Australian Broker Call

Macquarie rates AGI as No Rating (-1) -

Ainsworth Game Technology had pre-reported 2025 underlying profit -9% below a year ago. The business performance in 2H25 was weaker than Macquarie expected despite hardware product/momentum.

Macquarie forecasts a 13% uplift in 2026, based on growth in North America and with stabilisation in other regions. The Novomatic takeover at $1.00/sh lapsed on 6 February 2026, meaning that it was unsuccessful, the broker notes.

The broker is currently on research restriction.

Current Price is $1.05. Target price not assessed.

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Morgans rates AIM as Downgrade to Hold from Buy (3) -

Ai-Media Technologies provided a first half result that was largely in line with expectations at the revenue line while higher expenses meant underlying EBITDA was materially below. Morgans reduces FY26 and FY27 estimates for EBITDA by -106% and -80%, respectively.

A -25% discount is now applied to valuation and the target is reduced to $0.35 from $0.80. The discount reflects uncertainty and a view that it will take time for management to rebuild investor confidence.

Earnings continue to disappoint relative to expectations despite fundamental value and Morgans downgrades to Hold from Buy.

Target price is $0.35 Current Price is $0.35 Difference: $0.005
If AIM meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

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

Shaw and Partners rates AL3 as Buy, High Risk (1) -

Shaw and Partners retains a Buy rating and a $0.40 target price on AML3D following its 1H26 result. Management reiterated FY26 orders to be delivered of around $16.5m and disclosed for the first time a $78m sales pipeline.

The broker highlights delivery of two custom Arcemy systems to Newport News Shipbuilding by May 2026, suggesting successful commissioning could trigger further Tier-1 defence orders. A US Navy opportunity of $150-200m over 2026-30 is also highlighted.

AML3D ended December with $29.2m cash and no debt, helping fund a -$12m Ohio plant expansion to lift capacity by mid-2026. 

Shaw indicates no material forecast changes, with valuation driven by long-term sales exceeding $100m. Unchanged Buy, High Risk rating and target of 40c.

Target price is $0.40 Current Price is $0.15 Difference: $0.25
If AL3 meets the Shaw and Partners 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 AMI as Outperform (1) -

Aurelia Metals reported a 1H26 earnings 25% ahead of consensus driven by lower operating costs. the balance sheet is in a solid position, Macquarie notes, with cash of $86m and no drawn debt.

Incorporating the result and adjusting the fully diluted share count for number of rights on issue, drives an earnings forecast change of -6% in FY26.

Aurelia is trading on an attractive enterprise value multiple, Macquarie suggests, which improves in a spot gold price scenario. Outperform and 40c target retained.

Target price is $0.40 Current Price is $0.31 Difference: $0.095
If AMI meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 41.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ART as Buy (1) -

Airtasker posted a first half result that pleased Morgans, amid EBITDA growth of 11% in established marketplaces. The Australian arm produced revenue of $23.1m with management confirming it is on track to deliver double-digit revenue growth on a full-year basis.

Australia may be generating cash but the international opportunity remains the market's focus, the broker points out, with the business appearing to be performing strongly as it builds scale.

Volatile market conditions exist but Morgans is attracted to the growth opportunity and retains a Buy rating. Target edges down to $0.51 from $0.55.

Target price is $0.51 Current Price is $0.25 Difference: $0.265
If ART meets the Morgans target it will return approximately 108% (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 AV1 as Buy (1) -

Adveritas delivered a first half result that was well below forecast and, while the miss appears large, Bell Potter points out that revenue recognition fluctuates with usage or advertising expenditure and that makes half yearly revenue difficult to predict.

In this light it is not considered material and the company does not provide guidance. Revenue forecasts for FY26 and FY27 are downgraded by -11% and -8%, respectively and this drives similar downgrades for EBITDA forecasts.

The business is expected to be cash flow positive in FY27. Target edges down to $0.20 for $0.22 and a Buy rating is unchanged.

Target price is $0.20 Current Price is $0.10 Difference: $0.105
If AV1 meets the Bell Potter target it will return approximately 111% (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 BAP as Downgrade to Sell from Neutral (5) -

On further inspection, Citi downgrades Bapcor to Sell from Neutral following what is viewed as three "false starts" from CEOs trying to turn around what is considered a relatively "simple" business and "reasonable" industry structure.

The target price falls to $1.25 from $1.65. The analyst thinks it is better to wait to see evidence of sustained signs of improvement before investors buy the stock.

***

At first glance, Citi points to Bapcor announcing a 1H26 statutory loss of -$104.8m which was materially worse than consensus due largely to a circa -$100m impairment of New Zealand assets and other write-offs.

Underlying NPAT of $5.5m was broadly in line and no dividend was declared. Bapcor is raising $200m through a fully underwritten equity issue at 60c per share, a -65% discount to the last close.

Some 333m new shares or around 98% of existing capital is being issued, to address leverage of 3.39x at 1H26.

Diivisional performance was weak, with Trade EBITDA down -33%, Retail down -29% and New Zealand down -31%, alongside a pricing reset, and a circa -$5m payroll issue and further covenant relief required.

While management points to early sales momentum in some segments, the broker remains cautious given competitive pressures, earnings volatility and balance sheet risk.

Target $2.28. Neutral.

Target price is $1.25 Current Price is $0.87 Difference: $0.38
If BAP meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 68.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Morgan Stanley rates BAP as Underweight (5) -

Morgan Stanley resumes coverage of Bapcor with an Underweight rating and target price.

Bapcor’s 1H result landed at the bottom end of guidance, with underlying NPAT of $5.5m and sales down -2.3%, while earnings (EBITDA) margin compressed by -506bps on gross margin pressure and higher costs.

Management flagged softer January sales of -0.9% and a step-up in labour and technology opex in 2H26, guiding to FY26 EBITDA of $150–160m post-AASB16.

A $200m equity raise at $0.60 per share increases the share count by 98%, analysts note, prompting a cut FY26–FY28 EPS forecasts by -79 to –81% despite assuming FY26 marks the margin low point.

The broker believes the turnaround will require a cultural reset and sees elevated execution risk, describing the stock as a “show me” story. 

Industry view is In-Line.

Target price is $0.42 Current Price is $0.87 Difference: minus $0.45 (current price is over target).
If BAP meets the Morgan Stanley target it will return approximately minus 52% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.28, suggesting upside of 68.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Ord Minnett rates BET as Buy (1) -

Operationally, Betmakers Technology delivered a solid 1H26, Ord Minnett suggests, with revenue up 11% year on year, gross margin expanding to 66.5% from 59.7%, and adjusted earnings of $6.0m a $7.3m positive turnaround.

2H26 and beyond looks robust, the broker suggests, with the recently announced landmark deals starting to go live from 2H26/FY27.

Management has delivered a remarkable turnaround story and if the result is emblematic of what’s to come, Ord Minnett sees 2.2x FY27 enterprise value to revenue as far too cheap versus peers delivering similar metrics.

Buy and 26c target retained.

Target price is $0.26 Current Price is $0.19 Difference: $0.07
If BET meets the Ord Minnett target it will return approximately 37% (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 BOE as Upgrade to Buy from Hold (1) -

Bell Potter found the first half results from Boss Energy "lacklustre", impacted by the accounting treatment of inventory sales. Operating cash flow remains robust while costs were higher than expected.

The review of the Honeymoon project is progressing with drill configurations underway targeting areas around well fields B1-B5. The broker expects results will begin to filter through at the beginning of April and should it prove successful the stock could re-rate strongly.

Rating is upgraded to Buy from Hold following a deterioration in the share price. Target is $1.95.

Target price is $1.95 Current Price is $1.64 Difference: $0.315
If BOE meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 0.2% (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

Bell Potter rates BUB as Speculative Buy (1) -

Bubs Australia delivered a first half result that was ahead of forecasts. FY26 guidance is unchanged for revenue at $120-125m.

Bell Potter believes FY26 will be a transformational year for the business with reported EBITDA projected at $4-6m, despite $5m in airfreight and tariff related expenses being incurred.

Speculative Buy rating and $0.18 target maintained.

Target price is $0.18 Current Price is $0.12 Difference: $0.06
If BUB meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 50.0% (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 BUB as Accumulate (2) -

Bubs Australia has delivered a solid 1H26 performance which was largely in line with Ord Minnett's expectations. The key highlight of the result presentation was management reconfirming FY26 revenue guidance and upgrading earnings guidance.

