Australian Broker Call

Bell Potter rates 4DX as Speculative Buy (1) -

4DMedical reported a 56% rise in FY25 revenues, with an earnings (EBIT) loss of -$38.1m and a net operating cash outflow of -$34.5m. At June 30, cash on hand stood at $16.9m, including a $10m debt facility, with Bell Potter pointing to a further $6m cash from its R&D tax refund.

FDA approval for the 4DX CT:VQ product is viewed as a "game changer" for the biotech, and the approval reflects the first-ever contrast-free technology for the assessment of blood flow in pulmonary embolism, the analyst stresses.

Details around reimbursement are yet to be announced, and a category III CPT code is initially expected, similar to the one available for CT:LVAS. Flow-through to revenue generation will take time.

Speculative Buy retained. Target price advances to $1.05 from 70c.

Target price is $1.05 Current Price is $0.77 Difference: $0.28
If 4DX meets the Bell Potter target it will return approximately 36% (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 A1N as Underweight (5) -

ARN Media's 1H25 revenue fell -7% y/y to $212m, missing consensus by -5%, while EBITDA also missed by -17%. The guidance was a disappointment too, with 2H revenue expected to fall by low to mid-single digit y/y.

Morgan Stanley notes the operating environment is challenging for the company, made harder by the intense competition with Southern Cross Media ((SXL)) and Nova.

The results confirm market share was lost to competitors, making the broker wonder if it is temporary or more permanent.

FY25 revenue forecast downgraded by -26% and FY26 by -25%, resulting in -51% and -53% cuts to EBITDA forecasts, respectively.

Underweight. Target trimmed to 40c from 50c. Industry View: Attractive.

Target price is $0.40 Current Price is $0.51 Difference: minus $0.105 (current price is over target).
If A1N meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.49, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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 outlines upcoming catalysts, sustainability metrics, and updated financial estimates for its Australia Infrastructure & Contracted Utilities coverage.

Cleanaway Waste Management and Qube Holdings ((QUB)) are the broker's preferred stocks in this grouping, while Aurizon Holdings is least preferred. 

Alongside monthly passenger data, Auckland International Airport will release its Final 2025 Master Plan in December 2025, highlight the analysts. 

Equal-weight rating for Auckland International Airport. Target price NZ$8.08. Industry View: In-Line.

Current Price is $6.85. 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

Bell Potter rates AIS as Buy (1) -

Higher than forecast financing costs, higher D&A, and care & maintenance costs resulted in Aeris Resources missing Bell Potter's FY25 expectations for net profit after tax; the miner reported $45m versus the analyst's estimate of $74m.

At fiscal year end, cash and copper/gold receivables came in at $48.5m, with gross debt of $40m and net cash of $9.4m.

The analyst likes the return to profitability in FY25 (from a loss of -$24m in FY24), as well as the leverage to copper and gold prices, with revenue up 7%.

The doubling of earnings (EBITDA) from Tritton was also noted as a positive, and production is expected to ramp up when the second stage of ore mining starts at the Murrawombie open-pit and following development of the Constellation deposit.

No change to Buy rating and 35c target.

Target price is $0.35 Current Price is $0.25 Difference: $0.1
If AIS meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates AIS as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage on Aeris Resources with a 12-month target of 31c and a Speculative Buy rating.

The company provides exposure to copper and gold through its cornerstone assets Tritton in NSW and Cracow in QLD. Together they delivered 42.2kt copper equivalent production in FY25, note the analysts, and generate steady cash flow.

Tritton is positioned for around 36% year-on-year production growth in FY26, supported by the Murrawombie pit ramp-up and development of the Constellation deposits, commentary highlights.

Cracow continues to deliver stable output, with reserve additions and exploration expected to extend mine life.

Exploration is central to the strategy, explains Morgans, with spending to increase in FY26 across near-mine extensions and district-scale greenfield targets at Tritton, Cracow and Jaguar. 

Target price is $0.31 Current Price is $0.25 Difference: $0.06
If AIS meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgan Stanley outlines upcoming catalysts, sustainability metrics, and updated financial estimates for its Australia Infrastructure & Contracted Utilities coverage.

