Australian Broker Call

Ord Minnett rates ABG as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Hold rating on Abacus Group. Target price slips to $1.05 from $1.10. EPS forecasts fall by -0.1% for FY26 and -2.1% for FY27.

Target price is $1.05 Current Price is $1.17 Difference: minus $0.12 (current price is over target).
If ABG meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.29, suggesting upside of 9.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates ALC as Buy (1) -

Alcidion Group's 2Q26 trading update revealed FY26 contracted revenue is around $43.1m, a rise of $6.8m on the previous quarter and above FY25 revenue by 6%, Bell Potter explains.

FY26 earnings (EBITDA) guidance was upgraded with operating cashflow expectations moving to "positive" from "at least in line with FY25, with potential upside".

The analyst believes the new earnings (EBITDA) guidance over $4.8m and operating cashflow over $5.8m are very achievable. Further, the guidance on contracted revenue came in above previous expectations for FY26 contracted revenue.

Bell Potter has raised its FY26, FY27 and FY28 revenue forecasts by around $6m per annum or 11%-13% on the back of the update.

Target price 17c. No change to Buy rating.

Target price is $0.17 Current Price is $0.14 Difference: $0.03
If ALC 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

Ord Minnett rates ARF as Buy (1) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Buy rating on Arena REIT. Target price slips to $3.90 from $4.20. EPS forecasts fall by -0.1% for FY26 and -0.9% for FY27.

Target price is $3.90 Current Price is $3.53 Difference: $0.37
If ARF meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting upside of 15.3% (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

Ord Minnett rates ASK as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Hold rating on Abacus Storage King. Target price lifts to $1.45 from $1.40. EPS forecasts fall by -1.1% for FY27, no change to FY26 forecast.

Target price is $1.45 Current Price is $1.54 Difference: minus $0.09 (current price is over target).
If ASK meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.53, suggesting downside of -2.3% (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

Morgan Stanley rates ASX as Underweight (5) -

Morgan Stanley notes improving domestic capital markets activity supports ASX's revenue growth outlook, but rising cost pressures in FY27 could mean flat EPS growth prospects for FY28.

Following ASIC’s interim report, the broker expects ongoing regulatory-driven cost pressures at ASX, with 7.5% total cost growth estimated in FY27 vs consensus for 5.5% cost increase. The result is an EPS forecast which is -2.5% below consensus for FY26 and -5% below for FY27.

Overall, the broker reckons revenue growth will fall short of cost growth, leading to flat EBITDA margins across FY26-28.

Underweight. Target trimmed to $45.15 from $54.05 on higher cost of equity of 10.7% from 9.5% and revised earnings forecasts. Industry View: In-Line.

Target price is $45.15

Current consensus price target is $55.97, suggesting upside of 6.8% (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

Macquarie rates BMN as Outperform (1) -

Macquarie believes 2026 will be a good year for uranium developers to outperform, signalling excellent uranium price leverage and re-rating potential for Deep Yellow ((DYL)), Bannerman Energy, and Lotus Resources ((LOT)).

A final investment decision for Bannerman's Etango project is expected in 2026.

The broker retains an Outperform rating and lifts the target price by 6% to $5.85 on an assumed higher equity raise price of $3.50 versus $3 previously. The EPS forecasts are raised 2% for FY26 and 6% for FY27 on a reduced share count.

Target price is $5.85 Current Price is $3.59 Difference: $2.26
If BMN meets the Macquarie target it will return approximately 63% (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 BOE as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades Boss Energy to Underperform from Neutral, citing the re-rating of the stock price as excessive post the unimpressive update on Honeymoon.

The stock has risen 33% since the December update, which implies a U308 price of around US$100/lb, while the Honeymoon update pointed to a more "modest" resource for Honeymoon.

No change to $1.25 target price.

Target price is $1.25 Current Price is $1.58 Difference: minus $0.33 (current price is over target).
If BOE meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.77, suggesting upside of 12.1% (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

Citi rates BPT as Sell (5) -

Citi notes global gas prices are weakening due to a lower JKM (benchmark Japan-Korea marker) outlook, pressuring LNG-exposed stocks. Stronger oil prices in 1Q2026 provide a partial offset, before further easing.

Santos and Karoon Energy are standouts in the broker's view, Woodside Energy faces rising Scarborough timing risks and Beach Energy is constrained by execution and balance-sheet risks.

Overall, the broker believes sector performance is likely to hinge on commodity price exposure and the ability to execute projects as planned.

Sell retained for Beach Energy. Target trimmed to $0.95 from $1.00.

Target price is $0.95 Current Price is $1.15 Difference: minus $0.2 (current price is over target).
If BPT meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.07, suggesting downside of -5.7% (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 BPT as Underweight (5) -

In a report previewing December quarter activity for upstream energy companies, Morgan Stanley highlights its greater preference for Karoon Energy and Santos, and less for Origin Energy and Beach Energy.

The broker's commodity price mark-to-market adjustments drove -5% EPS downgrades for 2026, noting the forecasts are around -3% to -5% below consensus ahead of the quarterlies.

The broker estimates Beach Energy's December quarter production of 4.0Mmboe vs the consensus of 4.5Mmboe. 

EPS forecast for FY26 trimmed by -5% and by -3% for FY27. Target rises to $1.12 from $1.11, with Underweight retained, and Industry View is In-Line.

