Australian Broker Call

Citi rates ALQ as Buy (1) -

Citi observes mining exploration activity moderated in February after strong December and January levels. This slowdown is viewed as a temporary pause before further expansion across the sector.

The broker considers underlying exploration drivers intact, citing supportive commodity prices and well-funded junior miners supporting activity through 2026.

It's felt ALS Ltd could benefit from stronger sample flows and possible price increases as industry testing capacity tightens.

Target $27.30. Buy.

Target price is $27.30 Current Price is $21.63 Difference: $5.67
If ALQ meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $25.59, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in March.

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 ANZ as Buy (1) -

Citi maintains a constructive view on Australian bank fundamentals, with rising domestic interest rates expected to support sector revenue and earnings through 2025.

The broker notes a flattening global yield curve presents a valuation headwind as Australian banks recently outperformed the domestic market and offshore peers.

ANZ Bank is seen as the preferred exposure due to relatively cheaper valuation and earnings leverage to higher interest rates.

The broker also cites portfolio mix benefits, institutional banking exposure and a strong balance sheet as supportive for the bank in a volatile market environment.

Buy. Target $40.30.

Target price is $40.30 Current Price is $37.20 Difference: $3.1
If ANZ meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.79, suggesting downside of -1.8% (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 BRE as Speculative Buy (1) -

In a review of the Middle East conflict, Ord Minnett sees rising defence spending creating opportunities for ASX-listed counter-drone and rare earth companies.

It's thought Iran’s extensive drone deployment and the US reliance on costly missile interceptors highlight a structural shift in modern warfare.

The broker expects defence budgets globally could rise from around 2% of GDP toward 4% over the next decade. Demand for counter-drone technology, munitions and rare earth supply chains are expected to strengthen as military strategies evolve.

Ord Minnett retains a Speculative Buy rating and $7.50 target for Brazilian Rare Earths.

Target price is $7.50 Current Price is $5.10 Difference: $2.4
If BRE meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates BRG as Buy (1) -

In a positive read-through for Breville Group, Citi notes competitor De’Longhi’s FY25 result showed strong coffee demand. Media investment and product innovation were cited as drivers of category growth.

FY25 earnings margins for De'Longhi expanded by 40bps as volume benefits, raw material savings and cost efficiencies offset currency and tariff pressures, the broker observes.

Management at De'Longhi also highlighted risks for 2026 linked to the Middle East conflict. The broker considers potential logistics disruption relevant for Breville’s sea freight exposure.

Citi notes Breville recently moved to a direct Middle East distribution model, increasing regional exposure, with disruption possible in 2H26 across Saudi Arabia, UAE, Oman, Kuwait and Qatar.

Target $39.85. Buy.

Target price is $39.85 Current Price is $27.50 Difference: $12.35
If BRG meets the Citi target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $38.90, suggesting upside of 39.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Breville Group has secured primary partner status in Best Buy’s small domestic appliance category, Ord Minnett notes, following the latter’s move to consolidate suppliers.

Breville rolled out store-in-store formats across around 300 Best Buy locations during late 2025 as part of Best Buy's vendor rationalisation.

Ord Minnett views the shift to fewer brands as a structural change in the US retail channel, providing selected suppliers with greater shelf space and stronger positioning.

The new arrangement is seen as a competitive advantage for Breville. Ord Minnett upgrades to Buy from Accumulate and retains a target price of $37.20.

Target price is $37.20 Current Price is $27.50 Difference: $9.7
If BRG meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $38.90, suggesting upside of 39.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates CKF as Buy (1) -

Collins Foods announced the acquisition of eight KFC restaurants in Bavaria, centred around Munich, which represents a 50% expansion to the German network, UBS points out, for $50.4m, and should be EPS accretive by 3.6% on a pro forma 12 month basis.

The company has also elevated its expansion plans, aiming for 45-90 greenfield restaurants over the next four years, which the analyst estimates will add 3%-7% EPS upside from the previous range.

