Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Morgan Stanley highlights Life360 as a catalyst-driven idea ahead of its 2Q earnings on August 12, noting the the stock is up 73% year-to-date.

The broker expects FY25 guidance to be reaffirmed. The analysts forecast 30% revenue growth, while market attention will centre on revenue trends, user and subscriber metrics, and updates on advertising and pet tracking initiatives.

Three scenarios are outlined: a miss on key metrics leading to a sell-off; mixed results with stable guidance; or a beat with upgraded guidance and momentum in new growth areas.

Morgan Stanley’s base case aligns with the second scenario, anticipating steady guidance supported by record app store downloads, 29% revenue growth, and monthly active users (MAU) of around 88m.

The broker sees limited downside risk with upside optionality, underpinned by strong core performance and emerging monetisation levers.

Overweight rating reiterated. Unchanged $40 target. Industry View: In-Line.

Target price is $40.00 Current Price is $38.90 Difference: $1.1
If 360 meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.83, suggesting downside of -3.4% (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

Citi rates AIA as Buy (1) -

Citi reviews the A&NZ infrastructure sector, noting underperformance (due to haven status) in recent weeks as tariff concerns ease, though bond yields remain a medium-term headwind.

The broker expects generally positive August results driven by traffic growth and cost control.

Auckland International Airport remains Citi’s top pick, followed by Atlas arteria and Transurban Group.

Auckland International Airport is showing potential for an upgrade to FY26 guidance on improving domestic trends and a more supportive rate environment, explain the analysts.

The airport is supported by around $6bn in planned capex and a returns reset in FY28 under PSE5, with valuation multiples seen as attractive relative to recent unlisted deals.

Citi reiterates a Buy rating and a target price of NZ$8.90.

Current Price is $7.02. Target price not assessed.

Current consensus price target is N/A

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates ALQ as Outperform (1) -

ALS Ltd reconfirmed its 5%–7% organic revenue growth targets and margin expansion, with 1Q26 performance tracking in line with these goals at the AGM yesterday.

Macquarie notes commodities organic revenue growth is at the upper end of the range, with the broker pointing to further gains in volumes due to positive sample flow trends.

Junior financings have seen capital raisings rise 11%, with June reaching US$1.89bn—the highest level since March 2022. A three-to-four month lag is expected before this flows through to increased activity.

Life Sciences are flagged to generate organic revenue growth at the lower end of the 5%–7% range, with Mexican pharma regulatory changes previously highlighted.

Macquarie tweaks its EPS estimates and lifts the target price to $19.26 from $18.20. No change to Outperform rating.

Target price is $19.26 Current Price is $18.22 Difference: $1.04
If ALQ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $19.03, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in March.

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

Citi rates ALX as Buy (1) -

Citi reviews the A&NZ infrastructure sector, noting underperformance (due to haven status) in recent weeks as tariff concerns ease, though bond yields remain a medium-term headwind.

The broker expects generally positive August results driven by traffic growth and cost control.

Auckland International Airport remains Citi’s top pick, followed by Atlas Arteria and Transurban Group.

Atlas Arteria offering an attractive dividend yield and potential upside from the Dulles asset, with limited result-day surprise expected by the analysts given pre-released toll revenue.

Buy. Target unchanged at $5.70.

Target price is $5.70 Current Price is $5.22 Difference: $0.48
If ALX meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates ALX as Outperform (1) -

Macquarie assesses Atlas Arteria's 2Q25 traffic update as positive, benefited by Easter holidays and a good start to summer which will slightly lift its revenue estimates.

Strong rebound in traffic is seen at the Greenway corridor which will support a new pricing application. The broker sees a 25% increase as plausible and within the current legislative constraints, expecting pricing during 2027.

Target rises to $5.78 from $5.51, with weaker AUD providing a benefit to valuation.

Outperform maintained.

Target price is $5.78 Current Price is $5.22 Difference: $0.56
If ALX meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley expects a muted market reaction to Atlas Arteria’s June quarter update, with APRR 1H25 revenue of Eur1.47bn, up 3.6% year-on-year and broadly in line with forecasts.

Traffic at APRR rose 3% in 2Q25, aided by favourable calendar and weather effects, explain the analysts, while A79 motorway traffic surged 12%, supporting an 11% lift in revenue.

The broker notes Chicago Skyway underperformed, with traffic down -4% due to tariff-driven volume weakness, though revenue still rose 3% year-on-year. Dulles Greenway traffic rose 10%, offsetting the denied toll increase appeal, with revenue up 9% year-on-year.

Morgan Stanley flags regulatory risks around French concession reforms and sees upcoming events, including the company's August results and the 2026 French budget, as key catalysts.

Equal-weight. Target price 5.26. Industry view: In-Line.

Target price is $5.26 Current Price is $5.22 Difference: $0.04
If ALX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates ALX as Hold (3) -

Atlas Arteria announced 2Q2025 traffic and toll revenue data. Morgans observes APRR traffic and toll revenue grew 2.2% and 3.6%, respectively, on a year earlier. Traffic was better than forecast, but revenue was below expectations—the difference attributed to increased light vehicle use versus higher-tolled heavy vehicles.

Chicago Skyway traffic and toll revenue came in at -2.8% and growth of 3.4%, respectively, which were well below expectations. However, the broker explains that historical data is typically volatile, making any trend assumptions challenging.

