Australian Broker Call

Macquarie rates 29M as Upgrade to Outperform from Neutral (1) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for 29Metals lifted by 13% for FY25 and by 46% for FY26.

Target rises to 55c from 48c. Rating upgraded to Outperform from Neutral.

Target price is $0.55 Current Price is $0.40 Difference: $0.15
If 29M meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting downside of -29.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates 4DX as Downgrade to Accumulate from Speculative Buy (2) -

Ord Minnett downgrades 4DMedical to Accumulate from Speculative Buy, with a new target price of $1.90 from 75c, noting a positive 1Q26 period, including FDA approval of CT:VQ and CMS reimbursement approval at US$650 per scan.

The cash position also improved, up $39m versus the previous quarter, which was down -$7m.

More insights are expected at the upcoming September quarter update, as well as ongoing CT:VQ contract announcements and possible updates from the Radiological Society of North America 2025 event in November.

Target price is $1.90 Current Price is $1.85 Difference: $0.05
If 4DX meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates A1M as Buy (1) -

Shaw and Partners emphasises AIC Mines reported its ninth consecutive quarter (1Q26) which met production guidance, a "rarity" for junior miners. Eloise produced 3,324t copper and 1,722oz gold at all-in-sustaining costs of $4.97/lb.

Operating cash flow came in at $27.1m and net mine cash flow was $11.8m, which the analyst acknowledges is a robust result.

December quarter production is expected to be the same as the reported September quarter update, while the miner develops the Jericho copper deposit and expands the Eloise processing plant to lift production to over 20ktpa by FY28.

Unchanged Buy, High Risk rating. Target price rises to 80c from 75c.

Target price is $0.80 Current Price is $0.43 Difference: $0.37
If A1M meets the Shaw and Partners target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $0.68, suggesting upside of 47.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ADH as Hold (3) -

Adairs' year-to-date trading update saw first half guidance for revenue revised lower by -2%, driven by Adairs and Focus on Furniture brands. The gross margin range was tightened to see a 5bps improvement at the mid-point.

While sales of the two key brands saw a moderation, e-commerce play, Mocka, maintained a notable outperformance within the furniture and homewares category, Bell Potter notes.

The broker sees several upside catalysts for Adairs in the upcoming seasonal period, given the higher-than-industry average contribution at 55% of 1H sales. Also supportive are continuing tailwinds from the housing market/consumer recovery.

Target falls to $2.50 from $2.60, Hold retained.

Target price is $2.50 Current Price is $2.36 Difference: $0.14
If ADH meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 20.9% (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

Ord Minnett rates ADH as Hold (3) -

The latest trading update from Adairs saw ongoing pressure on margins from promotions, while sales growth across some of the key brands has slowed, Ord Minnett highlights.

Over the last circa eight weeks, sales slowed down, with the next ten weeks being the most significant trading period for 1H26 and important to achieve management's FY26 sales guidance of $319.5-$331.5m. This is around -3.2% below the analyst's forecast.

Notably, Mocka sales momentum has been maintained and is expected to be between $34.5-$36.5m versus the broker's forecast of $35.6m.

Ord Minnett has lowered its earnings estimates by -3% to -4% for FY26–FY28 on the back of the update.

No change to Hold rating. Target slips to $2.60 from $2.70.

Target price is $2.60 Current Price is $2.36 Difference: $0.24
If ADH meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 20.9% (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

UBS rates ADH as Neutral (3) -

Adairs' trading update was a touch soft, UBS notes, with a first half sales/gross profit guidance cut translating to a -9% FY26 earnings cut given the largely fixed cost base.

However, the market seemed to be positioned for a softer update with the stock off its highs and rebounding yesterday. In that context, UBS sees little optimism priced into a stock trading on 10x forward PE, well below listed peers, but still views the Adairs turnaround as a "show me" story.

UBS can envisage a bull case via several factors, but at this stage doesn't have enough conviction to turn positive on the stock. Target falls to $2.40 from $2.55, Neutral retained.

Target price is $2.40 Current Price is $2.36 Difference: $0.04
If ADH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 20.9% (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 AIS as Downgrade to Hold from Buy (3) -

Aeris Resources' Sep quarter (1Q26) production was in line with Bell Potter's expectation of lower first-half production.

Tritton production is expected to ramp up with the commencement of ore mining at the Murrawombie open-pit in the 1Q2026, and higher grades are expected at Cracow in the coming quarter.

Aeris is a copper-dominant producer with its near-term outlook highly leveraged to the copper price and increasing production at Tritton.

It operates the largest processing plant in the region, making it a strategically attractive asset and vulnerable as a corporate target, in Bell Potter's view.

Target rises to 52c from 35c, downgrade to Hold from Buy on recent share price appreciation.

Target price is $0.52 Current Price is $0.53 Difference: minus $0.01 (current price is over target).
If AIS meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.63, suggesting upside of 17.9% (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 AIS as Upgrade to Outperform from Neutral (1) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for Aeris Resources lifted by 37% for FY26 and by 38% for FY27.

Target rises to 70c from 60c. Rating upgraded to Outperform from Neutral.

Target price is $0.70 Current Price is $0.53 Difference: $0.17
If AIS meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 17.9% (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 AIS as Downgrade to Accumulate from Speculative Buy (2) -

Morgans describes Aeris Resources' 1Q26 update as steady, with operating performance largely in line. Tritton outperformed but Cracow slightly missed due to outages and lower grades.

