Australian Broker Call

Morgan Stanley rates AGL as Underweight (5) -

EnergyAustralia's (EA) 1H26 wholesale energy earnings fell -9% year on year on lower prices and volatility and higher fuel costs.

Morgan Stanley notes electricity/account was down -3% and gas/account -6%, which the broker attributes to solar take-up and El Nino.

Customer accounts were down -69k half on half and -99k year on year, which could be a market share positive for AGL Energy and Origin Energy, Morgan Stanley suggests.

EA announced plans to convert the Yallourn W power station site into a low-emissions data centre precinct after the mid-2028 Yallourn closure. AGL and Origin sites could provide similar opportunities.

The update supports Morgan Stanley's Underweight ratings on both AGL and Origin.

Target price is $9.28 Current Price is $8.27 Difference: $1.01
If AGL meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.04, suggesting upside of 21.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates AMP as Buy (1) -

The highlights of the first half result from AMP include a new $150m share buyback amid solid fourth quarter net flows from the North platform, Citi observes. The dividend is also increased to at least three cents per half year.

Citi assesses that there are two key factors for investors in AMP to consider, including how much growth to forecast for China and what is a justifiable multiple for the platform business.

Partnerships in China more than doubled their contribution in the first half, and the broker assumes all strategic partnerships including China generate around 10% growth per annum. Flows into the North platform continue to be encouraging with a significant acceleration in the retirement income product.

Further capital releases from the bank look likely as well, which should mean there is prospect for future buybacks beyond the $150m just announced. Citi retains a Buy rating and raises the target to $2.60 from $2.15.

Target price is $2.60 Current Price is $2.31 Difference: $0.29
If AMP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in December.

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 AMP as Neutral (3) -

On further inspection, post the initial take below, Macquarie believes AMP management continues to stabilise the underlying business but considers the valuation as relatively full, and hence retains a Neutral rating.

EPS forecasts are raised by 1% for FY27, 12% for FY28 and 14% for FY29, thereafter 23% due to the strong annualised sales in the Chinese partnership.

Target price is raised to $2.28 from $1.94.

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At first take, Macquarie highlights AMP's 1H26 result was "very strong" despite the pre-release. Underlying net profit after tax grew 32.8% with an interim DPS of 3c which was up 50% y/y.

A further $150m share buyback was announced. First half net flows for the platform were a beat on both the analyst's and consensus forecasts with S&I also a beat.

Controllable costs were indicated as unchanged while the NIM was downgraded by around -1.25% to a range of 1.25%-1.35% versus the broker's prior forecast of 126bps and consensus at 1.27bps.

Macquarie likes the ongoing stabilisation of the underlying business. As the Bank becomes a less significant contributor, the valuation of the overall business is expected to improve, the analyst states.

Target price is $2.28 Current Price is $2.31 Difference: minus $0.03 (current price is over target).
If AMP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in December.

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 AMP as Accumulate (2) -

AMP’s first half earnings were in-line with a July trading update, Ord Minnett notes. Underlying profit increased 33% year on year to $174m, in the middle of company’s guide of $170–180m. The 3c dividend beat 2c consensus.

The highlights of the result for Ord Minnett were good flows and margins in the core platforms business, cost discipline, higher returns and contribution from its China partnerships; and a surplus capital position.

Rising asset prices, cost discipline, and an exposure to an expanding China pension market, should position AMP as more of a growth story going forward, the broker suggests, even as valuation has become less appealing given the jump in the share price off its lows this year.

Target rises to $2.50 from $2.00, Accumulate retained.

Target price is $2.50 Current Price is $2.31 Difference: $0.19
If AMP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in December.

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 AMP as Buy (1) -

UBS maintains Buy on AMP following its 1H26 result and raises its target to $2.61 from $2.55, a 2.4% increase.

The broker highlights strong Wealth flows and margins, a renewed $150m buyback and better disclosure around the fast-growing Chinese operations, now contributing 33% of group profit.

Underlying net profit of $174m met forecasts, while the 3c interim dividend exceeded prior 2c guidance. Further bank securitisations and rising China JV dividend payouts offer capital-management upside, with UBS estimating scope for a circa-$300m buyback in FY27.

