Australian Broker Call

Citi rates AFG as Neutral (3) -

Australian Finance Group delivered a sound 1H26 result, with profit up 46% on robust volume growth, margin expansion and benign credit quality, Citi notes.

Momentum is expected to carry into 2H, though the broker highlights prior rate hiking cycles have typically reduced new mortgage flows by around -20%.

Outer-year forecasts for volumes and margins are trimmed, reflecting a weaker earnings recovery than previously assumed and EPS forecasts are lower by  -0.7% for FY26 and FY27-FY28 cut by -10% to -13%.

Citi retains a Neutral rating with the target lowered to $2.40 per share from $2.90, driven by the earnings downgrade and a higher valuation discount to banks.

Target price is $2.40 Current Price is $2.25 Difference: $0.15
If AFG meets the Citi target it will return approximately 7% (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 AFG as Outperform (1) -

Macquarie retains an Outperform rating on Australian Finance Group with a marginally lower $3.02 target price, down from $3.03, following 1H26 results.

Cash profit rose 43% and was 1% ahead of the analyst's expectation, driven by a rise of 141% in Manufacturing earnings on stronger book growth and a 124bp net interest margin (NIM), 7bps above forecast.

The broker raises its earnings estimates to reflect higher loan growth, improved margins and equity-accounted contributions. It's felt 2H26 earnings momentum will be supported by record lodgements and a loan book around 7% above the 1H average.

Target price is $3.02 Current Price is $2.25 Difference: $0.77
If AFG meets the Macquarie target it will return approximately 34% (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

Bell Potter rates AHC as Buy (1) -

Austco Healthcare delivered a robust 1H26 result, with revenue up 30.7% and earnings (EBITDA) up 60.1% which aligned with Bell Potter's forecasts.

The analyst views margins as the standout, with gross margin up 110bps to 52.2% and earnings (EBITDA) margin up 310bps to 17.1%, due to favourable product mix and disciplined cost control.

Lower interest and tax boosted net profit after tax while operating cash flow hit $9.2m at 123% of earnings (EBITDA), lifting cash to $15.2m.

The forward order book stands at $47.2m, with around half tied to the US, and growing software and AI components supporting recurring revenue mix.

Bell Potter maintains Buy with a $0.55 target price.

Target price is $0.55 Current Price is $0.33 Difference: $0.225
If AHC meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgan Stanley expects the reaction to the first half results from Auckland International Airport will be positive with FY26 guidance lifted by 2.5% at the mid point and amid momentum in seat capacity.

First half EBITDAFI of NZ$371m was slightly ahead of expectations while net profit was also better because of higher rental income and lower marketing software expenses. Net profit guidance has been narrowed to NZ$295-320m for FY26.

Equal-weight rating, NZ$8.08 target and In-Line industry view retained.

Current Price is $7.25. Target price not assessed.

Current consensus price target is $7.31, suggesting downside of -0.3% (ex-dividends)

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: 0.3

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

Macquarie rates AIZ as Outperform (1) -

Following the recent investor update, Macquarie trims its target price for Air New Zealand to NZ$0.67 from NZ$0.68 and retains its Outperform rating. Interim results due on February 26 are seen as the earnings nadir ahead of recovery.

Management expects a 1H26 PBT loss of -NZ$30m to -NZ$55m amid softer domestic and US conditions. More positively, long haul revenue per available seat kilometre (RASK) is up 2.4% year-on-year, highlights the broker.

Capacity growth is tracking toward the bottom of guidance at around 2% for FY26, with gradual recovery into 1H27, explains the analyst.

Macquarie sees meaningful upside as aircraft return to service and operating leverage improves.

Current Price is $0.50. 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: 0.0

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

Citi rates ALL as Buy (1) -

Citi highlights Aristocrat Leisure reiterated FY26 guidance for constant currency net profit after tax growth, with the analyts emphasising  gaming revenue trends remain resilient at the AGM update.

The gaming company explained softness in destination markets has been offset by steadier regional demand, while operators continue to signal supportive capital budgets.

Citi expects Aristocrat to deliver 4,000-5,000 net adds in FY26, weighted to 2H, with fees per day expected to lift through the year after stable early 1H trends.

Product Madness direct-to-consumer revenue is tracking above 20% in early FY26, supporting margin expansion despite higher user acquisition spend.

Buy rated. Target $71.00.

Target price is $71.00 Current Price is $50.66 Difference: $20.34
If ALL meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $72.49, suggesting upside of 44.0% (ex-dividends)

The company's fiscal year ends in September.

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 APA as Outperform (1) -

Macquarie notes at first look APA Group achieved slightly better than expected 1H26 net profit after tax, up 2%.

Dividend was as pre-announced, with FY26 distribution guidance unchanged at $0.58 and earnings (EBITDA) guidance reaffirmed at $2.12-2.20bn.

Macquarie highlights portfolio simplification through asset sales, including residual pipeline management years and GDI, recycling capital into new growth investments such as GPGs with CE Energy, with further recycling potential flagged including Basslink.

Project timelines remain fluid.

Outperform. Target $9.23.

Target price is $9.23 Current Price is $9.23 Difference: $0
If APA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.24, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Macquarie rates ASG as Outperform (1) -

Autosports Group’s 1H26 result was in line with guidance, with underlying profit before tax of $35.5m and margin of 2.3%, slightly ahead of consensus and consistent with Macquarie’s expectations.

Revenue rose 11% boosted by a mix of organic and acquisition growth, with used vehicle and new vehicle like-for-like revenue up 5.4% and 1.3% respectively. Gross margin expanded and beat both Macquarie and consensus, lifting gross profit to $289m, up 16% y/y.

Management explains early 2H26 trading is positive, with new vehicle order write-up up 13% and services and parts revenue up 11%, while 2H26 revenue is set to benefit from 1H acquisitions and -$8-10m of planned capex.

Outperform. Target $4.85.

Target price is $4.85 Current Price is $3.47 Difference: $1.38
If ASG meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates BHP as Neutral (3) -

BHP Group's 1H26 earnings were 4% ahead of consensus, reflecting strong underlying performance of the portfolio, UBS suggests, while the dividend is 16% ahead with a 60% payout positively surprising.

The Copper division is the standout, UBS notes, contributing more than 50% to group earnings for the first time. BHP continues to unlock value from the portfolio, announcing a silver-stream at Antamina for US$4.3bn following the Pilbara power deal for US$2bn in December.

In total, BHP sees potential to unlock up to US$10bn. Overall, UBS sees the operational performance, the potential additional cash returns from the portfolio value unlock and long-term growth optionality as encouraging, though maintains a Neutral rating on valuation.

Target rises to $52 from $47.

Target price is $52.00 Current Price is $52.29 Difference: minus $0.29 (current price is over target).
If BHP meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.42, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

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

Shaw and Partners raises its price target for Bannerman Energy to $6.50 from $4.70 and retains a Buy, High Risk rating following a higher uranium price forecast. 

Also supportive of the higher target is the de-risking of Etango, suggest the analysts, via a -45% selldown to China National Nuclear Corporation (CNNC).

CNNC will invest -US$294.5m into the joint venture and pay -US$27m to Bannerman, alongside a 60% offtake agreement. This outcome materially reduces funding risk ahead of targeted 2028 production, in the broker's view.

Shaw upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

Target price is $6.50 Current Price is $3.90 Difference: $2.6
If BMN meets the Shaw and Partners target it will return approximately 67% (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 BOE as Buy, High Risk (1) -

Shaw and Partners upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

These changes are largely behind the broker's new target for Boss Energy of $3.15, up from $2.63. An partial offset was provided by changes to the analysts’ Honeymoon model following the release of the Honeymoon Project review in December 2025.

Buy, High Risk rating maintained.

Target price is $3.15 Current Price is $1.65 Difference: $1.5
If BOE meets the Shaw and Partners target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett retains a Speculative Buy rating and $7.50 target price on Brazilian Rare Earths following further strong drilling results at Monte Alto.

The broker highlights thick mineralisation of up to 28m at around 17% total rare earth oxides (TREO) from in-fill drilling, with mineralisation open in multiple directions.

Step-out drilling has also identified new high-grade corridors and additional northern targets, which the analysts believe add future scale potential.

The broker anticipates a catalyst-rich six months ahead, including a maiden resource estimate and scoping study around mid-2026.

Target price is $7.50 Current Price is $4.21 Difference: $3.29
If BRE meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BXB as Buy (1) -

At first look, Brambles’ 1H26 result was broadly in line, with Citi highlighting a higher-quality outcome as macro softness in fast moving consumer goods volumes was offset by bottom-up execution.

Sales rose 2%, below expected annual growth range but underlying profit grew 7%, the analyst notes, implying a margin beat driven by supply chain productivity and overhead performance that is expected to persist into 2H26.

Pooling capex tracking at around 12% of sales versus the 14%-16% guidance has prompted a management upgrade to FY26 cash flow guidance to US$950-1,100m from US$850-950m.

