Australian Broker Call

Ord Minnett rates 29M as Upgrade to Hold from Lighten (3) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

No change to 29Metals EPS forecasts for FY25-26. Rating upgraded to Hold from Lighten, and target rises to 45c from 35c.

Target price is $0.45 Current Price is $0.44 Difference: $0.01
If 29M meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting downside of -10.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates AAI as Downgrade to Accumulate from Buy (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

EPS forecast for Alcoa for FY25 lifted by 8.5% and for FY26 by 15.9%. Rating downgraded to Accumulate from Buy, and the new target price is $71.50.

Target price is $71.50 Current Price is $66.52 Difference: $4.98
If AAI meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

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

Market Sentiment: 0.3

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

UBS rates AAI as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Alcoa, the broker lifted FY25 EPS forecast by 79% but trimmed FY26 by -13%. Target lifted to $71 from $62, and Neutral retained.

Target price is $71.00 Current Price is $66.52 Difference: $4.48
If AAI meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Morgan Stanley rates BAP as No Rating (-1) -

Post Bapcor's FY26 guidance downgrade, Morgan Stanley lowers its EPS forecasts by -14.5% for FY26 and -13.2% for FY27.

The company guided to FY26 net profit after tax of $44m-$49m against consensus of $57m, with management pointing to increased price competition. This is seen weighing on gross margins and weakness in trading despite the price changes.

There's also concern around the need to lift the debt covenant for FY26.

The broker is currently under research restriction. Industry view is In-Line.

Current Price is $1.78. Target price not assessed.

Current consensus price target is $2.15, suggesting upside of 21.9% (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

Ord Minnett rates BGL as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Bellevue Gold, the broker lifted FY26 EPS forecast by 21% and FY27 by 17%. Buy retained, and target raised to $1.60 from $1.40.

Target price is $1.60 Current Price is $1.44 Difference: $0.165
If BGL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 9.3% (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

UBS rates BGL as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Buy rating and $1.55 price target remain in place for Bellevue Gold, on unchanged forecasts.

Target price is $1.55 Current Price is $1.44 Difference: $0.115
If BGL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BHP as Accumulate (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For BHP Group, the broker lifted FY26 EPS forecast by 1.9% and FY27 by 5.3%. Accumulate retained, and target rises to $47 from $45.

Target price is $47.00 Current Price is $45.10 Difference: $1.9
If BHP meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $45.65, suggesting upside of 0.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BHP as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For BHP Group, the broker raised FY26 EPS forecast by 3% and FY27 by 1%. Neutral rating and $45 target unchanged.

Target price is $45.00 Current Price is $45.10 Difference: minus $0.1 (current price is over target).
If BHP meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $45.65, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BOE as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Boss Energy has retained its Neutral rating and $2.10 price target. No change to forecasts.

Target price is $2.10 Current Price is $1.63 Difference: $0.47
If BOE meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.28, suggesting upside of 29.5% (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 BRE as Speculative Buy (1) -

Ord Minnett notes Brazilian Rare Earths has released its scoping study for its Amargosa direct shipping ore bauxite project in Brazil, which is outlined as a 17-year project trucking 86Mt of bauxite to port.

The broker emphasises this was one of the two key share price catalysts, with the second being the ore resource and scoping study for the Monte Alto rare earth project, which is slated for 1H2026. Further positive news could come from uranium profit sharing in Brazil.

The target price is lifted to $7 from $6.30 previously, with a Speculative Buy rating retained.

Target price is $7.00 Current Price is $3.92 Difference: $3.08
If BRE meets the Ord Minnett target it will return approximately 79% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates CBA as Underperform (5) -

Macquarie assesses the market pricing for a high cash rate as offering potential upside to bank margins, but risks to valuations. Post the November bank results, the market is now pricing cash rate rises of around 70bps and a circa 40bps rise in swap rates.

The analyst estimates 6-10bps of upside to net interest margin forecasts for FY27, but highlights increased competition on loans saw the banks compete away around 70% of the tailwind in the previous rate hiking cycle in FY22-FY23.

At this stage, the broker sees possible upside to the current FY27 bank earnings forecasts of 4-7% on no changes in pricing assumptions, with more benefit to CommBank and Westpac ((WBC)) and less to ANZ Bank ((ANZ)).

Underperform. Target unchanged at $106.

Target price is $106.00 Current Price is $152.74 Difference: minus $46.74 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $117.55, suggesting downside of -24.6% (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 CHN as Sell (5) -

Ord Minnett has resumed coverage of Chalice Mining. The broker has a Sell rating and target price of $1.15.

The broker upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

Target price is $1.15 Current Price is $1.54 Difference: minus $0.385 (current price is over target).
If CHN meets the Ord Minnett target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting upside of 47.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates CHN as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

No change to forecasts for Chalice Mining. Neutral and $1.75 target remains.

Target price is $1.75 Current Price is $1.54 Difference: $0.215
If CHN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 47.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates CMM as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Capricorn Metals, the broker lifted FY26 EPS forecast by 8.4% and FY27 by 7.1%. Buy retained, with a target price of $19.50.

