Australian Broker Call

Morgans rates ACE as Speculative Buy (1) -

Acusensus recently announced the expansion of its Qld mobile speed enforcement contract, effectively doubling the number of speed enforcement units across the state to around 30 trailers.

Morgans notes the additional contract adds around $16.6m of contract value over five years, or $3.3m of annual revenue. The company also launched Foresite, an entry into the global traffic and roadwork safety market valued at $36bn globally.

Foresite provides AI-enabled early threat detection and vehicle behaviour monitoring.

Morgans makes no changes to its EPS forecasts. Speculative Buy rating retained. Target price lifted to $2.30 from $2.05.

Target price is $2.30 Current Price is $1.88 Difference: $0.425
If ACE meets the Morgans target it will return approximately 23% (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 AMC as Buy (1) -

Amcor’s first-quarter result was broadly in line with Citi's expectations, with earnings (EBIT) of US$687m against consensus of US$684m and EPS of US19.3c above guidance.

Revenue of US$5.77bn was slightly below the broker's forecasts, while EBITDA of US$909m was modestly weaker.

Flexibles EBIT rose US$15m year-on-year to US$426m, supported by synergies and cost control, offsetting lower volumes, explain the analysts. It's noted volume weakness is consistent with other Packager reports.

Rigid Packaging EBIT fell -US$11m to US$295m due to North American beverage weakness.

Management reiterated FY26 guidance for EPS of US80-83c and free cash flow of US$1.8-1.9bn.

Buy. Target price $15.

Target price is $15.00 Current Price is $12.78 Difference: $2.22
If AMC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $16.41, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Macquarie rates AMC as Outperform (1) -

Amcor's September quarter (1Q26) EPS of US19.3c beat Macquarie's US18.9c forecast and US18.5c consensus. While volumes were weak again, down -3% y/y, strong margin outcomes helped.

Ongoing volume softness stems from consumer value-seeking, private label share gains, and healthier eating trends, though the broker expects modest recovery from 2H26 into FY27.

Higher margin was driven by Berry synergies, with the company now expecting FY26 synergies of at least US$260m vs US$260m. In 1Q26, EBIT margin rose 110bps to 12%.

Revenue synergies are also progressing, with US$70m annualised achieved (25% of the US$280m target), mainly from cross-selling between Amcor's Rigids and Berry’s closures.

The broker forecasts net profit skew of 55% to 2H, in line with historical outcomes. The company achieved US$100m via asset sales and has stabilised North American Beverages, with a potential sale or JV targeted for FY27.

EPS forecast for FY26 lifted by 0.2% and by 1.2% for FY27. Outperform. Target trimmed marginally to $17.42 from $17.44.

Target price is $17.42 Current Price is $12.78 Difference: $4.64
If AMC meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $16.41, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Morgan Stanley rates AMC as Overweight (1) -

Amcor's quarterly release revealed 1Q volumes -2% from a year ago, which, Morgan Stanley points out, is consistent with 4Q25. The broker adds comparisons with a year ago only get easier from here onwards. 

All key ingredients that make up management's FY26 guidance have been re-affirmed.

While leverage increased, an increase in working capital is to be blamed, and management is still targeting leverage reduction to 3.1-3.2x by the close of FY26, the broker highlights.

Target $18.46 (unchanged). Overweight.

Target price is $18.46 Current Price is $12.78 Difference: $5.68
If AMC meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $16.41, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Morgans rates AMC as Upgrade to Buy from Accumulate (1) -

Morgans upgrades Amcor to Buy from Accumulate with a $15.20 target price on the basis of a "solid" 1Q26 result and management's improved confidence in achieving synergies in FY26. Amcor reiterated FY26 EPS guidance of US80-83c, representing 12-17% growth at the midpoint.

Volumes came in basically in line with the previous quarter but were down -2% y/y as global weakness continues. Realised synergies of US38m were achieved from the Berry acquisition, with US50-55m slated for 2Q26.

Berry pushed flexible packaging sales in constant currency up 25%, with comparable volumes down -2.8% on a year earlier.

Rigid packaging sales in constant currency rose 205%, with earnings (EBIT) up 365% due to Berry.

Morgans sees Amcor as a very defensive company with a good track record of integrating large-scale transactions.

Target price is $15.20 Current Price is $12.78 Difference: $2.42
If AMC meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $16.41, suggesting upside of 28.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Ord Minnett rates AMC as Hold (3) -

Amcor’s September-quarter EPS slightly exceeded the consensus forecast, supported by lower depreciation, interest, and tax costs, while FY26 guidance was maintained, highlights Ord Minnett.

The broker observes volumes fell -3% year-on-year across Europe and North America as consumer pressure persisted, particularly in discretionary categories.

Volumes at both Amcor and Berry have trended lower for some time, suggesting to the analyst, structural weakness in packaged consumer goods.

It's felt deeper portfolio restructuring is needed, focusing on health, beauty, wellness, nutrition, and specialty markets. 

The target falls to $14.10 from $14.20. Ord Minnett retains a Hold rating.

Target price is $14.10 Current Price is $12.78 Difference: $1.32
If AMC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.41, suggesting upside of 28.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Bell Potter rates ANG as Buy (1) -

In a business update, Austin Engineering downgraded profit guidance due to challenges across all three key segments. FY26 underlying EBIT is now expected at $30-34m vs $40-46m previously.

In Chile, ongoing production issues, excess steel wastage, and complications from shifting work to Indonesia have led to reduced output and suspended new orders until terms improve. Indonesia has been affected by Chile-related disruptions, deferred local orders, and weaker Australian coal demand.

In North America, strong revenue growth was offset by margin pressure from costly contract labour and inefficiencies.

