Australian Broker Call

Citi rates 360 as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors and not all software stocks as having the same exposure to disruption risk.

The broker notes Life360 declined -11% on the AI scare and explains AI models have lowered barriers to entry substantially for app development. However, the broker believes Life360 has a substantial moat with its brand and freemium model, with expansion into hardware another positive.

Citi has a $40.75 target on the stock with a Buy rating.

Target for Nasdaq listing is US$82.25

Target price is $40.75 Current Price is $26.94 Difference: $13.81
If 360 meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $48.56, suggesting upside of 88.1% (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 AMC as Outperform (1) -

Amcor's Dec Q adjusted earnings of 86cps were slightly above Macquarie's 84.9cps forecast. Full-year earnings and cash guidance were reiterated.

Positives for the broker were good synergy and cost performance and signs of a bottoming in volumess. This was countered by low tax and poor North American beverages.

The delivery of second half earnings and a NA beverages turnaround are in focus. In Macquarie's view, Amcor offers good value on FY26/27 PE of 11.6x/10.4x and free cash flow yield of 9% on the broker's forecasts.

Outperform retained, target falls to $86.50 from $87.10.

Target price is $86.50 Current Price is $65.31 Difference: $21.19
If AMC meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $77.87, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Morgans rates AMC as Buy (1) -

Morgans notes Amcor's 1H26 result was slightly weaker than anticipated, although underlying EPS was in line with forecasts and in management's guidance range.

Underlying EBIT rose 77%, which missed Morgans' estimate by -4% and was below consensus by -2% due to lower volumes even with the benefits from the Berry acquisition.

The packaging company continues to see 'soft' global demand. Core portfolio slipped by -1.5% in 2Q26, a slight lift on the -2% decline in 1Q26.

Flexible packaging volumes were down -2% y/y and rigid packaging volumes were flat y/y. Management offered 3Q26 guidance for EPS between US$0.90-US$1 with Berry synergies of between US$70m-US$80m.

The stock remains Buy-rated. Morgans lowers the target to $75.80 from $76.

Target price is $75.80 Current Price is $65.31 Difference: $10.49
If AMC meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $77.87, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Ord Minnett rates AMC as Downgrade to Accumulate from Buy (2) -

Ord Minnett downgrades Amcor to Accumulate from Buy with a lower target of $70 from $73 post the December quarter update. Packaging volumes fell -2% y/y, but this was noted as an improvement from the -3% decline in the prior quarter.

Management offered FY26 EPS guidance of US$4-US$4.15 per share, as well as March quarter guidance of US$0.90-US$1 per share, which infers to the analyst operating earnings in the June quarter will be -US$200m lower than the March quarter.

Positively, Ord Minnett highlights that recent US industry scanner data shows volume growth in Amcor’s key customer segments had risen in the four weeks to January 24, the first rise in more than 12 months.

The broker trims EPS estimates by -0.2% for FY26 while lowering the FY27 forecast by -3.7% due to higher cost expectations.

Target price is $70.00 Current Price is $65.31 Difference: $4.69
If AMC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $77.87, suggesting upside of 12.1% (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: 0.8

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

UBS rates AMC as Buy (1) -

Buy rating and $91.25 price target retained as UBS believes Amcor released a "reasonable" Q2 performance at the midpoint of guidance.

The result quality, however, is described as "mixed" with lower tax offsetting underperformance in non-core operations. Commentary suggests FY26 guidance may prove conservative.

Accelerated synergy realisation over the next 24 months has the potential to reinvigorate the EPS growth potential, with the broker equally enthusiastic about management's revised capital allocation framework.

Estimates have pretty much remained unchanged.

Target price is $91.25 Current Price is $65.31 Difference: $25.94
If AMC meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $77.87, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Citi rates AOV as Buy (1) -

Citi notes the car parc mix remained unfavourable for Amotiv and ARB Corp in January 2026, with the PU/CC 4x4 segment down sharply once adjusted for Shark/GWM share gains.

Key models declined materially, with Hilux and Ranger both down -19%, and emerging brands such as Denza posing an additional risk to core SUV segments through 2026.

