Australian Broker Call

Ord Minnett rates AEF as Upgrade to Buy from Accumulate (1) -

Ord Minnett notes the -30% decline in Australian Ethical Investment's share price over the last three months. This followed lower-than-expected fund inflows, APRA directives on its manager selection methods in its superannuation business and further conditions on its licence.

Positively, member growth in the December quarter grew 15%, and the negatives are believed to be discounted in the share price.

Target price $7.50. The broker lowers EPS forecasts by -2.9% for FY26 and -3.3% for FY27.

Target price is $7.50 Current Price is $5.20 Difference: $2.3
If AEF meets the Ord Minnett target it will return approximately 44% (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

Bell Potter rates AL3 as Speculative Buy (1) -

AML3D's December quarter update saw the FY26 order book reach $16.5m from $9m at the start of FY26 on the back of further US system orders and indications of demand starting in the UK and European defence sectors, Bell Potter recounts.

There is ongoing R&D in Australia to support the next development of Arcemy systems.

The broker notes AML3D's technology is particularly suited to maritime applications, which serves up good exposure to the US Navy's Maritime Industrial Base and US Ships Act.

No change to Speculative Buy and 40c target price.

Target price is $0.40 Current Price is $0.15 Difference: $0.25
If AL3 meets the Bell Potter target it will return approximately 167% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ANZ as Neutral (3) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted ANZ Bank's FY26 EPS forecast by 1.5% and FY27 by 0.5%. but trimmed dividend forecast for FY26 by -0.6% and FY27 by -1.2%.

Target rises to $36 from $35. Neutral maintained.

This report was published January 22.

Target price is $36.00 Current Price is $40.04 Difference: minus $4.04 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.79, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in September.

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

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

Morgan Stanley believes elevated trading multiples and investor confidence in the earnings outlook demand a good set of upcoming results from the major banks.

The bar for Commonwealth Bank remains high, but less so than in November. For the other majors, the broker thinks expectations are highest for Westpac, followed by ANZ Bank and National Australia Bank.

Equal-weight retained for ANZ Bank, target rises to $36.30 from $36.00.

Target price is $36.30 Current Price is $40.04 Difference: minus $3.74 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.79, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in September.

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

Bell Potter rates APZ as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for Aspen Group rises to $6.25 from $5.95. Buy retained.

Target price is $6.25 Current Price is $6.24 Difference: $0.01
If APZ meets the Bell Potter target it will return approximately 0% (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 ARB as Buy (1) -

ARB Corp's January trading update has heightened uncertainty on the stock for the Citi analyst, as shifts in the Australian car mix and ongoing fitting challenges persist despite management efforts to secure overseas visas.

The Australian franchise is seen as very dependent on the outperformance of specific models such as the Toyota Hilux and Ford Ranger Super Duty. The prospect of higher interest rates is unlikely to be a positive either, the broker states.

The analyst lowers FY26-FY28 net profit after tax forecasts by -6% to -8%, and the target price declines by -5% to $42.25, as the decline in earnings estimates is offset somewhat by the higher peer valuation multiples.

A Buy rating is retained due to a positive view on the outlook in the US, where the feedback on the ground has been noted as very positive.

Target price is $42.25 Current Price is $25.70 Difference: $16.55
If ARB meets the Citi target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 11.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Bell Potter initiates coverage of Abacus Storage King with a Buy rating and $1.70 target price, noting the REIT is a top 3 owner-operator of self-storage facilities in what is a swiftly consolidating marketplace.

Prime storage assets are trading at or below a circa 5% cap rate, while Abacus is trading at a circa 6.1% plus cap rate, which is above the broker's forecast cost of capital and that inferred by Brookfield/GIC's bid for National Storage ((NSR)).

The broker forecasts a three-year EPS CAGR of 3.8% plus, potentially boosted by the internalisation of management to support funds from operations growth.

Target price is $1.70 Current Price is $1.50 Difference: $0.2
If ASK meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates AUB as No Rating (-1) -

AUB Group is to acquire 95.9% of Prestige Insurance, a diversified UK insurance broking and underwriting platform, complementing AUB's UK strategy. 