Dulles Greenway traffic and toll revenue growth of 8.2% and 7.4% was higher than estimated, reflecting an ongoing strong recovery.

No change to Hold rating. Target price slips to $5.05 from $5.09.

Target price is $5.05 Current Price is $5.22 Difference: minus $0.17 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates ALX as Accumulate (2) -

Atlas Arteria reported what Ord Minnett interprets as a robust June quarter update, with weighted average toll revenue up 11% on a year earlier.

The toll road operator's outlook remains steady, with the analyst highlighting that traffic forecasts remain basically unchanged, while earnings (EBITDA) projections have lifted by 3% for 2025 and 5% for 2026/2027.

Hold rated. Target lifts to $5.20 from $5.

Target price is $5.20 Current Price is $5.22 Difference: minus $0.02 (current price is over target).
If ALX meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting upside of 3.7% (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

UBS rates ALX as Neutral (3) -

UBS highlights Atlas Arteria's 2Q2025 toll revenue was marginally lower than expected, down -1%. APRR toll revenue rose 3.4% on the prior year, softer than the forecasted 4.6% growth due to a different traffic mix, with more light vehicles than heavy vehicles.

Chicago toll revenue grew 2.6% year-on-year, lower than UBS's estimate of 6.7%, due to a decline in average daily traffic (ADT) of -3.6%, which was noted as disappointing. Dulles Greenway toll revenue rose 8.7%, exceeding the analyst's forecast of 6.5%, supported by ADT growth of 9.8%.

The French government has confirmed support for a concession-based model beyond current contracts, with a draft framework expected later in 2025.

No change to the Neutral rating. Target price rises to $5.35 from $5.15. No material changes to UBS's earnings estimates.

Target price is $5.35 Current Price is $5.22 Difference: $0.13
If ALX meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates ANN as Neutral (3) -

Citi expects FY25 earnings for Ansell to be in-line with consensus, but highlights cost and demand uncertainties heading into FY26 due to US tariffs.

The broker marginally cuts its EPS forecasts, citing reduced margins, while warning of a potential knock-on effect on glove demand from end-markets like construction, semiconductors, and automotive.

The analysts forecast FY25 EPS at US123c, in line with guidance and consensus, with FY26 EPS forecast at US135c also in line.

While FY25 growth will benefit from the KBU acquisition, the broker explains FY26 will depend on organic performance. Attention will be focused on revenue retention from the Kimberly-Clark-acquired unit and the broader tariff impact.

Citi lowers its target price to $33.50 from $38 and maintains a Neutral rating.

Target price is $33.50 Current Price is $30.27 Difference: $3.23
If ANN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $34.29, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Ord Minnett rates APX as Buy (1) -

Ord Minnett explains Appen announced a mixed 2Q2025 update, with revenue of $52m, down -6% on a year earlier, and 1H25 revenue falling -10%, which was approximately -11% below expectations, the analyst highlights. Ex-Google and China revenue fell -20%, reflecting pressures in the US.

China managed a 77% rise year-on-year to $24m, with the region now running at an annualised level of $100m.

Earnings (EBITDA) of $2m came in well below the broker’s $5m forecast. Management lowered 2025 revenue guidance to the lower end of the $235–$260m range, and no earnings guidance was offered. Cost-out initiatives are continuing.

Buy rating is retained, but due to earnings downgrades, the target price is reduced to $1.65 from $2.70.

Target price is $1.65 Current Price is $0.96 Difference: $0.69
If APX meets the Ord Minnett target it will return approximately 72% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Bell Potter has initiated coverage of Amplia Therapeutics with a Speculative Buy rating and target price of 42c.

The company is trialing a FAK inhibitor drug, narmafotinib, in metastatic cancer patients as part of a phase 2 study.

The broker notes the resistance to treatment for pancreatic cancer is due to a dense, fibrotic stroma surrounding the tumor, and narmafotinib is designed to disrupt the stomach barrier.

Interim phase 2 results show a 31% tumour shrinkage rate, exceeding historical chemo-only benchmarks of 23%. The next key milestone is phase 2 topline data in early August, followed by the start of US phase 1 trial in the September quarter.

The broker believes the current market cap of $122m undervalues the clinical promise of the drug.

Target price is $0.42 Current Price is $0.24 Difference: $0.18
If ATX meets the Bell Potter target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 BPT as Sell (5) -

At first glance, Citi points to a better-than-expected June quarter revenue report for Beach Energy, underpinned by cargo timing tailwinds and higher-than-expected sales volumes. Group production was also above the analyst’s estimate.

FY25 earnings (EBITDA) and net profit after tax guidance were described by Citi as "underwhelming," with both metrics missing the broker's and consensus estimates.

Beach's medium-term growth profile remains under pressure due to reserve downgrades for Beharra Springs, accounting for around -5% of group reserves, and a sooner-than-anticipated decline in Otway.

An impairment of -$674m reflects a more cautious stance on the outlook for prices.

Prior to the update, Citi cut its FY25 and FY26 earnings forecasts by -7% and -17%, respectively, and retains a $1.15 target price and Sell rating. The analyst flags a double-digit share price decline due to the June quarter results.

