Australian Broker Call

Morgans rates ACF as Add (1) -

Morgans observes the acquisition of two businesses in the industrial access space by Acrow for -$29m at an implied valuation of circa 4 times (EV/EBITDA), which the analyst notes aligns with management’s target for add-on acquisitions.

Acrow also released lower FY25 earnings guidance due to project deferrals, which Morgans believes is a timing issue, shifting around $9m in EBITDA into FY26.

Adjusting for the updates, the analyst lowers FY25 earnings and lifts FY26 forecasts by -4% and 3%, respectively. Add rating maintained with the $1.32 target price unchanged.

Target price is $1.32 Current Price is $1.05 Difference: $0.27
If ACF meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Morgan Stanley notes NZ media reports suggesting the Ministry of Business, Innovation & Employment (MBIE) is conducting an airport regulation review.

The broker understands no review scope etc has been published by MBIE, but informal consultation with some stakeholders is being conducted.

The broker considers informal consultation as a normal affair, and any regulatory change to happen via a more formal process and defined timeline.

Equal-weight. Target price NZ$8.66.

Current Price is $7.01. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Bell Potter rates AMA as Buy (1) -

AMA Group's 3Q25 update was strong across all metrics, beating Bell Potter's forecasts on revenue, normalised EBITDA pre AASB16 and EBITDA margin.

The company upgraded FY25 normalised EBITDA guidance, prompting the broker to lift its forecast towards the upper end of the new $58-62m range, to $60.9m from $53.2m.

Despite this, the broker believes the guidance and its own forecast might prove to be conservative.

Buy. Target rises to 10c from 8c.

Target price is $0.10 Current Price is $0.08 Difference: $0.025
If AMA meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates AMA as Add (1) -

“Smashing expectations” was how Morgans described the 3Q25 trading update from AMA Group, with earnings (EBITDA) up 79% year-on-year and margins rising to 8.9% from around 5.4% in 1H25.

Management provided FY25 EBITDA guidance of circa 22% growth at the midpoint of $58m–$62m, with an aspirational earnings margin of 10% for future years, the broker highlights.

Morgans raises earnings forecasts for FY25–FY27 and lifts the target price to 12c from 9c, with the Add rating retained.

Target price is $0.12 Current Price is $0.08 Difference: $0.045
If AMA meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates AMC as Buy (1) -

Amcor’s 3Q25 EPS came in below expectations at USD18c versus consensus of USD18.5c, due to lower revenue amid rising macro uncertainty and a slowdown in the North American market, Citi explains.

Volumes declined -2% quarter-on-quarter and were flat year-on-year, with weakness in North America offset by other regions.

Citi notes that inventory levels increased due to slower volume growth.

Management lowered FY25 EPS guidance to USD72c–USD74c from USD72c–USD76c. No additional guidance was provided, although Amcor reiterated confidence in achieving US$260m in synergies for FY26, equating to around 12% adjusted EPS growth.

Buy rating retained. Target price unchanged at $19.

Target price is $19.00 Current Price is $14.04 Difference: $4.96
If AMC meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $17.48, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates AMC as Outperform (1) -

Amcor's 3Q EPS of 18.0cps missed the consensus forecast of 18.5cps due to softer volumes, especially in North America, explains Macquarie, noting flexibles held up better than rigids.

While FY25 guidance was slightly lowered to 72-74cps, the analyst notes the earlier-than-expected completion of the Berry acquisition allows Amcor to begin realising synergies sooner. Synergies of around $260m are targeted for FY26.

Macquarie models a 10% EPS compound annual growth rate (CAGR) over the next three years with cost synergies, procurement scale, and portfolio pruning offsetting short-term volume headwinds. 

An Outperform rating and $18.16 target are maintained.

Target price is $18.20 Current Price is $14.04 Difference: $4.16
If AMC meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $17.48, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates AMC as Hold (3) -

According to Ord Minnett, Amcor’s 3Q25 operating earnings missed market expectations by a material margin due to weak volumes in North America, particularly in beverages, which impacted performance, the broker explains.

More value-conscious consumers are shifting to cheaper options, including bulk buying or purchasing through alternative channels, the analyst notes—trends that do not align well with Amcor’s product mix, which is geared toward convenience stores.

Management indicated that conditions deteriorated over the quarter and subsequently downgraded FY25 EPS guidance.

Ord Minnett lifts its FY25 EPS estimate marginally by 0.3%, while FY26 and FY27 estimates are lowered by -1.5% and -2.4%, respectively.

The target price is reduced to $14 from $15.25, with the Hold rating retained.