The company is implementing corrective measures under the new CEO, including leadership changes, but Bell Potter reckons operational issues appear more entrenched than expected.

The broker lowered FY26 EPS forecast by -23.1% and FY27 by -11%. Target trimmed to 30c from 50c.

Buy maintained.

Target price is $0.30 Current Price is $0.21 Difference: $0.095
If ANG meets the Bell Potter target it will return approximately 46% (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 AOV as Buy (1) -

Citi notes October new car sales looked solid at first glance, with the key PU/CC 4x4 segment up 4% y/y. However, excluding the new BYD Shark and GWM Cannon (now 12% segment share vs 0.4% last year), the segment actually fell -7%.

The broker believes this shifting model mix poses challenges for ARB Corp and Amotiv. ARB is late with Shark accessories, while Amotiv is limited as BYD doesn’t use third-party towbar suppliers.

For the Cannon, accessory opportunities are lower than for other established models, though Amotiv could benefit from supplying towbars via AutoPacific Group’s Thailand plant and its existing relationship with GWM.

Buy. Target price $12.56. The broker prefers ARB over Amotiv.

Target price is $12.56 Current Price is $8.86 Difference: $3.7
If AOV meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $11.62, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates APE as Outperform (1) -

Macquarie notes October 2025 new vehicle volumes rose 0.7% year-on-year to 100.7k, lifting second-half year-to-date volumes by 3.1%.

Fleet business and tax-effective vehicle volumes, including 36.7k battery electric vehicles with high novated lease penetration, were up 4%, highlights the analyst.

Macquarie retains Outperform ratings on both Eagers Automotive and Autosports Group ((ASG)). Eagers remains the preferred exposure due to its larger scale and stronger pipeline of organic and acquisition-driven growth opportunities.

For Eagers Automotive, target $29.98.

Target price is $29.98 Current Price is $32.78 Difference: minus $2.8 (current price is over target).
If APE meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.76, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates ARB as Buy (1) -

Citi notes October new car sales looked solid at first glance, with the key PU/CC 4x4 segment up 4% y/y. However, excluding the new BYD Shark and GWM Cannon (now 12% segment share vs 0.4% last year), the segment actually fell -7%.

The broker believes this shifting model mix poses challenges for ARB Corp and Amotiv. ARB is late with Shark accessories, while Amotiv is limited as BYD doesn’t use third-party towbar suppliers.

For the Cannon, accessory opportunities are lower than for other established models, though Amotiv could benefit from supplying towbars via AutoPacific Group’s Thailand plant and its existing relationship with GWM.

Buy. Target price $45.17. The broker prefers ARB over Amotiv.

Target price is $45.17 Current Price is $35.42 Difference: $9.75
If ARB meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $43.05, suggesting upside of 22.7% (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

Ord Minnett rates ARB as Buy (1) -

Australian new vehicle sales rose 1.2% in October 2025 to 99,588 units, marking five consecutive months of growth following a year of declines, highlights Ord Minnett.

Passenger vehicles fell -21.6% year-on-year, while SUVs increased 9.4% and light commercials slipped -0.6%.

Key vehicle sales, targeted by ARB Corp for its 4WD accessories, saw a modest -0.4% decline, with the Toyota Hilux and Ford Ranger down -1.7% and -7.5%, respectively, though year-to-date sales remain up 5.1%.

Ord Minnett expects new vehicle sales to continue trending higher in FY26 and highlights strong demand, new product releases, and expanding OEM partnerships. The broker maintains a Buy rating and $42 target for ARB Corp.

Target price is $42.00 Current Price is $35.42 Difference: $6.58
If ARB meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $43.05, suggesting upside of 22.7% (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

Citi rates ASB as Neutral (3) -

Post a visit to the Indo Pacific International Maritime Exposition, Citi commends Austal CEO for expanding the company's earnings exposure away from an overreliance on two US programs, Littoral Combat Ship (LCS) and Expeditionary Fast Transport (EPF).

The analyst also pointed to options for Austal to expand its order book, with a focus on autonomous or optionally crewed vessels and offshore patrol 60.

There is also scope for new US project tenders if the incumbent Constellation-class frigate program is cancelled and replaced with a new program.

Neutral, High Risk rating. Target unchanged at $7.86.

Target price is $7.86 Current Price is $6.69 Difference: $1.17
If ASB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.99, suggesting upside of 25.0% (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

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

Commenting on CBOE-US’s planned exit from Australia, Macquarie reckons it is a confirmation the market is too small for multiple exchanges. This would support ASX's pricing power in the medium term, in the broker's view.

October activity was strong, with $9.4bn capital raised vs $3.1bn the year earlier, cash trades were up 51% y/y, and futures/options volumes rose 17% y/y.

The broker's forecasts now assume the high-end of the capex/opex guidance for FY26-27, including $15m in extra costs, ahead of the ASIC inquiry outcome.

The stock is trading at 22.1x forward P/E, about -10.6% below its 3-year average, the broker highlights. Also, the earnings yield premium vs 10-year bonds has narrowed to 10bps, well below the long-term average of 154bps.

FY26 EPS forecast lifted by 1% but FY27 trimmed by -0.7%. Target rises to $64 from $63.

Rating upgraded to Outperform from Neutral.

Target price is $64.00 Current Price is $56.38 Difference: $7.62
If ASX meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $62.02, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

UBS rates ASX as Sell (5) -

ASX reported strong October activity with cash equities turnover up 37% year-on-year on a daily average basis, while futures volumes rose 17% y/y.

UBS lifts its EPS forecasts by 1% for FY26 and FY27, citing slightly better revenue momentum but notes ongoing risks from the ASIC inquiry and technology replacement costs.

Sell rating retained with an unchanged $62.15 target.

