Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Bell Potter has lowered its global monthly average user (MAU) growth forecast for 2026 to 17.5% from 19.2%, with guidance still set at 20% growth.

The 1Q2026 MAU growth estimate has been pulled back to 17.6% from 18.1% to align with the sub-20% growth guidance.

The downgrade challenges the 2026 management guidance as MAU would need to expand by over 5m in each of the successive three quarters, the analyst highlights.

There are no changes to revenue or earnings forecasts as the conversion rate estimate has been tweaked higher to 3.5% from 3.4%, which sits above the average of 2.5% in 2026.

1Q25 results are due on May 12. Buy rating retained with a lower target of $35.50 from $37.75

Target price is $35.50 Current Price is $20.14 Difference: $15.36
If 360 meets the Bell Potter target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $31.15, suggesting upside of 59.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates 360 as Buy (1) -

Citi expects Life360’s upcoming 1Q result to focus on trends in monthly active user (MAU) growth, forecasting around 18% year-on-year expansion.

App data suggests to the broker a slowdown earlier in the quarter, though March showed a rebound, with stronger US downloads offset by weaker international performance.

MAU growth is expected to be weighted to the second half of the year.

Citi retains a Buy rating. The target is trimmed to $32.10 from $32.20.

Target price is $32.10 Current Price is $20.14 Difference: $11.96
If 360 meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $31.15, suggesting upside of 59.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates 6KA as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage of 6K Additive, a US-based advanced materials company which recycles metal waste into engineered feedstock, with a Speculative Buy rating and $1.30 target.

The broker notes the "proven" technology and "broad" customer validation, believing the business is positioned to benefit from strong demand in metal additive manufacturing and US government initiatives to onshore sourcing and processing of critical minerals.

The main competitive advantage is the technology called UniMelt, which delivers over 85% yield and uses up to 90% less energy. The broker points out the investment suits more assertive investors.

Target price is $1.30 Current Price is $0.89 Difference: $0.41
If 6KA meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates A2M as Buy (1) -

Citi's latest cross-border e-commerce price checks for a2 Milk Co indicate continued demand for English-label products.

However, limited availability of the company's early-stage Genesis products may point to separate supply issues, the analyst suggests.

These issues are considered distinct from those previously experienced at Synlait Milk ((SM1)), given Genesis is produced in a different location at Pokeno, a small town in the Waikato region of New Zealand.

Buy. Target $10.55.

Target price is $10.55 Current Price is $9.21 Difference: $1.34
If A2M meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.92, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgan Stanley rates A2M as Overweight (1) -

Morgan Stanley highlights a2 Milk Co is benefiting from a broadening of growth drivers, with 1H26 momentum increasingly supported by new products and markets, signaling a more diversified earnings profile.

The broker sees three key upside drivers: earlier regulatory approvals at Pokeno, growth in adjacent categories such as supplements, and continued infant formula share gains amid competitor disruptions.

Commentary explains industry data points to a resilient but premium-focused China infant formula market, with demand skewed toward higher-end brands, supporting a2 Milk’s positioning.

Overweight rating and $10.40 target retained. Industry View: In-Line.

Target price is $10.40 Current Price is $9.21 Difference: $1.19
If A2M meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.92, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates ADH as Neutral (3) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

A Neutral rating is maintained for Adairs and the target is lowered to $1.44 from $2.15.

Target price is $1.44 Current Price is $1.31 Difference: $0.13
If ADH meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 66.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates ASX as Underweight (5) -

Morgan Stanley expects ASX to deliver double-digit revenue growth in FY26, supported by strong derivatives activity. Futures volumes were up 31% year-on-year in the March quarter, with March marking a record month for volumes.

Cash equities volumes were also solid, though capital raisings remained subdued, the analysts note.

The broker cautions this momentum may be difficult to sustain, forecasting volume growth to peak in FY26 before moderating as trading activity normalises.

Looking ahead, Morgan Stanley highlights uncertainty around CEO transition and the Austraclear review, which may keep capex elevated for longer. The dividend outlook is also thought to carry some downside risk if capital intensity persists.

