Australian Broker Call

Ord Minnett rates AEM as Initiation of coverage with Speculative Buy (1) -

Ord Minnett initiates coverage of Advanced Energy Minerals with a Speculative Buy rating and 90c target, which was listed last December.

The company operates a high-purity alumina (HPA) plant in Quebec with installed capacity of 2ktpa and plans to add 1ktpa in the middle of 2026, which should help lower unit costs.

In 2026 it should be the fourth largest HPA producer globally, outside of China, with the ability to generate forecast cash flow around $85m from 2028 onwards, the analyst explains. Management is also conducting a definitive feasibility study for expansion to double production.

At 6mtpa estimated free cash flow could double to around $170m from 2032 onwards.

The broker acted as joint lead in the IPO last December.

Target price is $0.90 Current Price is $0.51 Difference: $0.39
If AEM meets the Ord Minnett target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates AGI as No Rating (-1) -

Macquarie cut Ainsworth Game Technology's 2025 EPS forecast by -10% and 2026 by -2%, after aligning its forecasts with the company's profit before tax guidance.

The broker remains on research restriction. No rating or target price.

Current Price is $1.02. Target price not assessed.

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates ARB as Outperform (1) -

ARB Corp's trading update showed 1H26 underlying profit before tax of $58m, which was down -16% y/y and missed consensus estimates. Macquarie notes the shortfall was due to weaker margins, and softer Australia and export revenue.

Export sales grew 8.8% y/y, below expectations, though the key US market remained strong, up 26% y/y.

The broker trimmed FY26 EPS forecast by -14% and FY27 also by -14% after lowering revenue forecasts.

Outperform. Target cut to $35.80 from $44.90 on earnings downgrades.

Target price is $35.80 Current Price is $28.42 Difference: $7.38
If ARB meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $38.78, suggesting upside of 42.1% (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

Morgan Stanley rates ARB as Overweight (1) -

On first look, ARB Corp announced a notable preliminary 1H26 miss, with the second quarter experiencing a slowdown across all businesses, Morgan Stanley explains.

Sales of $358m fell -1% y/y, some -7% below consensus, which infers around a -6% miss in 2Q26 on growth of 3.8% in 1Q26.

Profit before tax at $58m missed consensus by -14%, and cash conversion came in at around 85%. Australia aftermarket sales slipped -1.7%, with 1Q26 growth of 1% pointing to a 2Q26 decline of -4.4%.

The US remained upbeat with 26% sales growth, but the rest of the world slowed down, with a sizeable moderation in 2Q26 which counters the 1Q and AGM management outlook.

The analyst is seeking more details at the 1H26 results on Feb 24, particularly in relation to the negative surprise from exports in 2Q26.

Overweight. Target unchanged at $44. Industry View: In-Line.

Target price is $44.00 Current Price is $28.42 Difference: $15.58
If ARB meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $38.78, suggesting upside of 42.1% (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 ARB as Accumulate (2) -

Morgans notes ARB Corp's 1H26 underlying profit before tax of $58m, provided via market update, missed the consensus by -14%. This was due to weaker sales and margin pressure, with a sharp 2Q deterioration across all divisions.

Aftermarket softness reflects weaker new vehicle sales, while slowing export growth is a concern ahead of tougher 2H comps, the broker suggests.

The broker sees FY26 as a reset year for ARB to reset margins and resume sustainable growth, supported by strong US growth, a net cash balance sheet and recovery tailwinds. FY26-28 EPS forecasts downgraded by -16% to -17%.

Accumulate. Target cut to $32.00 from $42.60.

Target price is $32.00 Current Price is $28.42 Difference: $3.58
If ARB meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $38.78, suggesting upside of 42.1% (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

Ord Minnett rates ARB as Buy (1) -

ARB Corp's 1H26 trading update saw sales down -1% y/y and missed Ord Minnett's forecast by -7%.

Australian aftermarket sales fell -1.7% and export sales lifted 8.8%, with the US up 26.1%, while OEM sales fell -38.2%, which is attributed to contract timing.

Underlying profit after tax is anticipated to fall -16% y/y, a -17% miss on the analyst's forecast. Overall, the update is well below expectations, with the analyst looking to 1H26 results on Feb 24.

Target price falls to $37 from $42 with an unchanged Buy rating. EPS forecasts are also lowered.