The data makes the broker incrementally more cautious on both companies. Buy rating and $12.56 target unchanged for Amotiv.

Target price is $12.56 Current Price is $8.31 Difference: $4.25
If AOV meets the Citi target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $11.62, suggesting upside of 37.3% (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 ARB as Buy (1) -

Citi notes the car parc mix remained unfavourable for Amotiv and ARB Corp in January 2026, with the PU/CC 4x4 segment down sharply once adjusted for Shark/GWM share gains.

Key models declined materially, with Hilux and Ranger both down -19%, and emerging brands such as Denza posing an additional risk to core SUV segments through 2026.

The data makes the broker incrementally more cautious on both companies. Buy rating and $42.25 target unchanged for ARB Corp.

Target price is $42.25 Current Price is $24.94 Difference: $17.31
If ARB meets the Citi target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $36.48, suggesting upside of 47.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates BHP as Overweight (1) -

Morgan Stanley's forecast for BHP Group's 1H26 dividend is US56.7c, -6% below the consensus of US60.3c. This is due to the assumption of a lower payout of 50% versus the consensus of 53.5%.

The broker has an Overweight rating and $55.50 target on BHP. Industry View: Attractive.

Target price is $55.50 Current Price is $52.40 Difference: $3.1
If BHP meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $49.57, suggesting downside of -1.8% (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 BOE as Overweight (1) -

Morgan Stanley's 1H26 EBITDA forecast for Boss Energy is US$35m, -24% below consensus.

The broker explains the difference is due to differing assumptions around the cost base for the 100klb of loaned U3O8  sales in the September quarter and higher corporate cost items.

The broker updated its model for 2Q26 production, cost, capex and revenue assumptions, resulting in a -10.7% cut to FY26 EPS forecast and further reductions of -13.7% and -14.7% to FY27 and FY28, respectively.

Overweight. Target trimmed to $2.00 from $2.05. Industry view: Attractive.

Target price is $2.00 Current Price is $1.75 Difference: $0.25
If BOE meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.73, suggesting upside of 8.0% (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

UBS rates BWP as Buy (1) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

Buy maintained for BWP Trust. Target lifted to $4.11 from $4.10.

This report was published February 3. 

Target price is $4.11 Current Price is $3.78 Difference: $0.33
If BWP meets the UBS target it will return approximately 9% (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 CAR as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors and not all software stocks as having the same exposure to disruption risk.

The broker believes portals are relatively less exposed to AI disruption compared to software due to their robust market positions, alongside two-sided network dynamics.

Citi rates CAR Group as a Buy with a target price of $42.55, and the stock remains the broker’s top pick for online portals, followed by Seek ((SEK)) and REA Group ((REA)).

Target price is $42.55 Current Price is $25.68 Difference: $16.87
If CAR meets the Citi target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $40.41, suggesting upside of 58.2% (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

UBS rates CIP as Buy (1) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

Buy maintained for Centuria Industrial REIT. Target trimmed to $3.78 from $3.95.

This report was published February 3. 

Target price is $3.78 Current Price is $3.22 Difference: $0.56
If CIP meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates COF as Upgrade to Hold from Sell (3) -

Centuria Office REIT's 1H26 result was marginally below expectations, though FY26 guidance was reaffirmed and leasing outcomes materially de-risked the previously flagged lease expiry cliff, Bell Potter highlights.

Balance sheet metrics improved with lower gearing, higher valuations, and NTA growth, supported by asset sales and positive revaluations. Pro-forma gearing fell to 42.5% from 44% in FY25, and property valuations rose 2.2%.

However, sizeable vacancies at key assets and remaining 2H26 expiries are likely to cap upside, in the broker's view, limiting the scope for a top-end FY26 FFO outcome.

Target unchanged at $1.05. Rating upgraded to Hold from Sell as the broker believes downside risks are now better contained, leading to a more balanced risk–reward profile.

Target price is $1.05 Current Price is $1.07 Difference: minus $0.02 (current price is over target).
If COF meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting upside of 3.5% (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

UBS rates CQR as Neutral (3) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

Neutral maintained for Charter Hall Retail REIT. Target lifted to $4.20 from $4.12.