Cleanaway Waste Management and Qube Holdings ((QUB)) are the broker's preferred stocks in this grouping, while Aurizon Holdings is least preferred. 

For APA Group, the broker will be monitoring potential growth projects, such as the Bulloo Interlink in Queensland and Pilbara power generation opportunities.

Equal-weight. Target $8.68. The industry view remains In-Line.

Target price is $8.68 Current Price is $8.80 Difference: minus $0.12 (current price is over target).
If APA 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 $8.40, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley outlines upcoming catalysts, sustainability metrics, and updated financial estimates for its Australia Infrastructure & Contracted Utilities coverage.

Cleanaway Waste Management and Qube Holdings ((QUB)) are the broker's preferred stocks in this grouping, while Aurizon Holdings is least preferred. 

Aurizon Holdings intends to submit its Undertaking 6 (UT6) draft access arrangement in the December 2025 quarter, highlight the analysts.

Management is targeting non-coal earnings (EBITDA) growth of 283–326% by FY29 relative to FY25 ($93m). In addition, the broker points out Aurizon has an around $150m buyback program underway this year and is conducting a Strategic Review of Network.

Underweight. Target price $3.08. Industry View: In-Line.

Target price is $3.08 Current Price is $3.22 Difference: minus $0.14 (current price is over target).
If AZJ 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 $3.19, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgan Stanley rates CKF as Overweight (1) -

Morgan Stanley highlights Collins Foods made a positive start to FY26 with sales up 6.7% y/y in the first 18 weeks, thanks to KFC same-store sales growth.

The broker notes execution/product refresh strategy is working, and net profit guidance reaffirmation of low-to-mid teens y/y growth gives confidence in delivery, though a material upgrade versus consensus of 14.9% is unlikely.

In the first 18 weeks, KFC Australia's total sales grew 5.1% y/y vs 4.9% in the first 8 weeks. KFC Netherlands' sales rose 4.8% and Germany's rose 8.4% vs 2.6% and 2.4%, respectively.

Overweight. Target unchanged at $10.60. Industry View: In-Line.

Target price is $10.60 Current Price is $10.26 Difference: $0.34
If CKF meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.11, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in April.

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 CKF as Buy (1) -

Collins Foods’ 1H26 trading update was stronger than expected, with group sales growth of 6.7% versus Morgans’ forecast of 6% and consensus of 4.3%.

The analysts note KFC Australia same-store sales (SSS) grew 2.3%, above consensus of 2%, while KFC Europe showed strong improvement, with Germany SSS up 5.8% and Netherlands up 1.2%.

Sales momentum is being driven by in-store execution, product innovation and cost discipline, explains the broker, with margin expansion supported by labour productivity, reduced food waste and easing key input costs.

Importantly, leverage to a domestic consumer recovery has yet to play out, which Morgans considers a further tailwind.

FY26 guidance for low- to mid-teens profit growth was reiterated, with the broker forecasting $59m profit at the top end of the range.

Morgans raises its target price to $12.20 from $10.10 and retains a Buy rating.

Target price is $12.20 Current Price is $10.26 Difference: $1.94
If CKF meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.11, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CMM as Hold (3) -

The variation in FY25 results as reported by Capricorn Metals versus Bell Potter's expectations is attributed to the accounting treatment of the hedge book closure, and the analyst does not view any negative takeaways from this, with earnings largely in line with forecasts.

On balance, a robust result was achieved and confirmed Capricorn's record of delivering, as well as its leverage to the gold price. Revenue rose 41%, while net profit after tax advanced by 76%, and operating cash flow lifted 64%.

Bell Potter makes minimal changes to its EPS forecasts, while management guided to steady production in FY26 and slightly higher costs.

Hold. Target rises to $10.80 from $9.30.

Target price is $10.80 Current Price is $11.40 Difference: minus $0.6 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.57, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates CWY as Overweight (1) -

Morgan Stanley outlines upcoming catalysts, sustainability metrics, and updated financial estimates for its Australia Infrastructure & Contracted Utilities coverage.

Cleanaway Waste Management and Qube Holdings ((QUB)) are the broker's preferred stocks in this grouping, while Aurizon Holdings is least preferred. 