Target price is $1.15 Current Price is $1.29 Difference: minus $0.14 (current price is over target).
If BPT meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.36, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates BRE as Buy (1) -

Brazilian Rare Earths largely pre-released its June quarter report and Ord Minnett notes the miner finished the quarter with cash of $67m, meaning it remains well funded for exploration and studies.

The analyst points to rare earth oxide exploration at Sulista, with a focus on the separation of NdPr and the recovery of by-products like niobium.

Speculative Buy. Target unchanged at $6.30.

Target price is $6.30 Current Price is $2.29 Difference: $4.01
If BRE meets the Ord Minnett target it will return approximately 175% (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

Citi rates CIA as Buy (1) -

Citi reviews its Champion Iron forecasts after a weaker-than-expected Q1 FY26 result driven by elevated costs and lower recoveries.

The broker notes earnings (EBITDA) of CA$57.8m missed its estimate by -34%, with net income down -28% due to harder ore and higher C1 costs of CA$81.9/t, up 7% year-on-year.

Despite softer pricing and recoveries, the analysts note sales volumes reached a record 3.8m dmt, supported by a 440kt stockpile drawdown.

Citi cuts its FY26 earnings (EBITDA) by 21% but leaves FY27 unchanged, forecasting a sharp lift in free cash flow once the Direct Reduction Pellet Feed project spend concludes.

Citi lowers its target price to $6.20 from $6.50 and maintains a Buy rating.

Target price is $6.20 Current Price is $4.80 Difference: $1.4
If CIA meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

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

Champion Iron's 1Q26 production missed Macquarie and consensus forecasts by an average -5% but shipments beat the consensus on higher inventory drawdown.

The disappointment was on the cost side which was 10% higher than the broker's estimate, and contributed to the -44% miss to the EBITDA forecast. Net debt was in line due to CA$36m proceeds from warrants.

The broker made significant cuts to FY26-28 EPS forecasts on higher costs and share count.

Target cut to $5.00 from $5.60. Rating downgraded to Neutral from Outperform.

Target price is $5.00 Current Price is $4.80 Difference: $0.2
If CIA meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Bell Potter rates CMM as Hold (3) -

Capricorn Metals' June quarter gold production was a record from its Karlawinda gold project, beating Bell Potter's forecast, though cost was also slightly higher. Production and cost for FY25 was in line with guidance and the broker's forecast.

The broker notes the cost was among the lowest in the sector, and the company is in a strong position with no debt, unhedged and has funding to lift production to 300kozpa from FY27.

EPS forecasts for FY26 and FY27 trimmed by -13% and -28%, respectively, on a -7% cut to revenue estimate in FY26 and -26% to FY27.

Hold. Target rises to $9.30 from $9.10 on model roll-forward and updating for capital structure and net cash position.

Target price is $9.30 Current Price is $9.13 Difference: $0.17
If CMM meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.07, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates CMM as Neutral (3) -

Capricorn Metals pre-released most of its 4Q25 metrics, with sales of 35.8koz exceeding both Macquarie and consensus expectations by 11% and 12%, respectively. All-in-sustaining-costs were mixed—5% higher than the broker's forecast but -3% below consensus.

The miner's FY26 guidance for production and costs was in line with expectations. Macquarie has deferred its expectations for first gold at Mt Gibson to 1Q–2Q27, while Karlawinda (excluding Mt Gibson) capex growth of $35m at the midpoint was approximately one-third less than anticipated.

The analyst suspects the capex does not include plant/equipment or construction related to the plant upgrade and instead only covers mining activity.

Macquarie raises its EPS forecast by 9% for FY25 and lowers FY26 by -6%. EPS estimates are cut by -18% for FY27 on the back of reduced production guidance.

Macquarie maintains a Neutral rating with a $10 target price.

Target price is $10.00 Current Price is $9.13 Difference: $0.87
If CMM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.07, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

The highlight of DroneShield's 2Q25 update was an improved cash flow, with operating cash outflow of -$4.4m significantly higher than Bell Potter's forecast, and investing cash flow also beating estimates.

The outcome was attributed to higher customer receipts and lower-than-expected inventory. Revenue in the 1H was largely in line with the broker's estimate.

The company's contracted revenue for FY25 is already at 90% of the broker's forecast, with sales pipeline at a robust $2.3bn.

No major changes to forecasts. Target unchanged at $3.80. Rating upgraded to Buy from Hold.

Target price is $3.80 Current Price is $3.17 Difference: $0.63
If DRO meets the Bell Potter target it will return approximately 20% (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

Shaw and Partners rates DRO as Upgrade to Buy from Hold (1) -

Shaw and Partners upgrades DroneShield to Buy from Hold, with the target price rising to $3.60 from $2, as the company's 4C update has offered confirmation to the analyst that it has crossed an important threshold towards generating free cash flow.

In the June quarter, the company's net operating cash came in at $13.4m, with liquidity around $204m and no debt. The analyst observes the cost base is growing due to baseline fixed opex rising to circa $8.5m per month, up from $6.5m in the prior quarter, with the scaling of employees and facilities.

Headcount now stands at 363, including 285 engineers, and manufacturing capacity is being scaled to $2.4bn annually from $0.5bn. DroneShield has a sales pipeline of $2.33bn across 284 live opportunities, notes the broker.

Shaw and Partners lifts its earnings estimates by 15% and 20% for FY25 and FY26, respectively.

