Australian Broker Call

Morgan Stanley rates AGL as Underweight (5) -

Morgan Stanley notes Australian battery capacity is now around 12% of the National Electricity Market, dampening pool price volatility. NSW cap prices are down -$14/megawatt-hour while Victoria and South Australia are down around -$5/megawatt-hour.

Using just the fall in these prices on battery capacities, the broker estimates -2% downside risk to AGL Energy's FY27 EBITDA.

The broker points out (where it could be wrong) any increase in volatility could come from a fuel price shock, a large outage or severe weather impacts.

Target is $9.28. Underweight rating. Industry View: In-Line.

Target price is $9.28 Current Price is $8.58 Difference: $0.7
If AGL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.45, suggesting upside of 22.7% (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

Citi rates ALX as Neutral (3) -

IFM anounced it has lifted its holding in Atlas Arteria to 42.01%, up some 2% since the last notification.

The Citi analyst believes Atlas Arteria has moved to a takeover defensive position by lifting the FY26 distribution by 50% versus previous guidance to 60c per share, from 40c previously. 

The upgrade has been driven by the funds generated from the sale of Warnow, some 11c-13c, the broker states, and boosted by net borrowings.

Future distribution guidance remains at 90%-100% of free cash, with management previously pointing to weaker future distributions.

Citi highlights investor feedback infers the offer might be unsuccessful. Neutral rated. Target 5.10.

Target price is $5.10 Current Price is $5.10 Difference: $0
If ALX meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in December.

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 BBN as Buy (1) -

Baby Bunting has downgraded FY26 guidance for net profit after tax by -8% below consensus and Citi's forecast at the midpoint, to $16m-$17m.

The new guidance also sits around -11% below the midpoint of previous guidance. The analyst notes like-for-like sales growth for the final 19 weeks of 2H26 is slowing to 0.7% from 6.7% for the first seven weeks of 2H26.

FY26 like-for-like sales growth is now expected at 3.5%, below the 6.2% consensus expectation and below guidance of 5%-7%.

Management pointed to underperforming unrenovated stores as the main factor, particularly in big-ticket items. The broker doesn't consider consumers have responded to recent promotions.

Poignantly, Citi highlights that relatively less discretionary retailers are seeing a slowdown, "imagine the challenges facing more discretionary retailers".

Target $3.30, Buy.

Target price is $3.30 Current Price is $1.65 Difference: $1.655
If BBN meets the Citi target it will return approximately 101% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 101.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates BPT as Downgrade to Sell from Hold (5) -

Morgans downgrades Beach Energy to Sell from Hold, taking into account weaker spot gas prices as well as reducing Waitsia output forecasts for FY26-FY28, being already disappointed with the ramp up from Waitsia.

Conviction has already been affected by repeated project and operating issues and the broker remains cautious on how the company will tackle constrained reserves given the current balance sheet.

Recent share price weakness reflects the easing of spot gas prices because of softer seasonal demand but Morgans considers a potential miss to guidance a more material risk to market sentiment. Target is reduced to $0.81 from $1.10.

Target price is $0.81 Current Price is $0.94 Difference: minus $0.13 (current price is over target).
If BPT meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.01, suggesting upside of 17.3% (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

Ord Minnett rates CCL as Buy (1) -

Cuscal has been supported by upgraded earnings momentum, Ord Minnett  asserts, along with two strategically important acquisitions.

The broker suggests a forward PE multiple of 18-20x is appropriate, given the business has strong defensive earnings growth and B2B infrastructure positioning in the payments industry.

Ord Minnett is also confident in an "above consensus" result in FY26, estimating underlying net profit growth of 16.8%, retaining a Buy rating with a $5.45 target.

Target price is $5.45 Current Price is $4.81 Difference: $0.64
If CCL meets the Ord Minnett target it will return approximately 13% (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 CKF as Upgrade to Buy from Neutral (1) -

Citi upgrades Collins Foods to Buy from Neutral, due to the share price decline of some -14% since March 23, with a new target price of $10.30 from $10.45.

The analyst points out the QSR operator will be cycling a "modest" FY26 trading update across all its geographic regions. 

Other indications from KFC suggest the Australian business has remained resilient for most of FY26.