Target price is $19.50 Current Price is $13.73 Difference: $5.77
If CMM meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $16.53, suggesting upside of 16.8% (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

Shaw and Partners rates COG as Initiation of coverage with Buy (1) -

Shaw and Partners initiates coverage of COG Financial Services with a Buy (High risk) rating and a $2.45 target price. The broker's proposition is simple: an expectation of double-digit EPS growth for FY26 to FY28, which is not factored by the market.

The analyst highlights COG is a diverse mid-cap financial services company operating in novated leasing and salary packaging, finance, broking and aggregation, as well as asset management and lending.

Under a revitalised board with Tony Robinson as Chair, the company is aiming to accelerate the growth of a capital-light broking business.

The broker stresses COG throws off substantial free cash flow and is estimated to be trading around a 10% FY26 free cash flow yield.

Target price is $2.45 Current Price is $2.04 Difference: $0.41
If COG meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates CQR as Buy (1) -

HomeCo Daily Needs REIT saw strong Dec-25 valuation uplift, up 4.5% gross and 2.9% net vs June, marking further acceleration to revaluation gains seen in June vs Dec-24, Citi notes.

It signals positive momentum for retail REITs, in the broker's view. Retail fundamentals remain robust, with landlords retaining the upper hand via positive leasing spreads, high occupancy, and solid rental escalations.

Fresh capital inflows are supporting sharper pricing and lower cap rates, the broker highlights. The broker expects further cap rate compression and ongoing rental growth to drive higher medium-term NAVs for Australian retail assets.

Top picks for the broker are Scentre Group, Charter Hall Retail REIT and GPT Group.

Buy. Target price $4.50.

Target price is $4.50 Current Price is $3.99 Difference: $0.51
If CQR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates CRN as Sell (5) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Coronado Global Resources, the broker trimmed FY25 EPS forecast by -2% but lifted FY26 by 12%. Target lifted to 25c from 19c, and Sell retained.

Target price is $0.25 Current Price is $0.32 Difference: minus $0.065 (current price is over target).
If CRN meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.27, suggesting downside of -13.5% (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: -0.4

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

Ord Minnett rates CSC as Hold (3) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Capstone Copper, the broker trimmed FY25 EPS forecast by -1.3% but lifted FY26 by 16%. Hold retained, and target cut to $14.50 from $14.75.

Target price is $14.50 Current Price is $14.40 Difference: $0.1
If CSC meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $15.98, suggesting upside of 7.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates CSC as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Capstone Copper, the broker lifted FY25 EPS forecast by 7% and FY26 also by 7%. No change to $16 target and Buy rating.

Target price is $16.00 Current Price is $14.40 Difference: $1.6
If CSC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.98, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates CXO as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Core Lithium, the broker made no change to EPS forecasts for FY26-27. Buy retained, and target raised to 30c from 23c.

Target price is $0.30 Current Price is $0.23 Difference: $0.07
If CXO meets the Ord Minnett target it will return approximately 30% (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

Ord Minnett rates DRR as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Deterra Royalties, the broker cut FY26 EPS forecast by -2% but lifted FY27 by 2%. Buy retained, and target raised to $4.60 from $4.50.

Target price is $4.60 Current Price is $4.14 Difference: $0.46
If DRR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 5.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates DRR as Downgrade to Sell from Neutral (5) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Deterra Royalties has been downgraded to Sell from Neutral. The new price target is $3.95, up from $3.75 previously.

Target price is $3.95 Current Price is $4.14 Difference: minus $0.19 (current price is over target).
If DRR meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.35, suggesting upside of 5.8% (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

Ord Minnett rates DYL as Upgrade to Accumulate from Hold (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Deep Yellow, the broker lifted FY26 EPS forecast by 0.5% and FY27 by 0.2%. Rating upgraded to Accumulate from Hold, and target price is $2.

Target price is $2.00 Current Price is $1.85 Difference: $0.155
If DYL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.96, suggesting upside of 1.3% (ex-dividends)

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

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

Given the share price weakness, Ebos Group is upgraded to Buy from Accumulate, with an unchanged $34.82 price target.

Morgans believes Ebos is a more attractive proposition to the value investor while Sigma Healthcare ((SIG)) will appeal more to a growth investor.

The group is positioned for FY26 as a transition year, moving on from the loss of the Chemist Warehouse contract and large investment in its distribution centre network.

The analyst notes lower capex and an improved return on capital employed of around 15% is anticipated for FY27 and should underwrite longer term shareholder value.

Post the -30% fall in the share price since the August result, Ebos is trading one standard deviation below its 10 year average PE of 22x. The analyst likes the business (and owns the shares) seeing a defensive business returning to good growth with a solid yield.

Target price is $34.82 Current Price is $23.79 Difference: $11.03
If EBO meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $31.94, suggesting upside of 34.4% (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

Ord Minnett rates EMR as Lighten (4) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker lifted Emerald Resources' FY26 EPS forecast by 11.5% and FY27 by 11.4%. Lighten maintained, and target raised to $4.90 from $4.30.

Target price is $4.90 Current Price is $5.63 Difference: minus $0.73 (current price is over target).
If EMR meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Bell Potter rates EOL as Initiation of coverage with Buy (1) -

Bell Potter has initiated coverage of Energy One with a Buy rating and target price of $20.80.

The company provides end-to-end software, outsourced operations, and advisory services for wholesale energy, environmental, and carbon markets, serving over 450 customers across 30-plus countries.