This report was published February 3. Coverage transferred to Solomon Zhang.

Target price is $4.20 Current Price is $3.87 Difference: $0.33
If CQR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.18, suggesting upside of 8.2% (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

Morgan Stanley rates DRR as Overweight (1) -

Morgan Stanley's forecast for Deterra Royalties' 1H26 dividend is -2% below the consensus at 10.2c, due to expectations of a -4% miss on EPS.

The broker updated its model for the 2Q26 portfolio update -- royalty revenue received -- driving a -2% cut to FY26 EPS forecast and -2.6% cut to FY27.

Overweight. Target trimmed to $4.70 from $4.75. Industry View: Attractive.

Target price is $4.70 Current Price is $4.26 Difference: $0.44
If DRR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates EBO as Outperform (1) -

Ahead of Ebos Group's result release on February 25, Macquarie suggests risks around catalysts still look skewed to the upside. Defensive characteristics were questioned post FY25 but long term volume data bears out the defensive nature of animal/healthcare segments.

Outperform and NZ$39.78 target retained.

Current Price is $21.82. Target price not assessed.

Current consensus price target is $31.27, suggesting upside of 41.5% (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

Morgan Stanley rates FMG as Underweight (5) -

Morgan Stanley's forecast for Fortescue's 1H26 dividend is 1% above consensus, based on 65% payout vs consensus at 61%.

The broker fine-tuned its model for Fortescue ahead of the 1H26 result, making minor cost adjustments that reduce FY26 EPS forecast by -0.8%.

Morgan Stanley left the Underweight rating and $19 target price unchanged.

Target price is $19.00 Current Price is $21.64 Difference: minus $2.64 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.36, suggesting downside of -5.4% (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: -0.4

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

UBS rates GMG as Buy (1) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

Buy maintained for Goodman Group. Target lifted to $37.14 from $36.41.

This report was published February 3. 

Target price is $37.14 Current Price is $30.76 Difference: $6.38
If GMG meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $36.90, suggesting upside of 20.2% (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

Citi rates HUB as Neutral (3) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors, and not all software stocks, as having the same exposure to disruption risk.

Hub24's share price fell -11%. While agentic coding tools could make it easier for adviser groups to build their own platforms, the analyst highlights they are regulated products with significant compliance and trustee obligations.

For platforms, the broker sees AI as possessing more positive downstream impacts across segments such as execution and custody.

Hub24 is rated Neutral with a $104.75 target price.

Target price is $104.75 Current Price is $88.01 Difference: $16.74
If HUB meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $112.73, suggesting upside of 27.3% (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

Morgan Stanley rates HUB as Overweight (1) -

Morgan Stanley lifted Hub24's target price to $126 from $123. Overweight retained.

Upside risks in the broker's view include faster industry growth, market share gains, margin expansion, balance sheet deployment, and monetisation of adjacencies.

Downside risks stem from slower industry growth, moderating market share gains, ongoing revenue margin pressure, and higher reinvestment requirements.

Industry view: In-Line.

Target price is $126.00 Current Price is $88.01 Difference: $37.99
If HUB meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $112.73, suggesting upside of 27.3% (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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley forecasts no dividend from IGO Ltd at 1H26 results, in line with the consensus.

The broker updated its model to adjust the group cost assumptions, leading to a -19.5% cut to FY26 EPS forecast and 0.4% rise to FY27.

Morgan Stanley retains Underweight rating and $7.50 target price. Industry View: Attractive.

Target price is $7.50 Current Price is $8.76 Difference: minus $1.26 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.54, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Shaw and Partners rates IOD as Initiation of coverage with Buy (1) -

Shaw and Partners initiates coverage of IODM with a Buy rating, High risk and 23c target price. The company is a leading provider of accounts receivable automation software.

IODM works with FX payment partners and shares FX revenue from international students paying tuition and accommodation fees to universities. The company has 20 universities in the UK and is expanding into the US, Canada, Japan, Mexico and South America.

The analyst forecasts CAGR revenue growth of 47%-plus through FY25-FY28, with cost CAGR growth of 8%, and expects the company to be free cash flow positive in FY27 and cash earnings (EBITDA) positive by FY28 onwards.

