Australian Broker Call

Shaw and Partners - Cessation of coverage

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

Citi rates ABB as Buy (1) -

Following Aussie Broadband's interim results, Citi raises its target by 10c to $6.25 on a valuation roll-forward. The Buy rating is retained.

The analysts suggest the company is fast approaching a point where it can no longer be classified as a challenger, citing sustained market share gains and increasingly sophisticated product offerings.

A summary of the broker's initial thoughts follows.

In an initial glance, Citi notes Aussie Broadband’s interim result missed expectations on higher costs. It's thought elevated marketing spend reflects heightened competition.

Subscriber momentum remained solid with a further 12,000 connections added in early 2H, which is particularly encouraging, suggest the analysts, given the increased competition.

FY26 underlying EBITDA guidance to $162-167m is an upgrade of around 1.5%, notes Citi, with capex unchanged. Strategic ambitions under the Look-to-28 plan have also been lifted, notes the broker.

While the share price is expected to trade down, Citi is prepared to look-through the interim result 'miss' given the guidance upgrade and Look-to-28 ambitions.

Target price is $6.25 Current Price is $5.09 Difference: $1.16
If ABB meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 18.7% (ex-dividends)

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 ABB as Neutral (3) -

Aussie Broadband delivered a mixed first half, in Macquarie's opinion, with topline growth slightly ahead of expectations. FY26 EBITDA guidance has been upgraded to $162-167m.

While subscriber growth in residential & business was strong, the broker is less constructive on enterprise & government as well as the Symbio divisions. The focus is now on integration after -$165m in acquisitions.

Target is raised to $5.30 from $4.85 and a Neutral rating is maintained.

Target price is $5.30 Current Price is $5.09 Difference: $0.21
If ABB meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates ABB as Buy (1) -

Aussie Broadband reported first half earnings and profit both within -2% of Ord Minnett's expectations. Management has initiated an asset rotation within the enterprise and government segment, buying Nexgen and selling Digital Sense.

This takes the company deeper within the small enterprise market, a segment the broker likes for the lower churn rates, stable margins and ability to differentiate through service and technical integration – all sweet spots for Aussie Broadband.

The acquisition multiple of 6.2x and available synergies make this an EPS accretive acquisition, the broker notes. Buy retained, target rises to $6.35 from $6.22.

Target price is $6.35 Current Price is $5.09 Difference: $1.26
If ABB meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 18.7% (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

UBS rates ABB as Buy (1) -

On further analysis of the first half results from Aussie Broadband, UBS factors in acquisition and MORE integration costs, such as the recent acquisition of AGL Telco ((AGL)).

The business will add 350,000 broadband services and is expected to contribute $21m to EBITDA in the first 12 months post migration.

The broker believes it is a good deal that provides around 10% EPS accretion to FY28 forecasts, although is mindful how the bundled offering is priced going forward.

Buy rating. Target is reduced to $6.20 from $6.50.

Target price is $6.20 Current Price is $5.09 Difference: $1.11
If ABB meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.02, suggesting upside of 18.7% (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

Morgans rates ADH as Buy (1) -

Adairs reported a softer than expected result, with group earnings down -10% year on year. This was driven by ongoing weakness in Focus, excessive clearance activity in Adairs in the first quarter, which offset a strong performance in Mocka.

Focus has consistently underperformed expectations, Morgans notes. Adairs continues to believe there is a long-term future for the business, and the broker thinks the business can stabilise, but the growth trajectory moving forward remains unclear.

Conversely, Mocka has grown considerably, Morgans notes. This has been driven by strong top-line sales growth and margin expansion. The first standalone physical store is set to open in Queensland in May.

Morgans forecasts significant improvement in 2H gross margins for Adairs, which should drive earnings in 2H and into FY27 if sales can be sustained at current levels. Target falls to $2.40 from $2.60, Buy retained.

Target price is $2.40 Current Price is $2.00 Difference: $0.4
If ADH meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 20.6% (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

UBS rates ADH as Neutral (3) -

Further to the first half result from Adairs, UBS highlights improved operating performance in the second quarter and the reported share gains.

While strong sales in highly promotional areas softened first half gross margins, the outlook is improving into the second half, UBS asserts.

Sales momentum is expected to slow slightly in the first seven weeks into fourth quarter cycling clearance activity. Mocka delivered a strong result with gross margins ahead of guidance, although the focus on furniture remains challenging because of competition and higher interest rates, commentary suggests.

Neutral retained. Target rises to $2.15 from $2.05.

Target price is $2.15 Current Price is $2.00 Difference: $0.15
If ADH meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 20.6% (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

Bell Potter rates AHL as Downgrade to Hold from Buy (3) -

Adrad's interim underlying earnings (EBITDA) of $9.4m beat Bell Potter's forecast by 4% on stronger margins despite revenue missing by -4%. Statutory earnings of $8.3m were -8% below forecast due to -$1.1m in restructuring costs, explain the analysts.

The interim dividend of 1.45c fully franked was slightly below the broker's expectation.

Bell Potter expects improved revenue and margins in the 2H. Potential incentive payments could weigh on FY26 profit, highlights the broker. 

The target rises to $1.15 from $1.10 and the rating is downgraded to Hold from Buy on valuation.

Target price is $1.15 Current Price is $1.01 Difference: $0.14
If AHL meets the Bell Potter target it will return approximately 14% (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 ALD as Outperform (1) -

The 2025 net profit of $429m from Ampol was largely in line with Macquarie's estimates with the final dividend of $0.60 representing a 53% payout. A decision on the EG Group acquisition is expected in June and is included in the broker's estimates from July 2026.

Several events could trigger a re-rating towards its 16x PE target, Macquarie points out, and this includes refining margin recovery, the completed acquisition of EG Group, and M&A.

Estimates for EPS in 2026 are lowered by -3% on lower refining margins, partially offset by stronger F&I margins. Outperform. The target slips to $32.50 from $33.65.

Target price is $32.50 Current Price is $28.36 Difference: $4.14
If ALD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $32.83, suggesting upside of 14.6% (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 ALD as Overweight (1) -

Morgan Stanley expected a neutral response to Ampol's 2025 pre-guided result, with a 100% fully franked DPS of 100c, up 54% y/y, and EPS up 56% y/y.

Lytton replacement cost operating profit earnings before tax and interest were better than the analyst and consensus expectations, while the Lytton refining margin was US$8.13/bbl against the broker's 1H26 estimate of US$12/bbl.

Convenience retail earnings rose 5% y/y, slightly better than anticipated, with a lower basket value than 2024 due to tobacco.

Morgan Stanley lowers its FY26 EPS forecast by -6% due to softer refining margin assumptions and lifts its FY27 EPS estimate by 4% on U-GO and cost reductions.

The broker's target price is lowered to $31 from $33, and an Overweight rating is retained. Industry View: In-Line.

Target price is $31.00 Current Price is $28.36 Difference: $2.64
If ALD meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.83, suggesting upside of 14.6% (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

Ord Minnett rates ALD as Buy (1) -

Ampol posted 2025 earnings that matched recent guidance although the final dividend fell short of market expectations. The payout was nevertheless in line with Ord Minnet's forecasts as the broker had incorporated some caution into its model.

The key negative from the result for Ord Minnett was surprisingly high capital expenditure on the Lytton refinery in Brisbane in both 2025 and in guidance for 2026, which the broker attributes to the ultra-low sulphur gasoline (ULSG) conversion project running over budget.

EPS estimates are lowered by -12.8% and -6.5% for 2026 and 2027 to incorporate higher D&A charges, lower refining margins and softness in the international arm of its fuel and infrastructure division, with some compensation from cost savings at Lytton.

Target falls to $35.00 from $35.50. Buy retained on valuation grounds and a view the EG Australia acquisition will prove to be step-change for the business and generate opportunities for special dividends and/or further M&A from 2027.

Target price is $35.00 Current Price is $28.36 Difference: $6.64
If ALD meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $32.83, suggesting upside of 14.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates AQZ as Hold (3) -

Alliance Aviation Services delivered a weak result, Morgans notes, following a -$164.8m impairment charge, that delivered a statutory loss for 1H26. The company closed 1H26 with $433m in net debt, materially above the previously guided FY26 year end level of $392m.

With debt facilities now fully drawn, 2H26 cash generation becomes critical, Morgans warns. Underlying revenue was up 8% year on year, however operating cost inflation running ahead of CPI is having a detrimental impact on the earnings outlook.

Target falls to 75c from $1.50, Hold retained.

Target price is $0.75 Current Price is $0.73 Difference: $0.02
If AQZ meets the Morgans target it will return approximately 3% (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

Citi rates ARB as Buy (1) -

At first glance, Citi notes interim profit for ARB Corp of $42.2m is broadly in line with the consensus estimate, while the interim dividend of 34c came in ahead of the 28.9c forecast.

The broker highlights 26.1% US sales growth and improving ORW/4WP profitability, but notes Australian aftermarket sales fell -1.7% and OEM revenue declined -38%. Margins were pressured by currency and lower factory recoveries, explain the analysts.

Management guides to an improved 2H26 performance versus 1H and broadly flat margins year-on-year, though Citi expects consensus 2H profit growth forecasts will need to be trimmed.

Citi questions whether greater reinvestment may be required to reinvigorate core growth.

Buy rating. Target $42.25.

Target price is $42.25 Current Price is $24.57 Difference: $17.68
If ARB meets the Citi target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $36.48, suggesting upside of 70.8% (ex-dividends)

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

UBS rates ARB as Neutral (3) -

On first inspection, ARB Corp's 1H26 results were largely pre-released, UBS notes, yet management's FY26 guidance infers consensus EPS downgrades of between -2% and -4%.