Target price is $62.15 Current Price is $56.38 Difference: $5.77
If ASX meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $62.02, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgans rates AVH as Speculative Buy (1) -

In response to today's market update, Morgans concludes Avita Medical's 3Q performance met expectations, but FY25 revenue guidance has been walked back, yet again.

Speculative Buy rating retained with the broker noting while US reimbursement for RECELL is now largely restored and a positive for future sales momentum, the impact is yet to show in results.

Ultimately, today's report suggests, the clinical benefits should continue to win market share and increased adoption.

Morgans remains "cautiously optimistic" but would like to see the balance sheet addressed first. This means the company is likely in need of a material capital raise, the report states.

The broker's target price reduces to $1.35 from $2. Estimates have been culled.

Target price is $1.35 Current Price is $1.12 Difference: $0.235
If AVH meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

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: 0.0

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

Macquarie rates BMN as Initiation of coverage with Outperform (1) -

Macquarie initiated coverage of Bannerman Energy with an Outperform rating and target price of $5.50.

The broker notes the company's Etango project leads the greenfield uranium pipeline, fully approved in a low-risk jurisdiction with early works underway. It is well positioned to benefit from strengthening uranium contract prices, driving share price upside.

Final investment decision is approaching, targeting first uranium production in 2028, a notably faster development timeline than Canadian projects, which are expected in the early 2030s.

On-site demonstration plant has confirmed efficient heap leach performance with fast residence times and low acid consumption. Ongoing drilling continues on initial pits, while Etango’s proximity to Swakopmund and Walvis Bay port provides strong logistical and workforce advantages.

Target price is $5.50 Current Price is $3.03 Difference: $2.47
If BMN meets the Macquarie target it will return approximately 82% (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 BRG as Upgrade to Buy from Neutral (1) -

Citi reckons tariff risks for Breville Group appear largely priced in and FY26 earnings should hold up amid strong premium-segment demand.

The broker notes the company is mitigating cost pressures through pricing, mix improvements, production shifts, and FOB reductions.

The recent share price pullback offers an attractive entry into a high-quality franchise, with the 1H26 result in February 2026 as the next key catalyst for FY26 guidance.

Rating upgraded to Buy from Neutral. Target unchanged at $36.03.

Earlier, the broker took away some comforting commentary on top-line trends from Breville Group's AGM. 

Management did not offer any FY26 guidance, only noting it will be provided with the 1H26 results in February. Positively, the broker noted the company is on track to achieve the target of 80% of US products' production outside China by the end of 1H26.

Target price is $36.03 Current Price is $29.74 Difference: $6.29
If BRG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 24.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Macquarie reviewed the 3Q25 results of PRA Group and Encore Capital for the implications of their American business on Credit Corp.

The broker notes PRA and Encore’s PDL (purchased debt ledger) pricing remains stable, though volumes fell for the first time in seven quarters. Cash collections from 2021-23 vintages continue to underperform historical levels, with PRA’s back book lagging more significantly.

The broker highlights Encore lifted FY25 global collections target to US$2.55bn, up 18% y/y, while PRA left FY25 purchase target at US$1.2bn, below FY24's US$1.4bn.

Target cut to $16.70 from $18.23 as the broker trimmed US segment PE multiple to 16x from 20x after factoring in risk in the US collection outlook.

Rating upgraded to Outperform from Neutral.

Target price is $16.70 Current Price is $13.60 Difference: $3.1
If CCP meets the Macquarie target it will return approximately 23% (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 CGF as Buy (1) -

In a presentation, Challenger outlined the capital impact of APRA’s 29 October announcement, which, according to Bell Potter, went beyond earlier proposals. Overall, the broker rates the announcement as positive.

The new standards reduce day-one capital needs by $200m, lifting the PCA ratio to 1.77x from 1.60x (or 1.83x under normal bond spreads). Stress testing showed much stronger resilience, with the ratio falling only to 1.74x versus 1.28x previously.

A PCA ratio of 1.60x is considered appropriate, implying $0.4bn in potential excess capital release ($0.3bn Tier 1 and $0.1bn AT1/2). This is consistent with the broker's earlier $200-400m estimate.

Buy. Target unchanged at $10.25.

Target price is $10.25 Current Price is $9.04 Difference: $1.21
If CGF meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.31, suggesting upside of 2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates CSL as Buy (1) -

Citi observes CSL’s capital markets day highlighted a shift back to NPAT as the key growth metric from FY27, replacing NPATA. The analysts expect 6% and 9% NPAT growth in FY27 and FY28, excluding restructuring costs. 

The broker believes Horizon 2 (plasma yield improvement via manufacturing process change) could lift plasma yields by 10% by FY30, though profitability benefits remain uncertain.

Management aims to counter albumin pressure in China through greater retail exposure.

Seqirus continues to face headwinds from subdued US flu vaccination rates, yet the analysts believe the division is well placed for global leadership in influenza and can leverage growth opportunities outside the US.

Citi retains a Buy rating and target of $225.

Target price is $225.00 Current Price is $179.49 Difference: $45.51
If CSL meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $243.24, suggesting upside of 36.1% (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: 0.7

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

Morgan Stanley rates CSL as Overweight (1) -

Having freshly returned from the company's investor day, Morgan Stanley analysts report CSL is expecting medium-term revenue growth to be underpinned by immunoglobulin and several key segments.

They include hemophilia B, acute hemorrhagic control, HAE, and nephrology.

Combined with gross margin expansion and operating leverage, these factors are expected to support high single-digit growth in net profits.

Capital allocation should balance investment in growth (subject to return hurdles) with balance sheet strength and shareholder returns (dividends, buy-back).