Its core advantage is a flexible, fast-to-implement “one-stop-shop” platform that simplifies complex energy trading and operational requirements. The broker reckons growing renewable penetration increases system volatility and complexity, strengthening demand for the company’s mission-critical tools and services.

Europe’s expanded electricity trading windows further enhance opportunities for new sales, cross-selling, and price increases, supporting resilient earnings.

The broker's FY25-28 EPS forecasts assume a compounded annual growth rate (CAGR) of 49%, and underpin its confidence in share price appreciation. Upside catalysts include further European M&A and management, which would lift its EPS CAGR to 62% over FY25–27.

Target price is $20.80 Current Price is $17.63 Difference: $3.17
If EOL meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates EVN as Sell (5) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Evolution Mining remains Sell rated with a price target of $10.70. Forecasts have not been affected.

Target price is $10.70 Current Price is $12.25 Difference: minus $1.55 (current price is over target).
If EVN meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.04, suggesting downside of -21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Bell Potter rates FEX as Buy (1) -

Fenix Resources outlined a three-year growth plan to lift production to 6Mtpa by FY28 from 2.4Mt in FY25, driven by a ramp-up at the Beebyn Hub.

Bell Potter notes the plan is to double W11 output to 3.0Mtpa and start W10, pending approvals, while winding down Iron Ridge and Shine Stage 1 by FY27. 

The expansion is budgeted at $35-45m (excluding extra mobile fleet), to be funded from cash flow and existing facilities. Scoping Study for a further step-up to 10Mtpa is due this month, and a Feasibility Study is targeted by June 2026, the broker highlights.

The company upgraded FY26 guidance to 4.2-4.8Mt production from 4.2-4.4Mt.

No changes to the broker's model. Buy retained with unchanged target of 65c.

Target price is $0.65 Current Price is $0.50 Difference: $0.15
If FEX meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates FFM as Sell (5) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For FireFly Metals, the broker lifted FY26 EPS forecast by 0.4% and FY27 by 0.9%. Sell rating and target price is $1.70.

Target price is $1.70 Current Price is $1.86 Difference: minus $0.16 (current price is over target).
If FFM meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.88, suggesting downside of -5.8% (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

Citi rates FLT as Buy (1) -

Flight Centre Travel is buying online cruise platform Iglu for up to GBP122m at 7.25x EBITDA with synergies of $4.2m. In Citi's view, this implies $30m acquired EBITDA and 6-7% EPS accretion on a full-year basis

The broker notes the deal is Flight Centre's second cruise acquisition in two years and follows the relaunch of Cruiseabout and creation of a wholesale cruise division. This signals a strategic push into higher-value, less volatile leisure segments.

The broker expects buyback to resume post-deal completion.

Buy. Target rises to $16.75 from $15.10 after the broker lifted FY26-27 earnings forecasts by 3-5% on the acquisition.

Target price is $16.75 Current Price is $14.72 Difference: $2.03
If FLT meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.44, suggesting upside of 4.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates FMG as Accumulate (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker lifted Fortescue's FY26 EPS forecast by 1.7% and FY27 by 8.9%. Accumulate remains, and target lifted to $23.00 from $21.50.

Target price is $23.00 Current Price is $22.74 Difference: $0.26
If FMG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.81, suggesting downside of -13.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

UBS rates FMG as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Fortescue, the broker left FY26 EPS forecast unchanged but trimmed FY27 by -2%.

Neutral rating and $20 target unchanged.

Target price is $20.00 Current Price is $22.74 Difference: minus $2.74 (current price is over target).
If FMG meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.81, suggesting downside of -13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Ord Minnett rates GGP as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Greatland Resources, the broker lifted FY26 EPS forecast by 8.7% and FY27 by 9.3%. Buy retained, and target raised to $13 from $12.

Target price is $13.00 Current Price is $8.59 Difference: $4.41
If GGP meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $11.55, suggesting upside of 22.4% (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

Ord Minnett rates GL1 as Hold (3) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Global Lithium Resources, the broker made no change to forecasts. Hold rating, and target rises to 60c from 50c.

Target price is $0.60 Current Price is $0.54 Difference: $0.065
If GL1 meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

UBS rates GMD as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Genesis Minerals has kept its Buy rating and $8.50 price target. Forecasts have only been minimally affected.

Target price is $8.50 Current Price is $6.41 Difference: $2.09
If GMD meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $7.06, suggesting upside of 2.3% (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 GPT as Buy (1) -

HomeCo Daily Needs REIT saw strong Dec-25 valuation uplift, up 4.5% gross and 2.9% net vs June, marking further acceleration to revaluation gains seen in June vs Dec-24, Citi notes.

It signals positive momentum for retail REITs, in the broker's view. Retail fundamentals remain robust, with landlords retaining the upper hand via positive leasing spreads, high occupancy, and solid rental escalations.

Fresh capital inflows are supporting sharper pricing and lower cap rates, the broker highlights. The broker expects further cap rate compression and ongoing rental growth to drive higher medium-term NAVs for Australian retail assets.

Top picks for the broker are Scentre Group, Charter Hall Retail REIT and GPT Group.

Buy. Target price $6.