Target price is $37.00 Current Price is $28.42 Difference: $8.58
If ARB meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $38.78, suggesting upside of 42.1% (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 ASX as Hold (3) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

The broker lifted ASX's FY26 EPS forecast by 0.5% but trimmed FY27-28 EPS by -3% to -5% to reflect recent trading updates and more conservative margin assumptions amid regulatory and technology risks.

The dividend payout ratio estimate has also moved to the bottom of the new 75-85% range.

Target cut to $58.10 from $67.00. Hold maintained.

Target price is $58.10

Current consensus price target is $54.48, suggesting upside of 4.0% (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 BGL as Outperform (1) -

Macquarie notes Bellevue Gold had pre-reported 2Q26 production, and the sales numbers in the quarterly report came in -4% below consensus. ASIC (cost) of $2,989/oz met expectations.

The company needs a strong 2H26 to meet guidance, having delivered 47% of guidance 1H, but management believes this is achievable.

Higher-than-expected 1H26 D&A surprised the broker, prompting upward revisions to D&A forecasts, reducing FY26 EPS estimate by -22% and FY27 by -9%.

Outperform. Target rises to $2.00 from $1.80 due to higher D&A forecasts as it lifts valuation.

Target price is $2.00 Current Price is $1.78 Difference: $0.22
If BGL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting downside of -2.9% (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

UBS rates BGL as Buy (1) -

Bellevue Gold's pre-released Dec quarter production report was slightly below expectations due to stockpile growth and delays to obtaining higher grades, at 32koz, UBS explains.

All-in-sustaining-costs of $2,989/oz were better than anticipated, which boosted cash and gold on hand lift to $165m, up $9m on the prior quarter.

Management retained FY26 production guidance at 130-150koz and all-in-sustaining-costs of $2,600-$2,900/oz, and capex growth of $80m-$90m.

The broker flags a pick up in exploration in 2H26 and FY27, with more drilling and exploration updates likely.

Target price is raised to $2.05 from $1.55, with a retained Buy rating.

Target price is $2.05 Current Price is $1.78 Difference: $0.27
If BGL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.88, suggesting downside of -2.9% (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

Citi rates BHP as Neutral (3) -

Citi assessed BHP Group's 2Q26 operating results as solid, noting strong production and an upgrade in copper production guidance, though Jansen project capex was also revised higher.

Both copper and iron ore production were ahead of expectations and met coal was broadly in line, the broker notes.  

BHP lifted FY26 copper production guidance to 1.9-2.0Mt from 18-2.0Mt, with unit costs now expected at the low end of the US$1.20-1.50/lb range, driven by stronger performance at Escondida.

This was partly offset by higher expected net debt of US$14-15bn vs the broker's forecast of US$13.6bn, and increased Phase 1 capex for the Jansen potash project of US$8.4bn. In July, the guidance was US$7.0-7.4bn.

Neutral. Target price $48.

Target price is $48.00 Current Price is $47.78 Difference: $0.22
If BHP meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 2.2% (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

Macquarie rates BHP as Neutral (3) -

Commenting on BHP Group's December quarter activity, Macquarie says it liked the beat in iron ore production and copper production guidance upgrade, while the disappointment was the upward revision to Jansen capex.

2Q26 iron production beat consensus by 3% and the company reiterated the FY26 guidance of 284-296Mt. Copper production met consensus but the highlight was the upgrade to FY26 guidance. 

The broker reckons the US$1.2bn Jansen Stage 1 capex blowout raises questions over Stage 2 and BHP’s build-vs-buy strategy.

EPS forecast for FY26 lifted by 2% while FY27-30 saw minor downgrades. Neutral rating and $48 target are unchanged.

Target price is $48.00 Current Price is $47.78 Difference: $0.22
If BHP meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 2.2% (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

Morgan Stanley rates BHP as Overweight (1) -

Morgan Stanley liked BHP Group's 2Q26 trading update, with solid performance across all the commodity groups at first glance.

Iron ore production came in 4% better than expected, which was offset by lower pricing, -3%, which may have been moderated by the China negotiations.

Lower tax boosted cash to around US$774m, which was a beat on forecast, with net debt at US$14-US$15bn. Jansen capex rose around US$12bn, which is notably above the range in July 2025 from construction hours and amounts of materials previously not included.

Copper production was a beat, some 3.8% above the analyst's forecast and 3.6% above consensus from Escondida. South Australia was weaker due to expected lower grades and was offset by Antamina.

Met coal met expectations but missed consensus forecasts. Management lifts FY26 copper guidance to 1,900-2,000kt and Jansen capex rose to US$8.4bn from US$7bn-US$7.4bn.