The broker will be monitoring AGM notices for updates to Cleanaway Waste Management's management's incentive plans, along with further developments in Victoria waste-to-energy.

Overweight. Target price $3.11. Industry View: In-Line.

Target price is $3.11 Current Price is $2.74 Difference: $0.37
If CWY meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Bell Potter downgrades Doctor Care Anywhere to Speculative Hold from Speculative Buy, with the target raised to 17c from 12c, which includes any potential dilution from the convertible note that remains an overhang on the stock.

Post the cessation of the secondary care pathway, the analyst points to a decline in interim 2025 revenue of -12% to GBP17.9m, with an improvement in the gross margin by 820pts to 63.3%. Operating costs and overheads fell by net circa -27%, or savings of GBP3.8m.

Earnings (EBITDA) came in at GBP2.8m, which met guidance. Bell Potter believes the change in the operating model has been highly successful, with average revenue per consult up 4.75% in 1H2025 over the prior year.

Target price is $0.17 Current Price is $0.16 Difference: $0.01
If DOC meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in GBP. 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

Ord Minnett rates DUG as Buy (1) -

Dug Technology has announced the signing of a letter of award with a subsidiary of Petronas (Malaysia's national energy company) to provide compute and storage capacity and access to the complete DUG Insight processing and imaging platform, Ord Minnett highlights.

It is a three-year contract to start, with a total contract value of around US$18m, and was believed to be a very competitive tender process.

The analyst raises the target price by 11.5% to $2.32 from $2.08. Buy rating retained.

Target price is $2.32 Current Price is $1.98 Difference: $0.34
If DUG meets the Ord Minnett target it will return approximately 17% (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 FDV as Buy (1) -

Frontier Digital Ventures’ 1H25 loss of -$1.6m was below Morgans’ forecast of -$0.22m due to one-off items including fraud provisions and FX impacts.

Group earnings (EBITDA) of $3.3m beat the broker’s $2.4m forecast and were up 71% year-on-year, with margin expansion to 9.6% from 5.1%.

The analyst highlights earnings growth was broad-based across LATAM, Asia and the MENA Marketplaces Group, which focuses on the Middle East and North Africa region.

Revenue fell -5% year-on-year to $33m, with InfoCasas restructuring weighing, explains Morgans, although associates in Pakistan delivered 22% revenue growth.

On governance, the broker notes misappropriation of around -US$400k at Fincaraiz in Colombia, with -$500k provisioned and tighter controls now in place. The balance sheet remains solid with $11m cash and no debt.

Morgans lowers its target price to 55c from 58c, while retaining a Buy rating.

Target price is $0.55 Current Price is $0.31 Difference: $0.24
If FDV meets the Morgans target it will return approximately 77% (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

Bell Potter rates GNC as Buy (1) -

ABARES has released a September 2025-26 east coast winter crop forecast of 30mt, up from 28.8mt previously, based on acreage of 12.2mHa versus the June estimate of 12.0mHa. NSW was up 13%, Qld up 9%, and Vic up 7% from June estimates.

The summer crop forecast for 2025-26 is set at 4.5mt against the closing 2024-25 crop of 5.2mt. Sorghum forecasts are down, while oilseed crush margins seem to be better in 1H26 than 2H25, Bell Potter notes.

The analyst lowers net profit after tax forecasts for GrainCorp by -1% for 2025 and lifts 2026 by 16%.

Target price rises to $9.10 from $8.45. Buy rating retained.

Target price is $9.10 Current Price is $8.15 Difference: $0.95
If GNC meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.86, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates GNC as Buy (1) -

ABARES September quarter crop report has lifted from the June estimate by 11.5% to 62mt from 55.6mt.

The east coast component is up 10.3% and brings the crop to within -6% of the result achieved last year, Ord Minnett explains, at 31.8mt and 28.7% above the 10-year east coast average.

The analyst lifts FY26 earnings (EBITDA) forecasts by 5%, with a corresponding rise in the target by 2% to $9.95.

Buy rating retained.

Target price is $9.95 Current Price is $8.15 Difference: $1.8
If GNC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.86, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates HVN as Buy (1) -

Harvey Norman delivered earnings beats across all three divisions, according to Bell Potter, with Australian franchising reflecting the fastest growth.

