Australian Broker Call

Morgans rates AIH as Initiation of coverage with Buy (1) -

Advanced Innergy develops, supplies and installs products for the protection of critical infrastructure in various industries and Morgans initiates coverage with a Buy rating and $1.40 target.

The company is headquartered in the UK and holds over 180 patents, operating across 13 countries with more than 800 employees. The internal target is to grow organic revenue by 10% per annum yet the broker notes it regularly outperforms.

Given the extensive intellectual property, robust margins and capacity for further growth Morgans assigns a 12.0x EBIT valuation.

Target price is $1.40 Current Price is $1.08 Difference: $0.32
If AIH meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

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

UBS rates ALL as Buy (1) -

UBS notes US commercial gaming revenues announced so far are up 7% y/y in October, a robust acceleration from September.

Aristocrat Leisure's land-based slots indexed 2.27x versus zone in October versus 2.35x in September and 2.37x a year earlier.

Light & Wonder ((LNW)) was next at 1.79x versus 1.85x in September and 1.76x in the previous year, all based on industry data (Eilers).

Phoenix Link and Dragon Link boosted Aristocrat's installed base growth, with its Spooky Link remaining number one, while Light & Wonder's Piggy Bankin' remains robust in third place.

Buy rating and $72.70 target maintained.

Target price is $72.70 Current Price is $58.51 Difference: $14.19
If ALL meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $74.01, suggesting upside of 25.8% (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 ARX as Buy (1) -

Aroa Biosurgery's 1H26 revenue of NZ$44.9m was up 15% y/y but missed consensus by -3%, Bell Potter notes. Ovitex (via Tela Bio) grew modestly at 4%, while Myriad sales jumped 33% and kept gaining share.

Myriad sales productivity improved with no new headcount and higher account values. The broker reckons the upcoming randomised clinical trials (RCT) data should fuel further adoption.

FY26 guidance of NZ$92-100m implies 2H26 revenue of NZ$47-55m. The broker is confident about Myriad’s sales momentum but is cautious on Tela Bio despite seasonally stronger 2H performance.

FY26 revenue forecast trimmed by -2% and FY27 by -5%. Buy maintained. Target unchanged at 85c.

Target price is $0.85 Current Price is $0.69 Difference: $0.165
If ARX meets the Bell Potter target it will return approximately 24% (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

Morgan Stanley rates BEN as Underweight (5) -

Morgan Stanley assesses the uplift program Bendigo & Adelaide Bank announced to address deficiencies in its risk management will further reduce confidence in the earnings outlook.

The program is expected to take up management time and reduce the proportion of annual investment expenditure directed towards growth and productivity initiatives.

The Underweight rating is maintained, given the combination of an uncertain earnings outlook and full trading multiples. The bank faces the challenge of managing margins and limiting cost growth while trying to transform its technology, enhance origination and lift volumes.

The broker reduces estimates for EPS by -12% for FY26 and by -6% for FY27, lowering the target to $9.60 from $10.00. Industry View: In-Line.

Target price is $9.60 Current Price is $10.21 Difference: minus $0.61 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.02, suggesting upside of 7.2% (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 BPT as Downgrade to Sell from Neutral (5) -

Beach Energy faces further Waitsia delays after new commissioning issues pushed first LNG sales out again despite Ready-For-Start-Up status, observes Citi.

While the risk of capex overruns is low, the broker's confidence in operability has weakened, with Mitsui issuing a revised schedule incorporating extra downtime.

The analyst highlights the company’s short 2P reserve life of around seven years, implying M&A is needed within 12-24 months. It's believed a capital management reset is required to preserve balance sheet capacity.

Citi lowers its target to $1.00 from $1.05 and downgrades to Sell from Neutral.

Target price is $1.00 Current Price is $1.23 Difference: minus $0.225 (current price is over target).
If BPT meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.10, suggesting downside of -8.1% (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

Shaw and Partners rates C79 as Buy, High Risk (1) -

Shaw and Partners notes Chrysos reported stronger sample-driven revenue momentum at its AGM, with $28.9m generated in the four months to October and deployments progressing steadily.

While guidance was not upgraded, the broker believes revenue and earnings now appear likely to reach the top of the stated FY26 ranges.

The analysts highlight unit deployments lagging the industry upturn but expects acceleration as validation, customer diversity and operating geographies broaden.

Buy, High Risk. Target increased to $8.70 from $6.80.

