Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Life360’s 3Q25 revenue of US$124.5m and adjusted earnings (EBITDA) of US$24.5m exceeded Bell Potter's forecasts by 3% and 26%, respectively.

The broker notes key operating metrics such as paying circles (PCs) and average revenue per paying circle (ARPPC) were broadly in line with expectations, though monthly active users (MAU) fell short.

Management upgraded FY25 revenue and earnings guidance following stronger retention-focused marketing and announced the -US$120m Nativo acquisition, an advertising technology business.

Bell Potter retains a Buy rating and raises its target to $52.50 from $47.20 after raising revenue forecasts to meet the midpoint of guidance.

Target price is $52.50 Current Price is $45.80 Difference: $6.7
If 360 meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $50.75, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Morgan Stanley rates 360 as Overweight (1) -

Morgan Stanley notes Life360's 3Q25 revenue and adjusted EBITDA beat consensus, but slowing growth in monthly active users (MAU) is a watchpoint. Still, the broker expects modest upward revision in 12-month consensus EPS estimates.

International MAU growth was 24% in 3Q vs 34% in 2Q, and US rose 15% vs 17% in 2Q. 

The company lifted FY25 revenue guidance to US$474-485m from US$462-482m, and adjusted EBITDA to US$85-88m from US$72-82m.

Guidance for other revenue (ads) lifted by 7% following strong 82% y/y ad growth.

Overweight. Target price $58.50. Industry view: In Line.

Target price is $58.50 Current Price is $45.80 Difference: $12.7
If 360 meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $50.75, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

UBS rates 360 as Buy (1) -

Despite Life360 upgrading FY25 revenue and EBITDA guidance, UBS left its FY26 estimates unchanged, even as the 2H25 ad revenue forecast tracks higher than its forecast.

The broker reckons the ad revenue outperformance is offset by US MAU growth slowing to 15% and softer 4Q25 subscription trends.

The US$120m Nativo deal may signal further low-margin ad-tech acquisitions, given it's supported by US$300m convertible raise.

The broker trimmed target price to US$110 from US$120 to reflect slower subscription momentum, and values the company at  45x FY27E EBITDA and 0.9x EV/EBITDA/Growth, in line with peers.

Buy maintained.

Current Price is $45.80. Target price not assessed.

Current consensus price target is $50.75, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Citi rates ALL as Buy (1) -

In initial thoughts around today's FY25 result release by Aristocrat Leisure, Citi highlights earnings (EBITA) of $2.23bn (including joint ventures) exceeded the broker's forecast by 2% and revenue by 1%.

These outcomes were supported by a strong Product Madness performance offset by weaker Interactive results, explain the analysts.

The analysts expect the stock to trade broadly in line with the market today. At the time of writing, this prediction is proving incorrect with around -5% fall in the first 40 minutes of trade.

Gaming earnings met the broker's expectations, with 4,100 new units added versus the consensus of 5,000, while North American sales rose 6% above forecasts.

A lower-than-expected D&D spend is noted, and unallocated design and development costs are thought to have aided the result’s quality.

A final dividend of 49c was declared versus the broker's 37c forecast.

Buy rating and target of $71.

Target price is $71.00 Current Price is $64.25 Difference: $6.75
If ALL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $74.87, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Shaw and Partners rates AR1 as Initiation of coverage with Buy, High Risk (1) -

Shaw and Partners initiates coverage of established copper producer and developer Austral Resources Australia with a Buy, High Risk rating and 20c target. The valuation is seen as compelling given asset replacement value above $1bn and strong operational leverage.

The broker highlights Austral’s unique dual-processing model across oxide and sulphide ores using the Mt Kelly SXEW plant and Rocklands concentrator, forming a regional copper hub in north-west Queensland.

Switzerland-based Glencore’s loan and offtake agreements underpin funding stability, highlight the analysts, while enabling third-party tolling.

Target price is $0.20 Current Price is $0.05 Difference: $0.15
If AR1 meets the Shaw and Partners target it will return approximately 300% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates ARB as Outperform (1) -

Macquarie cut ARB Corp's FY26 EPS forecast by -2.7% and FY27 by -0.7% following recent VFACTS data and AGM update.