While some headwinds are in the past, the analyst points to other factors impacting ARB going forward, including labour constraints, lower OEM new vehicle sales and supply, as well as weakness in the Australian aftermarket due to softer sales of key vehicle models.

Neutral. Target $27.85.

Target price is $27.85 Current Price is $24.57 Difference: $3.28
If ARB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $36.48, suggesting upside of 70.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates ASB as Hold (3) -

Bell Potter retains its Hold rating on Austal and lowers its price target to $6.30 from $6.60 following the 1H26 result.

Earnings (EBIT) of $60.3m beat consensus by 23%, rising 41% year-on-year on 34% revenue growth to $1,109m, driven by Strategic Shipbuilding Agreement programs, explain the analysts.

Profit of $30.5m rose 22% but missed consensus by -2% due to unrecognised US tax losses, notes Bell Potter.

Net cash outflow of -$212.4m reflected investment in Modular Manufacturing Facility No 3 in the US.

The auditor issued a qualified conclusion regarding US Navy compensation revenue. The analysts explain the auditor requires more evidence of the reasonableness of the amount of variable revenue recognised.

Target price is $6.30 Current Price is $5.61 Difference: $0.69
If ASB meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 24.6% (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

Citi rates ASB as Downgrade to Sell from Neutral High Risk (5) -

Following interim results, Citi lowers its target for Austal to $4.50 from $6.90 and downgrades to Sell from Neutral High Risk, citing heightened risks around accounting issues.

The broker acknowledges solid progress in securing new contracts and a more diversified order book.  However, these gains have been overshadowed by audit qualification concerns, a revenue recognition misstep, and weak operating cash flow.

The analyst also sees elevated risk in the early stages of major programs. The unexpected departure of a key executive is also noted.

A summary of the broker's initial thoughts follows.

Citi notes Austal’s 1H26 earnings (EBIT) of $60.3m beat consensus by 23%. As expected, no dividend was declared. In an early assessment of today's release, the analyst notes the strong outcome contrasts with the recent FY26 guidance downgrade.

The broker highlights a record $17.7bn order book and progress toward $500m support revenue by FY27. However, it's thought a qualified audit opinion and weaker cash conversion will weigh on confidence.

The audit report was qualified due to an inability to sight sufficient evidence relating to contractual relief for compensation for cost growth in relation to Towing, Salvage and Rescue Ship (T-ATS) and Auxiliary Floating Dry Dock Medium (AFDM).

Net cash fell to $241m amid higher capex, highlights Citi.

FY26 EBIT guidance of $110m was reiterated, implying to the broker a softer H2.

Target price is $4.50 Current Price is $5.61 Difference: minus $1.11 (current price is over target).
If ASB meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.12, suggesting upside of 24.6% (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

Macquarie rates ASB as Outperform (1) -

Austal delivered a mixed result in the first half with Macquarie noting Australasia did the "heavy lifting". Shipbuilding revenue grew 84%, with a material turnaround in EBIT of $10m compared with the loss in the prior corresponding period.

The diversified order book positions the company well for medium-term earnings growth with the broker highlighting the book stands at a record $17.7bn. Management is targeting 7-9% shipbuilding margins in each region.

Macquarie retains an Outperform rating, pointing out the stock is one of the few ASX firms providing exposure to rising global defence expenditure with material exposure to the US. Target is reduced to $7.55 from $8.10.

Target price is $7.55 Current Price is $5.61 Difference: $1.94
If ASB meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 24.6% (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

UBS rates AUB as Buy (1) -

At first take, UBS notes AUB Group's 1H26 underlying NPAT was pre-guided, with NZ missing expectations and the other divisions coming in stronger than anticipated.

Management upgraded FY26 underlying NPAT guidance to $220-$230m, including the Prestige acquisition, versus $215m-$227m previously, representing growth of 9.9% and 14.9% y/y.

Growth is flagged to come organically, up 4.3%, with acquisition growth of 8.7%.

Buy. Target $35.

Target price is $35.00 Current Price is $25.11 Difference: $9.89
If AUB meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $38.42, suggesting upside of 62.9% (ex-dividends)

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 BGL as Outperform (1) -

Macquarie notes the first half has returned to profitability for Bellevue Gold following losses in FY25, beating estimates, with the key now being achieving FY26 guidance.

Commentary suggests the ramp up in grades from Deacon and Deacon North are required, along with continued balance sheet deleveraging and pre-deliveries of the hedge book.

The broker increases FY26 EPS estimate by 4%. Outperform rating and $2.10 target maintained.

Target price is $2.10 Current Price is $1.79 Difference: $0.31
If BGL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 23.6% (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

Bell Potter rates BIO as Buy (1) -

Biome Australia's interim revenue and gross profit rose around 40% year-on-year, highlights Bell Potter, while earnings (EBITDA) more than doubled to approximately $1.5m.

The earnings margin expanded to 11.9% for the half and 15% in the December quarter. Operating cash inflow of about $2.1m reduced debt to roughly $1.5m and lifted cash to around $3.3m, the broker explains.

The analysts highlight strong pharmacy momentum, new retail channels via Mecca (beauty vertical) and Go Vita (health food), as well as progress on onshoring and supply chain initiatives.

Buy rating and $1 target are unchanged. 

Target price is $1.00 Current Price is $0.43 Difference: $0.57
If BIO meets the Bell Potter target it will return approximately 133% (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 BRG as Buy (1) -

Citi notes positive read-throughs for Breville Group following a US Supreme Court ruling invalidating many tariffs imposed by the Trump administration. It's thought Breville’s margins could benefit should tariffs ultimately be removed.

While the broker cautions tariff uncertainty is unlikely to end, highlighting President Trump’s indication he may retain tariffs under alternative laws, the decision is expected to support investor sentiment.

Target $39.85. Buy.

Target price is $39.85 Current Price is $31.55 Difference: $8.3
If BRG meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $38.90, suggesting upside of 26.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates CDA as Upgrade to Buy from Hold (1) -

Codan posted first-half results that provided few surprises versus company guidance provided in early January, as group revenue jumped 29% and underlying net profit soared 55% in what Ord Minnett viewed as a strong performance.

Revenue and earnings in the Minelab metal detection division, accounting for circa 43% of Codan’s sales, spiked 46% and 86%, respectively, while the communications business, representing around 56% of the group revenue, booked solid if less spectacular revenue and earnings growth.

Drone manufacturing and development in Ukraine will provide a robust growth channel in the medium term, but there is also a likely boost to demand from EU countries and key Asian countries as they adjust to new US–NATO realities and perceived threats from Russia and China, commentary posits.

Ord Minnett upgrades Codan to Buy from Hold on valuation grounds. Target $40.

Target price is $40.00 Current Price is $34.69 Difference: $5.31
If CDA meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $37.75, suggesting upside of 9.1% (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 CNU as Outperform (1) -

Chorus delivered a firm result, Macquarie observes, restating FY26 earnings and dividend guidance. The business model is simplifying, with a final decision on copper deregulation expected in the next three months.

As it continues to pivot to a fibre-only business, Macquarie believes Chorus should generate stable cash flows and support a growing dividend stream.

Outperform retained, reflecting increased regulatory certainty and visibility on the dividend trajectory. Target is unchanged at NZ$10.26.

Current Price is $8.19. Target price not assessed.

The company's fiscal year ends in June.

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: 0.5

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

UBS rates CNU as Neutral (3) -

Chorus delivered a first half result that was slightly better than UBS expected amid better cost control. The main variance was lower network costs given the retirement of copper networks.

Revenue was in line with fibre revenue growth of 7%. FY26 guidance has been maintained for EBITDA in the range of NZ$710-730m.

The broker believes the business could revalue its fibre network at the FY26 result and makes no major changes to forecasts. Neutral retained. Target edges up to NZ$9.35 from NZ$9.25.

Current Price is $8.19. Target price not assessed.

The company's fiscal year ends in June.

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: 0.5

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

Bell Potter rates CU6 as Speculative Buy (1) -

Bell Potter highlights ongoing progress in Clarity Pharmaceuticals' Secure phase II expansion study.

A 76-year-old patient achieved an undetectable prostate-specific antigen (PSA) seven weeks after the first dose of 67Cu-SAR-bisPSMA. No disease was observed on follow-up imaging and only mild adverse events reported, note the analysts.

The broker highlights five complete responders from around 35-40 treated patients to date. This is thought to compare favourably to a 9% complete response rate in Pluvicto’s (Novartis’ radioligand therapy for prostate cancer) phase III study.

Upcoming Co-PSMA data is expected to demonstrate improved specificity and act as a key catalyst.

Buy rating and $6.40 target price are maintained.

Target price is $6.40 Current Price is $3.82 Difference: $2.58
If CU6 meets the Bell Potter target it will return approximately 68% (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 DBI as Buy (1) -

Citi's first glance assessment of Dalrymple Bay Infrastructure's 2025 release is that EBITDA looks largely in-line but FFO appears materially ahead at $173M versus consensus at $149m and Citi's own estimate of $175m.

Distribution is the real story, the broker posits, with 2H25's 12.875c some 5% ahead of consensus and 1H26 13.5c guidance some 10% ahead.

It seems the payout ratio increased to the upper end of 60-80% range, commentary adds.

The broker summarises the case as follows: overall, today's update implies a yield of 5-6% growing at 8-9%, which should justify the recent strong share price action.

Buy. Target $5.30.

Target price is $5.30 Current Price is $5.10 Difference: $0.2
If DBI meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting downside of -3.4% (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

Morgans rates DGT as Buy (1) -

DigiCo Infrastructure REIT's 1H26 earnings were -9.2% below consensus. Morgans suggests this is likely a result of tenant reconfiguration works undertaken during the half. DigiCo reaffirmed FY26 underlying earnings guidance despite FX headwinds.

