Australian Broker Call

Morgans rates 29M as Hold (3) -

29Metals reported a mixed 1Q26 result, with Morgans noting copper production beat expectations on stronger grades and recoveries, while weaker by-products and higher costs reflected the absence of zinc-rich ore from Xantho Extended.

Revenue of $165m exceeded forecasts, though C1 costs rose to US$4.25/lb due to lower by-product credits and stockpile movements, Morgans highlights.

The broker sees operations remaining volatile through 2026 as the company prioritises higher-value copper stopes and manages without its highest-grade ore source.

Morgans expects 2027 to deliver improved stability as Xantho Extended and Gossan Valley return, but near-term execution and liquidity remain key risks. Hold retained, with a target price of $0.26.

Target price is $0.26 Current Price is $0.23 Difference: $0.03
If 29M meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 46.4% (ex-dividends)

The company's fiscal year ends in December.

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 360 as Overweight (1) -

Morgan Stanley expects a more modest hurdle for Life360's 1Q result following a sharp share price de-rating. Monthly active user (MAU) growth, earnings and advertising momentum are skewed to the second half, the analysts explain.

MAU growth is expected to soften in Q1, with high-teens growth likely acceptable, the analysts suggest, if momentum improves into 2Q.

Commentary explains earnings are also seasonally weaker, with only around 11% of FY26 earnings expected in the 1Q, reflecting Nativo's second-half skew and integration timing.

Advertising is seen as a key upside lever via the Nativo platform, while investors seek clearer evidence of AI-driven product and monetisation benefits.

Key risks, according to Morgan Stanley, include a potential MAU slowdown, margin pressure from hardware subsidies, and limited visibility on ad and data growth.

Target $30. Overweight. Industry view: In Line.

Target price is $30.00 Current Price is $21.23 Difference: $8.77
If 360 meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $31.36, suggesting upside of 47.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates A2M as Hold (3) -

a2 Milk Co announced a voluntary recall of three batches of IMF products sold to the US arising from the presence of cereulide, Bell Potter explains. The recall related to a small batch volume and is not anticipated to impact on FY26 earnings.

While the recall related to the US market, the analyst points to the risk of concerns arising in the Chinese market around contaminated product and thus the brand perception.

No EPS forecast changes have been applied but the target price has fallen to $6.75 from $8.35 due to forex changes in AUDNZD and a higher discount rate for the possible negative brand impact. Hold retained.

Target price is $6.75 Current Price is $6.55 Difference: $0.2
If A2M meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.61, 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 NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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

UBS rates A2M as Neutral (3) -

a2 Milk Co has recalled three batches of its a2 Platinum US distribution in 2025 because of the presence of cereulide, that was detected following the introduction of new testing standards by the NZ Primary Industries in mid April.

The recall was in response to contamination that was noted in multiple countries and caused the NZ authority to require review of sample batches of previous products. No confirmed incidents of infant illness in the US have been reported.

At this stage, the broker is not aware of any retrospective cereulide testing requirements within China.

Target is NZ$10.40. Neutral retained.

Current Price is $6.55. Target price not assessed.

Current consensus price target is $8.61, 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 NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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

Macquarie rates ALL as Outperform (1) -

Macquarie observes US casino gaming revenues rose 2% y/y in March 2026, with flat regional performance offset by strong Las Vegas growth driven by convention activity.

Regional revenues were broadly unchanged, while Las Vegas increased 14% on stronger table revenues and attendance.

The broker expects broadly flat Las Vegas revenues and low single-digit regional growth through 2026, consistent with recent trends.

Macquarie remains constructive on the resilience of US gaming revenues despite softer consumer conditions.

Aristocrat Leisure is due to report 1H26 earnings on May 13. Target $63. Outperform.

Target price is $63.00 Current Price is $47.59 Difference: $15.41
If ALL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $64.96, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in September.

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 APE as Buy (1) -

Eagers Automotive announced the completion of its investment in CanadaOne Auto effective April 30 with the founder Pat Priestner exercising his option to acquire a 5% interest in easyauto123, Bell Potter observes.

Due to the one month deferral in completion, the analyst lowers revenue and profit before tax forecasts for 2026 by -3% with no change in estimates for Australia or Canada.

With a roll forward of the PER and EV/EBITDA valuations for a 2027 base year, the target price rises to $29.25 from $28.50.

Buy rating is maintained.

Target price is $29.25 Current Price is $24.57 Difference: $4.68
If APE meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $30.56, suggesting upside of 27.8% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates AR1 as Buy (1) -

Austral Resources Australia announced 1Q2026 copper production of 1990t versus Bell Potter's forecast of 2,484t at its Qld Mt Kelly oxide heap leach operations.

The ore mining from Anthill open pit was finished and ahead of schedule with the project agreement due to be completed by the end of 2026, on target.

Wet weather was noted for impacting ore haulage and processing activities. Management expects sulphuric acid supplies to remain "constrained" through to June 2026.

Post quarter end the broker points to the completion of Lady Loretta acquisition post the Rocklands acquisition as the third aspect of its north-west Qld copper consolidation.

No change to 17c target and Buy rating.

Target price is $0.17 Current Price is $0.08 Difference: $0.093
If AR1 meets the Bell Potter target it will return approximately 121% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ARX as Buy (1) -

Aroa Biosurgery upgraded FY26 revenue and earnings (EBITDA) guidance, with Morgans attributing the outperformance to stronger Myriad sales momentum.

Preliminary FY26 revenue reached NZ$104m, up 21%, while earnings (EBITDA) of NZ$11-12m exceeded prior guidance, supported by operating leverage and favourable FX.

The broker lifts FY26 NPAT estimate to NZ$6.8m from NZ$2.1m and increases FY27/FY28 forecasts by 6.0% and 8.4%, respectively, after raising Myriad growth assumptions.