Target price is $14.00 Current Price is $14.04 Difference: minus $0.04 (current price is over target).
If AMC meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.48, suggesting upside of 22.8% (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: 0.5

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

UBS rates AOV as Buy (1) -

UBS did a full analysis of Amotiv's downgrade to FY25 guidance in early April and rising economic uncertainty due to US tariffs. 

The impact on underlying operating trends led to a cut in the revenue forecasts. The FY25 EPS forecast was lowered by -4% and FY26 by -10%.

Buy. Target cut to $10.90 from $12.60.

Target price is $10.90 Current Price is $7.83 Difference: $3.07
If AOV meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates ART as Add (1) -

Morgans notes the 3Q25 trading update revealed 12% year-on-year growth in group revenue.

The analyst was most encouraged by the performance in UK operations, where gross merchandise value rose 64% compared to the same period last year. Morgans attributes this momentum partly to the ramp-up in overseas marketing spend.

Domestically, revenue rose 11%, with task bookings increasing 1.5% year-on-year.

Morgans slightly lowers FY25–FY27 forecasts, with the target price reduced to 55c from 56c. No change to Add rating.

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

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BBN as Buy (1) -

On the back of the trading update from Baby Bunting, Citi lifts net profit after tax forecasts by 4% to 6% for FY25 to FY27, due to improved like-for-like sales momentum against previous estimates. 

Buy rated with target price moving to $2.41 from $2.42.

On first inspection, Baby Bunting has raised the lower end of its FY25 pro-forma net profit after guidance to $10m from $9.5m, with the upper end held at $12.5m, Citi explains.

Like-for-like sales in 2H25 to date have improved to growth of 3.7%, accelerating from 2.8% in the first seven weeks, implying stronger recent trading, the analyst, observes with gross margin year-to-date at 40%, a modest lift from 1H25’s 39.8%, and slightly ahead of consensus expectations.

Management's FY25 like-for-like sales guidance has been refined to growth of 2–3%, narrowing from the prior 0–3% range.

Citi highlights additional costs flagged by the company, including increased brand investment in NZ and higher provisions for short-term incentives. The company also narrowed capex guidance to -$11–12m.

Target price is $2.41 Current Price is $1.70 Difference: $0.715
If BBN meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates BBN as Hold (3) -

Morgans reviews the trading update for 2H25 year-to-date sales and like-for-like sales growth for Baby Bunting, with comparable store sales up 3.7%, implying growth of 4.3% over the past ten weeks versus 2.8% for the first seven weeks of 2025.

Management firmed up FY25 earnings guidance, lifting the lower end of the net profit after tax range to $10m–$12.5m from $9.5m–$12.5m.

Gross margins are expected to be 40%, with capex slightly higher than previously indicated, the analyst notes.

Morgans highlights positive initial feedback from the new format refurbishment at the Maribyrnong store in Victoria, which the analyst visited.

Hold rating retained. Target price lowered to $1.80 from $1.90 due to a reduced valuation.

Target price is $1.80 Current Price is $1.70 Difference: $0.105
If BBN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

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

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

Ord Minnett upgrades Baby Bunting to Buy from Accumulate due to recent share price weakness. The target price is retained at $2.15.

The company announced an upbeat trading update, according to the analyst, supported by strong sales momentum, profit margins tracking in line, and positive feedback on the new flagship store opening.

Year-to-date comparable sales grew 3.7% in 2H25 through to April 27, with FY25 sales growth expected to be between 2%–3%, the broker explains.

Management lifted net profit after tax guidance to $10m–$12.5m from $9.5m–$12.5m.

Ord Minnett believes the company continues to make progress in growing sales, margins, and profitability.

Target price is $2.15 Current Price is $1.70 Difference: $0.455
If BBN meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings has submitted a revised offer to the board of PointsBet Holdings ((PBH)) at an implied value of $360m, comprising $260m in cash and $100m in BlueBet shares, Ord Minnett highlights.

BlueBet also announced a $130m equity raising and a credit-approved facility from National Australia Bank ((NAB)) for $120m.

The company currently holds a 19.9% stake in PointsBet and intends to vote against the existing all-cash offer from Mixi at $1.06 per share, Ord Minnett explains.

Buy rating retained with an unchanged target price of 46c.

Target price is $0.46 Current Price is $0.33 Difference: $0.135
If BBT meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley notes its price target for upstream energy stocks is around -11% below consensus even after negative EPS revisions for several quarters.

The broker's preferred stock is Santos ((STO)) and Beach Energy is among the least preferred

Underweight. Target price $1.27.

Target price is $1.27 Current Price is $1.18 Difference: $0.09
If BPT meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Citi rates CKF as Buy (1) -

Drawing on McDonald’s 1Q25 results, which showed declining quick service restaurant industry traffic in Australia and Germany, Citi notes that these two countries collectively represent around 85% of Collins Foods’ store network as of 1H25.