The REIT continues to trade at a -50% discount to net asset value, yet that NAV does not yet reflect the full value of the 88MW SYD1 data centre expansion, Morgans notes, which management estimates will deliver a further $1.50/security of NAV uplift at a targeted 15% yield on cost.

Acknowledging the share price weakness, Morgans continues to see opportunity in DigiCo, retaining a Buy rating with a $4.15 price target, down from $4.30.

Target price is $4.15 Current Price is $2.08 Difference: $2.07
If DGT meets the Morgans target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 86.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates DTL as Neutral (3) -

Data#3 delivered first half results that proved slightly weaker than Macquarie expected, while hardware purchasing strength offset software & services weakness.

Services earnings are higher quality and the broker questions the long-term sustainability of the current hardware purchasing cycle.

Macquarie previously noted a strong second half would be required to reach the company's ambitions of high single-digit gross profit growth in FY26.

Neutral rating retained and the broker looks for services to rebound in FY27 or for M&A to create upside. Target is reduced -16% to $8.25.

Target price is $8.25 Current Price is $7.79 Difference: $0.46
If DTL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 19.9% (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 DTL as Overweight (1) -

Morgan Stanley has reduced its price target to $9.20 from $9.50 and retained an Overweight rating following Data#3's 1H26 result, which was broadly in line but reflected adverse composition.

Strength in Infrastructure was offset by a negative surprise in Services where gross profit was down -4% y.y.

The broker notes the earnings trajectory is likely unchanged despite the challenging backdrop, with management reiterating high single digit gross profit growth for FY26 and opex guidance of 2-3% growth,

Morgan Stanley is more cautious and forecasts FY26 gross profit growth at 5.1% with modest cost growth, leaving EBITDA, EBIT and EPS estimates cut by less than -1% across FY26-28.

The analyst views recent weakness as driven by transitory cycle headwinds, including memory price spikes and project delays, rather than competitive deterioration. 

Industry View: In Line. 

Target price is $9.20 Current Price is $7.79 Difference: $1.41
If DTL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates DTL as Hold (3) -

Data#3’s 1H26 result was in line with the midpoint of guidance provided at the October AGM, Morgans notes. This was up 2% year on year despite the full impact of rebate changes announced 18 months ago.

Gross revenue was up 9% and ahead of consensus expectations. Gross profit was flat, which was an "excellent outcome", Morgans suggests, considering 1H26 was impacted by a full six months of rebate changes.

Morgans rates management and the outlook positively but think the stock is fairly valued. Data#3’s revenue mix is roughly 50% enterprise and 50% government so it is economically well insulated. Hold retained, target falls to $8.20 from $8.30.

Target price is $8.20 Current Price is $7.79 Difference: $0.41
If DTL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 19.9% (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

UBS rates DTL as Neutral (3) -

Data#3 produced a "solid" first half result and UBS considers the -14% pullback in the share price could be an overreaction.

The broker acknowledges some areas of weakness, particularly in gross profit margins, while there are headwinds in the services business that could persist into the second half.

UBS revises down pre-tax profit estimates for FY26 and FY27 by -1% and -7%, respectively. Gross profit growth of 6% is forecast over FY26. Neutral retained. Target is reduced to $8.50 from $9.35.

Target price is $8.50 Current Price is $7.79 Difference: $0.71
If DTL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 19.9% (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

Bell Potter rates EMV as Speculative Buy (1) -

EMVision Medical Devices' interim results revealed the operating loss widened to approximately -$4.0m, largely due to higher non-cash share-based payments, explains Bell Potter.

Cash of $17.5m, plus receivables and grants, provides more than nine quarters of funding, according to the broker. 

It's felt 2026 is pivotal, with enrolment completion in the emu validation trial, FDA submission in 2H 2026. Potential approval is expected by late 2026 or early 2027.

Bell Potter believes multiple clinical studies will support regulatory and commercial progress. 

Grant and rebate income rose to around $3.8m from $3.2m in the prior period, highlights Bell Potter. 

Speculative Buy. Target unchanged at $3.15.

Target price is $3.15 Current Price is $1.78 Difference: $1.375
If EMV meets the Bell Potter target it will return approximately 77% (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 EOS as Buy (1) -

Bell Potter retains its Buy rating on Electro Optic Systems and lowers its price target to $9.70 from $12.00 following 2025 results. Revenue declined -27% year-on-year to $128.5m, slightly ahead of the broker's forecasts,.

Earnings (EBIT) of -$53m also missed the analysts' expectation by -15%, though the earnings (EBITDA) loss was marginally better than expected. The gross margin of 63% exceeded the analyst's 55% forecast.

Operating cash outflow (OCF) improved to -$24.2m from -$30.4m in 2024, reflecting the finalisation of a Middle East contract in 1H25 and a stronger-than-expected 2H25 margin of 57%, Bell Potter observes.

The broker removes the conditional US$80m Korean High Energy Laser Weapon (HELW) contract from its forecasts. EPS estimates are materially downgraded across 2026-28, reflecting lower revenue and higher costs, explain the analysts.

Target price is $9.70 Current Price is $7.75 Difference: $1.95
If EOS meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

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

Ord Minnett rates EOS as Speculative Buy (1) -

Electro Optic Systems' 2025 result was largely as guided at the revenue line but a little weaker than expected at the profit line primarily due to one-off adjustments and foreign exchange losses, Ord Minnett notes.

This was neverthless overshadowed by strategy, counter-drone demand, order book progress and contract wins for the Abrams tank and Apollo and the development of a new Space warfare platform to be called Atlas.

Ord Minnett views all three A’s as highly prospective for the company and with the recent acquisition of MARSS due to complete later this year, it sets Electro Optic Systems up to become a dominant global player in counter-drone warfare and space control.

Target rises to $12.95 from $12.72, Speculative Buy retained.

Target price is $12.92 Current Price is $7.75 Difference: $5.17
If EOS meets the Ord Minnett target it will return approximately 67% (excluding dividends, fees and charges).

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 EVT as Overweight (1) -

Morgan Stanley lowered its price target to $16.40 from $16.50 and retained an Overweight rating on EVT Ltd post a 1H26 result broadly in line with expectations, reinforcing its positive earnings outlook.

Revenue rose 5% y/y and  earnings (EBITDA) increased 6%, boosted by a robust Hotels performance, occupancy of 81% and RevPAR up 5.6%, offsetting softer A&NZ box office trends.

Management expects 2H26 earnings growth y/y, supported by improving film supply and resilient Hotels trading, while the broker sees further catalysts from property, including 525 George Street and the George & Market Street precinct.

Morgan Stanley lowers its EPS forecast by -5% for FY26  while FY27 and FY28 are lifted 2% and 1% respectively, implying a circa 5% three year CAGR. 

Industry View: Attractive.

Target price is $16.40 Current Price is $12.96 Difference: $3.44
If EVT meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $17.00, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates EVT as Buy (1) -

EVT Ltd's result highlighted a business on the cusp of a material acceleration in earnings and release of capital, Ord Minnett suggests.

The Hotels Division delivered 6% earnings growth, considered a solid outcome given refurbishment disruption at QT Gold Coast and Queenstown.

The sale of 525 George St to be completed in the coming months is likely to provide capacity for the company to either pay down debt or return capital/dividends to shareholders, Ord Minnett notes.

Cinema admissions in Australia were down -9% given the poor film line up, yet revenue for the period declined just -4% as EVT was able to increase spend per head. Target rises to $17.31 from $17.09, Buy retained.

Target price is $17.31 Current Price is $12.96 Difference: $4.35
If EVT meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $17.00, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates FPH as Neutral (3) -

Management at Fisher & Paykel Healthcare has raised and narrowed FY26 profit guidance to NZ$450m-470m from NZ$410m-460m, a 3.4% lift at the mid-point. Sales guidance was also raised to NZ$2.3bn from NZ$2.17bn-2.27bn.

Management attributes the upgrade to operational performance, with variability tied to the northern hemisphere flu season. 

The broker observes sales guidance is 2% ahead of the consensus forecast and, adjusting for a -1% FX headwind, implies an underlying profit upgrade of around 4%.

Neutral rating. Target NZ$26.

Current Price is $32.91. Target price not assessed.

Current consensus price target is N/A

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: 0.5

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

Morgan Stanley rates FPH as Overweight (1) -

Morgan Stanley has retained an Overweight rating and NZ$42.60 price target after Fisher & Paykel Healthcare upgraded FY26 net profit after tax guidance to NZ$450-470m from NZ$410-460m.

Prior guidance included an NZ$10-15m FX benefit, versus no current FX impact, implying an underlying upgrade of around 9% at the midpoint and 6%-plus at the top end on a constant currency basis, the analyst explains.

This is a strong result according to the broker, highlighting US respiratory hospitalisations are running below the prior year despite the upgraded outlook.

Management also flagged internal initiatives supporting improvements in gross and operating margins. 

Industry view: In-Line.

Current Price is $32.91. Target price not assessed.

Current consensus price target is N/A

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: 0.5

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

UBS rates FPH as Neutral (3) -

Fisher & Paykel Healthcare has lifted revenue guidance by 3% for FY26 to NZ$2.3bn. UBS assesses higher hospital consumables sales have reflected faster clinical adoption and slightly stronger pricing, against a backdrop of a relatively moderate flu season.

The broker believes the share price is reflecting strong EPS growth from FY26, driven by high flow therapy adoption, robust new patient starts in OSA and margin expansion.

The business is expected to maintain its significant PE premium to Australasia's large Healthcare peers. Neutral retained. Target is raised to NZ$41.30 from NZ$39.30.

Current Price is $32.91. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates GDI as Buy (1) -

GDI Property's interim result revealed funds from operations (FFO) of 3.9cpu beating Bell Potter's forecast by 9%. Management also reiterated the 5.0c annual dividend target.