Yet with FDA approval pending and the long-awaited revised corporate strategy not available for delivery until late March, the company remains stuck in a holding pattern for now, the broker notes.

Ord Minnett retains a target price of 18c and an Accumulate rating pending FDA approval and strategy confirmation.

Target price is $0.18 Current Price is $0.12 Difference: $0.06
If BUB meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 50.0% (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

Shaw and Partners rates BUB as Buy, High Risk (1) -

Shaw and Partners highlights management at Bubs Australia’s delivered interim revenue of $55.5m, up 14.4% on the prior year. This outcome was in line with the broker's forecast, while earnings (EBITDA) of $3.0m were better than expected.

Growth was driven by "very strong" US revenue of $34.2m, up 47.6% on the prior year, notes the analyst, with inventory prioritised to this higher-margin market ahead of expected permanent FDA approval.

China revenue fell -26.7% to $7.5m on temporary inventory effects, observes the broker, while Australia declined -9.0%.

FY26 revenue guidance of $120-125m was reaffirmed and reported earnings (EBITDA) guidance upgraded to $4-6m.

Buy, High Risk retained. Target rises to 18c from 17c.

Target price is $0.18 Current Price is $0.12 Difference: $0.06
If BUB meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 50.0% (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

Macquarie rates CHI as Neutral (3) -

Channel Infrastructure NZ has pivoted into its new role as an import terminal, Macquarie notes, and has redefined its new core competencies and enhanced its licence to operate.

The company's FY25 result was at the top of earnings guidance and saw a meaningful step-change in dividend, also above guidance. 

Channel Infrastructure offers an attractive investment case based on its ownership and operation of critical, irreplaceable fuel import infrastructure in New Zealand, delivering stable, inflation-linked cash flows, and offering high dividend yields. Macquarie notes.

The broker continues to see strong potential upside from growth options and possible M&A transactions, however,the recent strong share price re-rating is now factoring in meaningful "blue sky" optionality. Neutral retained.

Target rises to NZ$2.77 from NZ$2.62.

Current Price is $2.53. Target price not assessed.

The company's fiscal year ends in December.

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

Bell Potter rates COG as Buy (1) -

COG Financial Services posted EBITDA that was in line with expectations. The company has an upbeat outlook for salary packaging, Bell Potter notes, while insurance broking was not addressed and acquisitions remain a prospect. No guidance was provided.

The broker highlights recent contract gains and overall business developments, including an increase in broker numbers of 5% and novated leases growing 53%. Buy rating unchanged. Target is reduced to $2.30 from $2.70.

Target price is $2.30 Current Price is $1.54 Difference: $0.76
If COG meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates COL as Buy (1) -

Coles Group delivered first half net profit that was slightly ahead of Bell Potter's expectations. EBITDA was up 7.8%, largely in line. Supermarket sales growth through the first seven weeks of the second half was 3.7% while liquor sales contracted -2.5%.

The broker notes the stock has returned to a discount to rival Woolworths ((WOW)) but this is deemed warranted given the lower level of forecast growth. Buy rating maintained. Target is reduced to $22.35 from $24.30.

Target price is $22.35 Current Price is $20.56 Difference: $1.79
If COL meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates COL as Buy (1) -

Coles Group’s 1H26 earnings (EBIT) of $1,231m, excluding significant items and including associates, were around 1% below Citi and in line with consensus.

The broker expects only modest consensus downgrades of around -1% to -2% and views the share price reaction as overdone, given Coles is trading on a -22% FY26 PER discount to Woolworths Group ((WOW)), above the historical 10–20% range.

Management produced solid supermarket execution, with cost savings flowing through cost of goods sold, and the 40bps gross profit margin uplift largely reflecting lower tobacco and ADC benefits.

Liquor remains the weak point, with 1H26 earnings (EBIT) -14% below Citi’s forecast and structural health trends and competition from Endeavour weighing on the outlook, although the division contributes only modestly to group valuation.

The 2H26 like for like sales growth of 3.3% was slightly below consensus. EPS forecasts are tweaked lower by circa -2% to -3%.

Buy rating retained and target lowered to $23.00 from $24.00.

Target price is $23.00 Current Price is $20.56 Difference: $2.44
If COL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates COL as Outperform (1) -

With the major supermarkets cycling the impacts of supply chain disruptions in the prior year, Coles Group has seen pressure on near-term sales growth expectations with growth for 1H26 and 2H26 to-date below consensus expectations, Macquarie notes.

Positively for the broker, Coles believes it is still taking market share despite quarter-to-date trading below Woolworths ((WOW)), and has structurally gained customers from the disruptions in the prior year.

From here, Macquarie believes this gives Coles increased flexibility to strategically re-invest across the business. This may include, but is not limited to, opportunities in-store, retail media and loyalty.

Target falls to $23.70 from $24.50, Outperform retained.

Target price is $23.70 Current Price is $20.56 Difference: $3.14
If COL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates COL as Overweight (1) -

Coles delivered 1H26 earnings (EBIT) of $1,231m, up 10.2% y/y and broadly in line with consensus, with Supermarkets earnings (EBIT) margin expanding 55bps to 5.8% on gross margin gains and cost discipline, Morgan Stanley explains.

Liquor earnings (EBIT) fell -37.3% on weaker sales and operating deleverage. Supermarket sales rose 3.6%, or 4.2% adjusting for prior industrial action, with 2Q LFL growth of 2.4% reflecting tougher comps and cycling of disruptions.

The Simplify and Save program delivered circa $133m in 1H benefits. Management reiterated FY26 capex guidance of around -$1.2bn and expects grocery conditions to remain competitive.

Morgan Stanley remains constructive, arguing the historical valuation discount to Woolworths is no longer justified given supply chain investment and top-line resilience. Overweight retained with a $25.40 price target. Industry View: In-Line.

Target price is $25.40 Current Price is $20.56 Difference: $4.84
If COL meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates COL as Upgrade to Accumulate from Hold (2) -

Coles Group deliveer the first half result that was slightly softer than Morgans expected. The liquor segment remain subdued amid competitive intensity, the broker notes, particularly in the second quarter as Endeavour Group ((EDV)) raised its investment in pricing and promotions.

Morgans downgrades earnings estimates for FY26-28 slightly and retains an unchanged target of $22.90 as valuation is rolled forward.

The business continues to perform well within key supermarket metrics and the recent pullback in the share price provides an attractive entry point so the rating is upgraded to Accumulate from Hold.

Target price is $22.90 Current Price is $20.56 Difference: $2.34
If COL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates COL as Accumulate (2) -

Coles posted first-half FY26 earnings in line with Ord Minnett but the result was weak versus Woolworths ((WOW)), the broker notes, spurring investors to sell Coles shares down more than -7% on the day.

Coles posted like-for-like supermarket sales growth in the period of 2.4%, lagging Ord Minnett's estimate of 3.0% and the 4.7% rate posted by its larger rival.

The broker acknowledges both Coles and Woolworths, even with its supply chain issues, are executing well but the respective updates for the first seven weeks of the second half shows Woolworths has clearly regained the top perch in Australian supermarkets sales.

The broker retains an Accumulate recommendation on Coles, but has a slight bias to Woolworths, also rated as Accumulate, in the sector as its non supermarkets businesses, such as Big W, offer more earnings upside than Liquorland, Coles’ only significant non-supermarket operation.

Target falls to $22.50 from $24.00.

Target price is $22.50 Current Price is $20.56 Difference: $1.94
If COL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates COL as Buy (1) -

UBS lowers its target for Coles Group by -$1.00 to $24.00 following interim results given slowing Supermarkets sales and challenges faced by Liquor.

The analysts retain a Buy rating, citing ongoing Supermarkets execution driven by promotional effectiveness and cost leadership. A now wider-than-average one-year forward P/E multiple gap of 5.4x to Woolworths Group ((WOW)) is also noted.

A summary of the broker's original thoughts on result's day follows.

In a quick response to today's interim result release by Coles Group, UBS comments the 1H26 result, with NPAT (pre-significant items) of $676m (+12.5%) is broadly in line, despite Supermarkets underperforming expectations.

Commentary highlights group sales are $23.62bn (+2.5%) and Supermarkets EBIT (ex-significant items) is $1,234m (+14.6%), with 2Q like-for-like sales growth slowing to 2.4% and underlying gross margin lifting 65bp to 27.8%.