FY26-FY28 EPS forecasts see minimal adjustments, as Platforms and China upgrades are offset by a weaker Bank margin outlook, which remains the key risk.

Target price is $2.61 Current Price is $2.31 Difference: $0.3
If AMP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates ARB as Neutral (3) -

Citi's takeaways from Fox Factory's 2Q26 result infer conditions in the US market against 1Q26 are more challenging. The tougher market is attributed to supply issues with OEMs, notably Ford and Toyota.

The analyst views ARB Corp's recent US strength as internally generated from the likes of a change in commission structure for sales staff. The rise in stocks for 4WP and warehousing of the ARB product is also assisting.

Citi remains Neutral rated with a $17.40 target but highlights tailwinds from improved FX for AUD/THB and the possibility of a tariff refund.

Target price is $17.40 Current Price is $20.15 Difference: minus $2.75 (current price is over target).
If ARB meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.03, suggesting upside of 17.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates BPT as Hold (3) -

Beach Energy reported FY26 EBITDA of $1.04bn and underlying net profit of $355m, within Bell Potter's expectations. The two cents fully franked final dividend was also in line.

The company has guided to FY27 production of 19.5-23.0mmboe and capital expenditure of $600m-$700m.

The broker notes an updated capital management framework abandons dividend payout guidance and instead focuses on sustaining production while providing growth flexibility. Hold rating and $0.95 target unchanged.

Target price is $0.95 Current Price is $0.89 Difference: $0.065
If BPT meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

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

Citi rates BPT as Sell (5) -

Citi acknowledges there are opportunities emerging across the Taroom Trough and Otway Basin in gas for Beach Energy in the medium term but these are overshadowed by domestic policy uncertainty, production guidance that missed consensus estimates and the need to further de-risk operations.

The broker also believes there is uncertainty around shareholder returns amid limited clarity on the payout policy. Citi assumes a token dividend of one cent and considers meaningful M&A is unlikely until the policy backdrop improves.

The consensus earnings outlook is considered too optimistic and a Sell rating and $0.80 target are maintained.

Target price is $0.80 Current Price is $0.89 Difference: minus $0.085 (current price is over target).
If BPT meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.86, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

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

Macquarie rates BPT as Underperform (5) -

The outlook for Beach Energy continues to erode, Macquarie almost groans, pointing to negative free cash flow expected for FY27. The analyst cuts earnings forecasts, again, due to lower production and higher costs around capex.

Government intervention which has resulted in lower domestic gas prices has come at a time when Beach had been investing more than most in southern gas markets in recent years.

The investment was noted as done in "good faith", and based on the expected supply challenges in the market. The government's policy has created considerable uncertainty, albeit management is turning to contingencies in deals to address the issues.

The reserve life is seven years with advancing pressures to increase reserves.

EPS forecasts are cut by -15% for FY27 and -23% for FY28. Target price slips by -6.2% to 75c. Underperform retained.

Target price is $0.75 Current Price is $0.89 Difference: minus $0.135 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.86, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

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

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

Morgan Stanley reports Beach Energy's FY26 earnings were down -12% year on year but 6% above consensus. Underlying profit was down -21% but 4% above consensus.

FY27 production guidance is -1MMboe below consensus.

At a time of uncertainty, Beach Energy's updated capital management framework prioritises reserve replacement and low-cost flexibility, Morgan Stanley notes.

Equal-weight and 86c target retained. Industry view: In Line.

Target price is $0.86 Current Price is $0.89 Difference: minus $0.025 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.86, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

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

Ord Minnett rates BPT as Hold (3) -

Beach Energy reported FY26 underlying profit down -21% on FY25 but broadly in-line with Ord Minnett's expectations. FY26 saw a 7% uplift in the average realised gas price and a -3% reduction in field operating expenses.

However, weaker production (down -2%) and softer sales volumes (down -7%) contributed to the decline in earnings. FY27 guidance was soft, Ord Minnett notes. Production guidance is -4% below consensus and total capex guidance is 6% higher.