Target price is $6.00 Current Price is $5.41 Difference: $0.59
If GPT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates HAS as Downgrade to Sell from Hold (5) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Hastings Technology Metals, the broker made no change to forecasts. Rating downgraded to Sell from Hold, and target raised to 32c from 28c.

Target price is $0.32 Current Price is $0.53 Difference: minus $0.21 (current price is over target).
If HAS meets the Ord Minnett target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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) -

Citi notes robot vacuum app downloads jumped 78% y/y in November compared with 20% y/y last November, indicating strong Black Friday-driven demand and a continued shift in consumer spending to this period.

Given the tight link between app downloads and sales, the broker estimates this adds 1% to JB Hi-Fi’s like-for-like sales and also provides a solid boost for Harvey Norman.

Broader Black Friday feedback for electricals and furniture has been positive, notably mobiles, PCs and small appliances, though TVs were still soft. This reinforces the broker's FY26 earnings upside view and Buy rating for Harvey Norman.

Target price $7.70.

Target price is $7.70 Current Price is $7.02 Difference: $0.68
If HVN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.48, suggesting upside of 7.1% (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

Citi rates IAG as Buy (1) -

After a full review of the ACCC's decision to block Insurance Australia Group's proposed acquisition of RACI, Citi trimmed FY26 EPS forecast by -5% and FY27 by -1%, viewing it as "small setbacks."

Target cut to $9 from $10. Buy maintained.

In the initial take, Citi noted the ACCC argued the acquisition would substantially lessen competition in WA motor and home/contents insurance.

It flagged very high post-deal market shares (55-65% motor, 50-60% home) and said Insurance Australia Group would face too few competitive constraints. RACI was also judged to be a strong standalone competitor capable of handling industry pressures.

Citi observed Insurance Australia Group will reapply under the new mandatory merger regime starting 1 Jan 2026. The broker notes this means it could face another rejection before it can seek approval via a “net public benefit” test and potential tribunal appeal.

Given the complexity, the broker believes the merger may be pushed back by around 12 months if approved at all.

Target price is $9.00 Current Price is $7.75 Difference: $1.25
If IAG meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.83, suggesting upside of 12.8% (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

Ord Minnett rates IGO as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For IGO Ltd, the broker lifted FY26 EPS forecast by 1.5% and FY27 by 0.4%. Buy retained, and target raised to $8.25 from $7.50.

Target price is $8.25 Current Price is $6.98 Difference: $1.27
If IGO meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting downside of -6.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates IGO as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Target price for IGO Ltd remains $7.20. Neutral. No changes to forecasts.

Target price is $7.20 Current Price is $6.98 Difference: $0.22
If IGO meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates ILU as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

UBS keeps Iluka Resources on Neutral with a $5.45 price target.

Target price is $5.45 Current Price is $5.75 Difference: minus $0.3 (current price is over target).
If ILU meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.49, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates IPD as Initiation of coverage with Speculative Buy (1) -

Bell Potter has initiated coverage of ImpediMed with a Speculative Buy rating and target price of 7c.

The company's Sozo device uses non-invasive bioimpedance spectroscopy (256 frequencies in a 30-second test) to measure body composition and fluid distribution. It supports monitoring in cancer, heart failure and other conditions.

Since the 2007 IPO, the company has slowly progressed through tech development, regulatory clearances, pivotal PREVENT data, guideline inclusion and broad US reimbursement (90%). It has built a capable sales and marketing platform, the broker highlights.

The broker reckons the key ingredients have been assembled to unlock Sozo's value, with 600-plus devices installed across around 300 US hospitals and over 1m tests performed globally.

The target price assumes a conservative 16.5% WACC and terminal growth of 3.5%.

Target price is $0.07 Current Price is $0.04 Difference: $0.033
If IPD meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $0.11, suggesting upside of 166.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates JBH as Buy (1) -

Citi notes robot vacuum app downloads jumped 78% y/y in November compared with 20% y/y last November, indicating strong Black Friday-driven demand and a continued shift in consumer spending to this period.

Given the tight link between app downloads and sales, the broker estimates this adds 1% to JB Hi-Fi’s like-for-like sales and also provides a solid boost for Harvey Norman.

Broader Black Friday feedback for electricals and furniture has been positive, notably mobiles, PCs and small appliances, though TVs were still soft. This reinforces the broker's FY26 earnings upside view and Buy rating for JB Hi-Fi.

Target price $120.

Target price is $120.00 Current Price is $89.41 Difference: $30.59
If JBH meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $108.50, suggesting upside of 18.3% (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 KYP as Buy (1) -

Bell Potter expects Kinatico to release a 2Q/1H26 trading update around mid January, which may prove to be a positive announcement for the share price.

The analyst expects management to offer unaudited 1H revenue and earnings (EBITDA) and forecasts $17.6m and $3m, respectively, which represents growth of 13% and 45%, respectively.

SaaS revenue is forecast at $9.7m, which is growth of 49% and represents 55% of our total revenue forecast.

At this stage, Bell Potter retains its EPS estimates and maintains a Buy rating and 45c target price.

Target price is $0.45 Current Price is $0.29 Difference: $0.16
If KYP meets the Bell Potter target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates LTR as Hold (3) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker cut Liontown's FY26 EPS forecast by -64.3% but lifted FY27 by 0.6%. Hold retained, and target raised to $1.50 from $1.25.