Target price is $1.12 Current Price is $1.15 Difference: minus $0.03 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.07, suggesting downside of -5.7% (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

UBS rates BPT as Neutral (3) -

UBS analysts cut 2026 Brent crude oil forecast to US$62/bbl from US$64/bbl on a larger projected surplus, though within the year, prices are expected to rise to US$64/bbl in 4Q from US$60 in 1Q. 

Upside is seen capped by ample OPEC-plus spare capacity and planned unwinding of remaining voluntary cuts through 2026, despite some risk that oil demand is underestimated.

The broker expects Beach Energy to report December quarter production of 4,050kboe, -10.3% below the consensus. FY26 production is seen at 20.4Mmboe vs the consensus and guidance midpoint of 20.9Mmboe.

FY26 EPS forecast trimmed by -4% and FY27 by -7%. Neutral retained with a lower target of $1.15 from $1.20.

Target price is $1.15 Current Price is $1.15 Difference: $0
If BPT meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting downside of -5.7% (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 CHC as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Hold rating on Charter Hall with an unchanged target price of $23.40. EPS forecast lifts 2.5% for FY26 and slips -0.4% for FY27.

Target price is $23.40 Current Price is $23.90 Difference: minus $0.5 (current price is over target).
If CHC 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 $24.20, suggesting downside of -0.5% (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

Ord Minnett rates CIP as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Hold rating on Centuria Industrial REIT. Target price slips to $3.25 from $3.45. EPS forecasts fall by -0.3% for FY26 and -2.5% for FY27.

Target price is $3.25 Current Price is $3.32 Difference: minus $0.07 (current price is over target).
If CIP 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 $3.63, suggesting upside of 8.7% (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

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

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker upgrades Charter Hall Long WALE REIT to Accumulate from Hold with a lowered target price of $4.05 from $4.25. EPS forecasts  are lowered by -0.2% for FY26 and -4.2% for FY27.

Target price is $4.05 Current Price is $4.00 Difference: $0.05
If CLW meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 9.2% (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

Ord Minnett rates CNI as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Hold rating on Centuria Capital. Target price slips to $2 from $2.10. EPS forecast rises by 0.5% for FY26 and slips by -0.7% for FY27.

Target price is $2.00 Current Price is $2.05 Difference: minus $0.05 (current price is over target).
If CNI 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 $2.22, suggesting upside of 7.3% (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 CQE as Buy (1) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks under its risk free rate forecast to 4.5% from 4%.

No change to the Buy rating for Charter Hall Social Infrastructure REIT with target price down to $3.30 from $3.55. FY26 EPS forecast is unchanged with FY27 EPS forecast down -2.3%.

Target price is $3.30 Current Price is $3.05 Difference: $0.25
If CQE meets the Ord Minnett target it will return approximately 8% (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

Citi rates CQR as Buy (1) -

Charter Hall Retail REIT and CCRF (Charter Hall Convenience Retail Fund) had a strong 2025, with better-than-expected capital raising and effective deployment into retail assets, Citi highlights.

The broker reckons lower funding costs and portfolio strength create upside risk to the 1H26 result and FY26 earnings, and NTA upgrades.

Ongoing capital deployment, improving margins, and favourable retail property trends are seen as supportive of further earnings and NTA growth.

Buy. Target $4.50.

Target price is $4.50 Current Price is $4.09 Difference: $0.41
If CQR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates CQR as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker retains a Hold rating on Charter Hall Retail REIT. Target price slips to $4 from $4.20. EPS forecasts fall by -0.2% for FY26 and -0.8% for FY27.

Target price is $4.00 Current Price is $4.09 Difference: minus $0.09 (current price is over target).
If CQR 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 $4.26, suggesting upside of 2.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates CYL as Buy (1) -

Catalyst Metals announced a better than expected 2Q26 update with record gold production of 28,176oz versus Bell Potter's forecast of 26,439oz with Plutonic production rising 60% q/q.

Gold sales came in at 24,846oz at an average gold price of $6,322/oz generating quarterly revenue of $157.1m. All-in-sustaining costs of $2,565/oz were lower than the analyst's forecast. Cash and bullion at quarter end rose to $238m from $227m.

Plutonic had record quarterly production via the sourcing of ore from three operations with K2 positioned as the fourth mine and higher grade ore which is anticipated before June 30 2026. Old Highway, the fifth mine is forecast to produce in 2H2027.

Target price is upgraded to $13.50 from $9.30. Buy rating remains. The broker raises EPS forecasts by 24% for FY26 and 26% for FY27.

Target price is $13.50 Current Price is $7.85 Difference: $5.65
If CYL meets the Bell Potter target it will return approximately 72% (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 DGT as Buy (1) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

A Buy rating on DigiCo Infrastructure REIT is retained with a lower target of $3.85 from $3.95. EPS forecast for FY26 lifts by 28.5% and 1.2% for FY27.

Target price is $3.85 Current Price is $2.70 Difference: $1.15
If DGT meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.94, suggesting upside of 40.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates DMP as Buy (1) -

UBS's January retail and consumer store network tracker monitors the progress of store rollouts for Domino's Pizza Enterprises, Guzman y Gomez ((GYG)), Lovisa Holdings ((LOV)) and Universal Store ((UNI)).