Another disappointment was the lack of clarity on dividends. Valuation looks appealing, the broker suggests, as do the growth options within the portfolio, however, execution risk is elevated. Hold retained, target falls to $1.04 from $1.10.

Target price is $1.04 Current Price is $0.89 Difference: $0.155
If BPT meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

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

UBS rates BPT as Sell (5) -

UBS maintains its Sell rating for Beach Energy following the release of FY26 financials and lowers its target to 82c from 85c.

Underlying net profit marginally exceeded consensus, but FY27 production guidance is -6% below consensus at the midpoint while depreciation and capex guidance are 13% and 4% higher, respectively.

Commentary suggests the new capital-allocation framework prioritises organic and acquired growth over shareholder returns, creating a risk of low or no near-term dividends.

UBS considers reserve replacement increasingly urgent, with Beach holding only around six years of 2P reserves, although low gearing provides capacity to borrow $900m-$1.1bn for development or acquisitions.

FY26-FY28 EPS forecasts fall -2%, -24% and -9%, respectively, with exploration success offering upside while uncertain domestic gas policy, weaker production and growth spending remain the primary risks.

Target price is $0.82 Current Price is $0.89 Difference: minus $0.065 (current price is over target).
If BPT meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.86, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

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

Ord Minnett rates BRG as Buy (1) -

Breville Group rival SharkNinja's strong result, alongside De'Longhi's strong quarterly result, provides a positive read-through for Breville, Ord Minnett suggests. Breville has guided earnings for FY26 "to be a slight increase over FY25".

Going forward, Ord Minnett expects operating leverage to drive earnings per share growth of 17.3% in FY27 and 12.6% in FY28, underpinned by continued double-digit sales growth.

Breville is well positioned for growth as its transition program completes and tariff headwinds ease, Ord Minnett believes. Key drivers of growth include market penetration, geographic expansion, and product development. 

Buy and $37.20 target retained.

Target price is $37.20 Current Price is $34.67 Difference: $2.53
If BRG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $37.52, suggesting upside of 9.1% (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

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

UBS downgrades Coles Group to Neutral from Buy with an unchanged target price of $25.50.

The analyst notes the share price performance, up 17% since July 1 and 14% since January 1, outperforming the ASX200 over both periods.

The PER has lifted on the stock to 24x which is 2.1x standard deviations above the 5-year average. Supermarkets have benefitted from better execution and leveraging of key investments, the broker states.

The risk reward is now more balanced. EPS forecasts are trimmed by -4.3% for FY27 and -2.2% for FY28.

Target price is $25.50 Current Price is $24.36 Difference: $1.14
If COL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $24.71, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates CQR as Buy (1) -

It is Citi's first assessment that Charter Hall Retail REIT delivered a "solid" FY26 result. Operating EPS of 26.4cps is in line with upgraded guidance.

FY27 operating EPS guidance of no less than 27.3cps (growth of 3.5%) is slightly below Citi's expectation of 27.6cps, while DPS guidance of 26.4cps is slightly above its forecast.

Commentary also points out NTA per unit rose 8.4% to $5.03, placing the stock at a circa -19% discount to NTA. The A-REIT sector average is -13.8%, the broker highlights.

Buy. Target $4.50.

Target price is $4.50 Current Price is $4.06 Difference: $0.44
If CQR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates EVN as Neutral (3) -

UBS maintains a Neutral stance on Evolution Mining and raises its target to $13 from $12, an 8.3% increase, after incorporating additional portfolio growth.

The broker models around 10,000tpa of copper from the Carnaby Resources acquisition from FY29, extends Mungari's mine life to 15 years and adds circa-20,000ozpa from higher Cowal underground mining rates from FY30.

For FY27, UBS forecasts 704,000oz of gold and 57,000t of copper at an all-in sustaining cost of $1,930/oz, noting Evolution remains relatively well positioned for the current cost cycle.

FY26-FY28 EPS forecasts are virtually unchanged, with higher investment requirements tempering the longer-term production benefits.

The report concludes FY27 guidance on 19 August and September site visits are the next catalysts, while elevated costs, materially higher capital expenditure and project-delivery risk remain the principal concerns.