The broker notes the Australian Aftermarket segment was slightly softer than previously expected.

Outperform. Target unchanged at $44.90.

Target price is $44.90 Current Price is $34.99 Difference: $9.91
If ARB meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $42.90, suggesting upside of 25.8% (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 BEN as Sell (5) -

Bendigo & Adelaide Bank's 1Q26 cash earnings of $120.7m missed expectations by -6% when compared with the 1H26 consensus, Citi observes. The miss was driven by higher costs as the total income of $505m met expectations.  

Costs were 10% above the 2H25 average, 7% higher year-over-year, and 8% above consensus, with Citi noting that cost pressure contrasts with management’s August commitment to sub-inflationary cost growth.

The broker is looking ahead to the strategy day on December 4, where the focus will be on productivity and will likely help restore investor confidence after a tough September quarter.

Sell. Target price $11.

Target price is $11.00 Current Price is $11.64 Difference: minus $0.64 (current price is over target).
If BEN meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.10, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Macquarie rates BEN as Underperform (5) -

Bendigo & Adelaide Bank served up a soft 1Q26 trading update, hit by higher expenses which resulted in an earnings miss of -8% relative to consensus.

Macquarie points to reasonable revenue growth of 4% on the prior quarter, with improved margins and non-interest income, marred by higher expenses which deteriorated relative to last year.

Margins did reveal some improvement, but the mortgage book declined and deposit pricing worsened. Competition is expected to re-emerge.

The analyst tweaks their EPS forecasts lower by around -1% for FY26–FY28, with a slight decline in the target price to $10.50 from $10.75. No change to the Underperform rating.

Target price is $10.50 Current Price is $11.64 Difference: minus $1.14 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.10, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Morgan Stanley rates BEN as Downgrade to Underweight from Equal-weight (5) -

After recently lowering Bendigo & Adelaide Bank's EPS forecasts by -3-4%, Morgan Stanley has again trimmed by -4-5% following what it describes as disappointing 1Q26 results.

The broker reckons it will take time for the bank to manage costs and margins while lifting growth. Mortgage balances fell in 1Q, and while the broker expects a return to growth, the overall FY26 growth is now expected to be flat.

The broker also expects below-system business and agri growth as restructuring continues. Margin rose 3bps q/q but is expected to drift lower through FY26.

The broker thinks Investor Day on December 4 could aim for -$60-80m potential savings in FY26 and FY27, though maintaining cost growth below inflation looks difficult. The analyst's own forecast for "jaws" is -3.5%.

Rating downgraded to Underweight from Equal-weight. Target trimmed to $10.00 from $10.60. Industry View: In-Line.

Target price is $10.00 Current Price is $11.64 Difference: minus $1.64 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.10, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Ord Minnett rates BEN as Upgrade to Hold from Lighten (3) -

Bendigo & Adelaide Bank's September-quarter update showed cash earnings below Ord Minnett's expectations, driven by higher costs, softer home lending, and weak business credit demand.

The broker explains the mortgage book fell -1.4% as the bank eased competition ahead of full rollout of its new lending platform, expected by November.

The analyst highlights a 3bps net interest margin (NIM) increase to 1.91% and stable asset quality but rising IT vendor costs.

Ord Minnett maintains its $11.00 target and upgrades to Hold from Lighten on valuation grounds.

Target price is $11.00 Current Price is $11.64 Difference: minus $0.64 (current price is over target).
If BEN meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.10, suggesting downside of -1.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Macquarie rates BGA as Outperform (1) -

Bega Cheese is well positioned to capitalise on growing wellness trends in high protein, no/low sugar, and gut health with energy characteristics. Macquarie believes these are underpinning general outperformance relative to the broader food and beverage sector.

The trends are boosting double-digit unit growth as consumers switch to 'better-for-you' options over historical snacks in soft drinks and confectionery. Morning snacking habits in Australia are lower than US and EU markets, and yogurt and milk-based drinks should benefit.