Management's trading update showed 2H26 to date like for like sales growth of 3.2% in Australia, 4.1% for Germany and Netherlands, 0.3%, with FY26 guidance reconfirmed for mid to high teens net profit after tax growth.

Buy rating retained. Target raised to $13.50 from $13.10.

Target price is $13.50 Current Price is $9.86 Difference: $3.64
If CKF meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $12.41, suggesting upside of 27.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates DBI as Buy (1) -

Dalrymple Bay Infrastructure’s pricing of around $350m in Australian medium-term notes is effectively a refinancing of the $250m term loan, $40m liquidity facility and $60m DSR facility, Citi comments.

The broker estimates more modest upside from this refinancing compared with the earlier replacement of US private placement debt. A modest benefit is anticipated to debt costs as bank debt is replaced with Australian medium-term notes.

The broker notes around $1bn of US private placement debt remains outstanding, leaving scope for further refinancing catalysts and potential funds from operations (FFO) upside.

Target $6.00. Buy.

Target price is $6.00 Current Price is $4.93 Difference: $1.07
If DBI meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 12.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates EOS as Speculative Buy (1) -

Electro Optic Systems has secured two new Slinger counter-drone remote weapon system contracts worth US$45m, including US$42m from a Middle East customer.

Another contract worth US$3m (part of the US$45m) was awarded by a US defence prime contractor, observes Ord Minnett.

Rising geopolitical tensions and growing counter-drone demand is considered supportive for the company’s technology portfolio.

The broker adds the awards support an existing $523m unconditional order book and align with increasing global defence spending.

Separately, in a review of the Middle East conflict, Ord Minnett sees rising defence spending creating opportunities for ASX-listed counter-drone and rare earth companies.

It's thought Iran’s extensive drone deployment and the US reliance on costly missile interceptors highlight a structural shift in modern warfare.

The broker expects defence budgets globally could rise from around 2% of GDP toward 4% over the next decade. Demand for counter-drone technology, munitions and rare earth supply chains are expected to strengthen as military strategies evolve.

Speculative Buy rating and $12.95 target retained.

Target price is $12.95 Current Price is $11.74 Difference: $1.21
If EOS meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates GPT as Overweight (1) -

Morgan Stanley reiterates an Overweight rating on GPT Group with a $6.13 target price, explaining that while investors are understandably nervous about the rate hiking cycle, the analysts believe the macro outlook will settle in a few months and the stock offers good value.

During the 2022/23 RBA rate hikes, GPT averaged a 0.7x price/NTA and like for like, today's 0.83x is equal to those levels, as asset values are considered more "robust" compared to that period, with limited downside risks.

Having said that, Morgan Stanley stresses the price/NTA troughed at 0.6x in September 2022 and thus the market is yet to price at the equivalent of the last trough, albeit the group's office portfolio is valued lower than 2022/23 by -12%.

Overweight. Target price $6.13. Industry View: In-Line.

Target price is $6.13 Current Price is $4.63 Difference: $1.5
If GPT meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.83, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in December.

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 IMD as Buy (1) -

Citi observes mining exploration activity moderated in February after strong December and January levels. This slowdown is viewed as a temporary pause before further expansion across the sector.

The broker considers underlying exploration drivers intact, citing supportive commodity prices and well-funded junior miners supporting activity through 2026.

Imdex’s second-quarter revenue rose 10% quarter-on-quarter, highlight the analysts, with stronger Northern Hemisphere exploration expected, particularly in Canada during the summer season.

Target $4.65. Buy.

Target price is $4.65 Current Price is $3.92 Difference: $0.73
If IMD meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 19.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates LIC as Upgrade to Buy from Neutral (1) -

Citi upgrades its rating for Lifestyle Communities to Buy from Neutral after media reports of Hometown Australia acquiring 11.9m shares from HMC Capital ((HMC)), representing around a 9.7% stake.

Shares were purchased at $4.90 each, an 8% premium to the previous close of $4.53.