A higher assumed risk-free rate to 10.8% results in a slight downgrade to target price to $0.77 from $0.79. Buy retained.

Target price is $0.77 Current Price is $0.64 Difference: $0.13
If ARX meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates AX1 as Downgrade to Neutral from Buy (3) -

Following yesterday's downgrade by management to Accent Group's earnings guidance, Citi slashes its target to 57c from $1.25 and downgrades to Neutral from Buy.

Cost growth continues to outpace revenue, the broker cautions, raising concerns around operating deleverage. It's noted gearing is elevated relative to discretionary retail peers.

Citi's attention now turns to next week's investor day for clarity on cost reduction initiatives that preserve customer outcomes and company culture.

A summary of the analyst's first thoughts yesterday follows.

At first glance, Citi notes today's FY26 earnings (EBIT) downgrade of -8% by Accent Group is larger than expected, even after adjusting for one-off restructuring costs.

New guidance for earnings is between $79.5m-$84.5m compared to the consensus estimate of $88.7m.

The broker highlights weaker trading conditions, with 2H26 like-for-like sales declining and gross margins below prior levels, reflecting softer consumer confidence and higher fuel costs.

While Citi had already recently downgraded its forecasts for the group, the magnitude of the revision still falls short of expectations, with further pressure on consensus estimates likely.

Management is now flagging a new cost-out program, which is expected to deliver meaningful savings into FY27.

Target price is $0.57 Current Price is $0.54 Difference: $0.03
If AX1 meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.73, suggesting upside of 37.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates AX1 as Underweight (5) -

Morgan Stanley lowers its earnings forecasts for Accent Group following a weaker trading update, with FY26 EBIT guidance cut around -9% at the midpoint and 2H expectations around -20% below consensus.

The broker notes softer like-for-like sales (-1%) and gross margin pressure (-80bps), reflecting deteriorating consumer confidence since April.

The analysts' FY26 earnings (EBIT) forecast is now at the bottom of the guidance range. While valuation downside is seen as limited, near-term earnings visibility remains weak.

Morgan Stanley maintains an Underweight rating with a target price of $0.55, down from $1.04. Industry View In-Line.

Target price is $0.55 Current Price is $0.54 Difference: $0.01
If AX1 meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.73, suggesting upside of 37.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates C79 as Buy (1) -

Chrysos served up a May trading update with Bell Potter highlighting it has retained its robust lease win momentum since the 1H26 results with five additional agreements.

Contracted units for FY26 are 19 with a backlog of 34, up from 30 at the half year, while new lease agreements with ALS Ltd ((ALQ)) have also been secured.

The analyst believes this is a positive sign for industry use of photoassay technology.

Management reconfirmed FY26 guidance with revenue tracking at the upper end of the $80m-$90m range. The analyst notes 2H26 deployment are some -2 to -3 units below forecast of 7.

EPS forecasts are tweaked lower for FY26/FY27. Target price slips to $9 from $9.40, Buy rating retained.

Target price is $9.00 Current Price is $7.02 Difference: $1.98
If C79 meets the Bell Potter target it will return approximately 28% (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 COL as Downgrade to Hold from Buy (3) -

Bell Potter downgrades Coles Group to Hold from Buy with a higher target of $22.80 from $22.35 post 3Q26 update which saw revenues grow by 3.1% y/y due to 4% annual growth in supermarkets.

Liquor fell -3.9% y/y including the closure of -13 net stores over the period. Ecommerce sales advanced 1.8% over the year and represented 7.3% of sales.

Management offers no formal guidance observing price increase requests are rising from suppliers due to higher fuel, freight and packaging costs. Liquor sales are being affected by weaker consumer confidence.

EPS forecasts slip by -3% for FY26 and -2% for FY27. Commentary suggests the downgrade reflects a rising competitive macro backdrop and a more "compelling growth at a reasonable price" opportunity in other consumer staple stocks.

Target price is $22.80 Current Price is $22.02 Difference: $0.78
If COL meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $23.81, suggesting upside of 8.4% (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 COL as Buy (1) -

In an early assessment of today's release, Citi notes Australian retail sales growth accelerated to 5.7% year-on-year in March, up from 4.8% in February, with no clear impact yet from Middle East conflict-related disruption.

Food growth strengthened to 3.8%, consistent with pantry stocking trends, while discretionary categories also improved, led by household goods and department stores, the analysts explain.

Alcohol and tobacco declined sharply, broadly in line with retailer updates. Growth improved across all major states, particularly NSW and Queensland.

Citi maintains a cautious consumer outlook, expecting conflict-related impacts to emerge in coming months, and continues to favour JB Hi-Fi and Coles Group within research coverage.

For Coles Group, target of $23. Buy.

Target price is $23.00 Current Price is $22.02 Difference: $0.98
If COL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $23.81, suggesting upside of 8.4% (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 CRN as Outperform (1) -

Macquarie highlights Coronado Global Resources missed expectations for its 1Q2026 metrics. ROM missed by -16%, production by -24%, sales by -11% and costs were also above expectations by 29%.

The analyst attributed the disruption to volumes resulted from weather, maintenance and safety issues.

Management has retained 2026 production guidance of 16mt-17mt and mining costs of US$488/t-US$96/t with capex of US$150m-US$175.

Target price is lowered by -20% to 60c from 75c and 2026 forecasts are downgraded on the update. No change to Outperform rating.

The coal producer is due to announce 1Q2026 financial report on May 12.

Target price is $0.60 Current Price is $0.28 Difference: $0.325
If CRN meets the Macquarie target it will return approximately 118% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting upside of 58.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates EDV as Buy (1) -

Endeavour Group's update for the first 16-weeks of 2H26 saw sales rise 1.2% y/y 2H26 year-to-date boosted by a 3% rise in the 3Q26, Bell Potter points out.