The analyst believes Bega can achieve its target of over $250m in earnings (EBITDA) by FY28, with the broker and consensus at around $260m forecast. FY26 EPS forecast lifted by 1% and FY27 by 2% on upgraded assumptions in branded segments.

Target price lifts 3% to $6.80 from $6.60. No change to the Outperform rating.

Target price is $6.80 Current Price is $5.69 Difference: $1.11
If BGA meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.30, suggesting upside of 7.4% (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

Morgans rates BRG as Upgrade to Buy from Hold (1) -

Morgans notes Breville Group's share price has fallen around -16% since FY25 results, reflecting expectations of muted FY26 earnings amid tariff-related margin pressure and softer consumer demand.

It’s thought the company’s premium positioning, product innovation, and exposure to the coffee segment should help offset macro headwinds.

The broker highlights manufacturing diversification progress and ongoing resilience in premium markets.

Morgans views the recent weakness as a buying opportunity, upgrading to Buy from Hold with an unchanged $36.05 target.

Target price is $36.05 Current Price is $29.58 Difference: $6.47
If BRG meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 21.6% (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 CBA as Sell (5) -

Citi reckons the -6% decline in CommBank's share price following 1Q26 result was likely due to the result being seen as lacklustre relative to peers. The 3% revenue growth was similar to Westpac's ((WBC)), the broker notes.

Despite stable asset quality and capital, stronger momentum at ANZ Bank ((ANZ)) and Westpac leaves CBA’s valuation premium exposed, in the broker's view. 

Upward revisions made to FY26-28 cash earnings forecasts, bringing them in line with consensus.

Sell. Target $130.

In an early update, the broker wrote:

CommBank's first-quarter FY26 result was broadly in line with market expectations, with unaudited cash earnings of $2.6bn and revenue around $7.4bn, slightly above expectations. Total revenue rose 3% versus the prior hal..

Management noted the underlying NIM was 'slightly lower' on switching, competition and rates. CET1 capital stood at 11.8%, consistent with Citi's forecast.

Higher costs reflected the NZ class action settlement, with underlying cost growth near 4% and asset quality remaining benign, the broker assesses.

Target price is $130.00 Current Price is $163.40 Difference: minus $33.4 (current price is over target).
If CBA meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.81, suggesting downside of -25.8% (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 CBA as Underperform (5) -

Remediation costs weighed on CommBank's 1Q26 trading update at a headline level, according to Macquarie, while the underlying operational metrics and trends appear ok to the analyst.

Underlying margins were down around -1 to -2bps, which met expectations, and credit quality improved. Pre-provision earnings came in better than expected on revenue which exceeded forecast.

Management pointed to more challenging conditions for margins, with competition in deposits a headwind. Expenses grew some 4% against lower seasonal tech spend.

The analyst lifts the estimated cost growth to 5.6% for FY26. EPS forecasts are largely unchanged.

Underperform. Target unchanged at $106.

Target price is $106.00 Current Price is $163.40 Difference: minus $57.4 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.81, suggesting downside of -25.8% (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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley assesses CommBank's 1Q26 update as meeting expectations, albeit with a little soft message on margins and expenses. The broker sees little change to consensus EPS expectations for the next 12 months.

Revenue was up 3% vs 2H25 quarterly average, in line with forecasts, as stronger other income offset a small net interest miss.

Headline margin fell due to mix effects and the underlying margin came in slightly lower from deposit switching, competition, and lower cash rates. The bank highlighted intensifying competition, though the broker highlights volume growth remained solid per APRA data.

Early trends point to margin and cost headwinds in 1H26, adding risk to the broker's FY26 jaws forecast of 1.5%.

Underweight. Target price $144.80. Industry View: In-Line.

Target price is $144.80 Current Price is $163.40 Difference: minus $18.6 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.81, suggesting downside of -25.8% (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

Morgans rates CBA as Sell (5) -

Morgans highlights CommBank's 1Q revenue growth was outpaced by cost growth and loan impairment charges.