The caveat, the analyst points out, is that McDonald’s has been underperforming in Australia for some time, and menu price tracking suggests the company has been more aggressive with price increases than Collins.

Citi believes this may be potentially beneficial for Collins Foods, as more value-conscious customers could favour its offerings.

The analyst also highlights that the appointment of a new Australian McDonald’s CEO could increase competitive pressure on KFC if execution improves.

Buy rated with $9.60 target.

Target price is $9.60 Current Price is $8.20 Difference: $1.4
If CKF meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.78, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates CPU as Downgrade to Sell from Neutral (5) -

Citi downgrades Computershare to Sell from Neutral, citing constrained EPS growth into FY26 despite strong FY25 momentum. The broker notes the current valuation for the company is around 14% above the 10-year average.

Margin income is expected to decline due to a softer global interest rate outlook.  While higher balances offer a partial hedge, macro volatility could limit upside, explains the broker.

Transactional indicators were robust in 3Q25, yet overall debt issuance slowed, and trustee activity declined, highlights the analyst.

The broker no longer expects further share buybacks due to contributed equity nearing negative territory, reducing a buffer against falling rates.

Citi raises the target price to $39.00 from $37.40 but sees downside risk at current valuations.

Target price is $39.00 Current Price is $41.08 Difference: minus $2.08 (current price is over target).
If CPU meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.94, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

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: -0.2

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

Ord Minnett rates CRN as Hold (3) -

Ord Minnett notes Coronado Global Resources reported March quarter run-of-mine production of 5.8mt, which was in line with expectations, but flags weaker saleable production of 3.5mt, down -10%, and sales falling -13% to 3.4mt.

The company’s net debt position rose to US$170m from US$60m in the previous quarter due to higher capital expenditure, estimated by the analyst at around US$106m.

The broker believes weak coal prices will continue to weigh on Coronado’s free cash flow throughout the remainder of 2025 and into 2026.

Ord Minnett increases cost assumptions, resulting in a lower target price of 20c from 28c. Hold rating maintained.

Target price is $0.20 Current Price is $0.18 Difference: $0.025
If CRN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.39, suggesting upside of 115.6% (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: 0.4

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

Citi rates CTD as Buy (1) -

In updated news, Citi highlights Corporate Travel Management has downgraded FY25 rest-of-world revenue and earnings (EBITDA) growth to 5% and 10%, respectively.

The analyst does not view this as unexpected, given recent commentary from US peers and airlines. Citi believes the outlook for travel budgets remains uncertain, and commission tiers will likely need to reset lower.

Citi lowers earnings before interest and tax forecasts for Corporate Travel Management by -7.9% and -8% due to tariff-related uncertainty.

The broker has analysed US peers and airline results, which indicate US industry volumes have weakened by mid-single digits sequentially.

Citi retains a Buy rating on the stock despite the uncertain outlook, noting the share price has already adjusted lower and the share buyback remains ongoing.

Target price lowered to $17.55 from $18.85.

Target price is $17.55 Current Price is $13.00 Difference: $4.55
If CTD meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $17.02, suggesting upside of 45.5% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates DUG as Buy (1) -

DUG Technology reported 3Q25 results above expectations, according to Ord Minnett, with a closing order book of $42.7m versus the analyst’s forecast of $36.1m, driven by approximately $22m in contract wins during the period.

The broker highlights new contract wins rose 67% year-on-year and 130% on the December quarter, marking the strongest quarterly achievement since listing.

Trailing twelve-month software revenues rose 30% on the FY24 period, and the business is now profitable, Ord Minnett explains.

The target price is lowered to $2.18 from $2.33 due to a reduced valuation multiple. Buy rating maintained.

Target price is $2.18 Current Price is $1.15 Difference: $1.035
If DUG meets the Ord Minnett target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates FMG as Hold (3) -

Fortescue's 3Q25 iron ore shipments missed Bell Potter's previously downgraded forecast as port closures and weather had more impact than expected. Cost was in line, and the average realised price was higher than the broker's estimate.

The highlight was easing cost pressures, and the broker expects this benefit even if the exchange rate tailwind is pulled out. The company is on track to meet the low end of FY25 guidance, but uncertainty remains on iron ore price outlook, Iron Bridge ramp-up and energy project timelines.

Hold. Target cut to $16.79 from $16.85.

Target price is $16.79 Current Price is $16.18 Difference: $0.61
If FMG meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Ord Minnett rates FMG as Buy (1) -

Following the quarterly update, Ord Minnett lowers earnings estimates for Fortescue by -1.3%, -6.2%, and -7.9% for FY25–FY27, resulting in a target price reduction to $20 from $21. The Buy rating is unchanged.