For Domino's, the broker notes the store network at 3519 as at Jan 17, down -10 stores since FY25, with A&NZ down -3, Asia down -6 and Europe down -1.

The analyst forecasts the 1H26 store network at 3519 versus consensus at 3540. Management has offered FY26 guidance with NPAT above $118m and new cost savings of $60-$70m.

The stock remains Buy rated with a $24 target.

Target price is $24.00 Current Price is $23.45 Difference: $0.55
If DMP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $20.58, suggesting downside of -14.2% (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 DXS as Accumulate (2) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

No change to Accumulate rating on Dexus with a lower target of $7.15 from $7.55. EPS forecats slips by -0.2% for FY26 and -0.8% for FY27.

Target price is $7.15 Current Price is $6.87 Difference: $0.28
If DXS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.83, suggesting upside of 12.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates DYL as Outperform (1) -

Macquarie believes 2026 will be a good year for uranium developers to outperform, signalling excellent uranium price leverage and re-rating potential for Deep Yellow, Bannerman Energy ((BMN)) and Lotus Resources ((LOT)).

Greg Field has been confirmed as the new CEO for Deep Yellow, starting on Feb 2, which is viewed positively as the start date could have been delayed until May 1.

As the uranium market continues to improve, with the TradeTech U308 term price indicated at US$87/lb, the broker sees Tumas as remaining on track for a final investment decision in 2026.

Rated Outperform with a $2.25 target price, a rise of 15% on a higher assumed equity raise price. The EPS estimates are raised by 4% for FY26 and 8% for FY27 on a reduced share count.

Target price is $2.25 Current Price is $2.00 Difference: $0.25
If DYL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting downside of -5.0% (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 GMG as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

No change to Hold rating on Goodman Group with a lower target of $31.25 from $31.75. EPS forecasts lifts by 0.4% for FY26 and 0.9% for FY27.

Target price is $31.25 Current Price is $31.23 Difference: $0.02
If GMG meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $37.21, suggesting upside of 17.3% (ex-dividends)

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 GOZ as Accumulate (2) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

An Accumulate rating is retained with a lower target of $2.50 from $2.55. EPS forecasts slip by -0.2% for FY26 abd -2.5% for FY27.

Target price is $2.50 Current Price is $2.43 Difference: $0.07
If GOZ meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.60, suggesting upside of 7.3% (ex-dividends)

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 GPT as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

A Hold rating is retained with a lower target of $5.35 from $5.50. EPS forecast for FY25 is unchanged and FY26 slips by -0.4%.

Target price is $5.35 Current Price is $5.43 Difference: minus $0.08 (current price is over target).
If GPT meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.94, suggesting upside of 8.2% (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

UBS rates GYG as Neutral (3) -

UBS believes Guzman y Gomez has multi-decade growth potential, with network sales expected to double by FY30 and triple by FY34. However, near-term sensitivity remains around the pace of new openings and same-store sales (SSS) growth recovery after a slower FY26 start.

After a review of the outlook, the broker made modest cuts to FY26-28 underlying EBITDA forecasts on slower SSS and network growth, resulting in -7% to -8% downgrades to net profit forecasts. This also accounts for higher D&A and buyback impacts.

Neutral retained on reasons including an elevated valuation (28x EV/EBITDA). Target trimmed to $24 from $27 on earnings downgrades and a lower multiple in the valuation.

Target price is $24.00 Current Price is $21.52 Difference: $2.48
If GYG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $27.93, suggesting upside of 28.6% (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 HDN as Accumulate (2) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

No change to Accumulate rating with a lower target price of $1.35 from $1.45.  EPS forecasts are reduced by -0.4% for FY26 and -2.4% for FY27.

Target price is $1.35 Current Price is $1.36 Difference: minus $0.01 (current price is over target).
If HDN meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.42, suggesting upside of 3.3% (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

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

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker downgrades HMC Capital to Hold from Buy with a lower target of $4. No change to FY26 EPS forecast with FY27 forecast down -1.5%.

Target price is $4.00 Current Price is $4.30 Difference: minus $0.3 (current price is over target).
If HMC meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.74, suggesting upside of 6.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates IAG as Buy (1) -

Ahead of the February results season, Citi's order of preference for insurance stocks is QBE Insurance, Insurance Australia Group, Steadfast Group, nib Holdings, Suncorp Group and Medibank Private.

The broker expects Insurance Australia Group to deliver 8% GWP (gross written premium) growth in 1H26, keeping it on track for its 10% FY26 guidance. Reported margin is seen at 13.3%, supported by strong reinsurance despite a small CAT overrun.

Management had flagged positive momentum at the FY25 AGM, but the broker flags a risk of modest consumer unit growth.

Buy. Target price $9.

Target price is $9.00 Current Price is $7.57 Difference: $1.43
If IAG meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.86, suggesting upside of 16.3% (ex-dividends)

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 IMB as Speculative Buy (1) -

Intelligent Monitoring raised $20m via an institutional placement following the Tyco NZ and Red Wolf acquisitions, to restore leverage to pre-deal levels.

Morgans factored the equity raise into its forecasts, leading to a cut in FY26-27 EPS forecasts.

Target price unchanged at $1 on higher peer multiples. Speculative Buy remains.