The analyst advises investors sharply reduce overweight positions. It's felt the bank’s elevated valuation and subdued outlook for low-to-mid single-digit earnings and dividend growth present a poor risk/return profile for future investment returns.

Profit rose around 1%, less than the 1.7% benefit from additional trading days in the period, notes the broker. A lower net interest margin (NIM) reflected mix changes and deposit competition.

The broker trims its FY26-28 earnings and dividend forecasts by -3%, and cut its target to $96.07 from $98.90.

Morgans maintains a Sell rating, citing limited growth and stretched valuation.

Target price is $96.07 Current Price is $163.40 Difference: minus $67.33 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.81, suggesting downside of -25.8% (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 CBA as Sell (5) -

Ord Minnett notes CommBank's September-quarter update showed greater-than-expected margin pressure and strong cost growth, with cash earnings merely meeting consensus.

The broker highlights a -5bps net interest margin contraction to 2.03%, attributing the decline to deposit competition, lower rates, and housing market rivalry.

Costs worsened by 5%, including a class action charge, while underlying expenses also deteriorated by -4% amid wage inflation and IT vendor spending, observes the analyst.

Despite solid asset quality and capital strength, Ord Minnett maintains its Sell rating and $105.00 target, citing stretched valuation and -35% downside risk.

Target price is $105.00 Current Price is $163.40 Difference: minus $58.4 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.81, suggesting downside of -25.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Macquarie rates CMM as Neutral (3) -

Capricorn Metals announced an updated underground mineral resource for Orion South, rising to 9.5Mt at 2.9g/t for 895koz, up 31% since the maiden underground resource released in July 2025.

The area spans 1.2km, with the resource remaining open at depth, and infill drilling is the main focus before the preliminary feasibility study at the end of FY26.

Macquarie now assumes Orion South will come on stream in FY30, ramping to 1.5Mtpa, with the plant debottlenecked to 5.5Mtpa from 5Mtpa for additional volumes.

Target price is raised 8% to $14, and a Neutral rating is retained.

Target price is $14.00 Current Price is $14.24 Difference: minus $0.24 (current price is over target).
If CMM meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.77, suggesting upside of 11.0% (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

Morgans rates CUV as Upgrade to Speculative Buy from Hold (1) -

Morgans observes the case for Clinuvel Pharmaceuticals remains polarising among the investment community despite solid cash generation and a market cap nearly half backed by cash.

The broker notes upbeat AGM commentary but limited new catalysts and ongoing shareholder frustration, with a third consecutive remuneration strike signalling discontent over capital deployment and transparency.

Valuation has become attractive, in the analysts' opinion, with near-term downside protected by strong free cash flow.

Morgans upgrades its rating to Speculative Buy from Hold, maintaining a $14 target, noting a short-term trading opportunity.

Target price is $14.00 Current Price is $11.18 Difference: $2.82
If CUV meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.53, suggesting upside of 66.5% (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

Macquarie rates DNL as No Rating (-1) -

Dyno Nobel's FY25 underlying net profit after tax was lower than Macquarie's forecast by -1.5%, with most pre-guided in the October company update.

Management pointed to FY26 earnings guidance midpoint of 16% growth and the share buyback of around $500m restarting on November 11.

The analyst lowers EPS forecasts by -5% for FY26/FY27 on lower assumed explosive earnings, with higher D&A and interest costs.

No rating or target price due to research restrictions.

Current Price is $3.43. Target price not assessed.

Current consensus price target is $3.41, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates FLT as Buy (1) -

Today's Flight Centre’s AGM update shows the group tracking slightly ahead of guidance, Citi observes at first glance. FY26 underlying profit before tax (UPBT) guidance of $305-340m compares to consensus at around $320m.

Based on further management commentary, the broker believes 1H26 is outperforming expectations, supported by 7% corporate total transaction value growth and a return to profit in Asia.

Citi expects the 2H earnings bridge to meet guidance is achievable in a stable market, aided by loyalty program benefits and easing comparatives.

Buy. Target price $15.10.