The broker views the update as another robust operational performance, with better-than-expected cash flow and unit costs. Realised prices and output were in line with consensus expectations.

Fortescue exported 46.1mt of iron ore during the quarter, lifting nine-month shipments to a record 143.2mt. The company achieved a realised price of US$87.40/mt for its lower-grade product, equating to approximately 62% of the market iron ore benchmark price.

Target price is $20.00 Current Price is $16.18 Difference: $3.82
If FMG meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 4.8% (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: 0.4

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

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

Morgan Stanley cut the target price on HMC Capital after lifting the equity beta for the DCF valuation to 1.4 from 0.85 previously to account for higher risks. The new target is down to $6.30 from $7.35.

The broker, however, highlights its bull/bear valuation for this stock is a very wide -40%/65% compared to the coverage universe of 30%/40%.

The broker also provided other valuation methods for this stock, which return a $4.20-4.60 value using the current market value method and $3.00-5.95 using recurring income.

Equal-weight maintained. The broker's preferred fund manager is Charter Hall Group ((CHC)).

Target price is $6.30 Current Price is $5.26 Difference: $1.04
If HMC meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.26, suggesting upside of 57.0% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates HMY as Buy (1) -

Ord Minnett observes that Harmoney reported a strong March quarter, with management upgrading profit guidance and reaffirming expectations of doubling profit by FY26, the broker highlights.

Growth in the Australian loan book and ongoing improvements in cost efficiency and customer acquisition metrics are supporting the improved financial performance.

The company expects return on equity to reach 19% in FY26, up from 9% in FY25, which is above the analyst’s forecast for cost of capital. Harmoney has also flagged a share buyback program for 5% of issued capital.

Target price raised to $1.02 from 92c. Buy rating maintained.

Target price is $1.02 Current Price is $0.66 Difference: $0.36
If HMY meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates INR as Speculative Buy (1) -

ioneer's March quarter update largely reiterated previous disclosures, observes Ord Minnett. A Speculative Buy rating and 30c target price are maintained.

Key catalysts remain the completion of a new economic study and the identification of a new equity partner to bridge the estimated -US$600m funding shortfall following Sibanye Stillwater’s exit, explains the broker.

Ioneer may aim to retain more than 50% project ownership in a new joint venture, suggests the broker.

Target price is $0.30 Current Price is $0.14 Difference: $0.165
If INR meets the Ord Minnett target it will return approximately 122% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Macquarie rates IPH as Outperform (1) -

Australian filing volumes for IPH Ltd declined -12% in April against a -1.2% market fall, observes Macquarie, with 2H25-to-date filings for the company down -8.9%. 

Global indicators suggest filing softness may persist due to lagged effects from weak US Patent Cooperation Treaty (PCT) activity, explains the analyst. 

Despite near-term volatility, Macquarie highlights around 70% of IPH Ltd's income is recurring.

Macquarie maintains an Outperform rating and $6.75 target, noting the upcoming FY25 result in August and monthly filing data as potential catalysts.

Target price is $6.75 Current Price is $4.73 Difference: $2.02
If IPH meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $6.51, suggesting upside of 40.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates JDO as Sell (5) -

The latest trading update from Judo Capital confirmed the trend of soft loan growth in APRA statistics, according to Citi.

Management has responded to soft lending growth in the March quarter by lowering guidance for gross loans and advances to $12.4bn–$12.6bn from $12.7bn–$13bn, while FY25 profit before tax guidance remains unchanged at 15% growth.

The analyst believes slower loan growth is more of an FY26 story, with the latest update reflecting reduced operating costs and net interest margin management against growing bad and doubtful debts.

Management’s initial FY26 guidance points to 50% growth, which Citi notes stands -6% below consensus. The broker views the -17% fall in the share price as indicative of the market attaching a significant discount to Judo’s earnings outlook.

Sell rating retained with a $1.60 target price.

Target price is $1.60 Current Price is $1.48 Difference: $0.12
If JDO meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates JDO as Neutral (3) -

Following a softer-than-expected 3Q update, Macquarie lowers its  target price for Judo Capital to $1.70 from $1.85 and retains a Neutral rating.

Management downgraded FY25 guidance across several metrics, including gross loan assets (GLA), impairments, and net interest margin (NIM). Rising competition and rate pressures are putting management's 3% net interest margin (NIM) target at risk, notes the analyst.

Management also targets 15% FY25 PBT growth and is guiding to 50% growth in FY26, though this is around -10% below consensus, according to the broker.