Target price is $8.70 Current Price is $7.87 Difference: $0.83
If C79 meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.05, suggesting upside of 14.4% (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

Morgans rates CAT as Reinstate Coverage with Buy (1) -

Morgans re-instates coverage of Catapult Sports with a Buy rating and $6.25 target. The company has expanded its service offering and opened up new key verticals.

The broker forecasts strong top-line growth, estimating a 20% compound growth rate over three years and reaching US$180m by FY28.

Strong positive momentum has occurred across key performance metrics including recurring revenue, incremental profit margins and the number of professional teams taking up multiple products.

Free cash flow has now been achieved and, with no debt on the balance sheet, should provide the necessary options for growth, the broker adds.

Target price is $6.25 Current Price is $5.07 Difference: $1.18
If CAT meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in March.

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 CEN as Neutral (3) -

Contact Energy reaffirmed its commitment to geothermal project delivery, as well as announcing what UBS views as ambitious targets for solar at 450MW, batteries at 500MW, and committed wind of 500MW.

The targets are flagged to generate normalised earnings (EBITDAF) CAGR of 5%-plus over the next five years, to NZ$3bn by FY31 from NZ$1.2bn.

Geothermal was the focus at the investor day site visit, with the pipeline inferred at around 1.7TWh, or circa 10% of net new generation after the completion of the developments, Te Mihi and Tauhara.

No change to the Neutral rating and NZ$9.70 target price. The broker's earnings forecasts remain unchanged.

Current Price is $8.59. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates COG as Buy (1) -

Bell Potter outlines key drivers for COG Financial Services' earnings growth from FY26-27, including revised interest rate expectations. Acquisitions are expected to contribute 13%, and the broker sees 17% organic growth as possible to reach over 30% in  FY26.

Insurance broking is expected to rebound -$0.5m headwind in FY25, with earnings seen up 2% from volume normalisation alone. Broking & aggregation is showing early recovery, with national credit demand up 3% y/y, the broker highlights.

A flatter rate curve implies FY26 average rates of 3.61% vs 4.24% in FY25, and is expected to drive 5% EBITDA growth in broking & aggregation and boost mortgage volumes, benefiting Equity-one.

Novated leasing outlook is stronger with vehicle import growth and restocking, solid private demand, BEV surge, and 18 tender wins implying 18% settlement growth flowing into FY27.

EPS forecasts for FY26-27 upgraded by 2%. Buy. Target unchanged at 2.70.

Target price is $2.70 Current Price is $2.10 Difference: $0.6
If COG meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 22.1% (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

Bell Potter rates EOS as Buy (1) -

Electro Optic Systems has purchased MARSS Group’s drone-interceptor unit for EUR5.5m (about $10m), funded from its existing cash.

Bell Potter notes interceptor drones are an emerging hard-kill C-UAS technology, and the company stated 12-24 months of more development will be needed and up to $10m investment over three years.

The deal strengthens Electro Optic's exposure to the growing global C-UAS theme, though competition is likely to intensify even as it targets a low-cost positioning.

EPS forecast for FY26 trimmed by -6% but FY27 lifted by 1%, after factoring in the acquisition. Target cut to $8.10 from $10.00 (was $11.20 on October 7) on a reduction in valuation multiple to 50x from 70x.

Buy retained.

Target price is $8.10 Current Price is $4.61 Difference: $3.49
If EOS meets the Bell Potter target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates FPH as Neutral (3) -

Fisher & Paykel Healthcare’s first half beat Citi's expectations, with a 6% EPS 'beat' supported by hospital hardware strength and favourable currency movements. It's noted CPAP pull-forward and opex timing mean some benefits will not repeat in the second half.

The analyst sees FY26 profit landing between the mid point and top of increased guidance after a 1% revenue upgrade and 5% profit upgrade at the mid point.

The broker believes tariff impacts in FY27 will be more than offset by productivity gains, while opex and R&D growth normalise. Management continues to guide to -75bps of FY26 gross margin impact from US tariffs.

Citi retains a Neutral rating and raises its target price to NZ$40 from NZ$39.

Current Price is $33.35. Target price not assessed.

Current consensus price target is $37.00, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates FPH as Outperform (1) -

The key takeaway from Fisher & Paykel Healthcare's 1H26 results was stronger operating leverage that led to 39% y/y net profit growth, beating Macquarie's forecast and the consensus. Revenue was also ahead of both estimates.

The company aims to fully offset tariff impacts, lift FY26 gross margin by 50bps, and stay on track for 65% gross margin by FY28. FY26 revenue guidance based on Oct 31 forex rates was NZ$2.17-2.27bn, up 1% from before and broadly in line with the broker's NZ$2.24bn estimate.