Target price is $15.10 Current Price is $12.11 Difference: $2.99
If FLT meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $15.02, suggesting upside of 22.8% (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

Morgan Stanley rates GDG as Overweight (1) -

After attending Generation Development's Investor Day, Morgan Stanley notes earnings targets appear achievable. Management is guiding to $10bn in investment bond funds under management (FUM) and $75bn in Evidentia FUM within 3-5 years.

The broker points to a strong performance-driven culture and structural tailwinds from higher incomes, tax changes, and ageing demographics.

M&A opportunities are seen as additive, while Lonsec’s brand strength and Evidentia’s scale economics underpin the group's competitive advantage, in the analysts' opinion.

Overweight. Target unchanged at $7.50. Industry view: In Line.

Target price is $7.50 Current Price is $6.61 Difference: $0.89
If GDG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.97, suggesting upside of 20.8% (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

Shaw and Partners rates GHM as No Rating (-1) -

Shaw and Partners is under research restriction.

Current Price is $0.73. Target price not assessed.

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Bell Potter rates IPX as Speculative Buy (1) -

Bell Potter notes the US Department of War’s Acquisition Transformation Strategy will overhaul defence procurement, prioritising speed, modernisation, and production capacity.

The strategy is viewed as a strong tailwind for ASX-listed US defence-focused equities, particularly drone and additive manufacturing groups, through faster contract cycles, improved funding access, and greater demand visibility.

The broker highlights agile development, digital engineering, and private investment partnerships as key reforms to boost efficiency and reduce regulatory friction.

Bell Potter, which covers 11 stocks in the space, maintains a positive sector view.

For IperionX, the Speculative Buy rating and $9.25 target are maintained. This company specialises in the production and processing of high-performance titanium alloys and critical minerals.

Target price is $9.25 Current Price is $5.74 Difference: $3.51
If IPX meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates IRE as Buy, High Risk (1) -

Management at Iress has launched a FY26 efficiency program targeting a 25% cash earnings (EBITDA) margin, up from 20%, while reaffirming FY25 guidance, highlights Shaw and Partners.

It’s thought new CEO Andrew Russell will drive disciplined cost control and product focus, building on his success at Bravura Solutions ((BVS)).

The broker highlights ongoing takeover interest from several private equity groups and sees scope for margin-led earnings upgrades.

Shaw lifts its target to $9.50 from $9.10 and maintains a Buy, High Risk rating.

Target price is $9.50 Current Price is $9.55 Difference: minus $0.05 (current price is over target).
If IRE meets the Shaw and Partners target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.13, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates JIN as Neutral (3) -

Citi lowered Jumbo Interactive's FY26 EPS forecast by -6% and FY27 by -1%, reflecting a lower-than-consensus lottery turnover forecast and a reduced dividend payout ratio flagged by the company.

The payout ratio is now forecast at 30-50% of net profit vs 65-85% previously.

No change to neutral rating and $11.80 target price.

Target price is $11.80 Current Price is $10.16 Difference: $1.64
If JIN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting upside of 35.8% (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

Macquarie rates JIN as Outperform (1) -

Macquarie likes Draw Prize M&A, which lowers Jumbo Interactive's exposure to lottery reseller agreements, estimated to contribute around 55% of earnings at renewal versus some 80% currently.

The analyst estimates $30m in earnings (EBITDA) from Prize Draw in FY27, up 12% y/y vs the midpoint of FY26 guidance and representing a circa 26% contribution to earnings.

Dream Cars Giveaways UK is viewed as a better business than Prize Draw, with the latter operating in a market with low barriers to entry pending regulatory changes in the UK, which should raise those barriers.

Macquarie lifts its EPS forecasts by 9% for FY26 and 29% for FY27 for Prize Draw acquisitions and 4%-plus volume growth for Australian lotteries in FY26.

Target price is lifted 8% to $15, with an Outperform rating retained.

Target price is $15.00 Current Price is $10.16 Difference: $4.84
If JIN meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting upside of 35.8% (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

Morgan Stanley rates JIN as Overweight (1) -

For Morgan Stanley, the key positive from Jumbo Interactive's AGM was strong lottery retailing, with 5.2% TTV in the first four months of FY26 vs negative system growth.