Liquor remains the weak spot, with EBIT down -37% to $42m and 2Q like-for-like sales -5.3%, while the first seven weeks of 3Q show Supermarkets sales up 3.7% and Liquor sales down -2.5%, both below expectations.

Capex guidance of -$1.2bn is maintained, and cash realisation is 94%. 

Target price is $24.00 Current Price is $20.56 Difference: $3.44
If COL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $23.41, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates CYL as Buy (1) -

Catalyst Metals posted an increase in revenue of 20% in the first half results while costs increased 25% as exploration, development and production ramped up across its mines.

EBITDA was in line and Bell Potter notes the company continues to invest in its multi-mine strategy across the Plutonic Belt.

The ramp up of Plutonic East has been achieved, with the underground development at K2 being advanced along with development of the Trident operations. Buy rating and $14.60 target retained.

Target price is $14.60 Current Price is $8.51 Difference: $6.09
If CYL meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates CYL as Buy (1) -

Catalyst Metals deliver the first half result that was largely in line with expectations and Morgans assesses FY26 is shaping up as a foundation year ahead of an expected move up in volumes from FY27 and beyond.

The continued strength in the gold price has delivered a material increase in revenue, up 50%. The main negative was legal settlement fees regarding the Plutonic K2 prospect that eroded net profit and were not fully captured in the broker's forecasts.

Guidance remains intact as the company positions for growth and Morgans retains a Buy rating. Target is $14.56.

Target price is $14.56 Current Price is $8.51 Difference: $6.05
If CYL meets the Morgans target it will return approximately 71% (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 DDR as Downgrade to Equal-weight from Overweight (3) -

On further inspection, Morgan Stanley downgrades Dicker Data to Equal-weight from Outperform while retaining a $10.30 target.

While execution remains solid and the business retains structural IT spend tailwinds, the broker believes the current valuation of circa 18–19x 202626–27 EPS fairly reflects the earnings trajectory. Longer term growth expectations have been moderated, with less scope for incremental share gains beyond system growth.

Industry-view: In-line.

****

Dicker Data's 2025 result that beat the top end of guidance and shifts focus to 2026 growth pillars beyond PCs, on the broker's assessment.

Commentary highlights revenue up by 15% to $3,866m (above the $3.7–3.8bn guide), driven by Endpoint Solutions (+19%), Advanced Solutions (+11.8%) and Software (+21%), while EBITDA of $159.4m (+6%) is in line and pre-tax profit of $124.7m (+10.2%) beats the $120–124m guide.

The broker notes gross margin eased to 9% but argues this is a positive signal for an SMB rebound that could add circa 40bp, alongside stable working-capital days and more payout flexibility.

The broker highlights growing AI exposure as a distribution partner for AI data centres and sees scope for further vendor adds and medium-term offshore expansion.

Catalysts are identified as continued ex-PC refresh momentum and incremental AI wins, while the key risk is lumpy hardware demand and margin volatility.

Target price is $10.30 Current Price is $10.05 Difference: $0.25
If DDR meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.65, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in December.

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 ELD as Outperform (1) -

Elders' Killara feedlot divestment comes at an opportune time, Macquarie suggests, when demand for Australian protein is high and beef prices in particular sit 40% above tyhe long term average.

The sale multiple of 16x is well above Elders' FY26 traded multiple of 8.6x -- a premium that represents that on offer for beef investments. Elders has sold well, Macquarie notes.

The divestment furthers Elders' strategy of improving return on capital and continues to lower the capital intensity of the business. Killara is one of the more capital heavy/lower returning segments and the sale should be accretive to returns into 2H26-plus, the broker suggests.

Target rises to $8.60 from $8.40, Outperform retained.

Target price is $8.60 Current Price is $7.26 Difference: $1.34
If ELD meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.68, suggesting upside of 18.0% (ex-dividends)

The company's fiscal year ends in September.

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 EPI as Speculative Buy (1) -

Epiminder's inaugural first half results provided no material surprises for Morgans. Since listing the company has secured a favourable Medicare reimbursement ruling and completed the first US Minder implant. Nine tier-1 US centres for DETECT have also been signed.

Execution on enrolment is now the key swing factor for sentiment, the broker adds. No changes are made to FY26-28 forecasts and a Speculative Buy rating is maintained. Target is $2.33.

Target price is $2.33 Current Price is $0.85 Difference: $1.48
If EPI meets the Morgans target it will return approximately 174% (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 HVN as Buy (1) -

On further inspection Harvey Norman’s 1H26 earnings (EBIT) of $431m, excluding revaluations, fell around -5% short of Citi and -2% below consensus, reflecting softer Australian trading, partly offset by stronger international performance.

FY26–FY27 earnings (EBIT) forecasts fall by -5%, with roughly half due to higher-than-expected D&A.

Buy retained, target reduced to $7.00 from $7.50.

****

Upon first assessment, Citi comments Harvey Norman's H1 underlying result seems to have slightly 'missed' against its own estimate as well as versus consensus.

Weaker than expected franchise system sales feature as well. Commentary highlights the added trading update looks in line with retailer peers' pace of growth, but is nevertheless below forecast.

The interim dividend of 14.5 cps is, yet again, slightly below Citi's 15 cps forecast.

Buy. Target price $7.90.

Target price is $7.00 Current Price is $5.76 Difference: $1.24
If HVN meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.91, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates HVN as Outperform (1) -

Despite 1H26 comparable sales missing expectations by -1.8ppts, Macquarie notes Harvey Norman is still delivering strong operating leverage. Franchisee sales were up 4.8% year on year, resulting in profit growth of 14.2%.

The market appears to be focused on potential downside risks to consumer spending if further cash rate hikes materialise, though management emphasised its customer cohort is generally mid-to-upper income, providing some insulation to cash rate hikes.

The outlook is softer, Macquarie suggests, but sales momentum is solid despite the shifting RBA outlook. Outperform retained.

Target falls to $6.60 from $7.60.

Target price is $6.60 Current Price is $5.76 Difference: $0.84
If HVN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.91, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates HVN as Upgrade to Hold from Lighten (3) -

Harvey Norman reported a sharp slowdown in sales growth in the dominant Australian business in the last six weeks of 1H26 to -1.2% from 6.4% earlier in the half, with first-half profit before tax  missing market expectations, Ord Minnett notes, sparking a -9% sell-off.

Further denting sentiment towards Harvey Norman was the weak start to the second half, with sales growth in January of 3.6%, well short of the market's forecast for 5.7% growth in the second half of FY26.

Ord Minnett has cut its earnings estimates to incorporate the rising interest rate environment, which has a deeper impact on Harvey Norman’s customers than those of its rivals, the negative effect of the stronger Australian dollar on translation of offshore earnings, and delays to achieving profitability in the UK.

Target falls to $5.80 from $6.20. The share price sell-off leads to an upgrade to Hold from Lighten.

Target price is $5.80 Current Price is $5.76 Difference: $0.04
If HVN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.91, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates HVN as Neutral (3) -

UBS reduces its target price to $6.15 from $7.50 for Harvey Norman’s following interim results. The Neutral rating is maintained given slowing momentum in core Franchising Operations, offset by recent share price weakness.

Underlying profit before tax (PBT) - pre AASB16, pre property revaluations - came in below forecasts by the broker and consensus due to weaker core Franchising Operations. A partial offset was provided by operations in New Zealand and Ireland, explain the analysts.

Revenue, PBT and NPAT rose 10.5%, 20.1% and 15.2%, respectively,  on the prior year, while Franchising Operations profit before tax of $205.9m missed the UBS estimate by -10%.

UBS cuts its FY26 and FY27 earnings forecasts by -4.0% and -8.6%, respectively. The broker notes improving New Zealand conditions but expects ongoing United Kingdom losses.

Target price is $6.15 Current Price is $5.76 Difference: $0.39
If HVN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.91, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates IAG as Buy (1) -

With a higher skew to personal lines and undemanding valuation metrics, UBS sees compelling upside across the domestic general insurers. The analysts formed this view after reviewing APRA's 2Q26 General Insurance statistics.

The broker prefers Insurance Australia Group over Suncorp Group given greater upside risk to its insurance trading ratio (ITR) margin relative to the consensus estimate.

Unchanged Buy rating and $9.00 target for Insurance Australia Group.