Target price is $13.00 Current Price is $13.00 Difference: $0
If EVN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.67, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates JHX as Buy (1) -

On first take, Citi notes James Hardie Industries' 1Q27 earnings (EBITDA) was "oddly" 4% above the top of the pre-reported range. The analyst points to share-based compensation, which has been put below the line, providing the fillip to the result.

The result was robust with FY27 earnings (EBITDA) guidance some 3% above consensus, which appears to be coming from Deck, Rail & Accessories (DR&A) revenue synergies.

Sidings and Trims was also robust with earnings (EBITDA) at the upper end of the guidance range, with demand still positive post-restocking. Earnings (EBITDA) guidance for FY27 is growth of 6% for this segment at the mid-point, in line with consensus.

A&NZ performed better than expected, 6% above consensus. Europe was a surprise beat, 26% ahead of consensus.

Buy. Target price $42.60.

Target price is $42.60 Current Price is $40.82 Difference: $1.78
If JHX meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $41.30, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Morgan Stanley rates JHX as Overweight (1) -

On a first glance, Morgan Stanley reports James Hardie Industries' 1Q27 earnings were 4% above guidance at the midpoint. FY27 earnings guidance is raised 7% at the midpoint.

Siding & Trim was the standout, with North American fiber cement returning to 20% organic growth, driven by share gains, strategic initiatives and easier comparisons.

First quarter free cash flow more than doubled year on year while net leverage fell to 2.7x, with FY27 free cash flow guidance reaffirmed.

The result supports Morgan Stanley's Overweight rating, with execution and share gains continuing to offset a weak US housing backdrop. Target unchanged at $42.

Target price is $42.00 Current Price is $40.82 Difference: $1.18
If JHX meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $41.30, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Bell Potter rates KYP as Buy (1) -

Kinatico delivered FY26 revenue, EBITDA and net profit that were all ahead of Bell Potter's forecasts, driven by both higher SaaS and transactional/cheque revenue along with slightly higher margins.

The company has secured its first enterprise client on the new KC platform, NYSE listed Civeo. No revenue details were provided but the contract is initially for Australia where the company has 2500 staff.

The broker upgrades FY27 and FY28 revenue forecasts by 3% but also increases operating expenditure forecasts, largely because of increased marketing expenditure. Buy rating retained. Target steady at $0.36.

Target price is $0.36 Current Price is $0.17 Difference: $0.19
If KYP meets the Bell Potter target it will return approximately 112% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates NCK as Neutral (3) -

On first take, Citi notes Nick Scali's FY26 net profit after tax of $75.7m was in line with consensus.

Sales missed consensus by -3% but more robust margins were an offsetting factor.

The UK operated at breakeven, which is viewed positively. Cost of doing business was flat. The UK gross margin moved up to 61.2% in 2H from 59.2% in 1H.

On the not so positive side, UK like-for-like sales fell -19% and for FY26 missed consensus expectations by -13%.

A&NZ like-for-like sales missed consensus by -4% in terms of a flat outlook and trading update for FY27, but the metric is muddied by new store growth over 5% in the same period, the broker highlights.

Citi believes the result will be positively received due to the short interest and the low investor ownership.

The results and trading update reflect, in the analysts' view, the more upbeat outlook prior to the May budget, given furniture sales lag property contracts by 3-6 months.

Neutral. Target $14.50.

Target price is $14.50 Current Price is $17.23 Difference: minus $2.73 (current price is over target).
If NCK meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.73, suggesting downside of -2.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates NST as Buy (1) -

UBS maintains Buy on Northern Star Resources with an unchanged $24.05 target, viewing the KCGM mill expansion as the foundation for longer-term production and efficiency gains.

The new 27mtpa facility is commissioning ahead of a September ramp-up, with UBS forecasting FY27 KCGM production of 615,000oz and group production of 1.62moz at an all-in sustaining cost of $3,025/oz.

Processing costs could ultimately fall around -50%, while each 0.1g/t increase in KCGM's processed grade would add circa 70,000oz of annual production.

Forecast FY26 EPS rises 8%, while FY27 and FY28 fall -7% and -2%, respectively, reflecting the latest cost performance and a more conservative KCGM ramp-up.