Other positives included lottery retailing revenue growth of 12.5%, managed services up 11%, with solid jackpot share despite softer jackpots, and dividend payout ratio trimmed to 30-50% 

On the negative side, SaaS revenue grew 8.1%,  lagging the consensus of 16.7%.  There's also continued uncertainty over Lottoland tender , with a decision due in January, and greater post-M&A complexity.

Overweight. Target unchanged at $16.80.  Industry view: In Line.

Target price is $16.80 Current Price is $10.16 Difference: $6.64
If JIN meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting upside of 35.8% (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 MND as Buy (1) -

Monadelphous Group's decision to provide a positive business outlook ahead of the November 25 AGM is a bullish sign in itself, Citi highlights.

The Maintenance & Industrial Services (M&IS) division is driven by strong momentum in the construction and energy sector, underpinning 20-25% revenue growth guidance.

While the guidance implies a 2H revenue decline, the broker is taking confidence from strong pipeline visibility and expectations of a rise in work-in-hand with upcoming E&C contract awards.

The broker believes E&C revenue growth will outpace M&IS growth going forward. FY26 EPS forecast upgraded by 19.2% and FY27 by 14.2%.

Buy. Target rises to $28.75 from $23.60.

Target price is $28.75 Current Price is $25.77 Difference: $2.98
If MND meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates MP1 as Buy (1) -

Citi views Megaport’s acquisition of  global, automated compute-as-a-service platform Latitude.sh as accelerating growth while increasing capital intensity and lowering the company’s long-term margin profile.

Latitude's 57% capex-to-revenue ratio makes it a more capital-intensive and structurally lower-margin operation, explain the analysts.

Separately, the broker notes underlying growth momentum for Megaport is improving, with constant currency annual recurring revenue (ARR) rising three percentage points to 19% year-on-year and net revenue retention at 109%.

Latitude’s capability is seen as expanding Megaport’s network-as-a-service (NaaS) offering, with the analysts highlighting cross-sell potential to existing customers and benefits from competitor US-based Equinix’s exit.

Buy. Target $16.30.

Target price is $16.30 Current Price is $14.81 Difference: $1.49
If MP1 meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting downside of -0.7% (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

Macquarie rates MP1 as Outperform (1) -

Megaport announced the acquisition of Latitude.sh, which Macquarie describes as a “Megaport for Compute”, providing dedicated bare metal servers rather than shared cloud capacity.

It offers private, scalable CPU infrastructure that can cut total cost of ownership by -85% for high-egress users like Blockchain, Media, SaaS, Finance, and Healthcare, the broker notes. These sectors align with Megaport’s high-growth verticals.

The broker notes the acquisition is ARR, EBITDA margin, and EPS accretive, with a capital intensity vs return trade-off in bare metal CPUs.

The company also delivered a strong trading update, with $160m ARR and NRR up to 109%, and is tracking toward FY26 ARR of $295m vs consensus of $288m.

No changes to forecasts as the broker awaits deal closure. Outperform. Target unchanged at $18.50.

Target price is $18.50 Current Price is $14.81 Difference: $3.69
If MP1 meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting downside of -0.7% (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

Morgan Stanley rates MP1 as Equal-weight (3) -

Megaport announced the acquisition of Latitude.sh, and Morgan Stanley reckons it makes strategic sense but capital intensity, obsolescence risk, and competition temper returns. As a result, the Equal-weight rating is unchanged.

The broker notes Latitude’s key edge is rapid server spin-up (5 seconds vs 60-120 seconds industry average), positioning the merger to offer an integrated connectivity plus compute platform for cloud and AI workloads.

However, lower scalability and higher variable costs remain risks, as shown by Equinix’s Metal exit and OVHcloud’s -60% share decline amid capex and margin pressures.

The broker forecasts FY27 revenue growth of 45% and EBITDA up 101%, but with negative free cash flow and capex/revenue rising to over 25% before US$150m performance payments.

Target unchanged at $11. Industry View: Attractive.