Target price is $1.70 Current Price is $1.48 Difference: $0.22
If JDO meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates JDO as Overweight (1) -

Morgan Stanley notes Judo Capital's 3Q25 update reflected some concerns, including higher loan losses vs last year, higher margin for new term deposits and tempered loan growth expectations.

The broker didn't expect the bank to issue FY26 guidance this early, though it flagged a conservative start of over 40% profit before tax growth. The bank guided to 50% growth, and while the broker's new forecast is 60% growth, it is still a downgrade vs prior estimate.

Overall, the analyst cut net profit forecast for FY25 by -6.6% and FY26 by -10.4%.

Overweight retained as the broker believes the 3Q25 challenges won't last for longer. Target cut to $2.10 from $2.30.

Target price is $2.10 Current Price is $1.48 Difference: $0.62
If JDO meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates JDO as Add (1) -

Morgans downgrades earnings forecasts for FY26 by -11% following the third quarter trading update from Judo Capital. The analyst has factored in higher-than-expected costs and a slower uplift in gross loans.

Management guided to profit before tax growth of 15% and 50% for FY25 and FY26, with the broker estimating around 40% growth in FY27.

Morgans lowers the target price to $1.75 from $2.08 and retains an Add rating.

Target price is $1.75 Current Price is $1.48 Difference: $0.27
If JDO meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Ord Minnett rates JDO as Buy (1) -

Judo Capital has downgraded FY25 loan book guidance to $12.4-12.6bn from $12.7-13bn. Management cited market uncertainty, slower warehouse lending ramp-up, and a focus on returns over loan growth amid financial market volatility.

The bank reported a rise in impaired and overdue loans during the March quarter, observes the analyst, though FY25 earnings guidance of 15% growth in profit before tax was maintained.

FY26 guidance was reduced, with the broker noting the new 50% growth target is below prior market expectations.

The broker lowers its target price to $2.20 from $2.50 but retains a Buy rating, arguing a -17% share price sell-off is an overreaction to the FY26 guidance downgrade.

Target price is $2.20 Current Price is $1.48 Difference: $0.72
If JDO meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 35.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Morgan Stanley notes its price target for upstream energy stocks is around -11% below consensus even after negative EPS revisions for several quarters.

The broker's preferred stock is Santos ((STO)).

An upcoming catalyst for Karoon Energy is a guidance update expected in mid-2025.

Equal-weight. Target price $1.67..

Target price is $1.67 Current Price is $1.43 Difference: $0.24
If KAR meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences provided FY25 guidance for the first time, which was lower than Bell Potter's forecast, leading to a -14% downward adjustment to its estimate.

For FY26, the broker pushed the revenue forecast higher on expectations the upfront licensing payment will be received one FY earlier, offset by a lower forecast for testing. This also led to a downgrade to the FY27 revenue forecast.

The broker expects a capital raise in the next six months, as the current cash balance may only be sufficient for three quarters.

Speculative Buy. Target cut to 26c from 36c.

Target price is $0.26 Current Price is $0.19 Difference: $0.075
If MAP meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates NOU as Buy (1) -

Noumi's 3Q25 revenue of $141.4m missed Bell Potter's estimate mainly due to plant-based sales, which rose 0.4% y/y compared with 3.9% y/y growth in the dairy and nutritionals business.

The VIC Supreme Court approved the terms of the settlement reached between the company and ASIC on the breaches litigation. The broker's revision to EBITDA forecasts due to this was minimal.

Buy. Target cut to 24.5c from 25.0c.

Target price is $0.25 Current Price is $0.16 Difference: $0.09
If NOU meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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

Ord Minnett rates NTU as Speculative Buy (1) -

Northern Minerals has reaffirmed its position in the rare earths space, suggests Ord Minnett, following China's April export restrictions on heavy rare earth oxides (HREOs).

This outcome increased the strategic appeal of the company's Browns Range project, in the broker's view.

Browns Range is uniquely positioned due to its high dysprosium and terbium content and its agreement to supply Iluka Resources' ((ILU)) Eneabba refinery, explain the analysts.

Ord Minnett increases its target price to 4c from 3c and maintains a Speculative Buy rating, noting there was little of interest in the March quarter report.

Target price is $0.04 Current Price is $0.03 Difference: $0.007
If NTU meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates OBM as Neutral (3) -

Macquarie retains a Neutral rating on Ora Banda Mining and maintains the $1.05 target price, following a softer March quarter impacted by planned plant upgrades.

Quarterly production of 23koz was -12% below the broker's expectation due to lower throughput and grades during a six-day mill shutdown, with costs (AISC) -16% worse-than-forecast.