Management noted consumer demand remains "subdued" outside of special key events and retail has picked up market share against a competitive market back drop.

Hotel trading on Anzac Day was a record but sales for March and April was 1.5% y/y and well below the analyst's forecast for FY26 growth of 4.3%.

Cost savings of $100m are targeted for FY27. EPS forecasts are lowered by -4% for FY26 and -5% for FY27.

Target price slips to $3.85 from $4.15. No change to Buy rating. The Investor Day is on May 27th.

Target price is $3.85 Current Price is $3.29 Difference: $0.56
If EDV meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.3% (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

Citi rates EDV as Neutral (3) -

Following Endeavour Group's trading update, Citi lowers its target by -25c to $3.45 to reflect lower earnings forecasts.

The broker's 10% premium to its own PE relative valuation is also removed due to ongoing macro and industry headwinds.

Neutral rating maintained.

A summary of the analyst's first thoughts yesterday follows.

Endeavour Group has revealed a slowdown in sales growth amid fuel-related cost pressures in the second half. At first glance, Citi observes the update aligns with its rationale for downgrading the stock to Neutral in late March.

Second half sales growth in the year to date decelerated to 0.7% in retail and 3.7% in hotels, a slowdown from 1.3% and 4.5%, respectively, in the initial seven weeks of the half.

The company is targeting -$100m in cost savings for FY27, which to the broker appears to be the start of a new three-year cost reduction program where targets for years 2 and 3 could be revealed at the investor briefing on May 27.

Target price is $3.45 Current Price is $3.29 Difference: $0.16
If EDV meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.3% (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

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

Morgan Stanley notes Endeavour Group regained top-line momentum in liquor retail in 3Q26, with sales up 2.9%, ahead of consensus. Growth was, however, driven by increased promotional activity amid subdued underlying demand.

Hotel sales rose 3.7%, though momentum softened through March and April, the analysts note.

Rising pressure on retail gross margins is highlighted, with fuel costs and elevated promotions expected to drive further contraction in 2H26. Incremental supply chain costs linked to inventory build are also seen as a headwind.

A new -$100m cost-out program targeting FY27 offers an around 5% EBIT tailwind, although this is likely to be offset by margin pressures and reinvestment, cautions the broker.

Further detail is expected at the May 27 investor day.

Equal-weight. Target $3.90. Industry View: In Line.

Target price is $3.90 Current Price is $3.29 Difference: $0.61
If EDV meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.3% (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 EDV as Hold (3) -

Endeavour Group's 3Q26 trading update was slightly below Morgans' expectations.

Retail sales rose 0.7%, outperforming Coles' Liquor segment, while Hotels growth slowed to 3.7% as cost of living pressures weighed on spending, Morgans highlights.

Management flagged higher inventory, fuel and freight costs, alongside a $100m cost-out program targeted for FY27 to improve efficiency and offset inflation.

The broker reduces FY26-FY28 underlying earnings (EBIT) forecasts by -3% to -14% to reflect weaker sales and margin pressure.

Hold retained, with the target price lowered to $3.30 from $3.65.

Target price is $3.30 Current Price is $3.29 Difference: $0.01
If EDV meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.3% (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 EDV as Neutral (3) -

Endeavour Group posted total sales of $2.93bn in the March quarter, up 3% and ahead of UBS estimates. The Middle East conflict is adding around $6-8m in supply chain costs in the second half and around $400m in extra inventory is being sourced to minimise supply disruptions.

The company has announced $100m in cost savings to be delivered in FY27 and will quantify the outer years at the investor briefing on May 27.

UBS remains cautious regarding the retail recovery amid structural and cyclical headwinds and despite a "broadly resilient" hotels division. Neutral. Target is reduced to $3.45 from $3.60.

Target price is $3.45 Current Price is $3.29 Difference: $0.16
If EDV meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 6.3% (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 EPI as Speculative Buy (1) -

Epiminder delivered a 3Q26 update showing improving execution, with Morgans noting accelerating Detect enrolment and site expansion following a slow start.

Patient enrolment increased to 15 from 3 in February, with contracted Tier-1 US centres doubling to 18, supporting momentum toward the 210-patient target, the analyst highlights.

Cash burn of -$5.7m was below expectations due to timing of invoicing, with the balance sheet remaining strong at $83.8m and funding runway extending through 2028.

Target price slips to $2.23 from $2.33 with no change in Speculative Buy rating.

Target price is $2.23 Current Price is $0.54 Difference: $1.695
If EPI meets the Morgans target it will return approximately 317% (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 FLT as Buy (1) -

Flight Centre Travel has today maintained FY26 guidance of $315m-$350m, which Citi, at first glance, views as a positive surprise given current uncertainty.

Guidance implies to the analyst circa 15% growth at the midpoint versus consensus at around 13% pre the Iran conflict.

While underlying PBT rose 19.7% year-on-year, below consensus, profitability has accelerated through the year, the broker explains. It's felt strong sequential improvement in Q3 will support confidence the midpoint of guidance remains achievable.

Leisure has been impacted, with an estimated -$10m hit in April and an around -6% cancellation rate, although most bookings have been re-routed, Citi notes.

It's noted travel behaviour is shifting rather than declining, with a lift in re-activated customers.

Corporate remains resilient, the broker highlights, with stable bookings and underlying PBT up 23%, now the largest profit contributor.

Buy. Target $16.75.

Target price is $16.75 Current Price is $10.16 Difference: $6.59
If FLT meets the Citi target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $16.65, suggesting upside of 57.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates IEL as Buy (1) -

UBS observes March Australian visa data has confirmed that while the government originally signalled an increase in international student enrolments the approvals suggest otherwise.

Combined with the uncertainty and disruption from the Middle East war and the cost of living increases, the broker believes the operating environment has become more challenging for IDP Education going into the first half of FY27.