The analysts observed management exhibited a high level of confidence in the outlook for Ig. And while China poses albumin challenges, management is confident of compensation through expanded geographic footprint and retail partnerships.

Morgan Stanley suspects an incremental gross margin headwind. Also: operational initiatives have reduced the labour hours per donation by -12%.

Overweight. $248. No changes to forecasts.

Target price is $248.00 Current Price is $179.49 Difference: $68.51
If CSL meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $243.24, suggesting upside of 36.1% (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: 0.7

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

UBS rates CSL as Buy (1) -

At its capital markets day, CSL highlighted expectations for high single-digit IG sales growth in FY27/28, outperforming the market with 1-2% share gains.

Demand remains strong, driven by treatments for primary immunodeficiency (PID) and secondary immunodeficiency (SID), which address inherited and acquired immune system deficiencies.

UBS  notes growth is supported by new US hospital sales, pre-filled syringes and improved tendering. High single-digit growth is also expected across haemophilia, AHC and HAE, while softer trends are seen in albumin, iron, dialysis and Seqirus.

Net profit should accelerate on margin expansion of about 160bps, driven by lower costs and operating leverage. Horizon programs are progressing, with US$200m in benefits expected by FY26 and further cost reductions through FY32.

Seqirus sales decline of -15% in FY26 is due to weaker US vaccination rates, partly offset by gains in Europe. UBS sees recovery potential longer term, supported by the upcoming aTIVc vaccine approval in 2026.

The stock remains Buy rated with a $275 target.

Target price is $275.00 Current Price is $179.49 Difference: $95.51
If CSL meets the UBS target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $243.24, suggesting upside of 36.1% (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: 0.7

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

UBS rates DMP as Buy (1) -

Domino's Pizza Enterprises refinanced debt with a $1.05bn commitment and a 3.5 times debt covenant for the next 24 months.

UBS believes this is a positive update from the company and lowers commitments by $100m, while the weighted average tenor has been extended and pricing improved.

No change to the analyst's EPS forecasts.

UBS retains a Buy rating and $19 target.

Target price is $19.00 Current Price is $20.04 Difference: minus $1.04 (current price is over target).
If DMP 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 $17.36, suggesting downside of -8.0% (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

Citi rates GOZ as Buy (1) -

Growthpoint Properties Australia's September quarter update showed solid leasing momentum and continued asset growth, highlights Citi.

Office occupancy lifted to 94% from 92%, while industrial occupancy rose to 99% from 98%, leaving less than 3.5% of leases expiring in FY26, note the analysts.

The broker highlights incremental funds under management growth through the $24m Bundamba industrial acquisition for the Growthpoint Australia Logistics Partnership (GALP) fund.

With a weighted average lease expiry of 5.6 years, it's felt the portfolio remains stable across sectors. Citi views Growthpoint as a value play on earnings multiple, a net tangibel asset (NTA) discount, and yield metrics. 

Unchanged Buy rating and $2.60 target.

Target price is $2.60 Current Price is $2.59 Difference: $0.01
If GOZ meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 0.5% (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

Citi rates GPT as Buy (1) -

Management at GPT Group has upgraded 2025 funds from operations (FFO) guidance to 34cpu from 33.2cpu, with distribution guidance unchanged at 24cpu. A positive operational update was also provided.

Citi notes office occupancy improved to 95.2% from 94.4%, while retail occupancy remained high at 99.6%, supported by strong specialty sales growth of 4.8%.

The broker highlights the settlement of the GPT QuadReal Logistics Trust 2 in August and ongoing momentum in the funds management business as medium-term growth drivers.

Portfolio occupancy for the REIT remains resilient across all sectors, highlights the broker, reflecting solid asset quality and leasing performance. 

Buy rating and $6 target maintained.

Target price is $6.00 Current Price is $5.40 Difference: $0.6
If GPT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates GPT as Outperform (1) -

GPT Group has upgraded its FY25 funds from operations (FFO) guidance to 34cpu from 33.2cpu, representing a 2.4% increase and total upgrades of 3-5% since the start of the year, highlights Macquarie.

The analyst attributes the latest improvement to stronger operational performance and a lower cost of debt, with office occupancy rising to 95.2% from 94.4%.

The broker also highlights the pending acquisition of a 50% stake in Grosvenor Place, which could be modestly accretive once fully leased. Earnings forecasts for FY25-27 are increased by 2-4%.

Macquarie retains an Outperform rating and raises its target to $6.27 from $6.26.

Target price is $6.27 Current Price is $5.40 Difference: $0.87
If GPT meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates GPT as Neutral (3) -

GPT Group lifted its 2025 FFO guidance by 2% to 34c, with the 3Q2025 update broadly meeting expectations and showing improved performance from the underlying business, according to UBS.

Retail centre sales rose 3.4%, with specialty sales up 4.8% on last year. Office occupancy, including Heads of Agreement, increased to 95.2% versus 94.4% in 1H2025, while the weighted average lease life was 4.7 years compared with 4.8 years previously.

Logistics occupancy declined to 98.4% from 99.5% in 1H2025, with an unchanged lease profile.

The acquisition of a 50% interest in Grosvenor Place for around $860m is viewed as a vote of confidence in Sydney’s core CBD assets. UBS retains a Neutral rating and lifts the target by 3% to $5.55.

Target price is $5.55 Current Price is $5.40 Difference: $0.15
If GPT meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates IEL as Neutral (3) -

Macquarie leaves its Neutral rating and $6.00 target for IDP Education unchanged, noting Canada’s federal budget outcome was less negative than feared for international education providers.

The 2026 student visa cap of 155,000 applies only to new visas, explains the analyst, compared with the 2025 cap of 437,000 that included extensions.