Target rises to $51.55 from $49.05. Underweight retained. Industry view: In-Line.

Target price is $51.55 Current Price is $57.45 Difference: minus $5.9 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.88, suggesting downside 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 ASX as Neutral (3) -

ASX had one of its strongest months of trading activity in March amid extreme volatility caused by the Gulf conflict, UBS observes. Daily futures volumes jumped 45% and average daily equity turnover rose 28%.

The broker points out this was only beaten by the onset of covid in March 2020.

FY27 EPS forecasts largely anticipate a stronger revenue outlook will be offset by higher costs, and amid a strategic overhang from the change in CEO and plans for capital expenditure in the medium term, UBS retains a Neutral rating.

Target is raised to $58.85 from $58.40.

Target price is $58.85 Current Price is $57.45 Difference: $1.4
If ASX meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $56.88, suggesting downside 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 AX1 as Neutral (3) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

A Neutral rating is retained for Accent Group and the target is lowered to $0.75 from $1.05.

Target price is $0.75 Current Price is $0.71 Difference: $0.04
If AX1 meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 72.2% (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

Citi rates BEN as Sell (5) -

Bendigo and Adelaide Bank yesterday reported 3Q26 cash earnings of $137.9m, around 12% ahead of the 2H run rate implied by consensus, Citi highlights.

The 'beat' was largely driven by asset quality and timing factors in income and costs, the analysts explain.

The net interest margin (NIM) of 1.98% rose 6bps quarter-on-quarter. This outcome was supported by mix, repricing and lower liquid assets, observes the broker, although some of these benefits are expected to reverse as balance sheet growth resumes.

Strategic partnerships with Genpact and Infosys are expected to deliver around -$70m in cost savings over time. It's felt these benefits are already reflected in existing cost targets.

Target $10.50. Sell. Citi stresses key positives appear priced in, hence the cautious stance.

Target price is $10.50 Current Price is $11.34 Difference: minus $0.84 (current price is over target).
If BEN meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.78, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Ord Minnett rates BEN as Accumulate (2) -

Bendigo and Adelaide Bank has delivered a 13% year-on-year increase in March quarter cash profit, supported by lower costs, loan growth and an improved funding mix, Ord Minnett explains. The net interest margin (NIM) expanded by 60bps to 1.98%.

The bank also announced outsourcing agreements with Infosys and Genpact, expected to deliver $65-75m in annual savings from FY28.

While credit quality remains benign, the broker flags potential for higher provisions if macro conditions deteriorate.

Ord Minnett retains an Accumulate rating and target of $11.50.

Target price is $11.50 Current Price is $11.34 Difference: $0.16
If BEN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates BEN as Neutral (3) -

Having considered Bendigo & Adelaide Bank's 3Q26 trading update as robust, UBS believes the market will need to assess whether the new strategic partnerships with Infosys and Genpact will genuinely help the bank close the scale gap to the majors.

Infosys is being brought in to enhance IT service delivery, software engineering and AI, while Genpact is to improve process efficiency and risk management.

Neutral rating retained. Target is raised to $11.50 from $10.95.

Target price is $11.50 Current Price is $11.34 Difference: $0.16
If BEN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.78, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates BRG as Buy (1) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

A Buy rating is maintained for Breville Group and the target is lowered to $36 from $39.

Target price is $36.00 Current Price is $28.17 Difference: $7.83
If BRG meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $38.17, suggesting upside of 35.3% (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 BRI as Buy (1) -

Ord Minnett sticks with a positive view for building products and construction companies. The broker sees continuing positives from robust orderbooks and ongoing infrastructure tailwinds, irrespective of the current subdued residential outlook.

Ord Minnett's key pick for the sector is Shape Australia Corp.

Buy ratings and price targets have remained unchanged as the impact from an increased risk free rate (now 4.75%) is largely compensated for through rolling-forward of the valuation modeling (DCF).

Big River Industries retains its $1.70 price target.