Target price is $3.60 Current Price is $3.17 Difference: $0.43
If DRO meets the Shaw and Partners target it will return approximately 14% (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

Ord Minnett rates EXP as Buy (1) -

Experience Co was impacted by adverse weather over May and June. Management had previously stated that year-to-date earnings (EBITDA) in April were at $19m, with FY25 coming in at just $19.3m, the analyst states, which is well below the forecast of $22.7m.

The company did manage to improve its EBITDA margin to 14.3% in FY25, up from 10.8% a year earlier. A recovery in Chinese tourists is slowly occurring but remains at 71% of pre-COVID levels in May, compared to 58% in May 2024.

Ord Minnett retains a Buy rating but lowers the target price to 28c from 32c. The broker also lowers EPS estimates by -21% for FY25 and -22% for FY26 due to a slowdown in inbound recovery assumptions.

Target price is $0.28 Current Price is $0.13 Difference: $0.15
If EXP meets the Ord Minnett target it will return approximately 115% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates FLT as Buy (1) -

In a first look at today's Flight Centre Travel trading update, Citi highlights total transaction value (TTV) of $24.5bn, in line with consensus and up 3% year-on-year.

Underlying profit before tax (PBT) guidance missed by -7% against the consensus expectation, due to lower take rates and higher costs, including debt provisions and system changes in Asia, explains the broker.

Margins in the 2H appear -20-30bps below expectations, with Citi citing weak override accruals due to uncertainty in key months and a leisure skew toward low-yield short haul international travel.

Despite a second profit downgrade since April, the analyst sees scope for improvement in FY26 as long haul demand returns and mix normalises.

Buy rating. Target $16.10.

Target price is $16.10 Current Price is $12.88 Difference: $3.22
If FLT meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting upside of 36.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates HLS as Neutral (3) -

Citi reviews Healius following the payment of a special dividend after the sale of Lumus Imaging.

The broker notes an ongoing expansion in collection centres, which has lifted site numbers by 1% since December and 2% year-on-year.

Despite a new management target for a high single-digit earnings (EBIT) margin by FY27, the analysts believe the market remains cautious, with consensus expecting only 4.4%.

Medicare data shows second-half revenue for the pathology sector rose 4.6% year-on-year, around -0.5% below consensus, with volume growth of 3.2%, according to the broker.

Citi lowers its target to 85c from $1.05 and retains a Neutral rating.

Target price is $0.85 Current Price is $0.77 Difference: $0.08
If HLS meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.00, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates HLS as Neutral (3) -

Macquarie notes the June Medicare data showed a y/y decline for all services volumes, following strong growth in May.

Imaging was up 3% y/y on a benefits and days-adjusted basis but pathology was flat y/y.

Neutral rating for Healius. Target unchanged at $1.20.

Target price is $1.20 Current Price is $0.77 Difference: $0.43
If HLS meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.00, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates IGO as Neutral (3) -

Citi expects a -$70-90m impairment at Kwinana in the financial year, with Greenbushes FY26 production guidance of 1.5-1.65mt falling short of prior estimates.

Greenbushes capex guidance of $575-675m surprised the analysts to the upside, reflecting Chemical Grade Processing Plant 3 and Tailings Storage Facility 4 works.

Management expects grades to be lower year-on-year, as the broker had forecast.

Cash from Greenbushes was $35m in the June quarter, down from $65m in March, while group cash finished flat at $279.9m.

Citi maintains a Neutral rating with a key catalyst being a potential exit from Kwinana, and incorporates a $50-70m uplift in rehab provisions into the broker's net asset value (NAV). Target $4.10.

Target price is $4.10 Current Price is $4.64 Difference: minus $0.54 (current price is over target).
If IGO meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.03, suggesting downside of -9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates MIN as Neutral, High Risk (3) -

Citi reviews Mineral Resources following its June quarter update, highlighting its strong sensitivity to iron ore prices.

Putting a floor under prices for this half, the broker notes zero-cost collars are in place for US$99-100/t iron ore on up to one-third of volumes through December, with current hedges covering 1-1.5mt.

Management's FY25 capex is now forecast to be $200m below guidance, split evenly between savings and deferrals. FY26 is expected to see around $1bn in spend weighted to 1H, excluding $150m in asset financing.

Management doesn’t see any execution risk on May 2027 bonds.

Citi maintains its Neutral/High Risk rating and raises its target to $31 from $20.

Target price is $31.00 Current Price is $30.78 Difference: $0.22
If MIN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley notes Mineral Resources ended FY25 with a strong operational result and reaffirmed guidance.

Iron ore shipments of 5.77mt were around 3% above the broker’s and consensus estimates, with Onslow costs of $57/t well below expectations.

Wodgina’s output of 166kt (100% basis) was around 28% ahead of forecast, and lithium costs were lower, with SC6 costs of $641/wmt marking a record low, highlight the analysts.

The broker cuts its FY27 earnings due to adjustments in iron ore forecasts but lifts its FY26 earnings on improved lithium volumes.

Morgan Stanley raises its target price to $37.50 from $35 and retains an Overweight rating. Industry View: In-Line.

Target price is $37.50 Current Price is $30.78 Difference: $6.72
If MIN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgans upgrades Mineral Resources to Hold from Trim, with a rise in the target price to $31 from $30 previously, as the company's FY25 guidance met expectations across all segments, the analyst highlights.