Target price is $1.00 Current Price is $0.75 Difference: $0.25
If IMB meets the Morgans target it will return approximately 33% (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 INA as Upgrade to Accumulate from Hold (2) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

Ingenia Communities is upgraded to Accumulate from Hold with a new target of $5.30. No change to FY26 EPS forecast and FY27 slips by -0.2%.

Target price is $5.30 Current Price is $5.00 Difference: $0.3
If INA meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 23.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates JHX as Buy (1) -

James Hardie Industries is closing its two smallest plants in the next 60 days in a bid to optimise manufacturing. In an early assessment, Citi notes this is estimated to deliver US$25m in annualised cost savings and sees a 2-3% FY27 net profit uplift.

The broker highlights spare capacity is still 10-15% higher even after these closures.

The company also reaffirmed quarterly and FY26 guidance, which the broker views as a modest positive given mixed housing and construction data.

Buy. Target price $37.20.

Target price is $37.20 Current Price is $34.99 Difference: $2.21
If JHX meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $36.15, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates JHX as Outperform (1) -

The Macquarie US contractors optimism index rose 15 points to 63 in December, with non-residential a major factor. While residential repairs and renovations (R&R) revealed some improvement, new residential sentiment is noted as continuing to be soft.

Mortgage rates over the period were range-bound and are currently around 6.16%. President Trump announced Fannie Mae and Freddie Mac will buy US$200bn of mortgage-backed securities, with the exact impact stated as unknown but expected to counter the Fed's balance sheet runoff.

Consumer confidence continues to be impacted by job insecurity, notably among low and middle-income earners.

The broker continues to rate James Hardie Industries as Outperform with a $41.70 target price, pointing to challenging market conditions but with some signs of stabilisation.

Target price is $41.70 Current Price is $34.99 Difference: $6.71
If JHX meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $36.15, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Citi rates KAR as Buy (1) -

Citi notes global gas prices are weakening due to a lower JKM (benchmark Japan-Korea marker) outlook, pressuring LNG-exposed stocks. Stronger oil prices in 1Q2026 provide a partial offset, before further easing.

Santos and Karoon Energy are standouts in the broker's view, Woodside Energy faces rising Scarborough timing risks and Beach Energy is constrained by execution and balance-sheet risks.

Karoon differentiates itself with a likely December quarter production outperformance and a pipeline of catalysts heading into 2025.

Overall, the broker believes sector performance is likely to hinge on commodity price exposure and the ability to execute projects as planned.

Buy retained for Karoon. Target trimmed to $1.90 from $2.10.

Target price is $1.90 Current Price is $1.64 Difference: $0.26
If KAR meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 21.0% (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: 0.4

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

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

In a report previewing December quarter activity for upstream energy companies, Morgan Stanley highlights its greater preference for Karoon Energy and Santos, and less for Origin Energy and Beach Energy.

The broker's commodity price mark-to-market adjustments drove -5% EPS downgrades for 2026, noting the forecasts are around -3% to -5% below consensus ahead of the quarterlies.

Forecast for Karoon Energy's FY25 production is 10.1Mmboe vs revised guidance of 10.1-10.3Mmboe. For FY26, the broker is estimating 9.2Mmboe, in line with the consensus. 

EPS forecast for FY25 trimmed by -1% but FY26 lifted by 1%, while FY27 estimate downgraded by -13%. Target trimmed to $1.81 from $1.86, with Equal-weight retained, and Industry View is In-Line.

Target price is $1.81 Current Price is $1.64 Difference: $0.17
If KAR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 21.0% (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: 0.4

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

Bell Potter rates L1G as Hold (3) -

L1 Group announced FUM for Dec 31 2025 at $17.6bn which is marginally in excess of what Bell Potter expected and represented a rise in FUM over 2Q26 by circa $700m although no breakdown was offered.

The analyst estimates performance fees around $36-$38m in 2H2025 and notes Julian Russell has been made CEO and the group has raised $330m in a November equity issue to support growth plans.

No change to Hold rating. Target lifted to $1 from 90c. Bell Potter highlights the shares are relatively highly valued for an asset manager going into a merger but believes there is robust investor demand for the stock with restricted supply of shares.

Target price is $1.00 Current Price is $1.08 Difference: minus $0.08 (current price is over target).
If L1G meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 LIC as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

Hold. Target price $5.60 unchanged for Lifestyle Communities. EPS forecasts slip by -0.1% for FY26 and -0.3% for FY27.

Target price is $5.60 Current Price is $5.65 Difference: minus $0.05 (current price is over target).
If LIC meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.48, suggesting upside of 16.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates LLC as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

No change to Hold rating for Lendlease Group with a lower target price of $5.25 from $5.85. No change to FY26 EPS forecast and FY27 slips by -6%.

Target price is $5.25 Current Price is $4.97 Difference: $0.28
If LLC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.06, suggesting upside of 21.2% (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

Macquarie rates LOT as Outperform (1) -

Macquarie believes 2026 will be a good year for uranium developers to outperform, signalling excellent uranium price leverage and re-rating potential for Deep Yellow ((DYL)), Bannerman Energy ((BMN)), and Lotus Resources.

The analyst highlights Lotus has experienced headwinds from financing, acid challenges, and elongated accreditation times from converters. But the ramp-up is anticipated for the March quarter, with delivery of a first shipment in the June quarter.