Net profit guidance was upgraded by 5%, prompting the broker to revise FY26 EPS forecast up by 4% and FY27 by 5%. This also includes the impact of forex.

Outperform. Target rises to NZ$42.00 from NZ$39.30.

Current Price is $33.35. Target price not assessed.

Current consensus price target is $37.00, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgan Stanley rates FPH as Overweight (1) -

Further to the analysis of the 1H26 result, Morgan Stanley increases revenue growth and gross margin estimates for FY26. Revenue and net profit forecasts are now at the upper end of the revised guidance ranges, at NZ$2.27bn and NZ$451m, respectively.

Over the medium to longer term, the broker envisages revenue will be supported by new applications and, combined with margin improvement, this underpins an attractive outlook.

Overweight rating. Target is raised to $37.00 from $35.30. Industry view: In-Line.

In NZ$, the target price rises to NZ$42.60 from NZ$40.60.

Target price is $37.00 Current Price is $33.35 Difference: $3.65
If FPH meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $37.00, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates FPH as Neutral (3) -

Fisher & Paykel Healthcare reported a 1H26 result which was 7% better than UBS' expectations due to reduced capex and a tailwind from a stronger NZD. On a constant currency basis, 1H26 EBIT lifted 26% and beat the analyst's forecast by 4%.

The analyst lifts EPS estimates by 3% for FY26 and 2% for both FY27 and FY28 due to lower revenue in hospital (flu season) and homecare (lower mask share), offset by improved cost management. A US tariff impact of -NZ$12m is included.

Current stock price levels factor in the anticipated EPS growth rate (CAGR) of 17% from FY26, underpinned by high-flow therapy adoption, the analyst states, and robust obstructive sleep apnea new patient starts, as well as margin expansion and NZD weakness.

The target price is raised to NZ$39.30 from NZ$37.00 with no change in Neutral rating.

Current Price is $33.35. Target price not assessed.

Current consensus price target is $37.00, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates FPR as Outperform (1) -

FleetPartners Group's FY25 net profit beat Macquarie's forecast by 7%. Core net operating income (NOI), end of lease (EOL) income and impairments were all modestly better than expected.

The company is acquiring Remunerator (salary packaging/novated leasing provider), and the broker expects the deal to be low single-digit EPS accretive, with completion seen in 1H26.

The company sees a soft 1H26 then stronger 2H26, with FY26 EOL income and core margins expected to be broadly stable. Used car prices are steady, and the embedded 5-year EOL of $250m compares with the broker's forecast of $213m.

FY26 EPS forecast lifted by 2.4% but FY27 trimmed by -1.5% and FY28 by -1.7%. The broker notes the outer year cuts reflect dividend reinstatement replacing buyback.

Outperform. Target lowered to $3.59 from $3.68. 

Target price is $3.59 Current Price is $2.91 Difference: $0.68
If FPR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 20.0% (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

Citi rates HVN as Buy (1) -

Harvey Norman’s AGM update indicates to Citi solid momentum, with Australian franchisee like-for-like sales up 6.4% from July 1 to November 20. This outcome aligns with the broker's 6.5% expectation and sits slightly above consensus at 6.3%.

Citi highlights New Zealand’s improvement, with like-for-like sales rising to 8.0% from 7.2% in the prior update.

It is thought the remaining weeks of November and December will determine whether trends strengthen further, so the broker's forecasts are left unchanged.

The broker retains a Buy rating and $7.70 target.

Target price is $7.70 Current Price is $7.29 Difference: $0.41
If HVN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates HVN as Downgrade to Neutral from Outperform (3) -

Harvey Norman's trading update at the AGM showed FY26 year-to-date Australian sales are supported by replacement demand, but momentum hasn’t really accelerated since the Jul-25 update, Macquarie observes.

Internationally (NZ, Malaysia, UK) sales trends have improved sequentially, with the UK showing encouraging early traction as a longer-term growth option, the broker notes. 

FY26 EPS forecast lifted by 2% and FY27 by 3% on better-than-expected sales so far, both in Australia and offshore. Target rises to $7.60 from $7.40.

After a 30% share re-rating over 12 months, a 50% share price rise, and expectations the RBA rate cut cycle is done, risk/reward looks balanced, prompting a downgrade to Neutral from Outperform.

Target price is $7.60 Current Price is $7.29 Difference: $0.31
If HVN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Harvey Norman's AGM update flagged like-for-like Australian comparable growth in FY26 so far of 6.4%, which is in line with the August update. However, Morgan Stanley points out comparables will get harder to cycle as the year draws to a close.

