Australian Broker Call

Ord Minnett rates AMC as Hold (3) -

Ord Minnett reviews earnings forecasts for Amcor amid a softer US retail backdrop, notably in beverage drinks, as also exemplified by Gatorade's energy drink sales, which fell -13% from mid-May to mid-June, according to Nielsen data.

The broker also points to an earnings warning from General Mills, which includes brands like Betty Crocker, Haagen-Dazs, and Old El Paso.

Much of Amcor's EPS growth is anticipated to be generated from cost savings emanating from the Berry integration, the analyst explains.

Ord Minnett lifts EPS forecasts by 1% for FY25 and 2% for FY26.

Hold rating retained. Target price rises to $14.50 from $14 due to changes in valuations ascribed to the US packaging sector.

Target price is $14.50 Current Price is $15.04 Difference: minus $0.54 (current price is over target).
If AMC meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.57, suggesting upside of 17.8% (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

Shaw and Partners rates AMI as Buy (1) -

Shaw and Partners notes Aurelia Metals met FY25 production guidance across all commodities, with June quarter output including 7.3koz gold, 0.3kt copper, 7.5kt zinc and 4.9kt lead.

Cash at June-end increased to $110m, ahead of the broker’s $104m forecast, while the undrawn US$23.6m Trafigura facility brings total available liquidity to $145m.

Shaw sees the current share price as attractive given strong growth catalysts and a clear strategy to transition to a copper-dominant portfolio, with copper-gold expected to contribute 50% of revenue by FY28.

The transition is underpinned by the Federation ramp-up and Great Cobar development, targeting a combined throughput of 1.1-1.2mtpa, explain the analysts.

The broker identifies multiple catalysts including high-grade ore access at Great Cobar, operational delivery at Federation, and Peak plant optimisation.

Shaw makes no forecast changes pending cost disclosures in the June quarter report due July 21. The broker retains a Buy rating and a 50c target price.

Target price is $0.50 Current Price is $0.20 Difference: $0.3
If AMI meets the Shaw and Partners target it will return approximately 150% (excluding dividends, fees and charges).

Current consensus price target is $0.35, suggesting upside of 76.7% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates CCL as Buy (1) -

Ord Minnett believes any recommendation changes in the RBA's retail payments review consultation paper, due July 15, are unlikely to have a material direct impact on Cuscal.

However, indirect impact via the effect on the company's clients and payment volume trends is a possibility, the broker highlights.

The broker suggests any weakness following the release of the report should be seen as an opportunity to buy the stock.

Buy rating and $3.75 target price are unchanged.

Target price is $3.75 Current Price is $3.19 Difference: $0.56
If CCL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates CGF as Buy (1) -

Regulator APRA proposed changes to capital settings for longevity products consistent with the government’s objective of expanding options for retirees to manage longevity risk. 

Citi reckons, post-implementation and over time, Challenger will benefit in several ways. The broker believes the company would be able to release capital by adjusting its asset allocation.

Other benefits include lower statutory profit volatility, less pressure to liquidate assets in a stress scenario, and potential to lower expenses and better match assets with liabilities. The analyst sees a risk of lower COE margin in FY26 but solid potential over time.

Buy. Target rises to $9.20 from $7.55.

Target price is $9.20 Current Price is $8.11 Difference: $1.09
If CGF meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates CPU as Neutral (3) -

Citi reiterated its above-consensus 5% EPS growth forecast for Computershare in FY26 but now believes risk is to the downside following a slightly softer 2H25.

Other concerns include a lack of any real sign of ECM rebound and doubts about the flow-through of FY25 margin income guidance to FY26.

The broker made compositional shifts to the forecasts. Neutral. Target unchanged at $40.90.

Target price is $40.90 Current Price is $40.61 Difference: $0.29
If CPU meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $39.60, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.2

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

Bell Potter rates CRN as Speculative Hold (3) -

Bell Potter has marked-to-market the June quarter coal prices for Coronado Global Resources, with hard coking coal 4% higher than expected at US$187/t and thermal coal 1% above expectations at US$110/t, alongside a higher AUD:USD.

The broker lifts 2027 coal price forecasts only, with the long-term forecast unchanged for HCC at US$180/t, thermal at US$90/t, and an AUD:USD rate at 70c.