Lotus remains an Outperform with an unchanged 28c target price.

Target price is $0.28 Current Price is $0.21 Difference: $0.07
If LOT meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 60.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates LOV as Neutral (3) -

UBS's January retail and consumer store network tracker monitors the progress of store rollouts for Domino's Pizza Enterprises, Guzman y Gomez ((GYG)), Lovisa Holdings and Universal Store ((UNI)).

The Lovisa store network stood at 1093 as of Jan 15, up 62 net stores since FY25, underpinned by the Europe and Americas rollout, the analyst states. A&NZ was up three, Asia up one, Africa & Middle East up ten, Europe up 35 and the Americas up 14.

At the 2025 AGM, management detailed 44 new store growth year to date, or 60 openings. The analyst lifts EPS forecasts by 0.4% for FY26 and 0.6% for FY27 on higher store numbers.

No change to Neutral rating and $33 target.

Target price is $33.00 Current Price is $30.02 Difference: $2.98
If LOV meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $36.71, suggesting upside of 20.0% (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 MGR as Upgrade to Buy from Hold (1) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

Ord Minnett upgrades Mirvac Group to Buy from Hold, expecting growth to return on the back of higher development revenue and wider margins. The office segment, which represents around 40% of the portfolio, looks to have stabilised and reached the trough of the cycle.

The broker forecasts an EPS CAGR of 9% over three years.

Target price slips to $2.25 from $2.35.

Target price is $2.25 Current Price is $2.02 Difference: $0.23
If MGR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 21.9% (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

Citi rates MPL as Neutral (3) -

Ahead of the February results season, Citi's order of preference for insurance stocks is QBE Insurance, Insurance Australia Group, Steadfast Group, nib Holdings, Suncorp Group and Medibank Private.

The broker expects Medibank's resident policyholder growth to remain soft, but earnings to be supported by margin. Non-resident operations and Medibank Health are expected to drive solid 1H26 growth.

While Medibank remains the higher-quality private health insurer vs nib, the broker reckons much of this is already priced in at 19x.

Neutral. Target price $5.10.

Target price is $5.10 Current Price is $4.71 Difference: $0.39
If MPL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting upside of 11.3% (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

Macquarie rates NEC as Neutral (3) -

Macquarie notes the Total TV market likely declined -9% in 1H26, with a -14% fall in free-to-air partly offset by 15-20% growth in streaming platforms.

The broker expects market share losses for Nine Entertainment as the 2024 Olympics roll off, driving an estimated -13% decline in 1H26 total TV revenues.

Capital management remains in focus for the company, the broker highlights, with forecast net cash of $89m for 1H26 post the Domain sale supporting the potential for a special dividend and/or M&A. There's also renewed speculation around out-of-home advertising assets.

The broker forecasts $190m 1H26 EBITDA, slightly below guidance, and net profit of $76m, around -7% below consensus amid weak FTA trends.

Neutral. Target trimmed to $1.20 from $1.25.

Target price is $1.20 Current Price is $1.18 Difference: $0.02
If NEC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 29.7% (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

Citi rates NHF as Buy (1) -

Ahead of the February results season, Citi's order of preference for insurance stocks is QBE Insurance, Insurance Australia Group, Steadfast Group, nib Holdings, Suncorp Group and Medibank Private.

The broker expects nib to meet FY26 ARHI policyholder guidance, forecasting ARHI net margins at 6.7% and continued stabilisation in NZ alongside strong international inbound health insurance margins.

On the cautious side, the broker sees the possibility of some headwinds in nib Thrive and a Travel review update, but highlights attractive valuation at 12x earnings.

Buy. Target price $8.15.

Target price is $8.15 Current Price is $6.68 Difference: $1.47
If NHF meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.59, suggesting upside of 14.0% (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 NSR as Downgrade to Hold from Accumulate (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

National Storage REIT is downgraded to Hold from Accumulate with a new target of $2.75. No change to FY26 EPS forecast with FY27 down -0.4%.

Target price is $2.75 Current Price is $2.75 Difference: $0
If NSR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting upside of 0.7% (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

Citi rates NWH as Buy (1) -

Citi expects NRW Holdings to deliver a strong 1H result, supported by solid performance across all segments, a robust order book, favourable mining conditions, and early benefits from Fredon and EMIT. Guidance upgrade is a possibility, the broker highlights.

The Fimiston project remains on track for completion by 3Q2026, with margin upside likely as cost pressures ease and METS margins potentially exceeding current forecasts, in the broker's view.

Looking beyond Fimiston, a healthy project pipeline, including Hemi and other opportunities, is seen positioning the company well for sustained growth and margin expansion.

Minor changes to forecasts, though FY26 earnings are estimated to have a 54% skew to 2H. Target rise to $6.20 from $5.95 on valuation roll forward, and Buy rating is unchanged.

Target price is $6.20 Current Price is $5.54 Difference: $0.66
If NWH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates NWH as Accumulate (2) -

Morgans lifted the target price for NRW Holdings after raising the FY26 EBIT forecast and assuming 11x FY26/27 EBIT in the valuation.

The broker sees scope for a re-rating as prior headwinds from FY25 fade, including cash collection problems, CFO transition and a weak met coal market. Weather risk, though, is seen lingering.

Earnings momentum is expected to continue after a strong 1H26 and improving demand, prompting the broker to upgrade FY26 EBIT to top end of guidance. 