Target price is $1.70 Current Price is $1.35 Difference: $0.35
If BRI meets the Ord Minnett target it will return approximately 26% (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 CHC as Buy (1) -

Charter Hall Group has secured a $1.2bn property portfolio mandate and Citi notes this extends a strong run of positive announcements following its February result.

While details remain confidential, the mandate (awarded by an existing investor) is viewed as supportive of earnings growth.

Despite this, the stock is down around -20% year-to-date, underperforming the REIT index, reflecting concerns around higher bond yields and implications for asset valuations and fund flows, the analysts assess.

The recent share price sell-off is seen as largely capturing near-term downside risk.

Buy rating. Target $26.40.

Target price is $26.40 Current Price is $19.96 Difference: $6.44
If CHC meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $24.89, suggesting upside of 23.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates DBI as Initiation of coverage with Buy (1) -

UBS initiates coverage on Dalrymple Bay Infrastructure with a Buy rating, highlighting its ownership of the Dalrymple Bay Terminal, a relatively low-risk, regulated coal export asset.

Past share price performance has been supported by steady earnings growth and multiple re-rating, the analyst explains, with further upside seen from an acceleration in growth driven by ongoing capital investment.

Earnings and dividends are expected to grow strongly over the medium term, supported by Non-Expansion Capital Expenditure (NECAP).

NECAP includes maintenance of coal terminal assets, efficiency upgrades and reliability improvements. These investments are agreed with customers, allowing Dalrymple Bay Infrastructure to earn a regulated return, with costs recovered through access charges.

UBS believes the current light-handed regulatory framework is likely to be maintained, underpinning stable long-term demand. A target of $5.75 is set.

Target price is $5.75 Current Price is $5.19 Difference: $0.56
If DBI meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 5.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates DVP as Buy (1) -

Develop Global has had steady progress at Woodlawn, with Bell Potter updating commodity price assumptions. March quarter commodity prices exceeded expectations, with copper, zinc and silver all rising strongly.

Woodlawn achieved steady-state production above nameplate capacity, with mined tonnes up 46% q/q and stoping tonnes up 53% q/q. Processed tonnes rose 25% q/q and metal concentrate volumes rose 50% q/q.

The analyst expects lower zinc treatment/refining charges and negative copper treatment charges to boost net smelter returns and revenue generation.

Forecast changes reflect updated pricing and operational performance, with forecast EPS lowered -11% for FY26, and tweaked 1% higher for FY27.

Target rises to $6.50 from $6.40 and Buy rating retained.

Target price is $6.50 Current Price is $5.51 Difference: $0.99
If DVP meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates GMD as Buy (1) -

Bell Potter continues to be positive on the outlook for gold, with Genesis Minerals viewed as a "high-quality" gold producer which has a large mineral resource portfolio of 21Moz post the completion of the MAU transaction (Gwalia mine, Leonora processing plant, and surrounding tenements in WA).

The analyst forecasts 3Q26 production of around 70koz against consensus of 69.5koz, which is a slight decline on the prior quarter of 74koz due to downtime at Gwalia.

An estimated circa 4% of AISC comes from diesel and modelling suggests a minor impact in the quarter to costs at ($108/oz).

Like other gold producers, a sustained higher diesel price is expected to impact AISC like the rest of the WA mining industry.

Buy rating and $9.90 target retained.

Target price is $9.90 Current Price is $6.53 Difference: $3.37
If GMD meets the Bell Potter target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $9.72, suggesting upside of 47.5% (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

UBS rates GMG as Buy (1) -

Goodman Group has established a 50/50 joint venture with US-based DataBank for its LAX01 data centre in Los Angeles. Initial capacity is to be delivered by December 2026 and full activation by September 2027, UBS notes.

The partnership is viewed positively, given DataBank’s established platform, leasing capability and potential to support further US expansion. Project economics are seen as attractive, supported by competitive rents and strong margins.

The project could generate between $100m–$120m in development profit in 2H26, broadly in line with the broker's forecasts, with Goodman also earning development management fees and potential performance fees.