The stock is down -37% since the February result and UBS revises EBITA estimates for FY27 that are now -20% below consensus.

The valuation appears undemanding and a Buy rating is maintained, although the broker recognises some investors may wait until consensus incorporates tough macro environment. Target is reduced to $5.15 from $8.05.

Target price is $5.15 Current Price is $3.12 Difference: $2.03
If IEL meets the UBS target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $5.37, suggesting upside of 82.5% (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 IPD as Speculative Buy (1) -

ImpediMed announced a $15.2m capital raise alongside cost-saving initiatives, with Morgans noting the funding supports a path to break-even by FY28 and reduces debt overhang.

3Q26 revenue of $3.5m reflected softer Sozo unit sales of 30, below expectations, although US reimbursement coverage expanded and commercialisation progressed into new indications.

The broker adopts a more cautious outlook on Sozo installed base growth, lowering FY26-FY28 forecasts and incorporating dilution from the capital raising.

Despite improved cash runway and lower interest costs, the target price falls to $0.02 from $0.05. Speculative Buy retained.

Target price is $0.02 Current Price is $0.01 Difference: $0.011
If IPD meets the Morgans target it will return approximately 122% (excluding dividends, fees and charges).

Current consensus price target is $0.03, suggesting upside of 233.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates JBH as Buy (1) -

In an early assessment of today's release, Citi notes Australian retail sales growth accelerated to 5.7% year-on-year in March, up from 4.8% in February, with no clear impact yet from Middle East conflict-related disruption.

Food growth strengthened to 3.8%, consistent with pantry stocking trends, while discretionary categories also improved, led by household goods and department stores, the analysts explain.

Alcohol and tobacco declined sharply, broadly in line with retailer updates. Growth improved across all major states, particularly NSW and Queensland.

Citi maintains a cautious consumer outlook, expecting conflict-related impacts to emerge in coming months, and continues to favour JB Hi-Fi and Coles Group within research coverage.

For JB Hi-Fi, target of $85. Buy.

Target price is $85.00 Current Price is $78.60 Difference: $6.4
If JBH meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $88.46, suggesting upside of 13.6% (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 LNW as Outperform (1) -

Macquarie observes US casino gaming revenues rose 2% y/y in March 2026, with flat regional performance offset by strong Las Vegas growth driven by convention activity.

Regional revenues were broadly unchanged, while Las Vegas increased 14% on stronger table revenues and attendance.

The broker expects broadly flat Las Vegas revenues and low single-digit regional growth through 2026, consistent with recent trends.

Macquarie remains constructive on the resilience of US gaming revenues despite softer consumer conditions.

Light & Wonder is due to report 1H26 earnings on May 7. Target $205. Outperform.

Target price is $205.00 Current Price is $113.85 Difference: $91.15
If LNW meets the Macquarie target it will return approximately 80% (excluding dividends, fees and charges).

Current consensus price target is $195.50, suggesting upside of 73.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates MEI as Speculative Buy (1) -

Ord Minnett highlights the testing of the 25kg/hour pilot plant and submission of the installation licence in the Meteoric Resources March quarter update. This is a necessary step for a final investment decision.

The broker notes the quarter was "expensive" and the company subsequently undertook a $40m equity raising. Meteoric has one of two ionic adsorption clay projects for rare earths at Pocos de Caldas in Brazil.

It is a few months ahead of its neighbour in terms of progress, the broker observes, and has significantly larger resources. Key updates that may move the share price could be the definitive feasibility study, binding offtake and funding agreements.

Speculative Buy rating and $0.25 target retained.

Target price is $0.25 Current Price is $0.20 Difference: $0.055
If MEI meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 66.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MI6 as Buy (1) -

Minerals 260 announced further drilling results for Bullabulling gold project (100% owned) which will be used for the next mineral resource update in August.

The results are observed as meeting or exceeding expectations of the current resource model of 4.5Moz.

Bell Potter also highlights exploration expenditure is running around -$10m per quarter.

Assuming a June 2026 cut off for the next mineral resource estimate, and a forecast $20/oz discovery cost, it implied to the broker a 1Moz-plus resource increase to 5.5Moz.

Buy rated with no change to $1.35 target.

Target price is $1.35 Current Price is $0.78 Difference: $0.575
If MI6 meets the Bell Potter target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 48.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates MP1 as Buy (1) -

After meeting with Megaport's management and attending a Megaport World Tour event, Citi has come away upbeat about the growth prospects and demand profile for Latitude and the company's core Network business.

The analyst views consensus capex forecasts for FY27 to be on the lower side with management likely to turn to debt funding to facilitate larger scale transactions and deals.

Citi's capex forecast for FY27 sits at $138m above consensus at circa $100m, pointing to more elevated expenditure from Latitude.

Notably, hiring has slowed which is expected to underpin higher margins for FY27, especially with large Latitude deals.

Buy rated with $15 target.

Target price is $15.00 Current Price is $9.01 Difference: $5.99
If MP1 meets the Citi target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $15.09, suggesting upside of 68.8% (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

Macquarie rates NAB as Neutral (3) -

Macquarie views National Australia Bank's 1H26 result as weaker than expected despite the bank pre-announcing key items.

Revenue missed by around -1% to -2%, while credit quality trends were also weaker with non performing loans up around 5bps q/q.

Management offered stronger guidance for 2H26 including a circa 5bps tailwind from its replicating portfolio. Competitive pressures are anticipated to drag again on 2H26 NIM of 1.84%, the analyst explains.

Target price slips -4% to $40.50 with no change to Neutral rating. EPS estimates are trimmed for FY26-FY28.

Target price is $40.50 Current Price is $39.20 Difference: $1.3
If NAB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Underweight (5) -

Following interim results for National Australia Bank, Morgan Stanley remains Underweight-rated, citing greater vulnerability to a shift in operating conditions relative to peers.