FY25 production guidance was lowered to 100-105koz from 100-110koz and AISC guidance was raised by 18% to $2,350-2,500/oz.

Despite these changes, net cash of $77m beat the analyst's forecast by $18m due to lower exploration spend and positive working capital movements.

Target price is $1.05 Current Price is $1.02 Difference: $0.025
If OBM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley notes its price target for upstream energy stocks is around -11% below consensus even after negative EPS revisions for several quarters.

The broker's preferred stock is Santos ((STO)) and Origin Energy is among the least preferred.

The company's 3Q25 APLNG production was in line with the broker's forecast, and revenue was 4% higher.

Underweight. Target price $9.26.

Target price is $9.26 Current Price is $10.64 Difference: minus $1.38 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.69, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates PBH as No Rating (-1) -

Ord Minnett has withdrawn its rating on PointsBet Holdings from a previous Buy as the broker is acting as financial adviser for the proposed acquisition of the company.

Target price is $0.95 Current Price is $1.11 Difference: minus $0.155 (current price is over target).
If PBH meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Shaw and Partners rates PDN as Buy (1) -

Shaw and Partners assesses Paladin Energy's 3Q25 production as a strong outcome, up 18% q/q despite the rain disruption. The broker now believes the company could meet the lower end of the FY25 guidance withdrawn earlier, as it needs to produce 1Mlb in the current quarter.

The company has ample liquidity, ending the March quarter with US$128m in cash and a US$50m undrawn working capital facility.

The broker believes the 50% rally in the stock in six trading sessions has further to go as the market over-reacted to the Langer Heinrich commissioning issues.

Buy. Target unchanged at $10.10.

Target price is $10.10 Current Price is $6.05 Difference: $4.05
If PDN meets the Shaw and Partners target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $8.41, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in June.

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 PTM as Hold (3) -

Platinum Asset Management and L1 Capital ((LSF)) are in discussions for a potential 25:75 merger, giving Platinum shareholders 25% of the shares in the merged entity.

The broker views the announcement as positive but is waiting for further information. For now, the broker reckons the proposed 25:75 split would mean the merged group shares would be relatively illiquid.

No change to forecasts.

Hold. Target unchanged at 58c.

Target price is $0.58 Current Price is $0.64 Difference: minus $0.055 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Bell Potter rates QPM as Speculative Buy (1) -

QPM Energy's 3Q25 revenue of $21m fell short of Bell Potter's forecast of $27m. The broker notes both the March and June quarters are seasonally weak, expecting a rebound in the September quarter revenue to $23m from $11m in the June quarter.

After factoring in the 3Q result, the broker cut FY25 EBITDA forecast by -14% and FY26 by -3%.

The broker highlights longer-term optionality for the company comes from the 31% 2P reserves upgrade vs March last year at the Moranbah gas project.

Speculative Buy. Target price 10c.

Target price is $0.10 Current Price is $0.05 Difference: $0.055
If QPM meets the Bell Potter target it will return approximately 122% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates QPM as Speculative Buy (1) -

QPM Energy delivered a solid March quarter, assesses Ord Minnett, with electricity generation of 95GWh and revenue of $21m, despite gas production being impacted by storms and third-party underperformance.

Management reported better-than-expected cash of $24m due to lower capex and operating expense, explains the broker.

Operating cash flow of $9.4m was achieved even with a significantly lower electricity price of $161/MWh, highlighting to the analysts upside potential as new contracts commence from July 1.

Management raised the company's net reserves to 418PJ and is progressing plans to expand its generation fleet.

Ord Minnett lifts its target price to 13c from 12c and retains a Speculative Buy rating.

Target price is $0.13 Current Price is $0.05 Difference: $0.085
If QPM meets the Ord Minnett target it will return approximately 189% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates RMY as Speculative Buy (1) -

Bell Potter notes RMA Global recorded a third straight quarter of positive operating cash flows, with net operating cash flow improving $0.8m y/y to $0.1m in 3Q25.

The US operations performed well, largely due to the Curated Social acquisition. The broker considers the US market as the main driver, expecting lower interest rates to support the business via higher house sales.

Speculative Buy. Target unchanged at 10c.

Target price is $0.10 Current Price is $0.03 Difference: $0.068
If RMY meets the Bell Potter target it will return approximately 213% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates SDR as Buy (1) -

Ord Minnett maintains a Buy rating on SiteMinder, with a $7.11 target price, down from $7.20, viewing the recent -40% share price decline since November last year as overdone.

The broker attributes near-term weakness to uncertainty stemming from global financial market disruptions following President Trump’s re-election, which has dampened travel demand, particularly business travel in the US. 