Cash balance was up 13% q/q to $32m on stronger cash flow and higher metal prices. Murrawombie pit expansion is progressing well, with a boost in output expected from fresh ore, likely in 2H26.

The broker notes exploration success continues at Tritton (Avoca Tank) and Cracow (Golden Plateau), supporting future resource growth.

Model updated to capture revised gold and copper price forecasts, and lifting forecast for 2H26 production based on Tritton outperformance.

Target rises to 62c from 43c. Rating downgraded to Accumulate from Speculative Buy.

Target price is $0.62 Current Price is $0.53 Difference: $0.09
If AIS meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 17.9% (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 AIS as Speculative Buy (1) -

Lower grades at Cracow at 2g/t versus Ord Minnett's estimate of 2.5g/t resulted in a weaker 1Q26 result from Aeris Resources.

Grades are anticipated to improve as more stoping fronts come online, the analyst explains.

The miner is expected to achieve over $450m in free cash flow in 2H26, with lower gold sales in this quarter of 8.8koz, below the broker's 11.6koz, underpinning weaker cash of $32m versus $42m forecast.

Ord Minnett lowers its EPS forecast by -10% for FY26.

Speculative Buy maintained for Aeris Resources. Target sits at 66c.

Target price is $0.66 Current Price is $0.53 Difference: $0.13
If AIS meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.63, suggesting upside of 17.9% (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 AIZ as Outperform (1) -

Air New Zealand's first half update revealed a weaker-than-expected recovery and additional costs leading to revised guidance for a -NZ$30-55m loss versus "less than" NZ$34m profit previously. 

A previously anticipated 2-3% increase in revenue across domestic and US-bound bookings has not materialised to date, Macquarie notes, and is not evident in forward bookings.

The airline remains focused on costs, given the tougher revenue environment, while FY26 transformation program benefits remain on track. Air New Zealand is positioned to deliver strong profit improvement as the fleet returns to scale, Macquarie suggests.

Target falls to NZ68c from NZ75c, Outperform retained.

Current Price is $0.52. 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

UBS rates ALQ as Buy (1) -

Given a strong correlation to the gold price, UBS lifts ALS Ltd's target to $26.00 from $18.50. 

Buy retained.

Target price is $26.00 Current Price is $21.90 Difference: $4.1
If ALQ meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $21.66, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates ALX as Buy (1) -

Citi observes Atlas Arteria's 3Q25 update showed traffic and revenue growth broadly consistent with recent trends.

APRR revenue rose 2.6% y/y, Chicago Skyway was up 7.9%, and Dulles Greenway increased 10.2%. Overall, proportional toll revenue grew 10.9% y/y, helped by favourable forex impact.

The broker notes heavy vehicle traffic at Skyway rebounded after earlier weakness. Among near-term risks are French tax uncertainty and Dulles payout delay.

Buy retained, given the discount vs DCF. Target price $5.70.

The broker added a 90-day downside view on the stock due to potential downside risks from French budget proposals, expected in late December.

Target price is $5.70 Current Price is $4.92 Difference: $0.78
If ALX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates ALX as Outperform (1) -

Atlas Arteria's Sep Q suggests traffic is sound in France, Macquarie notes, thus APRR provides no concern, but the broker has factored in the extension of tax levy for another year, ie $0.03ps.

Greenway's traffic growth is accelerating, with congestion growing to pre-covid levels. Skyway was flagged to bounce back in the September quarter.

Currency translation has Atlas Arteria appearing undervalued, Macquarie suggests. Further, corporate interest from investment firm IFM remains. Target falls to $5.55 from $5.64 on the French levy risk. Outperform retained.

Target price is $5.55 Current Price is $4.92 Difference: $0.63
If ALX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley views Atlas Arteria's September quarter update as a modest positive after APRR toll revenue rose 2.5% y/y, in line with expectations. APRR comprises 61% of the broker's valuation.

The broker also views the appointment of Kara Lawrence as CEO of Dulles Greenway as a positive.

Chicago Skyway's 3Q25 traffic was up 1.8% y/y, ahead of the broker's forecast, and Dulles Greenway rose 11.6% y/y and was above forecast too.

The US government shutdown could temporarily dampen traffic on Dulles Greenway, the broker cautions, noting the company stated previous such events had a -5%/weekday impact.

Equal-weight. Target price $5.11. Industry View: In-Line.

Target price is $5.11 Current Price is $4.92 Difference: $0.19
If ALX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates ALX as Neutral (3) -

Atlas Arteria's proportional revenue was 0.9% above UBS, and toll revenue was above UBS across the portfolio. APRR traffic saw the strongest quarterly growth for trucks in three years, supported by improving Spanish/French trade.

Last week, France released a draft budget for 2026, which included an extension of the Temporary Supplemental Tax (TST) but at half the magnitude. While only a draft, UBS has included an estimate of the TST tax in 2026.

It's not material to valuation, but it does further delay Atlas' outlook for fully covering its distributions with underlying cash flows, and it serves as a reminder of the repeated sovereign risks on cash-generating assets, UBS notes.

Target falls to $5.20 from $5.35, Neutral retained.