The company has extended its buyback program until November 23, 2026, although the broker notes the previous buyback was not executed.

Morgan Stanley continues to prefer Harvey Norman over JB Hi-Fi ((JBH)) within the mid-cap retail segment amid greater operating leverage from the franchisee model and valuation tailwinds from property.

Equal-weight rating and $7.60 target. Industry View: In-Line.

Target price is $7.60 Current Price is $7.29 Difference: $0.31
If HVN meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates HVN as Lighten (4) -

Harvey Norman has signalled sales growth in FY26 to date that was broadly in line with Ord Minnett's expectations while sales from the dominant Australian franchise were stronger than expected.

This was aided by an earlier start to Black Friday sales this year and offset a slowdown in the New Zealand, UK and Irish divisions with a flat performance in Slovenia and Croatia.

Despite a strong start the broker expects sales growth will become harder to achieve because of tougher comparables. Ord Minnett also believes the wider market's expectations of the stock are too optimistic and retains a Lighten rating.

Target is raised to $6.20 from $5.90.

Target price is $6.20 Current Price is $7.29 Difference: minus $1.09 (current price is over target).
If HVN meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.53, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates JDO as Outperform (1) -

Macquarie notes competition on term deposits has reduced, favouring Judo Capital, as the bank is mainly term deposit-funded. The broker's estimate suggests new term deposits are obtained at 65bps spread vs 80-90bps guidance.

The broker now expects the bank to outperform vs 3-10% margin guidance for 2H26. Overall, the broker reckons earnings risk is easing with stable credit quality and no major deterioration in lending competition.

FY26 EPS forecast lifted by 5% and FY27 by 4%. Outperform with a higher target price of $1.95 from $1.90.

Target price is $1.95 Current Price is $1.51 Difference: $0.445
If JDO meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting upside of 32.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates JHX as Outperform (1) -

Macquarie revisited key themes for James Hardie Industries after recent 1H26 results.

The broker highlights a tick up in market sentiment toward the company from an October low. Steadier US policy hopes and conservative positioning, plus governance changes, have reduced near-term downgrade risk in the broker's opinion.

The broker reckons Azek's stronger channel positioning and smooth integration across channels should support medium-to-long term economics.

MSCI Australia exclusion triggered -US$1bn passive outflows and raises index/liquidity risks. Cost-repositioning plans to boost vinyl displacement are positive but familiar and may alter expected construction implications, the broker states.

No change to forecasts. Outperform with unchanged target of $41.70.

Target price is $41.70 Current Price is $29.75 Difference: $11.95
If JHX meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $36.15, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

UBS rates LNW as Buy (1) -

UBS notes US commercial gaming revenues announced so far are up 7% y/y in October, a robust acceleration from September.

Aristocrat Leisure's ((ALL)) land-based slots indexed 2.27x versus zone in October versus 2.35x in September and 2.37x a year earlier.

Light & Wonder was next at 1.79x versus 1.85x in September and 1.76x in the previous year, all based on industry data (Eilers).

Phoenix Link and Dragon Link boosted Aristocrat's installed base growth, with its Spooky Link remaining number one, while Light & Wonder's Piggy Bankin' remains robust in third place.

Buy rating and $206 target maintained.

Target price is $206.00 Current Price is $143.56 Difference: $62.44
If LNW meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $187.67, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Ord Minnett rates MEI as Buy (1) -

Ord Minnett notes both Meteoric Resources and Viridis Mining and Minerals ((VMM)) have entered a trading halt.

The halt comes post media reports from Brazil the Federal Public Prosecutor’s Office has apparently recommended the State Council for Environment Policy suspend issuance of their preliminary licences and remove their projects from the agenda of the next state council.

Both had anticipated they would receive their preliminary licences at a meeting on Nov 28.

Speculative Buy maintained with a 35c target price for Meteoric Resources, retained in the absence of any new information.

Target price is $0.35 Current Price is $0.16 Difference: $0.19
If MEI meets the Ord Minnett target it will return approximately 119% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 106.3% (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

Morgans rates MP1 as Buy (1) -

Morgans forecasts two -25bps interest rate reductions in Australia and a similar trajectory in the US, with a higher probability attached to the US easing.

It's noted technology company share prices have the highest sensitivity to interest rates due to their fast-growing, long-dated cashflows.

The broker’s preferred technology names under research coverage are TechnologyOne and Megaport, rated Accumulate and Buy, respectively.

In classifieds, Seek ((SEK)) and REA Group ((REA)) remain the top picks, both with Accumulate ratings.