The broker highlights improved leasing, with portfolio occupancy edging up to 88.6%, and notes vacancy remains the key driver of earnings upside.

The analyst also points to potential performance fees exceeding $17m from the UGL portfolio of assets, likely in FY27-28, alongside a 37% year-on-year lift in the Tulla joint venture FFO contribution. 

The broker's Buy rating for GDI Property and 85c target are unchanged. It's noted the share price is now trading at a -48% discount to net tangible assets (NTA).

Target price is $0.85 Current Price is $0.62 Difference: $0.23
If GDI meets the Bell Potter target it will return approximately 37% (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 GEM as Neutral (3) -

G8 Education posted an "in-line" result in 2025 with Macquarie noting the backdrop of challenges that were reflected in the weak year-to-date occupancy rate and the lack of 2026 guidance.

The broker envisages further downside risk to occupancy, weighed down by affordability, despite the business managing its cost and balance sheet well.

Neutral rating reiterated. Target is reduced to $0.40 from $0.69.

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

The company's fiscal year ends in December.

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 GGP as Buy (1) -

Citi maintains its Buy rating and price target of $16.00 for Greatland Resources following interim results which were largely a non-event following the December quarter operational update.

The broker's attention now turns to the maiden West Dome Underground resource update due in the March quarter. Lifetime ore of around 6.5Mt is forecast at approximately 2g/t.

The analyst remains confident in the company’s ability to grow reserves and resources, citing its track record at the Telfer operations.

Target price is $16.00 Current Price is $13.83 Difference: $2.17
If GGP meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $15.90, suggesting upside of 17.1% (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

Macquarie rates GGP as Neutral (3) -

Greatland Resources delivered first half net profit that was in line with Macquarie's estimates while no dividend was declared and no guidance provided. Most metrics were pre-released with the quarterly result.

The broker considers the stock high quality but also trading at fair value and retains a Neutral rating. Target edges down to $13.20 from $13.30.

The maiden West Dome underground resource estimate is targeted for the March quarter and in the broker's opinion has potential to be incorporated into a Telfer life-of mine update, expected later in 2026.

Target price is $13.20 Current Price is $13.83 Difference: minus $0.63 (current price is over target).
If GGP meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.90, suggesting upside of 17.1% (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 GNE as Underperform (5) -

First half earnings from Genesis Energy were ahead of Macquarie's expectations. Guidance for the full year is unchanged, which the broker suspects is conservative.

The stock is Macquarie's least favoured exposure to the sector because of limited internal development capability and almost nil organic cash flow growth along with legacy system issues and a high retail exposure.

The company's FY32 EBITDAF "outlook" at NZ$650-750m, the broker notes, is post -NZ$2bn in growth capex and assuming an -NZ$60m decline in Kupe earnings from FY26.

Target price edges down to NZ$2.13 from NZ$2.14. Underperform.

Current Price is $0.00. Target price not assessed.

The company's fiscal year ends in June.

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: -0.5

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

UBS rates GNE as Neutral (3) -

Genesis Energy's record first half earnings of NZ$303m were in line with UBS estimates, reflecting a favourable short generation position during low wholesale electricity prices as well as a strong lift in retail margins.

The business has outperformed the wider NZX50 index by 8% and peers by 10% over the past 12 months, likely a result of strategic progress on decarbonisation and generation development initiatives, in the broker's opinion. Neutral rating. Target is NZ$2.55.

Current Price is $0.00. Target price not assessed.

The company's fiscal year ends in June.

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: -0.5

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

Bell Potter rates GNP as Buy (1) -

Bell Potter retains its Buy rating on GenusPlus Group and raises its price target to $9.00 from $8.70 following a better-than-expected 1H FY26 result.

It's felt momentum is increasing across the battery energy storage systems (BESS) and transmission line construction markets.

Underlying earnings (EBITDA) of $46.3m rose 69% year-on-year and beat the broker's forecast by 7%. This was achieved on revenue of $535m, up 61%, while profit of $24.9m was also a 4% 'beat'.

A maiden 2.0c fully franked interim dividend was declared. At period-end, the group had cash of $201m and debt (including leases) of $67m for net cash of $133m. This was an increase from net cash of $109m at the end of FY25, highlights Bell Potter.

The analysts note reiterated FY26 earnings growth guidance of around 35%, a record $2,434m order book and a rising tender pipeline. 

Target price is $9.00 Current Price is $7.35 Difference: $1.65
If GNP meets the Bell Potter target it will return approximately 22% (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

UBS rates HMC as Buy (1) -

UBS highlights the HMC Capital share price is down -17% over the past year as investors grew sceptical regarding the ability of the business to hit its medium-term assets target of $50bn and the 20% ROE target.

Sentiment has been affected by major tenant entering receivership, poor satellite share price performance and a false start to the energy transition strategy.

These negatives may have received significant attention but the broker points out it is important not to overlook the divisions which have performed solidly in the background.

Buy rating retained. Target is reduced to $4.00 from $6.60 and coverage is transferred to Solomon Zhang.

Target price is $4.00 Current Price is $2.96 Difference: $1.04
If HMC meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 51.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates HUB as Buy (1) -

Post a strong H1 performance that saw Citi analysts lift their forecasts and price target, the broker asks whether platform operators such as Hub24 should not be valued more highly?

While a 47x FY27 PE multiple is demanding, the analysts acknowledge, they add their belief that wealth platforms face comparatively low AI disruption risk.

As a matter of fact, Citi argues platforms such as Hub24's could well benefit from an expanding advice market.

As such, the broker sees potential upside to its 25% terminal market-share assumption as managed-account adoption continues to grow, inflows from industry-funds increase, and a shift in adviser behaviour toward single-platform usage continues.

Buy. Target $100.60.

Target price is $100.60 Current Price is $91.49 Difference: $9.11
If HUB meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $111.01, suggesting upside of 19.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates IFN as Buy (1) -

Infragreen Group delivered 1H26 pro forma earnings up 18.7% year on year, with Energybuild the key driver and free cash flow a highlight, Morgans suggests.

Margin pressure within Minemet, a softer Pure result and a meaningful 2H skew have weighed on the share price, Morgans notes, as delivery against prospectus forecasts appears at risk.

While the broker expects the group may fall slightly short of FY26 expectations, Morgans views the 2H composition as pointing to a broadly improving outlook.

Recent share price weakness is more than pricing in near-term earnings uncertainty, commentary suggests, with the current valuation described as undemanding.

Traget falls to $1.00 from $1.30, Buy retained.

Target price is $1.00 Current Price is $0.38 Difference: $0.625
If IFN meets the Morgans target it will return approximately 167% (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 IMD as Upgrade to Buy from Hold (1) -

Following interim results for Imdex, Bell Potter raises its target by $1.00 to $4.60 and upgrades to Buy from Hold. 

Strong revenue growth was reported across the regions with 20% in the Americas, 9% in APAC, and 17% in EMEA, highlight the analysts.

Underlying earnings (EBITDA) of $77.9m rose 22% year-on-year and beat the broker's forecasts by 9% on revenue of $246.6m, up 16%. Profit of $28.8m exceeded the analysts' expectations by 19%.

The board declared a 1.7c fully franked interim dividend (Bell Potter's forecast 1.5c).

The broker highlights not only broad-based regional growth, but also improving exploration activity into 2H FY26. EPS forecasts are upgraded by 16% in FY26, 7% in FY27 and 5% in FY28.

Target price is $4.60 Current Price is $4.00 Difference: $0.6
If IMD meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 8.6% (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 IMD as Buy (1) -

After further perusal of Imdex's interim results, Citi raises its target to $4.65 from $4.20. Buy rating maintained.

A summary of the broker's initial thoughts follows.

In an early call, Citi expects shares of Imdex will rise today following the release of "solid" interim results. Global exploration fundamentals are strengthening, the analysts suggest, underpinning an upbeat outlook. 

Revenue of $247m, up 16%, and earnings (EBITDA) of $78m came in ahead of consensus expectations for $234m and $72m, respectively, explains the broker. It's thought margins of 31.6% and a rising share of wallet reflect strategy execution.

The analysts note revenue for the cloud-based drilling data platform HUB-IQ rose 22% and growth in Krux and Datarock was robust, supported by low leverage.

Krux is IMDEX’s data analytics and drilling optimisation platform and Datarock is the AI-powered geoscience platform.

Africa/Europe margins missed Citi's forecast and R&D capitalisation remains elevated.

Following an conference call with management, the analysts highlight North America as a near-term growth engine, with Canadian activity around -20% below prior peaks and poised to recover. Management expects a step-up in junior exploration in late 2026.

The 2H is viewed by the company as likely stronger than H1. Management also remains upbeat despite Australian dollar headwinds, highlights Citi.

Target price is $4.65 Current Price is $4.00 Difference: $0.65
If IMD meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 8.6% (ex-dividends)

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 IMD as Outperform (1) -

Imdex posted first half earnings that were ahead of Macquarie's estimates. No FY26 guidance was provided although the broker highlights the second half is revealing strengthening global exploration fundamentals.

Revenue grew 9% in Asia-Pacific and 17% in EMEA along with 20% in the Americas. Macquarie welcomes the "disciplined" outcome in EBITDA margins after 2-3 years of tighter expenditure in less buoyant end markets.

The company has guided to around 30% margins and the broker suspects there is probably some upside given activity should accelerate throughout 2026. Outperform. Target is raised to $4.60 from $3.80.

Target price is $4.60 Current Price is $4.00 Difference: $0.6
If IMD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 8.6% (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

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

Imdex delivered a strong result, Morgans notes. Second quarter revenue, which would typically reflect seasonal softness, was in line with the first quarter and increased 23% year on year despite a challenging fluids comparison, with comparables set to ease from 2H.