Bell Potter will continue to look for evidence of cost-outs to reach the target of US$100m and flags the need for further liquidity if there is no improvement in met coal prices or if they decline further.

No change to Speculative Hold, with the target lowered to 17c from 19c.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If CRN meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.16, suggesting upside of 8.0% (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: 0.0

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

Macquarie rates CTD as Neutral (3) -

Macquarie observes US travel volumes are more resilient than feared, with second-quarter Transport Security Administration (TSA) data down just -0.9% year-on-year. Inbound travel from Canada and Mexico does, however, remain weak.

Airfare deflation persists, observes the broker, particularly in the US where domestic fares fell -3% in May. International airfare declines are expected to pressure commissions despite supporting higher volumes.

Hotel demand remains robust in Europe, highlights Macquarie, with disruptions from Middle East conflicts appearing localised.

The broker sees valuation support across the travel sector and prefers Web Travel for its earnings resilience amid macro uncertainty.

For Corporate Travel Management, Macquarie sees an improving FY26 outlook. New business wins totalling approximately $1.6bn in FY25, combined with disciplined cost control, are expected to underpin strong earnings growth in FY26.

The target rises 21% to $15.80. The broker maintains a Neutral rating until greater certainty on the outlook.

Target price is $15.80 Current Price is $15.09 Difference: $0.71
If CTD meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.42, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

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 CWY as Accumulate (2) -

Ord Minnett includes the Citywide and Contract Resources acquisitions into the earnings estimates for Cleanaway Waste Management, which results in an uplift in EPS forecasts by 2.8% for FY26 and 7.6% for FY27.

The analyst likes the Contract Resources acquisition and views it as a sound strategic move by the company.

Accumulate rating retained. Target price lifted to $3.10 from $3.

Target price is $3.10 Current Price is $2.84 Difference: $0.26
If CWY meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 8.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates DYL as Outperform (1) -

Macquarie highlights Deep Yellow has completed a three-month mini-pilot for Mulga Rock, which will form part of the revised definitive feasibility study flagged for mid-2026.

The company has already raised the U3O8 resources to 71.2mlbs from 56.7mlbs in Mulga Rock East and emphasises upside to this from an extended mine life, a 3.5mlb per annum operation based on 85% recoveries, and critical mineral credits.

The broker estimates around 70% of Sprott Physical Uranium Trust's capital raising has been deployed, with around 0.7m–0.8mlbs remaining, which may be completed next week.

Macquarie forecasts a higher than previously estimated loss of -$17m for FY25 on higher costs, with EPS forecast changes positive further out.

The stock retains an Outperform rating, with Tumas shovel-ready awaiting an improvement in term prices --expected later in 2025-- and Mulga Rock has the potential to achieve 7-plus mlbs scale. Target lifts 21% to $2.05.

Target price is $2.05 Current Price is $1.62 Difference: $0.43
If DYL meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates EVN as Upgrade to Hold from Trim (3) -

In a preview of Evolution Mining's 4Q25 result, Morgans highlights its expectation of gold and copper production slightly below consensus, and cost and capex higher.

For FY25, the broker forecasts gold and copper production, and capex at the mid-point of FY25 guidance, but cost above the guidance range.

The analyst lifted the capex estimate in the medium to long term, and reduced production and cash flow forecasts at Red Lake.

Target price lowered to $7.40 from $8.00. Rating upgraded to Hold from Trim.

Target price is $7.40 Current Price is $7.55 Difference: minus $0.15 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.98, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.6

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

Macquarie rates FLT as Outperform (1) -

Macquarie observes US travel volumes are more resilient than feared, with second-quarter Transport Security Administration (TSA) data down just -0.9% year-on-year. Inbound travel from Canada and Mexico does, however, remain weak.

Airfare deflation persists, observes the broker, particularly in the US where domestic fares fell -3% in May, while international airfare declines are expected to pressure commissions despite supporting higher volumes.

Hotel demand remains robust in Europe, highlights Macquarie, with disruptions from Middle East conflicts appearing localised.

The broker sees valuation support across the travel sector and prefers Web Travel for its earnings resilience amid macro uncertainty.

For Flight Centre Travel, the leisure and corporate segments have faced some headwinds in 2H25, and the analyst lowers the FY25 profit (PBT) forecast to $302.5m, near the low end of guidance for $300-335m.

