Australian Broker Call

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

Astral Resources has reported assay results from its in-fill reverse circulation drill program at the Iris Deposit, part of the Mandilla Gold Project.

Shaw and Partners explains the program aimed to lift Indicated Resources and has delivered strong intercepts. These included 4m at 21.3g/t gold and 21m at 1.59g/t gold. Iris contributes 108koz at 0.8g/t gold to Mandilla’s 1.426moz Mineral Resource Estimate.

The broker highlights the high-grade intercept from hole MDRC983 lies outside the current pre feasibility study (PFS) pit design and could add higher-grade ore to the proposed Mandilla process plant. Follow-up in-fill drilling is planned for this area.

The company ended the June quarter with $18.6m cash. Upcoming catalysts listed by the broker include exploration updates, a Mineral Resource update in the March quarter of 2026, a definitive feasibility study (DFS) by mid-2026.

Shaw retains its Buy, High Risk rating and 38c target.

Target price is $0.38 Current Price is $0.18 Difference: $0.2
If AAR meets the Shaw and Partners target it will return approximately 111% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates APE as Outperform (1) -

Macquarie highlights August 2025 new vehicle sales volumes of 103.7k rose 2.9% year-on-year, leaving 2025 year-to-date volumes down -0.5%.

The broker expects demand for new vehicles to improve, with second-half 2025 volumes rising low to mid-single digits.

This outlook is supported by easier comparables from second-half 2024 (-4.9%), the potential for further rate cuts, and strength in housing prices, explains the analyst.

Macquarie prefers Eagers Automotive over Autosports Group given scale, brand diversity, BYD opportunity, and long-term margin upside.

The Outperform rating and $27.33 target are kept for Eagers Automotive.

Looking more widely, the broker's preferred Automotive exposures are Amotiv (AOV), Eagers Automotive, ARB Corp ((ARB)) and  FleetPartners Group ((FPR)).

Target price is $27.33 Current Price is $26.80 Difference: $0.53
If APE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $22.95, suggesting downside of -15.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates ARB as Buy (1) -

New vehicle sales increased 2.2% y/y in August, marking three straight months of gain after 10 months of decline. Ord Minnett notes gains will be easier over FY26 after FY25 saw a -5.6% y/ decline.

Sales of ARB Corp-linked vehicles rose 7% y/y in August, driven by Toyota Hilux, with Prado continuing its strong momentum since re-release.

The broker has a positive outlook for the company on solid demand for its products, a decent order book and new vehicles/product releases globally.

Buy. Target unchanged at $42.

Target price is $42.00 Current Price is $38.87 Difference: $3.13
If ARB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $43.36, suggesting upside of 9.5% (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

Macquarie rates ASG as Outperform (1) -

Macquarie highlights August 2025 new vehicle sales volumes of 103.7k rose 2.9% year-on-year, leaving 2025 year-to-date volumes down -0.5%.

The broker expects demand for new vehicles to improve, with second-half 2025 volumes rising low to mid-single digits.

This outlook is supported by easier comparables from second-half 2024 (-4.9%), the potential for further rate cuts, and strength in housing prices, explains the analyst.

Macquarie prefers Eagers Automotive over Autosports Group given scale, brand diversity, BYD opportunity, and long-term margin upside.

The Outperform rating and $3.63 target are kept for Autosports Group.

Looking more widely, the broker's preferred Automotive exposures are Amotiv (AOV), Eagers Automotive, ARB Corp ((ARB)) and  FleetPartners Group ((FPR)).

Target price is $3.63 Current Price is $3.19 Difference: $0.44
If ASG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -13.6% (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

Citi rates BHP as Neutral (3) -

BHP Group’s CFO roundtable highlighted the use of project sequencing to manage costs and capital allocation, allowing medium-term capex guidance to be cut to -$10bn from -$11bn, explains Citi.

The broker points to Copper South Australia expansion being sequenced post-maintenance to lower costs.

Elsewhere, at the Vicuna joint venture in Argentina, BHP will apply under Argentina’s RIGI regime to secure fiscal benefits.

Escondida production has been stronger than expected by management, unlocking around 400kt more copper,observes Citi.

Also, decarbonisation spend of -$4bn has been delayed into the 2030s without affecting 2030 targets, and the nickel review continues ahead of a February 2027 deadline, highlight the analysts.