Target price is $5.20 Current Price is $4.92 Difference: $0.28
If ALX meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.30, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates AMC as Buy (1) -

Ahead of Amcor's 1Q26 earnings, UBS is forecasting EPS of US17.7c vs the consensus of US18.5c. The company's guidance for FY26 EPS is US80-83c, but the broker estimates US80c, the low end of the guidance range.

Overall, the broker expects the company to deliver double-digit EPS growth following the Berry merger, with the 3-year compounded annual growth of around 12% driven by US$650m in synergies.

The broker will be looking for evidence of merger synergies and details on potential asset divestments, including the North American Rigid Beverage business.

Buy. Target unchanged at $18.25.

Target price is $18.25 Current Price is $12.51 Difference: $5.74
If AMC meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $16.43, suggesting upside of 30.5% (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: 0.8

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

Macquarie rates AMI as Outperform (1) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for Aurelia Metals lifted by 6% for FY26 and by 5% for FY27.

Outperform and 40c target retained.

Target price is $0.40 Current Price is $0.26 Difference: $0.145
If AMI meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 58.7% (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 ASG as Upgrade to Buy from Neutral (1) -

UBS upgrades Autosports Group to Buy from Neutral on the back of an improving new vehicle sales outlook, a trend higher in profit margins, and earnings accretive M&A optionality.

The broker believes the stock is an attractive way to play an improving domestic consumer outlook with OEM mix skewed to the luxury market. Autosports looks relatively cheap compared to the multiples of ASX consumer names and the Small Ords.

UBS upgrades its revenue forecasts, given the stronger implied new vehicle start to 1H26, and also lowers interest expense given the continued reduction in BBSW. The broker does not include M&A in forecasts. Target rises to $4.20 from $3.15.

Target price is $4.20 Current Price is $3.67 Difference: $0.53
If ASG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates B4P as Buy (1) -

Beforepay Group announced a robust September quarter result, with net profit before tax up 98% due to the strength in the core Pay Advance business, Shaw and Partners highlights. Positive free cash flow was achieved.

The analyst sees $10m of free cash from Pay Advance as likely in FY26, which should offer support to the stock's current valuation.

The Personal Loan product is beginning to scale, with some $4m of loans written year-to-date, and management tentatively extending larger loans of more than $2000 and longer than 62 days.

Shaw and Partners estimates Beforepay would have to write about $200m of loans to achieve a doubling of net profit after tax. The broker lifts its earnings estimates by less than 5% after the quarterly results.

Shaw retains a Buy, High Risk rating and $3.00 target

Target price is $3.00 Current Price is $2.47 Difference: $0.53
If B4P meets the Shaw and Partners target it will return approximately 21% (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 BAP as Neutral, High Risk (3) -

Citi highlights Bapcor's near-term outlook remains cautious amid ongoing operational issues and high gearing. 

The company's FY26 net profit guidance assumes a heavy 2H weighting (71% of earnings), with 50% of that reliant on -$20m in cost savings. The broker sees the risk of inflationary pressures offsetting these savings.

More importantly, the broker reckons governance may need structural reform to restore confidence. 

Target trimmed by -29% to $3.10. Rating moves to Neutral, High Risk from Neutral.

Target price is $3.10 Current Price is $2.57 Difference: $0.53
If BAP meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.94, suggesting upside of 15.4% (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 BAP as No Rating (-1) -

After a full analysis of Bapcor's trading update, Morgan Stanley cut FY26 EBIT forecast by -14.1% and FY27 by -15.8%, after lowering revenue forecasts by -3.3% and -5.2%, respectively.

The broker sees the 35/65 1H:2H earnings skew as a key risk, especially with $365m debt, which makes it a balance sheet risk.

The probability of additional capital raising is viewed as non-zero, and the broker reckons at least $124m EBITDA will be required to meet covenants.

The broker is also pointing to operational risks, following industry feedback (unverified) of staff turnover to such an extent the business is unable to open some stores on some days due to lack of staff.

The bull case in the broker's view is the company achieves FY26 guidance and the 2H momentum is carried into FY27.

The broker is currently under research restriction. Industry view is In-Line.

Current Price is $2.57. Target price not assessed.

Current consensus price target is $2.94, suggesting upside of 15.4% (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

Macquarie rates BHP as Neutral (3) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for BHP Group lifted by 4% for FY26 and by 9% for FY27, mainly on higher copper price forecasts.

Target rises to $44 from $43. Neutral maintained.

Target price is $44.00 Current Price is $43.51 Difference: $0.49
If BHP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $44.82, suggesting upside of 4.2% (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: 0.3

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

UBS rates CDA as Neutral (3) -

Codan's AGM featured a reiterated expectation for 15-20% FY26 revenue growth in Communications which compares to consensus at 19%, UBS notes. 

The Minelab business has had a strong start to FY26, off the back of a very buoyant global gold price environment which supports sales into Africa.

UBS remains attracted to the global growth opportunity for Codan due to its exposure to three key favourable macro themes: gold price strength, global defence investment, and public safety.

Target increases to $34.00 from  $29.60 off the back of marginal earnings upgrades to reflect Minelab's strength and the mark-to-market of peer multiples in the Defence and Resources services markets. Neutral retained.

Target price is $34.00 Current Price is $34.30 Difference: minus $0.3 (current price is over target).
If CDA 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 $29.65, suggesting downside of -14.4% (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 CKF as Overweight (1) -

Collins Foods re-affirmed FY26 net profit growth guidance at the investor day, driven by 5% revenue growth and a 30bps margin increase to 8%.