Despite market pessimism around SiteMinder’s upcoming Channels Plus and Dynamic Revenue Plus product launches, the broker believes market expectations are overly negative. Potential upside is expected if even modest traction is achieved.

Target price is $7.11 Current Price is $4.22 Difference: $2.89
If SDR meets the Ord Minnett target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 62.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgan Stanley rates SIG as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates coverage on Sigma Healthcare with an Overweight rating and a $3.45 target price.

The broker highlights Sigma's transformation into Australia’s largest vertically integrated pharmacy retailer and distributor following its February 2025 merger with Chemist Warehouse Group.

Forecast cost synergies of circa $60m are conservative, in the analysts' view, with potential for upward revision. Revenue optimisation through format conversions, private label expansion, and retail media is also thought to offer meaningful upside.

The analysts see structural tailwinds such as aging demographics and increased health/wellness spending supporting sector-leading same-store sales growth of around 10% over FY25-28.

Despite regulatory constraints limiting total industry store growth, Morgan Stanley sees scope for 250 CW store additions over ten years. Sigma now operates circa 900 stores and distributes to over 3,500 wholesale customers through 14 distribution centres.

Key risks include integration challenges, regulatory shifts, franchisee disengagement, and share overhang post-escrow, notes the broker.

Target price is $3.45 Current Price is $3.01 Difference: $0.44
If SIG meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in January.

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

Morgan Stanley rates STO as Overweight (1) -

Morgan Stanley notes its price target for upstream energy stocks is around -11% below consensus even after negative EPS revisions for several quarters.

The broker's preferred Overweight stock is Santos.

Overweight. Target price $6.92.

Target price is $6.92 Current Price is $5.92 Difference: $1
If STO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 25.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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 its price target for upstream energy stocks is around -11% below consensus even after negative EPS revisions for several quarters.

The broker's preferred Overweight stock is Santos ((STO)).

In the case of Woodside Energy, the broker factored in the Lousiana final investment decision in the base case.

Equal-weight. Target price $26.

Target price is $26.00 Current Price is $20.20 Difference: $5.8
If WDS meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $25.30, suggesting upside of 22.8% (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: 0.2

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

Macquarie rates WOR as Outperform (1) -

Macquarie retains an Outperform rating on Worley and lowers the target price to $15.65 from $17.90 due to growing uncertainty and earnings risks.

The broker cuts FY26-28 EPS forecasts by between -6-8% on weaker macro conditions and tariff-related project delays, which are now expected to weigh more on FY26 than FY25.

FY25 earnings (EBITA) guidance remains for low double-digit growth.

Macquarie sees valuation support, noting a strong balance sheet, $500m buyback capacity, while a diversified project base further supports the investment case.

The broker maintains an Outperform rating and cuts the target to $15.65 from $17.90 due to lower earnings forecasts and a different valuation methodology.

Target price is $15.65 Current Price is $12.22 Difference: $3.43
If WOR meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $18.05, suggesting upside of 46.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates WOW as Hold (3) -

Woolworths Group's 3Q25 sales broadly met Bell Potter's forecast, but within that, the W Living business had a weaker outcome, with sales down -2.6% y/y to $1.22bn vs the broker's $1.305bn estimate.

The broker made a few observations from the update, including the -$20-25m cost due to Queensland weather events, and 2H25 losses at Big W widening to -$70m from -$40m.

The analyst lowered the net profit forecast for FY25-28 by -1-2% on lower Big W earnings and lower Petstock sales.

Hold. Target rises to $31.85 from $30.75 as the broker re-rated domestic businesses less exposed to tariff impact.

Target price is $31.85 Current Price is $31.94 Difference: minus $0.09 (current price is over target).
If WOW meets the Bell Potter target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates WOW as Neutral (3) -

Post first take, Citi highlights the Woolworths Group sales update was better than estimates and consensus, but higher losses from Big W and one-off Cyclone Alfred impacts detract.

The broker views Coles Group ((COL)) as retaining the upper hand in terms of operating momentum and notes the company continues to close the gap in online sales versus Woolworths.

Citi lowers earnings before interest and tax forecasts by -4% for FY25 and -2% for FY26, with a more uncertain outlook thereafter for Big W.

No change to Neutral rating and $33 target price.

Target price is $33.00 Current Price is $31.94 Difference: $1.06
If WOW meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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 WOW as Outperform (1) -

Woolworths Group's Australian Food sales rose by 3.0% in the March quarter, tracking just behind Coles Groups' ((COL)) 3.2% growth, notes Macquarie. Momentum is being supported by volume growth and lower average prices, explains the analyst.