Brambles revenue growth guidance narrowed to 3%-4% from 3%-5%, while earnings (EBIT) growth guidance is maintained at 8%-11%.

Buy. Target $26.75.

Target price is $26.75 Current Price is $23.50 Difference: $3.25
If BXB meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.39, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates BXB as Neutral (3) -

At first peek, Macquarie notes Brambles announced 1H26 net profit after tax, in line with expectations and 4% above consensus, with management retaining constant currency earnings (EBIT) growth guidance of 8%-11%.

Management lowered FY26 revenue growth to 3%-4%, while free cash flow guidance was upgraded to US$950-US$1,100m and interest cost reduced by -US$20m.

Net new business was up 2%, led by the Americas and Europe, while like-for-like volumes fell -2% on weaker consumer demand, though Brambles expects US conditions to improve in 2H.

Macquarie highlights cash flow was stronger than expected, supported by capex timing and working capital, while serialisation testing remains on track across North America and the UK.

Neutral. Target $24.85.

Target price is $24.85 Current Price is $23.50 Difference: $1.35
If BXB meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $26.39, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates C79 as Buy (1) -

Bell Potter views Chrysos' 1H FY26 underlying earnings (EBITDA) result of $14.4m, up 152% y/y, as robust, coming in 9% above expectations, boosted by revenue growth of 49% to $43.3m.

MMAP revenue rose 22% on installed base expansion, while AAC surged 261% on higher PhotonAssay fleet utilisation, lifting gross margin to 76.3% and earnings (EBITDA) margin to 33.1%, the analyst highlights.

Four additional units were deployed in the half, taking total installed units to 43, with 14 lease agreements signed FY26 year-to-date supporting deployment momentum.

Management upgraded FY26 guidance slightly which the broker sees as conservative. Bell Potter's Buy rating is retained with an unchanged $9.40 target.

Target price is $9.40 Current Price is $7.93 Difference: $1.47
If C79 meets the Bell Potter target it will return approximately 19% (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 CGF as Upgrade to Buy from Accumulate (1) -

Ord Minnett retains a Buy rating and $9.85 target price on Challenger after interim earnings modestly missed expectations and a $150m buyback disappointed.

Net profit rose 1.6% year-on-year, near the bottom of full-year guidance of between 1-9%, with the broker highlighting pressure from the heavy weighting to term annuities and exposure to interest rate spreads.

Ord Minnett cuts its FY26 EPS forecast by -2.8% and trims FY27 and FY28 estimates by -0.2% and -0.4%, respectively. These changes reflect a narrower cash operating earnings margin partly offset by cost savings and the buyback.

The broker sees upside for Challenger from proposed APRA capital reforms.

Target price is $9.85 Current Price is $8.90 Difference: $0.95
If CGF meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.76, suggesting upside of 7.3% (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

Citi rates CHC as Buy (1) -

At first glance, Citi notes Charter Hall delivered a strong 1H26 result, with EPS of 50.5c delivering a beat 9% above forecast and 4% above consensus.

Management upgraded FY26 EPS guidance by 5% to 100c, implying 23% y/y growth and sitting around 3% ahead of the analyst's forecast and consensus, with no performance fees included.

Pro forma FUM increased to $73.6bn, up 10% versus Jun-25 and slightly better than expected supported by $1.2bn of positive revaluations and modest cap rate compression of -3bps.

Citi highlights the balance sheet remains sounds, with average gearing of 37% and cost of debt easing to 4.4% after refinancing activity.

The analyst flags a positive reaction by the share price to the earnings beat and raise.

Buy. Target $27.

Target price is $27.00 Current Price is $23.57 Difference: $3.43
If CHC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates CHC as Neutral (3) -

Macquarie's early assessment zooms in on Charter Hall having reported 1H26 operating earnings of $239m or 50.5cps, some 2% above the broker's estimate and 4% above consensus.

The group raised FY26 OEPS guidance by 5% from 95cps to 100cps. Commentary states this guidance is 4.9% above the broker's estimate and it beats consensus of 97.1cps by some 3%.

The broker also highlights today's release includes the highest level of gross equity inflows in three decades, driven by wholesale partnerships/mandates and pooled funds.

Neutral. Target $23.71.

Target price is $23.71 Current Price is $23.57 Difference: $0.14
If CHC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates CRN as Buy (1) -

Coronado Global Resources has announced proposed idling of the unprofitable Logan mine in the US, and the resumption of operations at Mammoth. As a result, UBS' earnings forecasts across FY26/27 rise 12/13%, reflecting the removal of Logan's losses.

However, with Logan unlikely to economically resume production, the long-term value of the business has diminished.

While the update is disappointing, UBS thinks the stock is undervalued, and continues to see attractive risk/reward, reflecting Curragh/Mammoth & Buchanan growth and a normalised met coal market.

Target falls to 39c from 53c, Buy retained.

Target price is $0.39 Current Price is $0.31 Difference: $0.08
If CRN meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $0.42, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Citi rates CSC as Buy (1) -

Capstone Copper's 2026 guidance missed consensus, with production -11% and C1 costs up 10% versus expectations, prompting a -14% share price fall, Citi explains.

The analyst estimates its discounted cash flow declines by -12% on incorporating the updated numbers, suggesting most of the reaction is justified.

Commentary suggests lower output reflects a combination of longer-duration throughput constraints at Mantoverde and Pinto Valley, and mine sequencing impacts at Mantos Blancos and Pinto Valley.

Total 2026 capex guidance of -US$720m is around 21% above consensus, though Citi expects only US$20-30m to be deferred, largely related to higher capitalised stripping.

The broker retains a Buy with the target reduced to $16.60 from $18.50 and CA$15.50 from CA$17.30.

Target price is $16.60 Current Price is $13.44 Difference: $3.16
If CSC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $15.86, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates CSC as Outperform (1) -

Macquarie lowers its target price for Capstone Copper to $15.60 from $19.60 and retains an Outperform rating following weaker-than-expected 2026 guidance.

Production guidance of 215kt at the midpoint was -12% below consensus, notes the analyst, while cash costs of -US$2.60/lb and capex of -US$720m  were -12% and -21% worse than expectations, respectively.

The broker cuts its respective 2026 and 2027 EPS forecasts by -42% and -15%, reflecting lower grades and higher capital at Pinto Valley and Mantoverde.

Macquarie notes the share price now implies a US$4.05/lb copper price, well below spot, offering a more attractive entry point.

Target price is $15.60 Current Price is $13.44 Difference: $2.16
If CSC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $15.86, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgans rates CSC as Buy (1) -

Capstone Copper’s 2026 guidance was disappointing, Morgans explains, with production well below expectations alongside higher costs and capex, reflecting weaker grades at Pinto Valley and Mantos Blancos and strike and tie-in impacts at Mantoverde.

The broker views 2026 as a transitional year, with headwinds largely related to sequencing and one-off in nature.

Morgans' forecasts are updated, with 2026 copper production cut by -12% to 222kt, C1 cash costs lifted 17% to US$2.59/lb, and capex raised 14% to US$718m.

Despite the operational downgrade, the analyst points higher copper price assumptions as partly offsetting the downgrade and lowers earnings (EBITDA) forecasts for 2026 by -12% and EPS by -15%.

Buy rating retained, with the target lowered to $16.60 from $17.40.

Target price is $16.60 Current Price is $13.44 Difference: $3.16
If CSC meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $15.86, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

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

Ord Minnett lowers its target price for Capstone Copper to $15.00 from $16.50 following weaker 2026 production guidance and higher-than-expected capex. The rating is upgraded to Accumulate from Hold on valuation grounds.

2026 production guidance fell short of expectations due to lower ore grades at Pinto Valley and Mantos Blancos, explains the broker. Capex was around -US$100m worse than the consensus estimate.

Ord Minnett downgrades its 2026 and 2027 EPS forecasts by -25.2% and -15.3%, respectively, with no change to 2025. It's felt valuation upside remains significant should copper prices hold near spot levels.

Target price is $15.00 Current Price is $13.44 Difference: $1.56
If CSC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.86, suggesting upside of 12.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates CSC as Buy (1) -

After achieving 2025 consolidated production of 225kt (up 22% year on year), 2026 production guidance (200-230kt) was disappointing and UBS has downgraded its production forecasts by -12% to sit towards the lower end.

Strikes at Mantoverde and operational challenges made for a weak start to the year, though these should now be behind us, UBS suggests. Lower grades in 2026 are offsetting stronger throughput and driving lower-than-expected production.

Target falls to $15.50 from $16.00, Buy retained.

Target price is $15.50 Current Price is $13.44 Difference: $2.06
If CSC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.86, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Bell Potter rates CYL as Buy (1) -

On the back of Catalyst Metals' acquisitions of around 1,100km2 of Bryah Basin tenements, expanding its landholding to more than 2,280km2 and creating a 190km contiguous package adjoining the Plutonic Belt, Bell Potter lifts its target to $14.60 from $13.50.

The acquired ground sits near Plutonic and links to the processing plant via a 70km haul road, supporting operational and logistics synergies.