Overweight. Target $56.50. Industry View: Attractive.

Target price is $56.50 Current Price is $47.78 Difference: $8.72
If BHP meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Morgans rates BHP as Hold (3) -

Morgans lifted its commodity price forecasts and lowered forecasts for the AUD/USD exchange rate, resulting in a rise in price targets for diversified miners under its coverage.

Iron ore price forecast increases by 4.3% for FY26 and 3.9% long-term, while copper and aluminium saw a 15.6% and 13.9% rise for FY26, respectively, and no change for the long term.

Net profit forecasts for BHP Group lifted by 26.2% for FY26 and by 10.4% for FY27.

Commenting on the 2Q26 report, the broker notes it was a strong operational result with record WAIO production and upgraded copper guidance. The offset, however, was a further Jansen Stage 1 capex increase to US$8.4bn and rising uncertainty around Stage 2.

Hold remains. Target rises to $47.90 from $43.90.

The broker sees BHP and Rio as core long-term holdings, but prefers below-normal weightings at this stage of the cycle, favouring high-quality base and precious metal exposure instead.

Target price is $47.90 Current Price is $47.78 Difference: $0.12
If BHP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 2.2% (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 BHP as Accumulate (2) -

Ord Minnett notes BHP Group’s Jansen capex forecast increase to US$8.4bn, from US$7.0-7.4bn guidance in July, was disappointing, and reflected higher-than-expected construction hours and material requirements.

Ex-Jansen, the 2Q26 update was viewed as solid, with a slight beat on copper and an upgrade to FY26 output forecast by 3%, while Pilbara iron ore was better than consensus with no change to FY26 guidance.

Met coal missed due to higher strip ratios in central Qld and thermal coal production rose 31% q/q due to lower strip ratios.

Post the update, the broker has tweaked EPS forecasts lower by -0.7% for FY27 and lifted FY27 by 0.9%.

Accumulate with $49 target retained, and BHP Group is the preferred choice over Rio Tinto ((RIO)).

Target price is $49.00 Current Price is $47.78 Difference: $1.22
If BHP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $49.40, suggesting upside of 2.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BHP as Neutral (3) -

UBS highlights BHP Group reported a robust 1H26 on the back of the Dec quarter trading update, which has resulted in the analyst upgrading EPS forecasts by 8% in FY26 and 2% in FY27.

WA iron ore shipment lifted 5% y/y in the quarter to 76mt, with an improvement in car dumper performance, while realised price of US$83.5/wmt met expectations. No change to unit cost guidance. China negotiations are having some effect on realised price.

Grade decline at Escondida was offset by 2Q26 production of 317kt in excess of the analyst's and consensus forecast, and SA copper is also moderate on lower grades, but FY26 guidance is unchanged. Realised price at US$5.90/lb in 2Q was very robust.

BHP noted scope to lift Escondida production guidance for FY27.

The second increase in capex for Jansen potash may make some shareholders query the group's ability to bring forth large greenfield projects, UBS states.

Target price is lifted to $47 from $45, with no change to Neutral rating.

Target price is $47.00 Current Price is $47.78 Difference: minus $0.78 (current price is over target).
If BHP 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 $49.40, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

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

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

The broker trimmed COG Financial Services' FY26-27 EPS forecasts by -3% each, reflecting slightly softer growth assumptions in Finance Broking and Aggregation.

Rating upgraded to Buy from Accumulate. Target reduced to $2.57 from $2.63.

Target price is $2.57 Current Price is $1.95 Difference: $0.62
If COG meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 32.5% (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 CVW as Buy (1) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

No change to forecasts for ClearView Wealth. Buy rating and 73c target are unchanged.

Target price is $0.73 Current Price is $0.54 Difference: $0.19
If CVW meets the Morgans target it will return approximately 35% (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

Morgans rates FMG as Trim (4) -

Morgans lifted its commodity price forecasts and lowered forecasts for the AUD/USD exchange rate, resulting in a rise in price targets for diversified miners under its coverage.

Iron ore price forecast increases by 4.3% for FY26 and 3.9% long-term, while copper and aluminium saw a 15.6% and 13.9% rise for FY26, respectively, and no change for the long term.

Underlying EBITDA forecasts for Fortescue lifted by 32.3% for FY26 and by 45.9% for FY27.

Trim maintained. Target rises to $20.60 from $16.60.

The broker sees BHP and Rio as core long-term holdings, but prefers below-normal weightings at this stage of the cycle, favouring high-quality base and precious metal exposure instead.

