EPS forecast by 5% with FY27 unchanged.

Target price is $9.90 Current Price is $6.68 Difference: $3.22
If WGX meets the Macquarie target it will return approximately 48% (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 WHC as Neutral (3) -

Macquarie has updated commodity price forecasts with 2026 iron ore up 4%, copper up 11%, nickel up 16%, gold up 2%, silver up 9% and lithium up 95%, with the analyst noting the price forecasts for lithium and nickel are above consensus.

Sectorally the broker is overweight spodumene, with the price forecast for 2026 to US$1,809/t, and the nickel price forecast up 16% for 2025 and 13% for 2026. The broker is even-weight rated on copper, iron ore, met-coal, aluminium, thermal coal, silver and manganese.

The analyst retains a Neutral rating and $10 target for Whitehaven Coal with no change to FY26 EPS estimate and FY27 lowered by -1%.

Target price is $10.00 Current Price is $8.87 Difference: $1.13
If WHC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.13, suggesting downside of -0.3% (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 WOR as Buy (1) -

Morgans lowers the target price on Worley ahead of 1H26 earnings to $16.40 from $16.80, while lowering earnings (EBITDA) forecasts by -2% for FY26 and -5% for FY27 due to a smaller contribution from CP2.

In November, management pointed to a larger than normal 2H earnings skew, which infers to the analyst a "softer" 1H26 should not come as a surprise to the market. The impact is coming from non-material project cancellations and restructuring costs.

Across a basket of circa 20 of the largest energy companies globally, the broker highlights a stable outlook for future capex, with chemicals more downbeat and resources the upbeat sector, with 2026 spend of 10% growth anticipated.

There is no change to Morgans' Buy rating.

Target price is $16.40 Current Price is $12.71 Difference: $3.69
If WOR meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $17.29, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates XRO as Buy (1) -

Citi sees US-based cloud-based accounts payable and receivable automation company Bill Holdings' recent management commentary as supportive for Xero. 

Management at Bill highlighted improving small to medium business (SMB) resilience and a modest uplift in transaction volume per customer.

According to the analyst, Bill’s focus on larger SMBs and recent price increases should further support Melio’s growth, particularly as Xero leverages its US accounting base to cross-sell the embedded solution.

Target $144.80. Buy.

Target price is $144.80 Current Price is $81.76 Difference: $63.04
If XRO meets the Citi target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $178.10, suggesting upside of 114.7% (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