Citi expects the transaction will reignite merger and acquisition discussion around Lifestyle Communities, noting uncertainty remains around margin recovery following recent results.

Unchanged target of $5.60.

Target price is $5.60 Current Price is $5.31 Difference: $0.29
If LIC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 1.7% (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

UBS rates LIC as Neutral (3) -

UBS highlights Hometown Australia and its related US entities have become shareholders in Lifestyle Communities with a 9.8% stake in replacement of HMC Capital ((HMC)), which sold the majority of its 10.4% stake at $4.90 per share.

Hometown is the largest land lease operator in Australia by number of occupied homes, UBS explains, with a limited development pipeline and no exposure to Victoria, with an acquisitive track record including Gateway Communities in 2018 for around $680m.

UBS ponders whether Hometown will be content with its 10% stake or possibly consider more control, noting Lifestyle Communities' aim to appeal the VCAT DMF decision may interfere with potential takeover assessments.

Neutral rated with an unchanged $5.80 target price.

Target price is $5.80 Current Price is $5.31 Difference: $0.49
If LIC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates LTR as Upgrade to Hold from Trim (3) -

Liontown delivered a first half result that was better than Morgans expected. 

The balance sheet strengthened materially following the equity raising and conversion of the LG Energy Solution notes. Commentary highlights the company now has improved financial flexibility as it ramps up production at Kathleen Valley.

A refresh of the 4mtpa expansion study has started and should be achieved through a combination of plant debottlenecking and accessing additional underground stopes.

Morgans upgrades to Hold from Trim, assessing the stock is trading at fair value and the shares have been weak in recent times following the LGES decision to sell down its full stake.

Target is reduced to $1.80 from $2.00, after updating modelling.

Target price is $1.80 Current Price is $1.69 Difference: $0.115
If LTR meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 21.8% (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

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

Liontown Resources reported a first-half FY26 loss smaller-than-expected by Ord Minnett as lower tax charges and inventory movements offset higher depreciation.

FY26 production guidance for Kathleen Valley was reaffirmed, targeting a 1.5Mtpa run rate by the March quarter and 2.8Mtpa by June 2027.

Management forecasts unit costs at between -$855-1045 per tonne versus the broker's expectation of -$934 as underground ore replaces open pit feed.

The FY26 profit forecast is trimmed by -12% and FY27-FY28 estimates by -2-3% after incorporating higher finance and operating costs.

Ord Minnett upgrades to Accumulate from Hold and retains a target price of $1.90.

Target price is $1.90 Current Price is $1.69 Difference: $0.215
If LTR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 21.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates MAF as Buy (1) -

MA Financial Group offers strong growth potential through expanding asset management and residential lending operations, suggests Ord Minnett as renewed coverage begins.

Asset management generates around 64% of group earnings (EBITDA), notes analyst Anthony Hoo. Funds under management (FUM) are forecast to grow 12% in FY26 and 10% in FY27.

Ord Minnett highlights private credit represents 46% of FUM and continues to record solid net inflows. Residential lending earnings are expected to rise sharply as the loan book expands.

Buy rating and target of $10.05.

Target price is $10.05 Current Price is $7.15 Difference: $2.9
If MAF meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $11.28, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates MEI as Buy (1) -

In a review of the Middle East conflict, Ord Minnett sees rising defence spending creating opportunities for ASX-listed counter-drone and rare earth companies.

It's thought Iran’s extensive drone deployment and the US reliance on costly missile interceptors highlight a structural shift in modern warfare.

The broker expects defence budgets globally could rise from around 2% of GDP toward 4% over the next decade. Demand for counter-drone technology, munitions and rare earth supply chains are expected to strengthen as military strategies evolve.

Ord Minnett retains a Speculative Buy rating and 40c target for Meteoric Resources.

Target price is $0.40 Current Price is $0.21 Difference: $0.195
If MEI meets the Ord Minnett target it will return approximately 95% (excluding dividends, fees and charges).