Ongoing inflationary pressures remain a potential risk and challenge to the upgrade, the broker explains.

Target price is $10.30 Current Price is $8.12 Difference: $2.18
If CKF meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $10.89, suggesting upside of 30.8% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Macquarie believes AI increases the risk of disruption for Australia's insurance providers and, although back-office cost savings are obvious, remains sceptical about whether costs will decrease.

Incumbents are considered at a disadvantage because of their complex technology infrastructure. Macquarie considers it inevitable that Australian regulators will impose additional capital restrictions on Australian financial services firms.

Insurance Australia Group is considered most at risk from medium-term trends and the rating is downgraded to Neutral from Outperform. Target is lowered to $8.50 from $9.00.

Target price is $8.50 Current Price is $8.28 Difference: $0.22
If IAG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

IDP Education forecasts adjusted EBIT in FY26 of $122m, underpinned by yield and cost reductions. Morgan Stanley notes this is at the lower end of prior guidance. The company will also undertake an on-market share buyback of up to $50m.

The broker adjusts earnings estimates in line with management's guidance, and also FY27 to account for lower expectations on global student migration volumes.

FY27-FY29 EPS estimates are reduced by an average of -20% and the target is lowered to $2.50 from $5.50 amid a combination of lower earnings and lower PE multiples.

Equal-weight rating retained given the depressed valuation, while the buyback is expected to support the share price at current levels.  Industry view is Cautious.

Target price is $2.50 Current Price is $2.29 Difference: $0.21
If IEL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 57.8% (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

Bell Potter rates IGL as Buy (1) -

With a week to go in FY26, IVE Group has as yet, not offered a trading update which suggests to Bell Potter the company is on track to achieve FY26 guidance for underlying net profit after tax of around $50m.

Notably the share price has continued to trade in a weak manner, the analyst observes, adding this suggests the market might be expecting a negative update due to the company's exposure to the retail and media sectors.

The share buyback has also been inactive since mid-April. The broker makes no changes to earnings forecasts and retains a Buy rating with a $3.25 target price.

Target price is $3.25 Current Price is $2.69 Difference: $0.56
If IGL meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ILU as Outperform (1) -

Iluka Resources has updated on its rare earths agreement with the four-year offtake covering 1200t of Nd, Pr, Dy and Tb in representing around 10% of planned production and based on monazite stockpiles only.

The production rate is -5% below Macquarie's prior monazite-only assumptions. The company did not specify explicit floor or ceiling pricing but gave directional guidance, from which the broker concludes minimum contract revenue of US$155m-US$172m.

Export Finance Australia has confirmed full access to the $1.65bn non-recourse government loan for the Eneabba refinery and Civmec ((CVL)) has been awarded the SMPTEI contract to complete construction.

The refinery is over 50% complete and commissioning is targeted for mid 2027. Macquarie reduces its target to $8.00 from $8.40 and retains an Outperform rating.

Target price is $8.00 Current Price is $7.25 Difference: $0.75
If ILU meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates ILU as Overweight (1) -

Iluka Resources has updated on its commercial ex-China rare earths offtake, with the 1200t offtake largely in line with Morgan Stanley's expectations.

The company has provided a validation of Eneabba, with its offtake deal also satisfying conditions to access the remaining $400m in funding.

The broker does not believe the undisclosed customer pricing terms are negative, given commercial sensitivity and the customer's likely exposure to Chinese supply. No disclosed price cap is also considered positive.

Overweight. Target is $7.95. Industry View: Attractive.

Target price is $7.95 Current Price is $7.25 Difference: $0.7
If ILU meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates ILU as Buy (1) -

Iluka Resources has announced its first Eneabba offtake, at 1200t over four years from 2028, and confirmed it now has full access to the $1.65bn government project funding.

Ord Minnett observes the negative market reaction likely reflects a lack of transparency in the update and implications for soft pricing relative to market expectations.

Catalysts include further offtake agreements to build meaningful volume and improved visibility on realised pricing across the range of rare earths. Buy rating and $9 target maintained.