The company has pre-released first half expectations of $90-91m underlying profit which the broker notes implies 13.4%-14.7% year on year growth despite FX headwinds. FY26 guidance has been confirmed at $215-227m, prior to Prestige and Step-Up impacts.

Macquarie is on research restriction.

Current Price is $25.34. Target price not assessed.

Current consensus price target is $33.80, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates AUB as Overweight (1) -

AUB Group has agreed to acquire Prestige, a UK insurance broker, for 12.9x 2025 earnings (EBITDA) or 10x including synergies. As AUB trades on 11x EBITDA, the pre-synergies acquisition price seems full to Morgan Stanley. 

While on paper the cost-out opportunity in UK Retail seems large, this hinges on the trust factor and the broker is yet to see AUB deliver on UK Retail.

Alongside the $400m institutional placement, AUB is offering a A$40m non-underwritten share purchase plan and has further secured a A$200m debt facility to fund the acquisition, with the raising expected to be EPS neutral.

Overweight and $45 target retained. Industry view: In-Line.

Target price is $45.00 Current Price is $25.34 Difference: $19.66
If AUB meets the Morgan Stanley target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $33.80, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates AUB as Neutral (3) -

AUB Group has agreed to acquire 95.8% of Prestige, a UK diversified and underwriting platform, for $432m, which aligns with management's strategy to grow and consolidate UK operations, UBS explains.

The acquisition will offer a higher margin retail exposure, with cost synergies to work towards the medium term margin target of 32% versus 23.5% in FY25.

The group is also raising up to $400m in equity at a discount of -7.9%, with a $40m plus share purchase plan.

The analyst lowers EPS estimates by -2% for FY26 and lifts FY27 by 3%.

Target price rises to $35 from $33.70, with no change to Neutral rating.

Target price is $35.00 Current Price is $25.34 Difference: $9.66
If AUB meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $33.80, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BEN as Underperform (5) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted Bendigo & Adelaide Bank's FY26 EPS forecast by 2.4% and FY27 by 4.8%.

Target rises to $10 from $9.70. No change to Underperform rating.

This report was published January 22.

Target price is $10.00 Current Price is $10.71 Difference: minus $0.71 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.67, suggesting upside of 1.3% (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

Bell Potter rates BIO as Buy (1) -

Bell Potter considers Biome Australia announced an "excellent" 2Q26 result, with earnings (EBITDA)/operating cash flow exceeding $1m for the first time, on sales up around 41% to circa $6.5m (pre-released).

Cash receipts rose around 43% to circa $6.2m, with an annualised run rate for sales at around $26m. Gross margins were retained at over 61%.

The analyst notes cash on the balance sheet lifted to circa $3.3m after paying down working capital of around -$0.7m.

Maintain Buy rating and $1 target is unchanged. The analyst retains EPS forecasts.

Target price is $1.00 Current Price is $0.42 Difference: $0.58
If BIO meets the Bell Potter target it will return approximately 138% (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 BOQ as Upgrade to Neutral from Underperform (3) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted Bank of Queensland's FY26 EPS forecast by 4.4% and FY27 by 6.0%.

Target rises to $6.50 from $5.90. Rating upgraded to Neutral from Underperform.

This report was published January 22.

Target price is $6.50 Current Price is $7.00 Difference: minus $0.5 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.86, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in August.

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 BWP as Buy (1) -

The sale of BWP Trust's LFR Chadstone Homeplus Homemaker Centre, Voc for $86.025m, 1% above its December valuation, confirms to Citi demand and robust momentum for defensive CPI linked properties.

The sale is expected to settle in June, with FY26 distribution outlook left unchanged.

Buy. Target price $4.The analyst estimates BWP is trading around a -10% discount to NTA and is offering a 5.2% dividend yield.

Target price is $4.00 Current Price is $3.86 Difference: $0.14
If BWP meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 5.1% (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

Macquarie rates CBA as Underperform (5) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted CommBank's FY26 EPS forecast by 1.5% and FY27 by 3.9%.

Target rises to $120 from $106. Underperform remains.

This report was published January 22.

Target price is $120.00 Current Price is $174.62 Difference: minus $54.62 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley believes elevated trading multiples and investor confidence in the earnings outlook demand a good set of upcoming results from the major banks.