Importantly, Onslow is on track to reach nameplate capacity in 1Q26, and net debt is anticipated to be around $5.35bn at the end of FY25.

Iron ore unit costs for FY25 were at the lower end of guidance for both Onslow and the Pilbara Hub, with lithium costs at the midpoint of guidance. Repairs on the Onslow haul road are on track for completion over 1Q26.

Morgans is positive that Mineral Resources can continue to degear the balance sheet and that the new board appointments can address governance issues.

Target price is $31.00 Current Price is $30.78 Difference: $0.22
If MIN meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates MIN as Buy (1) -

Mineral Resources announced a strong June quarter update, with Onslow achieving an annualised shipping rate of 32.4mtpa in June and FOB costs of $57/wmt for the quarter, which brings full-year costs to the lower end of guidance, Ord Minnett explains.

The broker also points to cost management at Wodgina and Mt Marion, with significant reductions compared to 1H25.

The miner flagged that Onslow is expected to ship 30–33mtpa, which is broadly in line with expectations, alongside the upgrade of the haul road.

Buy rating retained. Target price rises to $33 from $31 due to revised estimates by the analyst on costs and depreciation.

Target price is $33.00 Current Price is $30.78 Difference: $2.22
If MIN meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $30.00, suggesting upside of 5.5% (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

Macquarie rates MVF as Outperform (1) -

Macquarie notes total Medicare IVF cycles fell -7.8% y/y in June (days adjusted), taking the 2H25 growth to 0.4% y/y. Fresh cycles fell -11.2% y/y and frozen declines -3% y/y.

The broker reiterated expectations for domestic market cycles growth of 0.4% in 2H25 and a -2.6% decline for Monash IVF due to market share loss. 

The broker notes key leading indicators for the company remains positive despite the Brisbane incident.

Outperform. Target retained at $1.30.

Target price is $1.30 Current Price is $0.79 Difference: $0.51
If MVF meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 37.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates NAB as Neutral (3) -

Macquarie notes National Australia Bank highlighted technology-related achievements in business lending and deposit/payments
capabilities at a recent presentation.

The broker highlights the launch of new lending platform in 1H25 was the first major investment in business lending in five years, and partly impacted lending growth. More investments will be needed to maintain competitive edge as other banks are also investing.

The broker believes technology investments are a positive but the flow-through impact on profits is yet to be seen.

Neutral. Target unchanged at $35.

Target price is $35.00 Current Price is $38.47 Difference: minus $3.47 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.24, suggesting downside of -14.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates NAB as Neutral (3) -

UBS reaffirms a positive view on the Australian business banking sector, which should remain a growth segment for the broader banking industry, with National Australia Bank well positioned to benefit.

The analyst attended the bank's two-hour business banking update, which included an introduction to the new Head of Business & Private Banking, Andrew Auerbach, and updates on end-to-end digital business lending, as well as business deposits and payments—segments that generated 46% of 1H25 overall EPS.

National Australia Bank is ranked second in preference after Westpac ((WBC)).

Neutral rating maintained. Target price unchanged at $37.50.

Target price is $37.50 Current Price is $38.47 Difference: minus $0.97 (current price is over target).
If NAB meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.24, suggesting downside of -14.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Citi rates NEM as Buy (1) -

Citi updates its model on Newmont Corp following 2Q25 results and lifts its valuation on improved confidence in 2025 guidance.

The broker highlights a around 5% share rally on the back of a production and earnings beat, supported by strong output at Cadia, Penasquito, and Yanacocha.

Newmont has now completed its divestments and met debt targets, with Citi expecting a period of strong shareholder returns driven by quarterly free cash flow of around US$1.25bn.

The broker sees valuation upside if gold remains near spot, with the stock currently pricing in US$2,750/oz versus spot around US$3,300/oz.

Citi raises its target price to $115 from $95 and maintains a Buy rating.

Target price is $115.00 Current Price is $98.30 Difference: $16.7
If NEM meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $110.40, suggesting upside of 14.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Macquarie rates NIC as Outperform (1) -

Nickel Industries' total EBITDA from operations in 2Q25 was US$89.1m, beating Macquarie's forecast by 30% and the consensus by 15%. Higher contribution from the Hengjaya mine boosted the outcome.

Closing cash balance, however, fell -US$71.1m q/q due to higher than expected inventory.

The outlook is positive, with the company planning an application to increase the licence to 19Mt from 9Mt in August. The broker notes this would help the company to realise value from large limonite stockpiles.

Outperform. Target unchanged at 75c.

Target price is $0.75 Current Price is $0.76 Difference: minus $0.01 (current price is over target).
If NIC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.07, suggesting upside of 44.4% (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

Citi rates ORG as Buy (1) -

Origin Energy reported a mixed June quarter update, according to Citi's first take, with APLNG coming in better than expected while revenue was below consensus due to the timing of cargo and marginally weaker-than-anticipated realised prices.

APLNG distributions at $797m met the analyst’s estimate but were lower than consensus. The company reported FY25 cash tax of $767m, below the consensus forecast of $948m, with FY26 cash tax guided to be significantly lower due to the lagged impact of lower energy market earnings and fully franked APLNG dividends.

Citi expects a neutral reaction to the update. Target unchanged at $13. Buy rated.