The $17 target for Megaport is unchanged.

FNArena believes, contrary to what is stated in this report, that Morgans' house view has now shifted towards two rate hikes from the RBA.

Target price is $17.00 Current Price is $14.24 Difference: $2.76
If MP1 meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.00, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates MTO as Buy (1) -

Morgans believes the outlook for Motorcycle Holdings is robust, with significant capacity for future growth. Despite the demand outlook being susceptible to the cycle, the company continues to take share and should be well-placed for when industry volumes turn more favourable.

The company, in its AGM update, indicated sales are tracking up 19% on better-than-expected gross margins. The Peter Stevens Motorcycles acquisition is also turning around, and the integration is occurring quickly, the broker adds.

Target is raised to $4.50 from $4.25 and a Buy rating retained.

Target price is $4.50 Current Price is $3.68 Difference: $0.82
If MTO meets the Morgans target it will return approximately 22% (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

Morgan Stanley rates NSR as Underweight (5) -

Morgan Stanley notes media speculation that a consortium consisting of Brookfield and GIC is preparing a bid for National Storage REIT at around Net Tangible Assets.

The stock is currently in a trading halt and its last reported NTA was $2.58 with the last close at $2.26, implying a -12.4% discount to NTA.

Morgan Stanley points out that in FY20 the company had three non-binding offers that were withdrawn when the covid pandemic hit, with the highest bid at $2.40 a share.

Underweight. Target is $2.55. Industry view: In-Line.

Target price is $2.55 Current Price is $2.70 Difference: minus $0.15 (current price is over target).
If NSR meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.60, suggesting downside of -3.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates OCL as Upgrade to Accumulate from Hold (2) -

Morgans assesses business momentum continues to build for Objective Corp and the company is well placed for profitable growth in the coming years. The recent investor briefing showcased the product, strategy and opportunity.

The broker believes the business is "best-in-class enterprise software" with a defensive government customer base. A key focus for the company is reducing the time and costs required to deploy its RegWorks solution to reduce potential barriers to adoption and time to value.

The launch of Build in Australia remains on track for March release, and there are now six foundation partners in NSW. Rating is upgraded to Accumulate from Hold in light of the recent pullback in the shares.

Target is reduced to $20.00 from $22.90.

Target price is $20.00 Current Price is $17.91 Difference: $2.09
If OCL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $22.35, suggesting upside of 25.8% (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 PIQ as Hold (3) -

Proteomics International Laboratories has had the US reimbursement rate of US$390.75 confirmed for PromarkerD, its predictive test for diabetic kidney disease, effective January 1 2026.

Morgans notes this confirmation supports distribution partnering, yet sales may remain challenging without a substantial marketing team or distribution partner.

The broker continues to envisage value in the longer term but acknowledges risk-averse investors may find more suitable options elsewhere until commercial launch and evidence of market traction. Hold rating and $0.43 target retained.

Target price is $0.43 Current Price is $0.39 Difference: $0.04
If PIQ meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

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

UBS rates QAN as Buy (1) -

UBS expects the Australian international market to grow FY26 capacity available seat kilometres (ASKs) by 9%,. Qantas Airways and Jetstar are anticipated to grow strongly, even though they represent 26% of the domestic international market.

Qantas has flagged international to advance by 9% in FY26, excluding the Jetstar Asia closure. It is increasing its capacity, mostly to the US, up 13%, NZ, up 13%, Singapore, up 9% and Hawaii, up 52%, to partially offset Jetstar, while exiting South Korea and China.

Jetstar's growth to Bali stands at 19%, NZ, up 31%, Thailand up 20%, South Korea up 39%, replacing Qantas, and Singapore up 40%, as well as entering the Philippines and exiting Hawaii.

The stock remains Buy rated with a $11.50 target price.

Target price is $11.50 Current Price is $9.80 Difference: $1.7
If QAN meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.44, suggesting upside of 25.4% (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 QBE as Buy (1) -

Today's third-quarter update by QBE Insurance was broadly in line with Citi's forecasts. The FY25 combined operating ratio (COR) is tracking to around 92.5% and FY26 guidance is set at the same level alongside an unexpected $450m buyback, highlight the analysts.

The broker questions whether the buyback may partly come at the expense of the dividend, with management now signalling a 50% FY25 payout ratio.

Gross written premium (GWP) growth of 6% (versus the prior year) for the nine months to September was consistent with the broker's expectation.

Citi highlights favourable catastrophe trends, with -US$700m incurred versus a US$950m allowance, and crop performance slightly better than plan.