The transaction includes a two-year agreement to toll treat up to 250kt of Star Minerals ore, providing near-term plant utilisation and incremental cash flow.

Bell Potter lifts EPS forecasts by 17% in FY26 and FY27 and 8% in FY28, incorporating its revised gold price outlook.

Buy rating retained.

Target price is $14.60 Current Price is $7.61 Difference: $6.99
If CYL meets the Bell Potter target it will return approximately 92% (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 DRR as Sell (5) -

Deterra Royalties reported first half underling profit and an interim dividend that beat market expectations. BHP Group's ((BHP)) Mining Area C again delivered record volumes and strong realised pricing, UBS notes, while the divestment of non-core precious metals offtake assets bolstered earnings.

Net debt of $149m was -$10m lower than market expectations, reflecting strong portfolio performance. UBS now identifies slightly higher intrinsic value in the business, raising earnings forecasts by 6-7% across FY26-28, and lifting its price target to $4.20 from $3.95.

However, UBS maintains a Sell rating on valuation grounds.

Target price is $4.20 Current Price is $4.33 Difference: minus $0.13 (current price is over target).
If DRR meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.52, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates DXS as Neutral (3) -

On further inspection, Citi adds capital management has come into focus at Dexus post the launch of a share buyback, as management signals the stock offers better value than pursuing new developments or acquisitions.

The fund management redemption queue has eased, the analyst highlights, with -$1bn withdrawn amid stronger primary and secondary capital raising activity from domestic and offshore investors.

Around -$2bn remains in the queue, split evenly between infrastructure and real estate strategies.

Citi stresses the stock trades at around a -24% discount to NTA and on roughly 10x PE, drawing value-oriented investors ahead of a possible FY27/28 recovery with a Neutral rating and $7.80 target.

***

On first look, Dexus reaffirmed FY26 adj funds from operations guidance of 44.5–45.5cps, broadly in line with Citi and  consensus expectations.

The broker notes 1H26 adj funds from operations of 23.6cps was in line, while the 19.3cps distribution was 2% ahead of consensus.

Citi highlights a 1.0% uplift in portfolio valuations over the half, with office up 0.7% and industrial up 1.6%, while occupancy remained stable at 92.2% for office and improved slightly to 97.0% for industrial.

Improved platform momentum, including a -$1bn reduction in the redemption queue supported by $1.4bn of divestments, alongside an ongoing share buyback was highlighted.

 Neutral rating and $7.80 target price.

Target price is $7.80 Current Price is $6.74 Difference: $1.06
If DXS meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.40, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates DXS as Outperform (1) -

After further analysis, Macquarie raises its target price for Dexus by 2% to $7.55 and retains an Outperform rating.

A summary of the broker's initial research follows.

Today, management at Dexus delivered an interim adjusted funds from operations (AFFO) beat, up 3.6% versus Macquarie forecasts, driven by stronger trading profits.

The company reaffirmed FY26 AFFO guidance of 44.5-45.5cps and launched a new on-market buyback of up to 10%.

Office occupancy improved to 92.2% from 91.2% in the September quarter of 2025, while industrial effective income growth rebounded to 8.7% from -1% in FY25, explains the broker in an early analysis.

Target price is $7.55 Current Price is $6.74 Difference: $0.81
If DXS meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.40, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Bell Potter rates EGL as Buy (1) -

Environmental Group’s 1H26 results missed Bell Potter's expectations and were -30% below consensus.

Revenue of $58.9m and underlying NPAT of $2.4m were below expectations, with performance impacted by -$2.7m of significant cost items tied to ERP implementation and relocation.

The Energy division remained the standout, with sales up 40% to $34.1m, around 69% recurring, and segment earnings (EBITDA) up 33%.

Management's FY26 guidance for 15%-20% earnings (EBITDA) growth was maintained, implying a stronger 2H skew, the analyst remarks.

Bell Potter's EPS forecasts are tweaked down by -1% in FY26 and FY27 and up 1% in FY28, while Buy is retained and the target cut to $0.35 from $0.38.

Target price is $0.35 Current Price is $0.22 Difference: $0.135
If EGL meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates FBU as Neutral (3) -

On further inspection, Citi raises the target ot NZ$3.70 from $3.50 and retains a Neutral rating.

***

At first glance, Citi notes Fletcher Building has reported a softer 1H26 result, with adjusted earnings (EBIT) of NZ$145m around -3% below consensus after adjusting for discontinued construction operations.

Citi notes Light Building Products outperformed with earnings (EBIT) of NZ$108m versus NZ$97m expected, offset by material misses in Distribution, earnings( EBIT) down -NZ$4m versus NZ$3m expected, and Residential earnings (EBIT) NZ $12m versus NZ$22m expected.

Net debt rose to NZ$1.2bn from NZ$1.0bn at 2H25, reflecting Residential land purchases, while FY26 capex guidance was trimmed to -NZ$290m–NZ$310m from -NZ$320m–NZ$340m previously.

The broker highlights ongoing market share gains in Light Building Products and potential construction sale proceeds of around NZ$300m–NZ$315m, but sees limited evidence of broader recovery with improvements not expected until calendar 2027. 

Neutral. Target NZ$3.50.

Current Price is $3.00. Target price not assessed.

Current consensus price target is $2.89, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.5

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

Macquarie rates FBU as Underperform (5) -

Fletcher Building's pre-significant interim earnings (EBIT) of NZ$151m fell -10% compared to the prior year and were -10% below Macquarie’s forecast.

Misses in New Zealand Distribution, Construction and Residential are noted while A&NZ manufacturing beat the analyst's expectation.

The broker notes significant items of -NZ$88m and net debt above forecasts, with no FY26 guidance provided.

Macquarie lowers its FY26-28 EPS forecasts by -4%, -6%, and -2%, respectively, citing margin pressure and weaker volumes, partially offset by cost-out initiatives and land sales.

Target falls by -NZ3c to NZ$1.73. Underperform rating retained. 

Current Price is $3.00. Target price not assessed.

Current consensus price target is $2.89, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in 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 FBU as Underweight (5) -

Morgan Stanley makes no changes to Fletcher Building in the wake of the first half results, where EBITDA was in line with estimates after removing the divestment of the construction business.

NZ volumes were largely flat in the second quarter and there appears to be no meaningful volume recovery expected until conditions improve into 2027. In Australia, volumes were mixed with the broker noting Laminex and insulation are starting to improve.

Underweight rating. Target is $2.89. Industry view is In-Line.

Target price is $2.89 Current Price is $3.00 Difference: minus $0.11 (current price is over target).
If FBU meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.89, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in 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 FBU as Neutral (3) -

Fletcher Building reported 1H26 earnings before significant items in line with consensus. FY26 is likely to be trough earnings, UBS suggests, and focus now shifts to quantifying the shape of the recovery.

Most industry contacts suggest a volume recovery in 2027, which seems reasonable to UBS given 1H27 is likely to be impacted by the NZ general election and possible RBNZ rate hikes.

Fletcher Building did not provide quantitative guidance as expected but reiterated that volumes are not expected to improve until 2027, which is consistent with previous commentary. Target risess to NZ$3.60 from NZ$3.55, Neutral retained.

Current Price is $3.00. Target price not assessed.

Current consensus price target is $2.89, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in 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

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

Management at Golden Horse Minerals has announced high-grade visible gold from the first 2026 diamond hole at Hopes Hill.

The intercept of 4.0m at 4.6g/t gold, including 1.1m at 8.6gold per tonne (g/t), 200m beneath the historic pit, indicates potential along a 1.3km strike, highlights Shaw and Partners.

The broker notes drilling has expanded to five rigs as part of a 125km campaign, with deeper results including 17.0m at 1.30g/t extending mineralisation.

Shaw recently raised its gold price forecasts to US$6,000/oz in 2026 and US$6,500/oz in 2027.

Buy, High-Risk rating and $1.50 target are maintained 

Target price is $1.50 Current Price is $0.66 Difference: $0.84
If GHM meets the Shaw and Partners target it will return approximately 127% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates GMG as Outperform (1) -

Goodman Group has left FY26 guidance unchanged for 9% EPS growth, Macquarie analysts highlight in an early assessment.

1H26 EPS beat the broker's forecast by 7%, driven by development and operating expenses/tax. Operating EBIT was $1,171m, 4% better than forecast.

Higher-than-expected development (-$665m vs -$477m) was offset by lower investment (-$366m vs -$418m), and lower management ($325m vs our $439m) due to performance fees of $79m versus Macquarie's estimate of $196m (1H25: $238m).

The report points out data centres now comprise 73% of work-in-progress (WIP) (up from 68% at 1Q26) with WIP expected to exceed $18bn by Jun-26.

The global power bank increased to 6.0GW (5.0GW at 1Q26). 3.6GW of this is secured vs 3.4GW previously. No contracts were announced with commitments expected over the next 12-18 months. LAX01 expected to be multi-tenanted with smaller contracts.

Outperform. Target $34.73.