UBS highlights Goodman’s continued ability to secure partners and execute on its data centre strategy, underpinning medium-term earnings growth despite macro challenges. Buy rating and $33.92 target retained.

Target price is $33.92 Current Price is $27.82 Difference: $6.1
If GMG meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $34.53, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates NGI as Buy (1) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments and GQG Partners ((GQG)) as more defensive exposures, including less equity market correlation.

Stable funds under management and attractive valuations favour Navigator Global Investments and GQG. Buy rating retained. Target is raised to $3.50 from $3.45.

Target price is $3.50 Current Price is $2.14 Difference: $1.36
If NGI meets the UBS target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 54.2% (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: 1.0

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

Bell Potter rates NST as Buy (1) -

A Buy rating and $35 target are retained on Northern Star Resources post the gold producer's 3Q26 preview, which revealed production of 381koz, up 10% q/q and above both consensus and Bell Potter's forecast.

This comes despite the March 13 downgrade to the outlook. Northern Star has achieved some 74% of the revised production guidance of 1500koz for FY26 and needs 4Q26 production of 391koz, up 2.3% q/q, to meet the "twice" revised guidance, the analyst highlights.

An on-market share buyback was also announced of up to $500m or circa 1.6% of issued capital and is separate, the broker notes, from the dividend payout policy of 20%-30% of cash earnings. The buyback will start on April 23.

Fuel costs remain a challenge going into 4Q and Bell Potter sees risks to the AISC guidance of $2,600-$2,800/oz. The 3Q26 result is due on April 22.

Target price is $35.00 Current Price is $24.47 Difference: $10.53
If NST meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $27.65, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates ORA as Downgrade to Neutral, High Risk from Neutral (3) -

Management at Orora has downgraded Saverglass' FY26 underlying earnings (EBIT) guidance by -$22.8m, representing around 8% of the consensus forecast for $274m, Citi highlights.

The analyst explains the downgrade reflects weaker product mix and softer demand, particularly in wine.

Additional fixed costs of -EUR9m-11m related to the temporary closure of the RAK (UAE-based) manufacturing facility are excluded from underlying earnings.

Despite a strong balance sheet, the company is preserving capital via a buyback pause, observes Citi.

With ongoing uncertainty around demand, energy and production, the broker sees risks to the outlook and retains a Neutral rating, introducing a High-Risk designation, which amounts to a ratings downgrade.

Target falls to $1.80 from $2.30.

Target price is $1.80 Current Price is $1.62 Difference: $0.18
If ORA meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates ORA as Hold (3) -

Orora effectively issued a profit warning through reduced guidance for Saverglass and Morgans' commentary refers to war in the Middle East and ramifications elsewhere.

Orora's Ras Al Khaimah (RAK) facility in the UAE is effectively closed and spirit volumes are under pressure, the report points out.

Underlying EBIT forecasts have been lowered by -8%/-11%/-10% for FY26/27/28. The broker's target price tumbles to $1.55 from $2.30.

Prior owner Amcor ((AMC)) remains Morgans' top pick for the sector.

Hold rating remains in place.

Target price is $1.55 Current Price is $1.62 Difference: minus $0.07 (current price is over target).
If ORA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.90, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates ORA as Neutral (3) -

Management at Orora has lowered FY26 guidance, with Saverglass' underlying earnings (EBIT) reduced by around -17%. 

UBS attributes the decline to weaker volumes, a negative mix shift toward wine and champagne, and disruption from the Middle East conflict.

The RAK facility has been impacted by shipping constraints, prompting a shift in production to Mexico, with -EUR9m-11m of costs expected below the line.

UBS highlights ongoing weakness in spirits demand, with mix shifting toward lower-margin products amid consumer uncertainty and cost-of-living pressures.

Target falls to $1.70 from $2.40, retaining a Neutral rating.

Target price is $1.70 Current Price is $1.62 Difference: $0.08
If ORA meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 26.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates PMV as Buy (1) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

A Buy rating is maintained for Premier Investments and the target is lowered to $17.50 from $18.00.