Robust momentum has been maintained into July and the start of FY26, with overall sales up 9.9% and Australia franchisee like-for-like sales up 6.4% versus 3.3% in the prior period.

Growth is evident across Home & Lifestyle, Mobile, Computer Technology & Electrical, with positive comps from Ireland and NZ.

Bell Potter lifts its net profit after tax forecasts by 3.1% for FY26 and 6.9% for FY27. Target price rises 38% to $8.30 from $6.

Buy rating maintained.

Target price is $8.30 Current Price is $7.45 Difference: $0.85
If HVN meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.98, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates IPX as Speculative Buy (1) -

Bell Potter lifts its target price for IperionX to $9.25 from $7.90 while retaining a Speculative Buy rating, post an update on estimates of current capacity for the company's Virginia Titanium manufacturing campus at 200tpa from 125tpa.

The facility is expected to expand to 1,400tpa at a capital cost of -US$75m, with target production to scale to over 10,000tpa by 2030.

Unit costs have declined to US$55/kg from US$75/kg previously and are expected to decline to US$29/kg at 1,400tpa production.

The analyst reckons IperionX has the ability to disrupt the existing titanium supply chain via significantly lower costs and manufacturing scale.

Target price is $9.25 Current Price is $7.09 Difference: $2.16
If IPX meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Bell Potter rates LOT as Speculative Buy (1) -

Lotus Resources has achieved its first production at Kayelekera in Malawi, with three samples being sent to three converters for qualification before production dispatches towards the end of 2025.

Bell Potter highlights the producer is aiming for 200klbs per month in 1Q26 at a 2.4mlb run rate.

Around 65% of 2026-2029 production is at fixed price contracts, and management is not seeking any more. First shipment is aimed for the end of 2026, with steady state at 4-6 containers per month.

The acid plant is due to be commissioned early 2026, to be followed by power grid connection by end 2026.

Bell Potter retains a Buy (Speculative) rating and 35c target.

Target price is $0.35 Current Price is $0.23 Difference: $0.12
If LOT meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 39.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

Morgan Stanley notes Macquarie Group's move to shift its North America power & gas business into the non-bank is aimed at boosting the return on equity (ROE), which was at 11% in FY25. 

The broker forecasts ROE to grow 11-12% in FY26-27 but highlights it is below the top US and EU peers, and also its own peak ROE of mid to high teens.

The shift will provide flexibility for the Commodities and Global Markets' commodities unit to expand into growth areas like LNG trading, the broker reckons.

Separately, the broker believes there's upside risk to the bank's earnings growth and ROE recovery given global market activity is tracking ahead of its expectations for the September quarter.

Equal-weight. Target unchanged at $216. Industry View: In-Line.

Target price is $216.00 Current Price is $222.50 Difference: minus $6.5 (current price is over target).
If MQG meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $221.77, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in March.

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 NWH as Buy (1) -

NRW Holdings is acquiring Fredon Industries for up to -$200m to be paid in three tranches, including -$122m at completion. Funding will be via corporate debt.

Citi initially estimated a 5.8% effective interest rate based on FY25 accounts but in the conference call, the company indicated 5.5%. Synergy numbers were not discussed as the deal is about diversification in the company's eyes..

The broker considers the acquisition to be a strong fit, given it is 5.2x EBIT, accretive and that Fredon is capital-light. Contribution from this deal from October onwards could see the topline $4bn and over $4.2bn on a proforma basis, the broker reckons.

Short-term gearing will rise, but the company expects it to return to its target of below 30% in the medium term.

Buy. Target unchanged at $4.05.

Target price is $4.05 Current Price is $4.04 Difference: $0.01
If NWH meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

Macquarie upgrades NRW Holdings to Outperform from Neutral and lifts the target price to $4.45 from $3.95 previously.

NRW is acquiring Fredon for -$200m (total), which is very positive according to the analyst, adding a fourth pillar 'Electrical, Mechanical, Infrastructure, and Technology' (EMIT), which complements the existing Civil, Mining, and Equipment Technology divisions.

New markets will be opened up from the energy transition, electrification, automation, and digital sectors. Part of Fredon's revenue is generated from maintenance services at around 15%, with a $1bn work in hand, a $3.6bn pipeline, and around $2bn in submitted tenders.