Target price is $9.00 Current Price is $7.25 Difference: $1.75
If ILU meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates INA as Buy (1) -

Ingenia Communities has reiterated the robust enquiry levels across its portfolio, Citi remarks, with ongoing robust sales in the Qld market, while NSW is plateauing and Vic is weaker.

Notably, price movements are tracking similar trends across the states with Qld generating higher prices. The Qld market represents around 50% of Ingenia's development book, which is a positive, the analyst points out.

Industry feedback, including the age care developer, indicate "limited" rise in construction costs with higher prices, which has resulted in a rise in the broker's earnings forecasts of 6% for FY27 and 4% for FY28.

Land acquisition remains important with over 3,400 sites purchased recently and holidays are noted to be performing well.

Buy rating retained. Target price raised to $5.42 from $5.00 due to the rise in earnings forecasts.

Target price is $5.42 Current Price is $4.25 Difference: $1.17
If INA meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 18.7% (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

Ord Minnett rates INR as Speculative Buy (1) -

Ioneer has executed letters of intent with prospective counterparties, KIND and Hyundai Engineering, to advance the Rhyolite Ridge lithium/boron project.

Ord Minnett observes these letters of intent expand the company's potential partners, providing traction as it positions within the ex-China supply chain. The company expects to formalise the arrangements with MoUs in July that should provide more clarity.

The broker still expects it will need to raise a further US$270m to fulfill its share of project expenditure. In the absence of detailed commercial terms Ord Minnett retains a Speculative Buy rating and $0.40 target.

Target price is $0.40 Current Price is $0.15 Difference: $0.25
If INR meets the Ord Minnett target it will return approximately 167% (excluding dividends, fees and charges).

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

Citi rates JDO as Buy (1) -

Judo Capital shares have outperformed by some 10% over the last month, Citi highlights, albeit the stock has underperformed year-to-date against the banks in share price terms, which is attributed to concerns around a slowing economy.

Investor feedback suggests they like the longer term but feel near term there is "sentiment" risk.

The analyst has lifted its EPS estimates by 4%-5% due to better deposit growth in mix and pricing with the newly launched savings deposit performing well.  

Citi continues to like Judo's business model and, as the deposit base widens, management will be afforded more growth options and better pricing.

The business is noted for trading around 10x FY27 earnings with the profile de-risked via deposit and capital improvements.

The Buy rating is reiterated. Target is $2.20.

Target price is $2.20 Current Price is $1.50 Difference: $0.7
If JDO meets the Citi target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 37.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgan Stanley has had discussions with an expert on the rare earth permanent magnet industry, focused on the building of ex-China magnet capacity, rare earth intensity reductions and supply risks.

The argument is that western producers could reach China's magnet quality within about three years but are unlikely to reach China's low production costs in the near term.

The expert expects US NdFeB (neodymium iron boron) capacity could reach 28,000tpa by 2028, which indicates if realised it could sufficiently cover current US usage.

In terms of intensity reduction, this is mainly about heavy rare earth elements not total rare earth content. It was also pointed out customers are already moving towards non-China producers for immediate supply and approval processes.

Equal-weight rating. Target is $20.45. Industry view: Attractive.

Target price is $20.45 Current Price is $18.59 Difference: $1.86
If LYC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.10, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates ORG as Underweight (5) -

Morgan Stanley notes Australian battery capacity is now around 12% of the National Electricity Market, dampening pool price volatility. NSW cap prices are down -$14/megawatt-hour while Victoria and South Australia are down around -$5/megawatt-hour.

Using just the fall in these prices on battery capacities, the broker estimates -2% downside risk to Origin Energy's FY27 EBITDA.

The broker points out (where it could be wrong) any increase in volatility could come from a fuel price shock, a large outage or severe weather impacts.

Target is $11.00. Underweight rating. Industry View: In-Line.

Target price is $11.00 Current Price is $10.80 Difference: $0.2
If ORG meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.85, suggesting upside of 9.4% (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 QAN as Buy (1) -

Ord Minnett has refreshed its outlook on Qantas Airways in the wake of the progress being made with Project Sunrise and the acceleration of the fleet renewal program, which will cut the average age of aircraft to 11 years by 2033.

The transformation is expected to benefit the international division in particular, with better route economics on short-haul international flights while the direct long-haul A350 should attract customers willing to pay for convenience and time saving.