Overall, the update reinforces Citi's confidence in management's FY26 guidance and is likely to be supportive for the share price.

Buy. Target $25.60.

Target price is $25.60 Current Price is $19.78 Difference: $5.82
If QBE meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 27.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

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

Morgan Stanley expects Rio Tinto's capital markets briefing, to be held December 2, will highlight a simpler structure around three core divisions: copper iron ore and aluminium & lithium. This should lower the cost structure and accelerate decision-making.

The broker believes the integration of lithium and aluminium is a sign the company is recalibrating its lithium ambitions, expecting a more measured and returns-focus strategy

 Management is expected to reaffirm the exit of non-core business such as borates and titanium dioxide, potentially unlocking more than US$4bn in deployed capital.

Morgan Stanley reiterates an Equal-weight rating and target of $129.50, highlighting its preference for BHP Group ((BHP)) although envisaging the near-term investment case is tilted towards "a more inward looking Rio Tinto". Industry View: Attractive.

Target price is $129.50 Current Price is $134.18 Difference: minus $4.68 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.42, suggesting downside of -2.4% (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: -0.1

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

Bell Potter rates SHV as Buy (1) -

The highlight of Select Harvests' FY25 results was a sharp improvement in cash flow and balance sheet. Bell Potter notes operating cash flow was $138m vs -$12.6m in FY24, and net debt improved to $79.1m from $162.3m.

Underlying net profit of $27.8m broadly met expectations, though revenue of $398.3m beat the broker's forecast of $309.8m. Results were driven by a 24,903t crop and $10.18/kg almond price vs the broker's $10.17 forecast.

Outlook is positive for FY26 pricing despite cost headwinds (water/bees/electricity), prompting the broker to lift FY26 net profit forecast by 4% and FY27 by 13%.

Buy. Target rises to $5.80 from $5.45 on stronger near-term cash flow projections.

Target price is $5.80 Current Price is $4.16 Difference: $1.64
If SHV meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 31.3% (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

Ord Minnett rates SHV as Buy (1) -

Select Harvests revealed a "solid" FY25 result that Ord Minnett found was largely in line with the October update. FY25 EBITDA of $82.4m was softer than expected, yet 81% ahead of the FY24 outcome amid a 19% larger crop.

Going forward, the broker observes the options are good in terms of the crop, no frost, stable costs and increasing global almond price. A return to average historical volumes is looking likely in FY26.

Target rises to $5.05 from $4.95 and a Buy rating is maintained.

Target price is $5.05 Current Price is $4.16 Difference: $0.89
If SHV meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 31.3% (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

Ord Minnett rates STG as Hold (3) -

Straker delivered 1H26 results that reflected a challenging environment, particularly in terms of government demand, and Ord Minnett notes key metrics were all down y/y as the business undergoes an AI-driven transition.

Management remains optimistic about the transformation, and while the broker is constructive on the outlook, it awaits further validation of the turnaround.

Despite disappointing earnings and cash flow outcome in the first half, FY26 guidance has been reaffirmed. Ord Minnett highlights this would be the first time in 3.5 years revenue growth has turned positive in the second half.

Hold rating retained. Target edges down to $0.37 from $0.38.

Target price is $0.37 Current Price is $0.32 Difference: $0.05
If STG meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

UBS rates TAH as Buy (1) -

Tabcorp Holdings' share of wagering app downloads peaked during the Spring Racing Carnival to 23% against an average of low teens, UBS explains.

Revenue remains challenged, especially in racing where Tabcorp has a higher exposure. Sportsbet and Entain saw a September quarter decline of -10% and -6%, respectively.

Racing Victoria reported player loss down -15% y/y from July to November 8 on positive customer results.

No change to Buy rating and $1.12 target price.

Target price is $1.12 Current Price is $0.92 Difference: $0.2
If TAH meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.02, suggesting upside of 6.9% (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 TCL as Buy (1) -

Citi’s analysis of Tomtom traffic data shows congestion has generally increased in 2025 across key markets, indicating a supportive backdrop for Transurban Group.

Rising congestion on non-tolled roads typically lifts the probability of toll road usage, explains the broker, improving near-term traffic growth prospects.

Citi points to strengthening conditions in Sydney, Melbourne and North America alongside cost control that should enhance Transurban's operating leverage and free cash flow (FCF).

Buy. Target $16.10.

Target price is $16.10 Current Price is $15.09 Difference: $1.01
If TCL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.51, suggesting downside of -3.3% (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 TLC as Buy (1) -

Underlying lottery turnover is expected to be flat in 1H26 year-to-date, according to UBS and the inhouse tracker to November 24.