Target price is $0.23 Current Price is $0.14 Difference: $0.09
If IOD meets the Shaw and Partners target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates JIN as Hold (3) -

Jumbo Interactive published a preliminary 1H26 update, which pointed to a strong 1H26, with underlying EBITDA of $37.5m, up 22.6% y/y, beating consensus, Bell Potter highlights.

The outcome was driven by acquisitions, resilient Australian performance, SaaS growth, Managed Services recovery, and strength in Dream Car Giveaways UK.

Growth in SaaS, Managed Services and proprietary/charity products lifted non-Lottery Corp ((TLC)) revenue to 39%. However, weaker-than-expected Lotteries TTV points to potential market share or digital penetration pressures, the broker cautions.

FY26 EPS forecast downgraded by -4% but FY26 lifted by 4%, reflecting softer jackpots and higher costs. Target cut to $10.80 from $12.80 on a higher asset beta amid rising AI-related risks for software businesses.

Hold remains.

Target price is $10.80 Current Price is $10.01 Difference: $0.79
If JIN meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.33, suggesting upside of 30.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates JIN as Buy (1) -

Jumbo Interactive announced preliminary numbers ahead of 1H26 results, with Morgans noting group revenue rose 29% y/y, which was a slight miss from softer lottery retailing.

Underlying group earnings (EBITDA) lifted 22% y/y and met expectations.

The analyst lifts EPS forecasts by 4% and 2% for FY26/FY27, respectively, due to lower than anticipated amortisation charges on acquired intangible assets. The decline in the stock's share price by -5% post update is considered an opportunity to build a position.

Target price slips to $14.90 from $15.60 due to changes in forex assumptions, with no change in Buy rating.

Target price is $14.90 Current Price is $10.01 Difference: $4.89
If JIN meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $13.33, suggesting upside of 30.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates LLC as Buy (1) -

Citi notes Lendlease Group made late-year progress on key priorities through asset sales and development wins, but there are delays, particularly in the sale of the Australian retirement business.

The broker is encouraged by the late-year progress, but the pushback in buybacks and higher costs resulted in a downgrade of FY26 earnings forecasts. The broker highlights that the pressures are reflected in recent share price weakness, and it was always known FY26 would be challenging for Lendlease.

Buy retained, with a lower target of $6.30 from $6.70. FY26 EPS forecast cut by -28% but expectation remains for earnings recovery in FY27 on One Circular Quay project.

Target price is $6.30 Current Price is $4.73 Difference: $1.57
If LLC meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 23.2% (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 LOV as Buy (1) -

Citi's analysis of Lovisa Holdings' store rollouts in 1H26  found the number of stores as at Dec-25 was in line with consensus. However, the "apparent" lack of further Jewells rollout suggests a challenging early start for the brand, the broker highlights.

January 2026 openings were slower than last year, implying downside risk to consensus store rollout if sustained, though the broker expects acceleration in 2H26 driven by the Americas and Europe.

The broker notes near-term expansion is focused on higher-return markets, supporting stronger new-store productivity. The forecast from broker is for total sales growth of 25.5% in 1H26, ahead of consensus.

No change to forecasts. Buy rating and $38.45 target are unchanged.

Target price is $38.45 Current Price is $30.80 Difference: $7.65
If LOV meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $36.71, suggesting upside of 14.6% (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

Shaw and Partners rates MAU as Buy (1) -

Shaw and Partners notes Magnetic Resources is swiftly de-risking its high-grade Lady Julie Gold project, with mining approvals anticipated within months and a final investment decision for 2Q26.

The recent pullback in global gold and silver markets is considered an opportunity for investors to increase exposure to Shaw and Partners preferred stocks. This includes producers with robust organic growth and developers with scope to bring on near-term capacity.

The broker has raised gold and silver price forecasts by 53.8% and 31.9%, respectively, in 2026 and now forecasts US$6000/oz from US$3,900/oz for 2026 and US$6500/oz from US$3,600/oz in 2027.

The silver price forecast for 2026 now stands at US$92/oz from US$70/oz and US$100/oz from US$56/oz in 2027.