Target $43. Neutral.

Target price is $43.00 Current Price is $42.29 Difference: $0.71
If BHP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $43.48, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Morgan Stanley rates BPT as Underweight (5) -

The ASX200 Energy index is up 5% so far this quarter, highlights Morgan Stanley, outperforming Brent oil at 2% and the ASX200 also at 2%. Option pricing also signals an upside risk skew to consensus targets, suggests the broker.

As Oil and LNG markets have stabilised for now, the analysts expect a partial reversal of the negative EPS revisions in the sector recorded over the past two quarters.

The broker sees Karoon Energy as offering the greatest upside within stocks under coverage, while Beach Energy and Origin Energy remain the least preferred.

For Beach Energy, the target is $1.14. Underweight. Industry View: In-Line.

Target price is $1.14 Current Price is $1.20 Difference: minus $0.06 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.14, suggesting downside of -5.4% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Brazilian Rare Earths received clearance from Brazil's nuclear regulator to locate its hydrometallurgical pilot plant within the Camacari Petrochemical complex. 

Ord Minnett reckons this opens the pathway to test process optimisation by mid-2026 and sets the stage for a steady flow of catalysts. These include the selection of a strategic partner to assist with NdPr separation and exploration updates for Sulista.

In early 2026, a Monte Alto rare earths JORC resource and scoping study is also expected.

Speculative Buy. Target unchanged at $6.30.

Target price is $6.30 Current Price is $2.85 Difference: $3.45
If BRE meets the Ord Minnett target it will return approximately 121% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates CAR as Neutral (3) -

Ongoing product innovation remains a key driver of earnings growth for the Classifieds sector on the ASX, suggests Macquarie, underpinning yield and depth improvements.

Recently, greater emphasis has been placed on AI, which the broker explains enhances both revenue opportunities and cost efficiency. 

Seek continues to be Macquarie's classifieds top-pick, with a view that guidance is conservative, and it trades at an attractive valuation to growth.

For CAR Group, AI adoption is at an early stage on the cost side, though management is already seeing benefits from bots assisting with enquiries and improving response times.

Neutral retained. Target unchanged at $39.

Target price is $39.00 Current Price is $39.05 Difference: minus $0.05 (current price is over target).
If CAR meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $42.14, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates COG as Buy (1) -

COG Financial Services announced the acquisition of EasiFleet Pty Ltd for -$40m from September 1, and it is being financed by $37m of existing liquidity and debt. A $4.6m earnout is also payable, reliant on FBT exemption on a post-synergies basis, Bell Potter notes.

Management is rolling up the brand into the Paywise subsidiary, and EasiFleet brings forth a family-owned business of employee benefits which operates across Australia.

The acquisition is expected to be margin-positive from the start due to higher volumes on consolidation. Bell Potter lifts its EPS estimates by 10% for FY26 and 15% for FY27.

Target rises to $2.25 from $2.05. Buy rating unchanged.

Target price is $2.25 Current Price is $1.89 Difference: $0.36
If COG meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 7.2% (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

Morgans rates COG as Accumulate (2) -

Morgans views COG Financial Services' acquisition of salary packaging and novated leasing business EasiFleet for -$40m as a "solid" deal with a notable strategic fit due to the scale and geographic diversity and presence.

The valuation also appears to be attractive and below peer multiples.

COG has been expanding its novated leasing business, with profit before tax rising 22% in FY25 on the prior period, and the deal should boost earnings growth for novated leasing to 27%.

The analyst expects the deal to be net profit after tax accretive of some 8%-9% post synergies.

Morgans raises its EPS estimates by 7%-9% for FY26-FY27 and lifts the target to $2.14 from $1.98. No change to Accumulate rating.

Target price is $2.14 Current Price is $1.89 Difference: $0.25
If COG meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 7.2% (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 COG as Accumulate (2) -

COG Financial Services is acquiring the EasiFleet novated leasing and salary packaging business for -$40m upfront price and a deferred consideration of up to -$4.6m.

Ord Minnett believes the 6x EBITDA multiple paid upfront is fair given synergy potential and customer overlap. Loan-based activities are expected to fall to below 10% of group earnings in FY26, with greater weight on commission-based services.

FY26 EPS forecast upgraded by 3% and FY27-28 by 7%, The broker expects the acquisition to add $6.5-7.0m to FY26 EBITDA.