Target price is $34.73 Current Price is $31.05 Difference: $3.68
If GMG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $36.90, suggesting upside of 23.8% (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

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

Morgans upgrades HealthCo Healthcare & Wellness REIT to Speculative Buy with a $1.05 target, citing favourable risk-reward despite near-term execution risk.

Morgans views the REIT as moving towards a negotiated outcome on the Healthscope portfolio, with rent having been paid in full to date and executable agreements in place with alternative operators for all 11 hospitals.

The analyst belives the portfolio fundamentals remain sound, with 99% occupancy, 100% rent collection, 4.2% like-for-like net operating income growth and WALE of 11.3 years, while gearing of 28.5% provides balance sheet flexibility.

Distributions remain suspended pending resolution of Healthscope. The broker lowers funds from operations forecast by -7% for FY26 and -23% for FY27 on a slower resolution timeline.

Target price is $1.05 Current Price is $0.71 Difference: $0.34
If HCW meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates HLS as Neutral (3) -

Macquarie lowers its target price for Healius to $0.78 from $0.88 and maintains a Neutral rating following a mixed 1H26 result.

While revenue and earnings (EBITDA) beat the broker's expectations, underlying EBIT missed by around -50% on higher D&A and net interest costs.

FY26 EBIT guidance of around $48m implies to the analyst a significant 2H skew, with the broker cautious on execution as well as flat pathology volumes exiting Q2.

Macquarie lowers its FY26/27/28 EPS forecasts by -36%, -9%, and -8%, respectively, reflecting updated depreciation and interest assumptions. Ongoing uncertainty is also expected around the Fair Work Commission outcome.

Target price is $0.78 Current Price is $0.76 Difference: $0.02
If HLS meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates HLS as Hold (3) -

Healius announced 1H26 mixed results with revenue and underlying earnings (EBITDA) broadly in line with Morgans' expectations, but underlying earnings (EBIT) and NPAT below consensus due to thin Pathology margins.

Pathology volumes improved modestly and returned to positive earnings (EBIT), with costs tightly managed and labour intensity easing, though margin recovery remains gradual, the analyst stresses.

Agilex was the standout, delivering strong operating leverage with earnings (EBITDA) rising 66%, well ahead of expectations.

Management reiterated FY26 guidance broadly in line with consensus, implying a 2H skew, while longer-term earnings leverage remains dependent on execution and margin recovery.

Morgans retains a Hold rating with a lower target of 80c from 87c.

Target price is $0.80 Current Price is $0.76 Difference: $0.04
If HLS meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.81, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates HSN as Overweight (1) -

Hansen Technologies presents unique risk/return characteristics, Morgan Stanley asserts, having virtually no debt and an M&A track record that creates shareholder value.

The main debate across software stocks regarding AI being either a risk, "a death threat" or an opportunity continues, and the broker believes it is too early to know the answer with conviction.

That said, having deep proprietary data, domain expertise and strong customer relationships are important factors to remaining competitive.

First half EBITDA was up 46% and the company expects revenue to be higher in the second half compared with the first, being on track for an EBITDA margin of 30%, higher than Morgan Stanley expected.

Target is reduced to $6.00 from $6.60.Overweight rating. Industry view is Attractive.

Target price is $6.00 Current Price is $5.12 Difference: $0.88
If HSN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Ord Minnett upgrades its rating for Hansen Technologies to Buy from Hold and sets a $6.99 target price, up from $6.78, citing margin upside and AI-driven efficiencies.

While 1H26 underlying earnings (EBITDA) were in line with consensus, the broker points out margins surprised positively at 29.2%. Management is guiding toward closer to 30% in FY26, prompting a 3% upgrade to the analysts' earnings forecasts.

The broker highlights the EMEA region as a key growth engine, with strong regional growth and further acquisitions likely supported by balance sheet strength.

The stock is seen as attractively valued at 9x FY26 EBITDA and 24x P/E, with defensive AI characteristics.

Target price is $6.99 Current Price is $5.12 Difference: $1.87
If HSN meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates HSN as Buy (1) -

Hansen Technologies delivered a result that was a slight 4% beat to consensus at the key cash earnings metric. The key driver of this was better-than-expected operating leverage/margin performance, UBS notes, as the company continues to realise significant benefits from AI.

AI appears to be enabling better customer outcomes on software delivery, UBS suggests, i.e. faster upgrades/implementation while maintaining existing subscription prices.

This then enables Hansen to realise the margin expansion benefits associated with its reduction in cost to serve customers.

The sell-off on the day offers an attractive buying opportunity, UBS believes. Buy retained, target falls to $7.20 from $7.50.

Target price is $7.20 Current Price is $5.12 Difference: $2.08
If HSN meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates IFL as No Rating (-1) -

Insignia Financial's 1H26 underlying net profit of $132m, up 6% y/y, came in around 3%-4% ahead of consensus, Citi notes at first look.

Net revenue rose 1.8% to $718m on higher average funds under management, while total costs were broadly flat and in line with expectations.

Wrap platform net revenue margin eased -1.2bps h/h to 27.2bps. Management trimmed FY26 guidance by -0.5bps to 27-28bps due to fee caps and tiering from strong funds under administration growth.

Citi currently has its rating on Insignia Financial suspended.

Current Price is $4.61. Target price not assessed.

Market Sentiment: 0.0

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

Morgan Stanley rates ILU as Overweight (1) -

In the wake of the 2025 results from Iluka Resources, Morgan Stanley makes minor adjustments to working capital forecasts and non-cash inventory movement, which drives an increase in 2026 and 2027 EPS estimates to $0.09 and $0.11, respectively.

Earnings in 2025 were largely in line with expectations with Balranald on track and mining commencing in January. Eneabba refinery construction is on track and there was no update on offtake agreements.

Overweight. Target edges down to $6.70 from $6.75. Industry View: Attractive.

Target price is $6.70 Current Price is $5.57 Difference: $1.13
If ILU meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates ILU as Sell (5) -

Ord Minnett retains a Sell rating and $5.00 target price on Iluka Resources following a 2025 statutory loss of -$288m. The latter reflects a previously disclosed -$566m impairment amid weak mineral sands markets, explains the analyst.

The broker questions whether the company can generate sufficient 2026 cash flow to reduce $473m of mineral sands debt without an equity raise, although a $52m tax refund may provide some support.

Ord Minnett highlights ongoing weakness in zircon and TiO2 demand. The Eneabba rare earth oxide (REO) refinery, targeting first production in 2028 is considered the longer-term attraction.

The broker sees mineral sands pricing and REO offtake agreements as key catalysts.

Target price is $5.00 Current Price is $5.57 Difference: minus $0.57 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.75, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in December.

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 ILU as Neutral (3) -

Iluka Resources pre-reported underlying mineral sands earnings down -37% year on year and, together with the earlier flagged mineral sands impairment and inventory writedown, this saw Iluka report a -$288m loss.

Iluka highlighted that the unfortunate (but prudent, in UBS' view) idling of Cataby and SR2 is expected to see production costs down -28% year on year and, with Balranald capex rolling off, will see overall cash use for the mineral sands business nearly halve in 2026.

The company highlighted that its liquidity position is well supported through working capex offload and the Multi-Option Facility Agreement facility, while other options (including Deterra ((DRR)) sale) remain available even if they aren't currently being entertained.

UBS retains Neutral and a $5.25 target.

Target price is $5.25 Current Price is $5.57 Difference: minus $0.32 (current price is over target).
If ILU meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.75, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates LIC as Buy (1) -

Lifestyle Communities’ 1H26 operating profit of $16.1m beat consensus by 4.5%, supported by stronger development volumes, though it fell short of Citi’s forecast on initial inspection. Net sales were strong at 110 versus 41 a year earlier and 98 in the prior half.

Settlements reached 128 in the half, with FY26 year to date at 163 and a further 98 contracts available for settlement this year, while average selling price eased to $590,000 from $620,000 in 1H25.

The balance sheet improved materially, with net debt reduced to $323.6m and LVR falling to 35.9% following land sales and inventory reduction.

The stock price is expected to react positively, the analyst states due to the results 'beat'.

Buy. Target $7.

Target price is $7.00 Current Price is $5.74 Difference: $1.26
If LIC meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 15.6% (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 LIC as Downgrade to Neutral from Buy (3) -

The pivot from expected rate cuts to hikes couldn’t have come at at a less opportune time for Lifestyle Communities, UBS notes.

Following extremely subdued net sales in 1H25, the pace of recent home sales has improved to a run-rate of some 200 homes as of Sep-25.

UBS believes this recovery story has been deferred in light of the RBA hike, and the potential for one (or more) further hikes this year. Rising rates introduce price uncertainty and generally depress transaction volumes in the established housing market.

While UBS expects FY26 settlements to represent the trough for Lifestyle Communities and is constructive on the medium-term land lease outlook, the broker is cautious on near-term prospects and sits below consensus.

Target falls to $5.99 from $7.60, downgrade to Neutral from Buy.