Morgan Stanley notes Australian margins are improving as operational efficiencies are unlocked and same-store sales growth normalises. The company is pursuing German expansion, targeting 40–70 stores, and early results are encouraging.

The broker sees the risk of accelerated rollout from potential inorganic growth in Germany.

FY27-28 EPS forecasts upgraded by an average of 4.5% on revisions to Australia KFC margin estimates.

Overweight maintained. Target rises to $11.40 from $10.60. Industry View: In-Line.

Target price is $11.40 Current Price is $10.81 Difference: $0.59
If CKF meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting downside of -1.7% (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

Macquarie rates CNB as Outperform (1) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for Carnaby Resources unchanged for FY26 but increased by a sharp 211% for FY27.

Outperform. Target retained at 80c.

Target price is $0.80 Current Price is $0.44 Difference: $0.365
If CNB meets the Macquarie target it will return approximately 84% (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 CNU as Outperform (1) -

Chorus released its Sep Q connections update. Overall fibre uptake increased 0.1ppt to 72.2%, with broadband connections down -3k to 1.171m.

In fibre areas, copper withdrawal continues to accelerate, Macquarie notes, with a ComCom final decision expected to support its deregulation.

Macquarie retains an Outperform recommendation, reflecting increased regulatory certainty and the step-change in dividend profile over RP2, and non-regulated revenue opportunities.

Target unchanged at NZ$9.83.

Current Price is $8.09. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates CSC as Outperform (1) -

Macquarie continues to prefer Capstone Copper over Sandfire Resources, with Capstone forecast to announce 3Q2025 copper production of 53.8kt, some -1% below consensus. C1 cash cost is estimated at US$2.47/lb, which is -2% below the consensus.

The analyst attributes the recent share price weakness to major block trades from long-term private equity shareholders selling to institutional shareholders, representing around 12.8% of the share register.

Macquarie continues to rate the stock as Outperform with a target of $17.10, with the September quarter results due on October 31.

Target price is $17.10 Current Price is $12.25 Difference: $4.85
If CSC meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $14.79, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

UBS resumes coverage of Dyno Nobel with a Neutral rating (previously Buy), following a period of research restriction. The company is now well advanced in its plans to become a pure-play explosives manufacturer and technology/services company.

Dyno posted strong FY25 earnings underpinned by improved DAP fertiliser pricing. The plan is to cease fertiliser manufacturing operations at Phosphate Hill by September 2026, unless a sale can be executed by March 2026.

UBS' earnings and cash flow forecasts assume Phosphate Hill is closed by the end of FY26. Target $3.35 (up from $3.25).

Target price is $3.35 Current Price is $3.21 Difference: $0.14
If DNL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Shaw and Partners rates DRO as Buy (1) -

Post DroneShield's September quarter update, Shaw and Partners lifts its target to $5 from $3.60.

The company announced a rise in revenue over the period of 1,091% y/y, with cash received at $77.4m and SaaS at $3.5m. Operating cash flow came in at $20.1m.

The analyst notes a 20% expected conversion from the pipeline, which stands at $2.55bn over 300-plus projects, to sales, which aligns with FY25 sales pipeline conversion at 18%. Management guided to sales of $130m in 4Q2025 and 1Q2026.

Shaw and Partners tweaks earnings forecasts for higher revenue and earnings, offset by an assumed lower gross margin to 65% from 70%, alongside a higher headcount. Net profit after tax forecasts lift 2.5% for 2025 and 8.1% for 2026.

A Buy, High Risk rating is retained.

Target price is $5.00 Current Price is $4.79 Difference: $0.21
If DRO meets the Shaw and Partners target it will return approximately 4% (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 FFM as Outperform (1) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for FireFly Metals lifted by 38% for FY27. Outperform. Target unchanged at $1.70.

Target price is $1.70 Current Price is $1.53 Difference: $0.175
If FFM meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.67, suggesting upside of 5.5% (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

Shaw and Partners rates HZR as Buy (1) -

Shaw and Partners notes Hazer Group's September quarter update showed the Hazer-KBR team made good progress in moving the commercialisation strategy ahead. This included agreement on major design components such as the reactor concept.

The analyst sees this as a major milestone. Discussions between Fortis and Hazer's CEO and COO in Vancouver have facilitated a move to site selection and engineering for its first plant in British Columbia.

In another positive action, a non-binding MOU was signed with UK-based Energy Pathways to assess the development of Hazer's proposed licensed hydrogen production facility. A capacity of 20,000tpa, to be incorporated into Energy Pathways’ Marram Energy Storage Hub in northwest England is being considered.

Buy, High Risk, and target unchanged at 70c.

Target price is $0.70 Current Price is $0.49 Difference: $0.21
If HZR meets the Shaw and Partners target it will return approximately 43% (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 IAG as Buy (1) -

Commenting on the update from Insurance Australia Group at today's AGM, UBS notes it indicates strong performance across the group, including the newly acquired RACQ Insurance (RACQI).

Gross written premium growth of 10% was re-iterated, supported by solid retention, customer growth, and benign CATs in 1Q26. 

RACQI is performing slightly ahead of expectations, with FY26 ITR (insurance trading result) guidance lifted to $1.55-1.75bn from $1.45-1.65bn, implying $120m annualised contribution.

CAT budget was raised to $1.47bn, reflecting conservatism amid higher exposure in Queensland.