Accumulate. Target rises to $2.04 from $1.91.

Target price is $2.04 Current Price is $1.89 Difference: $0.15
If COG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates CSC as Buy (1) -

Capstone Copper is preparing for a potential sell-down of up to 30% in its Santo Domingo project in Chile. This has drawn heightened investor interest following Hudbay’s recent Copper World transaction, explains Citi.

The broker acknowledges consensus valuations appear elevated but highlights a premium is justified given US strategic positioning and Phase 2/Rosemont optionality.

The analysts expect an update on the partnering process in the September quarter, with around US$300m for a 30% stake viewed as consistent with consensus.

Capstone is noted as having the strongest medium-term production growth compound annual growth rate (CAGR) within the broker’s ASX metals coverage, positioning it as a standout relative to peers.

Target $11. Buy.

Target price is $11.00 Current Price is $10.28 Difference: $0.72
If CSC meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.90, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates CVB as Downgrade to Hold from Buy (3) -

Bell Potter downgrades Curvebeam AI to a Speculative Hold from Speculative Buy with a target set at 15c from 18c post FY25 results.

The company took 26 new orders for devices in FY25 compared to 22 in the prior year, and the analyst had estimated around 20, which drove revenue to $12.1m and gross profit of $6.7m. The adjusted earnings (EBITDA) loss of -$11.1m was as expected.

Further device sales are awaiting the validation of the HiRise device by Stryker for use with the Mako robotic surgery device. The analyst anticipates validation in 4Q26.

Bell Potter downgrades its FY26 revenue forecasts in line with levels achieved in FY25. Management offered no guidance on Mako validation completion, hence the downgrade in rating.

Target price is $0.15 Current Price is $0.14 Difference: $0.01
If CVB meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

Catalyst Metals is re-emerging as one of the broker's preferred mid-cap picks. The analyst highlights its attractive growth profile with expected gold production of 191koz by FY28 and trading at an attractive relative valuation.

There is no hedging or debt, which gives leverage to its low-cost production growth profile.

Target rises to $9.26 from $8.82, and the rating is downgraded to Accumulate from Buy.

Target price is $9.26 Current Price is $8.14 Difference: $1.12
If CYL meets the Morgans 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: 0.8

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

Shaw and Partners rates DUG as Buy (1) -

Dug Technology has signed a three-year high-performance computing-as-a-service and software contract with Petronas worth US$18.2m, or US$6.07m annually.

Commissioning begins from the March quarter of 2026 with a two-year extension option. Shaw and Partners expects margins above 50% due to minimal staffing needs and owned compute assets.

The deal, won from a major competitor, highlight the analysts, improves revenue quality for Dug Technology by shifting towards recurring streams. It also strengthens DUG’s position with Petronas, where it already wins around half of services tenders.

With this contract not in the FY25 orderbook of US$52m, the analysts see further upside to FY26 services revenue.

Buy, High Risk. Target  price raised to $3.20 from $3.00.

Target price is $3.20 Current Price is $1.96 Difference: $1.24
If DUG meets the Shaw and Partners target it will return approximately 63% (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 EVN as Trim (4) -

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

Evolution Mining continues to be Trim rated with an $8.30 target price, as the stock is viewed as fully valued due to the substantial share price performance.

The analyst views downside risks to the share price from volatility in either gold or copper prices due to the high leverage to these metals.

Target price is $8.30 Current Price is $9.01 Difference: minus $0.71 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.26, suggesting downside of -19.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Morgan Stanley rates GLF as Overweight (1) -

Morgan Stanley continues to like Gemlife Communities in the property sector due to its oversized exposure to developments at 85% of earnings and conservative guidance for 2025 earnings.

Overweight rated. Target set at $5.40. Industry view: In Line.

Target price is $5.40 Current Price is $4.62 Difference: $0.78
If GLF meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates GNC as Accumulate (2) -

Morgans expects GrainCorp to benefit from ABARES’ upgraded 2025/26 winter crop forecast, with east coast production at 27.7mt, the fourth largest on record and well above the prior 25.1mt estimate.

The crop will support FY26 earnings, suggests the analysts, though gains are limited by tighter grain trading margins as Australian grain trades at a premium to US grain.