The acquisition is expected to be highly earnings accretive, and Macquarie raises its EPS forecasts by 12% for FY26 and 17% for FY27.

Target price is $4.45 Current Price is $4.04 Difference: $0.41
If NWH meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

NRW Holdings will acquire Fredon Industries for up to -$200m, funded through debt. The deal is capital light, notes Morgans, immediately EPS accretive, and takes leverage to 0.7 times earnings (EBITDA).

The broker highlights Fredon expands NRW’s exposure into defence, health, education, transport and data centres, with $1bn work in hand and a $3.6bn pipeline. The acquisition also establishes a new Electrical, Mechanical, Infrastructure and Technology division.

NRW has a strong history of low-multiple acquisitions, points out the analyst, with Fredon’s long-term customer base underpinning stable earnings. Morgans raises its FY26 profit forecast by 10% and FY27-28 by 12-13%.

The target is increased to $4.50 from $4.20 and the broker downgrades to Accumulate from Buy.

Target price is $4.50 Current Price is $4.04 Difference: $0.46
If NWH meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates NWH as Buy (1) -

UBS notes NRW Holdings' acquisition of Fredon Industries for -$200m, with management pointing to a FY26 earnings (EBIT) contribution of around $40m. The acquisition does not come as a surprise, as NRW had recently increased its debt facility.

Positively, commentary posits the deal is concluded at an attractive valuation with circa 14% EPS accretion and brings forth new strategic capabilities for NRW, with exposure to new end markets in energy transition and digital infrastructure.

UBS views it as a constructive deal and raises its EPS estimates by 10% for FY26 and 16% for FY27.

Buy rating is re-iterated with a lift in target price to $4.50 from $4.00.

Target price is $4.50 Current Price is $4.04 Difference: $0.46
If NWH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley notes household battery installations are accelerating, creating a medium-term headwind for integrated utilities (reduced reliance on grid-supplied power, potential margin pressure).

The broker prefers AGL Energy ((AGL)) over Origin Energy.

Earlier, following a full review of the company's FY25 result, the broker lifted the target price to $11.11 from $9.80.

Underweight maintained. Industry View: In-Line.

Target price is $11.11 Current Price is $12.83 Difference: minus $1.72 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.23, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Morgans notes Pexa Group's FY25 profit of $41m came in -11% below the consensus estimate, while earnings (EBITDA) of $135m rose 7% but were a -4% miss.

Guidance for FY26 was softer than expected by the broker, with revenue and earnings both tracking below consensus.

The analyst highlights positives including $56m free cash flow (FCF), lower gearing at 1.8 times from 2.7 times, and steady performance in the Australian Exchange, where revenue and earnings both grew around 8% year-on-year.

International progress was made, notes Morgans, with the UK platform build completed and full product launch due in 1H26. Digital Solutions also achieved its maiden break-even result, with strong retention and annuity-style revenue. 

Morgans raises its target price to $16.87 from $16.30 and upgrades to an Accumulate rating.

Target price is $16.87 Current Price is $15.29 Difference: $1.58
If PXA meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.80, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates TAH as Overweight (1) -

Morgan Stanley notes Tabcorp Holdings' FY25 result beat expectations on cost-outs, with $30m savings delivered vs guidance of $20m. The broker expects the benefits to flow through in FY26, resulting in EBITDA margin expansion.

FY26 EBITDA forecast upgraded by 8% as a result. The company announced new commission structures that improve efficiency and pose a potential upside to margins in the broker's view.

The broker also sees an opportunity to gain share via product innovations, such as in-play betting in venue and national tote.

Overweight. Target rises to $1.15 from $0.78. Industry View: In-Line.

Target price is $1.15 Current Price is $1.01 Difference: $0.14
If TAH meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Morgan Stanley outlines upcoming catalysts, sustainability metrics, and updated financial estimates for its Australia Infrastructure & Contracted Utilities coverage.

Cleanaway Waste Management and Qube Holdings are the broker's preferred stocks in this grouping, while Aurizon Holdings is least preferred. 