Target price is $17.50 Current Price is $13.03 Difference: $4.47
If PMV meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $16.26, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates PNI as Neutral (3) -

UBS highlights EPS downgrades across most asset and wealth managers following weaker March quarter markets, with volatility driven by AI disruption risk, geopolitics and yield curve resets, leading to negative FUM revisions.

While valuations are becoming more attractive, the broker remains cautious on high-beta names, preferring Navigator Global Investments ((NGI)) and GQG Partners ((GQG)) as more defensive exposures, including less equity market correlation.

The analyst notes Pinnacle Investment Management has experienced a challenging March quarter, with a tough period for growth equity affiliates and poor or negative sentiment around private credit.

The target is reduced to $15.15 from $18.65.

Target price is $15.15 Current Price is $14.31 Difference: $0.84
If PNI meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 45.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates SFR as Underweight (5) -

Sandfire Resources reported 3QFY26 production materially below Morgan Stanley's expectations. Group copper equivalent output was down -17% versus the consensus forecast, the analysts note, reflecting weaker contributions from both Motheo and Matsa.

The shortfall at Motheo was driven by delayed access to higher-grade ore, while Matsa was impacted by weather and maintenance disruptions, the broker explains.

FY26 production guidance is unchanged, though output is now expected to be weighted to the June quarter and land in the lower half of the range.

Net cash improved to US$76m, while FY26 capex guidance was reduced to by -US$15m to -US$225m reflecting timing at Kalkaroo and the Matsa tailings facility.

Underweight rating. Target $16.20. Industry view: Attractive.

Target price is $16.20 Current Price is $17.41 Difference: minus $1.21 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.11, suggesting upside of 10.0% (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: 0.1

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

Ord Minnett rates SHA as Buy (1) -

Ord Minnett sticks with a positive view for building products and construction companies. The broker sees continuing positives from robust orderbooks and ongoing infrastructure tailwinds, irrespective of the current subdued residential outlook.

Ord Minnett's key pick for the sector is Shape Australia Corp.

Buy ratings and price targets have remained unchanged as the impact from an increased risk free rate (now 4.75%) is largely compensated for through rolling-forward of the valuation modeling (DCF).

Shape Australia retains its $8.25 price target.

Target price is $8.25 Current Price is $6.93 Difference: $1.32
If SHA meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates SPG as Buy (1) -

SPC Global has reaffirmed FY26 guidance for 25% earnings growth, supporting Ord Minnett's view managemet's turnaround strategy is progressing as planned.

The broker highlights improved execution under the new management team, with progress in sales growth, inventory management and balance sheet repair following earlier merger-related challenges.

While the analysts' revenue forecasts have been negatively adjusted following an FY25 restatement, Ord Minnett remains confident earnings delivery is on track. Debt is expected to decline over the next two years.

Ord Minnett retains a Buy rating and lowers its target to 75c from 90c, reflecting a higher assumed weighted average cost of capital (WACC).

Target price is $0.75 Current Price is $0.31 Difference: $0.44
If SPG meets the Ord Minnett target it will return approximately 142% (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 SUL as Neutral (3) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

Neutral rating retained for Super Retail and the target drops to $13.50 from $15.25.

Target price is $13.50 Current Price is $13.09 Difference: $0.41
If SUL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $16.14, suggesting upside of 28.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates SYL as Buy (1) -

Ord Minnett sticks with a positive view for building products and construction companies. The broker sees continuing positives from robust orderbooks and ongoing infrastructure tailwinds, irrespective of the current subdued residential outlook.

Ord Minnett's key pick for the sector is Shape Australia Corp.

Buy ratings and price targets have remained unchanged as the impact from an increased risk free rate (now 4.75%) is largely compensated for through rolling-forward of the valuation modeling (DCF).

Symal Group retains its $3.30 price target.

Target price is $3.30 Current Price is $2.28 Difference: $1.02
If SYL meets the Ord Minnett target it will return approximately 45% (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 TCL as Buy (1) -

Citi assesses Transurban Group delivered strong 3Q26 traffic growth of 3.0%, supported by new road openings and resilient network performance despite higher fuel prices.