FY27 guidance on 20 August and a multi-year outlook around March 2027 are identified as key catalysts, while commissioning delays, initially lower grades and recoveries, and uncertainty surrounding KCGM, Jundee and Hemi remain the main risks.

Target price is $24.05 Current Price is $22.19 Difference: $1.86
If NST meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.18, suggesting upside of 16.3% (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 NWS as Outperform (1) -

News Corp announced 4Q26 earnings (EBITDA) up 31% y/y and 13% above Macquarie's forecasts and consensus.

All segments beat expectations with Digital Real Estate Services noted as the largest driver due to yield optimisation and premium products, the analyst points out.

Dow Jones' earnings (EBITDA) target for FY30 infers around 11% CAGR over the four years, which is above both the broker's forecast by 8% and consensus.

Target price is raised to $49.75 from $46.25. Macquarie remains positive on the outlook for News Corp and sees the valuation as appealing with a good growth outlook and upside on Dow Jones as well as AI-content deals.

Target price is $49.75 Current Price is $48.50 Difference: $1.25
If NWS meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $53.88, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

UBS rates NWS as Buy (1) -

UBS reiterates its Buy rating for News Corp following the media company's FY26 result. Its target lifts to $58 from $56, a 3.6% increase.

Revenue and earnings beat UBS and consensus forecasts by 1% and 3%, respectively, driven by Digital Real Estate and Dow Jones.

Free cash flow increased 43%, supporting completion of around $640m of the existing $1bn buyback, while UBS assumes a further $1bn of repurchases across FY28-FY30.

FY27-FY29 EPS forecasts rise 2%, 2% and 4%, respectively, reflecting higher REA Group ((REA)) volumes and broadly stronger revenue and earnings assumptions.

Recovery in Dow Jones energy contracts, easier Book Publishing comparisons and improving US property activity provide catalysts, while continued weakness in professional information services and a delayed US housing recovery are seen as the primary risks.

Target price is $58.00 Current Price is $48.50 Difference: $9.5
If NWS meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $53.88, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

UBS rates NXG as Buy (1) -

NexGen Energy's progress evolved well over 2Q with UBS noting construction is on track and slightly more advanced going into the Sept 1 construction webinar.

A new 1.3mlb US utility off-take agreement was also signed, which lifts contracted volumes to 11.3mlbs. Management has retained some flexibility to keep exposure to higher U308 prices as much as possible. Some 96% of reserves will be available for sale, the analyst states.

Further discussions for another 20mlbs are continuing which indicates U308 prepayments as a source of construction funding.

Groundbreaking ceremony for Rook 1 is scheduled for Aug 13 with the PCE drilling results to be announced.

Target price is trimmed to $18.50 from $19.50 with a Buy rating retained.

Target price is $18.50 Current Price is $14.09 Difference: $4.41
If NXG meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $19.53, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Ord Minnett rates PNI as Buy (1) -

Pinnacle Investment Management's FY26 result was delivered on the back of a 9.7% organic jump in FUM over the second half. Ord Minnett's FY27 expectations are buoyed by the starting FUM, which is 14% higher than the FY26 average, and Pacific Asset Management will be included for the full 12 months.

On top of this, strong flows appear likely to persist, with Life Cycle leading the charge. The announced acquisition of Asset Value Investors was the "cherry on top", the broker says, albeit a modest acquisition yet well placed to benefit from the Pinnacle distribution engine.

There was plenty to like about this result, Ord Minnett suggests. Target rises to $23.40 from $22.10, Buy retained.

Target price is $23.40 Current Price is $19.25 Difference: $4.15
If PNI meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $22.32, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

UBS rates PNR as Buy (1) -

UBS highlights Pantoro Gold's Norseman site visit, noting expanding underground mining fronts at Scotia, Mainfield and the emerging Racetrack target should improve production flexibility over time.

The analyst expects growing open pit production from Gladstone and Green Lantern to provide reliable mill feed while underground ore progressively displaces lower-grade open pit material.

A conservative approach is taken on the company's medium-term outlook, forecasting peak production of just over 150kozpa versus management's aspirational 200kozpa target expected in the September quarter update.