Target price is $1.50 Current Price is $1.50 Difference: $0.005
If LTR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting downside of -19.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates LTR as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Regarding Liontown, the ratings remains Buy, with a price target of $1.80. No changes to forecasts (recently updated).

Target price is $1.80 Current Price is $1.50 Difference: $0.305
If LTR meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting downside of -19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates LYC as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Buy rating and $17.70 price target retained for Lynas Rare Earths.

Target price is $17.70 Current Price is $12.66 Difference: $5.04
If LYC meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $13.96, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Ord Minnett rates MI6 as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker cut Minerals 260's FY27 EPS forecast by -23%. Buy retained, and target price is 55c.

Target price is $0.55 Current Price is $0.35 Difference: $0.205
If MI6 meets the Ord Minnett target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 128.6% (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

Ord Minnett rates MIN as Accumulate (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Mineral Resources, the broker lifted FY26 EPS forecast by 1.4% and FY27 by 3.2%. Accumulate retained, and target raised to $58 from $55.

Target price is $58.00 Current Price is $51.66 Difference: $6.34
If MIN meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $51.63, suggesting downside of -0.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates MIN as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Mineral Resources, the broker trimmed FY26 and FY27 EPS forecasts by -3% each. Buy and $58.5 target unchanged.

Target price is $58.50 Current Price is $51.66 Difference: $6.84
If MIN meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $51.63, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates MYR as Overweight (1) -

Myer updated FY26 guidance at its AGM, with the range narrowed and the cost of doing business as a percentage of sales for FY26 flagged to be lower at 29% vs 29-30% in 2H25. Consensus is looking for 29.3%, Morgan Stanley notes.

Total retail sales are expected to rise 3.4% versus the trading update at 4.3% and consensus for 1H26 at 2.8% growth. Apparel sales s seen up 1.3% against the trading update of down -1.3% and flat forecast from the consensus for 1H26.

Homewares, womenswear and concessions (Myer Exclusive Brands), online sales are expected to achieve double-digit sales growth. A record Black Friday performance was achieved.

The broker highlights Solomon Lew is joining the Myer board in April 2028 and remains its largest shareholder and Chairman of Premier Investments ((PMV)).

Target unchanged at 69c. Overweight retained. Industry View: In-Line.

Target price is $0.69 Current Price is $0.45 Difference: $0.24
If MYR meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates NEM as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker lifted Newmont Corp's FY25 EPS forecast by 5% and FY26 by 16%. Buy retained, and target raised to $160 from $150.

Target price is $160.00 Current Price is $142.02 Difference: $17.98
If NEM meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $166.60, suggesting upside of 11.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

UBS rates NEM as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Newmont Corp's Buy rating and $190 price target retained.

Target price is $190.00 Current Price is $142.02 Difference: $47.98
If NEM meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $166.60, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

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

Morgans has initiated coverage of Navigator Global Investments with a Buy rating and target price of $3.45.

The company owns minority stakes in 11 high-quality alternative asset managers across hedge funds, private markets, credit, macro, commodities and derivatives. Its scalable, capital-light partnership model provides diversified, resilient earnings and strong growth potential via adding new manager relationships.

The aim is to double EBITDA over five years, supported by operating capability, self-funded growth, and a large pipeline of acquisition opportunities. 

Growing investor appetite for private market strategies, together with ongoing fundraising by Navigator's partner firms, underpins a stronger net inflow outlook over the coming year, the broker reckons.

At 13x FY26 estimated PE and an -8% discount to the valuation, the broker views the stock as undervalued. 

Target price is $3.45 Current Price is $2.83 Difference: $0.62
If NGI meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 14.8% (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

Ord Minnett rates NHC as Accumulate (2) -

Ord Minnett has resumed coverage of New Hope. The rating is Accumulate and target price is $4.30.

The broker upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

Target price is $4.30 Current Price is $3.98 Difference: $0.32
If NHC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 4.5% (ex-dividends)

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

Ord Minnett rates NIC as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Nickel Industries, the broker lifted FY26 EPS forecast by 2.5%. Buy retained, and target raised to $1.90 from $1.70.

Target price is $1.90 Current Price is $0.76 Difference: $1.145
If NIC meets the Ord Minnett target it will return approximately 152% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 44.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates NST as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

UBS has retained Northern Star Resources on Buy with an unchanged price target of $29.75.

Target price is $29.75 Current Price is $26.57 Difference: $3.18
If NST meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.50, suggesting upside of 0.9% (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

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

Bell Potter upgrades Netwealth Group to Buy from Hold with a higher target price of $31.50 from $30. The broker views the discounted valuation multiple ascribed to the stock as unwarranted.

Further, management has updated FUA to $123.8bn for Nov 10, and net flows are expected to come in around FY25 levels, which consensus estimates mirror.

The broker highlights First Guardian continues to weigh on the stock, but if net flows are retained, the company will be in a position to beat guidance and possibly consensus expectations.

Target price is $31.50 Current Price is $26.75 Difference: $4.75
If NWL meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $34.25, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates OBM as Accumulate (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker increased Ora Banda Mining's FY26 and FY27 EPS forecasts by 15% each. No change to Accumulate rating and $1.35 target price.