Target price is $13.00 Current Price is $11.68 Difference: $1.32
If ORG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.10, suggesting downside of -4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates PLS as Buy (1) -

Pilbara Minerals' June quarter production and sales beat Bell Potter's forecasts, and revenue was 1% ahead. FY25 production of 755kt came above the top end of the guidance while cost and capex were at the low end.

The FY26 production guidance of 820-870kt was 12% higher than FY25, but was marginally softer than the broker's estimate, leading to minor downgrade. At the same time, cost and capex forecasts were also lowered.

The overall impact on forecasts was minor, with a 2% lift to FY26 EPS forecast and a 6% rise to FY27.

Buy. Target unchanged at $2.

Target price is $2.00 Current Price is $1.73 Difference: $0.27
If PLS meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates PLS as Neutral (3) -

After a further review of yesterday's quarterly report by Pilbara Minerals, Citi raises its target to $1.80 from $1.30 and maintains a Neutral rating.

The broker sees signs the 'lithium winter' may be lifting but remains highly volatile with the recent rally a sentiment-led rebound on expected supply cuts.

Yesterday's summary of Citi's research follows.

On first take, Citi notes Pilbara Minerals reported another "solid" quarter operationally while ramping up P1000.

The analyst notes realised pricing was US$599/t, with the miner suggesting the "lithium winter" is showing signs of lifting, though conditions remain volatile with a sentiment-induced rally based on expected supply cuts.

The June quarter opex fell by around -10% on the previous quarter to FOB US$619/t. The miner also made a $40m equity contribution to the POSCO JV, with another contribution expected in the FY25 accounts.

Target price is $1.80 Current Price is $1.73 Difference: $0.07
If PLS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 6.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals' 4Q25 production beat consensus on production by 16% and by 12% on sales. Cost was in line with expectations but realised prices missed by -4%.

Macquarie highlights the miss on realised prices was wider when the average grade is factored in. The company remains focused on cost controls and seeks procurement gains via bulk purchases.

The POSCO JV's production has moderated given subdued market condition. FY26 production and cost guidance were broadly in line with expectation.

Mixed impact on forecasts, with FY25 EPS forecast downgraded by -5% but FY26 lifted by 27%.

Outperform. Target rises to $1.90 from $1.50.

Target price is $1.90 Current Price is $1.73 Difference: $0.17
If PLS meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates PLS as Buy (1) -

Pilbara Minerals reported a rise of 77% in spodumene production in the June quarter compared to the prior period, reaching 221.3kt, which was above Morgans' forecast by 17% and above consensus by 13%. FY25 spodumene production of 760.1kt was 3% better than expected.

Average realised pricing declined -20% on the March quarter to US$599/t but was 7% above the broker's forecast and -4% below consensus. FOB costs at $619/t were as anticipated. Cash at the end of the period stood at $974m, with net cash forecast by Morgans at FY25 of $521m.

FY26 guidance implies 12% production growth at the midpoint, with FOB costs down -7% on the year at the midpoint. All guidance was in line with both Morgans and consensus estimates.

No change to Buy rating. Target price rises to $2.30 from $2.20. Morgans highlights this was a strong quarterly report, and the rally in the share price is justified.

Target price is $2.30 Current Price is $1.73 Difference: $0.57
If PLS meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.71, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates QPM as Speculative Buy (1) -

QPM Energy's June quarter revenue met forecasts, though electricity dispatch was lower due to overhaul at the Townsville Power Station.

Ord Minnett notes final investment decision and funding package for the Isaac Power Station are expected in the December quarter. The broker remains of the view funding of around $196m will comprise of $153m debt, cash $20m and estimated free cash flow of $18m in FY26.27.

Project funding remains a downside risk but the broker is confident risks for tilted to the upside for risk-tolerant investors.

Speculative Buy. Target cut to 13c from 14c on dilution from the upsized SPP.

Target price is $0.13 Current Price is $0.03 Difference: $0.1
If QPM meets the Ord Minnett target it will return approximately 333% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates RIO as Neutral (3) -

Rio Tinto's interim underlying earnings (EBITDA) of US$11.5bn modestly exceeded Citi's expectations but declined -5% year-on-year. Net profit of US$4.86bn missed consensus by -10%, impacted by higher tax, finance costs and depreciation.

The interim dividend of US$1.48 was below the broker at US$1.64 and consensus at US$1.61, reflecting a 50% payout ratio. Net debt of US$14.6bn was in line with consensus.

Pilbara iron ore unit costs were US$24.3/t, near the top of guidance. Copper costs (C1) came in below expectations at US$0.97/lb versus new guidance of US$1.10–1.30/lb. Pilbara shipments are expected at the low end of the 323–338mt range.

2025 capex guidance remains US$11bn, though the broker notes management flagged closure-related outflows of circa US$1bn per annum. The effective tax rate for the year was lifted to around 33% from 30%.

Neutral rating. Target $113.

Target price is $113.00 Current Price is $115.81 Difference: minus $2.81 (current price is over target).
If RIO meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $113.67, suggesting upside of 1.8% (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 RIO as Equal-weight (3) -

Morgan Stanley describes Rio Tinto’s 1H 2025 result as slightly weaker than expected on earnings, but supported by strong cash flow.