The target falls to $16.05 from $16.20. Outperform.

Target price is $16.05 Current Price is $13.28 Difference: $2.77
If FLT meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates GMD as Hold (3) -

Shaw and Partners expects strong June quarter and FY25 results from ASX-listed gold miners due to record-high Australian dollar gold prices. Average gold prices in the June quarter rose 41% year-on-year, boosting revenue and margins.

Improved efficiency, cost control, and relatively unhedged production are also seen supporting results.

Major producers have maintained stable costs despite broader inflation pressures, highlights the broker.

Shaw believes gold equities may still re-rate, with stock valuations yet to fully reflect the recent strength in gold prices.

The Buy rating and $4.00 target are maintained for Genesis Minerals which reports on August 28. The broker's FY25 profit forecast is $215m.

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

Current consensus price target is $4.48, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates GQG as Buy (1) -

GQG Partners reported net fund inflow of US$700m in June which was down vs May, and the lowest monthly inflow in 1H25, Ord Minnett notes.

The broker highlights 1H25 net inflows were down -28% y/y, leading to a sharp downgrade in its forecast for 2H25 net flow to a -US$400m net outflow from US$4bn inflow forecast previously.

Market expectation is for a US$5.6bn inflow, the analyst observes. Buy. Target price $3.20.

Target price is $3.20 Current Price is $2.16 Difference: $1.04
If GQG meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $2.89, suggesting upside of 34.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates IAG as Neutral (3) -

Macquarie’s proprietary analysis finds new business pricing for home insurance rose 5.7% year-on-year in the June 2025 quarter. Commercial insurance premiums for SMEs also increased 7.8% over the same period.

Compulsory Third Party pricing growth moderated to 4.2%, with Insurance Australia Group repricing at 7.9% and Suncorp Group at  7.4%.

For Insurance Australia Group, the broker's $9.20 target and Neutral rating are maintained.

Target price is $9.20 Current Price is $8.50 Difference: $0.7
If IAG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.98, suggesting upside of 6.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates IGO as Outperform (1) -

Macquarie has previewed June quarterly for IGO Ltd, noting its spodumene production forecast of 377kt is in line with consensus, but nickel and copper production forecasts are 9-17% higher.

Sales forecast for spodumene is up 11% q/q, but cash cost is 17% higher q/q, and including royalties is 11% higher.

Outperform. Target unchanged at $4.50.

Target price is $4.50 Current Price is $4.52 Difference: minus $0.02 (current price is over target).
If IGO meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.03, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates ILU as Outperform (1) -

Macquarie is forecasting Iluka Resources' total mineral sands sales in 2Q25 to be up 18% q/q but miss consensus by -16%.

Total mineral sands revenue is forecast to be 28% higher q/q and 4% ahead of consensus.

Outperform. Target unchanged at $6.50.

Target price is $6.50 Current Price is $3.98 Difference: $2.52
If ILU meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting upside of 12.7% (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

Morgans rates IMR as Speculative Buy (1) -

Morgans notes the decline in Imricor Medical Systems' share price of -20% on the back of news that the US regulatory approval process has been delayed, despite a positive update from Europe.

The analyst views the sell-off as overdone and believes the decline offers a "great" buying opportunity, with the upcoming expected approval of the NorthStar mapping system in 2H25 as a potentially positive news event.

The number of active European hospitals has risen to 26 from seven over the past six months.

Speculative Buy. Target unchanged at $2.28.

Target price is $2.28 Current Price is $1.32 Difference: $0.96
If IMR meets the Morgans target it will return approximately 73% (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: 1.0

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

Macquarie rates LTR as Underperform (5) -

Macquarie notes its 4Q25 spodumene forecast for Liontown Resources is up 6% q/q and 3% ahead of consensus.

The broker estimates the cost to be down -28% q/q due to higher production and expects a sharp slowdown in growth capex, down -32% q/q.

Underperform. Target unchanged at 55c.

Target price is $0.55 Current Price is $0.80 Difference: minus $0.25 (current price is over target).
If LTR 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 $0.57, suggesting downside of -30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates LYC as Underperform (5) -

Macquarie is forecasting a solid June quarter for Lynas Rare Earths with 4Q25 sales volume 29% higher q/q and 6% ahead of consensus.