Target price is $1.35 Current Price is $1.25 Difference: $0.095
If OBM meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Market Sentiment: 0.8

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

Ord Minnett rates PDI as Downgrade to Hold from Buy (3) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

No change to forecasts for Predictive Discovery. Rating downgraded to Hold from Buy, and target price is 74c.

Target price is $0.74 Current Price is $0.63 Difference: $0.115
If PDI meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

UBS rates PDN as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Paladin Energy remains Buy rated with a $9 price target.

Target price is $9.00 Current Price is $8.96 Difference: $0.04
If PDN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $9.84, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Ord Minnett rates PLS as Hold (3) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For PLS Group, the broker lifted FY26 EPS forecast by 3.2% and FY27 by 0.5%. Hold retained, and target raised to $4.05 from $3.60.

Target price is $4.05 Current Price is $4.12 Difference: minus $0.07 (current price is over target).
If PLS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.39, suggesting downside of -17.4% (ex-dividends)

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 PLS as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

No change to forecasts for PLS Group. Neutral rating and $4 target stays.

Target price is $4.00 Current Price is $4.12 Difference: minus $0.12 (current price is over target).
If PLS meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.39, suggesting downside of -17.4% (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 PMT as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Buy rating and $0.65 target retained for PMET Resources. No change to forecasts (recently updated).

Target price is $0.65 Current Price is $0.50 Difference: $0.15
If PMT meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting upside of 41.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

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

Morgans upgraded PolyNovo to Buy from Speculative Buy as Board/leadership changes, including new CEO Bruce Peatey, are expected to restore stability and governance. Target rises to $2.03 from $1.69 as the previously applied -20% discount to valuation is removed.

The broker believes the strong 1Q26 result, with sales up 33%, EBITDA positive and $23.2m cash, supports confidence in FY26 guidance.

A new Melbourne plant with 5x capacity is built and due for commissioning in 2H26, and the company plans to file an FDA PMA for full-thickness burns, with approval expected in late 2026.

Target price is $2.03 Current Price is $1.24 Difference: $0.79
If PNV meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 66.1% (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 PRU as Neutral, High Risk (3) -

Robex Resources ((RXR)) made a counteroffer to Perseus Mining's superior offer to buy the remaining stake in Predictive Discovery ((PDI)).

Citi describes it as "equal" offer, as Robex offered Predictive a 53.5% stake in the merged company, below the 63.5% stake the analyst previously estimated would be needed to match Perseus' $0.778/sh bid.

The broker notes Predictive's share price fell -11% and the company's management argued the proposal matches Perseus’ 24.5% premium once the MergeCo’s superior medium/long-term value is considered.

The broker reckons Perseus is now in a tricky position as its original bid still carries a 24.5% premium to the current Predictive price. And while it likely remains interested in the Bankan mine, it must reassess how much additional premium it is willing to pay.

Neutral, High Risk maintained for Perseus. Target unchanged at $4.80.

Target price is $4.80 Current Price is $5.25 Difference: minus $0.45 (current price is over target).
If PRU meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.48, suggesting upside of 0.6% (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: 0.0

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

Ord Minnett rates PRU as Lighten (4) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Perseus Mining, the broker lifted FY27 EPS forecast 6.9%. Lighten maintained, and target raised to $5.00 from $4.60.

Target price is $5.00 Current Price is $5.25 Difference: minus $0.25 (current price is over target).
If PRU meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.48, suggesting upside of 0.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates REA as Neutral (3) -

Australian residential listing volumes fell -4% y/y in November, bringing the FY26 year-to-date volume decline to -6%, while Sydney and Melbourne rose by 8% and 5%, respectively.

Macquarie notes the year-to-date trends suggest 1H26 volumes are poised to be down -5% to -6%, with the analyst forecasting a -5% decline.

Comps for 2H26 are anticipated to be easier, with the broker looking for flat FY26 volumes.

REA Group continues to be rated Neutral with a $220 target price.

Target price is $220.00 Current Price is $188.00 Difference: $32
If REA meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $256.46, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates RIO as Accumulate (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker lifted Rio Tinto's FY25 EPS forecast by 1.5% and FY26 by 2.0%. Accumulate retained, and target raised to $147 from $140.

Target price is $147.00 Current Price is $139.95 Difference: $7.05
If RIO meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $133.92, suggesting downside of -6.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

UBS rates RIO as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Rio Tinto, the broker lifted FY25 EPS forecast by 2% and FY26 by 5%. Neutral retained and target rises to $140 from $138.

Target price is $140.00 Current Price is $139.95 Difference: $0.05
If RIO meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $133.92, suggesting downside of -6.6% (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

UBS rates RMS as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Ramelius Resources is Buy-rated alongside a $4.20 price target, both unchanged, as are forecasts.

Target price is $4.20 Current Price is $3.81 Difference: $0.39
If RMS meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.36, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates RRL as Sell (5) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Regis Resources, the broker lifted FY26 EPS forecast by 16% and FY27 by 13%. Sell remains, and target raised to $5.00 from $4.50.

Target price is $5.00 Current Price is $7.14 Difference: minus $2.14 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.52, suggesting downside of -12.7% (ex-dividends)

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 RRL as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Regis Resources has seen no changes to Buy rating or $8.30 price target, or forecasts.