The broker estimates around 80,000 new visas will be issued in 2025, implying the 2026 cap allows for growth if application volumes recover.

While India/Canada relations remain a risk, recent diplomatic progress is positive, in Macquarie's view.

Target price is $6.00 Current Price is $4.99 Difference: $1.01
If IEL meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.59, suggesting upside of 39.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates LNW as Buy (1) -

Light & Wonder's 3Q25 adjusted EBITDA beat both Bell Potter's forecast and the consensus by 4%, with revenue up 3% y/y  to US$841m, also ahead of the broker's US$839m estimate.

Growth was driven by strong Gaming, up 4% y/y and iGaming, up 16%, offset by weaker SciPlay, down -4%. Margin expansion in Gaming and iGaming underpinned the earnings beat, leading to a 64% rise in free cash flow to US$136m.

Net debt leverage improved to 3.3x, and the company re-affirmed FY25 adjusted EBITDA guidance of US$1.43-1.47bn.

The broker lifted FY25 EPS forecast by 2% and FY26 by 1% on stronger 3Q EBITDA, Asian shipment deferrals, delayed Grover Indiana entry, and higher buyback assumptions.

Buy. Target rises to $176 from $173.

Target price is $176.00 Current Price is $124.85 Difference: $51.15
If LNW meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates LNW as Buy (1) -

Following a further review of Light & Wonder's September quarterly result, Citi lowers its target to $175 from $176 and retains a Buy rating.

FNArena's summary of the broker's initial research follows.

Light & Wonder reported Sep Q adjusted earnings up 18% year on year, 5% above consensus. Revenue of $841m was in line with Citi. The beat came through in the margin, with earnings margins up 500bps in Gaming and 700bps in iGaming.

The earnings beat suggests to Citi there is less risk in hitting FY25 guidance, with 25-38% growth required in the Dec Q to hit the range. Management guided FY26 Gaming margins are likely to be in the low 50% range given the impact of tariffs.

This is in line with Citi's current FY26 forecast of 52.5% but does suggest margins will be down on the Sep Q result of 54.7%. 

Target price is $175.00 Current Price is $124.85 Difference: $50.15
If LNW meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates LNW as Outperform (1) -

Light & Wonder's third-quarter adjusted earnings (EBITDA) rose 18% year-on-year to US$375m, about 4% above Macquarie's forecast.

The outcome was supported by margin gains and the inclusion of recently acquired Grover Gaming (charitable gaming), explains the analyst.

Free cash flow (FCF) reached US$136m, with leverage at 3.3 times and US$111m in buybacks during the quarter.

The broker maintains its 2025 earnings forecast of US$1.43bn, in line with guidance, despite delays in Philippine sales to 2026. Margins are expected to moderate slightly due to mix and tariffs.

Macquarie trims its forecasts marginally, lowers its target to $170 from $180, and retains an Outperform rating.

Target price is $170.00 Current Price is $124.85 Difference: $45.15
If LNW meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgans rates LNW as Buy (1) -

There was a lot to commend Light & Wonder for in the 3Q2025 result, which quashed many of the market’s concerns over FY25 guidance, Morgans explains.

Revenue for 3Q2025 met consensus at US$841m, with adjusted earnings (EBITDA) around 6% better than the analyst's forecast and 4% above consensus. Net profit after tax was also a strong beat, over 10% better than expected.

The better results were attributed to higher margins across all segments, and free cash flow advanced by 64% on the previous year to US$136m.

Management reiterated 2025 earnings guidance, and Morgans raises its EPS estimate by 1% for 2025 and is basically unchanged for 2026.

The stock is rated Buy, with an unchanged target price of $175.

Target price is $175.00 Current Price is $124.85 Difference: $50.15
If LNW meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

UBS rates LNW as Buy (1) -

Light & Wonder delivered a stronger-than-expected 3Q2025 result, with adjusted EBITDA up 18% y/y and 3% above UBS’ forecast. Net profit after tax beat by 11% versus the analyst and 12% versus consensus.

UBS notes the result eases pressure on 4Q2025 earnings, which now require 16% growth to meet the lower end of guidance.

Gaming performance was better than expected across installs, sales volumes and average selling prices, though tariffs, delayed openings and lower R&D remain headwinds for 4Q.

Buy rating and $206 target maintained.

Target price is $206.00 Current Price is $124.85 Difference: $81.15
If LNW meets the UBS target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 50.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners rates MAU as Buy (1) -

Magnetic Resources' latest drilling at the Lady Julie Gold Project (LJGP) identified high-grade mineralisation extensions to the north, including notable intercepts such as 17m at 3.01g/t Au from 497m.

Shaw and Partners notes assays are pending for multiple holes that intercepted high-grade zones.

These results strengthen confidence in the LJGP’s underground mine life potential, indicating significant upside with additional extensional drilling planned.

Buy, High Risk. Target unchanged at $3.98.

Target price is $3.98 Current Price is $1.27 Difference: $2.705
If MAU meets the Shaw and Partners target it will return approximately 212% (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 MGR as Buy (1) -

A tour to Mirvac Group's Brisbane and Hervey Bay sites and discussions with management reinforced Citi's positive view on its Queensland exposure.

Key takeaways for the broker included robust population growth supporting residential demand and a 8% MAT (moving annual turnover) growth in retail centres boosting income.

Other positives were low rental vacancies benefiting build-to-rent projects and strong build quality, margins, and pipeline in the Serenitas business.

Buy. Target unchanged at $2.60.

Target price is $2.60 Current Price is $2.28 Difference: $0.32
If MGR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 8.4% (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

Citi rates MQG as Neutral (3) -

It is Citi's early assessment Macquarie Group's H1 result missed market expectations with cash earnings of $1,655m falling short of consensus by some -11%.