Target price is $9.00 Current Price is $6.66 Difference: $2.34
If IAG meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $8.45, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates IME as Speculative Buy (1) -

ImExHS revealed underlying EBITDA in 2025 improved materially, being at the top end of guidance, and  Morgans highlights the business is now a "cleaner, cash-positive platform".

A combination of a cleaner revenue mix and lean cost structure as well as a healthy balance sheet positions the business to convert incremental software growth and Aquila+ initiatives into improved operating leverage, the broker adds.

Morgans perceives the revenue multiple as undemanding and remains cautiously optimistic, retaining a Speculative Buy rating and raising the target to $0.50 from $0.35.

Target price is $0.50 Current Price is $0.45 Difference: $0.05
If IME meets the Morgans target it will return approximately 11% (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

Bell Potter rates IRI as Buy (1) -

Bell Potter found first half revenue from Integrated Research, despite falling -2%, was ahead of forecasts. Losses at the EBITDA and profit line occurred, as expected, but were also smaller than forecast.

The broker downgrades FY26 revenue forecasts by -8% because of a softer renewals book. Positive EBITDA and net profit are both forecast for FY27 and FY28. Buy rating maintained.

The cash balance is expected to remain "reasonably flat" over the short term despite the transition and investment in product-led growth. Target is reduced to $0.36 from $0.40.

Target price is $0.36 Current Price is $0.30 Difference: $0.065
If IRI meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 had pre-reported its first results with underlying EBITDA of $37.5m, up 22.6%. The results include a positive contributions from the Dream Car Giveaways and Dream Giveaway acquisitions.

A slight jump in market share was noted by Bell Potter, which finds it difficult to draw conclusions for the company's market share recovery given subdued jackpots.

Hold rating retained as a broker continues to envisage risks to market share and potential for worsening sentiment towards software companies where advancements in AI technology could mean increased competition. Target is reduced to $10.40 from $10.80.

Target price is $10.00 Current Price is $9.69 Difference: $0.31
If JIN meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $12.92, suggesting upside of 33.0% (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 JMS as Outperform (1) -

The Tshipi Board has deferred its decision on dividend distribution to the scheduled board meeting on 12 March 2026. The delay is due to the timing of the Exxaro transaction close, which was expected to complete on 27 February.

Jupiter Mines' earnings and profit beat Macquarie's forecasts by 7%/8% on lower employee benefits expenses and lower business development costs.

With Exxaro set to become a 50.1% owner of the Tshipi mine and 19.99% owner of Jupiter Mines equity, it is clear there are additional consolidation opportunities at the Tshipi mine, Macquarie suggests.

Target rises to 32c from 29c, Outperform retained.

Target price is $0.32 Current Price is $0.30 Difference: $0.02
If JMS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates KAR as Hold (3) -

Morgans highlights "a solid set of earnings" from Karoon Energy in 2025, slightly ahead of estimates.

2026 production guidance of 8.1-9.2 mmboe is unchanged, although the broker points out the wide range leaves room for downside, given the uncertainties around Bauna intervention and the Who Dat issue, the latter being immaterial but an unfortunate further negative.

Morgans reduces 2026 production forecasts in line with updated guidance for Who Dat and also tempers the expected production rebound at Bauna. Hold rating. Target is reduced to $1.65 from $1.70.

Target price is $1.65 Current Price is $1.55 Difference: $0.105
If KAR meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 4.6% (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

Morgans rates KSL as Buy (1) -

Kina Securities deliver 2025 underlying net profit that, while up 20%, was below Morgans estimates because of a higher bad debt charge compared with forecasts. The latter was based on a management decision to tidy up a small group of old loans.

Otherwise the broker found the financial performance "solid". The long-term growth trajectory is considered favourable and Morgans believes the stock is "too cheap" amid a single-digit forward PE. Buy rating. Target is reduced to $1.57 from $1.78.

Target price is $1.57 Current Price is $1.25 Difference: $0.325
If KSL meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Shaw and Partners rates LM8 as Buy, High Risk (1) -

Shaw and Partners notes Lunnon Metals has transitioned Lady Herial from discovery to production, lifting Mineral Resources by 49% to 54,200oz at 2.1 gold per tonne (g/t) gold.

Mining has commenced with ore deliveries underway, explains the broker, leveraging record gold prices above $7,800/oz. It's felt Lunnon is set to generate significant cash flow to fund further exploration of its prolific Kambalda gold targets.

Shaw increases its forecast FY26 production to 21koz from 16koz and pushes some output into FY27. Around $94m in operating cash flow (OCF) is anticipated through to year-end at the broker's updated gold price assumptions.

The Buy, High Risk rating is maintained. The target rises to 92c from 80c target.

Target price is $0.92 Current Price is $0.46 Difference: $0.46
If LM8 meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Light & Wonder produced a 2025 result that was largely in line. Morgans notes Grover continues to track ahead of expectations and North American outright sales hit a record.

The broker was encouraged by management's comments that  AI was both a growth opportunity and a defensive moat.

Morgans believes the technology will enhance the competitive edge of the business rather than erode, while the recent weakness in the share price appears disconnected from the durability of land-based earnings.

Rating is upgraded to Buy from Accumulate while the target is lowered to $195 from $200.

Target price is $195.00 Current Price is $134.21 Difference: $60.79
If LNW meets the Morgans target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $207.71, suggesting upside of 67.4% (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: 1.0

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

Citi rates LYC as Sell (5) -

Lynas Rare Earths is viewed as transitioning in 1H FY26 from a capex-heavy buildout phase to one of operating and pricing leverage, with NdPr prices above US$100/kg versus around US$49/kg a year ago supporting earnings upside.

Citi highlights policy-driven supply tightening outside China and notes Lynas is one of the few scaled ex-China producers positioned to capture stronger pricing across both light and heavy rare earths.

Malaysian operations are performing well and Mt Weld commissioning is progressing, although carbonation bottlenecks and prior power disruptions at Kalgoorlie are constraining consistent achievement of the 10.5ktpa run rate.

A planned circa 5,000t HRE expansion in Malaysia by end calendar 2027 is expected to strengthen exposure to Dy and Tb and support premium bundling economics.

Overall, improving price realisation and rising utilisation are expected to underpin margin expansion, with Kalgoorlie stabilisation the key near-term catalyst.

Sell. Target $9.50

Target price is $9.50 Current Price is $18.98 Difference: minus $9.48 (current price is over target).
If LYC meets the Citi target it will return approximately minus 50% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.83, suggesting downside of -25.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates M7T as Buy (1) -

Mach7 Technologies posted a "soft" first half, Morgans observes, amid an adjusted EBITDA loss of -$2.3m versus $800,000 in profit in the prior corresponding half.

The broker notes while the half was weak on headline growth and profitability it was broadly consistent with the narrative for a re-set and rebuild year. Recurring revenue held up "relatively well".

The broker envisages topline growth should outdo cost growth over the next few years and result in "decent" operating leverage. Buy rating. Target is $0.76.

Target price is $0.76 Current Price is $0.34 Difference: $0.425
If M7T meets the Morgans target it will return approximately 127% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates MLX as Buy (1) -

With tin at record prices, Ord Minnett notes Metals X is the sole tin producer on the ASX, and has robust fundamentals with a ten-plus year mine life, net cash of almost $300mn and exposure to attractive growth opportunities.

The miner's Its 2025 financial report showed statutory profit of $104m but otherwise provided little relevant data.

The broker is watching for another attempt to acquire JV partner Greentech – which we are now less hopeful about – and awaiting development approvals for Taronga Tin in NSW and Oropesa in Spain, as Metals X has stakes in the projects owners.

The company may increase its involvement if the projects advance towards production. Buy and $1.60 target retained.

Target price is $1.60 Current Price is $1.43 Difference: $0.17
If MLX meets the Ord Minnett target it will return approximately 12% (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

Shaw and Partners rates MMI as Buy, High Risk (1) -

Metro Mining's 2025 underlying earnings (EBITDA) rose 95% to $73m, broadly in line with Shaw and Partners' $76m forecast.

"Strong" operating cash flow (OCF) is highlighted, while net debt fell to $5m, lending confidence to a new buyback of up to 5% of issued shares.

Statutory profit of $142m included $87m of previously disclosed one-off items, explain the analysts, while underlying profit increased to $56m from $1m in 2024.

2026 production guidance of 6.6-7.1Mt compares with Shaw’s 6.8Mt forecast. The strengthened balance sheet has supported a share buyback of up to 5%.