Current consensus price target is $0.35, suggesting upside of 82.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates NST as Buy (1) -

Northern Star Resources has downgraded FY26 gold sales guidance to around 1,500koz from 1,600koz-1,700koz previously, Bell Potter notes, mainly due to KCGM mill outages and weaker Jundee grades.

Throughput challenges at KCGM from float circuit outages and electrical issues reduce expected mill rates to around 9Mtpa versus the initial 12Mtpa guidance.

Bell Potter adds Jundee productivity remains weak with grades near 1.6g/t, prompting a shift toward higher-margin operations.

FY26 and FY27 earnings forecasts are lowered by -16% and -10% respectively, while management focuses on commissioning the upgraded KCGM mill in FY27.

Bell Potter retains a Buy rating and target of $35.00.

Target price is $35.00 Current Price is $21.75 Difference: $13.25
If NST meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $30.03, suggesting upside of 45.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates NST as Buy (1) -

Northern Star Resources has downgraded production guidance to above 1.5moz after earlier January downward revisions, with around -100koz removed mainly from KCGM and Jundee, Citi explains.

The broker's Jundee output expectations fall to around 165koz annually as higher costs and a focus on higher grades reduce production assumptions.

The analyst expects KCGM processing issues in the back end of the circuit to persist until replacement infrastructure arrives in FY27.

Buy rating maintained. Target reduced to $27.50 from $33.40.

Target price is $27.50 Current Price is $21.75 Difference: $5.75
If NST meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $30.03, suggesting upside of 45.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources has revised sales guidance for FY26 following reliability problems at the KCGM mill,  to "above 1.5moz", which compares to previous guidance of 1.6-1.7m ounces.

Macquarie notes the year so far has been challenging following a production guidance downgrade in January and cost increases. KCMG reliability concerns have resulted in downtime with the issues including flotation circuit and electrical.

The company will also undertake a review of the operations at Jundee, considering redeploying resources elsewhere amid a view to reducing costs.

Macquarie acknowledges the downgrade and uncertainty that exists but considers the multiples undemanding and retains an Outperform rating. Target is reduced to $25 from $32.

Target price is $25.00 Current Price is $21.75 Difference: $3.25
If NST meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $30.03, suggesting upside of 45.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates NTU as Speculative Buy (1) -

In a review of the Middle East conflict, Ord Minnett sees rising defence spending creating opportunities for ASX-listed counter-drone and rare earth companies.

It's thought Iran’s extensive drone deployment and the US reliance on costly missile interceptors highlight a structural shift in modern warfare.

The broker expects defence budgets globally could rise from around 2% of GDP toward 4% over the next decade. Demand for counter-drone technology, munitions and rare earth supply chains are expected to strengthen as military strategies evolve.

Ord Minnett retains a Speculative Buy rating and 5c target for Northern Minerals.

Target price is $0.05 Current Price is $0.03 Difference: $0.022
If NTU meets the Ord Minnett target it will return approximately 79% (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 PPT as Neutral (3) -

Perpetual has today announced the sale of its Wealth Management division to Bain Capital for $500m, ending a process which began in November 2023, notes Citi.

In an initial assessment, the broker expects the Perpetual stock price to trade modestly higher today.

Commentary adds additional earn-out payments of around $75m are possible, partly offset by tax of about -$45-50m and transaction costs near -$30m.

The sale price represents roughly a 15x multiple of forecast FY26 profit for the business. Importantly, the analysts note the transaction should help reduce group leverage and allow repayment of the $400m bridging facility.

Neutral rating. Target $19.70. 

Target price is $19.70 Current Price is $16.24 Difference: $3.46
If PPT meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $21.40, suggesting upside of 29.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates PRU as Outperform (1) -

In a flash update, Macquarie highlights Perseus Mining has signed an agreement to divest its 70% interest in the Meyas Sand project (MSGP) in Sudan to a subsidiary of Matrix Resources for $260m in cash; a notable premium to consensus NAV of US$65m for Perseus shares.

The broker sees the sale as a positive simplification of the portfolio and generating cash from an asset that was unlikely to be developed in the near term.