More importantly, the result reinforces Morgans' confidence in the base business’s ability to deliver meaningful operating leverage. While margins are likely to moderate as broadly earnings-neutral acquisitions are consolidated, the broker is now comfortable that core margins will continue to expand alongside volume growth.

Target rises to $4.70 from $3.70, upgrade to Buy from Accumulate.

Target price is $4.70 Current Price is $4.00 Difference: $0.7
If IMD meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 8.6% (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

UBS rates IMD as Upgrade to Buy from Neutral (1) -

On further inspection, UBS upgrades Imdex to Buy from Neutral and raises the target to $4.70 from $3.50 post a rise in EPS forecasts of 8% for FY26 and 10% for FY27.

****

At first look, Imdex delivered a strong result with net profit after tax 13% ahead of UBS' expectations, supported by 2Q26 revenue growth of 23% y/y, highlighting a strengthening exploration cycle.

The analyst notes margins expanded 140bps to 31.6%, demonstrating operating leverage to rising activity levels.

Management commented it enters 2H26 in an improving exploration market, with major budgets increasing and better junior funding conditions supporting demand.

Consensus currently implies 2H26 revenue growth of 10% y/y, which UBS believes is too low and likely to be materially upgraded. Neutral. Target $3.50.

Target price is $4.70 Current Price is $4.00 Difference: $0.7
If IMD meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 8.6% (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 INA as Buy (1) -

In an initial assessment, Ingenia Communities' interim underlying profit of $62.1m implies to Citi EPS of 15.2c, down -10% year-on-year but 4% ahead of the consensus forecast. FY26 EPS guidance of 32.5-34.0c was maintained.

Development settlements of 248 exceeded the 242 consensus estimate, highlight the analysts. Settlements rose to 301 post period-end and contracts on hand were up 20% year-on-year to 440.

The Development earnings (EBIT) margin of 30% was below Citi’s 31.2% estimate and down from 31.8% in FY25, reflecting higher selling and marketing costs.

A positive share price reaction is expected given recent weakness in the lead up to the result.

Buy. Target $6.60.

Target price is $6.60 Current Price is $4.51 Difference: $2.09
If INA meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 29.5% (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

Bell Potter rates IPG as Buy (1) -

IPD Group's interim underlying earnings (EBITDA) of $25.4m rose 8% year-on-year, beating Bell Potter's forecast by 2% and exceeding the top end of guidance.

Revenue of $193m was an increase of 9%, while profit of $14.4m increased by 8%. Data Centre revenue rose 16%, which the broker notes would have been 25% growth had a large order not slipped into early 2026.

The gross margin of 33.3% was broadly in line with expectations, but down from 35.2% previously, reflecting a higher proportion of competitively won project work, explain the analyst.

A 6.8c fully franked interim dividend was declared.

The broker highlights continued momentum into H2 with a healthy order book, despite a working capital-driven rise in net debt to $47.5m.

No change to Buy rating and $5.30 target price.

Target price is $5.30 Current Price is $4.65 Difference: $0.65
If IPG meets the Bell Potter target it will return approximately 14% (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 IPG as Buy (1) -

IPD Group's 1H26 results landed above the top end of November 2025 guidance, with underlying earnings (EBITDA) ahead of Shaw and Partners' expectation.

The broker highlights revenue up 8.9% y/y, supported by larger projects, while noting gross margin of 33.3% eased -190bp y/y but remained ahead of forecasts, and underlying EPS up 7.0% and 6.8c dividend declared.

Strong divisional growth across IPD, CMI and EX Engineering, increasing exposure to Data Centres at 17% of revenue, and ongoing momentum in Water & Wastewater, Data Centre Infrastructure and Mining & Resources, alongside a solid order book underpins 2H growth, according to the analyst.

Shaw and Partners tweaks EPS forecasts by -0.3% for FY26, up 1.2% for FY27 and the target is raised to $5.35 from $5.25. The broker retains a Buy rating with the stock seen trading at a material discount to its revised $5.35 price target.

Target price is $5.35 Current Price is $4.65 Difference: $0.7
If IPG meets the Shaw and Partners target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates LAU as Downgrade to Accumulate from Buy (2) -

Lindsay Australia’s 1H26 operating result was largely in line with Morgans' expectations, albeit a handful of factors (largely timing issues) saw cashflow and net-leverage more muted in 1H26, which the broker suggests should normalise into 2H26.

Lindsay has demonstrated solid execution of its Road and Rail strategy and has strengthened the business in recent years. Morgans continues to see capacity to deliver organic growth across the group, despite the competitive landscape representing headwinds to near-term earnings.

While market pressures remain, the company is well placed to drive growth via incremental efficiency/scale benefits, Morgans suggests. Target unchanged at 80c, downgrade to Accumulate from Buy.

Target price is $0.80 Current Price is $0.70 Difference: $0.1
If LAU meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting upside of 34.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates LAU as Buy (1) -

Lindsay Australia posted first half profit and a dividend both marginally ahead of Ord Minnett's forecasts. The company is tracking to pro-forma earnings for FY26 in line with the broker's existing forecasts, implying a strong second half growth rate relative to the prior year.

While the outlook remains cautious, Ord Minnett continues to believe that refrigerated transport supply conditions will tighten over the course of 2026 and 2027, creating opportunities for the company to grow share more profitably.

The broker sees revenue and earnings growth continuing FY27-28 as recent acquisitions and growth investments mature. Target rises to 99c from 98c, Buy retained.

Target price is $0.99 Current Price is $0.70 Difference: $0.29
If LAU meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting upside of 34.8% (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

Citi rates LFG as Neutral (3) -

Citi retains its Neutral rating for Liberty Financial and lowers its price target to $4.10 from $4.50 following interim results. While profit beat expectation, the broker notes this was largely driven by provision releases.

Core earnings rose around 4% half-on-half on cost control, resilient margins and stronger new loan flows, explains the analyst.

Citi cautions accelerating mortgage run-offs are likely to weigh on near-term margins and credit growth.

While funding cost tailwinds and disciplined margin management are anticipated, the broker sees a softer earnings recovery.

Target price is $4.10 Current Price is $3.88 Difference: $0.22
If LFG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Macquarie rates LFG as Outperform (1) -

Liberty Financial posted first half net profit that beat Macquarie's estimates, supported by lower bad debts and "prudent" cost management. Originations picked up, which are supported by book growth in the higher-margin secured segment.

The lending environment may be competitive but the broker likes the focus on steady returns and cautious capital allocation. Amid further margin upside from lower funding costs, and an 8x PE along with 14% ROE, an Outperform rating is maintained. Target is raised to $4.50 from $4.45.

Target price is $4.50 Current Price is $3.88 Difference: $0.62
If LFG meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

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

Ord Minnett rates LGI as Upgrade to Buy from Accumulate (1) -

1H26 saw a strong operational performance and a dividend beat from LGI. This, along with affirmed expectations for a ‘modest increase’ in Australian Carbon Credit Unit production in FY27 and progress on key projects, gives Ord Minnett increased confidence in the growth outlook.

Ord Minnett forecasts ACCU production growth will re-surge in FY28 and for pricing dynamics to remain robust.

The broker upgrade to Buy from Accumulate with increased confidence in the growth outlook and LGI screening attractively on key metrics following the recent retracement in the stock price. Target falls to $4.45 from $4.70.

Target price is $4.45 Current Price is $3.65 Difference: $0.8
If LGI meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 24.5% (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

Citi rates LLC as Buy (1) -

Following Lendlease Group's interim results, Citi retains its Buy rating and $6.30 target price.

The analysts believe the FY27 outlook is improving, supported by a recovery in development earnings from the 1 Circular Quay project.

While noting potential timing risks around non-core asset sales, the broker believes these transactions are likely to be completed within the next 12 months given multiple processes underway.

A summary of the broker's initial thoughts follows.

In an early take, Citi notes an interim operating loss after tax for Lendlease Group of -$200m driven by -$284m of Communities Residential Urban (CRU) segment losses driven by write-downs. The stock price is expected to react negatively today.

EPS for the half was a loss of -29c versus estimates by consensus and the broker for 2.8c and 5.6c, respectively.

Investment & Development Capital (IDC) EPS guidance of 28-34c was maintained, ahead of the consensus expectation for 17.1c, highlight the analysts.

IDC delivered $87m in earnings, with construction margins improving to 3.7% and backlog rising to $8bn, observes the broker. The development book increased to $13.6bn.

Gearing declined to 25.8%, the analysts add, with a target of below 15% by FY26 end. An interim divided of 6.2c was declared, ahead of consensus at 4.4c, highlights Citi.

Target price is $6.30 Current Price is $4.25 Difference: $2.05
If LLC meets the Citi target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 32.0% (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 LLC as Outperform (1) -

Macquarie emphasises Lendlease Group's 1H26 result reflects a transitional year, with operating profit after tax a loss off -$200m or -29.0cps driven by a -$284m loss in Capital Recycling and Urban, including a -$136m Communities write down and -$44m provisions,

Development earnings (EBITDA) fell -75% y/y to $34m on lower completions, while Construction earnings improved to $69m with margins at 3.7%, the top of the 3-4% target range. 

Gearing remains elevated at 25.8% versus the 5-15% target range, with $3bn of capital recycling targeted in 2H26 to reduce underlying gearing to 15%, a prerequisite the broker states for the planned up to $500m buyback.

Macquarie retains an Outperform rating but trims the target price to $5.46 from $5.73, with FY26 EPS estimate cut to loss reflecting impairments, and EPS forecasts upgrades of 3% and 22% to FY27 and FY28 earnings on improved construction margins, lower corporate costs and development timing.