The broker expects a benefit at the EBIT line of around $250m per annum from a -4% decline in group fuel consumption per available seat kilometre. Buy rating retained. Target is raised to $11.50 from $10.50.

Target price is $11.50 Current Price is $10.13 Difference: $1.37
If QAN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 6.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates RWC as Outperform (1) -

Reliance Worldwide will exit Australian price manufacturing and focus on the US, which will reduce working capital intensity and enable greater material conversion options as the business moves to stainless steel from brass.

Macquarie observes manufacturing inside the US market lowers risk, amid shorter supply chains and less exposure to tariffs.

The company expects to deliver a US$9m uplift to EBITDA and FY27 as a result, although the broker notes after the sale of inventory and fixed assets, as well as lease payments, this may only be US$5m.

The move represents a final step in positioning US manufacturing and the valuation remains attractive with Macquarie retaining an Outperform rating and raising its target to $4.90 from $4.50.

Target price is $4.90 Current Price is $3.56 Difference: $1.34
If RWC meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 6.6% (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: 0.2

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

Morgans rates RWC as Hold (3) -

Reliance Worldwide will close its Australian brass casting, forging and machining operations as part of its global footprint rationalisation. Morgans believes this decision is sensible given reduced reliance on Australian-sourced brass in recent years.

Annual savings are expected to be in the vicinity of US$9m by the end of FY27. The closures reflect a sustained decline in Australian sourced brass and increased production in North America along with the roll-out of SharkBite Max which uses -20% less brass per fitting.

The broker assesses the business is defensive, with a strong balance sheet and a host of new product initiatives. FY26 results are due on August 18 and a Hold rating is maintained. Target rises to $3.60 from $3.25.

Target price is $3.60 Current Price is $3.56 Difference: $0.04
If RWC meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 6.6% (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: 0.2

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

Ord Minnett rates RWC as Hold (3) -

Ord Minnett observes Reliance Worldwide is closing its Melbourne brass manufacturing facilities and moving production to the US and third-party suppliers.

This is part of management's strategy to move towards lower copper exposure. The analyst highlights the move will incur a -US$100m to -US$110m non-cash impairment charge in FY26, but should generate a rise of around US$9m in annual earnings (EBITDA) uplift in FY28.

Management anticipates around one-third of the $9m earnings uplift to be generated in FY27, with a 2H skew.

EPS forecasts are raised slightly for FY27. Target price remains unchanged at $4 with a Hold rating.

Target price is $4.00 Current Price is $3.56 Difference: $0.44
If RWC meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 6.6% (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: 0.2

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

Citi rates SHL as Neutral (3) -

Ongoing labour cost pressures in Australia have resulted in Citi downgrading its EPS forecasts for Sonic Healthcare over FY27-FY28.

Industry growth also remains strained and is tracking below the circa 4% long-term average, while operational costs have risen post the sale and lease back of a hub lab, the analyst points out.

A Neutral rating is retained as the broker believes the share price is already discounting the downgrade even if consensus forecasts are yet to adjust.

Target price falls -19% to $19.00 from $21.50, more than the mid-term EPS forecast downgrades. The longer term growth rate for radiology has also been trimmed.

Notably, the proposed German reimbursement reform is not in earnings forecasts with possible FY28 implementation.

Target price is $19.00 Current Price is $19.83 Difference: minus $0.83 (current price is over target).
If SHL meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.58, suggesting upside of 19.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates SUN as Outperform (1) -

Macquarie believes AI increases the risk of disruption for Australia's insurance providers and, although back-office cost savings are obvious, remains sceptical about whether costs will decrease.

Incumbents are considered at a disadvantage because of their complex technology infrastructure, and considers it inevitable that Australian regulators will impose additional capital restrictions on Australian financial services firms.

Suncorp Group has an unchanged Outperform rating with the broker's target raised to $20.60 from $20.30, the report noting the business appears at the "pointy end" of insurer adoption of AI.

Target price is $20.60 Current Price is $18.99 Difference: $1.61
If SUN meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $19.43, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates TCL as Neutral (3) -

Transurban Group announced it has agreed with the NSW government to overhaul the unpaid tolls framework.