The broker sees upside to IAG’s medium-term ITR target of 15%, citing potential from conservative CAT assumptions and reinsurance profit commissions, supporting a possible 16% ITR by FY27.

Buy. Target price $9.65.

Target price is $9.65 Current Price is $7.87 Difference: $1.78
If IAG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates MGH as Outperform (1) -

Maas Group's AGM suggested trading conditions "remain supportive", Macquarie reports. Positive momentum in Construction Materials is continuing, however Civil Construction & Hire is seeing some margin pressure.

The residential outlook is improving with 240-260 lots expected to settle in FY26. Macquarie notes $200m of capital recycling proceeds are expected in FY26, of which $41m had been realised as at August.

The guidance range was slightly below expectations; however, momentum is building across the CM, Residential, and CCH segments. The accelerated capital recycling program should accelerate growth in CM, Macquarie suggests.

Outperform and $5.10 target retained.

Target price is $5.10 Current Price is $4.62 Difference: $0.48
If MGH meets the Macquarie target it will return approximately 10% (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 MGR as Equal-weight (3) -

Morgan Stanley assesses Mirvac Group's 1Q26 update as broadly in line with expectations, featuring several capital and leasing developments.

Among key updates were new Victoria land lease acquisition, $65m MWOF (Mirvac Wholesale Office Fund) capital raise, and 7 Spencer leasing progress to 50% vs 16% at end-FY25.

The broker notes $450m capital return was unlocked via 50% Harbourside sell-down to Mitsubishi.

Residential sales at 619 lots vs 623 in 4Q largely missed expectations, but with 153 new conditional contracts, effective sales were up 26% q/q, the broker highlights.

The broker reckons the company would need to execute Badgerys Creek 2 sell-down, maintain 620 quarterly residential sales, and JV key residential projects to meet $270m Development EBITDA guidance.

Equal-weight. Target unchanged at $2.45. Industry View: In-Line.

Target price is $2.45 Current Price is $2.40 Difference: $0.05
If MGR meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.45, 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 MGR as Neutral (3) -

Mirvac Group's Sep Q update showed further execution of strategy across the platform. Key highlights for UBS included: 1) the Harbourside JV, which unlocks $450m of capital for redeployment into the pipeline; and (2) residential progress.

While flat sales q/q is somewhat underwhelming given the outcomes seen in Stockland's ((SGP)) update, residential momentum should improve from here, UBS suggests. The broker sees 60% of FY26 lot releases landing within the recently updated first-home buyer price caps.

UBS still sees Stockland as the preferred play. Neutral and $2.31 target retained for Mirvac.

Target price is $2.31 Current Price is $2.40 Difference: minus $0.09 (current price is over target).
If MGR meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.45, 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

Macquarie rates OBM as Neutral (3) -

Ora Banda Mining's Sep Q production/sales/cash metrics were pre-reported in early October. Costs were a key beat, with overall capex in line with Macquarie but a miss to consensus. FY26 guidance is unchanged.

Ora Banda will need to achieve 39koz per quarter for the remainder of FY26 to achieve the mid-point of its guidance, Macquarie notes, a 27% increase quarter on quarter.

Neutral and $1.40 target retained.

Target price is $1.40 Current Price is $1.28 Difference: $0.12
If OBM meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

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 ORI as Buy (1) -

On a mark-to-market of the ASX PE, UBS lifts its target on Orica to $25 from $22.

Target price is $25.00 Current Price is $21.40 Difference: $3.6
If ORI meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $23.64, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in September.

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 PNI as Outperform (1) -

Pinnacle Investment Management's $197.4bn funds under management at end-September were up 10% versus June, Macquarie notes, with Retail up 12%, International 8%, and Domestic Institutional 10%. There was no ‘Acquired’ FUM in the quarter.

Pinnacle will acquire a strategic interest in Advantage Partners, the largest independent, diversified private markets platform in Japan.

The fund manager has an attractive organic growth outlook and potential to add accretive M&A, Macquarie suggests. The outlook for organic performance is backed by net flows, performance fees, and operating leverage.

Target rises to $26.55 from $25.33, Outperform retained.

Target price is $26.55 Current Price is $20.14 Difference: $6.41
If PNI meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 21.6% (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 PNI as Buy (1) -

Pinnacle Investment Management's September quarter update showed an $18bn rise in FUM, or some 10% over the period, with strong net inflows of $13.3bn, including $8.4bn from Australian institutions, Ord Minnett notes.

Affiliates have continued to raise funds post a good 2H25 and are highlighted as businesses where flow momentum can be "powerful."

An acquisition of a 5% stake in Advantage Partners for $92m was also announced, with an option to acquire an additional 8% within three years. The company is a private markets platform in Japan with around $3bn in FUM.

Strategically, the stake aligns with the move to increase Pinnacle's exposure to the private markets sector.

Ord Minnett has lifted its EPS forecasts by 5% for FY26 and 8% for FY27, with a rise in the target price to $26.40 from $25.59 previously.

Buy rating retained.

Target price is $26.40 Current Price is $20.14 Difference: $6.26
If PNI meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 21.6% (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 PNI as Neutral (3) -

Pinnacle Investment Management's Sep Q funds under management were up 10% quarter on quarter and 2.8% ahead of UBS. Compositionally this reflected strong organic trends though implies the quarter being well behind key underlying benchmarks.