Underlying net profit of US$4.8bn was -4% below both the broker and consensus estimates, mainly due to higher central and restructuring costs and elevated depreciation.

Despite this, earnings (EBITDA) of US$11.5bn were in line with the analysts' forecast, with revenues above expectations, suggesting margin pressure from costs.

Free cash flow of US$2.0bn was well ahead of Morgan Stanley's expectations, supported by lower taxes, working capital release, and capex underspend.

The dividend of 148cps was also -4% below the broker's forecasts, aligning with the lower profit outcome.

The analysts highlight improved copper unit cost guidance, with C1 costs now seen at US$1.10–1.30/lb, better than the previous US$1.30–1.50/lb, mainly due to by-product credits and cost control. The tax rate was revised up to 33% (versus 30% prior guidance).

Equal-weight rating. Target $118. Industry View: Attractive.

From the later conference call, Morgan Stanley highlights management sees the Kennecott smelter becoming immediately more profitable as a result of tariffs as it is the largest smelter in the US.

Target price is $118.00 Current Price is $115.81 Difference: $2.19
If RIO meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $113.67, suggesting upside of 1.8% (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

Morgans rates RIO as Hold (3) -

Rio Tinto achieved a "healthy" 1H2025 result, according to Morgans, coming in just above estimates and underpinned by a robust result from copper earnings (EBITDA).

A decline in the dividend, a rise in net debt, increased capex in 2H2025, and Pilbara grade dilution resulted in a sell-off in the share price, the analyst explains.

Copper earnings were 23% better than expected, with the Arcadium acquisition boosting net debt to US$14.6bn versus the broker's forecast of US$14.3bn. Gearing stands at 19%.

The earnings call was described by Morgans as "uneventful," with questions focused on Simandou. Management offered little detail beyond confirming that the ramp-up will depend on the pace of infrastructure development.

Hold rated. Target price lifts to $110 from $109.

Target price is $110.00 Current Price is $115.81 Difference: minus $5.81 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $113.67, suggesting upside of 1.8% (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 RIO as Buy (1) -

Ord Minnett notes Rio Tinto's 1H25 revenue was steady despite a -15% y/y decline in iron ore prices, with underlying net profit of US$4.81bn missing consensus by a small -4%.

Free cash flow beat forecasts on lower-than-expected capex of US$4.7bn, but capex is expected to step up in 2H as FY25 guidance is US$11bn. The company is targeting 4% annual copper equivalent growth through 2028.

EPS forecasts largely unchanged. Target rises to $121 from $120. Buy retained.

Target price is $121.00 Current Price is $115.81 Difference: $5.19
If RIO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $113.67, suggesting upside of 1.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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

Macquarie rates SBM as No Rating (-1) -

St Barbara pre-reported its 4Q25 cash flow and production, while all-in-sustaining costs came in around -7% weaker than expected, Macquarie notes.

FY25 gold production of 51.2koz was within guidance. The miner did not provide FY26 guidance, but fiscal year-end cash stood at $157m, of which $68m is unrestricted.

The increase in cash over the June quarter was $2m higher than the broker had anticipated. The feasibility study for the Simberi expansion remains on track for 2Q26, with a final investment decision expected between late 2Q26 and early 3Q26 to allow time for resolution of the PNG tax assessment issue.

The broker is currently under research restriction.

Current Price is $0.28. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates SDR as Buy (1) -

Citi notes Booking.com’s second-quarter update signals improving hotel travel demand, particularly in the US, which could support SiteMinder's outlook.

While Europe is SiteMinder’s largest revenue region at 41% in 1H25, the Americas deliver the highest revenue per property due to stronger adoption of Transaction products, highlights the broker.

Citi sees a modest chance of a revenue beat for FY25 and expects a more favourable setup into FY26 as consensus expectations have eased.

A recent uptick in hiring is viewed positively, although the broker makes minor cuts to forecasts.

Buy and $6.45 target unchanged. 

Target price is $6.45 Current Price is $5.10 Difference: $1.35
If SDR meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.31, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates SM1 as Hold (3) -

Synlait Milk's FY25 guidance metrics were broadly in line with Bell Potter's forecasts, except for debt (ex-leases), which is now expected to be at the top end of the previous NZ$250-300m range.

The broker's bigger concern is weak shipment trends, especially for infant milk formula. FY26 EBITDA forecast lowered by -2% but net profit rises by 8%, mainly due to lower interest rates.

FY25 EBITDA forecast lowered by -4%.

Hold. Target cut to 58.5c from 92c on a higher discount of -35% from -20% relative to global peers.

Target price is $0.59 Current Price is $0.56 Difference: $0.025
If SM1 meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.5

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

Macquarie rates SM1 as Underperform (5) -

Synlait Milk's FY25 update pointed to EBITDA of NZ$100-110m which was up y/y but slowed vs 1H25 mainly on manufacturing challenges and forex. 

Macquarie notes the EBITDA will bring the business only to a break-even underlying net profit outcome, with net loss after tax expected to be in the -NZ$27m to -NZ$40m range.

Net debt is now seen at NZ$300m, at the higher end of previous range of NZ$250-300m. The broker doesn't see a convenant issue, given its previous estimate EBITDA of NZ$85-90m will be needed for compliance.

Refinancing talks will be underway ahead of October 1 debt maturities. Sharp downgrades to FY25-27 EPS forecasts.