Target price is $20.60 Current Price is $22.26 Difference: minus $1.66 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.39, suggesting downside of -10.0% (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: -0.4

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

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

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

The broker made minor revisions to forecasts for Generation Development.

Rating upgraded to Buy from Accumulate. Target reduced to $7.95 from $8.01.

Target price is $7.95 Current Price is $6.16 Difference: $1.79
If GDG meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.61, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates GMG as Overweight (1) -

Morgan Stanley takes a deeper dive into the potential profit pipeline from the European JV established with CPPIB in December, which transcends beyond just achieving a funding partner for Goodman Group.

The analyst expects around $4.5bn of add-on value in 4-5 years, from its estimate of $1.95bn equity contribution to the group for 50% stake. The market is underrating the significance of the JV, in the broker's opinion.

The JV pipeline is 471MW compared to the group's data centre pipeline of around 0.5GW, with the profit expected to come from the sale of land into the JV, development profit equating to circa $3bn of cash income and asset valuation lift.

The broker likes Goodman Group and sees the potential for an FY26 EPS upgrade in guidance at the 1H26 results, with a rise in work in progress to around $17bn by the end of FY26.

Overweight. Target $41.50. Industry View: In-Line.

Target price is $41.50 Current Price is $30.69 Difference: $10.81
If GMG meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $37.21, suggesting upside of 23.2% (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

Bell Potter rates HUB as Buy (1) -

Bell Potter highlights Hub24's 2Q26 update was strong, delivering record net inflows of $5.6bn vs consensus of $4.7bn and maintaining positive pipeline momentum. The broker's channel checks indicate it still ranks first for future flows.

Flows were driven by strong gross inflows, low leakage and accelerating growth ex-transitions, with a stable FUA mix and early traction in Private Invest.

The broker has a constructive outlook, supported by adviser efficiency gains, rising trading activity, solid FUA growth and favourable equity market conditions.

Buy rating and $125 target price are unchanged.

Target price is $125.00 Current Price is $101.21 Difference: $23.79
If HUB meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $112.30, suggesting upside of 10.6% (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

Citi rates HUB as Neutral (3) -

Following a deeper review of Hub24's December quarter update, Citi lifted the target price to $104.75 from $101.50. The broker now sees potential for mid-single digit upgrades to consensus net profit forecasts.

Neutral retained.

In a quick response, the broker wrote:

Earlier today Hub24's market update revealed a record quarter of net flows, with net flows up 8% qoq. Analysts at Citi comment the number points to strong momentum across the quarter, including December, despite market weakness.

Importantly, the broker argues, it highlights management's strategy is delivering results as the platform operator enhances its product offering across client segments.

Citi is not only anticipating a strong result in February, but also upgrades to consensus forecasts

Target price is $104.75 Current Price is $101.21 Difference: $3.54
If HUB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $112.30, suggesting upside of 10.6% (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 HUB as Neutral (3) -

Macquarie highlights Hub24's December quarter net inflows of $5.6bn exceeded its $5.0bn forecast and the consensus of $4.6bn, marking a record quarterly inflow.

FUA (funds under administration) of $127.9bn was also 0.6% ahead of the broker's forecast, driven by stronger flows and supportive markets.

The broker reckons the FY27 Platform FUA target of $148-162bn now appears conservative, and upgraded its forecast by 0.5% for FY26 and by 0.9% for FY27. EPS forecasts for FY26-28 also upgraded by up to 1%.

Neutral. Target rises to $101.75 from $100.

Target price is $101.75 Current Price is $101.21 Difference: $0.54
If HUB meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $112.30, suggesting upside of 10.6% (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

Morgan Stanley rates HUB as Overweight (1) -

At first inspection, Morgan Stanley points to 2Q26 net flows up 42% y/y, which is better than consensus expectations, with market movements at $0.4bn also exceeding the market outlook of $0.3bn.

FUA rose 29% y/y to $127.9bn, above consensus at $126.5bn, with adviser growth up 8% y/y to 5,277. Class accounts rose 5% y/y to 220k, and management pointed to its aim to internalise the Super Trustee function, which is currently undertaken by a subsidiary of EQT.

Overweight rating retained. Target price unchanged at $123. Industry view: In-Line.

Target price is $123.00 Current Price is $101.21 Difference: $21.79
If HUB meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $112.30, suggesting upside of 10.6% (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 HUB as Accumulate (2) -

Ord Minnett highlights a positive update from Hub24's 2Q26 trading update vs expectations, with FUA at $152.3bn marginally better than estimated and record net inflows at $5.6bn. Active advisers were up 8% over the period, with 34 new distribution agreements.