Target price raised to $4 from $3.97 and Magnetic Resources is one of the preferred picks with a Buy rating. 

Target price is $4.00 Current Price is $1.62 Difference: $2.38
If MAU meets the Shaw and Partners target it will return approximately 147% (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

UBS rates MGR as Neutral (3) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

The broker maintains a cautious view on Mirvac Group, retaining Neutral rating. Target trimmed to $2.15 from $2.31.

This report was published February 3. 

Target price is $2.15 Current Price is $1.98 Difference: $0.17
If MGR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 21.1% (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

Morgan Stanley rates MIN as No Rating (-1) -

Morgan Stanley updated its model for Mineral Resources following the December quarter update, leading to a -6.7% cut to FY26 EPS forecast and -9.3% cut to FY27.

The broker is under research restriction for Mineral Resources. No rating or target price. Industry View: Attractive.

Current Price is $55.65. Target price not assessed.

Current consensus price target is $60.75, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates MP1 as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors and not all software stocks as having the same exposure to disruption risk.

The broker equates that increased AI usage will require more compute, which is positive for data centre demand. Megaport is viewed as a beneficiary, notably as the cloud "landscape" becomes fragmented, and Latitude is seen as a beneficiary from inference at the edge.

Citi rates the stock as a Buy. Target unchanged at $16.30.

Target price is $16.30 Current Price is $10.85 Difference: $5.45
If MP1 meets the Citi target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $16.34, suggesting upside of 49.1% (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

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

Morgan Stanley expects Macquarie Group will report a strong third quarter, with profit likely up 10-20% year on year. However, this is well expected as consensus is looking for in excess of 20% second half profit growth.

The broker sees Capital Markets as key to FY27 earnings upside, particularly if Macquarie can convert the spate of M&A announcements into advisory fees and gains on sale.

Commodities saw a modest third-quarter backdrop. The start of 2026 has seen better volatility, Morgan Stanley notes, but it's hard for the broker to turn more positive on Macquarie on this alone.

Equal-weight and $225 target retained. Industry view: In-Line.

Target price is $225.00 Current Price is $213.83 Difference: $11.17
If MQG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $228.00, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates NEU as Buy (1) -

The EU's drug regulator (CHMP) issued a negative trend vote on EU marketing application for Neuren Pharmaceuticals' Daybue. Bell Potter believes a formal recommendation against approval in late February is now highly likely, removing a key near-term catalyst for Neuren.

Looking ahead, the broker reckons the best-case scenario would be Acadia, Neuren's distribution partner, seeking re-examination, which leads to reversal of the decision. The middle case would be approval with a full (>2yrs) or restricted (>5yrs) label, and the worst case would be confirmation of rejection, requiring additional clinical data.

The broker notes precedents of reversal in CHMP's decision but places the probability at 25-50%, likely driven by endpoint scrutiny rather than safety concerns.

Buy. Target trimmed to $22 from $25.

Target price is $22.00

Current consensus price target is $24.57, suggesting upside of 84.0% (ex-dividends)

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 NUF as Buy (1) -

Nufarm's AGM commentary was constructive, with guidance fully reaffirmed and management pointing to strong FY26 growth in EBITDA, free cash flow, and a meaningful reduction in leverage, Bell Potter highlights.

The broker notes early indicators are supportive, including improving northern hemisphere crop activity, double-digit y/y volume growth, and resilient omega-3 pricing. Demand conditions are also stable despite softer Australian soil moisture, the broker adds.

Minor downgrades to EPS forecasts reflect FX and forecast refinements. Buy rating and $3.60 target price are unchanged.

Target price is $3.60 Current Price is $2.30 Difference: $1.3
If NUF meets the Bell Potter target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates NWL as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors and not all software stocks as having the same exposure to disruption risk.

Netwealth Group's share price fell -8%. While agentic coding tools could make it easier for adviser groups to build their own platforms, the analyst highlights they are regulated products with significant compliance and trustee obligations.

For platforms, the broker sees AI as possessing more positive downstream impacts across segments such as execution and custody.

Buy-rated with $28.90 target.