Revenue is expected to be up 34% q/q and 8% higher than consensus, despite the average price expected to lag consensus by -10%

Underperform. Target unchanged at $8.

Target price is $8.00 Current Price is $8.29 Difference: minus $0.29 (current price is over target).
If LYC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.19, suggesting downside of -15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

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

Shaw and Partners forecasts Metro Mining will produce 1.725mt in the June quarter and 6.6mt for 2025, at the low end of guidance.

The broker models free cash flow of around $60m for the quarter and expects Metro to move into a net cash position by the September quarter.

Shaw forecasts a 1c dividend for 2H of 2025, implying an attractive dividend yield.

No change to forecasts. Buy, High Risk with unchanged target price of 17c. Interim results are due on August 29.

Target price is $0.17 Current Price is $0.07 Difference: $0.1
If MMI meets the Shaw and Partners target it will return approximately 143% (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

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

Morgan Stanley explains the US gas price dispersion index is up 60% on a year earlier in the June quarter, rising from a 35% gain in the previous quarter.

The broker's team anticipates a storage deficit re-emerging over the summer and increasing into 2026, while Morgan Stanley's EU team has a more robust outlook for the European gas market on "tighter" inventories.

This is supportive for Macquarie Group's commodities revenues, which are forecast to rise 5% year-on-year for FY26, with upside risks seen at this stage.

No change to Equal-weight rating and $216 target price. The broker's earnings forecasts are unchanged.

Target price is $216.00 Current Price is $224.08 Difference: minus $8.08 (current price is over target).
If MQG meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $214.98, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates NEM as Downgrade to Accumulate from Buy (2) -

Morgans has previewed Newmont Corp's 2Q25 result, noting its gold production and cost forecast is slightly below consensus while copper production is in line. The broker's adjusted EBITDA forecast for 2Q is -10% below consensus.

The analyst made minor revisions to short and long-term estimates and marked to market gold price forecasts.

Target price lifts to $103 from $97. Rating downgraded to Accumulate from Buy.

Target price is $103.00 Current Price is $90.29 Difference: $12.71
If NEM meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $102.40, suggesting upside of 13.1% (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

Bell Potter rates NWL as Hold (3) -

Netwealth Group reported 4Q25 funds under administration of $112.8bn, broadly meeting market expectations, with market movements adding $4.9bn, which slightly altered the composition, Bell Potter explains.

Concurring with management, the analyst points to high outflows at an estimated net decline of -36% on the previous year in what is usually a stronger month in June.

Net flows of funds rose by $3.7bn, with net account additions up 4.2%, which, on Bell Potter's assessment, is the most robust result ever achieved.

Bell Potter forecasts earnings (EBITDA) growth of 30% in FY25, and based on the Rule of 40, the stock is screening as expensive and does not warrant the current valuation multiple.

The broker reiterates a Hold rating and lifts the target to $34.50 from $26.40.

Target price is $34.50 Current Price is $34.26 Difference: $0.24
If NWL meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $29.67, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates NWL as Overweight (1) -

Morgan Stanley notes Netwealth Group's funds under administration (FUA) rose 28% year-on-year to $112.8bn in 4Q25, broadly in line with consensus expectations.

Detracting a tad from the headline outcome, the analysts note the composition skewed more heavily toward market movements (up by $4.9bn) than net inflows, which increased by $3.8bn.

Net inflows declined by -1% year-on-year and came in -10% shy of the consensus estimate due to elevated partial withdrawals by larger clients during market volatility, explains the broker. Momentum has improved early in 1Q26, note the analysts.

Revenue margins remained resilient, highlights Morgan Stanley, underpinned by a high proportion of recurring revenues and diversified income streams.

Morgan Stanley retains an Overweight rating and $29.75 target. Industry View: In-Line. 

Target price is $29.75 Current Price is $34.26 Difference: minus $4.51 (current price is over target).
If NWL meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.67, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates NWL as Neutral (3) -

UBS observes Netwealth Group's custodial funds under administration (FUA) rose 8.3% quarter-on-quarter to $111.9bn in June, driven by a 3.5% increase in net flows and a 4.8% market uplift.

Net flows of $3.65bn were circa -16% below both UBS' and consensus expectations, which the broker attributed to volatility-driven outflows from large, non-fee-paying accounts.