The broker also sees strategic potential across the broader Norseman belt, with Sinclair Gold's Mt Henry-Selene project capable of supporting a larger regional production hub over the longer term.

Buy rated with an unchanged target of $3.60.

Target price is $3.60 Current Price is $2.43 Difference: $1.17
If PNR meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 65.2% (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 PXA as Outperform (1) -

Macquarie highlights Pexa Group's Pexa Clear is assisting the market, including real estate agents and conveyancers, with compliance of the new anti-money laundering and counter-terrorism financing laws.

An estimated $20m of new revenue is expected to be generated from Pexa Clear, which will offset some of the revenue challenges due to the iPart draft report impacts.

Pexa Clear has attracted a 10% market share. The analyst sees over 25% EPS upside, depending on margins off the back of an assumed circa $180m total addressable market.

EPS forecasts are raised by 11.6% for FY27 and 7.1% for FY28. Target price moves up to $15.15 from $14.85 and an Outperform rating is retained.

Target price is $15.15 Current Price is $7.63 Difference: $7.52
If PXA meets the Macquarie target it will return approximately 99% (excluding dividends, fees and charges).

Current consensus price target is $12.32, suggesting upside of 58.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates REA as Sell (5) -

REA Group delivered a strong second half and FY26 results beat Bell Potter's estimates. The company expects flat, or low single-digit, declines in listing volumes in FY27, and the broker notes listings in July were weaker than previously anticipated, down -2%.

Despite the company's ability to generate strong results in challenged operating environments, the broker continues to envisage significant downside risk to listing volumes and earnings compared with company guidance.

Bell Potter awaits further data on lending volumes and market listings before reconsidering its view. Before then, a Sell rating is maintained. Target is raised to $147 from $144.

Target price is $147.00 Current Price is $172.03 Difference: minus $25.03 (current price is over target).
If REA meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $190.68, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Citi rates REA as Buy (1) -

The main positive Citi found in the results from REA Group was that listing volumes are holding up better than feared and the company is doing a "solid" job in terms of controlling what it can.

The 6% reaction in the share price implies net profit upgrades that are a bit higher than the broker would expect and, in turn, this remains largely dependent on assumptions for listing volumes.

Buy rating and $182.75 target.

Target price is $182.75 Current Price is $172.03 Difference: $10.72
If REA meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $190.68, suggesting upside of 9.6% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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 FY26 net profit after tax, up 15% y/y, which met Macquarie's expectations and was above consensus by 2%.

Australian residential revenue grew 12% y/y with higher buy yield on flat listings of 13 percentage points, the analyst notes.

Balance sheet remains robust with net cash of $366m. No new share buy-back was announced, with a preference for franked dividends.

The broker forecasts a decline in Australian listings of -1%, made up of an expected lift of 3% in 1H and a fall of -5% in 2H27. From FY27-FY29 listings are forecast to decline by -6%, and 2027 volumes down -5%.

A 10.5% Australian residential buy-yield is expected, with Sydney and Melbourne anticipated to "underperform".

Commentary points out the stock usually trades at a discount to its long-term valuation when the Australian housing market is experiencing a tougher period.

Neutral rated. Target price rises to $170 from $165. Neutral rating unchanged.

Target price is $170.00 Current Price is $172.03 Difference: minus $2.03 (current price is over target).
If REA meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $190.68, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Morgans rates REA as Buy (1) -

REA Group delivered FY26 results that were largely in line with expectations, with Morgans noting the core Australian residential business was underpinned by double-digit yield growth and a resilient listings environment. EBITDA growth was 12%.

Cost discipline was also evident to the broker and a key positive outcome. FY27-FY29 EPS estimates are increased by 1%-3.5%. Morgans adjusts assumptions, mainly by reclassifying India as a discontinued operation and integrating the company's FY27 guidance.

A -3% decline in listings and 10.5% yield growth is forecast for the Australian residential business. Buy rating retained. Target rises to $203 from $199.