The platform operator also pointed to further product developments, with a new retirement product flagged to launch in 2H26.

Management is also bringing the superannuation trustee function in-house, which is expected to take over a year. The analyst lifts net profit after tax forecasts by 2-3% for FY26-FY27.

Target price is raised to $114 from $112. No change to Accumulate rating.

Target price is $114.00 Current Price is $101.21 Difference: $12.79
If HUB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $112.30, suggesting upside of 10.6% (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

UBS rates HUB as Neutral (3) -

Hub24 reported record net flows for 2Q26 of $5.6bn, 14% above UBS forecasts and 19% in excess of consensus due to robust organic net flows.

Ex large transactions, net flows rose 42% y/y, assisted by 8% adviser growth, albeit the growth rate eased to 44 new additions, or 0.9% q/q, vs the quarterly average over the last three years of 132, the analyst adds.

Platform funds under administration of $127.9bn were above both the broker's and consensus estimates by 0.5% and 1.2%, respectively.

The analyst raises EPS forecasts by 1% for FY26 and 2% for FY27, with a lift in target price to $107 from $106.

No change to Neutral rating.

Target price is $107.00 Current Price is $101.21 Difference: $5.79
If HUB meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $112.30, suggesting upside of 10.6% (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

Morgans rates KSL as Buy (1) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

No change to earnings forecasts for Kina Securities.

Buy maintained. Target rises to $1.78 from $1.67 on valuation roll-forward.

Target price is $1.78 Current Price is $1.23 Difference: $0.55
If KSL meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Ord Minnett rates LGI as Accumulate (2) -

Ord Minnett highlights electricity prices moderated far more than expected over the Dec quarter, due to a higher contribution from renewables and batteries during peak demand. NSW averaged $69/MWh, -39% below forecast and Qld average was $63/MWh, -49% below forecast.

The analyst lowers electricity price forecasts for NSW and Qld for 2026-2028 by -6% to -21%, respectively.

An Accumulate rating on LGI is retained with a $4.70 target, down from $4.80, with earnings forecasts lowered by -4% for FY26 and -14% for FY27.

Target price is $4.70 Current Price is $3.98 Difference: $0.72
If LGI meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.76, suggesting upside of 17.7% (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 MAF as Accumulate (2) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

No change to earnings forecasts for MA Financial.

Accumulate retained. Target rises to $12.16 from $10.80 on valuation roll-forward.

Target price is $12.16 Current Price is $10.87 Difference: $1.29
If MAF meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgan Stanley rates MPL as Overweight (1) -

Morgan Stanley flags improved pricing for Medibank Private and nib Holdings ((NHF)) at the annual April round to offset rising costs, with both private health insurers revealing higher hospital payouts in FY25.

The recent underperformance of the stocks is viewed as overdone, with market concerns over April pricing viewed as unwarranted. The average premium is expected to lift 3.8%-3.9% in 2026, or 4.2%-4.5% on a weighted basis.

The analyst forecasts a premium rise of 4.3% for Medibank and 5.3% for nib, with no increase in margin forecasts due to higher policy downgrading and switching.

Target rises to $5.90 from $5.84. Overweight rating retained with Medibank preferred over nib. Industry View: In-Line.

Target price is $5.90 Current Price is $4.64 Difference: $1.26
If MPL meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

The broker lifted Navigator Global Investments' FY26 EPS forecast by 1% and FY27 by 2%, driven by slightly higher-than-expected AUM levels at the end of 1H26.

Rating downgraded to Accumulate from Buy. Target rises to $3.71 from $3.45.

Target price is $3.71 Current Price is $3.22 Difference: $0.49
If NGI meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

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

Morgan Stanley flags improved pricing for Medibank Private and nib Holdings ((NHF)) at the annual April round to offset rising costs, with both private health insurers revealing higher hospital payouts in FY25.

The recent underperformance of the stocks is viewed as overdone, with market concerns over April pricing viewed as unwarranted. The average premium is expected to lift 3.8%-3.9% in 2026, or 4.2%-4.5% on a weighted basis.

The analyst forecasts a premium rise of 4.3% for Medibank and 5.3% for nib, with no increase in margin forecasts due to higher policy downgrading and switching.

Target slips to $7.50 from $7.85. Equal-weight rating retained with Medibank preferred over nib. Industry View: In-Line.