The bar for Commonwealth Bank remains high, but less so than in November. For the other majors, the broker thinks expectations are highest for Westpac, followed by ANZ Bank and National Australia Bank.

Underweight and $131 retained for CBA.

Target price is $131.00 Current Price is $174.62 Difference: minus $43.62 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.71, suggesting downside of -24.5% (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

Bell Potter rates CIP as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for Centuria Industrial REIT rises to $3.75 from $3.65. Buy retained.

Target price is $3.75 Current Price is $3.21 Difference: $0.54
If CIP meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 10.0% (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 CNI as Downgrade to Hold from Buy (3) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for Centuria Capital cut to to $2.25 from $2.40. Rating downgraded to Hold from Buy.

Target price is $2.25 Current Price is $1.89 Difference: $0.365
If CNI meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 13.3% (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

Bell Potter rates COF as Sell (5) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for Centuria Office REIT trimmed to $1.05 from $1.10. Sell maintained..

Target price is $1.05 Current Price is $1.00 Difference: $0.045
If COF meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 5.9% (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

Bell Potter rates CWP as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

No change to Cedar Woods Properties' forecasts, $10 target and Buy rating.

Target price is $10.00 Current Price is $9.07 Difference: $0.93
If CWP meets the Bell Potter target it will return approximately 10% (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 DGT as Upgrade to Buy from Hold (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for DigiCo Infrastructure REIT rises to $3.25 from $3.20. Rating upgraded to Buy from Hold.

Target price is $3.25 Current Price is $2.06 Difference: $1.19
If DGT meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 88.5% (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

Bell Potter rates DXC as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

No change to Dexus Convenience Retail REIT's $3.45 target price and Buy rating.

Target price is $3.45 Current Price is $2.80 Difference: $0.65
If DXC meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates DXI as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Dexus Industria REIT's Buy rating and $3.10 target price are unchanged.

Target price is $3.10 Current Price is $2.58 Difference: $0.52
If DXI meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates EOS as Speculative Buy (1) -

Electro Optic Systems' 4Q2025 activity report saw net operating cash of $19.3m against an outflow of -$34.3m in 3Q, with a forward order book at $579m, representing 2.2 times Ord Minnett's FY26 revenue estimate.

The analyst sees the company at the start of a major cash flow cycle, and the order book is expected to assist with leverage in future contract discussions.

Management has indicated 2025 revenue will be marginally above the current guidance range of $115m-$125m.

The stock remains Buy rated with a $12.72 target.

Target price is $12.72 Current Price is $8.98 Difference: $3.74
If EOS meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 FRW as Outperform (1) -

Freightways Group has announced the Australian acquisition of VT Freight Express, which it expects to be circa 6% EPS accretive from year one.

Macquarie  expects second quarter trading conditions to mirror the first -- modest organic growth in NZ, strong revenue growth and margin expansion for Australia.

Despite near-term macroeconomic headwinds in NZ, expected rate cuts are ultimately likely to stimulate the domestic economy, the broker suggests. Macquarie expects a strong future recovery leveraging any NZ economic rebound, and retains an Outperform recommendation.

Target NZ$15.20.

Current Price is $12.38. Target price not assessed.

The company's fiscal year ends in June.

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: 1.0

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

Bell Potter rates GDI as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Buy rating for GDI Property and 85c target are unchanged.

Target price is $0.85 Current Price is $0.63 Difference: $0.22
If GDI meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates GLF as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

No change to forecasts for Gemlife Communities. Buy rating and $5.55 target remain.

Target price is $5.55 Current Price is $5.35 Difference: $0.2
If GLF meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates GMG as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for Goodman Group trimmed to $37.40 from $40.25. Buy maintained.

Target price is $37.40 Current Price is $28.94 Difference: $8.46
If GMG meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates GQG as Buy (1) -

Ord Minnett retains a Buy rating on GQG Partners with a lower target of $2.30, and lowers EPS estimates by -0.1% for 2025 and -0.6% for 2026.

The analyst notes ongoing investment underperformance and fund outflows due to the fund manager's defensive positioning in a bull market. GQG's portfolios are unlikely to be more attractive until markets weaken.