Notably, one-year records for Hyperion and Aikya have trended weaker. UBS lifts its FY26 flows outlook and with limited details on Advantage allows modest accretion net of forgone fund investment income.

On a 29x FY26 PE, UBS sees more limited valuation appeal. Neutral retained, target rises to $20.50 from $19.80..

Target price is $20.50 Current Price is $20.14 Difference: $0.36
If PNI meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 21.6% (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 QBE as Buy (1) -

With three US commercial insurer peers having released 3Q25 results, UBS highlights initial read-throughs across North American Commercial and Agriculture segments for QBE Insurance.

These include: slowing underlying gross written premium growth; more stable underlying loss ratios; significanlty lower catastrophes; and solid US crop CORs.

UBS' conclusion is strong 3Q results increase FY25 upside risks and buyback prospects for QBE. Buy and $24.70 target retained.

Target price is $24.70 Current Price is $20.05 Difference: $4.65
If QBE meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $24.49, suggesting upside of 21.6% (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: 0.5

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

Citi rates RIO as Neutral (3) -

Citi notes a report from Reuters suggesting Rio Tinto is considering an asset-for-equity swap with Chinalco that will reduce the latter's 11% stake in the company.

Chinalco, a Chinese state-owned company, has been a supportive but passive shareholder since 2008, with no board seats, and its large stake has become a geopolitical complication, limiting Rio's buyback flexibility.

A stake or asset swap could improve Rio's investment case, in the broker's view. Among potential swap candidates, according to the broker, are Rio's holdings in Simandou and aluminium/lithium assets.

Target price is $119.00 Current Price is $130.40 Difference: minus $11.4 (current price is over target).
If RIO meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $124.75, suggesting downside of -4.0% (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

Macquarie rates RIO as Neutral (3) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for Rio Tinto lifted by 3% for FY25 and by 16% for FY26.

Target rises to $124 from $115. Neutral maintained.

Target price is $124.00 Current Price is $130.40 Difference: minus $6.4 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $124.75, suggesting downside of -4.0% (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

Ord Minnett rates RWC as Hold (3) -

Reliance Worldwide flagged a challenging 1H26 at the trading update, with flat to slightly declining sales and lower y/y EBITDA margins. Ord Minnett already expects FY26 to be a transitional year for the company.

In terms of regions, Americas sales were modestly down, Asia Pacific flat, and EMEA broadly flat. The company expects US tariffs to reduce FY26 EBITDA by -US$25-30m, mostly impacting the Americas in 1H26.

The broker lowered FY26 earnings forecast by -4% and FY27 by -1%.

Hold. Target unchanged at $4.55.

Target price is $4.55 Current Price is $3.97 Difference: $0.58
If RWC meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 17.8% (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

Macquarie rates S32 as Neutral (3) -

Macquarie notes copper and aluminium prices have risen strongly, up 13% and 14% over the past six months, respectively.

Following this rally, the broker upgraded price forecasts for both metals for the next two years. Copper is now forecast at US$4.71/lb and US$4.65/lb in 2026 and 2027, respectively, both up 9%.

Aluminium price forecast is lifted to US$1.16/lb for 2026, up 7%, and to US$1.22/lb for 2027, up 3%. The new forecasts are consistent with the consensus.

EPS forecast for South32 lifted by 39% for FY26 and by 29% for FY27.

Target rises to $3.20 from $3.00. Neutral maintained.

Target price is $3.20 Current Price is $3.16 Difference: $0.04
If S32 meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 8.5% (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: 0.5

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

Morgans rates S32 as Buy (1) -

Morgans notes South32 delivered a strong September quarter, with Worsley, Sierra Gorda, and GEMCO outperforming expectations, and Hermosa project progressing well.

The company maintained FY26 guidance across all operations.

The broker notes the share price has largely found support from rising copper, silver and aluminium prices, and a key challenge is the lack of company-specific catalysts to drive upside.

The broker lifted FY26 net profit forecast by 2% but lowered FY27 by -4%. Buy. Target rises to $3.75 from $3.55.

Target price is $3.75 Current Price is $3.16 Difference: $0.59
If S32 meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 8.5% (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: 0.5

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

Citi rates SCG as Buy (1) -

Citi notes a report in The Courier-Mail that Scentre Group may sell a further 25% stake in Westfield Chermside to a Dexus ((DXS)) fund.

The company neither confirmed nor denied the sale in a response to ASX, but reiterated ongoing evaluation of joint venture opportunities.

The broker believes such a move aligns with the company's strategy to form strategic partnerships and improve capital efficiency. Earlier in 2025, Scentre Group sold a 25% stake to Dexus Wholesale Shopping Centre Fund for $683m at a 5% cap rate.

Proceeds from another sale could fund note buybacks and retail/residential developments, in the broker's view.

Buy. Target price $4.60.

Target price is $4.60 Current Price is $4.16 Difference: $0.44
If SCG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates SFR as Neutral (3) -

Macquarie prefers Capstone Copper due to its strong organic growth pipeline, attractive relative valuation compared to Sandfire Resources. Capstone has also underperformed, up 25% year to date versus Sandfire's 64% rise.

Target increases 11% to $15.00 per share, largely due to earnings and valuation increases after incorporating a stronger copper price outlook. Neutral retained.