Accumulate maintained. Target rises to $6.00 from $4.50.

Target price is $6.00 Current Price is $5.54 Difference: $0.46
If NWH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates ORG as Buy (1) -

UBS analysts cut 2026 Brent crude oil forecast to US$62/bbl from US$64/bbl on a larger projected surplus, though within the year, prices are expected to rise to US$64/bbl in 4Q from US$60 in 1Q. 

Upside is seen capped by ample OPEC-plus spare capacity and planned unwinding of remaining voluntary cuts through 2026, despite some risk that oil demand is underestimated.

The broker expects Origin Energy to report December quarter production of 159.1Pje, -4.4% below the consensus. Sales revenue is also forecast to be -13.4% below consensus of $2.105bn..

Minor changes to FY26-27 EPS forecasts. Buy maintained with a marginally lower target of $14.00 from $14.10.

Target price is $14.00 Current Price is $11.02 Difference: $2.98
If ORG meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $11.98, suggesting upside of 9.5% (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

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

Macquarie downgrades Paladin Energy to Neutral from Outperform due to the strong re-rating of the stock, rising over 49% over four months since the equity raising. Target sits at $11.10.

The broker anticipates U308 term prices will continue to advance in 2026 as utilities look to incentivise supply, noting the industry consultant TradeTech's term price stands at US$87/lb now. This should provide a floor to assist greenfield projects to go ahead.

With the restart of Langer Heinrich, the analyst flags production could be in excess of 4-4.4mlb FY26 guidance, forecasting 4.6mlbs.

Target price is $11.10 Current Price is $10.67 Difference: $0.43
If PDN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.99, suggesting downside of -10.1% (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: 0.6

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

Citi rates QBE as Buy (1) -

Ahead of the February results season, Citi's order of preference for insurance stocks is QBE Insurance, Insurance Australia Group, Steadfast Group, nib Holdings, Suncorp Group and Medibank Private.

The broker is optimistic of a strong 2H25 for QBE after the solid 3Q performance and confirmation it is on track to meet FY25 COR guidance of 92.5%. Its forecast is for 2H25 COR of 92.1% and 92.4% for FY25, with 2H supported by improved crop performance.

Slowing price momentum in some lines is expected to be offset by strong US Accident & Health pricing and volume growth.

Buy. Target price $23.70.

Target price is $23.70 Current Price is $19.74 Difference: $3.96
If QBE meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $22.74, suggesting upside of 14.6% (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: 0.8

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

Ord Minnett rates RGN as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

No change to Hold rating and $2.35 target for Region Group. FY26 EPS forecast unchanged with FY27 down by -0.4%.

Target price is $2.35 Current Price is $2.37 Difference: minus $0.02 (current price is over target).
If RGN meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.43, suggesting upside of 1.6% (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

Macquarie rates RWC as Outperform (1) -

The Macquarie US contractors optimism index rose 15 points to 63 in December, with non-residential a major factor. While residential repairs and renovations (R&R) revealed some improvement, new residential sentiment is noted as continuing to be soft.

Mortgage rates over the period were range-bound and are currently around 6.16%. President Trump announced Fannie Mae and Freddie Mac will buy US$200bn of mortgage-backed securities, with the exact impact stated as unknown but expected to counter the Fed's balance sheet runoff.

Consumer confidence continues to be impacted by job insecurity, notably among low and middle-income earners.

The broker continues to rate Reliance Worldwide as Outperform with a $5.30 target price. Management is viewed as executing well amidst tough trading conditions while the valuation remains appealing.

Target price is $5.30 Current Price is $4.04 Difference: $1.26
If RWC meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 15.1% (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

Ord Minnett rates SCG as Hold (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

Hold rating retained. Target price lifts to $4.10 from $3.80 with FY25 EPS forecast down -0.1% and FY26 down -1.2%.

Target price is $4.10 Current Price is $4.16 Difference: minus $0.06 (current price is over target).
If SCG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.29, suggesting upside of 2.1% (ex-dividends)

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) -

Ahead of the February results season, Citi's order of preference for insurance stocks is QBE Insurance, Insurance Australia Group, Steadfast Group, nib Holdings, Suncorp Group and Medibank Private.

The broker believes Steadfast is tracking toward FY26 growth guidance, but with a larger 2H skew supported by M&A and cost savings. Areas of focus will be rate stabilisation above 2% and the CEO transition.

Buy. Target price $6.50.

Target price is $6.50 Current Price is $5.25 Difference: $1.25
If SDF meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 16.4% (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 SEA as Buy (1) -

Ord Minnett highlights a Woolworths Group ((WOW)) partnership announcement with Teys, DIT AgTech and Sea Forest to trial SeaFeed supplement in grass-fed cattle.

This marks a strong endorsement of Sea's methane-reduction technology, the broker reckons. It also signals the company's expansion from feedlots into the much larger grazing market, supporting its growth outlook and pathway to profitability by FY27.

While commercial details are limited, the broker retains a Buy rating and $3.05 target.

Target price is $3.05 Current Price is $2.85 Difference: $0.2
If SEA meets the Ord Minnett target it will return approximately 7% (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 SGP as Accumulate (2) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

Stockland remains Accumulate rated with a $5.90 target, down from $6.50. EPS forecast for FY26 slips -0.6% and -3.8% for FY27.