Revenues were largely in-line but higher costs (CGM spend, impairments) and tax weighed. Citi estimates roughly half the miss is caused by an impairment taken against green assets (-$152m pre-tax).

MAM beat expectations on performance fees from MAIF2 (Airtrunk fund) and Aligned data centres co-investors. While better performance fees and cyclical activity in MacCap benefited the result, Citi points out this was mitigated by weaker CGM revenues and a substantial pick-up in costs in that division.

Despite weaker earnings, business capital requirements increased by $1.8bn, seeing the ROE fall by -150bps vs FY25.

The broker concludes with: "While changes to guidance may imply a lesser change to FY expectations, the faith in the 2H skew may be tested by the quality of the earnings drivers."

Target $200. Neutral.

Target price is $200.00 Current Price is $217.25 Difference: minus $17.25 (current price is over target).
If MQG meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $225.77, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X reported 1Q26 net operating cash outflow of -$1.7m. Operating inflow was $5.3m and operational expenses of -$7.4m included staff costs of -$3.6m and R&D of -$1.7m.

Morgans notes cash at quarter end was $2m versus $3.2m a year earlier. The forward outlook includes contracted receipts of $17.8m for FY26, boosted by a new US healthcare supply agreement and expansion into SE Asia.

Target remains at 17c with an ongoing Speculative Buy rating.

Target price is $0.17 Current Price is $0.11 Difference: $0.06
If MX1 meets the Morgans target it will return approximately 55% (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 NAB as Sell (5) -

The highlight of National Australia Bank's FY25 result was the underlying revenue growth of 4.3% which beat Citi's estimate but the higher-than-expected FY26 cost guidance disappointed. 

Asset quality vs peers also stood out, with $833m bad and doubtful debts 6% above consensus, driven by higher individual provisions in 2H25. Non-performing loans rose to 1.55% despite the first decline in watchlist loans in two years.

Cash earnings came in at $7.091bn, meeting Citi's forecast but missing consensus by -1%, while core earnings were in line with consensus.

Net interest margin of 1.74% slightly beat consensus of 1.71%, though driven by mix effects in liquids and markets & treasury (M&T).

FY26 cost guidance of less than 4.6% growth exceeded the consensus estimate of 3% increase, raising cost concern.

The broker lowered FY26 earnings forecast by -1% but increase FY27-28 by 3%.

Sell. Target rises to $37 from $36 on FY27-28 earnings upgrades.

Target price is $37.00 Current Price is $43.06 Difference: minus $6.06 (current price is over target).
If NAB meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.49, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates NAB as Neutral (3) -

Macquarie believes National Australia Bank's FY25 results showed early progress on key priorities, with improved deposit growth and stabilised proprietary mortgage performance.

The broker notes the results broadly followed 3Q25 trends but missed elevated expectations, lacking the capital and BDD beats seen at Westpac ((WBC)), thus leaving limited re-rating catalysts.

Dividend sustainability concerns persist, though the FY26 payout appears secure amid improving deposit growth and stabilised mortgages, the broker highlights.

Net interest margin beat consensus by 5bps mainly from liquids, and the broker lifted FY26 margin estimate by 3bps to 1.73% on fewer expected RBA cuts and a better starting point.

Credit quality is improving, with arrears declining and business non-performing loan stabilising despite a higher impairment charge. The bank remains well-provisioned, the broker notes.

Neutral. Target rises to $39 from $38 driven by 2% EPS upgrades on stronger margins.

Target price is $39.00 Current Price is $43.06 Difference: minus $4.06 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.49, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in September.

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

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

Simply put: National Australia Bank's H2 performance was not strong enough. Such is the assessment by analysts at Morgan Stanley.

As the bank's earnings outlook and capital position are seen as insufficient to drive further share price upside, the broker has downgraded to Equal-weight from Overweight.

Commentary highlights NAB's organic capital generation was weak in 2H25 and its proforma post-dividend CET1 ratio of 11.2% implies no meaningful capital buffer above its stated target.

Morgan Stanley does still think the risk of a dividend cut in FY26 is low. Earnings estimates have been reduced by between -2%-5%. Target falls to $40 from $42.50.

Target price is $40.00 Current Price is $43.06 Difference: minus $3.06 (current price is over target).
If NAB 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 $37.49, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates NAB as Sell (5) -

National Australia Bank announced 2H25 earnings which missed expectations. Going into FY26, the bank is experiencing momentum in loan growth but also rising costs and some evidence of asset quality deterioration.

The net interest margin rose 8bps on 1H25, which was better than expected, but the quality of the beat, Morgans details, was lower.

Management is aiming to increase Australian housing lending from proprietary sources to improve return on equity.

Morgans retains a Sell rating on the stock, pointing to the bank's higher reliance on wholesale funding, which implies a higher cost of capital, while investment spending has moved up from previously restrained levels.

The stock is trading at an elevated valuation. Target lifted slightly to $31.46 from $31.23.

Target price is $31.46 Current Price is $43.06 Difference: minus $11.6 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.49, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Downgrade to Sell from Lighten (5) -

Ord Minnett raises its target for National Australia Bank to $35 from $34 and downgrades to Sell from Lighten on valuation grounds and the broker's concerns over the regulatory capital position.

The bank's main challenge, suggests the analyst, is the rapid growth in risk-weighted assets combined with a 75% dividend payout. This has compressed its common equity tier-one ratio to 11.7%, down 31bps half-on-half.

Following the final dividend and without moderating risk-weighted assets (RWA) growth, the CET1 ratio is expected to fall close to the regulatory minimum of 11.25%.

Second-half FY25 cash earnings missed market expectations due to higher bad debt charges, explains the broker, though pre-provision operating profit and the final dividend were in line.