Target price is $11.00 Current Price is $14.81 Difference: minus $3.81 (current price is over target).
If MP1 meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.92, suggesting downside of -0.7% (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

UBS rates MP1 as Neutral (3) -

Megaport announced the acquisition of Latitude.sh for US$150m, or $231m, composed of US$70m in cash and US$80m in equity. There's also an earnout of US$150m if revenue hurdles are met through 2027 as well as 2028 integration targets.

Latitude.sh is a global automated infrastructure platform delivering compute-as-a-service (CAAS), which UBS notes is a new vertical business. It allows Megaport to connect automated networks with automated compute for powering the cloud, AI, and data centre systems.

The acquisition will be funded by a $200m underwritten placement. An additional acquisition of a network-as-a-service operator in India was announced to increase the rate of expansion into India by three years.

The October trading update saw ARR up 24% y/y and net recurring revenue up 109%, with 1Q26 revenue up 21% y/y and an earnings (EBITDA) margin of 18-20%. Target set at $15.70 with a Neutral rating.

Target price is $15.70 Current Price is $14.81 Difference: $0.89
If MP1 meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $14.92, suggesting downside of -0.7% (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 NEM as Buy (1) -

Ord Minnett trims its 2026 production forecast for Newmont Corp by -2% to 5.45moz following the September-quarter result from Barrick Mining, the operator of two joint ventures with Newmont.

These are the Nevada Gold Mines and Pueblo Viejo joint ventures, where Newmont holds 38.5% and 40% stakes, respectively.

Barrick's commentary indicates to the broker market expectations for Newmont’s 2026 gold production of 5.5moz may be overly optimistic by around 90,000oz.

Ord Minnett maintains a Buy rating and $150.00 target, still expecting improvement in Newmont's underperforming portfolio.

Target price is $150.00 Current Price is $136.52 Difference: $13.48
If NEM meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $154.20, suggesting upside of 12.0% (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: 0.7

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

Bell Potter rates NXG as Downgrade to Speculative Hold from Speculative Buy (3) -

Bell Potter notes uranium explorer NexGen Energy reported a 3Q25 net loss of -CA$129m, mainly from a -CA$96m non-cash movement, ending the quarter with CA$306m in cash and net debt of CA$286m.

The broker highlights four signed offtake contracts and six more under negotiation above market pricing.

The recent CA$949m equity raising will fund construction preparation and reduce the equity portion of the -CA$2.2bn project cost, explain the analysts. Permitting is expected by February 2026 with construction to follow.

Bell Potter lowers its target to $13.05 from $13.55 and downgrades to Speculative Hold from Speculative Buy

Target price is $13.05 Current Price is $13.45 Difference: minus $0.4 (current price is over target).
If NXG meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Bell Potter rates PME as Upgrade to Buy from Hold (1) -

Bell Potter observes Pro Medicus announced three major US contracts in the first four months of FY26 versus one a year earlier followed by six new contract announcements over the remainder of the fiscal year.

The current slower pace is seen as typical given ongoing implementations. It's felt the Trinity, Lucid Health, and Franciscan Missionaries of Our Lady Health System projects are progressing well.

The Trinity ‘Go Live’ was the largest single Big Bang transition in recent history, note the analysts, and is expected to contribute around $30m in annual recurring revenue once complete.

The broker attributes recent share weakness to profit taking despite strong earnings visibility. Bell Potter upgrades to Buy from Hold and maintains its $320.00 target.

Target price is $320.00 Current Price is $254.90 Difference: $65.1
If PME meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $322.77, suggesting upside of 25.5% (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

Macquarie rates QBE as Outperform (1) -

In a report analysing QBE Insurance's key metrics, Macquarie concludes there's potential for a buyback announcement at the FY25 result in February.

The broker estimates QBE will have US$600m excess capital above the maximum PCA target by the end of FY25. The modest franking balance and smaller retail shareholder base suggest dividends will play a lesser role in capital returns compared to local peers.

A slowing premium rate cycle limits reinvestment scope, which makes capital return a more likely option, in the broker's view. It could be positively received and support valuation.