New Zealand Food saw solid comparative growth of 3.8%, highlights the broker, while Big W guidance was cut again. Management now expects a -$70m EBIT loss for Big W in 2H25, prompting the broker to expect a review of the segment.

Macquarie forecasts earnings to bottom in FY25 before rebounding in FY26, with FY27 to benefit from -$400m in cost-out initiatives. EPS forecasts are lowered -2% for FY25 but raised by 1% for FY26 and 7% for FY27 on improved long-term margin assumptions.

The broker retains an Outperform rating and raises the target price to $33.60 from $30.80, citing long-term upside potential despite near-term softness.

Target price is $33.60 Current Price is $31.94 Difference: $1.66
If WOW meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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 WOW as Overweight (1) -

No change to Morgan Stanley's forecasts following Woolworths Group' 3Q25 update, with the broker noting management was happy with 3Q performance but admits more needs to be done.

The disappointment was -$70m EBIT losses at Big W. The company is on track to complete the -$400m cost-out target by the end of 2025.

Overweight. Target unchanged at $33.

Target price is $33.00 Current Price is $31.94 Difference: $1.06
If WOW meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates WOW as Hold (3) -

Woolworths Group’s 3Q25 sales trading update came in above Morgans’ expectations, with most divisions performing well, except Big W, which was impacted by clearance sales to shift spring and summer stock.

The analyst highlighted management’s comments that customers continue to seek value, with household budgets remaining under pressure.

Morgans tweaks earnings forecasts for FY25–FY27 by -1% to unchanged, with the main point of difference being the weaker outlook for Big W.

Target price raised to $31.80 from $31, with no change to Hold rating.

Target price is $31.80 Current Price is $31.94 Difference: minus $0.14 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates WOW as Buy (1) -

Woolworths Group posted March quarter same-store food sales growth of 3.0%, slightly behind Coles Group's ((COL)) 3.2%, despite a high-profile Minecraft collectibles campaign, highlights Ord Minnett.

Management flagged a 2H FY25 loss of -$70m for Big W, up from -$40m, due to weak seasonal apparel sales. The group also incurred -$20-25m in costs from extreme weather events, including airlifting essentials and flood-related damages.

The company also reaffirmed its $400m annualised cost-saving target by end-2025, though internal dissatisfaction over job security may be hindering execution, suggests Ord Minnett.

The broker maintains its $36.00 target and Buy rating, preferring Woolworths to Coles due to greater long-term upside.

Target price is $36.00 Current Price is $31.94 Difference: $4.06
If WOW meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

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 WOW as Neutral (3) -

Woolworths Group's 3Q25 total sales of $17.3bn beat the consensus of $16.6bn, but was marginally lower than UBS' forecast of $17.6bn.

Australian food sales proved higher than the broker's forecast, but concern remains around the turnaround potential, noting the company needs to show more urgency in cost savings initiatives.

Big W's EBIT guidance was a disappointment, leading to a -2.7% cut to the broker's EPS forecast for FY25. The FY26 EPS forecast was lifted by 1.9% mainly due to a higher Australian food sales estimate.

Neutral. Target rises to $32.0 from $31.5.

Target price is $32.00 Current Price is $31.94 Difference: $0.06
If WOW meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $33.04, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates WTC as Buy (1) -

Citi believes there are strategic benefits for WiseTech Global in acquiring e2Open, a global trade management and logistics business. The analyst views the deal as a way to enhance the development and monetisation of new products, including container transport optimisation and customs and compliance.

The valuation differential between the companies is also appealing, Citi explains, with WiseTech trading at circa 59x adjusted earnings versus e2Open at 13x.

The acquisition could also deliver new offerings to beneficial cargo owners, though the broker flags potential risks around execution and possible channel conflicts.

Citi expects some investor scepticism around the timing of a potential acquisition, given recent boardroom challenges and governance concerns, with the company still lacking a permanent CEO and CFO.

Buy rating retained with a $115 target price.

Target price is $115.00 Current Price is $94.37 Difference: $20.63
If WTC meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Citi rates XRO as Buy (1) -

Citi notes Xero announced price increases in Australia for all Business Edition plans except the entry-level Ignite plan, with the changes taking effect on July 1.

Business Edition pricing will rise by 6% in Australia versus 9% last year. The Grow plan will increase by 7% and the Comprehensive plan by 11%, with higher-end plans rising between 11%–13%.

The analyst estimates an average price increase of $4 and a resulting lift in average revenue per user for Australia of approximately 5%, which is expected to boost the group's ARPU by 1.7%, making a nine-month contribution for FY26.

No changes have been announced for other markets. The stock remains Buy rated with a $198 target price.

Target price is $198.00 Current Price is $169.51 Difference: $28.49
If XRO meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $196.15, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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