Target price is $8.30 Current Price is $7.14 Difference: $1.16
If RRL meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.52, suggesting downside of -12.7% (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

Ord Minnett rates RSG as Accumulate (2) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Resolute Mining, the broker lifted FY26 EPS forecast by 17%. Accumulate retained, and target raised to $1.20 from $1.10.

Target price is $1.20 Current Price is $1.09 Difference: $0.115
If RSG meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

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

Market Sentiment: 0.8

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

Ord Minnett rates S32 as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

The broker lifted South32's FY26 EPS forecast by 11% but trimmed FY27 by -0.5%. Buy retained, and target raised to $4.25 from $4.00.

Target price is $4.25 Current Price is $3.43 Difference: $0.82
If S32 meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 1.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

UBS rates S32 as Neutral (3) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For South32, the broker trimmed FY27 EPS forecast by -2% 

Neutral rating and $3.50 target unchanged.

Target price is $3.50 Current Price is $3.43 Difference: $0.07
If S32 meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 1.4% (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: 0.7

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

Citi rates SCG as Buy (1) -

HomeCo Daily Needs REIT saw strong Dec-25 valuation uplift, up 4.5% gross and 2.9% net vs June, marking further acceleration to revaluation gains seen in June vs Dec-24, Citi notes.

It signals positive momentum for retail REITs, in the broker's view. Retail fundamentals remain robust, with landlords retaining the upper hand via positive leasing spreads, high occupancy, and solid rental escalations.

Fresh capital inflows are supporting sharper pricing and lower cap rates, the broker highlights. The broker expects further cap rate compression and ongoing rental growth to drive higher medium-term NAVs for Australian retail assets.

Top picks for the broker are Scentre Group, Charter Hall Retail REIT and GPT Group.

Buy. Target price $4.60.

Target price is $4.60 Current Price is $4.16 Difference: $0.44
If SCG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates SDF as Buy (1) -

Citi considers Steadfast Group's investor update as positive, with FY26 EPS growth guidance of 6-10% reaffirmed, supported by accelerated M&A and cost savings.

While premium rate growth slowed to 2.4% year-to-date, the broker reckons it is stabilising and tracking slightly ahead of expectations.

The broker lifted EPS forecasts for FY26-27 slightly, around 0.2%, and continues to expect 6% compounded annual profit growth over two years.

Buy retained. Target unchanged at $6.50.

Target price is $6.50 Current Price is $5.09 Difference: $1.41
If SDF meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 21.0% (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

Morgan Stanley rates SDF as Overweight (1) -

Steadfast Group reiterated FY26 guidance, with the international business seemingly running ahead of expectations with Lloyd's and US growth, Morgan Stanley points out.

Some $128m worth of acquisitions have been conducted in Australia alone year to date, with the broker expecting $350m for FY26. Management aims to develop two regional US hubs by acquiring ISU network brokers, which should underpin growth.

The analyst highlights Australian average premium rate increases are trending up 2.4% year to date, with the group's business mix noted as less positive vs broader market where some lines are evidencing mid to high single-digit rises.

For Steadfast Group, the Overweight rating and target of $6.74 are unchanged. Industry View: In-Line. No change to the broker's EPS forecasts.

Target price is $6.74 Current Price is $5.09 Difference: $1.65
If SDF meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 21.0% (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

Ord Minnett rates SDF as Hold (3) -

At Steadfast Group's investor update, management pointed to cost savings and acquisitions as the main factors underpinning earnings growth against a backdrop of easing premiums growth across the industry.

The percentage of policy renewals where premiums increased in Australian business fell for the fifth straight quarter to around 60% so far in the December quarter, from circa 71% in the September quarter.

The insurance broker has lifted its maximum gearing ratio to 40% from 35%, but the analyst still sees the balance sheet position as tight post $128m of acquisitions over around 36 transactions in FY26 to date.

No change to the broker's EPS forecasts, with a $5.80 target price retained and an unchanged Hold rating.

Target price is $5.80 Current Price is $5.09 Difference: $0.71
If SDF meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 21.0% (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 SFR as Sell (5) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Sandfire Resources, the broker lifted FY26 EPS forecast by 17% and FY27 by 8%. Target lifted to $16.95 from $16.65, and Sell maintained.

Target price is $16.95 Current Price is $16.75 Difference: $0.2
If SFR meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.87, suggesting downside of -13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

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

Given the share price weakness, Sigma Healthcare is upgraded to Buy from Accumulate, with an unchanged $3.39 price target.

Morgans estimates Sigma will generate EPS growth of around 20% over the next three years, which makes it one of the highest growth companies in the ASX200 healthcare sector.

The analyst sees union negotiations at Chemist Warehouse as mostly noise and expects any agreement to have minimal impact on Sigma.

Management noted FY26 has commenced strongly, with Chemist Warehouse sales up 17.9% and like-for-like sales up 14.7% versus the broker's forecast at 7% growth.

The business is also well positioned for Christmas, the company stated, which gives Morgans confidence that the FY26 sales growth forecast of 11.4% can be achieved, with earnings (EBIT) growth of 23.6%.

Target price is $3.39 Current Price is $2.88 Difference: $0.51
If SIG meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 8.8% (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 STM as Buy (1) -

Sunstone Metals has raised $8m at 1.9c per share to progress the Bramaderos Scoping Study and fund ongoing drilling, which will take place alongside the strategic process, Shaw and Partners highlights.