The bank has a relatively higher credit risk profile, limited scope for margin or cost upside, and a modest capital buffer, the analysts explain.

There were no major surprises in the result, but revenue was a touch softer than forecast by Morgan Stanley.

Operating trends were sound, the broker notes, with cost growth broadly in line with expectation, although diminishing potential is seen for positive surprises.

Credit quality remains a key concern, in Morgan Stanley's view, with underlying loss rates above peers and downside risk flagged for business lending.

Commentary notes capital has been strengthened, with an around $1bn buffer, although management points to a greater focus on organic capital generation and more moderate dividend growth.

The target price falls to $37.20 from $38.50. Industry view: Cautious.

Target price is $37.20 Current Price is $39.20 Difference: minus $2 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.76, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Upgrade to Trim from Sell (4) -

National Australia Bank delivered a mixed 1H26 result, according to Morgans, noting earnings were slightly below expectations and impacted by a large software amortisation charge.

Revenue growth of 3% was modest, while underlying profitability improved excluding the notable item, supported by stronger business banking, deposit growth and home lending.

Net interest margin expanded modestly, with the broker lifting NIM forecasts, although management flagged downside risk to asset quality and slowing credit growth.

Costs remained controlled, with productivity initiatives expected to support positive operating leverage despite rising investment spend.

Rating upgraded to Trim from Sell, with the target price increased to $36.10 from $34.56 and dividend forecasts held broadly flat.

Target price is $36.10 Current Price is $39.20 Difference: minus $3.1 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.76, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Upgrade to Hold from Lighten (3) -

National Australia Bank has reported a strong operating performance in the first half, Ord Minnett observes, underpinning its reputation in the business and private banking franchise.

Cash earnings of $1.64bn appeared, in the broker's opinion, to miss market expectations by a modest margin while the interim dividend was in line.

Revenue weakness appeared to be the driver of the earnings miss, as average interest-earning assets were reduced by translation from NZ dollars while cost control was a highlight.

Ord Minnett makes few changes post the result and expects rising official interest rates and benefits from the bank's replicating portfolio to compensate for the impact on average interest-earning assets from a weaker NZ currency.

Rating is upgraded to Hold from Lighten on valuation grounds, given the almost -14% drop in the share price in less than four weeks. Target is maintained at $37.

Target price is $37.00 Current Price is $39.20 Difference: minus $2.2 (current price is over target).
If NAB meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.76, suggesting upside of 2.2% (ex-dividends)

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 NAB as Buy (1) -

On further analysis, UBS observes the reaction to National Australia Bank's in-line first half result was overly influenced by the cautious messaging from management and market positioning which has not fully adjusted to recent guidance.

UBS suggests the business composition, with greater focus on business banking, raises some concerns with investors, given the current stage of the credit cycle.

Yet, the broker notes the net interest margin is consistent with historical averages and projected to remain stable at 1.6%.

The underlying earnings trajectory, margin outlook and franchise momentum also remains stronger than the share price reaction suggests, in UBS' view, and a Buy rating is maintained.

Target is reduced to $48.50 from $50.50.

Target price is $48.50 Current Price is $39.20 Difference: $9.3
If NAB meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $39.76, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in September.

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 NEC as Outperform (1) -

Macquarie notes Australian advertising spend fell -5% year-on-year in March 2026, according to the Standard Media Index, marking a sequential slowdown from flat growth in January and February.

The advertising market faces near-term headwinds, in the broker's view, with uncertainty as to whether March represents a trough or if pressures will persist through 2026.

The analyst's positive view on Nine Entertainment may be early, but the valuation appears attractive, with any market recovery likely to act as a catalyst for re-rating.

The $1.15 target and Outperform rating are maintained.

Target price is $1.15 Current Price is $0.94 Difference: $0.215
If NEC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 27.5% (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 NGI as No Rating (-1) -

Navigator Global Investments announced a strategic partnership with Stable Asset Management to acquire net revenue share interests in 17 alternate asset managers for $275m or US$195m, Macquarie highlights.

The deal will be funded by $136m scrip issue to vendors. EPS forecasts are lowered by -5% for FY26 and FY27 estimate upgraded by circa 10% for the Stable transaction.

The analyst views Stable Growth Portfolio as offering scale and increased diversification positives across assets under management and earnings via "low correlation" to existing partner firms.

Macquarie is on research restrictions.

Current Price is $2.48. Target price not assessed.

Current consensus price target is $3.42, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates NGI as Buy (1) -

Navigator Global Investments has announced an equity raising of US$103m and acquisition of 17 alternative partners from Stable Asset Management for US$195m. UBS notes this represents an acceleration of scale and a pivot from the stated investment framework.

The actions further diversify the earnings base and the broker calculates 10% upside to EPS relative to consensus across FY27-FY28. The benefits are tempered by a step up in complexity and opacity in earnings, particularly around performance fee structures.

Separately, the company has guided to FY26 underlying EBITDA within a US$100-104m range. The broker continues to envisage valuation appeal and retains a Buy rating. Target is raised to $3.80 from $3.60.

Target price is $3.80 Current Price is $2.48 Difference: $1.32
If NGI meets the UBS target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates NTU as Speculative Buy (1) -

Ord Minnett was disappointed with the further delay in the final investment decision for Northern Minerals' Wolverine deposit amid ongoing discussions with government agencies about funding support.

In the meantime, progress is occurring on FEED studies and early works. Provided the mine proceeds, the company expects first concentrate deliveries in late 2028 or early 2029.

The broker notes the delay has little financial impact, being offset by the roll forward of net asset value. Speculative Buy rating and five cents target maintained.

Target price is $0.05 Current Price is $0.02 Difference: $0.027
If NTU meets the Ord Minnett target it will return approximately 117% (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 OML as Outperform (1) -

Macquarie notes Australian advertising spend fell -5% year-on-year in March 2026, according to the Standard Media Index, marking a sequential slowdown from flat growth in January and February.