While Sydney traffic growth was modest at 0.6%, stronger outcomes in Melbourne, Brisbane and North America more than offset, the analysts explain.

 However, softer trends late in the quarter in Sydney and Melbourne are seen as signalling risks if fuel prices remain elevated.

Citi highlights the benefit of CPI-linked toll increases, providing defensive earnings support in uncertain conditions, and retains a Buy rating. Target $16.10.

Target price is $16.10 Current Price is $13.93 Difference: $2.17
If TCL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.36, suggesting upside of 5.3% (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

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

Morgan Stanley expects a neutral market reaction to Transurban Group's March quarter update. Proportional average daily traffic (ADT) rose 3% year-on-year, broadly in line with consensus but slightly below the broker’s expectations.

Traffic trends were mixed across regions, with Sydney flat and Melbourne up 4%, supported by the West Gate Tunnel opening, while Brisbane and North America delivered stronger growth, the analysts assess.

Monthly data suggests to Morgan Stanley mobility patterns may be influenced by increased work-from-home activity, particularly in Victoria.

While there may be crosswinds from macro uncertainty, ongoing traffic growth and pricing support in key markets are also noted.

Equal-weight rating. Target $14.28. Industry View: In-Line.

Target price is $14.28 Current Price is $13.93 Difference: $0.35
If TCL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.36, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates TCL as Accumulate (2) -

Transurban Group's reported March quarter average daily traffic growth of 3% came in below Ord Minnett and consensus expectations for second-half FY26 growth of 5%. It's noted large vehicle volumes continue to outperform passenger traffic.

Softer-than-expected growth is attributed to a challenging consumer environment, including rising inflation, mortgage rates and higher fuel prices.

Some weakness was evident in Brisbane and Melbourne following the escalation of Middle East tensions, the analyst notes.

Despite near-term pressure on volumes, Ord Minnett highlights more than 90% of revenue is supported by CPI-linked or fixed toll increases, providing longer-term earnings resilience.

Ord Minnett retains an Accumulate rating and lowers its target to $13.90 from $14.10.

Target price is $13.90 Current Price is $13.93 Difference: minus $0.03 (current price is over target).
If TCL 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 $14.36, suggesting upside of 5.3% (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 UNI as Buy (1) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

A Buy rating is maintained for Universal Store and the target is lowered to $9.50 from $10.50.

Target price is $9.50 Current Price is $7.43 Difference: $2.07
If UNI meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $10.45, suggesting upside of 38.4% (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 WES as Neutral (3) -

As the Middle East conflict increases inflation for Australian consumers, UBS expects there will be a reallocation of expenditure to essentials such as fuel and food.

Well-positioned companies have products that are low priced, a short replacement cycle and are perceived to be necessary, the broker adds.

Locations skewed to the metropolitan areas as opposed to regional will also benefit because of the latter's exposure to fuel. Others will benefit from operating in areas selling products to a more wealthy population.

Neutral rating retained for Wesfarmers. Target is reduced to $81 from $90.

Target price is $81.00 Current Price is $76.52 Difference: $4.48
If WES meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $84.46, suggesting upside of 10.6% (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

Citi rates XRO as Buy (1) -

Citi expects Xero’s FY26 result (March year-end) to be somewhat complex following new segment disclosure and the inclusion of Melio.

Upside risk to FY26–27 earnings is anticipated, driven by lower costs and favourable FX, partially offset by higher interest.

The broker expects investors to focus on Melio's performance, macro impacts on customer spend, and progress in AI feature rollout and adoption.

Citi retains a Buy rating but cuts its target by -22% to $112.65, reflecting lower peer multiples and more conservative medium-term growth assumptions.

Target price is $112.65 Current Price is $73.41 Difference: $39.24
If XRO meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $156.91, suggesting upside of 118.9% (ex-dividends)

The company's fiscal year ends in March.

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: 0.9

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