Target price is $7.50 Current Price is $6.66 Difference: $0.84
If NHF meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates ORG as Buy (1) -

Origin Energy has confirmed it will operate Eraring to April 2029, well over the anticipated April 2027 closure.

UBS notes there is no change to the Eraring loss-underwriting agreement with the NSW government, which finishes at the end of FY27, with the commitment to supply a minimum of 6TWh of output from the plant.

This paves the way for optionality to trade output from the largest power asset in the NEM from FY28 onwards.

EPS forecasts from the analyst are raised 1-2% for FY26-FY28, with the view consensus is underestimating the year-on-year growth in electricity gross profit margins to FY29.

The broker adds Origin to the UBS APAC key call list with a very attractive valuation. Buy rating retained with an unchanged $14 target.

Target price is $14.00 Current Price is $11.34 Difference: $2.66
If ORG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.98, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates PXA as Accumulate (2) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

The broker lifted Pexa Group's FY26 EPS forecast by 3% following a review of current-year assumptions, while cutting FY27 by -8% to reflect increased conservatism in international forecasts.

Accumulate maintained. Target trimmed to $16.09 from $16.87.

Target price is $16.09 Current Price is $14.02 Difference: $2.07
If PXA meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $17.40, suggesting upside of 23.6% (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

Bell Potter rates QOR as Buy (1) -

Bell Potter notes Qoria's 2Q26 exit ARR (annual recurring revenue) of $150m was -4% below its forecast, largely due to a larger-than-expected -$5m forex headwind. Cash receipts and operating cash flow also missed on lower receipts and higher marketing spend.

The company reiterated FY26 guidance, but the broker highlights they are based on conservative forex assumptions. The current spot rates imply ongoing forex pressure unless the AUD weakens in 2H26.

FY26-28 revenue forecasts downgraded by -4% to -6%, and EBITDA estimates by around -9%. Target trimmed to $0.75 from $1.00 on a combination of valuation roll-forward, earnings downgrades and higher risk-free rate.

Buy maintained.

Target price is $0.75 Current Price is $0.41 Difference: $0.34
If QOR meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 91.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates QOR as Buy (1) -

Qoria reported a disappointing update due to higher costs and softer free cash flow at -$2.4m versus Ord Minnett and consensus forecast for positive free cash flow of $0.1m.

Annual recurring revenue was flat q/q with a forex impact of -$5m. Qustodio growth remained robust at 34%.

Management does not expect a further rise in the cost base and sees it as set for FY26. The 2Q26 showed a pipeline of $14m, up 29% y/y.

Target lowered to 76c from 96c with no change to Buy rating. The stock is considered well placed for 2H26 based on the pipeline, and remains relatively undervalued relative to peers, in the broker's opinion.

Target price is $0.76 Current Price is $0.41 Difference: $0.35
If QOR meets the Ord Minnett target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 91.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates QPM as Speculative Buy (1) -

Ord Minnett highlights electricity prices moderated far more than expected over the Dec quarter, due to a higher contribution from renewables and batteries during peak demand. NSW averaged $69/MWh, -39% below forecast and Qld average was $63/MWh, -49% below forecast.

The analyst lowers electricity price forecasts for NSW and Qld for 2026-2028 by -6% to -21%, respectively.

A Speculative Buy on QPM Energy is retained, with earnings forecasts lowered by -$6m each in 2026 and 2027 due to the exposure to peak Qld electricity prices. Target slips to 10c from 11c.

Target price is $0.10 Current Price is $0.04 Difference: $0.06
If QPM meets the Ord Minnett target it will return approximately 150% (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 REA as Neutral (3) -

Citi cut REA Group's target price to $222.70 from $279.25. Neutral maintained.

Target price is $222.70 Current Price is $186.16 Difference: $36.54
If REA meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $248.39, suggesting upside of 37.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates RIO as Trim (4) -

Morgans lifted its commodity price forecasts and lowered forecasts for the AUD/USD exchange rate, resulting in a rise in price targets for diversified miners under its coverage.

Iron ore price forecast increases by 4.3% for FY26 and 3.9% long-term, while copper and aluminium saw a 15.6% and 13.9% rise for FY26, respectively, and no change for the long term.

Underlying EBITDA forecasts for Rio Tinto lifted by 15.4% for FY26 and by 15.5% for FY27.

Trim retained. Target rises to $140 from $117.

The broker sees BHP and Rio as core long-term holdings, but prefers below-normal weightings at this stage of the cycle, favouring high-quality base and precious metal exposure instead.