Buy, High Risk rating and 15c target retained. 

Target price is $0.15 Current Price is $0.07 Difference: $0.079
If MMI meets the Shaw and Partners target it will return approximately 111% (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

Citi rates MP1 as Buy (1) -

Citi places Megaport on a upside 90-Day catalyst watch due to potential for the company to upgrade its FY26 guidance for revenue and earnings (EBITDA) in May resulting from robust momentum in Megaport Network business.

There is downside risk to Latitude not ramping up as fast but this is unlikely to have a "material" affect on FY26 guidance.

Furthermore, Megaport delivered a strong 1H result, although concerns around FY27 margins, FX headwinds and a softer Latitude update weighed on sentiment.

The broker believes Latitude’s weak start, with Dec-25 incremental ARR of US$2m versus a FY25 average of US$4.3m, reflects server constraints and timing rather than demand, and expects acceleration toward US$96m in 2027 as capacity and GTM investment ramp.

Standalone Megaport Network guidance is viewed as conservative, with FY26 ARR forecast at $277m and revenue at $263m, up 19% y/y in constant currency, while FY27 revenue is upgraded to $304m.

Mid-point earnings (EBITDA) margin guidance of 18–20% implies a -$16m opex increase in 2H26, but the analysts forecast group EBITDA of $74m and a 24% margin in FY26, rising to $117m and 28% in FY27.

Buy retained, with the target price cut -7% to $14.65 on lower peer multiples and earnings downgrades.

Target price is $14.65 Current Price is $8.79 Difference: $5.86
If MP1 meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $16.13, suggesting upside of 93.9% (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 MPL as Neutral (3) -

UBS notes APRA’s 2Q26 private health insurance (PHI) statistics show claims payments per person deteriorated/rose -7.3% in the December quarter and -4.2% over 2025.

These numbers highlight renewed pressure on margin sustainability, supporting the broker's Neutral rating on Medibank Private. Target unchanged at $4.90.

The analysts warn effective premium increases risk failing to keep pace with rising claims inflation, particularly as participation rates begin to plateau.

Target price is $4.90 Current Price is $4.38 Difference: $0.52
If MPL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 16.4% (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 MQG as Equal-weight (3) -

Macquarie Group will sell its 50% stake in Air Finance as part of a US$7bn enterprise value transaction, generating around $2bn in post-debt proceeds and an estimated $600m gain on sale, with completion expected mid-FY27.

Morgan Stanley forecasts total gains on sale of $1.46bn versus consensus at $1.14bn, implying upside risk, with the earnings impact estimated at around $330m post tax and staff profit share, or roughly 7% of FY27 NPAT.

The business contributes around $100m in asset finance revenues and less than $50m in earnings against approximately $550m of capital, and Macquarie will forego around -$50m of base fees, partly offset by potential termination fees of up to $100m.

Exiting a sub-10% ROE business is viewed as freeing capital for higher return divisions or capital management, supporting ROE recovery and potential re-rating.

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

Target price is $225.00 Current Price is $213.48 Difference: $11.52
If MQG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $229.70, suggesting upside of 14.5% (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 MSB as Speculative Buy (1) -

Mesoblast had pre-released revenue details for the first half while the loss of the EBITDA level was higher than Bell Potter expected because of an increase in R&D expenses.

Guidance is for FY26 net revenue from Ryoncil sales of $110-120m, and the broker suspects second half EBITDA will be close to break even.

The company expects to achieve 20% market penetration in paediatric SR aGvHD by the fourth quarter of FY26 with a longer term goal of 40% and in the absence of any other effective treatment Bell Potter believes this is a "low bar".

Speculative Buy rating and $4.45 target unchanged.

Target price is $4.45 Current Price is $2.24 Difference: $2.21
If MSB meets the Bell Potter target it will return approximately 99% (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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X unveiled a first half result demonstrated progress across product sales and revenue. The net loss was greater than Morgans expected, with the difference relating to an R&D tax incentive which had been included in its revenue forecasts.

The broker is focused on several milestones the second half including the start of the head CT pilot and pivotal trial, additional Rover sales in the US and Southeast Asia and monetisation of the non-core security assets. Speculative Buy rating maintained. Target is $0.16.

Target price is $0.16 Current Price is $0.08 Difference: $0.085
If MX1 meets the Morgans target it will return approximately 113% (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 MYG as Buy (1) -

Mayfield Group delivered EBITDA of $8m in the first half, ahead of Bell Potter's estimates. Revenue was up 53%, reflecting strong conversion of work in hand.

The broker points out the outlook is underpinned by structural tailwinds in mining, renewable energy, data centres, defence and water infrastructure markets. The business is also adequately capitalised for further acquisitions and funding organic growth.

Buy rating maintained. Target is reduced to $3.40 from $3.60.

Target price is $3.40 Current Price is $2.97 Difference: $0.43
If MYG meets the Bell Potter target it will return approximately 14% (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 NEU as Buy (1) -

Bell Potter assesses the 2025 result from Neuren Pharmaceuticals has demonstrated it is comfortably profitable based on the existing royalty stream from Daybue that more than offsets R&D expenditure on the second asset, NNZ-2591.

The phase 3 trial for NNZ-2591 in Phelan McDermid syndrome is now recruiting and despite results being 18 months away represents a key inflection opportunity for the company.

Daybue 2025 sales were US$391m, up 12%, and the broker found the bullish 2026 guidance from Acadia of US$460-490m in sales "most interesting" as it implies an acceleration for 2025 that is well above prior forecasts.

Buy rating and $22 target maintained.

Target price is $22.00 Current Price is $13.05 Difference: $8.95
If NEU meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $24.57, suggesting upside of 78.1% (ex-dividends)

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

UBS rates NHF as Neutral (3) -

UBS notes APRA’s 2Q26 private health insurance (PHI) statistics show claims payments per person deteriorated/rose -7.3% in the December quarter and -4.2% over 2025.

These numbers highlight renewed pressure on margin sustainability, supporting the broker's Neutral rating on nib Holdings. Target unchanged at $7.20.

The analysts warn effective premium increases risk failing to keep pace with rising claims inflation, particularly as participation rates begin to plateau.

Target price is $7.20 Current Price is $6.41 Difference: $0.79
If NHF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.34, suggesting upside of 14.7% (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

Shaw and Partners rates NOL as Buy, High Risk (1) -

NobleOak Life's interim in-force premiums rose 19% to $505m, in line with Shaw and Partners' estimate, while underlying profit increased 11% to $9.6m, slightly below the broker's forecast.

Market share improved to 4.4% of in-force premiums and 13.8% of new business, highlights the analyst, with lapse rates -2.8ppts below the industry.

FY26 guidance is for at least 15% premium growth and profit growth of at least 10% was also reaffirmed.

Shaw expects further share gains amid industry consolidation and cites NobleOak Life's strong capital position with a 174% capital adequacy multiple.

Buy, High Risk. Target unchanged at $2.85.

Target price is $2.85 Current Price is $1.34 Difference: $1.51
If NOL meets the Shaw and Partners target it will return approximately 113% (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 NXT as Outperform (1) -

NextDC's 1H26 forward order book reflects strong demand and execution, Macquarie notes, with billing capacity pulled forward to FY27/28 and strong contract wins.

The company is launching a sub-note offering next week. This debt is treated as equity by senior debt, and therefore does not impact covenants, the broker explains.

Recent contract wins underwrite two years of debt funding for growth, with Macquarie suggests implies no near-term capital raise. NextDC boats a significant opportunity set, strong market position, evidence of execution, funding optionality, and a strong underlying free cash flow yield.

Target falls to $20.80 from $22.30, Outperform retained.

Target price is $20.80 Current Price is $13.88 Difference: $6.92
If NXT meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $20.73, suggesting upside of 54.7% (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 OBM as Outperform (1) -

Ora Banda Mining’s 1H26 result delivered modest beats across key financial metrics with earnings (EBITDA) up 3% versus consensus and net profit after tax, 8% ahead of Macquarie's forecast, supported by lower operating costs and depreciation.

Operating cash flow of $200m was 4% above consensus, driving a similar beat at the free cash flow line, while net cash of $127m was in line and the company remains debt free.

Management's FY26 guidance was unchanged, with production maintained at 140–155koz and AISC of $3,250–3,350/oz.

Earnings (EBITDA) forecasts rise by 5% for FY26, driving an 8% increase in EPS estimate, with no changes to outer years.