The broker highlights GrainCorp will only incur a -$5.9m insurance cost in FY26 versus -$60.8m in FY25. Positively, improving canola crush margins and supportive US biodiesel policy are expected to lift the Nutrition and Energy outlook.

Morgans raises its target price to $8.92 from $8.20 and retains an Accumulate rating.

Target price is $8.92 Current Price is $8.45 Difference: $0.47
If GNC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.00, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates IAG as Buy (1) -

The ACCC released a Statement of Issues concerning Insurance Australia Group's acquisition of RAC Insurance Pty Limited (RACI) and states its preliminary view is that the takeover will substantially reduce competition in motor, home and contents insurance in the WA market.

Citi highlights major concerns around possible price increases, a fall in quality of service, and risks to other insurers from essential repair services.

The announcement is not surprising to the analyst and notes its forecasts had already factored in RACI from FY27 and sit some 7% above consensus where analysts have not accounted for the acquisition.

The ACCC has asked for submissions, and the final decision is expected on November 27.

Buy rated. Target $10.

Target price is $10.00 Current Price is $8.68 Difference: $1.32
If IAG meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates IMM as Speculative Buy (1) -

Bell Potter highlights Immutep is actively seeking a global Phase 3 clinical trial in patients with non-small cell lung cancer (NSCLC), with final results expected to be two years down the track.

Interim results and updates will be available, including an initial futility analysis based on ORR data which is due out in 1Q 2026, with an interim PFS analysis in 2027.

Cash on hand stands at $130m as at June 30, which should last until the end of 2026 at around $22m per quarter.

Bell Potter maintains a Speculative Buy rating and cuts the target price to 46c from 70c.

Target price is $0.46 Current Price is $0.24 Difference: $0.22
If IMM meets the Bell Potter target it will return approximately 92% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates ING as Neutral (3) -

Inghams Group’s second-half 2025 earnings were weaker than expected by UBS, with earnings (EBITDA) of $112m, around -5% below consensus.

Average selling prices (ASPs) fell by around -5% in the fourth quarter as excess volumes were pushed into the wholesale market at low margins, following the loss of the Woolworths Group ((WOW)) contract.

FY26 guidance is for $215-230m of earnings and a -$60-80m cost-out program. The analysts forecast $219m, down -7% year-on-year, with 1% volume growth but a -5% fall in core poultry pricing, translating to a -9% decline in earnings per kg.

Shaw cuts its target price to $2.80 from $3.65 and retains a Neutral rating.

Target price is $2.80 Current Price is $2.68 Difference: $0.12
If ING meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 4.8% (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 INR as Speculative Buy (1) -

ioneer's updated project economics for Rhyolite Ridge showed a 17% lift in lithium and a 9% increase in boric acid production rates.

The uplift follows metallurgical testwork that showed shorter leach cycles increased throughput by 25% with minor recovery/reagent changes.

The changes lift the valuation in Ord Minnett's model for Rhyolite Ridge to US$1.28bn, up 42%. The impact on target price is partly offset by future dilution and expectations of -49% project sell-down.

Speculative Buy. Target rises to 25c from 19c.

Target price is $0.25 Current Price is $0.12 Difference: $0.13
If INR meets the Ord Minnett target it will return approximately 108% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

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

The ASX200 Energy index is up 5% so far this quarter, highlights Morgan Stanley, outperforming Brent oil at 2% and the ASX200 also at 2%. Option pricing also signals an upside risk skew to consensus targets, suggests the broker.

As Oil and LNG markets have stabilised for now, the analysts expect a partial reversal of the negative EPS revisions in the sector recorded over the past two quarters.

The broker sees Karoon Energy as offering the greatest upside within stocks under coverage, while Beach Energy and Origin Energy remain the least preferred.

For Karoon Energy, the target is $2.00. Equal-weight. Industry View: In-Line.

Target price is $2.00 Current Price is $1.67 Difference: $0.33
If KAR meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Ord Minnett rates LOT as Speculative Buy (1) -

Lotus Resources has entered a trading halt for a reported $70m equity raising, which Ord Minnett views as funding for working capital as mining and production ramp up into the December quarter.

An estimated $94m will need to be spent in this quarter against the cash on balance sheet at the middle of 2025. Assuming the issue is not overly discounted, the equity raising is not expected to detract too much from the stock.

The analyst believes Lotus may own the remaining significant uranium mine to start production this decade, with existing contracts fixed at around US$80/lb.