The analyst highlights the net interest margin (NIM) widened 8bps to 1.78%, ahead of consensus, driven by benefits from the replicating portfolio.

Business lending rose 5.3% half-on-half, with growth across multiple sectors, but asset quality weakened as non-performing loans increased to 1.55% of total loans, explains Ord Minnett.

Target price is $35.00 Current Price is $43.06 Difference: minus $8.06 (current price is over target).
If NAB meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.49, suggesting downside of -13.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates NAB as Neutral (3) -

National Australia Bank’s FY25 result was broadly in line, according to UBS, though cash net profit after tax missed slightly by -1.5% while EPS met consensus.

The CET1 ratio came in lower than expected at 11.7%, with margins supporting revenue growth, but sustainability uncertain.

Costs rose 5% as NAB defended its business banking share, while credit quality weakened modestly due to higher non-performing loans. Guidance suggests operating expense growth will be below the FY25 level of 4.6%, with $1.8bn of investment.

Management expects business credit growth of around 7.5% and housing loan growth of 6% for FY26.

UBS cuts EPS forecasts by -3% for FY26 and -4.5% for FY27, assuming a small NIM rise and higher costs alongside increased bad debt charges. The broker sees the shares as fully priced, retains a Neutral rating, and lifts the target to $42.50 from $37.50.

Target price is $42.50 Current Price is $43.06 Difference: minus $0.56 (current price is over target).
If NAB meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.49, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Citi rates NEM as Buy (1) -

Citi updated its model for Newmont Corp post-3Q25 results, resulting in a 2% increase to FY25 EBITDA but a -2% cut to FY26.

The broker notes FY26 production guidance was implied at 4.0-4.2Moz, and its forecast is 4.1Moz. For 4Q25, the broker forecasts EBITDA of US$3.8bn and an 8-9% annualised free cash flow yield at US$4,000/oz gold, benefiting from cost savings on corporate G&A.

Yanacocha mining ends by December, with injection leaching to continue but higher reclamation and remediation costs are expected. Ahafo North reached commercial production in October, offsetting lower grades at Ahafo South, the broker notes.

Buy retained. Target unchanged at $160.

Target price is $160.00 Current Price is $125.78 Difference: $34.22
If NEM meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $154.20, suggesting upside of 20.2% (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: 0.7

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

Bell Potter rates NEU as Buy (1) -

Neuren Pharmaceuticals’ commercial partner Acadia Pharmaceuticals reported US$101m in Daybue sales in 3Q25, up 11% y/y and 5% q/q, broadly in line with expectations.

Bell Potter notes FY25 sales guidance was narrowed to US$385-400m, with growth driven purely by volume. Neuren earned $45m in royalties in nine months, with the broker forecasting $64m for FY25 on US$390m Daybue sales.

The broker notes patient persistence remains strong (over 50% at 12 months), and upcoming catalysts include EU approval, targeted for Jan 2026 and first sales in 2Q26.

Forecasts largely unchanged, with the broker expecting the company to post another profitable FY25 result.

Buy. Target unchanged at $25.

Target price is $25.00 Current Price is $18.12 Difference: $6.88
If NEU meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $25.70, suggesting upside of 38.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates ORI as Buy (1) -

Citi believes Orica’s FY25 earnings risk lies to the upside, supported by resilient Blasting Solutions performance despite thermal coal headwinds.

The broker expects strength in Specialty Mining Chemicals and Digital Solutions, with higher sodium cyanide demand and improving exploration activity. 

The analysts' industry feedback suggests exploration conditions are improving. It's felt this positions Axis (part of Digital Soltions providing advanced blast design, planning, and data analytics software) to outperform peers through cross-selling and customer reach.

Citi notes thermal coal weakness has not worsened and EBIT impact remains contained. The analysts expect earnings growth across all segments into FY26 and reaffirmation by management of the 13-15% return on net assets (RONA) target.

Citi retains a Buy rating and target of $24.05 target.

Target price is $24.05 Current Price is $22.33 Difference: $1.72
If ORI meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $23.65, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates PXA as Outperform (1) -

Macquarie notes NSW property settlement activity rose 17.6% y/y in October, continuing its strong upward trend, while Queensland grew a modest 3.8% y/y in September.

Weighted national settlement activity was up 10.8% in September, the strongest in over a year. The broker highlights the index is more than 95% correlated to Pexa Group's reported volumes and is tracking 4.3% so far in FY26 vs its 2.8% 1H26 forecast.

Transfer activity rose 8.2% in Sep-25 (best since the year earlier), and refinancing remained robust at 24.9% growth, above the 6-month rolling average of 22.9%.

Minor revisions to forecasts. Outperform. Target unchanged at $19.10.

Target price is $19.10 Current Price is $14.81 Difference: $4.29
If PXA meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $17.81, suggesting upside of 16.9% (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

Citi rates QAN as Buy (1) -

In a quick response to today's market update by Qantas Airways, Citi notes Domestic 1H26 RASK of 3% versus 3-5% guided, with capacity up 5% (as guided).

International RASK up 2-3% (as guided), and capacity up 4% (as guided). Loyalty EBIT guide is reconfirmed (10-12%). Fuel costs largely in line/modestly higher at $2.62bn versus $2.6bn guided due to higher refining margins.

Also, Jetstar Asia's underlying EBIT loss of -$30m compares with -$23m guided and FX moves in Jetstar Japan resulted in -$20m non-cash impact from lease liabilities.

With Jetstar Asia ceased and Japan FX-related, the analysts believe investors will largely look through minor disappointments, while the refining margin fuel increase appears better than feared.

Given the share price softness prior, Citi is willing to predict today's update should provide some relief to investors. Buy. Target $13.60.