Outperform retained, target unchanged at $1.50, with ongoing resource growth and the 3.0Mtpa expansion study in 4Q26 highlighted as key catalysts.

Target price is $1.50 Current Price is $1.29 Difference: $0.21
If OBM meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgans notes first half results from Objective Corp were slightly ahead of forecasts at the net profit and EBITDA lines. Annual recurring revenue grew 12% although this was -3.2% below expectations largely because of timing.

Forecasts for EBITDA are reduced by -4% across FY26-28 amid adjustments for ARR guidance and expectations around the timing of investment as well as currency movements.

The broker envisages significant opportunity for the business to scale its divisions, having a defensive government customer base and long history of growth. Rating is upgraded to Buy from Accumulate and the target lowered to $16.70 from $20.00.

Target price is $16.70 Current Price is $12.93 Difference: $3.77
If OCL meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $21.08, suggesting upside of 65.4% (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

Macquarie rates PXA as Outperform (1) -

On further inspection Macquarie lifts FY26/FY27 EPS forecasts by 4.4% and 7.4% respectively on upgrades in Australia and improved UK assumptions.

Outperform retained, with the target price increased to $19.60 from $19.15.

****

Today's interim result by Pexa Group revealed EPS of 11.76c, 61% ahead of Macquarie's estimate and 123% above consensus, supported by stronger Australian volumes and margins and lower UK losses.  FY26 guidance was reiterated.

In an early assessment, the earnings (EBITDA margin) of 58% was well ahead of the analyst's expectation, despite market share of 89.9% slightly below forecasts. 

Australian revenue of $181.8m also beat the broker's forecast, with market volumes of 2.44m exceeding both Macquarie and consensus estimates.

International revenue of $33.5m was a 'miss' though earnings losses of -$19.6m were narrower than expected by Macquarie, with cash outflows tracking within guidance.

Net debt/EBITDA improved to 1.4x.

Outperform rating. Target price $19.15.

Target price is $19.60 Current Price is $14.98 Difference: $4.62
If PXA meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $18.04, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates PXA as Accumulate (2) -

First half net profit from Pexa Group rose 90%, beating expectations, with revised guidance for FY26 net profit of $15-25m.

Morgans observes the business clearly benefited from an improved volume environment in both Australia and the UK and raises FY26 and FY27 cash EPS estimates by more than 10%, remodelling for the new division disclosures.

The broker believes the business represents a quality defensive play in technology and the signing of NatWest Group in the UK is a positive. If the company executes well for this "cornerstone customer" the international business should have a clear path to success in the market.

Accumulate rating maintained. Target is raised to $17.01 from $16.09.

Target price is $17.01 Current Price is $14.98 Difference: $2.03
If PXA meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.04, suggesting upside of 16.5% (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

UBS rates PXA as Buy (1) -

After further reflection upon Pexa Group's interim results, UBS raises its target to $17.50 from $17.00 after increasing its FY30 EPS estimate by 2.8% on stronger Australian and UK volumes. Buy rating retained. 

UK success is expected to support further value upside.

A summary of the analysts' initial thoughts on result's day follows.

In a quick assessment of Pexa Group's H1 result, UBS concludes the performance is stronger-than-expected, driven by record Australian exchange volumes and lower opex, though unchanged FY26 guidance implies a softer 2H as UK costs step up.

Core operating EBITDA is up 19% to $85.8m (margin 39.9%) and core NPATA up 33% to $40.3m, comfortably ahead of expectations.

The broker attributes the beat to Australian revenues benefiting from transaction volumes up 7.7% y/y and cost efficiencies (opex down -2.6% y/y), while International remains loss-making (operating EBITDA -$19.6m).

Target price is $17.50 Current Price is $14.98 Difference: $2.52
If PXA meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.04, suggesting upside of 16.5% (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

Morgan Stanley rates RHC as Underweight (5) -

APRA data for Dec-Q 2025 showed private hospital episodes up 6% y/y, with day episodes rising 7% and overnight 4%, while benefits grew 13% on a combination of volume and pricing, supporting improved near-term operating conditions for Ramsay Health Care.

Australian revenue from customers rose 8.2% in 1H26, with underlying earnings (EBIT) up 7.1%, although EBIT margin contracted -10bps.

Morgan Stanley flags FY27 PHI premium increases ahead of wage inflation as a potential headwind to utilisation and participation, alongside risks of further wage pressure requiring full pass-through to maintain margins.

The broker’s Australian EBIT margin and group EPS forecasts sit below consensus for FY27–28. 

Underweight rating and $35.70 target unchanged. In-Line industry view.

Target price is $35.70 Current Price is $43.07 Difference: minus $7.37 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.55, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates RHC as Hold (3) -

Ramsay Health Care posted 1H26 earnings and interim dividend comfortably ahead of consensus estimates, underpinned by strong revenue and tight cost control that boosted margins at its Australian operations, although all business divisions beat market expectations, Ord Minnett notes.

The 53% owned French Sante business, that Ramsay plans to spin off as a separate listing on the ASX by December, and the UK operations, along with its Elysium mental health division, all performed ahead of consensus forecasts.

Ord Minnett lifts earnings estimates across FY26-28 to incorporate lower operating costs in the Australian business and the maintenance of margins in Europe and the UK, partially offset by negative currency effects on offshore revenue.

Target rises to $38.25 from $33.97, Hold retained on valuation.

Target price is $38.25 Current Price is $43.07 Difference: minus $4.82 (current price is over target).
If RHC meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.55, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates RHC as Neutral (3) -

UBS believes Ramsay Health Care's interim result signals a potential inflection point, with underlying domestic margins improving 40bps and market share gains aided by disruption at competitor Healthscope.

The broker expects modest margin expansion in FY26, supported by pricing to offset nursing wage inflation and the National Capital Private Hospital acquisition. It's noted the contract for the Joondalup Health Campus in Western Australia remains a drag in H2.

The analysts also highlight tougher conditions in the UK amid reduced government budget support and assumes Elysium (UK mental health services business) is being stabilised ahead of a potential sale.

UBS retains a Neutral rating given recent share price appreciation and raises its target price to $42.90 from $35.90.

Target price is $42.90 Current Price is $43.07 Difference: minus $0.17 (current price is over target).
If RHC meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.55, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates RTH as Buy (1) -

RAS Technology delivered a good 1H26 result, beating Ord Minnett at the annual recurring revenue and gross profit line, while strategic headcount investment saw earnings below expectations.

RAS has signed a milestone international agreement with LeoVegas, expanding its UK footprint and helping offset the upcoming completion of the deal with Stake, the broker reports.

RAS continues to deliver growth in excess of 30%, trades on just 0.9x FY27 enterprise value to revenue, and continues to screen cheaply in Ord Minnett's view. Target falls to $1.73 from $1.82, Buy retained.

Target price is $1.73 Current Price is $0.79 Difference: $0.942
If RTH meets the Ord Minnett target it will return approximately 120% (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 SIQ as Hold (3) -

Bell Potter found the highlight of the 2025 result from Smartgroup Corp was the sustained operating performance and strategic achievements which focused on digital demand generation. Finances were generally in line with expectations.

The company continues to operate in a competitive environment yet EBITDA margins expanded by 230 basis points to 41% while guidance for 45% as a baseline during 2027 was reiterated.

No cost cutting program was announced, with benefits from scale being targeted. The broker welcomes the news albeit volume uncertainty, coupled with investment, means the Hold rating is unchanged. Target rises to $9.30 from $8.60.

Target price is $9.30 Current Price is $8.82 Difference: $0.48
If SIQ meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

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 SKT as Underweight (5) -

SKY Network Television reported a solid 1H26 result, with revenue of NZ$414m up 8% and earnings (EBITDA )of NZ$78m up 29%, both ahead of Morgan Stanley’s expectations, and FY26 guidance reiterated at NZ$820–835m revenue and NZ$145–160m EBITDA.

The broker trims FY26E revenue to NZ$821m on weaker SkyBox and streaming subscriber trends and softer Sky Free advertising, but lifts EBITDA forecasts by 1–2% on tighter cost control and lower programming spend, increasing FY26–FY28 EPS forecasts slightly.

Despite improved execution and a commitment to at least a NZD30c FY26 dividend, Morgan Stanley remains cautious on structural headwinds from cord-cutting, DTC launches by global studios and sports rights inflation.