Paladin Energy ((PDN)) is considered fully priced at current levels, and Boss Energy's ((BOE)) outlook remains uncertain with the withdrawal of its Honeymoon mine plan.

No change to Speculative Buy rating and 36c target.

Target price is $0.36 Current Price is $0.23 Difference: $0.13
If LOT meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 77.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates MEK as Speculative Buy (1) -

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

The analyst views Meeka Metals as "the right place, right time, right commodity" story, with the stock up some 280% over the last 12 months.

The producer is ramping up the Murchison Gold project, which is accompanied by some execution risk as it transitions to Australia's next unhedged, debt-free gold producer.

Speculative Buy rating retained. Target rises to 27c from 23c.

Target price is $0.27 Current Price is $0.19 Difference: $0.08
If MEK meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates MI6 as Speculative Buy (1) -

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

Minerals 260 is considered the preferred pre-production stock, with the share price substantially lagging its peers since the Bullabulling acquisition, up 17% versus over 87% for other related stocks.

The explorer has achieved robust results with a 2.3moz resource located around 65km from Kalgoorlie.

Target lifted to 35c from 26c. No change in Speculative Buy rating.

Target price is $0.35 Current Price is $0.14 Difference: $0.21
If MI6 meets the Morgans target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates NEM as Accumulate (2) -

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

Newmont Corp continues to be rated Accumulate with a target of $124. The analyst flags the miner's portfolio will achieve a material rise in cash flow from both volume growth and better cost management through 2025.

There is further upside from increased capital returns to shareholders through buybacks alongside debt reduction capacity.

Target price is $124.00 Current Price is $114.66 Difference: $9.34
If NEM meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $115.00, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Morgans rates NST as Buy (1) -

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

Northern Star Resources is preferred over Newmont Corp ((NEM)) with the stock up 29% relative to the 44% rise in Newmont on a 12-month basis. A Buy rating and $24 target.

While FY26 guidance disappointed, the updated guidance sets a new base and is viewed by the analyst as more realistic. Northern Star remains the premier Australian gold producer with capital upside from a growth outlook of around 2moz-plus by FY29.

Commentary suggests the De Grey acquisition, which brings forth Hemi's Gold project, underpins longer-term growth beyond the current profile.

Target price is $24.00 Current Price is $19.96 Difference: $4.04
If NST meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $20.71, suggesting upside of 5.1% (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

Morgan Stanley rates ORG as Underweight (5) -

The ASX200 Energy index is up 5% so far this quarter, highlights Morgan Stanley, outperforming Brent oil at 2% and the ASX200 also at 2%. Option pricing also signals an upside risk skew to consensus targets, suggests the broker.

As Oil and LNG markets have stabilised for now, the analysts expect a partial reversal of the negative EPS revisions in the sector recorded over the past two quarters.

The broker sees Karoon Energy as offering the greatest upside within stocks under coverage, while Beach Energy and Origin Energy remain the least preferred.

For Origin Energy, the target is $11.11. Underweight. Industry View: In-Line.

Target price is $11.11 Current Price is $12.37 Difference: minus $1.26 (current price is over target).
If ORG meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.23, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates REA as Neutral (3) -

Ongoing product innovation remains a key driver of earnings growth for the Classifieds sector on the ASX, suggests Macquarie, underpinning yield and depth improvements.

Recently, greater emphasis has been placed on AI, which the broker explains enhances both revenue opportunities and cost efficiency. 

Seek continues to be Macquarie's classifieds top-pick, with a view that guidance is conservative, and it trades at an attractive valuation to growth.

While REA Group delivers the most consistent growth in the sector, the analyst highlights the shares trade at a premium 47 times 12-month forward P/E.

This valuation is thought to leave the group vulnerable to potential competitive disruption, particularly from Domain Holdings Australia, under CoStar’s ownership.

The Neutral rating and $255 target are maintained.

Target price is $255.00 Current Price is $238.48 Difference: $16.52
If REA meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates RRL as Accumulate (2) -

Morgans reassesses its gold coverage on the back of the ongoing rise in the gold price, lifting its long-term gold price assumption to US$2,500/oz from US$2,200/oz.

The analyst continues to rate Regis Resources as Accumulate with a target of $5.90. The producer remains attractive with over 350koz p.a. of production, with no hedges and debt free.