Target price is $5.46 Current Price is $4.25 Difference: $1.21
If LLC meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 32.0% (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 LLC as Equal-weight (3) -

Morgan Stanley has reduced its price target to $4.80 from $5.70 and retained an Equal-weight rating following a weaker than expected 1H26 result and a material reset to earnings from Lendlease Group.

The broker highlights a 1H26 operating loss of -$200m, driven by a -$284m earnings (EBITDA) loss in Capital Release Unit (CRU), alongside a -$95m post tax Figtree write-down and net debt, including hybrids, rising by $0.8bn in the half.

Morgan Stanley's FY26 group NPAT is now forecast at -$119m (loss), down from a prior $160m profit, with FY27 and FY28 EPS forecasts cut by -6% and -1%.

Investment, Developments and Construcion EPS guidance of 28-34cps is maintained and the analyst forecasts 30.3cps.

Management is targeting circa -$3bn of asset sales to reduce gearing to 15% by end FY26, though the broker notes only circa -$600m is contracted, leaving buyback timing uncertain.

Industry View: In-Line.

Target price is $4.80 Current Price is $4.25 Difference: $0.55
If LLC meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.54, suggesting upside of 32.0% (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

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

Mineral Resources' 1H26 earnings and underlying profit beat consensus with Onslow, Mining Services and lithium delivering a clear step-change in profitability, Morgans notes.

The result demonstrates a clear pathway to achieving a more than 2x net debt to earnings target by the end of FY26, with net debt already reduced materially and further deleveraging expected with supportive commodity prices and POSCO proceeds to be received in 2H26.

No interim dividend was declared but the improving underlying earnings across all divisions and strengthened balance sheet suggest dividend resumption is plausible from FY27, Morgans believes, subject to capital allocation priorities.

Target rises to $68 from $67, upgrade to Buy from Hold.

Target price is $68.00 Current Price is $53.80 Difference: $14.2
If MIN meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $63.50, suggesting upside of 10.8% (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 MMS as Upgrade to Buy from Hold (1) -

Bell Potter lowers its price target for McMillan Shakespeare to $18.50 from $19.70, following interim results distorted by normalisation adjustments. 

Statutory revenue rose 7% year-on-year to $297.4m and earnings (EBITDA) increased 12% to $84.7m, broadly in line with the analysts' expectations, while profit of $50.3m grew 11%.

Bell Potter highlights $5.8m in run-rate productivity benefits within Group Remuneration Services (GRS) and positive earnings momentum into 2H26, supported by customer growth and finance receivables. 

The broker's rating is upgraded to Buy from Hold largely due to the currently depressed valuation multiple.

A $10m on-market buyback was announced alongside a softer dividend, note the analysts.

Target price is $18.50 Current Price is $16.62 Difference: $1.88
If MMS meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 19.7% (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

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

Macquarie has downgraded McMillan Shakespeare to Neutral from Outperform and cut its target price to $16.40 from $19.69 following a weaker than expected 1H26 result and rising policy risk.

The broker suggests 1H26 net profit after tax  was -5 to -7% below consensus, driven by a -20.9% decline in plan & support services EBITDA as NDIS fee changes compressed margins to 21.9%, more than offsetting 5.4% revenue growth.

Group remuneration services earnings (EBITDA) rose 12.8% to $62.5m with margins up 265bps to 41.2%, while AMS EBITDA increased 0.9% to $14.9m, broadly flat overall.

While management expects 2H26 underlying net profit after tax to benefit from customer growth, higher Onboard Finance receivables and efficiency gains, Macquarie highlights ongoing risks from the Federal Government’s review of the EV FBT scheme and NDIS policy settings.

EPS forecast is lowered by -2.2% for FY26, and unchanged for FY27. The valuation discount ascribed to the stock widened to reflect elevated policy uncertainty.

Target price is $16.40 Current Price is $16.62 Difference: minus $0.22 (current price is over target).
If MMS 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 $19.08, suggesting upside of 19.7% (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

Morgan Stanley rates MMS as Overweight (1) -

Morgan Stanley has retained an Overweight rating and $21.50 price target on McMillan Shakespeare following a largely in-line 1H26 result, with net profit after tax of $50.3m modestly below consensus.

Group revenue was 5% ahead of consensus, while underlying net profit after tax was a miss of -4%, which the broker attributes to continued warehouse funding drag in GRS (rermuneration services). The trend is expected to revert in 2H26 and become a tailwind in FY27.

The analyst views GRS underlying metrics as solid, with novated leasing and salary packaging volumes up 3-4% h/h, while PSS (plan & support services) revenue beat expectations despite the removal of setup fees and AMS (asset management services) was in line.

Management offered no specific guidance but highlighted customer growth across segments, potential warehouse tailwinds, efficiencies and a $10m buyback. Financial forecasts are largely unchanged at this stage.

Industry view: In-Line.

Target price is $21.50 Current Price is $16.62 Difference: $4.88
If MMS meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 19.7% (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

Ord Minnett rates MMS as Accumulate (2) -

McMillan Shakespeare’s 1H26 result was a little soft versus market expectations, with margins being a slight drag. The top line impressed, with the Group Remuneration Services segment benefiting from an increase in volumes and yield, Ord Minnett notes.

The outlook for the 2H appears buoyant to the broker, aided by an expected (minor) positive contribution from Onboard finance, and improved margins given strategic operational investments made in 1H26.

Target falls to $19.90 from $21.00, Accumulate retained.

Target price is $19.90 Current Price is $16.62 Difference: $3.28
If MMS meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 19.7% (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 MND as Buy (1) -

Citi analysts are in awe. That's the one standout observation to make from their initial reaction to today's interim report release by Monadelphous Group.

This result, say the analysts, "demonstrated why it is considered to be a high-quality contractor with razor-sharp focus on risk, capacity and cost management".

Needless to say, the bottom line is much higher than what was forecast. Guidance has been upgraded to circa 30% growth for FY30, some 6% higher than forecasts by Citi's assessment, but EBITDA could well end up 15% higher.

Citi adds Monadelphous management is well-known for being conservative.

Buy. Target $28.75.

Target price is $28.75 Current Price is $30.62 Difference: minus $1.87 (current price is over target).
If MND meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.75, suggesting downside of -8.3% (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

UBS rates MND as Neutral (3) -

At first look, UBS highlights Monadelphous Group delivered a strong 1H26 result, with earnings (EBITDA) 13% ahead of consensus on higher revenue and margins.

Management's upgraded FY26 revenue growth guidance to 30% with margins maintained, implying around 15% upside to consensus earnings (EBITDA) forecasts and reinforcing positive earnings momentum.

The group highlighted strong long term demand across resources and energy, supported by iron ore investment, accelerating energy transition metals development, gas construction and maintenance activity, alongside expanding opportunities in power generation, storage, transmission and decarbonisation projects.

Neutral. Target $27.

Target price is $27.00 Current Price is $30.62 Difference: minus $3.62 (current price is over target).
If MND meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.75, suggesting downside of -8.3% (ex-dividends)

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 MP1 as Outperform (1) -

Macquarie has retained an Outperform rating and increased its target price to $23.30 from $21.70 following Megaport’s 1H26 update, arguing FX is the only material top line headwind while underlying unit economics continue to strengthen.

Total ARR rose 49% year on year to $338m, with core ARR up 19% in constant currency and North American ARR growth of 24% in constant currency, while NRR improved to 111% and LTV increased 57% to $2.5bn, supporting management’s capital allocation strategy.

The broker acknowledges guidance implies around -$22m of additional core cost growth in 2H26 and Latitude margin contraction to circa 44%, but expects earnings (EBITDA) margin to expand to around 26% in FY27 as investment drives operating leverage.

Macquarie's FY26 EPS forecast falls by -26% but FY27 rises by 6% due higher opex, lower capex and FX assumptions.

The analyst argues the stock remains too cheap at around 13x NTM EBITDA given structural growth, AI exposure and improving churn, and maintains its positive stance.

Target price is $23.30 Current Price is $7.96 Difference: $15.34
If MP1 meets the Macquarie target it will return approximately 193% (excluding dividends, fees and charges).

Current consensus price target is $16.25, suggesting upside of 120.2% (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

UBS rates MP1 as Upgrade to Buy from Neutral (1) -

UBS upgrades Megaport to Buy from Neutral with a higher target of $15.70 from $14.65, stressing the -28% sell off in reaction to the 1H26 result is unjustified.

The broker highlights accelerating constant currency ARR of 19% growth, improved net revenue retention of 11% growth, stronger new product ARR, lower churn and rising customer additions.

Forex headwinds obscure underlying growth, while positioning the company as an AI beneficiary.

UBS acknowledges concerns around an implied -$18m h/h opex uplift in 2H26 to -$79m and annualisation into FY27, but estimates flat earnings (EBITDA) margins in FY27 with 6% cost growth, and models Latitude EBITDA margins of 41-47% versus 50% at acquisition.

The broker views valuation as attractive at 1yr forward EV/Sales of 3.6x and EV/EBITDA of 14.5x, with potential for over 25% revenue growth and circa 40% 3yr EBITDA CAGR.

The analyst raises FY26-30 EBITDA forecasts by 43% to 126% and WACC increased to 11.5% from 9.1% to reflect investment and acquisition risk.

Target price is $15.70 Current Price is $7.96 Difference: $7.74
If MP1 meets the UBS target it will return approximately 97% (excluding dividends, fees and charges).

Current consensus price target is $16.25, suggesting upside of 120.2% (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 NGI as Outperform (1) -

Macquarie has retained an Outperform rating and increased its target price to $3.17 from $2.61 following Navigator Global Investments’ 1H26 result, with adj earnings (EBITDA) up 17% y/y and around 30% ahead of consensus.

The result was boosted by Lighthouse performance fees up 23% and NGI Strategic adj earnings (EBITDA) up 32% with Lighthouse AUM lifting 8.8% since June 2025.