Fee-paying FUA dipped slightly to 60.2%, a fall of -60bps quarter-on-quarter, though an increase in cash allocations to 6.1% (an increase of 50bps) supports higher ancillary income, explain the analysts.

UBS also noted strong adviser productivity with 13% account growth year-on-year and increased FUA per account, while Managed Accounts penetration rose to 21% of FUA, accounting for around 30% of flows.

UBS retains a Neutral rating and a $35.00 price target.

Target price is $35.00 Current Price is $34.26 Difference: $0.74
If NWL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $29.67, suggesting downside of -13.6% (ex-dividends)

The company's fiscal year ends in June.

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

Shaw and Partners rates PDN as Buy (1) -

Paladin Energy’s Langer Heinrich commissioning was progressing strongly until March rain disruptions forced the withdrawal of FY25 production guidance of 3.0mlb, notes Shaw and Partners.

Mining and commissioning have since resumed, and the broker expects 900klb production in the June quarter, bringing FY25 output to 2.92mlb. This would place Paladin just shy of its original guidance, notes the analyst.

The Buy rating and $10.10 target are retained. Paladin reports on August 29.

Target price is $10.10 Current Price is $6.96 Difference: $3.14
If PDN meets the Shaw and Partners target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $8.54, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates PLS as Outperform (1) -

Macquarie has previewed June quarterly for Pilbara Minerals, noting its spodumene shipment forecast of 197kt is 7% higher than consensus, but its forecast for realised prices is -4% below.

The broker expects total material mined to be 6.6mt, up 18% q/q and modelled a higher q/q strip ratio of 4.8.

The FY25 production forecast for spodumene is 722kt, near the mid-point of the company's guidance.

Outperform. Target unchanged at $1.50. The broker highlights the company offers strong leverage to lithium prices.

Target price is $1.50 Current Price is $1.53 Difference: minus $0.03 (current price is over target).
If PLS meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.58, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates PPT as Neutral (3) -

Ahead of Perpetual's 4Q25 update, likely in the July 21 week, Citi has marked to market for equity movements and forex. This pushed up forecasts for FY25-26 EPS by 2%.

The broker believes the company has avoided the adverse effects of high gearing due to the recent equity market rally, though some of it was offset by adverse forex moves.

This has made a sale of the wealth management business more likely, the broker highlights, pointing to reports the sale is progressing well.

Neutral. Target lifted to $21.00 from $18.25 as the broker removed the valuation discount applied earlier.

Target price is $21.00 Current Price is $20.94 Difference: $0.06
If PPT meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgans notes Regis Resources' gold production in 4Q25 of 28.1koz at Tropicana and 59.3koz at Duketon beats its forecasts of 25.4koz and 57.3koz, respectively.

Cash at the end of the quarter was 19% ahead of its forecast and 15% above consensus. Ahead of the 4Q25 result, the broker trimmed the group cost forecast to $2,476/oz vs guidance of $2,590/oz.

Target price $5.20. Rating upgraded to Accumulate from Hold.

Target price is $5.20 Current Price is $4.47 Difference: $0.73
If RRL meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates SUN as Neutral (3) -

Macquarie’s proprietary analysis finds new business pricing for home insurance rose 5.7% year-on-year in the June 2025 quarter. Commercial insurance premiums for SMEs also increased 7.8% over the same period.

Compulsory Third Party pricing growth moderated to 4.2%, with Insurance Australia Group repricing at 7.9% and Suncorp Group at 7.4%.

For Suncorp Group, the brokers $19.60 target and Neutral rating are maintained.

Target price is $19.60 Current Price is $20.59 Difference: minus $0.99 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.34, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates SYA as Outperform (1) -

Macquarie has previewed June quarterly for Sayona Mining, noting its spodumene shipment forecast of 50kt is up 17% q/q.

The broker expects shipments to be sharply higher (up 212%) due to timing issues, resulting in a -22% decline in unit cost.

The FY25 production forecast for spodumene is 197kt, near the mid-point of the company's 190-210kt guidance.

Outperform. Target unchanged at 2c.

Target price is $0.02 Current Price is $0.02 Difference: $0
If SYA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Bell Potter rates TLX as Buy (1) -

Bell Potter details how Telix Pharmaceuticals' Zircaix is flagged for regulatory approval on August 27, which, if successful, would be the first radiopharmaceutical imaging agent to achieve a label for the imaging of any renal mass, the analyst states.