Target price is $203.00 Current Price is $172.03 Difference: $30.97
If REA meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $190.68, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Ord Minnett rates REA as Buy (1) -

REA Group reported FY26 revenues up 7% and profit up 15% to $650m from its core operations, ahead of consensus estimates. A final dividend of $1.73 (ff) took the payout ratio to 60% versus 58% in FY25.

The yield and cost guidance indicates operational margin expansion should be achieved in FY27, adding support to Ord Minnett's earnings forecasts which are little changed after incorporating the result.

On the broker's numbers, slow cost growth and the divestment of the loss-making business in India should see REA achieve 19% EPS growth in FY27.

Buy and $225 target retained.

Target price is $225.00 Current Price is $172.03 Difference: $52.97
If REA meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $190.68, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

UBS rates REA as Neutral (3) -

UBS reiterates its Neutral stance on REA Group following FY26 results and raises its target to $177. The result and FY27 outlook broadly met expectations, while July listing volumes declining -2% provided a better-than-anticipated start to the year.

UBS improves its FY27 volume assumption to -6% from -8% and expects 11% yield growth, although it remains below management's guidance for flat-to-low-single-digit volume declines.

FY27-FY29 EPS forecasts rise 5%, 5% and 6%, respectively, reflecting stronger volumes, margins and operating leverage, with AI-led productivity and a potential special dividend offering upside.

Spring listing trends are seen as the key catalyst, while prolonged volume weakness, an unfavourable Sydney and Melbourne geographic mix and softer demand for premium listings remain primary risks.

Target price is $177.00 Current Price is $172.03 Difference: $4.97
If REA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $190.68, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

Citi rates RMD as Neutral (3) -

At first glance, Citi found ResMed's fourth quarter sales were in line with expectations, with a stronger performance outside of the Americas.

Total sales of US$1.46bn were up 9%, with devices up 8% and masks up 11%. Gross margins, while slightly ahead of the broker's estimates, were -46 basis points below consensus and commentary states this may attract some scrutiny.

Citi suspects investors will focus on the performance in the Americas and expectations for gross margin, homing in on the collective effect of the acquisition of Noctrix, divestiture of MatrixCare and active Astral ventilator safety recall.

Neutral rating and $34 target.

Target price is $34.00 Current Price is $31.48 Difference: $2.52
If RMD meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 36.3% (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

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

On a first glance, Morgan Stanley finds ResMed's June quarter revenue was in line with consensus. Compositionally, Americas revenue was -1% below with rest-of-world 3% above.

The gross margin of 62.3% was below 62.7% expectation. Earnings were -3% below on a lower than expected earnings margin (35.2% versus 36.2% expectation).

Equal-weight and US$229 target retained. Industry view: In Line.

Current Price is $31.48. Target price not assessed.

Current consensus price target is $39.54, suggesting upside of 36.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Morgans rates RMD as Buy (1) -

In an initial assessment, Morgans welcomes the fourth quarter results from ResMed, noting underlying demand remains healthy. EPS in the fourth quarter of US$2.95 comfortably exceeded the broker's estimate.

Gross margin expanded to 62.3%, driven by ongoing productivity initiatives. Management has announced plans to return more than US$1.85bn to shareholders in FY27.

The broker is looking for details on FY27 operating guidance, particularly gross margin, R&D and tax assumptions.

Target price is $40.97. Buy retained.

Target price is $40.97 Current Price is $31.48 Difference: $9.49
If RMD meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $39.54, suggesting upside of 36.3% (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 RMD as Buy (1) -

Upon initial appraisal, UBS stays Buy-rated on ResMed following its 4Q26 result, with an unchanged US$300 target. Revenue rose 9% to US$1.46bn and met forecasts, but the 62.3% gross margin fell -73bp short of UBS's estimate.

Higher research spending contributed to a -4% operating-profit miss. Non-GAAP EPS of US$2.95 exceeded consensus by 2% but missed UBS by -1%, with lower tax and higher interest income supporting the result's quality.

UBS leaves its published forecasts unchanged, while ResMed guides to FY27 revenue of US$5.75bn-US$5.85bn, EPS of US$12-US$12.25 and US$1.5bn of share repurchases.