Target price is $28.90 Current Price is $22.65 Difference: $6.25
If NWL meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $30.67, suggesting upside of 27.9% (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

Morgan Stanley rates NWL as Overweight (1) -

Morgan Stanley trimmed Netwealth Group's target price to $39 from $41. Overweight retained.

Upside risks in the broker's view include faster industry growth, revenue and EBITDA margin expansion, and balance sheet deployment for organic growth, M&A or shareholder returns.

Downside risks stem from adverse market movements, moderating market share gains, ongoing revenue margin compression, higher reinvestment requirements, and P/E multiple compression.

Industry view: In-Line.

Target price is $39.00 Current Price is $22.65 Difference: $16.35
If NWL meets the Morgan Stanley target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $30.67, suggesting upside of 27.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates NXT as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors, and not all software stocks, as having the same exposure to disruption risk.

The broker equates that increased AI usage will require more compute, which is positive for data centre demand. The recent contract announcements from NextDC mean the company will need more capital, but Citi believes there is some optionality to use debt to fund near-term growth.

Citi retains a Buy rating and target of $18.35.

Target price is $18.35 Current Price is $12.85 Difference: $5.5
If NXT meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $20.50, suggesting upside of 55.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates PDN as Overweight (1) -

Morgan Stanley updated its model for Paladin Energy to mainly adjust cost estimates, leading to a rise in FY26 EPS forecast to US5c from US2c. FY27 EPS forecast trimmed by -3.5%.

The broker's forecast for 1H26 EBITDA is 3% above consensus at US$20m.

The broker retains Overweight rating and $14.45 target price. Industry View: Attractive.

Target price is $14.45 Current Price is $13.58 Difference: $0.87
If PDN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.46, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Ord Minnett rates PNI as Buy (1) -

Ord Minnett observes Pinnacle Investment Management's 1H26 was better than expected for underlying EPS and net profit after tax, with better margins and ongoing funds under management (FUM) growth, which advanced 13% to $202.5bn.

Pinnacle acquired the balance of PAM for $418.8m, comprising $235m in cash and the balance in equity, and this brings $26bn of FUM. Management are very upbeat about the combined group, as well as the advanced managed account solutions.

Target is lowered to $21.80 from $22.60. Buy rating retained.

Target price is $21.80 Current Price is $17.75 Difference: $4.05
If PNI meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $23.00, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates PNI as Neutral (3) -

Neutral rating retained while UBS' new target of $18.65 compares with $18.40 previously. Pinnacle Investment Management's headline interim performance underwhelmed both the broker's and consensus forecast.

The full acquisition of Pacific Asset Management (PAM) is what has the broker enthusiastic, as this manager is experiencing strong growth. This deal will thus be earnings accretive.

UBS projects a 19% per annum EPS growth outlook for the group (next three years). Only minor adjustments have been made to forecasts.

Target price is $18.65 Current Price is $17.75 Difference: $0.9
If PNI meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $23.00, suggesting upside of 26.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates REA as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors and not all software stocks as having the same exposure to disruption risk.

The broker believes portals are relatively less exposed to AI disruption compared to software due to their robust market positions, alongside two-sided network dynamics.

Citi rates REA Group as a Buy with a target price of $222.70. The stock was recently upgraded to Buy.

Target price is $222.70 Current Price is $177.75 Difference: $44.95
If REA meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $244.39, suggesting upside of 33.9% (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

UBS rates REP as Buy (1) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

Buy maintained for RAM Essential Services Property Fund. Target lifted to 71c from 70c.

This report was published February 3. 

Target price is $0.71 Current Price is $0.56 Difference: $0.15
If REP meets the UBS target it will return approximately 27% (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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley updated its model for South32 before the 1H26 results to include minor cost tweaks, resulting in a 3.7% increase to the FY26 EPS forecast.

The broker's Overweight rating and $4.75 target price are unchanged. Industry View: Attractive.

Target price is $4.75 Current Price is $4.79 Difference: minus $0.04 (current price is over target).
If S32 meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.63, suggesting upside of 0.5% (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: 0.8

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

UBS rates SCG as Neutral (3) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026, but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

Neutral maintained for Scentre Group. Target lifted to $4.20 from $4.00.