Target price is $5.90 Current Price is $5.44 Difference: $0.46
If SGP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.39, suggesting upside of 16.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates STO as Buy (1) -

Citi notes global gas prices are weakening due to a lower JKM (benchmark Japan-Korea marker) outlook, pressuring LNG-exposed stocks. Stronger oil prices in 1Q2026 provide a partial offset, before further easing.

Santos and Karoon Energy are standouts in the broker's view, Woodside Energy faces rising Scarborough timing risks and Beach Energy is constrained by execution and balance-sheet risks.

Santos' FY25 production guidance shortfall should be more than offset by the impending start-up of Barossa LNG and a stronger FY26 growth ramp vs current market expectations, the broker explains.

Overall, the broker believes sector performance is likely to hinge on commodity price exposure and the ability to execute projects as planned.

Buy rating for Santos. Target price $7.25.

Target price is $7.25 Current Price is $6.33 Difference: $0.92
If STO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 17.9% (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 STO as Equal-weight (3) -

In a report previewing December quarter activity for upstream energy companies, Morgan Stanley highlights its greater preference for Karoon Energy and Santos, and less for Origin Energy and Beach Energy.

The broker's commodity price mark-to-market adjustments drove -5% EPS downgrades for 2026, noting the forecasts are around -3% to -5% below consensus ahead of the quarterlies.

Forecast for Santos' FY25 production is 87Mmboe vs guidance of 89-95Mmboe and consensus of 89Mmboe. For FY26, the broker is estimating 114Mmboe, in line with the consensus. 

EPS forecast for FY26 trimmed by -9%, with no change to FY25. Target trimmed to $6.55 from $6.76, with Equal-weight retained, and Industry View is In-Line.

Target price is $6.55 Current Price is $6.33 Difference: $0.22
If STO meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 17.9% (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

UBS rates STO as Buy (1) -

UBS analysts cut 2026 Brent crude oil forecast to US$62/bbl from US$64/bbl on a larger projected surplus, though within the year, prices are expected to rise to US$64/bbl in 4Q from US$60 in 1Q. 

Upside is seen capped by ample OPEC-plus spare capacity and planned unwinding of remaining voluntary cuts through 2026, despite some risk that oil demand is underestimated.

The broker expects Santos' December quarter production of 25.3Mmboe, higher than the consensus of 23.6Mmboe. Modest downside risk is seen to FY26 production guidance, conditional on the commissioning timing for Barossa and Pikka oil.

No change to FY25 EPS forecast, but a -5% cut to FY26. Buy and $7.80 target are unchanged.

Target price is $7.80 Current Price is $6.33 Difference: $1.47
If STO meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 17.9% (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

Citi rates SUN as Neutral (3) -

Ahead of the February results season, Citi's order of preference for insurance stocks is QBE Insurance, Insurance Australia Group, Steadfast Group, nib Holdings, Suncorp Group and Medibank Private.

The broker expects Suncorp's 1H26 result to be mixed, supported by home and motor unit growth and solid investment income, with underlying margins of 11.6%. On the negative side, weather overruns are expected to weigh on dividends and reported margins.

The broker is forecasting reported margin at 5%.

Neutral. Target price $18.50.

Target price is $18.50 Current Price is $16.90 Difference: $1.6
If SUN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.54, suggesting upside of 21.1% (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 TLC as Buy (1) -

UBS' lottery revenue tracker points to -3% y/y decline in 1H26, extending a weak prior period. The broker, though, attributes this to jackpot “luck” rather than structural issues, with few large jackpots despite a Powerball price increase.

Minor revisions made to Lottery Corp's forecasts following mark-to-market, including a -3% cut to FY26 revenue estimate.

Focus areas at the 1H26 result include outlook commentary, digital penetration, impacts of recent game changes, capital management, and early signals from the new CEO.

Buy. Target trimmed to $6.30 from $6.35.

Target price is $6.30 Current Price is $5.17 Difference: $1.13
If TLC meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.80, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates TLS as Outperform (1) -

Macquarie highlights December quarter mobile plan discounting trends show Optus less competitive despite the outage, while Telstra Group's Belong and prepaid brands are pricing above historical levels. TPG Telecom remains consistent.

In the broker's view, the data points to Optus market share losses, exacerbated by weaker hardware discounting.

This is supportive for TPG and Telstra, with Telstra the most aggressive despite churn risks, and TPG offering the lowest effective pricing.

Outperform for Telstra. Target price $5.04.

Target price is $5.04 Current Price is $4.80 Difference: $0.24
If TLS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting upside of 1.6% (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

Macquarie rates TPG as Outperform (1) -

Macquarie highlights December quarter mobile plan discounting trends show Optus less competitive despite the outage, while Telstra Group's Belong and prepaid brands are pricing above historical levels. TPG Telecom remains consistent.

In the broker's view, the data points to Optus market share losses, exacerbated by weaker hardware discounting.

This is supportive for TPG and Telstra, with Telstra the most aggressive despite churn risks, and TPG offering the lowest effective pricing.

Outperform for TPG. Target price $5.60.

Target price is $5.60 Current Price is $3.95 Difference: $1.65
If TPG meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates UNI as Buy (1) -

UBS's January retail and consumer store network tracker monitors the progress of store rollouts for Domino's Pizza Enterprises, Guzman y Gomez ((GYG)), Lovisa Holdings ((LOV)) and Universal Store.