The total addressable market in the US is over US$500m, composed of 113k scans annually estimated for renal masses at US$4.5k per dose, the broker highlights.

Bell Potter believes Zircaix has the potential to generate revenue for Telix in FY26 if approval is achieved in late August.

Buy rating retained with $34 target price.

Target price is $34.00 Current Price is $24.47 Difference: $9.53
If TLX meets the Bell Potter target it will return approximately 39% (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

Bell Potter rates VMM as Speculative Buy (1) -

Bell Potter highlights the release of a Pre-Feasibility Study (PFS) for Viridis Mining and Minerals’ Colossus rare earth project in Brazil, showing minimal changes from the February Scoping Study.

Capital expenditure was lowered by around -US$15m, mainly due to refined estimates for contingencies and import taxes, though processing costs rose slightly to US$11.80/t.

The analysts calculate a post-tax net present value (NPV) for Viridis of US$481m using spot prices and US$899m under Viridis’ base case, underscoring the compelling valuation given the current market capitalisation.

Bell Potter believes a re-rating toward peer levels is likely, driven by the anticipated September grant of the Preliminary Licence and possible non-dilutive funding.

The broker raises its target price to $1.55 from $1.45 and maintains a Buy (Speculative) rating.

Target price is $1.55 Current Price is $0.55 Difference: $1
If VMM meets the Bell Potter target it will return approximately 182% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Ord Minnett rates VMM as Speculative Buy (1) -

Ord Minnett observes Viridis Mining and Minerals' pre-feasibility study was little-changed vs the February 2024 scoping study, with a decline in capex partly offset by a small increase in opex.

The highlight for the stock is the shift in sentiment for rare earth oxides, and the broker updated its model to reflect it.

Target price rises to 75c from 50c based on a 50% takeover premium to the stock's recent trading band. Speculative Buy retained.

Target price is $0.75 Current Price is $0.55 Difference: $0.2
If VMM meets the Ord Minnett target it will return approximately 36% (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

Macquarie rates WEB as Outperform (1) -

Macquarie observes US travel volumes are more resilient than feared, with second-quarter Transport Security Administration (TSA) data down just -0.9% year-on-year. Inbound travel from Canada and Mexico does, however, remain weak.

Airfare deflation persists, observes the broker, particularly in the US where domestic fares fell -3% in May, while international airfare declines are expected to pressure commissions despite supporting higher volumes.

Hotel demand remains robust in Europe, highlights Macquarie, with disruptions from Middle East conflicts appearing localised.

The broker sees valuation support across the travel sector and prefers Web Travel for its earnings resilience amid macro uncertainty. The Outperform rating and $6.19 target are maintained.

Target price is $6.19 Current Price is $4.61 Difference: $1.58
If WEB meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 31.4% (ex-dividends)

The company's fiscal year ends in March.

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

Bell Potter rates WHC as Buy (1) -

Whitehaven Coal remains fundamentally in good shape, in Bell Potter's view, despite persistent coal price weakness, particularly in the met coal market where over 25% of seaborne supply may be loss-making.

FY25 guidance reflects reduced output from Narrabri due to longwall maintenance, offset by increased production at Maules Creek and Vickery, explains the broker.

The analysts expect flat realised group prices, supported by a higher quality sales mix in Queensland.

EPS forecasts have been revised: FY25 is up 11% while FY26 and FY27 are down -17% and -25% respectively, reflecting the broker's updated coal and currency assumptions along with increased cost expectations.

Bell Potter lowers its target price to $7.10 from $7.40 and retains a Buy rating.

Target price is $7.10 Current Price is $5.98 Difference: $1.12
If WHC meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates WTC as Buy (1) -

Citi notes E2open reported slightly better-than-expected June quarter subscription revenue growth of 1% on a year earlier, compared to the decline in the March quarter of -1%.

Gross profit fell on a decline in gross profit margin of -70bps to 67.1%, but adjusted earnings (EBITDA) are up 60bps.

The analyst does not view the financials as material to WiseTech Global, with the upside potential to be derived from leveraging E2open's products to enhance and improve CargoWise (once the purchase is final).

Buy. Target unchanged at $127.40.

Target price is $127.40 Current Price is $112.32 Difference: $15.08
If WTC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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