The stock is viewed as expensive on 12x FY26E P/E given flat medium-term earnings and ongoing competitive risk.

Underweight retained, with the target price raised to NZ$2.50 from NZ$2.29. Industry view: Attractive.

Current Price is $2.76. 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: 0.0

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

Bell Potter rates SNZ as Buy (1) -

Summerset Group's 2025 underlying profit of NZ$234.2m, was 1% ahead of Bell Potter's forecast and  2% above consensus, with no formal guidance but targeting 750–850 ORA (occupation right agreement) builds in 2026 across A&NZ versus 693 in 2025.

Sales momentum strengthened into year-end, with total sales rising 26% y/y driven by 37% growth in new sales and 16% in resales, and 1Q26 sales tracking ahead of last year.

The group acquired a 6.4ha Mornington, VIC site with scope for around 159 ILUs (independent living units) and a circa 73-bed aged care facility, while gearing of 37.1% sits above the mid-point of the 30–40% target range but is expected to ease as major deliveries are realised.

EPS forecasts for FY26–FY28 are tweaked slightly reflecting Australian expansion costs. Buy retained, with Australia expected to accelerate build rates to 100–150 in 2026 and the stock trading at a -22% discount to NTA. Target NZ$14.40 from NZ$14.75.

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's  underlying net profit after tax up 13% on 2024 results despite subdued housing conditions, with sales momentum remaining strong across A&NZ.

Management expects 1Q26 sales and settlements to exceed last year, supported by a new sales pipeline of 267 units, up 40% versus 2024, and a resales pipeline of 211, up 9% y/y, while St Johns is 45% sold or under contract.

Build rates are guided to 650–700 in 2026, with Australia deliveries stepping up to 100–150 in 2026 and 300 in FY27 as four sites progress, including a new Mornington VIC site under contract.

EPS forecasts for FY26/FY27 are cut slightly by -2.7% and -3.3%, respectively, on lower initial VIC development margins and higher depreciation,

Outperform rating. Target price lifts to NZ$16.09 from 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

Morgans rates SOM as Speculative Buy (1) -

The first half result from SomnoMed places the business in a strong position to achieve the "lower end of guidance" Morgans notes. FY26 revenue guidance is $119-126m and EBITDA $10-12m.  Around half of revenue and the majority of EBITDA have already been achieved in the first half.

The broker continues to believe the stock is undervalued even against conservative assumptions, and the weakness in the share price, despite intact fundamentals, provides an opportunity. Speculative Buy rating maintained. Target is $0.99.

Target price is $0.99 Current Price is $0.73 Difference: $0.26
If SOM meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates SSG as Hold (3) -

Shaver Shop reported 1H26 profit up 1.5%, with record gross margins of 46.5% and operating cash flow up 31%, Ord Minnett observes. Trading momentum continues into 2H26 with sales up 3.8%.

Further Transform-U range expansion should support sales and margin growth over time, the broker suggests. The store network will grow to 127 with the opening one new store in March.

Shaver Shop maintains a strong market position in the personal care segment and generates high returns on capital, but given exceptional growth in sales and gross profit in recent years Ord Minnett expects earnings to consolidate at current levels.

Hold and $1.50 target retained.

Target price is $1.50 Current Price is $1.56 Difference: minus $0.055 (current price is over target).
If SSG meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates STH as Buy (1) -

With the key P&L metrics having been pre-reported in early February, StepChange’s 1H26 earnings result was as expected, while net profit was modestly ahead of Ord Minnett.

The company capped off a solid maiden 1H result as a listed entity, Ord Minnett suggests, delivering a return top line growth and solid operating leverage demonstrated as underlying earnings grew 50% year on year.

StepChange enters 2H26 buoyed by recent contract wins and the uplift and synergies from the BroadReach acquisition., and has announced an on-market buy-back of up to 10%. Buy and 23c target retained.

Target price is $0.23 Current Price is $0.16 Difference: $0.07
If STH meets the Ord Minnett target it will return approximately 44% (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 STX as Neutral (3) -

Strike Energy reported a 1H26 net loss of -$12.3m, wider than Macquarie’s -$4.3m estimate, primarily due to higher above-field and non-cash costs.

Walyering continues to underpin near-term cash flow, while the West Erregulla development remains central to valuation, with reserve certification expected in March 2026 and final investment decision targeted for 2026.

The South Erregulla gas peaker is 77% complete and on track for first power sales in October 2026, although earnings forecasts are reduced, with FY26E EPS cut by -0.4cps and FY27E by -0.6cps on higher costs.

Target price declines by -9% to $0.10, reflecting the weaker cash result and ongoing execution risk. Neutral rating unchanged.

Target price is $0.10 Current Price is $0.10 Difference: $0.003
If STX meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.14, suggesting upside of 43.3% (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

UBS rates SUN as Buy (1) -

With a higher skew to personal lines and undemanding valuation metrics, UBS sees compelling upside across the domestic general insurers. The analysts formed this view after reviewing APRA's 2Q26 General Insurance statistics.

The broker prefers Insurance Australia Group over Suncorp Group given greater upside risk to its insurance trading ratio (ITR) margin relative to the consensus estimate.

Unchanged Buy rating and $19.95 target for Suncorp Group.

Target price is $19.95 Current Price is $14.63 Difference: $5.32
If SUN meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $18.65, suggesting upside of 28.1% (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

UBS rates TCL as Buy (1) -

Following Transurban Group's interim results, UBS has a largely unchanged view. The analysts' Neutral rating is retained and the target price is lowered to $14.65 from $14.85.

Proportional revenue and earnings (EBITDA) rose by 6.0% and 6.4%, respectively, while free cash flow (FCF) increased 2.4%.

Earnings (EBITDA) and FCF came in respectively -2% and -3% below the broker's forecasts, with higher operating costs and early refinancing expenses weighing.

The 34.0c interim distribution was 102.5% FCF-covered and FY26 distribution guidance of 69.0c was reaffirmed.

UBS expects stronger FY27 revenue growth of 8.5%, around 2% above the consensus estimate, driven by Sydney projects. Valuation upside is considered limited.

Target price is $14.65 Current Price is $14.34 Difference: $0.31
If TCL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.38, suggesting downside of -1.1% (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 TLX as Buy (1) -

Telix Pharmaceuticals' competitor, Lantheus reported 4Q results, with Pylarify sales beating consensus, although Citi notes the company continues to lose PSMA market share to Telix.

The analyst estimates 2025 US exit market share by value at 57% for Lantheus versus 38% for Telix, with competitive momentum favouring Telix.

A  March 6 Prescription Drug User Fee Act date is pending for a new Pylarify formulation, although it offers manufacturing efficiencies rather than clinical or workflow differentiation versus Gozellix, with PTP (Pass-Through Payment) status and full commercial rollout not expected until 4Q26.

Lantheus guides to an -8 to -10% revenue decline for Pylarify in FY26, driven by price erosion despite volume growth, while Citi expects Telix to grow both volumes and net pricing across Illuccix and Gozellix.

The broker notes FY27 may become more competitive as Telix seeks label expansion into the upfront diagnostic setting.

Buy rated. Target $32.

Target price is $32.00 Current Price is $10.00 Difference: $22
If TLX meets the Citi target it will return approximately 220% (excluding dividends, fees and charges).

Current consensus price target is $24.55, suggesting upside of 151.0% (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: 1.0

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

Morgan Stanley rates TLX as Overweight (1) -

Morgan Stanley highlights continued PSMA-PET market share gains for Telix Pharmaceuticals, with Lantheus reporting 4Q25 Pylarify revenue of US$240.2m, down -9.7% y/y, versus Telix'x PSMA-PET revenue growth of 15.8%.

For FY26, Lantheus guides to an -8 to –10% decline in Pylarify revenue, compared with Telix's group revenue growth guidance of 18–21%, with analysts' forecasting 26% PSMA-PET growth and estimating a circa 780bps market share gain for Telix on a two-player basis.

The broker believes the current share price largely reflects approved products, with limited contribution from late-stage pipeline assets.

Overweight retained with a $24.60 target price. Industry View: In-Line.

Target price is $24.60 Current Price is $10.00 Difference: $14.6
If TLX meets the Morgan Stanley target it will return approximately 146% (excluding dividends, fees and charges).