Target price is $5.99 Current Price is $5.74 Difference: $0.25
If LIC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 15.6% (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

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

A day after interim results for Magellan Financial, Macquarie raises its target to $8.80 from $8.30 and upgrades to Neutral from Underperform. It's felt associate contributions will grow further in importance through FY27-28.

A summary of yesterday's research by Macquarie follows.

In an initial take, Macquarie highlights Magellan Financial's 1H26 underlying EPS of 48.6cps beat the consensus expectation by 23%, driven by stronger associate profits.

Associate earnings, particularly from Barrenjoey, contributed around 31% of profit and materially outperformed, explains the analyst.

The broker highlights Investment Management revenue of $106.9m and profit (PBT) of $54.5m both missed its own forecasts on weaker margins and no performance fees.

Target price is $8.80 Current Price is $9.12 Difference: minus $0.32 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.39, suggesting downside of -0.1% (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

UBS rates MFG as Neutral (3) -

Magellan Financial's operating profit beat consensus by 20% with the dividend similarly 19-25% ahead, UBS reports.

Compositionally, the core Investment business missed due to lower net client revenues with greater fee compression owing to mix-shift (expected), increased client rebates, and repricing.

The result highlighted strong growth in Associate profits which are now becoming a more meaningful earnings driver than the Investment business, UBS notes.

While revenue pressures in Investments will see its profits continue to decline, UBS thinks the market will place greater focus on the value of its associates and liquid assets. Target falls to $9.90 from $10.00, Neutral retained.

Target price is $9.90 Current Price is $9.12 Difference: $0.78
If MFG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.39, suggesting downside of -0.1% (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

Citi rates MGR as Buy (1) -

Post earnings call, the analyst believes the stock price rally post result was justified and further upside is flagged.

***

At first glance, Mirvac Group has reported 1H26 EPS of 6.3c, which Citi notes was 8% ahead of consensus, driven by capital partnering profits, including the Harbourside joint venture.

Management's FY26 EPS guidance of 12.8–13.0c is unchanged, while 835 residential settlements missed expectations and the analyst expects deliveries to be skewed to 2H26.

Commentary highlights strong residential sales momentum, with 1,304 lots exchanged in 1H26, up 38% y/y. Mirvac maintains guidance for 2,000–2,300 settlements in FY26 with more than 90% of target lots secured.

Citi also points to margin improvement excluding impaired lots, with underlying gross margin of 22.5% versus reported 17.3%

Buy. Target $2.60.

Target price is $2.60 Current Price is $2.04 Difference: $0.56
If MGR meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates MGR as Outperform (1) -

Following yesterday's research update (summarised below), Macquarie lowers its target for Mirvac Group by -20c to $2.45 and retains an Outperform rating.

..........

Today's interim result by Mirvac Group revealed operating EPS of 6.3cps, 9% above consensus and 14.5% ahead of Macquarie's forecast, driven by stronger Development and Funds earnings.

In an early analysis, the broker notes residential sales momentum improved and 90% of FY26 settlements were secured. Gearing fell to 25.8% from 26.6% at June 2025, while office, retail and industrial occupancy remained resilient. 

FY26 operating EPS guidance of 12.8-13.0 was reaffirmed.

Target price is $2.45 Current Price is $2.04 Difference: $0.41
If MGR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates MP1 as Buy (1) -

Citi retains a Buy rating on Megaport, but trims its target to $15.75 from $16.30 on lower peer multiples and a reduced terminal growth assumption ahead of 1H26 report where a beat is expected.

The analyst cuts standalone revenue forecasts by -2% to -4% across FY26-FY28 to reflect FX headwinds from a stronger AUD, but still expects constant currency ARR growth to lift as go-to-market and product investment ramps and new data centre locations roll out.

Latitude.sh is modelled at the mid-point of guidance, though Citi sees upside from server deployment including around 1k Nvidia GPUs, price shifts from cloud providers, additional GTM support post-acquisition, and Equinix exiting bare metal.

Citi reiterates Megaport as an AI beneficiary into multi-cloud growth.

Target price is $15.75 Current Price is $11.18 Difference: $4.57
If MP1 meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $16.23, suggesting upside of 48.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates MPL as Neutral (3) -

At first look, Medibank Private's 1H26 underlying NPAT of $298m missed Citi's and consensus forecasts, with the shortfall driven by a larger other income loss linked to higher M&A and lease interest expenses.

Private health insurance was slightly softer than the broker expected, though this was largely offset by stronger investment income and a better-than-forecast contribution from Medibank Health.

Resident policyholder growth was solid at 38.3k. The PHI gross margin held flat at 16.2% and net margin came in at 8.5%, both a miss on expectations.

Medibank Health remained the standout, with segment profit up 27.9% to $51m and FY26 guidance implying operating profit of around $109m including Better Medical.

Neutral. Target $5.10.

Target price is $5.10 Current Price is $4.79 Difference: $0.31
If MPL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 15.7% (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

Citi rates NAB as Sell (5) -

On further investigation, Citi raises the target price on National Australia Bank to $39.25 from $38 and Sell rating unchanged.

***

On first inspection, National Australia Bank has delivered 1Q26 cash earnings of $2.02bn, which Citi notes was around 10% ahead of consensus run-rate expectations, driven by stronger revenue and lower bad debts.

Total revenue of circa $5.6bn was around 6% ahead of Citi, with Markets and Treasury revenue around 30% above the 2H25 average, while ex-M&T revenue was also 2%-3% ahead on stronger deposit outcomes and volume growth.

Costs of -$2.5bn were in line, while the bad and doubtful debt charge of -$170m, or -8bps of GLA, was well below Citi’s -$249m estimate.

Citi estimates that excluding the M&T upside and lower bad debts, the underlying result was still a 4%-5% beat versus implied consensus expectations.

Sell. Target $38.

Target price is $39.25 Current Price is $47.14 Difference: minus $7.89 (current price is over target).
If NAB meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Outperform (1) -

Macquarie raises its target price for National Australia Bank to $47 from $45 and maintains an Outperform rating following a strong 1Q26 update. The bank is the analyst's preferred sector exposure.

Cash earnings came in around 11% ahead of consensus and underlying pre-provision earnings were also about 4% ahead, highlights the broker. These outcomes were supported by stronger fee income, stable margins and lower impairments, explains the analyst.

The broker lifts its FY26 EPS forecast by around 4% and outer years by about 2%, and factors in a circa $1bn capital raise via a partly underwritten dividend reinvestment plan (DRP). A FY27 dividend cut has now been removed from the analysts' financial model.

 While noting CET1 remains relatively constrained, Macquarie highlights solid balance sheet growth and improved credit quality.

Target price is $47.00 Current Price is $47.14 Difference: minus $0.14 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Equal-weight (3) -

Morgan Stanley was encouraged by the revenue trends in the National Australia Bank first quarter result.

Improvement in credit quality was identified as a highlight, alleviating some of the concerns compared with peers that lingered from the second half of FY25.

A step down in cost growth, annually tracking at 4-5% is considered unlikely. Equal-weight. Target rises to $43.50 from $40.40. Industry view: In-Line.

Target price is $43.50 Current Price is $47.14 Difference: minus $3.64 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates NAB as Sell (5) -

Morgans raises its target price for National Australia Bank to $37.27 from $32.56, citing a 1Q26 trading update showing cash earnings up 15% on the 2H25 quarterly average, well ahead of expectations.

The broker upgrades its FY26-28 EPS forecasts by between 4-8%. These changes are driven by stronger revenue, a 2bps lift in net interest margin (NIM) to 1.80% and a -30% fall in impairment charges. It's felt a 22% surge in other income is unlikely to be sustained.

Morgans observes CET1 of 11.5% leaves capital tight relative to peers. Despite improved forecasts, the broker sees the shares trading above fundamental value and retains a Sell rating.

Target price is $37.27 Current Price is $47.14 Difference: minus $9.87 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Ord Minnett rates NAB as Sell (5) -

Ord Minnett raises its target price on National Australia Bank to $37.00 from $35.00 and retains a Sell rating following a solid December-quarter update.

Cash earnings rose 15% on the prior quarterly average, supported by business lending growth, explains the analyst.

The funding mix also improved along with a 2bps lift in net interest margin (NIM) to 1.80%, highlights the analyst, while asset quality strengthened and CET1 of 11.5% exceeded expectations.

The broker increases its EPS forecasts by 6.1%/4.8%/5.0% for FY26/FY27/FY28.

Target price is $35.00 Current Price is $47.14 Difference: minus $12.14 (current price is over target).
If NAB meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -12.8% (ex-dividends)

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 NAB as Buy (1) -

National Australia Bank's Q126 trading update, which looks to UBS like a record quarter for bank, shows performance exceeding consensus by approximately 8.5% at the pre-provision profit level and about 10.5% on a cash profit basis for 1H26.

CET1 remains in line with consensus at 11.48%. Business lending growth is annualising at approximately 6.5%, while asset quality continues to improve.

NAB is the broker's top pick among the majors. Buy retained, target rises to $50.50 from $47.00.