The Universal Store network stood at 118 as of Jan 15, up seven stores since FY25, which aligns with the 1H26 consensus estimate. Universal Store was up two, Perfect Stranger up three, and Thrills up ten.

Total sales growth is expected to be generated from a combination of like-for-like sales growth and net new stores.

No change to Buy rating and $10.25 target.

Target price is $10.25 Current Price is $8.50 Difference: $1.75
If UNI meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 23.7% (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 VCX as Downgrade to Hold from Accumulate (3) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

The broker downgrades Vicinity Centres to Hold from Accumulate with the stock up 30% over the last year. Target price slips to $2.40 from $2.55. The EPS forecasts lift by 0.5% for FY26 and fall by -0.5% for FY27.

Vicinity continues to experience good sales momentum, the analyst states, with a 99.95% occupancy rate, although the redevelopment of the Chatswood Galleria project is impacting funds from operations.

Target price is $2.40 Current Price is $2.50 Difference: minus $0.1 (current price is over target).
If VCX 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 $2.52, suggesting downside of -0.9% (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

Citi rates WDS as Neutral (3) -

Citi notes global gas prices are weakening due to a lower JKM (benchmark Japan-Korea marker) outlook, pressuring LNG-exposed stocks. Stronger oil prices in 1Q2026 provide a partial offset, before further easing.

Santos and Karoon Energy are standouts in the broker's view, Woodside Energy faces rising Scarborough timing risks and Beach Energy is constrained by execution and balance-sheet risks.

In the near term, the broker expects Woodside to deliver a solid December quarter performance.

Overall, the broker believes sector performance is likely to hinge on commodity price exposure and the ability to execute projects as planned.

Neutral rating for Woodside. Target price $25.50.

Target price is $25.50 Current Price is $24.02 Difference: $1.48
If WDS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.81, suggesting upside of 9.0% (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: 0.2

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

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

In a report previewing December quarter activity for upstream energy companies, Morgan Stanley highlights its greater preference for Karoon Energy and Santos, and less for Origin Energy and Beach Energy.

The broker's commodity price mark-to-market adjustments drove -5% EPS downgrades for 2026, noting the forecasts are around -3% to -5% below consensus ahead of the quarterlies.

Forecast for Woodside Energy's FY25 production is 196Mmboe vs guidance of 192-197Mmboe. For FY26, the broker is estimating 188Mmboe vs the consensus of 196Mmboe. 

EPS forecast for FY25 trimmed by -1% and by -6% for FY26. Target trimmed to $26 from $27, with Equal-weight retained, and Industry View is In-Line.

Target price is $26.00 Current Price is $24.02 Difference: $1.98
If WDS meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.81, suggesting upside of 9.0% (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: 0.2

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

UBS rates WDS as Neutral (3) -

UBS analysts cut 2026 Brent crude oil forecast to US$62/bbl from US$64/bbl on a larger projected surplus, though within the year, prices are expected to rise to US$64/bbl in 4Q from US$60 in 1Q. 

Upside is seen capped by ample OPEC-plus spare capacity and planned unwinding of remaining voluntary cuts through 2026, despite some risk that oil demand is underestimated.

The broker expects Woodside Energy's December quarter production to meet consensus, but sales revenue to be lower on weaker realised oil prices. Focus will be on the Scarborough update, with the broker also seeing a risk of delay in LLLNG and/or Beaumont New Ammonia sell-downs.

Minor downgrade to FY25 EPS forecast but a -12% cut to FY26. Neutral, with lower target of $23.50 from $23.60.

Target price is $23.50 Current Price is $24.02 Difference: minus $0.52 (current price is over target).
If WDS meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.81, suggesting upside of 9.0% (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: 0.2

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

Ord Minnett rates WPR as Accumulate (2) -

Post a review of the property sector which factors in possible interest rate rises in 2026, Ord Minnett increases the estimated interest costs for all property stocks, with the risk-free rate forecast rising to 4.5% from 4%.

Waypoint REIT retains an Accumulate rating with a lower target of $2.50 from $2.70. No change to FY25 EPS forecast with FY26 down by -0.5%.

Target price is $2.50 Current Price is $2.52 Difference: minus $0.02 (current price is over target).
If WPR meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.57, suggesting upside of 1.9% (ex-dividends)

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

Citi rates ZIP as Buy (1) -

Citi notes Zip Co's US metrics hit record highs in December, with strong app downloads, MAU (monthly active users) and engagement growth supporting continued TTV momentum.

The broker forecasts 43% y/y TTV growth in 2Q26 but sees it as conservative as it translates to a slowdown from 1Q's 47% y/y growth.

Net bad debts is seen as a key focus at the 1H result, but stronger TTV growth drove a 3-6% upgrade to the broker's FY26-28 cash EBITDA forecasts. Hiring trend accelerated, and the broker expects opex to be up 16% q/q in 2Q.

Target trimmed to $4.30 from $4.50, and Buy retained. The broker highlights its 1H26 cash EBITDA forecast is tracking 7% above consensus, and potential upside from higher tax refunds is likely in 2H26.

Target price is $4.30 Current Price is $3.08 Difference: $1.22
If ZIP meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 61.9% (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