The analyst has lowered turnover growth to 3%, with jackpots failing to achieve major levels over the period.

Powerball reserves remain high and could be used over 2H26, which implies the weakness is not structural, just related to luck. An unusually high win frequency, or put simply, jackpots have not grown despite a recent price increase.

No change to Lottery Corp's Buy rating and $6.35 target price.

Target price is $6.35 Current Price is $5.42 Difference: $0.93
If TLC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates TNE as Accumulate (2) -

Morgans forecasts two -25bps interest rate reductions in Australia and a similar trajectory in the US, with a higher probability attached to the US easing.

It's noted technology company share prices have the highest sensitivity to interest rates due to their fast growing, long-dated cashflows.

The broker’s preferred technology names under research coverage are TechnologyOne and Megaport, rated Accumulate and Buy, respectively.

In classifieds, Seek ((SEK)) and REA Group ((REA)) remain the top picks, both with Accumulate ratings.

The $34.50 target for TechnologyOne is unchanged.

FNArena believes, contrary to what is stated in this report, that Morgans' houseview has now shifted towards two rate hikes expected from the RBA.

Target price is $34.50 Current Price is $29.72 Difference: $4.78
If TNE meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $34.00, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates TPW as Buy (1) -

Bell Potter downgraded revenue forecasts for Temple & Webster following the trading update, resulting in sharp cuts to FY26-28 EBITDA estimates.

Checkout revenue growth in the first 20 weeks of FY26 was 18% y/y but marked a slowing from 28% in Jul-Aug, and fell short of the over 20% growth target. The company, though, maintained 3-5% FY26 EBITDA margin guidance.

The broker notes the update implies Sep-Nov checkout growth of 14-15%, leading to lower revenue forecasts. This, combined with an increase in brand spend estimates and a cut in FY26 margin assumption, led to a -22% cut to FY26 EBITDA forecast and -19% cut to FY27.

Buy. Target cut to $19.50 from $28.00 on earnings downgrades and reduction in valuation multiples to 27x from 36x.

Target price is $19.50 Current Price is $13.83 Difference: $5.67
If TPW meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 40.5% (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

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

Following a further review of Temple & Webster's trading update, Citi slashes its target to $15.38 from $34.32 and downgrades to Neutral from Buy. It's felt sustainable customer growth is now less certain, limiting confidence in the longer-term trajectory.

A summary of the broker's initial take follows.

Citi's first reaction to Temple & Webster's trading update at the AGM is a slight surprise at the rate of slowing in revenue growth, given expansion and recent updates from competitors.

Year-to-date revenue growth slowed to 18% vs 1H26 consensus of 23% y/y, and implies only 14% growth over the last 14 weeks, the broker highlights.

Black Friday timing may be weighing on sales, in the broker's view, but remains worried about marketing team departures. FY26 EBIT margin guidance stays at 3-5% (consensus 4.3%), though the broker is more cautious as comps get tougher through 1H26.

Target price is $15.38 Current Price is $13.83 Difference: $1.55
If TPW meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 40.5% (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

Macquarie rates TPW as Outperform (1) -

Temple & Webster's trading update pointed to a slowing in revenue growth to 14% over the last 14 weeks vs 28% in the first 8 weeks of 1H26.

Macquarie believes the slowing reflects broader consumer and furniture-spend weakness, but the lagged impact of the August interest rate cut tailwind and improving high-frequency data point to Christmas demand.

The broker notes company commentary of 3% y/y increase in average order values, improving repeat customers, and faster growth in smaller Home Improvement and Trade/Commercial segments. This should aid margin mix.

FY26 EPS forecast slashed by -15% and FY27 by -34% reflecting slower revenue growth estimates and conservative margin forecasts.

Outperform. Target trimmed to $24.15 from $31.30.

Target price is $24.15 Current Price is $13.83 Difference: $10.32
If TPW meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 40.5% (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

Morgan Stanley rates TPW as Overweight (1) -

Morgan Stanley was surprised by Temple & Webster's 18% sales growth in the year to date versus FY26 expectations of 24%. The broker now acknowledges it was overly bullish going into the latest update.

The broker also thought the promotional calendar may be more stable, given the step up in traction around Black Friday promotions in the prior corresponding period. Yet a choppy environment prevails, and Morgan Stanley suspects consumer behaviour around the event is still evolving.

The company's EBITDA margin guidance of 3-5% is unchanged. Overweight. Target is reduced to $28 from $32. Industry view is In-Line.