This report was published February 3. Coverage transferred to Solomon Zhang.

Target price is $4.20 Current Price is $4.01 Difference: $0.19
If SCG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.29, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates SDR as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors, and not all software stocks, as having the same exposure to disruption risk.

The broker notes SiteMinder’s stock fell -8% on the AI scare and highlights that, while online travel agencies face potential disruption if chatbots or agents bypass intermediaries to book directly, the fragmented market remains a positive for the company.

Competitive pressures, however, are likely to remain, with property management system vendors moving into channel management.

Citi has a Buy rating and target set at $8.40.

Target price is $8.40 Current Price is $4.52 Difference: $3.88
If SDR meets the Citi target it will return approximately 86% (excluding dividends, fees and charges).

Current consensus price target is $8.17, suggesting upside of 84.8% (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

Citi rates SEK as Buy (1) -

While acknowledging there are AI-driven disruption concerns around software stocks, which are broadening to other sectors, Citi considers other sectors and not all software stocks as having the same exposure to disruption risk.

The broker believes portals are relatively less exposed to AI disruption compared to software due to their robust market positions, alongside two-sided network dynamics.

Citi rates Seek as a Buy with a target price of $29.95. The stock is the second most preferred in the portal sector after CAR Group ((CAR)).

Target price is $29.55 Current Price is $19.26 Difference: $10.29
If SEK meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $30.21, suggesting upside of 54.0% (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

Morgan Stanley rates SFR as Underweight (5) -

Sandfire Resources pre-reported 1H26 underlying EBITDA of US$304m and despite moving to a net cash position of US$13m, Morgan Stanley assumes no dividend.

This is in line with consensus and is due to the company's near-term capex commitments, including $31.5m payable for the Kalkaroo Copper-Gold Project in 2H.

The broker updated its model to account for the December update, resulting in a 1.2% rise to FY26 EPS forecast but a -1.1% fall to FY27.

Morgan Stanley retains Underweight rating and lifts target to $16.20 from $16.15. Industry view: Attractive.

Target price is $16.20 Current Price is $20.08 Difference: minus $3.88 (current price is over target).
If SFR meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.61, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

UBS rates SGP as Neutral (3) -

In a real estate sector update, UBS notes the interest rate backdrop has shifted materially for 2026 , but doesn't anticipate a repeat of the 2022-23 valuation reset as real estate values have stabilised.

The broker expects income growth to be supported by inflation, limited supply, proactive hedging, and resilient consumer and labour market conditions, offsetting higher debt costs.

The broker has a cautious view on Stockland, maintaining Neutral rating. Target cut to $5.82 from $6.10.

This report was published February 3.

Target price is $5.82 Current Price is $5.29 Difference: $0.53
If SGP meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.17, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates SM1 as Underperform (5) -

Synlait Milk’s first half underlying earnings guidance for NZ$0-5m compares to NZ$68m a year ago and underlying loss of -NZ$33m to -NZ$38m compares to a NZ$9m profit, Macquarie notes.

Downgrade relates to flow on from recent manufacturing challenges, while Synlait is still rebuilding inventory and trying to improve resilience.

Macquarie points out that while the recovery was never going to be a straight line, the first half has proven to be significantly more challenging and will result in additional debt remaining post North Island sale.

There is uncertainty still around offsetting a2 Milk ((A2M)) insourcing from FY27. Underperform retained, target falls to NZ48c from NZ59c.

Current Price is $0.45. Target price not assessed.

Current consensus price target is $0.72, suggesting upside of 56.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. 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

Shaw and Partners rates STM as Buy (1) -

Sunstone Metals has released notable trenching results which emphasise the high grade potential of surface mineralisation at Bramaderos, Shaw and Partners explains.

The mineral resource has been upgraded by 33% to 3.6Moz and Bramaderos is the current focus of a scoping study due in June 2025.

Management is continuing to look for potential strategic partners to move its projects forward.