Outperform rated with a $6.50 target.

Target price is $6.50 Current Price is $5.28 Difference: $1.22
If PRU meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.69, 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: 0.5

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

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

Morgan Stanley notes the temporary mine suspension following a fatal accident at Kennecott Copper, which comes after fatalities at the Rio Tinto operated SimFer site at Simandou in February and August 2025, which is likely to create increased focus on safety.

The analysts estimate Kennecott contributes 131kt of copper in 2026, which is around 15% of the total and is ramping to around 180kt in 2027.

Equal-weight rated with a $146 target. Industry view: Attractive.

Target price is $146.00 Current Price is $157.89 Difference: minus $11.89 (current price is over target).
If RIO 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 $153.33, suggesting downside of -0.9% (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: 0.1

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

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

Morgan Stanley downgrades Stockland to Equal-weight from Overweight in the face of a slowing residential market and potential downward earnings revisions. Target price is lowered to $5.50 from $6.60.

The analyst reiterates an Equal-weight rating on Mirvac ((MGR)). Target unchanged at $2.40.

The downgrade in Stockland is due to weaker sentiment around higher RBA rates and the potential removal of CGT discounts for property investors, which could weigh on buyer sentiment.

Price to earnings ratings for both stocks remain above the 2018/22 troughs, albeit the stocks' valuations have de-rated by around -20% in the last 6-7 months. Value is there but not considered as "convincing".

Morgan Stanley expects just 7,956 lot settlements in FY27 for Stockland, from 8,110, with consensus at 8,580 lots. FY27/FY28 funds from operations forecasts fall around -3%.

Industry View: In-Line.

Target price is $5.50 Current Price is $4.64 Difference: $0.86
If SGP meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 30.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates SHL as Neutral (3) -

UBS notes progress on German private health funding reform as slow, with the new GOÄneu fee schedule published in January but significant political hurdles remaining.

The reform is intended to rebalance funding away from technical services such as pathology towards consultation-led care, implying downward pressure on laboratory pricing.

The analyst pushes the expected earnings impact for Sonic Healthcare to FY28 from FY27 and increases the assumed reduction to around -4% of German earnings from around -2%.

The delay lifts FY27 EPS forecast by 2.6%, but commentary highlights structural risks remain.

Target trimmed to $21.10 from $21.80 with no change to Neutral rating.

Target price is $21.10 Current Price is $21.20 Difference: minus $0.1 (current price is over target).
If SHL meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.31, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates TTT as Speculative Buy (1) -

Titomic’s investor day in Huntsville highlighted to Bell Potter growing demand for the company's additive manufacturing and cold spray technology across defence and aerospace.

The broker suggests US defence modernisation, hypersonic development and supply chain security create a favourable backdrop for Titomic’s capabilities.

Management plans to redomicile to the US by the end of 2026, subject to shareholder approval, while existing investors retain equivalent ASX-listed CDI exposure.

Qualification work with NASA and defence contractors is anticipated during 2026, which could support a shift to production scaling from 2027.

Speculative Buy rating and $0.50 target unchanged.

Target price is $0.50 Current Price is $0.22 Difference: $0.285
If TTT meets the Bell Potter target it will return approximately 133% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates VMM as Speculative Buy (1) -

In a review of the Middle East conflict, Ord Minnett sees rising defence spending creating opportunities for ASX-listed counter-drone and rare earth companies.

It's thought Iran’s extensive drone deployment and the US reliance on costly missile interceptors highlight a structural shift in modern warfare.

The broker expects defence budgets globally could rise from around 2% of GDP toward 4% over the next decade. Demand for counter-drone technology, munitions and rare earth supply chains are expected to strengthen as military strategies evolve.

Ord Minnett retains a Speculative Buy rating and $4.70 target for Viridis Mining and Minerals.

Target price is $4.70 Current Price is $2.14 Difference: $2.56
If VMM meets the Ord Minnett target it will return approximately 120% (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