Current consensus price target is $24.55, suggesting upside of 151.0% (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: 1.0

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

Macquarie rates TPG as Outperform (1) -

Macquarie observes TPG Telecom is gaining mobile share, with 2025 net adds of 228k the strongest among mobile network operators, driven by digital prepaid growth, while postpaid SIOs (services in operation) were flat despite improved churn post Vodafone deal with Optus.

Analysts expect low to mid-single digit mobile services revenue growth, supported by higher-margin digital subscribers and strong operating leverage given the group’s high fixed cost base.

Earnings forecasts are materially reduced at the EPS line, with FY26–FY29 Adj EPS cut by -73%/-62%/-58%/-55%, largely reflecting definition changes, higher D&A and interest, while EBITDA revisions are modest at 0%/-1%/-3%/-5%.

The broker highlights declining capex, deleveraging and potential AI-driven productivity gains as supportive of a path to around $600m in free cash flow to equity and a growing dividend, despite higher ACMA spectrum pricing from 2028.

Outperform retained, with the target price increased to $4.20 from $4.06.

Target price is $4.20 Current Price is $3.94 Difference: $0.26
If TPG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

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 TPG as Underweight (5) -

TPG Telecom reported 2025 earnings (EBITDA) slightly ahead of consensus, with mobile service revenue growth supported by 228k net additions and improved churn following the Optus MOCN rollout, Morgan Stanley notes.

Management guided to 2026 earnings (EBITDA) of $1.95–2.025bn and capex of -$1.0–1.1bn, implying declining investment intensity and scope for stronger free cash flow generation.

Target price is cut to $3.50 from $4.70 post the capital return ($1.61 per share) and sale of fibre assets. Remain Underweight. Industry view: "In-Line."

Telstra Group ((TLS)) is preferred as a higher quality defensive stock with scope to grow dividends, and Aussie Broadband ((ABB)) for capital growth.

Target price is $3.50 Current Price is $3.94 Difference: minus $0.44 (current price is over target).
If TPG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates TPG as Accumulate (2) -

The 2025 results from TPG Telecom were in line with expectations and guidance. Morgans highlights strong mobile subscriber growth as quality and brands resonate with consumers, noting for many years the company had struggled to grow its mobile market share.

2025 consisted of a great deal of complexity yet free cash flow lifted materially, assisted by asset and mobile handset sales.

2026 guidance implies around $600m in free cash flow and the broker assumes a little more than half of that will be returned as dividends with the balance used to pay down debt. Accumulate rating. Target is raised to $4.40 from $4.20.

Target price is $4.40 Current Price is $3.94 Difference: $0.46
If TPG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates TPG as Neutral (3) -

In reaction to TPG Telecom's FY25 results, UBS raises its FY26-28 earnings (EBITDA) forecasts by an average 3% on stronger cost control. The target price is lifted to $3.95 from $3.80. Neutral rating maintained.

The analysts highlight a partial offset to its higher earnings forecasts is provided by higher spectrum renewal costs now estimated at around -$2bn for FY27-30 versus -$1bn previously.

The broker points to a softer-than-expected Postpaid performance in FY25 offset by mix shift to prepaid and mobile virtual network operator (MVNO) and a focus on cost control.

 Mobile service revenue is projected to grow at a 5% compound annual growth rate (CAGR).

UBS expects free cash flow (FCF) excluding spectrum to grow to $660m in FY28 from around $430m in FY26, though negative free cash flow (FCF) is forecast in FY27 due to spectrum payments.

Target price is $3.95 Current Price is $3.94 Difference: $0.01
If TPG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in December.

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 TYR as Neutral (3) -

Tyro Payments delivered 1H26 operating earnings (EBITDA) up 19.7% y/y and 12% ahead of consensus, driven by 6.0% gross profit growth and margin expansion of 4.1ppts to 33.6%, Macquarie notes.

Gross payment margin improved by 0.8bps to 45.5bps on lower scheme and interchange fees, while operating leverage was supported by 5% gross profit growth and a -2.9% decline in opex.

Free cash flow rose 51.8% and available funds of $141m provide capacity for internal investment and M&A, with FY26 gross profit guidance of $230–240m and earnings (EBITDA) margin of 28.5–30.0% reiterated.

EPS forecasts are raised by 9% in FY26 and 2% in FY27, but longer-term forecasts are trimmed on softer medium-term cash flow assumptions and notes 2H26 headwinds from bulk billing incentives and higher AML-related costs.

Neutral retained, target reduced to $0.92 from $1.23.

Target price is $0.92 Current Price is $0.88 Difference: $0.045
If TYR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 46.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates VGL as Buy (1) -

Vista International reported a solid FY25 result, Ord Minnett suggests, against a backdrop of depressed expectations and the "SaaS apocalypse". The company met expectations around cloud roll out (a priority for investors), and delivered a small beat on earnings.

The broker is optimistic about the outlook for the company and expects a 14% three-year revenue CAGR alongside strong earnings margin expansion.

Vista International trades on 15x 2026 enterprise value to earnings, Ord Minnett notes, well below the peer average of ASX tech stocks with comparable growth. Buy and $3.22 target retained.

Target price is $3.22 Current Price is $1.59 Difference: $1.63
If VGL meets the Ord Minnett target it will return approximately 103% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 144.0% (ex-dividends)

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: 0.8

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

UBS rates VGL as Upgrade to Buy from Neutral (1) -

Following Vista International's FY25 results, UBS lowers its target price to NZ$2.50 from NZ$2.80 and upgrades to Buy from Neutral.

The broker argues concerns around weak box office and SaaS sustainability are overdone after share price underperformance of nearly -30% year to date versus the NZX50.

FY25 revenue of $164m rose 10% and earnings (EBITDA) of NZ$28m were in line with the consensus estimate and ahead of UBS’s $26m forecast, with margins expanding to 17% from 14%.

FY26 revenue guidance of NZ$176-182m and an 18-20% EBITDA margin implies to the analyst earnings (EBITDA) of NZ$31.5-36m, broadly in line with the consensus estimate.

Current Price is $1.59. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 144.0% (ex-dividends)

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: 0.8

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

Ord Minnett rates VGN as Buy (1) -

Virgin Australia posted 1H26 earnings comfortably ahead of market expectations, buoyed by reduced D&A charges and higher-than-anticipated unit revenue growth, and guided to higher-than-consensus forecasts for key metrics such as revenue per available seat kilometres (RASK).

Growth in RASK of 6% in the first half was spurred by strong demand in the leisure market, Ord Minnett notes, driven by high-profile events such as the Ashes the British Lions tour, while Virgin said it was winning market share in a stable business travel category which improves yields.

Virgin is facing persistent cost pressures outside of fuel prices alone, with non-fuel costs per available seat kilometre (CASK) climbing 9% year-on-year, although Ord Minnett highlights the company has adeptly managed these inflation pressures successfully.

Buy and $4.00 target retained.

Target price is $4.00 Current Price is $3.14 Difference: $0.86
If VGN meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 22.8% (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

UBS rates VGN as Buy (1) -

In the wake of Virgin Australia's interim results, UBS retains a Buy rating and raises its target price to $4.25 from $4.20.

Underlying profit before tax (PBT) of $399m rose 15% on the prior year, coming in 10% above the broker's forecast and 6% above the consensus estimate. The analysts attribute the 'beat' to 6.4% revenue per available seat kilometre (RASK) growth and lower fuel costs.

The earnings (EBIT) margin expanded 0.6ppt, while Velocity grew earnings 15% with 700k new members, while stronger cash flow reduced leverage to 0.9x, below the 1-2x target range, explains the broker.

Non-fuel unit costs deteriorated/rose -9%, though management guides to further margin expansion in H2.

UBS trims its FY26 earnings estimate by -2% on capex timing but lifts outer-year forecasts by 4-5%. An attractive valuation is noted.

Target price is $4.25 Current Price is $3.14 Difference: $1.11
If VGN meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates WGX as Buy (1) -

Westgold Resources' 1H26 result came broadly in-line with Ord Minnett's expectations. The business is well positioned for a strong 2H26, the broker suggests, with production growth to continue in FY27 as key growth projects ramp up.

FY26 production and costs guidance remains unchanged but in the broker's view, Ore Purchase Agreements with New Murchison Gold and Forrestania ((FRS)) present upside risk to FY26 production guidance.

Target rises to $8.75 from $8.65, Buy retained.

Target price is $8.75 Current Price is $7.75 Difference: $1
If WGX meets the Ord Minnett target it will return approximately 13% (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