Target price is $140.00 Current Price is $146.34 Difference: minus $6.34 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $139.67, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Citi rates SEK as Buy (1) -

Citi trimmed Seek's target price to $29.55 from $31.65. Buy retained

Target price is $29.55 Current Price is $23.02 Difference: $6.53
If SEK meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $31.26, suggesting upside of 41.5% (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

Bell Potter rates SKY as Speculative Buy (1) -

Sky Metals reported assays from the first 20 drill holes at the 100%-owned Tallebung Project, delivering multiple shallow, high-grade tin-silver intercepts, including results outside the January 2024 MRE (mineral resource estimate).

Bell Potter notes the deposit remains open in all directions, with a third drill rig to commence in February, and the current program expected to conclude later this quarter.

An upgraded MRE and early-stage development study are on track for mid-2026, with scope for higher tonnage, a maiden silver resource and a low-cost, multi-product open-pit development.

Speculative Buy remains. Target rises to 21c from 12c.

Target price is $0.21 Current Price is $0.16 Difference: $0.05
If SKY meets the Bell Potter target it will return approximately 31% (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

Shaw and Partners rates SPZ as Buy (1) -

Shaw and Partners believes there's potential for up to $0.20/share upside to Smart Parking's valuation should Danish parking regulations revert to a more pro-business stance.

Current rules, which came into effect in July 2025, require physical issuance of parking penalties, increasing labour costs and deferring Danish profitability in the broker's model to FY29.

While popular with voters, the current rules risk reducing parking enforcement and retailer/landowner revenues, creating scope for a negotiated, more business-friendly outcome, the broker explains.

The company's core value drivers remain the UK, US and NZ but a potential policy shift following the Danish election by October presents upside, the broker suggests.

Buy. Target unchanged at $1.50.

Target price is $1.50 Current Price is $1.25 Difference: $0.25
If SPZ meets the Shaw and Partners target it will return approximately 20% (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

Shaw and Partners rates STM as Buy (1) -

Sunstone Metals delivered a strong December quarter, with a 33% increase in the Bramaderos MRE (mineral resource estimate) to 3.6Moz AuEq (gold equivalent) and a maiden 1.2Moz AuEq resource at El Palmar.

These results underpin ongoing scoping studies and planned drilling aimed at further expanding its gold-copper assets in Ecuador, Shaw and Partners notes.

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

Target price is $0.07 Current Price is $0.02 Difference: $0.05
If STM meets the Shaw and Partners target it will return approximately 250% (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

Morgans rates SUN as Accumulate (2) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

The broker cut Suncorp Group's FY26 EPS forecast by -28% and FY27 by -9%, reflecting higher 1H26 natural hazard costs and lower investment income from rate movements. The broker also incorporated increased conservatism in future insurance margin assumptions.

Accumulate maintained. Target trimmed to $19.28 from $23.45.

Target price is $19.28 Current Price is $16.99 Difference: $2.29
If SUN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $19.85, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates TAH as Neutral (3) -

Looking to the 1H26 earnings report on Feb 25, Macquarie forecasts earnings (EBITDA) of $189m for Tabcorp Holdings, which is flat y/y and -7% lower than consensus.

Post the recent $300m medium term note issuance the company is estimated to have $980m in capacity from the current debt facilities for opportunities around new licences and possible NSW reform.

Unfavourable results in sport and racing have put pressure on yields, with Flutter, owner of Sportsbet, noting a "-110bps adverse swing" in Australian yields.

The broker lowers Tabcorp's 1H26 wagering yield by 1ppt to 16% on a gross basis and a normalised yield of 16.8% in 2H26, and lowers EPS estimates by -23% for FY26 and lifts FY27 by 2%.

Target rises to 95c from 90c. Neutral remains.

Target price is $0.95 Current Price is $0.94 Difference: $0.01
If TAH meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates TLX as Buy (1) -

In a 4Q2025 update, Telix Pharmaceuticals reported revenue of US$208m, taking 2025 total to US$804m, in line with consensus, Citi notes. Illuccix/Gozellix revenue growth also met expectations.

The broker highlights 4Q volumes rose 3%, with pricing flat to slightly higher. While volume growth was lower than its expectations, pricing outperformed, and third-party RLS revenue was modestly below forecast but offset elsewhere.

Key pipeline milestones remain on track (TLX591 safety data, Pixclara and Zircaix FDA resubmissions), while Illuccix’s China regulatory review is positive but not a near-term share price driver, the broker explains.