The broker notes the annualised 3-month average outflow would equate to more than -US$28bn outflow in 2026, which is considered too pessimistic. The analyst's forecast is -US$18.5bn, versus the market positioned at -US$8bn estimate.

There is potentially 50% upside in the share price, in the broker's view.

Target price is $2.30 Current Price is $1.84 Difference: $0.465
If GQG meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 6.0% (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: 0.5

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

Bell Potter rates HCW as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

No change to HealthCo Healthcare & Wellness REIT's Buy rating and $1 target price.

Target price is $1.00 Current Price is $0.72 Difference: $0.28
If HCW meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates HDN as Downgrade to Sell from Hold (5) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

The broker notes HomeCo Daily Needs REIT has a high debt load, with a focus on refinancing margin benefits to help offset higher floating-rate costs.

Target for HomeCo Daily Needs REIT trimmed to $1.35 from $1.40. Rating downgraded to Sell from Hold.

Target price is $1.35 Current Price is $1.31 Difference: $0.045
If HDN meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.40, suggesting upside of 7.4% (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

Bell Potter rates HMC as Hold (3) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

The broker expects a quieter 1H26 result for HMC Capital as it refocuses on energy transition capital raising, progress in digital infrastructure, and resolution of the Healthscope receivership. Updates on private credit, unlisted real estate funds and listed REIT valuations will be eyed.

Target rises to $4.25 from $3.60. Hold rating intact.

Target price is $4.25 Current Price is $2.78 Difference: $1.47
If HMC meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 46.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates INR as Speculative Buy (1) -

Ioneer's 4Q2025 update confirmed guidance that the strategic partnering process is anticipated to be finished in the June half of 2026, Ord Minnett explains. This would be a significant boost to permitting the construction of Rhyolite Ridge to start.

Over the quarter, battery-grade lithium carbonate prices rose 43% due to more robust converter demand, mine disruptions and a fall in inventory, the analyst notes.

Management announced EcoPro has finished the development of a commercially viable process to treat clay mineralisation.

Target price is lifted to 40c from 35c. No change to Speculative Buy rating.

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

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates JDO as Outperform (1) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted Judo Capital's FY26 EPS forecast by 3.1% and FY27 by 2.6%.

Target rises to $2.00 from $1.95. Outperform rating maintained.

This report was published January 22.

Target price is $2.00 Current Price is $1.73 Difference: $0.275
If JDO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 31.9% (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 KAR as Buy (1) -

Citi outlines a busy year, 2026, for the new CEO of Karoon Energy, with the first half dominated by planned downtime at Bauna, and representing his first major operational challenge.

If operationally successful, this could result in higher uptime, lower unit costs and improved control over operations.

Some potential positive catalysts include a partial sell-down of Neon, a final investment decision at Who Dat East and a "farm-in" interest across the deepwater exploration areas.

Buy retained for Karoon. Target $1.90. At current levels, much of the perceived operational risk is considered as priced in by the market.

Target price is $1.90 Current Price is $1.55 Difference: $0.355
If KAR meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Macquarie rates KAR as Downgrade to Underperform from Neutral (5) -

Karoon Energy saw a solid fourth quarter thanks to Who Dat, while 2026 guidance is slightly better than Macquarie had forecast. However it will be a heavy investment year, resulting in negative free cash flow.

The Neon oil project appears to the broker to be slowing, likely on the lower oil price outlook, hence Macquarie reduces its value inclusion for Neon. The broker believes it will be difficult for the stock to perform given oil headwinds and the transition to new management.

Downgrade to Underperform from Neutral. Target falls to $1.50 from $1.65.

Target price is $1.50 Current Price is $1.55 Difference: minus $0.045 (current price is over target).
If KAR 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 $1.85, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

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

Karoon Energy's December quarter production was 2.4MMboe, down -8% quarter on quarter and year on year, but 2% above consensus. Revenue was down -5% quarter on quarter and -30% year on year, but 4% above consensus.

Morgan Stanley anticipated a muted reaction to Karoon's update and first time 2026 guidance, with near term priorities Bauna maintenance and Who Dat East development.

Equal-weight and $1.81 target retained. Industry view: In-Line.