Underperform. Target cut to NZ41c from NZ47c.

Current Price is $0.56. Target price not assessed.

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.5

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

Shaw and Partners rates SYR as Hold (3) -

Shaw and Partners notes Syrah Resources' Balama production restarted for the first time in more than one year in the June quarter, with 6.5kt of graphite fines produced at a recovery rate of 74% during the ramp-up.

The average FOB sales price came in at US$669/t, with the miner aiming to leverage ex-China demand and maintain production until natural graphite demand rises.

Cash at quarter-end was US$43m, down from US$66m at the end of the previous quarter.

Hold rating and 60c target price retained. Shaw and Partners will update earnings forecasts with the FY25 results.

Target price is $0.60 Current Price is $0.38 Difference: $0.22
If SYR meets the Shaw and Partners target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 5.3% (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: 0.0

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

Citi rates TCL as Neutral (3) -

Citi reviews the A&NZ infrastructure sector, noting underperformance (due to haven status) in recent weeks as tariff concerns ease, though bond yields remain a medium-term headwind.

The broker expects generally positive August results driven by traffic growth and cost control.

Auckland International Airport remains Citi’s top pick, followed by Atlas arteria and Transurban Group.

The analysts Citi retain a Neutral on Transurban Group, citing NSW toll review risks and cost-of-living pressures.

More positively, the broker sees scope for improved free cash flow (FCF) and distributions from recent savings.

Target unchanged at $14.30.

Target price is $14.30 Current Price is $13.83 Difference: $0.47
If TCL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.91, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates TUA as Overweight (1) -

Morgan Stanley highlights Tuas as one of the broker's top small-mid-cap pick into FY26, maintaining an Overweight rating and $7.00 target. Industry View. In-Line.

The analysts forecast strong three-year earnings (EBITDA) growth of 23% to FY27, driven by mobile expansion and supported by a 45% earnings (EBITDA) margin in FY25.

Tuas’s cost and technology advantages enable aggressive pricing, around -40-80% below peers, while maintaining high margins and strong network performance.

The broker sees upside to FY25 earnings forecasts, with potential to exceed S$70m, and views broadband as an emerging growth driver, supported by cross-sell potential and attractive unit economics.

Morgan Stanley expects subscriber and earnings strength to re-rate the stock, despite recent market scepticism around inconsistent third-party data.

Target price is $7.00 Current Price is $5.20 Difference: $1.8
If TUA meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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

UBS rates VEA as Buy (1) -

Viva Energy reported its 2Q25 update, resulting in 1H25 earnings (EBITDA) coming in -6% below consensus, which UBS attributes to softer Energy & Infrastructure segment earnings. Convenience sales declined -10% in the quarter compared to the prior year, due to ongoing declines in tobacco sales.

During the period, Viva converted nine OTR stores, including five Express conversions and four new growth sites. The analyst notes that the pace of conversions from Express to OTR remains "sluggish."

UBS lowers its forecast for conversions in 2H2025 to 25, below the company’s guidance of 40–60 OTR store conversions in 2025. Overall, the analyst reduces EPS estimates by -8% for 2025 due to weaker refining margins in 2Q and higher energy costs from elevated gas spot prices. The 2026 EPS estimate is cut by -4%.

The price target is lowered to $2.80 from $2.95. Buy rating retained.

Target price is $2.80 Current Price is $2.08 Difference: $0.72
If VEA meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates VFY as Speculative Buy (1) -

Bell Potter notes Vitrafy Life Sciences reported cash outflow of -$4.4m in 4Q25 vs -$0.4m in 3Q, due to higher project costs related to the completion of the VCU2 Cryopreservation Unit.

The company is transitioning from R&D mode to early commercial execution, the broker highlights, with higher cash spend and a commercial roadmap, starting with VCU's launch in late 2025.

No change to forecasts. Target unchanged at $2. Speculative Buy.

Target price is $2.00 Current Price is $1.64 Difference: $0.36
If VFY meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates VMM as Speculative Buy (1) -

Ord Minnett notes Viridis Mining and Minerals used its elevated share price to do $11.5m capital raise with minimal dilution and made a deal with private equity firms in Brazil for staggered funding.

In addition, the company is in negotiations for critical minerals funding with Brazilian agencies. The broker highlights if all this materialises the company will be fully funded until Colossus pre-construction. 

Revised valuation is $3.20/share but the broker doesn't see the share price rising to that level over the next 12 months. It has therefore set the target price at 50% discount, lifting it to $1.60 from $0.75.

Speculative Buy retained.

Target price is $1.60 Current Price is $1.13 Difference: $0.47
If VMM meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates WAF as Outperform (1) -

West African Resources had pre-released June quarter production which came in -6% below Macquarie's forecast. Cost of US$1,492/oz was 23% above the broker's estimate.

The company continues to ramp-up the Kiaka mine, and while the process plant is performing well, it is running at limited capacity due to power issues. The broker trimmed Kiaka output by -25koz until grid power becomes available later this quarter.

FY25 guidance was reaffirmed, with the broker's production forecast at 192koz for Sanbrado mine vs guidance of 190-210koz, and cost slightly higher.

Outperform. Target unchanged at $3.30.

Target price is $3.30 Current Price is $2.39 Difference: $0.91
If WAF meets the Macquarie target it will return approximately 38% (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