Bramaderos' updated mineral resource estimate increased by 900koz AuEq to 3.6Moz AuEq, including 600koz AuEq in the Indicated category. The analyst views this as a robust base to start scoping studies for open-pit mine development.

Buy, High Risk rating unchanged, with a 7c target price.

Target price is $0.07 Current Price is $0.02 Difference: $0.051
If STM meets the Shaw and Partners target it will return approximately 268% (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 STO as Buy (1) -

Citi reckons the preliminary outcome of the East Coast Gas Market Review (ECGMR) is likely to outline a move towards a more mechanical domestic gas reservation system with export permit trading.

It will reward LNG exporters that oversupply domestic quotas and penalise net buyers, making GLNG most exposed, the broker believes.

The impact on Santos' earnings is expected to be only low single-digit earnings, and the valuation effect is minimal, given the low-margin nature and optionality of these volumes. GLNG’s option to forego an offtake contract in 2031 offers a path to “right-size” the project, the broker thinks.

Separately, the broker notes commissioning issues at Barossa create a risk of Santos missing FY25 production guidance, resulting in a -10% cut to its FY25 earnings forecast.

Target trimmed to $7.25 from $7.50 on lower production and higher expected FY26 capex. Buy retained.

Target price is $7.25 Current Price is $6.29 Difference: $0.96
If STO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.49, suggesting upside of 19.6% (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 TCL as Equal-weight (3) -

The NSW government announced some changes to toll road pricing and reform, with a permanent extension of the $60/week toll cap and a now $5,000/yr limit on subsidised tolls.

Morgan Stanley notes two-way tolling from late 2028 on the Sydney Harbour Bridge and Harbour Tunnel, and Western Harbour Tunnel when it opens. There is also progress on removal of certain NSW toll notice administration fees from FY27.

For Transurban Group, the toll road operator has indicated a willingness to remove the administration fees and to pay the NSW government for induced demand from the toll cap extension.

Equal-weight. Target price $13.93. Industry View: In-Line.

Target price is $13.93 Current Price is $14.62 Difference: minus $0.69 (current price is over target).
If TCL 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 $14.51, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates VAU as Buy (1) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. Not all valuations/price targets have been affected.

Buy rating and $6.60 price target retained for Vault Minerals.

Target price is $6.60 Current Price is $5.03 Difference: $1.57
If VAU meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.53, suggesting upside of 22.1% (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 WAF as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For West African Resources, the broker lifted FY25 EPS forecast by 1.1% and FY26 by 12%. Buy retained, and target price is $3.70.

Target price is $3.70 Current Price is $2.76 Difference: $0.94
If WAF meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Ord Minnett rates WC8 as Buy (1) -

Ord Minnett has upgraded its 2026 commodity outlook after a year of supply-driven price strength, reflecting increased confidence amid improving, though uneven, global growth.

Gold is the standout, with the 2026 price forecast lifted 8% to US$4,200/oz, broadly in line with spot. Copper price forecast for 2026 lifted by 3% and coking coal by 2%, while nickel price trimmed by -4% and NdPr by -2%.

The broker revised the long-run forecast for AUD to US$0.70 from US$0.75, which is a key driver of earnings and valuation upgrades across the sector.

Overall, the broker reckons ongoing supply disruptions and underinvestment will support firmer commodity prices and stronger miner cash flows.

For Wildcat Resources, the broker made no changes to FY25-26 EPS forecasts. Buy retained, and target raised to 40c from 35c.

Target price is $0.40 Current Price is $0.31 Difference: $0.095
If WC8 meets the Ord Minnett target it will return approximately 31% (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 WHC as Downgrade to Sell from Neutral (5) -

The team of resources analysts at UBS has chosen lithium as the key investment pick for 2026. While the view remains constructive on gold, next year is dubbed the year for base metals, not so much for bulk commodities.

UBS prefers copper and aluminium. The outlook for uranium is equally seen as positive.

Today's general update has pushed forecasts up across the spectrum (on mostly higher average pricing projections) with only a few changes in ratings for individual stocks. 

For Whitehaven Coal, the broker lifted FY26 EPS forecast by 27% and FY27 by 32%. Target lifted to $7.15 from $6.95.

Rating downgraded to Sell from Neutral.

Target price is $7.15 Current Price is $7.63 Difference: minus $0.48 (current price is over target).
If WHC meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.54, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates WTC as Buy (1) -

Citi notes WiseTech Global's investor day helped refocus attention from ASIC investigations to growth drivers. On the positive side,  CargoWise Value Packs supports a de-risked 2H skew, though delays to CTO are a negative, in the broker's view.

The broker lifted FY26 revenue forecast by 1%, with CargoWise growth assumed at 18%, driven by stronger-than-expected uplift from the new CargoWise Value Packs and the DBSchenker rollout via DSV.

FY27 CargoWise growth forecast trimmed to 21% as CTO revenue expectations are reduced to reflect slower traction, though upside remains if large forwarders fully transition to the new commercial model, the broker states.

Buy retained. Target cut to $109.15 from $121.35 on lower sector multiples.

Target price is $109.15 Current Price is $70.99 Difference: $38.16
If WTC meets the Citi target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $114.02, suggesting upside of 60.7% (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