Target price is $15.00 Current Price is $15.23 Difference: minus $0.23 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.68, suggesting downside of -11.3% (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: -0.3

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

Citi rates SIG as Neutral (3) -

After an early positive assessment of Sigma Healthcare's trading update, Citi has now lifted the target price to $3.20 from $3.10. This followed around 6% upgrade in FY26-27 EBIT forecasts.

Neutral. maintained.

Previously, the broker wrote:

Following today's AGM update, Citi analysts have slapped an 'Upside 90-Day Short-Term View' on Sigma Healthcare. Needless to say, they think it was an "upbeat" trading update.

One of the eye-catching observations: "While all key categories have performed well, we expect GLP1s have contributed ~5% or more of the sales growth delivered in 1Q26".

Citi expects New Zealand sales of GLP-1s in particular to accelerate from here given these hot consumer products have only been sold in that country for the past four months.

The analysts foresee consensus upgrades following in the days to come. 

Target price is $3.20 Current Price is $3.06 Difference: $0.14
If SIG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates SIG as Underperform (5) -

Sigma Healthcare's AGM included a brief Sep Q trading update, Macquarie reports, highlighted by Chemist Warehouse sales growth of 14.7% y/y, with GLP-1s called out as a tailwind.

Earnings tailwinds via store openings and expansion in private label are intact, resulting in 24% earnings growth per annum in the medium term.

Macquarie is becoming more confident in the outlook for sales, and lifts long-term assumptions following the update. However, with Sigma trading on a 50x FY26E PE, risks are skewed to the downside on disappointment regarding long-term growth expectations.

Target rises to $2.90 from $2.50, Underperform retained.

Target price is $2.90 Current Price is $3.06 Difference: minus $0.16 (current price is over target).
If SIG meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates SIG as Overweight (1) -

Morgan Stanley highlights Sigma Healthcare maintained strong momentum into FY26, with 1Q26 sales beating consensus.

Total Chemist Warehouse network sales rose 17.9% y/y, suggesting upside to 1H26 consensus for 14% growth. Like-for-like sales rose 14.7%, pointing to upside for the 9.3% consensus for Australia and 8.5% international.

The broker notes growth was driven by strong performance across categories and higher GLP-1 sales, which gained traction from 2Q25.

The company maintained synergy targets at $100m, with benefits weighted to years 3-4.

Overweight. Target unchanged at $3.30. Industry View: In-Line.

Target price is $3.30 Current Price is $3.06 Difference: $0.24
If SIG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates SKC as Neutral (3) -

UBS continues to see solid long-term valuation upside for SkyCity Entertainment with a revised valuation of $1.10 post-equity raising and under a tighter regulatory operating environment.

While present value is seen as less compelling at NZ$0.85/share, likely catalysts for a material re-rating, including certainty on regulatory impacts and full dividend restatement, are also seen as unlikely in the next 12 months, UBS suggests.

Potential upside in the next 12 months comes from value-accretive asset sales, with SkyCity reviewing ownership of its Auckland carparks and office building. Target falls to NZ$0.85 from NZ$1.23. Neutral retained.

Current Price is $0.67. 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 SSM as Buy (1) -

Commenting on Service Stream's update at the AGM, Citi believes the company has had a strong start to FY26.

The company re-affirmed expectations for FY26 earnings growth, supported by a strong order book, improved utility margins and growing infrastructure investments. The broker's forecast is for 10% y/y EBITDA growth in FY26.

Citi believes utilities margins may surprise positively, with most contracts renewed at over 5% margins. The strength is driven by favourable pricing and strong execution, productivity, and procurement discipline across all segments.

The company flagged 2H earnings skew, and the broker forecasts 51% of earnings in 2H.

Buy. Target unchanged at $2.65.

Target price is $2.65 Current Price is $2.25 Difference: $0.4
If SSM meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 17.3% (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 SSM as Buy (1) -

Ord Minnett considers Service Stream's trading update at the AGM as positive, confirming a solid start to FY26, and consistent with its forecasts.

The utilities segment remains buoyant, and group performance in the September quarter was strong, the broker highlights. Work-in-hand at $7.6bn is three times annual revenue, with mobilisation underway for the recently won $1.6bn defence contracts.

The broker notes the earnings skew to 2H is consistent with historical patterns (47/53 split).

Buy. Target unchanged at $2.57.

Target price is $2.57 Current Price is $2.25 Difference: $0.32
If SSM meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.64, suggesting upside of 17.3% (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 SUL as Buy (1) -

Citi doesn't expect significant revisions to consensus forecasts for Super Retail following the trading update at the AGM. 

Sales growth for the first 16 weeks of 1H26 was 4.5%, slightly below 5.0% seen after seven weeks. BCF and Supercheap Auto showed softer momentum, though Rebel and Macpac improved.

The broker notes sales growth is consistent with the 1H26 consensus for 4.3% growth, but below its 5.9% estimate.

Gross margins were broadly stable y/y, with potential upside if Rebel reduces theft losses seen in FY25.

Buy. Target price $20.50.

Target price is $20.50 Current Price is $17.15 Difference: $3.35
If SUL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.48, suggesting upside of 12.2% (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 TLX as Buy (1) -

Telix Pharmaceuticals has commenced BiPASS, a registration-enabling Phase 3 trial targeting label expansion of its PSMA-PET imaging agent for the initial diagnosis of prostate cancer.

The addressable market in newly diagnosed prostate cancer is estimated at 2x to 3x the current volume of PSMA-PET scans annually, Bell Potter notes. The first Australian patients in BiPass have been dosed.