Regis is well positioned to maximise returns to the price of gold. Growth potential at Duketon is underappreciated by the market, according to Morgans.

Target price is $5.90 Current Price is $4.86 Difference: $1.04
If RRL meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.39, suggesting downside of -8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates SEK as Outperform (1) -

Ongoing product innovation remains a key driver of earnings growth for the Classifieds sector on the ASX, suggests Macquarie, underpinning yield and depth improvements.

Recently, greater emphasis has been placed on AI, which the broker explains enhances both revenue opportunities and cost efficiency. 

Seek continues to be Macquarie's classifieds top-pick, with a view that guidance is conservative, and it trades at an attractive valuation to growth.

The Outperform rating and $32.50 target are maintained.

Target price is $32.50 Current Price is $26.61 Difference: $5.89
If SEK meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $31.44, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates SGP as Overweight (1) -

Morgan Stanley believes Stockland and Mirvac Group ((MGR)) have de-risked a "good" portion of their residential settlement guidance for FY26 at 51% and 39%, respectively.

If the recent sales momentum can be retained from 1H25, then Stockland may be in a position to beat the top end of guidance.

The analyst continues to prefer Stockland over Mirvac with an Overweight rating and $6.90 target price.

Industry view: In Line.

Target price is $6.90 Current Price is $6.17 Difference: $0.73
If SGP meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

The ASX200 Energy index is up 5% so far this quarter, highlights Morgan Stanley, outperforming Brent oil at 2% and the ASX200 also at 2%. Option pricing also signals an upside risk skew to consensus targets, suggests the broker.

As Oil and LNG markets have stabilised for now, the analysts expect a partial reversal of the negative EPS revisions in the sector recorded over the past two quarters.

The broker sees Karoon Energy as offering the greatest upside within stocks under coverage, while Beach Energy and Origin Energy remain the least preferred.

For Santos, the Equal-weight rating is kept. Target $8.88. Industry View: In-Line.

Target price is $8.88 Current Price is $7.83 Difference: $1.05
If STO meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.70, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

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

Bell Potter upgrades TechnologyOne to Hold from Sell and retains its $35.75 target price with no change to earnings forecasts for growth in profit before tax of 19% for FY25, 20% for FY26 and FY27, which is not dissimilar from consensus.

The upgrade comes from the sell-off in the share price, which now sits above the target by around 5%, with risk seen for an upgrade at consensus market level.

While technology stocks have been sold off on higher bond yields, the analyst does not see much risk of disappointment when TechnologyOne reports FY25 results in November.

Some risk might pop up if the market has already priced in an earnings beat beforehand.

Target price is $35.75 Current Price is $37.30 Difference: minus $1.55 (current price is over target).
If TNE meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.58, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates TUA as Overweight (1) -

Morgan Stanley blows its own trumpet, highlighting Tuas was a key stock pick going into FY25 results (July year end), with guidance of over 200k subscriber growth in FY25 confirming the upbeat take.

Capex guidance of -$50m-$55m and the transition to net profit after tax profitability were additional positives.

The company also announced the acquisition of M1 for -SGD1.4bn on a cash-free/debt-free basis, to be funded via SGD384m of new equity and SGD1.1bn in debt financing.

Ex-synergies, the analyst estimates over 200% EPS accretion from the deal, but synergies are expected with COGS reductions from fewer duplications.

Equally, the Singaporean market will move to three players from four, and Tuas will migrate to number two from number four.

Overweight rated. Target moves to $9.50 from $7.

Target price is $9.50 Current Price is $7.52 Difference: $1.98
If TUA meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

The ASX200 Energy index is up 5% so far this quarter, highlights Morgan Stanley, outperforming Brent oil at 2% and the ASX200 also at 2%. Option pricing also signals an upside risk skew to consensus targets, suggests the broker.

As Oil and LNG markets have stabilised for now, the analysts expect a partial reversal of the negative EPS revisions in the sector recorded over the past two quarters.

The broker sees Karoon Energy as offering the greatest upside within stocks under coverage, while Beach Energy and Origin Energy remain the least preferred.

For Woodside Energy, the Equal-weight rating is kept. Target $27. Industry View: In-Line.

Target price is $27.00 Current Price is $25.95 Difference: $1.05
If WDS meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $26.16, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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