Buy. Target price $34.

Target price is $34.00 Current Price is $11.49 Difference: $22.51
If TLX meets the Citi target it will return approximately 196% (excluding dividends, fees and charges).

Current consensus price target is $27.24, suggesting upside of 156.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgan Stanley rates TLX as Overweight (1) -

Telix Pharmaceuticals announced a 4Q2025 trading update with preliminary revenue of US$804m at the bottom end of the upgraded guidance range and a slight miss to Morgan Stanley and consensus by -1%.

PSMA imaging revenue rose 4% q/q with 3% volume growth and a 1% price rise. The Chinese National Medical Products Administration Centre for Drug Evaluation accepted the new drug application for Illucix, but the broker's forecasts don't include potential contributions from the Chinese market.

The risk and reward on the stock is viewed as "favourable", with the share price not discounting or assigning limited value to potential late-stage earnings drivers like Zircaiz, Pixclara and BiPass.

Overweight. Target lifts to $25.60 from $25.40. Industry View: In-Line.

Target price is $25.60 Current Price is $11.49 Difference: $14.11
If TLX meets the Morgan Stanley target it will return approximately 123% (excluding dividends, fees and charges).

Current consensus price target is $27.24, suggesting upside of 156.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

UBS rates TLX as Buy (1) -

Telix Pharmaceuticals announced 4Q2025 group revenue, missing UBS and consensus forecasts by -1%, and at the lower end of upgraded guidance.

The analyst liked the ongoing volume growth, up 3%, and the rise in average selling price of 1%. This suggests Illucix and Gozellix continue to make inroads into outpatient hospitals, with the uptake in Gozellix expected to continue in 2026.

Overhangs from concerns over PSMA pricing headwinds, data delays and SEC investigations should be moderate in 2026, commencing with Pixclara resubmission and TLX591 Part 1 data due in a few weeks.

Management's 2026 guidance is also expected to provide growth outlook for Gozellix in 2026. The analyst estimates the PSMA diagnostics franchise is worth $16.60 per share alone. UBS reiterates a Buy rating with a $31 target price.

Target price is $31.00 Current Price is $11.49 Difference: $19.51
If TLX meets the UBS target it will return approximately 170% (excluding dividends, fees and charges).

Current consensus price target is $27.24, suggesting upside of 156.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgan Stanley rates TPW as Overweight (1) -

Temple & Webster is put forward as the third key small and mid-cap idea from Morgan Stanley ahead of reporting season, where the analyst has conviction in earnings and the outlook for 2026.

The broker highlights the sell-off in the stock, down -35% post Nov AGM, where year-to-date sales grew 18% against 28% for the first six weeks of FY26. This is believed to be distorted by the timing of peak Black Friday promotions.

Looking back to FY25, the broker points to volatile sales data and reckons the market is trying to read too much into single data point, overlooking opportunities like now.

Management also has a good track record on stock buybacks and has compounded annual earnings growth rate of 28% over 10 years, the broker explains. Overweight. Target $28. Industry view is In-Line.

Target price is $28.00 Current Price is $12.70 Difference: $15.3
If TPW meets the Morgan Stanley target it will return approximately 120% (excluding dividends, fees and charges).

Current consensus price target is $20.37, suggesting upside of 61.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates TSO as Speculative Buy (1) -

A site visit to Tesoro Gold's El Zorro project in Chile reinforced to Morgans the investment case as a large-scale system with significant district upside and a structural advantage from its low elevation.

The broker noted six diamond rigs active across infill, growth and exploration programs, supporting near-term newsflow and scale potential.

Close proximity to power, water and sealed roads, and the unusually low-altitude setting materially enhances project viability versus typical high-altitude Chilean projects, the broker explains.

Speculative Buy and $4.88 target are unchanged.

Target price is $4.88 Current Price is $1.25 Difference: $3.63
If TSO meets the Morgans target it will return approximately 290% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates TYR as Buy (1) -

Morgans updated forecasts for financial sector companies following recent company updates by some, mark-to-market adjustments, and a broader review of assumptions.

Key picks in order of preference are Generation Developments, MA Financial, Navigator Global Investments and COG Financial Services.

No change to forecasts for Tyro Payments.

Buy maintained. Target rises to $1.70 from $1.67 on valuation roll-forward.

Target price is $1.70 Current Price is $0.99 Difference: $0.71
If TYR meets the Morgans target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $1.39, suggesting upside of 44.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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