Target price is $1.81 Current Price is $1.55 Difference: $0.265
If KAR meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Bell Potter rates LIC as Hold (3) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

At Lifestyle Communities' 1H26 result, the broker will be looking for clarity and confidence on FY26 settlements, potential guidance and any FY27 improvement.  Fundamentals remain weak, in the broker's view, and strategic shareholdings increase the likelihood of M&A.

Target rises to $6.05 from $5.70. Hold rating intact.

Target price is $6.05 Current Price is $4.96 Difference: $1.09
If LIC meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates MND as Buy (1) -

Recent recruitment trends for Monadelphous Group and NRW Holdings ((NWH)) in December, usually quieter hiring period, indicate to Citi both contractors are expecting ongoing opportunities to grow their order books at higher rates. This will need investment in capacity, the broker highlights.

The data is notably positive, given recent acquisitions for both companies, which would have lifted headcount.

The analyst remains upbeat on both stocks.

Citi retains a Buy rating for Monadelphous Group and target of $28.75.

Target price is $28.75 Current Price is $32.41 Difference: minus $3.66 (current price is over target).
If MND 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 $35.41, suggesting upside of 9.2% (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

Macquarie rates NAB as Upgrade to Outperform from Neutral (1) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted National Australia Bank's FY26 EPS forecast by 2.4% and FY27 by 4.4%.

Target rises to $45 from $39. Rating upgraded to Outperform from Neutral.

This report was published January 22.

Target price is $45.00 Current Price is $49.02 Difference: minus $4.02 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -11.5% (ex-dividends)

The company's fiscal year ends in September.

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

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

Morgan Stanley believes elevated trading multiples and investor confidence in the earnings outlook demand a good set of upcoming results from the major banks.

The bar for Commonwealth Bank remains high, but less so than in November. For the other majors, the broker thinks expectations are highest for Westpac, followed by ANZ Bank and National Australia Bank.

Equal-weight retained for NAB, target rises to $40.40 from $40.00.

Target price is $40.40 Current Price is $49.02 Difference: minus $8.62 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.09, suggesting downside of -11.5% (ex-dividends)

The company's fiscal year ends in September.

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 NWH as Buy (1) -

Recent recruitment trends for Monadelphous Group and NRW Holdings ((NWH)) in December, usually a quieter hiring period, indicate to Citi both contractors are expecting ongoing opportunities to grow their order books at higher rates. This will need investment in capacity, the broker highlights.

The data is notably positive, given recent acquisitions for both companies, which would have lifted headcount.

The analyst remains upbeat on both stocks.

Citi retains a Buy rating for NRW Holdings and target of $6.20.

Target price is $6.20 Current Price is $6.54 Difference: minus $0.34 (current price is over target).
If NWH meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.76, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates NWS as Buy (1) -

UBS notes Australian traditional media lagged the ASX200 in 2025 due to weak ad spend, with only a modest Winter Olympics uplift likely in 2H26. The broker expects ad markets to fall -0.9% in FY26 before a mild FY27 recovery as rate pressures ease.

BVOD growth and strong digital publishing are expected to partially offset structural declines in Metro FTA and print, with BVOD driving an inflection from FY27. AI monetisation is also seen as a key 2026 theme, with regulatory changes and news bargaining Incentives driving increased licensing and AI partnerships for media owners.

The broker's traditional media picks are News Corp and oOh!media. Buy rating and $64.40 target for News Corp.

This report was published January 27. UBS transferred coverage to Ailsa Lei.

Target price is $64.40 Current Price is $37.84 Difference: $26.56
If NWS meets the UBS target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $54.95, suggesting upside of 46.6% (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: 0.7

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

UBS rates OML as Buy (1) -

UBS notes Australian traditional media lagged the ASX200 in 2025 due to weak ad spend, with only a modest Winter Olympics uplift likely in 2H26. The broker expects ad markets to fall -0.9% in FY26 before a mild FY27 recovery as rate pressures ease.

BVOD growth and strong digital publishing are expected to partially offset structural declines in Metro FTA and print, with BVOD driving an inflection from FY27. AI monetisation is also seen as a key 2026 theme, with regulatory changes and news bargaining Incentives driving increased licensing and AI partnerships for media owners.