The toll road operator will digitise unpaid toll reminders over July 2026 which will be sent via email and SMS compared to the current paper notices sent out, a cash flow neutral process, management has highlighted.

The NSW government also announced a revised $50 toll cap from $60 currently for 12-months and commencing on July 6. The move is viewed as possibly positive for traffic demand in NSW.

The stock remains Neutral rated, trading on a circa 4.8% yield which is around 100bps-plus above the historical average. Citi's target remains at $15.80.

Target price is $15.80 Current Price is $15.19 Difference: $0.61
If TCL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.35, suggesting downside of -5.7% (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

Bell Potter rates VFY as Speculative Buy (1) -

Bell Potter believes Vitrafy Life Sciences is gaining commercial traction as interest broadens beyond military applications into the larger civilian blood market.

The company's cryopreservation technology is attracting attention as blood providers seek solutions to supply constraints and the pending replacement of ageing red blood cell storage infrastructure.

The analyst expects recent funding including a $30m capital raise and $2m share purchase plan to support an initial rollout of devices under a managed services model, creating both recurring service and consumables revenue streams.

The red blood cell opportunity is materially larger than the platelet market, the broker believes, and significantly expands the company's addressable market.

Management is targeting FDA clearance by the end of 2026, though timing risks remain. Speculative Buy retained with a higher target price of $5.15, up from $3.

Target price is $5.15 Current Price is $3.19 Difference: $1.96
If VFY meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates WA1 as Speculative Buy (1) -

Bell Potter explains scaled-up beneficiation testwork, which upgrades ore by concentrating valuable minerals before further processing, delivered stronger-than-expected results at WA1 Resources' Luni niobium project.

The analyst believes it is a standout result which came from the higher-grade Composite A, which returned a 46% Nb2O5 concentrate grade at 67% recovery, well above previous testwork outcomes.

The weighted average across all four composites was 44% Nb2O5 at 54% recovery. Commentary concludes the results support an increase in recovery assumptions and materially de-risk the beneficiation stage of project development.

The preliminary feasibility remains on track for 4Q26. The broker raises its target price to $27.20 from $24.40 with a Speculative Buy rating retained.

Target price is $27.20 Current Price is $12.36 Difference: $14.84
If WA1 meets the Bell Potter target it will return approximately 120% (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 WTC as Buy (1) -

Slower expected adoption of WiseTech Global's new "all you can eat" pricing model and more conservative assumptions on the revenue contribution from its E2Open acquisition has resulted in Ord Minnett lowering revenue forecasts for both the short and longer term.

Only 5% of the customer base has moved to the new CargoWise value pack (CVP) and most of those are large global freight forwarders, the analyst points out, which generate around 30% of CargoWise revenue.

Industry feedback suggests there are not sufficient reasons for customers to adopt the new pricing plan until existing agreements expire.

The broker "materially" downgrades longer-term revenue growth assumptions to 6% from 10%, which results in a lower target price of $60 from $88. 

A Buy rating is retained due to valuation, albeit Ord Minnett acknowledges the risks around Richard White remain. Note to Ord Minnett: check the spelling of that name.

Target price is $60.00 Current Price is $28.76 Difference: $31.24
If WTC meets the Ord Minnett target it will return approximately 109% (excluding dividends, fees and charges).

Current consensus price target is $71.79, suggesting upside of 118.8% (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: 1.0

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

Citi rates XRO as Buy (1) -

Citi observes the UK business price plan rises this year are pointed towards plans that evidenced no or lower price rises last year for Xero.

The analyst estimates a weighted price rise of around 8% this year which is marginally above last year's 7% rise and exceeds the Australian price increase of circa 6%.

Notably, there were no Partner Edition price rises which the broker forecasts to increase ARPU by around 5%. In turn this is expected to underpin ARPU growth forecast of 4% y/y in the UK for FY27, including some weakening from MTD/Xero Simple plans.

The price increases are indicative of management's confidence around market position and "rational competition", Citi states.

Target price unchanged at $113.60 with a Buy rating.

Target price is $113.60 Current Price is $65.00 Difference: $48.6
If XRO meets the Citi target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $137.90, suggesting upside of 94.9% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 1.0

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