The analyst notes management fees increased 8% with the average fee rate lifting 2bps to 0.56%, and 97% of strategies are now at or above high water mark, supporting performance fee visibility.

Despite the earnings beat, management expects FY26 adj earnings (EBITDA) to be lower than FY25 given comparatively weaker NGI Strategic investment performance and potentially lower 2H profit distributions.

Macquarie upgrades FY26/27/28 EPS forecasts by 10%, 15% and 20% respectively, reflecting higher expected distributions from NGI Strategic and updated revenue and EBITDA assumptions. 

Target price is $3.17 Current Price is $2.80 Difference: $0.37
If NGI meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

UBS rates NGI as Buy (1) -

Despite the strong first half result from Navigator Global Investments, the subsequent slump in the share price reflects the lack of upgraded guidance despite record performance fees from lighthouse, UBS asserts.

Commentary posits this signals softer second half profit distributions in NGI strategic investments.

The diversified portfolio is expected to continue supporting resilient earnings, including the upside potential from capital raising initiatives.

UBS retains a Buy rating and the target edges down to $3.80 from $3.85.

Target price is $3.80 Current Price is $2.80 Difference: $1
If NGI meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Citi rates NHF as Buy (1) -

Following nib Holdings' interim results, Citi lowers its target to $7.70 from $8.15, now forecasting only a flattish Australian Residents Health Insurance (ARHI) margin in H2 of 6.8%. Buy rating maintained.

A summary of the broker's initial thoughts follows.

nib Holdings' 1H26 underlying operating profit of $129m beat the $123m consensus forecast, with divisional quality stronger despite softer investment income, explains Citi, in an early take on today's release.

FY26 group underlying operating profit (UOP) guidance of $257-267m aligns with consensus at the midpoint, highlight the analysts.

The broker points to stable ARHI net margins near the top of the 6-7% guidance range, though policyholder growth slowed in Australia and declined in New Zealand. 

Investment earnings disappointed and the 13c dividend was below the 16.5c consensus expectation, the analysts add.

Target price is $7.70 Current Price is $6.52 Difference: $1.18
If NHF meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.34, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates NHF as Underperform (5) -

nib Holdings' 1H26 result was broadly in line with consensus, with underlying operating profit of $129.1m up 22% y/y, Macquarie highlights, as lower operating expenses offset weaker investment income.

Australian residents health insurance net margin contracted around -20bps to 6.8%, reflecting claims inflation of 5.3% over the last year, an -80bps investment in customer benefits, a -40bps risk equalisation headwind and the impact of NSW bed rate changes.

Management flagged a comprehensive end to end review of hospital contracting and benefits management in 2H26 after identifying performance gaps versus peers on length of stay and day hospital utilisation.

nib Holdings' policyholder growth guidance was softened to targeting above system growth, versus prior guidance of around 3%, while excess capital remains in focus with the A&NZ Travel sale ongoing and a capital management review planned for 2H26.

Macquarie retains an Underperform rating and trims its target price to $6.05 from $6.10, with FY26 earnings forecasts lifted 1.7% and FY27 reduced -1% following the result.

Target price is $6.05 Current Price is $6.52 Difference: minus $0.47 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.34, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

nib Holdings' 1H26 group underlying operating profit of $129.1m proved 4% higher than Morgan Stanley's estimate and up 5% versus consensus.

Health insurance operating profit at $104.3m beat expectations and margins of 6.8% were ahead of 6.6% consensus, while International and NZ also exceeded forecasts, although higher one-offs and lower investment income left net profit after tax in line.

Management's FY26 group operating profit guidance of $257-267m assumes full Travel earnings with the analyst and consensus forecasts at the upper end of guidance. 

The broker describes claims trends as mixed, noting headline claims inflation of 6.1% in 1H26 but underlying claims of 4.1%, and flags elevated lapse rates amid competitive pressures.

Morgan Stanley has retained an Equal-weight rating and $7.50 price target. Industry View: In-Line.

Target price is $7.50 Current Price is $6.52 Difference: $0.98
If NHF meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.34, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates NHF as Neutral (3) -

Further to the first half results from nib Holdings, UBS notes value appeal is counterbalanced by rising ARHI margin risks.

A better-than-expected premium rate rise in April of 5.5% will assist, but the risks to the net margin into FY27 appear increasingly skewed to the downside, notwithstanding tighter cost control, in the broker's opinion.

The PE of 15x continues to offer value appeal relative to Medibank Private ((MPL)) and commentary suggests the potential capital management after the sale of the travel business could provide additional support.

The broker is cautious for now and retains a Neutral rating, lowering its target to $7.20 from $7.30.

Target price is $7.20 Current Price is $6.52 Difference: $0.68
If NHF meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.34, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates NIC as Outperform (1) -

Macquarie has retained an Outperform rating and $1.10 price target on Nickel Industries following a weaker than expected 2025 result, with underlying earnings (EBITDA) missing consensus expectations by -15% and NPAT a loss of -US$41m versus consensus expectations for a profit.

The analyst attributes the earnings shortfall due to materially higher net finance costs of -US$133m, largely related to early repayment of the 2028 bond, and a one off inventory write down, while free cash flow of US$148m was broadly in line.

No final dividend was declared for 2025, consistent with Macquarie’s base case, as management prioritises balance sheet optimisation.

Macquarie lifts its EPS forecasts by 3-8% across 2026-2028, reflecting higher production assumptions partly offset by increased corporate and net finance cost estimates, with Excelsior Nickel Cobalt ramp up a key catalyst.

Target price is $1.10 Current Price is $0.96 Difference: $0.145
If NIC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Morgan Stanley rates NXL as Overweight (1) -

Nuix's 1H26 result was better than Morgan Stanley's expectations while FY26 guidance was reaffirmed, including total annual contract value of $240-260m excluding any M&A benefit from Linkurious.

The broker notes 1H revenue rose 15% to $121m and adj earnings (EBITDA) increased 43% to $19m, with churn improving to 5.9%, while net dollar retention slipped to 101 from 107 last reported.

Morgan Stanley flags Nuix Neo as the key value driver, with Neo ACV up 148% y/y to $46.8m, supported by customer migration to SaaS and new wins, and the Neo 2.1 release, including semantic search and user interface upgrades, due to commence in March 2026.

The broker lifts revenue assumptions by 3% across FY26-28, which flows through to higher EPS estimates, but it also raises its weighted average cost of capital to reflect higher uncertainty and potential AI disruption across software multiples.

Morgan Stanley sticks with its Overweight rating and trims its price target to $3.75 from $4.35. Industry view: Overweight.

Target price is $3.75 Current Price is $1.57 Difference: $2.185
If NXL meets the Morgan Stanley target it will return approximately 140% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates PPS as Buy (1) -

Praemium delivered a soft 1H26 result, with earnings coming in -7% below consensus forecasts. At the revenue line, growth was impacted by OneVue adviser exits, Ord Minnett notes, although the platform revenue margin was broadly in line with expectations.

In the short term outlook, there remains significant potential upside from OneVue synergy benefits and the recently announced tech team restructure, the broker suggests.

While acknowledging execution risk, Ord Minnett retains a Buy rating and $1.15 target.

Target price is $1.15 Current Price is $0.72 Difference: $0.435
If PPS meets the Ord Minnett target it will return approximately 61% (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 PRN as Buy (1) -

From today's interim results for Perenti, Citi highlights a -5% revenue miss and -10% earnings (EBITA) miss for Contract Mining. This segment accounts for more than 70% of group earnings, highlight the analysts.

In an early assessment, the broker believes underlying fundamentals remain intact, supported by steady Contract Mining revenue and improving momentum in Drilling Services.

It's noted guidance downgrades were solely driven by Australian dollar strength rather than operational weakness.

Citi expects second-half revenue to be similar to H1 with potential upside in FY27 from new North American work. it's expected drilling rig utilisation will rise above 75% in 2H, supporting margin improvement in Drilling Services.

Buy. Target price $3.10.

Target price is $3.10 Current Price is $2.43 Difference: $0.67
If PRN meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 19.9% (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

Macquarie rates PRN as Outperform (1) -

Perenti's 1H26 result was -3% below consensus for revenue and -5% below earnings (EBITA). Macquarie viewed the results as solid overall given margin expansion and earnings growth on flat revenue.

Contract Mining earnings (EBITA) rose 1% to $135m with margins expanding circa 40bps to 11.1%, reflecting improved project mix, while Drilling Services margins were temporarily impacted by mobilisation to new projects and are expected to recover in 2H26.

Management's FY26 guidance was slightly lowered on FX, with revenue now $3.45-$3.55bn and earnings (EBITA) $335-$350m, implying a 2H weighting broadly consistent with prior periods, the analyst remarks.

Macquarie's EPS forecasts are unchanged for FY26 and lifted by 1% and 5% for FY27 and FY28, as lower interest expense offsets near term EBITA revisions and confidence builds in a stronger Contract Mining and Drilling outlook. 

Outperform rating is retained and its target price moves to $2.70 from $2.65.

Target price is $2.70 Current Price is $2.43 Difference: $0.27
If PRN meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 19.9% (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 PWH as Neutral (3) -

UBS retains its Neutral rating on PWR Holdings and increases its price target to $10.00 from $7.90 following a solid 1H26 result highlighted by revenue re-acceleration.

The broker reports revenue rose 28%, 13% ahead of consensus, with net profit after tax up 40% and a 9% beat, driven by Motorsports up 40% and Aerospace & Defence up 31%, supporting a 10% lift to FY26 revenue forecasts to $169m.

UBS expects operating leverage through 2H26, forecasting FY26 NPAT  growth of 41%, with margin expansion as employee costs moderate as a percentage of sales.

The broker lifts FY26/27/28 EPS forecasts by 5%/9%/5% on higher revenue assumptions, while leaving margin forecasts broadly unchanged. 