The broker believes this is yet another example of Telix innovation in prostate cancer management driving shareholder value. Buy and $23 target retained.

Target price is $23.00 Current Price is $16.81 Difference: $6.19
If TLX meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 61.9% (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: 1.0

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

Bell Potter rates VFY as Speculative Buy (1) -

Bell Potter reports Vitrafy Life Sciences' cash costs declined in the Sep Q, with operating cash outflow reducing in light of higher interest income.

Cash costs are expected to continue to increase with some offset from future receipts from the Industry Growth Program Grant over FY26-27.

The company continues to invest in the VCU2 project with the delivery of the first unit, and likely several more by the end of 2025, to assist in commercialisation activity and regulatory testing.

Vitrafy has expressed confidence in the momentum of the customer pipeline with expectations for commercial agreements in
early 2026. Recent board changes seem designed to help drive commercialisation efforts harder.

Bell Potter retains a Speculative Buy rating and $2.10 target.

Target price is $2.10 Current Price is $1.21 Difference: $0.895
If VFY meets the Bell Potter target it will return approximately 74% (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 WDS as Neutral (3) -

Citi notes Woodside Energy's share price rose 3.5% after a strong quarterly update, confirming growth projects remain on schedule and on budget. Investor concerns about a potential reset or negative update ahead of the Nov 5 briefing proved unfounded.

The broker observes Sangomar’s outperformance cushioned an expected earnings trough from declining mature assets (North West Shelf, Bass Strait).

Trading volumes surged, driving a sales beat, though margins were slim at just US$1/boe, underscoring earnings volatility.

The broker lifted FY25 earnings forecast by 3% and FY26 by 15% on stronger Sangomar output, lower costs, and higher cash flow.

Final dividend is now forecast at US41c, with FY25 total dividend now estimated at US94c from US91c.

Neutral. Target unchanged at $25.50.

Target price is $25.50 Current Price is $23.17 Difference: $2.33
If WDS meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.63, suggesting upside of 5.7% (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

Macquarie rates WDS as Neutral (3) -

Woodside Energy delivered a Sep Q production beat driven by strong production at Sangomar. 2025 guidance is increased and narrowed to 192-197MMboe. Reservoir performance at Sangomar has been a real highlight over the past 12-18 months, Macquarie notes.

2025 capex guidance is reduced by -US$300-500m on the timing of sustaining capex and Scarborough.

It is pleasing to see such strong operational performance this quarter, Macquarie suggests. At the same time, it is difficult to become more positive given the weakening oil & LNG macro outlook, gearing level and work programs that lay ahead.

Neutral and $24 target retained.

Target price is $24.00 Current Price is $23.17 Difference: $0.83
If WDS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $25.63, suggesting upside of 5.7% (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

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

Morgan Stanley notes Woodside Energy's September quarter was largely in line with expectations. FY25 production guidance was lifted slightly to 192-197Mmboe vs the broker and consensus at 194Mmboe.

Production at 50.8Mmboe was up 1% q/q and 7% ahead of the broker's forecast on strong 98% reliability at Sangomar. Revenue at US$3.36bn was up 3% q/q, driven by higher sales volumes, though y/y was down -9%.

Unit production cost guidance improved to US$7.6-8.1/boe from US$8.0-8.5/boe, supporting margin resilience.

Next catalyst is the investor briefing (Capital Markets Day) on November 5.

Equal-weight. Target unchanged at $27. Industry View: In-Line.

Target price is $27.00 Current Price is $23.17 Difference: $3.83
If WDS meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $25.63, suggesting upside of 5.7% (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

Ord Minnett rates WDS as Hold (3) -

Woodside Energy delivered September quarter (3Q25) production and revenue ahead of expectations, Ord Minnett highlights, driven by Pluto LNG (100% reliability) and Sangomar performance.

FY25 production guidance was raised to 192-197mmboe from 188-195mmboe, while unit cost guidance was cut to US$7.5-8.1/boe from US$8-8.5/boe.

Capex was also trimmed to US$3.7-4.0bn, excluding Louisiana LNG, which is 19% complete and the first train is due in 2026. The Scarborough project is now 91% complete, with the first LNG targeted in 2H26.

The broker lifted FY25 EPS forecast by 1.5% and FY26 by 7.5%.

Hold retained, citing long project lead times and execution risk despite a strong long-term FCF outlook. Target unchanged at $25.

Target price is $25.00 Current Price is $23.17 Difference: $1.83
If WDS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.63, suggesting upside of 5.7% (ex-dividends)

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

UBS rates WDS as Neutral (3) -

Woodside Energy reported Sep Q production 5% and sales revenue 11% ahead of market expectations. Production strength came via another consistent quarter for Sangomar plus stronger-than-expected production at Pluto and North West Shelf LNG projects, UBS notes.

Taken together, this allowed Woodside to marginally lift 2025 production guidance by 2% at the midpoint.

UBS is comfortable with the near-term trajectory. However, with earnings and dividend forecast to decline -40% y/y and trading at an implied oil price of US$70/bbl, the broker reckons the stock is fairly valued at the current price.

Target rises to $22.70 from $22.50, Neutral retained.

Target price is $22.70 Current Price is $23.17 Difference: minus $0.47 (current price is over target).
If WDS meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.63, suggesting upside of 5.7% (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