The broker's traditional media picks are News Corp and oOh!media. Buy rating and $1.75 target for oOh!media.

This report was published January 27.

Target price is $1.75 Current Price is $1.02 Difference: $0.725
If OML meets the UBS target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 44.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates RGN as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

At Region Group's 1H26 result, the broker will be looking for confirmation that property expense growth is easing toward the 3-3.5% range, in line with management’s guidance at FY25 result and cost-saving initiatives.

No change to Buy rating and $2.70 target.

Target price is $2.70 Current Price is $2.31 Difference: $0.39
If RGN meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates RPL as Buy (1) -

Ord Minnett updated its fund manager coverage to reflect higher FUM (funds under management) and a higher risk-free rate of 4.5% from 4.0%.

The broker notes Regal Partners saw strong 2025 net inflows in 2025, and recently guided to $100m 2H2025 net profit. The broker sees momentum continuing and reiterates a Buy rating on attractive valuations.

Target trimmed to $4.80 from $4.90.

Target price is $4.80 Current Price is $3.25 Difference: $1.55
If RPL meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 53.4% (ex-dividends)

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 SGLLV as Initiation of coverage with Buy (1) -

Bell Potter has initiated coverage of Ricegrowers with a Buy rating and target price of $18.75.

The broker notes the company has evolved into a global FMCG leader with strong branded exposure, delivering annual 11% revenue growth and 17% EBITDA since its ASX listing in 2019.

The 2030 strategy targets $3.0bn revenue, higher margins and growth across ANZ, the US and the Middle East, led by rice-based snacking and consumer and pet food.

The broker reckons a strong balance sheet supports execution, with no core asset debt, $190m available funding, and a proven track record of growth despite a smaller NSW rice crop.

Target price is $18.75 Current Price is $13.23 Difference: $5.52
If SGLLV meets the Bell Potter target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates SMR as Downgrade to Trim from Buy (4) -

Stanmore Resources delivered record quarterly results in December across run-of-mine, saleable product and product sales while dealing with unseasonally high rainfall, Morgans notes.

However Isaac Downs is expected to deliver materially lower output in 2026 as mining progresses deeper into the pit and approaches less economic zones. Poitrel’s production is also forecast to ease after a standout 2025 performance.

Morgans downgrades Stanmore to Trim from Buy while raising its target to $2.95 from $2.70. The broker's target is set at a discount to net present value to reflect opacity in the short-term coal price outlook.

Target price is $2.95 Current Price is $2.64 Difference: $0.31
If SMR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Ord Minnett rates SMR as Buy (1) -

Fourth quarter production from Stanmore Resources was robust according to Ord Minnett, with production of 3.9Mt, 6% above the broker's forecast, while net debt declined by -$57m on the prior quarter to US$33m.

Total production came in at 14Mt in 2025, which was the mid point of guidance despite wet weather challenges. Management pointed to 2% growth in production for 2026, with met coal prices up 18% since last October.

These factors should underpin a rise in free cash flow to Ord Minnett's forecast of US$118m, or US$248m at the current spot price.

Buy maintained. Target rises to $3.80 from $3.70.

Target price is $3.80 Current Price is $2.64 Difference: $1.16
If SMR meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Ord Minnett rates SNL as Buy (1) -

Supply Network announced a 1H26 trading update which was better than Ord Minnett's expectations, with underlying net profit after tax at $22.9m, a rise of 18.2% y/y and 7.1% above the analyst's forecast.

Sales revenue rose 16.8% to around $200m, a beat by 3.4%, and a 36c dps was announced, better than anticipated by 1.5c per share, or 4.3%.

The analyst points to market share gains as likely, judging by the revenue update, with a slight decline in the operating margin to around 16.8%, down -20bps.

Target price lifts to $41 from $40.20, with no change to Buy rating.

Target price is $41.00 Current Price is $35.51 Difference: $5.49
If SNL meets the Ord Minnett target it will return approximately 15% (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 SNZ as Buy (1) -

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

The broker notes Summerset Group's 4Q25 sales were strong, up 26% y/y, driven by higher new sales, including care conversions. Australian expansion is progressing and the broker will be looking for commentary on acquisition appetite.