Target price is $28.00 Current Price is $13.83 Difference: $14.17
If TPW meets the Morgan Stanley target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 40.5% (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

UBS rates TPW as Upgrade to Neutral from Sell (3) -

Temple & Webster’s AGM update shows revenue growth slowing sharply, observes UBS, with year-to-date growth of 18% versus 28% in the first six weeks to August. The analysts attribute weakness to a softening in the broader macro consumer demand environment.

The broker now forecasts 1H26 / FY26 revenue growth of 17.5% and 17.2%, respectively, well below the 20%-plus topline growth delivered over the last five years.

UBS lowers its target price to $14.80 from $17.70, and upgrades to Neutral from Sell, given the valuation is now more realistic after a -32% share price fall yesterday.

Target price is $14.80 Current Price is $13.83 Difference: $0.97
If TPW meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $20.31, suggesting upside of 40.5% (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

Ord Minnett rates VAU as Buy (1) -

Vault Minerals has extinguished its second half hedges for a total cost of $173m, funded through existing cash reserves.

Ord Minnett believes this simplifies the investment proposition as there are now fewer opportunities for those seeking gold exposure in the small ordinaries segment.

The broker removes the second half hedging requirements from estimates and rolls forward its modelling, adjusting shares on issue for the recent consolidation.

Buy. Target rises to $6.00 from $0.85 (the stock has recently been consolidated 6.5:1).

Target price is $6.00 Current Price is $0.78 Difference: $5.225
If VAU meets the Ord Minnett target it will return approximately 674% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting downside of -7.6% (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 VMM as Buy (1) -

Ord Minnett notes both Meteoric Resources ((MEI)) and Viridis Mining and Minerals have entered a trading halt.

The halt comes post media reports from Brazil the Federal Public Prosecutor’s Office has apparently recommended the State Council for Environment Policy suspend issuance of their preliminary licences and remove their projects from the agenda of the next state council.

Both had anticipated they would receive their preliminary licences at a meeting on Nov 28.

Speculative Buy maintained with $3.60 target price for Viridis retained in the absence of any new information.

Target price is $3.60 Current Price is $0.98 Difference: $2.62
If VMM meets the Ord Minnett target it will return approximately 267% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates WTC as Buy (1) -

UBS' latest global maritime tracker shows average volume of containership entries into North America, Europe and Asia slipped -1% y/y for the first two weeks of November versus -0.7% y/y in October.

North America fell -6% y/y and Europe -1% y/y, while Asia rose 1%.

The analyst notes WiseTech Global's job postings at the start of November grew 11% m/m but are down -62% y/y, which aligns with October. Australia continued to have the highest number of vacancies at 42%, mainly in engineering at 58% and operations at 29%.

The stock is Buy rated with a $130 target price.

Target price is $130.00 Current Price is $65.25 Difference: $64.75
If WTC meets the UBS target it will return approximately 99% (excluding dividends, fees and charges).

Current consensus price target is $120.06, suggesting upside of 71.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

UBS rates XRO as Buy (1) -

UBS highlights Xero's October app data showed an acceleration in Australian growth to 24% y/y from a three-month average of 15% growth. Share of downloads slipped by -2% m/m to 87% versus QuickBooks at 13%.

UK app downloads rose 56% y/y versus a three-month average of 58% growth, while share of downloads slipped by -8% m/m to 42% versus QuickBooks at 55%.

US app downloads rose 850% compared to a three-month average of up 2000%, albeit off a smaller base.

The broker's SME tracker points to "healthy" Australia net new business creations, up 19% y/y, while UK bankruptcy rates have moved higher, but total businesses advanced by 462k to October from October 2024, the highest in six years.

Job postings fell -44% m/m and are down -33% y/y, with the majority of vacancies in Australia (34%) and technology (42%). Buy rated with a $194 target.

Target price is $194.00 Current Price is $120.39 Difference: $73.61
If XRO meets the UBS target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $200.05, suggesting upside of 61.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

UBS rates ZIP as Buy (1) -

According to UBS, Zip Co reported softer Australian app data, with downloads falling -24% y/y and monthly active users down -10% y/y.

The US was more robust, up 19% y/y for app downloads and a rise in monthly active users of 28% y/y.

In major categories, the highest monthly gains were from household goods and department stores in Australia, and nonstore retailers in the US.

Buy rated with a $5.40 target price.

Target price is $5.40 Current Price is $3.20 Difference: $2.2
If ZIP meets the UBS target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $5.04, suggesting upside of 48.6% (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