Target price is $50.50 Current Price is $47.14 Difference: $3.36
If NAB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $42.09, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Citi rates NWH as Buy (1) -

NRW Holdings delivered a strong 1H result, with revenue of $1,974m up 19.5% y/y and 3% ahead of Citi's expectations at fist peek, while earnings (EBITA) of $132m was 9%-10% above the broker's forecasts, and margins came in 30-40bps above estimates.

Commentary notes mining margins rebounded to around 9%, around 50bps above expectations, supported by favourable conditions, while higher-margin METS businesses underpinned the earnings beat.

The order book rose to $7.5bn from $6.1bn in FY25  and active tenders to $9.2bn from $5.6bn in FY25, providing around two years of revenue coverage based on FY26 guidance, the report stipulates.

Management lifted revenue guidance to $4.1-4.2bn and earnings (EBITA) to $275-285m, implying around 30bps higher margins at the midpoint versus prior guidance, Citi highlights.

The shares are expected to trade higher on the earnings 'beat' and upgraded outlook.

Buy. Target $6.20.

Target price is $6.20 Current Price is $5.63 Difference: $0.57
If NWH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates NWL as Buy (1) -

Bell Potter notes Netwealth Group's 1H26 result was robust with revenue up 25% which was better than anticipated and supported by improved cash take-rate and less fee slippage.

Cash flow was solid, with free cash flow of $60.3m and a 21c fully franked dividend up 20%, while post-balance sheet debt draw leaves leverage modest, the analyst notes.

Management's FY26 guidance was reaffirmed, including net inflows in line with FY25, a 49% earnings (EBITDA) margin and $12m in capitalised software, with early FY26 net inflows of $1.6bn.

Bell Potter retains Buy with an unchanged $30.00 target, and upgrades FY26 EPS forecast by 4%.

Target price is $31.50 Current Price is $25.35 Difference: $6.15
If NWL meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (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 NWL as Buy (1) -

Citi views the 13% share price reaction as suprising but likely reflects the recent weakness on AI disruption and upgrades FY26-FY28 NPAT forecats by 1%-2% following the 1H result beat''

The broker re-iterates its Buy rating. The target remains unchanged at $28.90.

The analyst expects earnings (EBITDA) margins to remain flat through FY28 as Netwealth reinvests operating leverage back into product, technology and go-to-market capability.

The broker believes this investment cycle should narrow the net-flow gap to HUB24 ((HUB)), with flow upside in FY27 tied to large broker wins.

***

At first look, Netwealth Group reported underlying NPAT of $68m, up 20% y/y and 5% ahead of Citi and consensus, driven by stronger revenue and a lower effective tax rate.

The analyst notes revenue was 1%–2% ahead of expectations despite a slightly lower revenue margin of 31.1bps, supported by transaction revenue growth of 21% y/y.

The broker highlights progress in the broker and private wealth opportunity, with a soft launch of individual HIN capability underway and a public launch expected this quarter.

Earnings (EBITDA) margin of 49.5% was down -30bps y/y but marginally ahead of forecasts, while operating cash flow missed due to higher cash tax payments.

Buy-rated with $28.90 target.

Target price is $28.90 Current Price is $25.35 Difference: $3.55
If NWL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (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 NWL as Outperform (1) -

Netwealth Group's 1H26 earnings were 9% ahead of consensus forecasts. Despite trading at a deep discount due to First Guardian concerns, Netwealth reported resilient quarter-to-date net inflows and 1H26 results, Macquarie notes.

In addition to reiterating guidance, management set out growth opportunities with the launch of private/individual holder identification number (HIN) integration into the platform.

With the broker's revised target of $33.70, up from $32.40, implying a total shareholder return of 35%, and with Netwealth trading at a discount to Hub24 ((HUB)), Macquarie reiterates an Outperform rating.

Target price is $33.70 Current Price is $25.35 Difference: $8.35
If NWL meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (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 NWL as Overweight (1) -

At first glance, Morgan Stanley found the first half result from Netwealth Group ahead of expectations.

Cash generation was 95% of EBITDA. What concerns the broker is the implied step down in second half margins and the outlook for FY27.

Net flows were not materially different to FY25. Overweight. Target is $39. Industry view: In-Line.

Target price is $39.00 Current Price is $25.35 Difference: $13.65
If NWL meets the Morgan Stanley target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates NWL as Accumulate (2) -

Morgans comments Netwealth Group achieved a strong 1H26 result, with revenue up 24.7%, earnings (EBITDA) up 24.0% and underlying NPAT up 19.8%, beating expectations on stronger platform growth.

The earnings (EBITDA) margin of 49.9% was ahead of FY26 guidance and funds under administration rose to $125.6bn, up 23.6% y/y, with net inflows of $8.2bn marking the second-largest period on record, and FY26 flow guidance reaffirmed, the analyst explains.

Management reiterated FY26 EBITDA margin guidance, implying a step-down in 2H26 to around 48.5% as investment accelerates ahead of the formal Broker and private wealth launch in 3Q26.

Morgans lifts net profit after tax forecasts up by 3% in FY26 and down by -1%/-3% in FY27-FY28 and tweaks the target price to $29 from $28.90 with an Accumulate retained.

Target price is $29.00 Current Price is $25.35 Difference: $3.65
If NWL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (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 NWL as Hold (3) -

Ord Minnett raises its target price on Netwealth Group to $26.00 from $25.50 and retains a Hold rating following better-than-expected revenue trends evident at interim results. Earnings also beat the consensus estimate by 3%.

Funds under administration (FUA) growth and resilient net inflows supported earnings, explains the analyst, while margins remained stable despite competitive pressures.

The broker lifts its revenue forecasts modestly, driving low-to-mid single digit upgrades to EPS forecasts across the forecast period.

While operational momentum remains sound, Ord Minnett considers valuation full at current levels.

Target price is $26.00 Current Price is $25.35 Difference: $0.65
If NWL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (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

UBS rates NWL as Neutral (3) -

Netwealth Group had underperformed -13% year to date, likely as a result of regulatory risk, margin compression and AI disruption threats, UBS suggests. The 1H26 result delivered some relief on all fronts.

1H26 underlying profit was 7-8% ahead of consensus, largely driven by a Platform revenue beat, revaluation gains on contingent consideration for Flux acquisition and lower tax.

The incremental longer-term revenue prize is its Broking opportunity at $600bn total addressable market. Every 1% market share of custodial alone at current revenue margins would imply 1.6% revenue accretion, UBS estimates.

Target falls to $28.35 from $28.50, Neutral retained.

Target price is $28.35 Current Price is $25.35 Difference: $3
If NWL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Shaw and Partners upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

These changes are largely behind the broker's new target for NexGen Energy of $22.90, up from $17.80. Buy, High Risk rating retained.

The analysts' target was also boosted by the Rook I project completing its commission hearings with the Canadian Nuclear Safety Commission (CNSC). Highly supportive commentary from both First Nations groups and the regulator are noted.

Target price is $22.90 Current Price is $16.37 Difference: $6.53
If NXG meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. 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

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

Shaw and Partners upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

These changes are largely behind the broker's new target for Paladin Energy of $17.50, up from $10.50. The broker also incorporates updated capex and opex estimates for the Patterson Lake South project, which came in below prior expectation.

Buy, High Risk rating retained.

Target price is $17.50 Current Price is $12.54 Difference: $4.96
If PDN meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $12.94, suggesting downside of -2.2% (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: 0.4

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

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

Shaw and Partners upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

These changes are largely behind the broker's new target for Peninsula Energy of $1.93, up from $1.33. The recent operational update on the Lance project lent additional suppport to the analysts' target, given the project is on track to meet 2026 guidance.

Buy, High Risk rating retained.

Target price is $1.93 Current Price is $0.72 Difference: $1.215
If PEN meets the Shaw and Partners target it will return approximately 170% (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 PNC as Buy, High Risk (1) -

Shaw and Partners raises its price target for Pioneer Credit to $1.00 from $0.85. This follows a 1H26 profit of $10.2m, materially exceeding the broker's $3.9m forecast, aided by a $3.7m refinancing gain.

Shaw upgrades its FY26 profit estimate by 6.6% to $21.7m, in line with upgraded guidance of greater than $20m from greater than $18m. The broker's FY27 and FY28 forecasts are raised by 9% and 22%, respectively.

The analyst expects stronger 2H cash collections and portfolio debt purchases, with FY26 collections forecast at $161m, up 13%. Positive free cash flow (FCF) and debt reduction are expected in 2H26.

Buy, High Risk rating retained.

Target price is $1.00 Current Price is $0.67 Difference: $0.33
If PNC meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates PPS as Buy (1) -

Praemium has provided early guidance related to the acquisition of Technotia Laboratories, which quantifies cost tailwinds that are ahead of Bell Potter's expectations. The company expects to see a cost reduction of around -$9m or more on a run-rate basis.

The broker envisages strong capital allocation, with 20% return on invested capital based on $7.5m scrip consideration.