Transurban Group expects to open the West Gate Tunnel in November–December this year, notes the broker, while the expiry of NSW Government toll caps on 31 December 2025 could act as a catalyst for the state’s toll renegotiation process.

Equal-weight rating for Transurban Group. Target price $13.88. Industry View: In-Line.

Target price is $13.88 Current Price is $14.49 Difference: minus $0.61 (current price is over target).
If TCL 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 $14.40, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates TTX as Hold (3) -

Ord Minnett recently initiated coverage on Tetratherix with a Hold rating and $4.30 target price.

The company's polymer platform, is a synthetic bio-stealth polymer designed to avoid immune detection and enable applications in bone regeneration, tissue healing and oncology, explains the broker.

The technology is modular, notes the analyst, with four polymer building blocks which can be tuned to meet different clinical needs.

Three formulations are under development: Tegenix and TegenEOS for bone graft applications, TetraDerm for reducing scarring during surgery, and Tutelix as a tissue spacer to mitigate radiation therapy side effects.

Recent funding includes a $3.3m federal government grant and $25m raised at IPO in June.

Key milestones expected by Ord Minnett in FY26 include FDA filings for Tegenix and TegenEOS, along with first human trial data for Tutelix.

Target price is $4.30 Current Price is $4.01 Difference: $0.29
If TTX meets the Ord Minnett 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

Ord Minnett rates VMM as Speculative Buy (1) -

Viridis Mining and Minerals has announced maiden ore reserves for Colossus and added 25sqkm of new tenements, highlights Ord Minnett.

Importantly, most of the new leases sit outside the environmental buffer zone, with local council support providing confidence in permitting, explain the analysts.

The company's financial position and capacity to advance Colossus have strengthened, notes Ord Minnett, following the $11.5m capital raising in July 2025.

Speculative Buy retained. No change to $1.60 target.

Target price is $1.60 Current Price is $1.39 Difference: $0.21
If VMM meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates WBC as Underperform (5) -

Macquarie continues to see ongoing intense competition weighing on business margins, while interest rate cuts will also impact margins.

An update from Westpac's strategy in Business and Wealth revealed no significant changes to its targets or strategy, but the analyst came away expecting more pressure on margins and returns in the sector.

Management inferred many areas for potential growth within the business bank, such as forex, mortgages, working capital, and agribusiness.

Westpac is due to report FY25 earnings on November 3.

Target price remains unchanged at $30 with an Underperform rating.

Target price is $30.00 Current Price is $38.57 Difference: minus $8.57 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.80, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

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

UBS downgrades Westpac to Neutral from Buy due to the share price appreciation. Target price lifts to $38 from $36.

The analyst points to some valuable insights shared by management at the bank's Business and Wealth update to investors. No new guidance was offered, but the aim to grow transactional banking and liability strategies is the target, along with CommBank ((CBA)) and National Australia Bank ((NAB)).

Westpac is aiming to catch up to peers in this vertical space, which represents around 32% of net profit after tax, and is making investments in bankers, automation to boost credit decision-making, and improved productivity through BizEdge.

Lending in the business segment continues to focus on Agri, Professional Services, and Health and, commentary suggests, is a good source of group funding.

Target price is $38.00 Current Price is $38.57 Difference: minus $0.57 (current price is over target).
If WBC 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 $31.80, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

Citi rates WTC as Buy (1) -

After a deeper review into WiseTech Global's FY25 results and outlook, Citi concludes slowing in Cargowise revenue will worsen in 1H26, down -10% y/y, but the medium-term drivers are intact.

A rebound to 24% y/y is forecast for 2H as the new commercial model comes into effect. FY26 Cargowise revenue is estimated to grow by 17%, slightly below the midpoint of 14-21% guidance.

The medium-term forecast is also cut to 25% growth due to slower-than-expected CTO adoption. E2open revenue is expected to decline -6% y/y in FY26 and further to -7% y/y in FY27, reflecting the exit of professional services.

Overall, FY26 EBITDA forecast downgraded by -14% after accounting for one-off costs of -US$45m for E2open integration. FY27 forecast cut by -8%.

Buy. Target trimmed to $121.35 from $134.00.

Target price is $121.35 Current Price is $99.40 Difference: $21.95
If WTC meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $123.99, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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