Target price is $10.00 Current Price is $9.75 Difference: $0.25
If PWH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.13, suggesting upside of 6.8% (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 PXA as Outperform (1) -

The launch of Pexa Group's new anti money laundering and counter terrorism financing compliance product, PEXA Clear, provides incremental upside not yet reflected in forecasts, according to Macquarie.

From 1 July 2026, conveyancers, real estate agents and developers must comply with new Australian Transaction Reports and Analysis Centre requirements.

The analyst estimates a potential total addressable market of around $90m based on approximately 545,000 annual property transactions, four compliance checks per sale and an average fee of about $40.75 per check.

PEXA Clear, launched in January 2026 and priced at $40 for individuals and $65 for businesses with no subscription fee, is viewed as competitively positioned given PEXA already facilitates about 91% of settlement activity in Australia.

Macquarie infers circa 5% upside to FY27 Australian earnings (EBIT) assuming 20% market share and 50% margins, although no changes have been made to earnings forecasts at this stage given uncertainty around commercial arrangements and market share outcomes.

The broker has re-iterated its Outperform rating and maintained its $19.15 target price.

Target price is $19.15 Current Price is $14.37 Difference: $4.78
If PXA meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 22.3% (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 REG as Outperform (1) -

Regis Healthcare’s 1H26's earnings (EBITDA) proved in line with Macquarie estimates and 10% ahead of consensus, supported by stronger revenue from higher bed numbers.

Services revenue rose 18% y/y to $668m, reflecting average occupancy of 96.0% and contributions from Rockpool and OC Health.

Commentary highlights underlying earnings (EBITDA) margin declined -150bps to 10.6% due to staff costs running 9% ahead of the analyst's expectations.

Net refundable accomodation refunds (RAD) inflows rose 108%, due to a 32% rise in average incoming RADs and a higher mix of 100% RAD payers, strengthening funding capacity for greenfield and acquisition growth towards the 10k bed target by FY28, the broker remarks.

Management's FY26 earnings (EBITDA) guidance of $130m-135m was maintained, indicating potential to reach the upper end after a strong first half

The broker's EPS forecasts rise 3% for FY26, 9% for FY27 and 1% for FY28, and the target price is increased to $8.50 from $7.90. Outperform rating retained.

Target price is $8.50 Current Price is $6.93 Difference: $1.57
If REG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates REG as Buy (1) -

First half results from Regis Healthcare were better than Ord Minnett expected as the business executes on room pricing initiatives. Revenue rose 18%, supported by occupancy and revenue per bed day.

The company has reiterated FY26 EBITDA guidance of $130-135m and with 52% delivered in the first half, the broker considers the business well-positioned. Buy rating and $8.50 target unchanged.

Target price is $8.50 Current Price is $6.93 Difference: $1.57
If REG meets the Ord Minnett target it will return approximately 23% (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 REH as Neutral (3) -

Citi remains cautious on Reece following interim results, despite raising its target to $16.70 from $12.40.

The analyst cites elevated volatility in earnings (EBIT) margins, ongoing uncertainty in housing activity and a competitive market environment. Neutral rating maintained.

A summary of the broker's initial thoughts follows.

Today's Reece's interim results revealed earnings (EBIT) of $262m, around 5% above consensus, driven by better cost control in Australia, explains Citi in an early assessment.

In Australia, sales were in line, though Australian earnings declined -7% year-on-year amid challenging conditions, points out the analyst.

US sales were broadly in line withe the broker's forecast, with like-for-like sales down low single digits and earnings falling -26% on increased investment. It's noted store openings accelerated, rising by 19 in the half.

FY26 earnings guidance of $520-540m sits about 5% above consensus, the analyst states, largely reflecting A&NZ cost performance flowing into H2.

Overall, it appears results were better-than-expected, though the market still looks challenged, cautions Citi.

Target price is $16.70 Current Price is $15.88 Difference: $0.82
If REH meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $17.02, suggesting upside of 1.7% (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

Macquarie rates REH as Neutral (3) -

Reece reported 1H26 results ahead of Macquarie's expectations, with revenue up 6% y/y and (earnings) EBIT of $262m broadly ahead of consensus, supported by stronger than feared US performance despite weaker like for like growth.

Competitive intensity concerns have eased, margins held relatively firm and the balance sheet remains sound, although management commentary on demand in both A&NZ and the US remains cautious.

Management's FY26 earnings (EBIT) guidance of $520m to $540m was reiterated despite ongoing affordability and consumer sentiment pressures.

The analyst's EPS forecasts are lifted by 4.2% for FY26 and down - 2.9% for FY27 and FY28, reflecting stronger US outcomes and higher interest costs.

Macquarie retains a Neutral rating and raises the target price to $17.00 from $13.80, lifting valuation multiples as cyclical recovery prospects improve.

Target price is $17.00 Current Price is $15.88 Difference: $1.12
If REH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $17.02, suggesting upside of 1.7% (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

Morgan Stanley rates REH as Overweight (1) -

Reece announced a strong 1H26 result which was better than expected and accompanied by a FY26 earnings guidance upgrade, Morgan Stanley comments.

Morgan Stanley has increased its price target to $18.00 from $16.00 and retained an Overweight.

Sales rose 6%, in line with consensus, while earnings (EBIT) fell -14% to $262m, still 5% above consensus, driven by A&NZ strength offsetting softer US performance.

Management's FY26 earnings (EBIT) guidance of $520-540m is around 5% above consensus, and while management remains cautious on demand, the broker sees FY26 as a potential trough with upside as housing stabilises and store rollout continues.

Morgan Stanley lifts group earnings (EBIT) forecasts by 4% for FY26 and 3% for FY27 and FY28, with EPS raised 4% across FY26-28. The broker continues to see scope for re-rating as US execution improves and valuation gaps narrow.

Industry View: In-Line.

Target price is $18.00 Current Price is $15.88 Difference: $2.12
If REH meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.02, suggesting upside of 1.7% (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

Morgans rates REH as Upgrade to Accumulate from Hold (2) -

Reece’s 1H26 result was better than expected. The outperformance was driven by the A&NZ division, Morgans notes, while the US was softer than anticipated.

Management noted early signs of a gradual recovery in A&NZ, albeit uneven. Importantly, for Morgans, competitive pressures in the US waterworks segment have eased, with operations now stabilising.

Given Reece’s leverage to an eventual housing market upturn in both regions, Morgans thinks now is an attractive time to consider adding the stock to a diversified portfolio.

Target rises to $17.70 from $11.25, upgrade to Accumulate from Hold.

Target price is $17.70 Current Price is $15.88 Difference: $1.82
If REH meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $17.02, suggesting upside of 1.7% (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

Ord Minnett rates REH as Buy (1) -

First half results from Reece were slightly ahead of expectations as Australasia recovers from a cyclical low, Ord Minnett observes. A US recovery is considered longer dated.

The company is continuing to invest through the cycle to pursue its growth ambitions and the broker retains a Buy rating, expecting earnings and returns will improve this financial year. FY26-28 estimates are upgraded by 1-3%. Target is raised to $18.00 from $14.50.

Target price is $18.00 Current Price is $15.88 Difference: $2.12
If REH meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.02, suggesting upside of 1.7% (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

UBS rates REH as Sell (5) -

Further to the first half results from Reece, UBS maintains a Sell rating on a relative valuation basis.

FY26 guidance for EBIT of $520-540m is ahead of expectations at the mid point and the company expects no change in demand for the remainder of FY26, although highlighted a gradual recovery in Australia is evident.

For the US, UBS envisages growth will be constrained by difficult market conditions. Target is raised to $14.70 from $13.00.

Target price is $14.70 Current Price is $15.88 Difference: minus $1.18 (current price is over target).
If REH 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 $17.02, suggesting upside of 1.7% (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

Citi rates SCG as Buy (1) -

From today's FY25 results for Scentre Group, Citi highlights at first glance funds from operations (FFO) of $1,188m rose 4.9%. It's felt operational momentum is being supported by 99.8% occupancy, 4.5% rent escalations and 3.2% leasing spreads.

Net operating income (NOI) grew 4.8% like-for-like.

FY26 funds from operations (FFO) guidance of at least 23.73cpu implies to the broker growth of at least 4%, alongside distributions expected to rise 4% to 18.43cpu.

Around $2.2bn in capital raised via joint ventures has created significant redeployment capacity, in the analysts' view, despite near-term dilution. 

The broker sees upside from capital recycling into higher-return opportunities and observes the stock trades at a -14% discount to economic net asset value (NAV).

Target $4.60. Buy.

Target price is $4.60 Current Price is $3.79 Difference: $0.81
If SCG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates SDF as Buy (1) -

UBS updates its modelling for Steadfast Group to align with the new segment disclosures, effective for the first half result. Minimal changes are made to overall underlying net profit estimates.

Buy rating retained. Target is reduced to $6.30 from $6.80.

Target price is $6.30 Current Price is $4.44 Difference: $1.86
If SDF meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 43.7% (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 SKY as Speculative Buy (1) -

Sky Metals has raised $20m via placement, plus a $0.5m director tranche subject to approval. Bell Potter highlights these changes lift pro-forma cash to around $24m and fund the Tallebung project through to final investment decision (FID).

Proceeds will support bulk metallurgical test work, an updated Mineral Resource Estimate and a development study due this half, explain the analysts.

From the latter, an upgraded tonnage and a maiden silver resource are expected.

Bell Potter removes its assumed near-term equity raising assumption and updates its commodity pricing forecasts, resulting in a 30c target, up from 21c. The Speculative Buy rating is retained.

Target price is $0.30 Current Price is $0.17 Difference: $0.13
If SKY meets the Bell Potter target it will return approximately 76% (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