Margin recovery and the larger buyback offer upside, while the Astral ventilator issue, weaker-than-expected core growth, competitive pressure and further product recalls remain the primary risks.

Current Price is $31.48. Target price not assessed.

Current consensus price target is $39.54, suggesting upside of 36.3% (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 RMS as Buy (1) -

UBS retains its Buy rating for Ramelius Resources with its target shifting to $4.80 from $4.90 after increasing capital expenditure and moderating Dalgaranga grade assumptions.

The broker remains 6% and 7% above consensus on FY27 and FY28 production, respectively, supported by higher-grade ore displacing lower-grade Mt Magnet mill feed.

UBS forecasts FY27 all-in sustaining costs of around $2,450/oz and expects free cash flow to remain constrained until FY28 due to expansion spending and -$135m of estimated Spartan stamp duty.

FY26-FY28 EPS forecasts fall -38%, -11% and -9%, respectively, reflecting June-quarter costs, hedgebook close-out expenses, higher medium-term capital expenditure and a slower Dalgaranga ramp-up.

The report identifies September's Mt Magnet expansion decision and updated four-year production plan as the key catalysts, while a potential 15%-20% project-cost increase and delays in delivering higher grades remain the primary risks.

Target price is $4.80 Current Price is $3.48 Difference: $1.32
If RMS meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 32.2% (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

UBS rates WGX as Buy (1) -

Post a visit, UBS expects Westgold Resources' updated three-year plan in August to highlight Meekatharra as the key growth driver within the Murchison hub, supported by expanding underground and open-pit mining opportunities.

The broker believes development at Bluebird South Junction, Polar Star and Paddy's Flat could lift feed capacity sufficiently to justify future mill expansion.

UBS also sees material medium-term cash flow upside as higher-margin internal ore progressively replaces lower-margin third-party ore purchases.

Near term, the broker flags FY27 guidance risk following ventilation challenges at Beta Hunt and forecasts group production of 405koz at AISC of $3,306/oz. Forecasts were unchanged.

Buy rated. Target unchanged at $7.75.

Target price is $7.75 Current Price is $5.44 Difference: $2.31
If WGX meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $7.47, suggesting upside of 32.4% (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

UBS rates WOW as Downgrade to Sell from Neutral (5) -

UBS downgrades Woolworths Group to Sell from Neutral with the stock price having risen by 29% since July 1 and 37% from January 1, and outperformed the ASX100 on both periods.

Target price is raised to $39 from $34.50.

Despite better execution on Australian food and some upside to the earnings (EBIT) margin, the analyst views the risk reward as "unattractive" now.

The 1yr forwards PER is well above historical averages and trading at a premium to Coles Group ((COL)) by 4x which has expanded above the expected 1x–2x.

Target price is $39.00 Current Price is $40.21 Difference: minus $1.21 (current price is over target).
If WOW meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.34, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

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

29Metals delivered weaker copper production yet stronger byproducts in the June quarter, Morgan Stanley observes. 2026 guidance has been maintained with first half copper/zinc of 11,200t/3,200t within expected ranges.

2026 guidance for gold and silver is also in line with expectations, with first half gold production at 5,400 ounces and silver at 255,000 ounces.

The broker observes water levels are no longer a restriction for restarting production of Capricorn whilst approval of the tailings storage facility 3 is a critical catalyst for a final decision. Equal-weight retained. Target is reduced to 26c from 28c. Test 123.!!

oOh!media reported a solid result, with revenue growing 8% despite a challenging advertising environment. The company's outdoor segment continues to modernise its network while margins remain under pressure. REA Group, meanwhile, posted earnings somewhere between analyst estimates, and Seek reaffirmed guidance for FY26-FY27 after a approximately $50m cost-reduction program was completed ahead of schedule.

a2 Milk along with Synlait is seen benefiting from stronger demand out of Cote d'Ivoire and other export markets, though ANZ analysts caution the recovery is fragile. Suncorp Group's insurance division cancelled several unprofitable policies during the quarter, and management said the firm "practises conservative underwriting" across its portfolio. The stock's NZ32.5c dividend was unchanged, with the board signalling a further travelling roadshow in the 10-15 months ahead.

Target price is $0.26

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