The advertising market faces near-term headwinds, in the broker's view, with uncertainty as to whether March represents a trough or if pressures will persist through 2026.

The Index's out-of-home data broadly correlates with oOh!media's reported revenue, the broker highlights.

March out-of-home ad spend rose 1% year-on-year, marking a deceleration from the 6% increase in both January and February.

On a trailing 12-month basis, which smooths volatility, the category represents 17% of the market, up 1.2 percentage points (ppt) year-on-year and 0.3ppt over the past three months, commentary notes.

The $1.40 target and Outperform rating for oOh!media are maintained.

Target price is $1.40 Current Price is $1.23 Difference: $0.175
If OML meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates PNI as Outperform (1) -

Macquarie notes Pinnacle Investment Management's 3Q26 FUM rose 2.9% over the prior quarter with retail down -1.2% and international up 13.8%. Domestic institutional flows fell -2.3%.

Net inflows rose $9.4bn in the period, which was better than anticipated at circa 85% of consensus pre-release 2H26 net flow forecasts of $11.1bn, the analyst explains.

Some 60% of total performance fee FUM was at high watermarks versus 59% in the prior quarter.

Pinnacle acquired a further 6.8% stake in Metrics for around $100.5m funded via the existing balance sheet.

Outperform retained with a lower target of $25.11 from $25.25.

Target price is $25.11 Current Price is $15.44 Difference: $9.67
If PNI meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $21.72, suggesting upside of 33.8% (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

UBS rates PNI as Neutral (3) -

Third quarter funds under management of $208.1bn from Pinnacle Investment Management were up 2.8% in the March quarter and ahead of estimates. UBS notes this reflects net flows that were well ahead of forecasts and driven by strong international result.

Some performance-related pressures are indicated despite the company being insulated from non equity-linked affiliates yet the broker notes this has a relatively limited impact on performance fee potential. Neutral. Target rises to $16.75 from $15.15.

Target price is $16.75 Current Price is $15.44 Difference: $1.31
If PNI meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $21.72, suggesting upside of 33.8% (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

Macquarie rates PXA as Outperform (1) -

Pexa Group reaffirmed FY26 earnings guidance and now expects to land near the upper end of $15m-$25m, supported by stronger-than-anticipated activity in Australia.

Local transaction volumes rose 7.3% in 3Q26, exceeding Macquarie's expectations, while UK trends remained mixed with improving remortgage activity but softer broader volumes.

The analyst points to steady domestic market share and ongoing engagement with UK lenders as supportive factors for growth.

EPS forecasts are raised by 5.5% for FY26 and 2.2% for FY27. Target price moves to $19.05 from $18.35. No change to Outperform rating.

Target price is $19.05 Current Price is $12.70 Difference: $6.35
If PXA meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $16.12, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates PXA as Accumulate (2) -

It is Morgans' view Pexa Group delivered a strong 3Q26 performance update, with Australian Exchange volumes up 7.3% on the pcp and Group Core net profits now anticipated at the top end of the FY26 guidance range.

FY26/FY27 EPS forecasts are nevertheless downgraded by -3% on a broad review of earnings assumptions.

The broker's price target falls slightly to $14.23 from $14.31. Accumulate rating retained.

Morgans repeats its view that Pexa Group represents a quality, defensive technology play and a unique piece of Australian financial infrastructure.

Target price is $14.23 Current Price is $12.70 Difference: $1.53
If PXA meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.12, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates PXA as Neutral (3) -

Pexa Group delivered a March quarter update that showed momentum was strong across Australian exchange volumes and UK remortgage completion. The company now expects net profit in the top end of the $15-25m range for FY26.

UBS notes, while the UK platform went live with NatWest remortgages in the quarter, there was no update on volumes or traction. The broker remains positive on the UK uptake, with interest rate rises likely slowing down volumes amid a significant regulatory overhang.

Neutral rating retained along with a $15.70 target.

Target price is $15.70 Current Price is $12.70 Difference: $3
If PXA meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $16.12, suggesting upside of 26.0% (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 QBE as Outperform (1) -

Macquarie has reviewed 23 offshore results as a read through for QBE Insurance's upcoming 1Q2026 update on May 8 and forecast premium rates have softened by around -1.1% for the insurer's mix.

Notably property risks in reinsurance and insurance are particularly weak, the broker highlights.

No change to Outperform rating and $25.10 target. QBE is trading around -7.7% PER discount to its international peers.

Target price is $25.10 Current Price is $22.64 Difference: $2.46
If QBE meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.90, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates RRL as Outperform (1) -

In a flash update, Macquarie highlights Regis Resources is merging with Vault Minerals ((VAU)) which is pitched at an 11% premium for Vault shareholders.

Regis is expected to own 51% and Vault 49% and the deal is being described as a "merger of equals" which will create a debt free circa 700kozpa gold producer with a combined resource of around 21Moz.

The broker also points to large funding capacity for growth options. The market cap will scale to around $10.8bn. Synergies around improved scale, tax and diversification are also noted as well as a more robust balance sheet.

The announcement came as a surprise to Macquarie. Regis is rated Outperform with a $9.50 target.

Target price is $9.50 Current Price is $7.17 Difference: $2.33
If RRL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.81, suggesting upside of 30.5% (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 SIG as Neutral (3) -

Sigma Healthcare's trading update showed strong momentum, Citi believes. Australian Chemist Warehouse network like-for-like sales rose by 14.4% in the financial year to April, ahead of consensus for FY26 of 13.3%.

Commentary notes that sales appear to have accelerated in March/April, likely supported by some consumer stockpiling, while international like-for-like growth also improved.

The broker highlights GLP-1s as an ongoing growth driver, particularly with oral formats and potential PBS inclusion.