Shares of Summerset have rebounded since October lows and tracked A-REITs over the past six months, the broker highlights, with lower financing costs expected to support homeowner transaction confidence.

Buy rating.

Current Price is $8.78. Target price not assessed.

The company's fiscal year ends in December.

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: 1.0

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

Macquarie rates SNZ as Outperform (1) -

Macquarie notes Summerset Group delivered a strong 4Q2025 with sales up 24% y/y (14% ex-care conversions), driven by record resales, while FY2025 sales rose 26%.

New sales remained solid despite a tough market, inventory stayed tight, and contracted stock increased 31% y/y, positioning the business well for FY26, the broker highlights.

Development tracked guidance in NZ and Australia, with early presales momentum at Chirnside Park and improving resale stock levels seen supporting margins.

Outperform rating. Target price NZ$16.08

Current Price is $8.78. Target price not assessed.

The company's fiscal year ends in December.

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: 1.0

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

Macquarie rates WAF as Neutral (3) -

At first inspection, Macquarie notes West African Resources' 4Q2025 update was largely pre-reported, with gold production of 112koz and all in sustaining costs (ASIC) of US$1,561/oz. This was 14% above consensus and 20% above the analyst's expectations.

First gold was poured at Kiaka at June-end, with the first quarter of production in the December period at 63.2koz at AISC of US$1,649/oz.

Net cash came in better than expected at US$91.4m, some US$106m above the broker's expectations. Guidance for 2026 was not released and is due to be announced at the 1Q2026 update.

Neutral. Target unchanged at $3.20.

Target price is $3.20 Current Price is $3.49 Difference: minus $0.29 (current price is over target).
If WAF meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates WBC as Underperform (5) -

Macquarie upgrades its sector view on banks to Neutral, noting favourable macro conditions support earnings upside despite elevated valuations.

Higher RBA interest rate expectations have improved bank funding costs and near-term margin outlook, the broker highlights, creating earnings upside risk for FY26 that is not yet fully reflected in consensus.

The broker lifted Westpac's FY26 EPS forecast by 2.9% and FY27 by 4.9%.

Target rises to $35 from $32. Underperform maintained.

This report was published January 22.

Target price is $35.00 Current Price is $42.54 Difference: minus $7.54 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.97, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in September.

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 WBC as Underweight (5) -

Morgan Stanley believes elevated trading multiples and investor confidence in the earnings outlook demand a good set of upcoming results from the major banks.

The bar for Commonwealth Bank remains high, but less so than in November. For the other majors, the broker thinks expectations are highest for Westpac, followed by ANZ Bank and National Australia Bank.

Underweight retained for Westpac, target rises to $34.50 from $34.10.

Target price is $34.50 Current Price is $42.54 Difference: minus $8.04 (current price is over target).
If WBC 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 $35.97, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in September.

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 WOW as Equal-weight (3) -

Morgan Stanley lifted Woolworths Group's target price to $31.30 from $29.30. Equal-weight rating retained.

Industry View: In-Line.

Target price is $31.30 Current Price is $36.00 Difference: minus $4.7 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.19, 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 XRO as Buy (1) -

Citi acknowledges the release of Claude Code has heightened the “bear” narrative around existing SaaS vendors and reinforces incumbents need to accelerate the rollout of AI features.

The broker, however, argues the bear case does not fully factor in the structural advantages of existing players, particularly in SMB software, where marketing and sales intensity remains critical to customer acquisition. This benefits companies such as Xero and SiteMinder ((SDR)).

The importance of distribution is underscored by sales and marketing expenses regularly exceeding product investment spending across Citi’s coverage, including Life360 ((360)), SiteMinder and Megaport ((MP1)).

Citi also highlights the advantage incumbents retain from a heavily compliance-driven operating backdrop.

Xero is Buy. Target price $210.

Target price is $210.00 Current Price is $83.14 Difference: $126.86
If XRO meets the Citi target it will return approximately 153% (excluding dividends, fees and charges).

Current consensus price target is $178.10, suggesting upside of 124.3% (ex-dividends)

The company's fiscal year ends in March.

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