Commentary suggests the stock continues to screen value, with improved execution and should re-rate while growing earnings.

Buy rating unchanged. Target is raised to $1.20 from $1.10.

Target price is $1.20 Current Price is $0.76 Difference: $0.44
If PPS meets the Bell Potter target it will return approximately 58% (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 QAL as Accumulate (2) -

Morgans points to Qualitas delivering a "solid" 1H26 result, with profit before tax up 30% y/y which beat expectations and was in line with consensus.

Fee earning funds under management rose 38% to $10.9bn, with base management fees up 28% and transaction fees up 69%, driving funds management earnings (EBITDA) up 42% and margins near 55%, the analyst explains.

Record deployment and a $2.0bn capital pipeline underpin momentum, while embedded but unrecognised performance fees increased to $99m.

Managment's FY26 guidance for net profit before tax was reiterated and the analyst tweaks forecasts up by 3% from FY26-FY28.

Morgans retains an Accumulate rating and its target is reduced to $3.80 from $4.00 following sector multiple moderation despite continued operational strength.

Target price is $3.80 Current Price is $3.32 Difference: $0.48
If QAL meets the Morgans 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: 0.8

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

Macquarie rates RIO as Neutral (3) -

Macquarie resumes coverage of Rio Tinto following the attempted Glencore merger. The key question for the broker is will Rio re-engage following the stand-still?

While Rio will keep an eye on Glencore's relative value, the miner will progress it's three-month strategy to create a stronger, sharper and simpler business. Macquarie sees iron ore cost and infrastructure sales as key near-term initiatives.

While the broker is cautious on the near-term tactical iron ore setup, Macquarie notes Rio's growth in copper, lithium and aluminium renewal help it diversify iron ore leverage.

Target rises to $156 (from $130 prior), Neutral retained.

Target price is $156.00 Current Price is $165.19 Difference: minus $9.19 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $151.83, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Bell Potter rates SEK as Buy (1) -

Seek beat Bell Potter's estimates in the first half, with a 13% lift in the interim dividend to $0.27 a highlight.

Commentary posits the result was underpinned by AI-enabled ad tiers and variable pricing algorithm, driving record placement share and yield outperformance.

The broker retains a Buy rating on the underlying proprietary data, which consists of traffic meta data unable to be scraped by web crawlers, ultimately supporting the company's ability to maintain or grow placement market share and sustain yield growth in soft volume environments.

Target is reduced to $23.90 from $31.45.

Target price is $23.90 Current Price is $16.10 Difference: $7.8
If SEK meets the Bell Potter target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $25.74, suggesting upside of 56.5% (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

Ord Minnett rates SHA as Buy (1) -

Ord Minnett raises its target price on Shape Australia to $8.25 from $7.10 and retains a Buy rating following an interim result highlighted by a 39% increase in the order book to $686.1m.

While revenue was slightly below expectation, the gross margin of 9.8% beat the analyst's 9.1% forecast, supported by higher-margin modular work, which contributed 7% of revenue at an around 15% margin.

The broker notes increasing diversification, with growth in the order book across aged care and data centres. Further margin improvement is anticipated with the addition of specialist modular construction business Arden in 2H26.

Target price is $8.25 Current Price is $7.34 Difference: $0.91
If SHA meets the Ord Minnett target it will return approximately 12% (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 SHL as Neutral (3) -

Sonic Healthcare, on Macquarie's initial assessment, released a better-than-expected interim result and management has maintained its FY267 guidance.

Commentary states group revenue beat forecasts by 2%-3% though group EBITDA margins were -20bps/-50bps below expectations.

Margins were impacted by higher consumables/transportation/utilities opex. Net profit was 3%-4% ahead of expectations (broker and consensus, respectively).

Neutral. Target $25.20.

Target price is $25.20 Current Price is $21.24 Difference: $3.96
If SHL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $25.00, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates SLC as Buy (1) -

Post earnings call, Citi is more upbeat on Superloop highlighting stronger-than-expected trading across both Consumer and Wholesale.

Management remains positive on market conditions, with solid net-add momentum reported through to 3Q to date.

The broker sees conservatism in the upgraded earnings guidance, noting the 1H beat appears to leave limited scope for a sharp 2H drag.

Lightning Broadband acquisition is expected to settle into an -$8-10m annual capex profile at scale, with FY27 earnings (EBITDA) contribution of $11m.

Citi lifts the target to $3.95 from $3.75 with a Buy rating reiterated.

***

In an early take on today's interim results released by Superloop, the analysts at Citi assess a "strong" outcome (as expected), with revenue of $318m and EBITDA of $56m beating the broker's forecasts.

Ongoing continued market share gains and Consumer momentum are noted.

The broker highlights 805k total customers, ahead of expectations, and notes Wholesale net-add strength, partly offset by softer reported Business revenue.

FY26 EBITDA guidance was lifted by circa 3% to $112-120m, while capex remains -$32-35m.

A separate ASX release involves the Lightning Broadband acquisition for -$165m, supporting further growth, in Citi's view. Progressive guidance upgrades are expected.

Buy. Target $3.75.

Target price is $3.95 Current Price is $2.86 Difference: $1.09
If SLC meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 23.2% (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 SLC as Outperform (1) -

Superloop posted a strong 1H26 result, Macquarie suggests. Accelerated subscriber growth post-AGM drove top-line growth and underlying earnings 11% ahead of expectations.

The company materially outperformed market expectations in its Consumer & Wholesale businesses, primarily driven by stronger-than-expected subscriber growth. Relative to consensus, 1H26 net adds were 28% ahead in Consumer and 43% ahead in Wholesale.

Macquarie is constructive on the strategic rationale behind acquiring Lightning Broadband, and suggests upgraded guidance is conservative.

Target rises to $3.50 from $3.30, Outperform retained.

Target price is $3.50 Current Price is $2.86 Difference: $0.64
If SLC meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 23.2% (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

Morgan Stanley rates SLC as Overweight (1) -

Morgan Stanley notes strong subscriber growth in the first half from Superloop with improved operating leverage and durability through brand strength. The business has made market share gains and the broker remains attracted to its position as a low-cost operator.

The proposed Lightning acquisition is due to be completed in the June quarter and the broker likes the potential operating leverage on a multi-year view. Meaningful strategic and earnings catalysts are anticipated over the next six months.

Overweight reiterated. Target is lifted to $3.60 from $3.45. Industry view: In-line.

Target price is $3.60 Current Price is $2.86 Difference: $0.74
If SLC meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 23.2% (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

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

Morgans downgrades Superloop to Hold from Accumulate due to the share price strength with an unchanged target of $3 post 1H26 results which were viewed as high-quality and a slight beat driven by lower-than-expected opex.

Management's FY26 earnings (EBITDA) guidance was upgraded by around 3% to $112m-$120m, which Morgans views as conservative given the strength in the half.

Subscriber momentum remained strong, with record NBN net adds lifting the base to 435k, while wholesale growth also outperformed expectations.

The acquisition of Lightning Broadband for -$165m cash was also announced. The analyst raises FY26 earnings (EBITDA) forecasts by 2% and 12% for FY27/FY28 which translates to an EPS upgrade of around 2% for FY27/FY28.

Target price is $3.00 Current Price is $2.86 Difference: $0.14
If SLC meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 23.2% (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 SLC as Buy (1) -

Superloop delivered a pleasing 1H26 result, UBS suggests, with beats across every line item and segment as well as an upgrade to its guidance. Earnings grew 46% to $56m, which was 11% ahead of consensus.

While top-line growth continues to impress, an area that UBS thinks is being overlooked is the very strong control that Superloop is delivering on top of its revenue growth.

Recent AI and automation investment has essentially driven Superloop's largest opex cost item in employee costs to remain flat for three consecutive periods with the company calling out further benefits to still come.

Target rises to $3.50 from $3.40, Buy retained.

Target price is $3.50 Current Price is $2.86 Difference: $0.64
If SLC meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 23.2% (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

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

Shaw and Partners upgrades its uranium price forecasts to US$175/lb in 2027 from US$150/lb and to US$200/lb in 2028 from US$150/lb. The long-term price assumption is raised to US$120/lb from US$90/lb from 2032.

These changes are largely behind the broker's new target for Silex Systems of $12.80, up from $11.20. The target price rise is partially offset by the removal of a risked US government US$900m grant from the analysts' valuation, previously $1.26 per share.

It's noted this does not fundamentally change the outlook for the GLE joint venture with Cameco, which remains focused on its Paducah tails re-processing opportunity.

Buy, High Risk rating retained.

Target price is $12.80 Current Price is $6.93 Difference: $5.87
If SLX meets the Shaw and Partners target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates SPK as Outperform (1) -

Spark New Zealand delivered a solid 1H26 result, Macquarie suggests, and reaffirmed FY26 guidance, suggesting return to a "normalised" 45%/55% 1H/2H skew.

Spark is currently navigating a period of significant structural upheaval, the broker notes, primarily driven by the erosion of legacy revenue streams as markets transition from traditional copper-based services to lower-margin fibre and digital alternatives.