Target price is $13.60 Current Price is $10.18 Difference: $3.42
If QAN meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $13.00, suggesting upside of 37.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates REA as Neutral (3) -

In a quick follow-up to today's Q1 market update by REA Group, Citi analysts commented group revenue grew by 4% yoy. Excluding divested Proptiger and HousingEdge (exited), group revenue is in line with the expectation of 5% yoy growth.

The broker anticipates minimal changes from consensus, which reflects higher India losses offset by slightly higher yield growth.

The analysts do believe consensus expectation for 10% Australia revenue growth in 1H26 is likely too high as it implies 15% yoy growth in 2Q26 against 6% delivered in 1Q.

Ahead of management's call with analysts later, Citi suggests general focus will likely be geo-mix benefit in 1Q and impact (if any) from increased marketing by local competitor Domain.

Neutral. Target $279.50.

Target price is $279.25 Current Price is $211.21 Difference: $68.04
If REA meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $270.32, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates SDF as Outperform (1) -

Steadfast’s October pricing data remained soft, observes Macquarie, with weakness in workers’ compensation, home, and strata insurance partly offset by strength in personal motor.

The broker estimates portfolio pricing of 2.2% for the September quarter, slightly above company guidance of 1-2%, driven by middle-market softness and continued strata pressure.

Despite the weaker pricing environment, Steadfast trades at an -8.6% discount to international brokers versus its long-term 2.3% premium, highlights the analyst. Long-term upside is also seen due to the US rollout opportunity. 

Macquarie maintains a $7.00 target price and an Outperform rating. 

Target price is $7.00 Current Price is $5.20 Difference: $1.8
If SDF meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 26.1% (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

Morgans rates TCG as Buy (1) -

Morgans upgrades Turaco Gold to Buy from Speculative Buy, with an unchanged target of $1.63, following the updated mineral resource estimate of 4.06Moz Au @ 1.2g/t. This compares with 3.55Moz Au in the last update, just five months prior.

The analyst highlights that Turaco has one of the largest undeveloped gold projects on the Australian market. The latest update excludes additional extension and infill drilling at Woulo Woulo and Anuiri, which have shown better grades at depth.

Morgans sees further upside from resource increases, which could push Turaco above 5Moz Au, as well as a clear pathway to a 180-200kozpa operation in West Africa's best gold mining areas.

Target price is $1.63 Current Price is $0.41 Difference: $1.22
If TCG meets the Morgans target it will return approximately 298% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates TLX as Buy (1) -

Telix Pharmaceuticals' competitor Lantheus Holdings Inc., a US-based radiopharmaceutical company listed on Nasdaq, has issued a quarterly update pointing to further share loss for Telix in US PSMA scanning agents, explains Citi.

It is thought Telix’s market share now sits in the high-30% range on value and higher on volume. While Lantheus' Pylarify sales exceeded consensus by 7%, they declined year-on-year, notes the analyst.

The broker highlights Gozellix, Telix’s newer product, offers stronger pricing than Illuccix and benefits from pass-through status.

Citi retains a Buy rating and target of $34.

Target price is $34.00 Current Price is $15.16 Difference: $18.84
If TLX meets the Citi target it will return approximately 124% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 81.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates VCX as Neutral (3) -

Vicinity Centres’ September quarter update demonstrated to Citi continued leasing strength and stable occupancy, reinforcing strong landlord negotiating power.

The broker highlights 99.5% occupancy and portfolio sales growth of 4.4%, including 5.9% for specialty and mini-major tenants, reflecting solid retail demand.

Chatswood Chase Stage 1 reopened with 60 retailers and achieved sales well above opening targets. Chadstone’s Market Pavilion precinct continues to outperform, sustaining high visitation and productivity of $18,000 per square metre, observe the analysts.

The broker sees positive operational momentum supported by firm leasing spreads and rent escalators. Citi retains a Neutral rating and target of $2.60.

Target price is $2.60 Current Price is $2.53 Difference: $0.07
If VCX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -2.4% (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

Morgans rates WDS as Buy (1) -

In Morgans' view, Woodside Energy's 2025 Capital Markets Day emphasised disciplined execution and stronger cash flow growth through the 2030s.

Management outlined “second-wave” growth projects and guided for US$9bn annual cash flow by 2032, driven by volume and margin expansion, and a pathway to 50% higher dividends.

Core value pillars remain operational reliability and a de-risked growth portfolio, the broker notes, adding, key projects (Scarborough, Trion, Beaumont, LALNG) are all on schedule and within budget.

Partnerships with Stonepeak and Williams reduce funding exposure and execution risk, reinforcing Woodside’s low-risk, capital-efficient model, the broker observes..

No changes to forecasts. Buy retained with unchanged $30.50 target.

This report was published Thursday.

Target price is $30.50 Current Price is $25.56 Difference: $4.94
If WDS meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $25.62, suggesting downside of -0.9% (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: 0.2

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

Ord Minnett rates WDS as Hold (3) -

Management at Woodside Energy's Capital Markets day outlined a long-term plan to nearly double net operating cash flow to US$9-14bn by the early 2030s, supported by 6% annual sales growth.

Management expects a 50% dividend increase from 2032, implying a 14% dividend yield once the Louisiana LNG project is operational.

Ord Minnett provides caution around rising LNG supply, narrowing JKM–Henry Hub spreads, and limited US exposure pose risks to free cash flow.

Noting longer-term prospects for Woodside are appealing, but for now the broker maintains a Hold rating and $25.00 target, citing execution and timing risks.

Target price is $25.00 Current Price is $25.56 Difference: minus $0.56 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.62, suggesting downside of -0.9% (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: 0.2

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