Outperform. Target unchanged at $23.50.

Target price is $23.50 Current Price is $20.28 Difference: $3.22
If QBE meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

UBS rates SCG as Neutral (3) -

Scentre Group announced its 3Q25 trading update. Occupancy came in at 99.8%, up 40bps y/y, including 789 deals with leasing spreads growth of 3% year-to-date, a slight slowdown from 3.6% growth in 2Q25, UBS notes.

UBS sees good momentum going into Christmas with a solid consumer outlook, including a rise in consumer sentiment in November to the highest level since December 2021. Household spending looks to be on track with its long-run average.

The broker's Quant team shows Scentre Group as the fifth most crowded name in the REIT sector, but due to the share’s outperformance, the stock is becoming less crowded.

No change to Neutral rating and $4 target.

Target price is $4.00 Current Price is $4.17 Difference: minus $0.17 (current price is over target).
If SCG meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates SKS as Accumulate (2) -

Morgans raises its target for SKS Technologies to $3.80 from $3.15, noting strong visibility across Victoria’s data centre construction pipeline, estimated at $17.9-27.6bn. The broker notes this equates to around $3.6bn in potential contract value for electrical contractors.

SKS is strategically positioned via its new Truganina office near major growth corridors, highlights the analyst, supporting project delivery and future tender opportunities.

Morgans expects FY26 revenue guidance of $300m will be maintained at the company's AGM on November 20. The broker's Accumulate rating is kept.

Target price is $3.80 Current Price is $3.34 Difference: $0.46
If SKS meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates SLC as Outperform (1) -

Macquarie sees a favourable risk/reward profile for Superloop ahead of the AGM on Thursday (November 13). 

The broker highlights FY26 EBITDA consensus of $114m implies only 6% growth vs 2H25, This is despite strong customer and Origin Energy ((ORG)) momentum, which is expected to have accelerated in the September quarter.

The broker also notes consensus expectation of 46k customer adds so far in FY26 at the AGM, which translates to 29k since August 18. There's upside risk to this in the broker's view if NBN-driven churn capture exceeds forecasts.

Ungeared balance sheet with $30m net cash is seen as offering scope for M&A, contrasting peers with higher leverage. The broker reckons the company could pursue accretive acquisitions in fibre networks, voice products, or customer book bolt-ons.

No changes to forecasts. Outperform. Target unchanged at $3.65.

Target price is $3.65 Current Price is $3.10 Difference: $0.55
If SLC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 18.1% (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

Shaw and Partners rates SPZ as Buy, High Risk (1) -

Shaw and Partners considers Smart Parking undervalued versus other ASX tech stocks, highlighting stronger growth and margin potential supported by recurring software-based revenue under three-year contracts.

The recently acquired US operations are tracking to guidance, with 10 sites live and early metrics comparable to other markets, highlights the analyst.  

The broker also cites solid UK yield growth and a 47% increase in NZ installations. 

Buy, High Risk rating and $1.50 target are left unchanged.

Target price is $1.50 Current Price is $1.27 Difference: $0.23
If SPZ meets the Shaw and Partners 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

Macquarie rates TLC as Neutral (3) -

Macquarie lowered its forecast for FY26 Australian lotteries volume growth to 4% from 9% previously, based on soft jackpot activity and scenarios. Forecast for FY27 is unchanged.

Lottery Corp's new CEO Wayne Pickup is starting on November 24, and the broker expects his focus to be on cost control. A -10% cut in headcount base could lift FY27 EBITDA by around 2%, in the broker's estimate.

Potential reviews of product distribution and Jumbo reseller agreement, which expires Aug 2030, are also among the possibilities.

FY26 EPS forecast cut by -9% and FY27 by -3% mainly on volume revisions.

Neutral. Target trimmed to $5.40 from $5.50, implying 17x EV/EBITDA multiple and 30x PE.

Target price is $5.40 Current Price is $5.45 Difference: minus $0.05 (current price is over target).
If TLC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.79, suggesting upside of 7.7% (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