This shift is exacerbated by intense price competition in the mobile and broadband sectors, which has suppressed Average Revenue Per User and strained margins amid a broader economic downturn and reduced enterprise and government spending.

Despite cyclical and structural challenges, a renewed focus on its core connections business has potential to grow free cash flow to support dividend growth, Macquarie suggests. Target NZ$3.08, Outperform retained.

Current Price is $1.80. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

Morgan Stanley rates SPK as Underweight (5) -

Morgan Stanley keeps Spark New Zealand on Underweight (Industry view In-Line) and cuts its price target to NZ$1.90 from NZ$2.20 (-14%) after a 1H result it says was modestly shy of expectations.

The broker notes 1H FY26 revenue/EBITDA/NPAT are -2% to -5% below expectations, but FY26 guidance is maintained and implies flat EBITDA.

Dividend risk beyond FY26 remains the key debate, with Morgan Stanley expecting flat 17c DPS through FY28 as Spark already pays out about 100% of free cash flow while facing ongoing capex (eg spectrum) and potential data-centre capital calls (25% owned).

Morgan Stanley argues the legacy telco earnings base is structurally challenged by technology and competition, leaving limited scope to grow free cash flow meaningfully while also funding the data-centre investment.

Current Price is $1.80. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

UBS rates SPK as Buy (1) -

Spark New Zealand's 1H26 result provided the first signs of stabilisation in the business after 18 months of declining earnings, UBS notes, and this was particularly evident in mobile which accounts for 60% of enterprise value.

Spark reported 1H26 earnings 2% better than UBS' forecast. There were very few negative surprises in the result especially when compared to 1H25.

Key points from the conference call included signs of stabilisation in mobile, broadband gross profit 10% better than expected, and better than expected labour cost savings. UBS retains Buy and a NZ$3.50 target.

Current Price is $1.80. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

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

Smart Parking has revealed 85% underlying earnings (EBITDA growth at interim results, in line with Shaw and Partners' expectation.

The broker highlights UK yield rose 58% on new debt recovery procedures and now forecasts FY26 UK earnings of $23.8m, up 42%.

The US business is exceeding prior guidance, observes the analyst, with FY26 earnings forecast at $8.2m and expected to deliver 30% EPS accretion.

Shaw also observes strong New Zealand site installation growth of 28%, supporting projected group earnings  growth of over 25% pa through FY29.

Shaw retains a Buy, High Risk rating and the target price rises to $1.55 from $1.50.

Target price is $1.55 Current Price is $1.30 Difference: $0.25
If SPZ meets the Shaw and Partners target it will return approximately 19% (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 STO as Buy (1) -

Santos delivered an in-line 2025 result that had been largely pre-disclosed, leaving little surprise in the reported numbers, according to Citi.

The broker views the announced Strategic Review of the Australian portfolio as the key next catalyst, potentially enabling portfolio rationalisation and accelerated capital returns, while management shifts to execution of the Barossa and Pikka growth projects.

Balance sheet discipline was also central, with management signalling the company is passing peak gearing as new projects begin contributing cash flow.

Citi makes only minor forecast changes, adjusting 2026 earnings forecasts down -1% and 2027 up 1%, and maintains a Buy rating with a $7.00 target.

Target price is $7.00 Current Price is $6.63 Difference: $0.37
If STO meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 2.4% (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: 0.7

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

Macquarie rates STO as Outperform (1) -

Santos' 2025 result cash metrics were known, Macquarie notes, but the result surprised on the upside slightly with a 43% full-year dividend payout.

As Barossa and Pikka enter service, Santos will need to consider whether its legacy domestic assets are still useful in the portfolio, Macquarie notes, and whether to sweat, divest or invest in each of these (eg, Cooper Basin, Varanus Island, Devil Creek, Narrabri, etc).

An exit from Santos' heartland, the Cooper Basin, is not off the table, since the gas review and management's growing enthusiasm for Beetaloo shale. This strategic now becomes key, Macquarie believes.

Target falls to $7.55 from $7.77, Outperform retained.

Target price is $7.55 Current Price is $6.63 Difference: $0.92
If STO meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 2.4% (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: 0.7

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

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

Morgan Stanley expects a muted reaction to the pre-guided FY25 result and unchanged FY26 guidance, with management aiming to “rightsize” via -10% headcount reduction and hold unit production costs at US$6.95–7.45/boe (FY25: US$7.04/boe).

FY25 EBITDA is US$3.34bn (-8% y/y) and underlying NPAT is US$898m (-25%), which the broker describes as broadly in line with its numbers and close to consensus.

The FY25 final dividend is US$10.3cps unfranked (FY25 DPS US$23.7cps), which Morgan Stanley notes equates to 43% of pre-growth free cash flow and aligns with Santos’ payout policy.

Morgan Stanley highlights balance-sheet and funding priorities, with gearing at 26.9% (21.5% ex leases), US$4.3bn liquidity and FY25 free cash flow breakeven at US$58.90/bbl, while the company targets US$45–50/bbl by 2030.

The broker flags Pikka Phase 1 at 98% complete with first oil targeted late 1Q26 and an 80kbopd plateau by end-2Q26, and it makes no material forecast changes in this update as FY26 guidance remains 101–111MMboe production and US$1.95–2.15bn capex.

Equal-weight. Industry view In-Line. Target $6.56.

Target price is $6.56 Current Price is $6.63 Difference: minus $0.07 (current price is over target).
If STO meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.17, suggesting upside of 2.4% (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: 0.7

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

Morgans rates STO as Hold (3) -

Morgans raises its target price for Santos to $6.80 from $6.60 following a largely in-line 2025 result delivered under weaker commodity prices.

Revenue fell -8% to US$5,082m and profit declined -25% to US$898m, while free cash flow (FCF) returned to positive territory at US$208m with a FCF breakeven of US$58.90/bbl.

The broker highlights the final dividend of US10.3c, implying an 86% payout ratio, largely debt-funded. Net debt rose by 18% to US$5,764m.

Morgans cautions on balance sheet pressure if oil prices remain subdued. Hold rating retained.

Target price is $6.80 Current Price is $6.63 Difference: $0.17
If STO meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 2.4% (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: 0.7

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

Ord Minnett rates STO as Buy (1) -

Ord Minnett highlights an in-line 2025 result for Santos and a stronger-than-expected final dividend, taking the annual payout ratio to 48%.

The broker notes the strategic review of Australian oil and gas assets but remains sceptical about the potential for meaningful value creation.

Ord Minnett highlights a solid free cash flow (FCF) outlook, with forecast dividend yields of around 5% in 2026 and 7% in 2027.

Target falls to $7.30 from $7.50. Buy rating retained.

Target price is $7.30 Current Price is $6.63 Difference: $0.67
If STO meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 2.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

UBS rates STO as Buy (1) -

Santos’ FY25 result was in line with market expectations. The company’s cost-out plan is supported by a targeted -10% headcount reduction via reducing the scale of major projects teams as Barossa & Pikka are commissioned, UBS notes.

While Santos reiterated investors should expect higher payouts from 2H26 onwards, management did not shy away from the need to continue to invest in growth. 

Santos expects no major new growth capex over 2026-27, but 2028 may provide an opportunity to consider a scale development in either the Bedout basin (Dorado) or Beetaloo - both pending successful appraisal drilling.

UBS maintains a Buy rating, with Santos offering the strongest free cash flow profile to support dividends. Target unchanged at $7.80.

Target price is $7.80 Current Price is $6.63 Difference: $1.17
If STO meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.17, suggesting upside of 2.4% (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: 0.7

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

Bell Potter rates STP as Hold (3) -

First half earnings from Step One Clothing were ahead of Bell Potter's forecasts with revenue beating guidance by 15% and EBITDA at the top of the guided range.

The main driver of the better-than-expected result was additional BF/CM sales and stronger Christmas trading. The broker upgrades revenue forecasts by 7% and EBITDA forecasts by 138% for FY26.

Lower gross margins are factored in given a more cost conscious consumer heading into a higher interest rate environment, and the target is therefore reduced to $0.29 from $0.30. Hold maintained.

Target price is $0.29 Current Price is $0.29 Difference: $0
If STP meets the Bell Potter target it will return approximately 0% (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

Morgans rates STP as Hold (3) -

Step One’s 1H26 result was in line with its December update, though it remained well below prior expectations, with revenue down -24.5% and a an earnings (EBITDA) loss of -$10.0m. Morgans details.

The result included a -$10.9m inventory obsolescence provision.

Black Friday was weak and management's decision to scale back discounting resulted in excess inventory and weaker gross margins, while marketing spend lifted to 31.2% of sales.

The broker views FY26 as a "reset" period including rebuilding brand equity through pricing discipline, higher brand marketing, product expansion and growth in indirect channels.

Morgans'Hold rating is retained. Target lowered to 29c from 30c.

Target price is $0.29 Current Price is $0.29 Difference: $0
If STP meets the Morgans target it will return approximately 0% (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