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

Macquarie rates STO as Outperform (1) -

Macquarie expects Santos to report 2025 underlying profit of US$1,014m and final dividend of US9c. Management's briefing will be important, being the first chance for any strategic tilt/refresh following the XRG deal break last year and Barossa/Pikka de-risking.

Outperform retained, target rises to $7.77 from $7.75.

Target price is $7.77 Current Price is $7.04 Difference: $0.73
If STO meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.22, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates TBN as Buy, High Risk (1) -

Citi lifts Tamboran Resources' target price to US$37 from US$35 (NYSE listing). 

Buy, High Risk maintained.

Current Price is $0.20. Target price not assessed.

Market Sentiment: 1.0

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) -

Vitrafy Life Sciences' 1H26 underlying operating loss was better than Bell Potter's forecast but operating cash outflows missed and the cash balance was lower than estimated. This is because revenues were primarily grant and incentive-based ahead of commercialisation.

The broker reminds the IMV Technologies agreement is a key validation of Vitrafy's cryopreservation technology, with potential managed services revenue of over US$100m annually at scale. However, execution risk remains in progressing to a long-term contract.

The IMV partnership drives a reset of the broker's forecasts toward a more balanced revenue mix. FY26 earnings forecast reduced modestly but bigger downgrades made to FY27-28 forecasts.

Speculative Buy. Target trimmed to $2.25 from $2.28.

Target price is $2.25 Current Price is $1.62 Difference: $0.63
If VFY meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates WDS as Neutral (3) -

Macquarie expects Woodside Energy to post underlying 2025 profit of US$2,693m and an 80% payout for a final dividend of US60cps (up 13% year on year, despite an oil price down -14%).

The broker does not anticipate the result to be a major catalyst; however, it regards the reserve statement and CEO succession as key.

Neutral and $25 target retained.

Target price is $25.00 Current Price is $25.84 Difference: minus $0.84 (current price is over target).
If WDS meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.44, suggesting downside of -1.6% (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: 0.2

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

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

Morgan Stanley's 1H26 dividend forecast for Whitehaven Coal is 19% above consensus due to its expectation for capital returns despite negative cash EPS estimates.

The broker updated its model and group cost assumptions, lifting FY26 EPS forecast by 73.2% and increasing FY27-28e EPS estimates by 8.3% and 6.5%, respectively.

Morgan Stanley retains Equal-weight rating, with a higher target of $9.80. Industry View: Attractive.

Target price is $9.80 Current Price is $9.56 Difference: $0.24
If WHC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.13, suggesting downside of -0.7% (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

Citi rates WTC as Buy (1) -

Citi reckons DSV’s accelerated DB Schenker integration is a near-term tailwind for WiseTech Global's CargoWise revenue in 2H26–FY27. However, longer-term caution remains, as DSV’s comments reinforce the risk of eventual platform substitution.

DSV, including DB Schenker, is estimated to represent US$120m of WiseTech revenue at full rollout, equating to 15% of the broker's FY29 EBITDA forecast if rollout takes at least two years.

While DSV’s likely shift toward its own platform is a concern, the broker views it as a relatively unique case given DSV's existing Tango solution, limiting broader industry read-across.

Buy rating and $109.15 target price.

Target price is $109.15 Current Price is $51.25 Difference: $57.9
If WTC meets the Citi target it will return approximately 113% (excluding dividends, fees and charges).

Current consensus price target is $114.02, suggesting upside of 128.9% (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: 1.0

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

Citi rates XRO as Buy (1) -

Xero’s briefing highlighted stronger-than-expected Melio economics, with breakeven now targeted earlier than expected (2H28), Citi observes.

However, details on the combined US platform strategy were limited. Strategically, the broker reckons the deal remains compelling through improved unit economics, embedded distribution driving medium-term acquisition, and reduced disintermediation risk.

Forecasts updated on Melio inclusion, resulting in cuts to FY26 EPS forecast by -5% and FY27 by -6%, while FY28 was marginally higher.

Buy remains. Target cut -31% to $144.80 from $210 to reflect lower peer multiples and growth assumptions.

Target price is $144.80 Current Price is $80.82 Difference: $63.98
If XRO meets the Citi target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $178.10, suggesting upside of 116.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. 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