Expansion initiatives include a UK joint venture with Greenlight Healthcare and a new NZ distribution centre, while higher fuel costs are being absorbed within existing targets.

Neutral rating. Target $3.20.

Target price is $3.20 Current Price is $2.83 Difference: $0.37
If SIG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 9.6% (ex-dividends)

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

Morgan Stanley rates SIG as Overweight (1) -

Morgan Stanley highlights continued strong sales momentum for Sigma Healthcare, with Chemist Warehouse domestic network sales up 16.7% year-to-date and like-for-like growth of 14.4%.

These numbers imply to the broker an acceleration in recent months and momentum tracking ahead of consensus expectations.

International performance also remains robust, the analysts observe, with double-digit growth sustained. Strategic expansion initiatives are noted including entry into the UK via a joint venture with GreenLight Healthcare and investment in a new NZ distribution centre.

Higher fuel costs are being absorbed within existing targets, with no current supply disruption, highlights Morgan Stanley.

Target $3.20. Overweight. Industry View: In-Line.

Target price is $3.20 Current Price is $2.83 Difference: $0.37
If SIG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 9.6% (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

UBS rates SIG as Buy (1) -

Sigma Healthcare has delivered a trading update for sales at Chemist Warehouse, revealing sales for the weeks 1-43 were up 16.7% in total and up 14.4% like-for-like.

UBS remains bullish on the outlook for health and beauty sales, noting the company is avoiding rising fuel costs and not experiencing any material disruption in its ability to source or deliver products.

The company has also entered into an MOU with Greenlight, an employee-owned pharmacy group in the UK, to license the Chemist Warehouse brand and intellectual property.

Phase 1 will be focused on rebranding up to 5 stores and in phase 2 more stores are planned and Sigma to acquire a 75% interest if these are successful. UBS raises the target to $3.40 from $3.35 and retains a Buy rating.

Target price is $3.40 Current Price is $2.83 Difference: $0.57
If SIG meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 9.6% (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 SLD as Speculative Buy (1) -

Saluda Medical delivered a strong 3Q26 update, with Morgans noting accelerating US commercial momentum driving a second upgrade to FY26 revenue guidance.

Revenue rose to US$23.8m, up 34% y/y, supported by growth in implanted patients, physician activity and utilisation.

Management increased FY26 revenue guidance to US$87m, signaling improved visibility as salesforce expansion and productivity continue to exceed expectations.

The broker updates forecasts in line with guidance, with cash burn tracking slightly better than expected and liquidity remaining solid.

Target price reduced to $2.94 from $3.07. Speculative Buy rating retained.

Target price is $2.94 Current Price is $0.57 Difference: $2.365
If SLD meets the Morgans target it will return approximately 411% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SNZ as Buy (1) -

Summerset Group has briefed investors in Australia with the primary objective to provide visibility on its Australian portfolio rather than to outline any change in strategy.

Despite heightened macro uncertainty, UBS observes sales contract rates remain broadly unchanged.

Management also signalled comfort with its targeted net debt range of NZ$2-2.5bn.

While total sales volumes are stable despite the conflict, there are some composition changes which have emerged, with UBS noting a front-loaded FY26 delivery profile and slightly lower resales.

Australia continues to trade strongly and is tracking close to the mid point of guidance while NZ building activity is now expected to run at the lower end of guidance.

A Buy rating is maintained with the target set at NZ$14.00.

Current Price is $6.55. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates TCL as Buy (1) -

The analysts at Citi remain positive on Transurban following a Westgate Tunnel tour and April traffic update, highlighting strong heavy vehicle demand supporting usage and improved travel times.

The broker also sees solid medium-term potential, underpinned by population growth across Melbourne's western corridors.

April traffic was softer in Sydney and Melbourne, the analysts observe, although volumes improved toward month-end as fuel prices eased.

Heavy vehicle traffic has remained resilient despite higher diesel costs, with Citi expecting a potential lift in May as petrol prices moderate.

The broker retains a Buy rating, citing ongoing upside from CPI-linked toll increases. Target $16.10.

Target price is $16.10 Current Price is $14.16 Difference: $1.94
If TCL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.35, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates TLC as Neutral (3) -

The Lottery Corp today announced it has secured a 40-year extension to its Victorian licence through to 2068, removing a key overhang on the stock, Citi notes at first glance.

The -$1.15bn cost, funded by debt, is viewed as reasonable relative to prior expectations and historical transactions, although pro forma leverage rises to the top end of the target range.

From FY27, Lottery Corp will shift its dividend policy to 80%-100% of NPATA from NPAT, potentially increasing dividends by around 5%-6% at a given payout, the broker explains.

Citi expects a positive market reaction, as the deal removes an overhang and brings forward capital management discussions, potentially at the June 3 investor day.

Target $5.10. Neutral.

Target price is $5.10 Current Price is $5.46 Difference: minus $0.36 (current price is over target).
If TLC meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.78, suggesting upside of 3.5% (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 UNI as Buy (1) -

In an early assessment of today's trading update by Universal Store, Citi highlights strong execution by management.

The analyst points to like-for-like sales momentum across all three banners, Universal Store, Perfect Stranger and CTC in recent weeks, offset by ongoing weakness in wholesale.

Improvement spans the last 10 weeks to 26 April relative to the first seven weeks of 2H26. First-time FY26 sales and earnings (EBITA) guidance were broadly in line with consensus, the broker observes.

Key questions are considered sustainability of sales growth into FY27, potential margin pressure from freight costs linked to Middle East disruption, and leadership transition risk as the CEO steps back in October.

Wholesale remains a small but challenged segment, the broker highlights, while store rollout is tracking to plan.

Citi expects near-term margin support from a stronger Australian dollar, with freight headwinds likely to emerge more clearly in FY27.

Buy rating. Target $11.40.

Target price is $11.40 Current Price is $7.26 Difference: $4.14
If UNI meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $10.28, suggesting upside of 45.4% (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 VEA as Outperform (1) -

Viva Energy's Geelong refinery restart is expected to take around six weeks following the recent fire, with Macquarie noting reduced near-term production but limited earnings impact.

The broker estimates 2026 refining output will be affected, although stronger refining margins are expected to more than offset the disruption.

Macquarie highlights the event, alongside recent geopolitical tensions, as reinforcing the importance of Australia's fuel supply chain and potential for increased government support.

FY26 EPS forecast is lowered slightly, reflecting reduced refining intake, with minimal changes beyond this period. Target price is reduced to $3.30 from $3.40.

Target price is $3.30 Current Price is $2.42 Difference: $0.88
If VEA meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in December.

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 VMM as Speculative Buy (1) -

Viridis Mining and Minerals' update on key activities during the March quarter includes installation of the demonstration plant being underway at Pocos de Caldas in Brazil while work has also progressed on the definitive feasibility study and installation licence while engaging with potential lenders.

Ord Minnett considers the stock its top pick for rare earth elements in the Brazil ionic adsorption clay space as the Colossus project benefits from high grades and state backing from the Strategic Minerals Fund.

Speculative Buy rating and $3.60 target maintained.

Target price is $3.60 Current Price is $2.50 Difference: $1.1
If VMM meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 1.0

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

Macquarie rates VNT as Outperform (1) -

Ventia Services reiterated 7%-10% net profit after tax growth guidance for FY26 with above average 87% of revenue already secured, Macquarie notes.

Higher fuel costs are not expected to impact "materially" on earnings while growth is underpinned by the full year ramp up of Telstra Group ((TLS)) and NBN contracts. New defence contracts are flagged to start on June 1.

No change to $6.45 target. The company is viewed as highly defensive and set to benefit from structural tailwinds in many of the industries it operates in, the broker details.

The 75% payout ratio is expected to be retained with $72m of the $250m buyback finished. Outperform rated with a $6.45 target.

Target price is $6.45 Current Price is $5.57 Difference: $0.88
If VNT meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

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 VNT as Accumulate (2) -

Ventia Services has reiterated guidance for net profit growth of 7-10% in 2026 with a dividend payout ratio of at least 75%. This has underpinned Ord Minnett's faith in forecasts and the prospects for infrastructure services.

The company is focused on markets offering higher growth rates such as energy and renewables, Australian defence work, water and digital infrastructure.

The broker raises EBITDA margin forecasts to 8.8% for 2026 and to more than 9% by 2030 as the business mix improves. Target edges up to $6.10 from $6.05 and an Accumulate rating is maintained.

Target price is $6.10 Current Price is $5.57 Difference: $0.53
If VNT meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 4.4% (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

UBS rates VNT as Buy (1) -

Ventia Services has highlighted structural tailwinds across several sectors that should support its medium-term revenue growth targets. In digital infrastructure, the company expects growth to be driven by increased wallet share, expanding into adjacencies.

Data centre services is also highlighted as a key growth sector. At the investor briefing, 2026 guidance for net profit growth of 7-10% has been reiterated.

UBS assesses the company is a beneficiary of increased investment in infrastructure, government outsourcing and defence expenditure that should support a three-year EPS growth rate of 8% (CAGR).

Buy rating and $6.80 target maintained.

Target price is $6.80 Current Price is $5.57 Difference: $1.23
If VNT meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

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 WBC as Neutral (3) -

Today, Westpac reported 1H26 cash earnings of $3.48bn, broadly in line with consensus but slightly ahead of Citi estimates, with the result likely to be perceived as a modest beat.

At first glance, the broker notes core earnings were largely as expected, with a small underlying net interest margin (NIM) miss offset by better-than-expected costs.

Revenue was marginally softer, with net interest income (NII) below expectations due to weaker interest-earning assets and some pressure in mortgages and business lending, Citi explains.

Commentary notes operational metrics improved, including stronger proprietary origination and service outcomes. Asset quality improved and CET1 remained strong at 12.4%, supporting a robust balance sheet, in the analysts' view.

Citi believes the key positive is costs, down -2% (ex-notables), alongside upgraded FY26 productivity benefits and a tighter Unite spend range.

Neutral rating. Target $39.

Target price is $39.00 Current Price is $38.50 Difference: $0.5
If WBC meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $35.08, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in September.

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 WBC as Underperform (5) -

At first glance, Macquarie notes Westpac's first half result was largely pre-released and generally in line, although, similar to peers, underlying revenue trends were marginally softer.

Asset pricing was a drag and underlying margins declined -2 basis points quarter on quarter. Guidance is broadly in line with expectations, implying modest margin increases in the second half, although intense competition remains a risk, the broker maintains.

Macquarie expects modest consensus downgrades as the market incorporates weaker revenue trends and higher near-term impairments. Underperform rating and $32 target.

Target price is $32.00 Current Price is $38.50 Difference: minus $6.5 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.08, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in September.

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 WTC as Buy (1) -

Citi's analysis of WiseTech Global's hiring activity suggests the company has yet to implement the restructure announced at the 1H result. This is viewed as surprising given the potential disruption to employees and the product roadmap.

As a result, the broker trims its FY27 earnings (EBITDA) forecast by -4% to reflect a more limited benefit from cost-out initiatives, while FY28 remains largely unchanged.

Consensus expectations for CargoWise growth may be somewhat elevated, the analyst suggests, with Denmark-based freight forwarder DSV's Capital Markets Day on May 12 a key upcoming catalyst.

Citi maintains a Buy rating with a revised target price of $65.65, up from $65.35, reflecting updated peer multiples.

Target price is $65.65 Current Price is $43.48 Difference: $22.17
If WTC meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $76.79, suggesting upside of 67.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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