Australian Broker Call

Morgan Stanley rates 360 as Overweight (1) -

Life360 beat guidance in its fourth quarter although Morgan Stanley observes its results and FY26 guidance were overshadowed by seasonality, and concerns that a heavy skew to the second half rarely results in upgrades.

The broker forecasts the company will deliver on expectations while remaining focused on long-term value creation. Earnings estimates are lifted for FY26-27 to be in line with FY26 guidance.

Given the broader sector de-rating and having judged how the company traded through 2020 to 2023, Morgan Stanley cuts its ascribed EV/sales multiple to 5.5x. EPS estimates are lifted 4-6% while the target is lowered to $30 from $50. Overweight. Industry view: In Line.

Target price is $30.00 Current Price is $19.39 Difference: $10.61
If 360 meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $32.30, suggesting upside of 70.5% (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

UBS rates ANZ as Sell (5) -

UBS expects ongoing earnings upgrades across the banking sector in 2026, supporting continued share price outperformance.

The broker focuses on banks offering stronger earnings growth, attractive valuations or catalysts capable of delivering positive earnings surprises.

A more cautious stance is adopted on ANZ Bank and CommBank ((CBA)) due to less favourable risk and reward profiles at current valuations.

For ANZ: target $36.50. Sell rating.

Target price is $36.50 Current Price is $37.45 Difference: minus $0.95 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.79, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates BGL as Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Bellevue Gold is rated Buy with a price target of $2.25 (unchanged).

Target price is $2.25 Current Price is $1.52 Difference: $0.73
If BGL meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 38.4% (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 BMN as Outperform (1) -

Macquarie retains an Outperform rating on Bannerman Energy with a slightly lower target of $5.55 from $5.60 previously.

EPS forecasts are lifted by 41% for FY26 on the back of higher other income, with only minor upgrades for FY27 onwards.

With the introduction of China National Nuclear Corporation (CNNC) to the Etango project, the broker views this as a major de-risking event and the offtake agreement seems to be the most robust in the marketplace, with market based pricing, no ceiling and accelerated payment terms.

Bannerman and Deep Yellow ((DYL)) are the broker's top picks for uranium developers.

Target price is $5.55 Current Price is $3.65 Difference: $1.9
If BMN meets the Macquarie target it will return approximately 52% (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 BOE as Underperform (5) -

Macquarie remains Underperform with an unchanged target of $1.30 on Boss Energy. EPS forecasts are downgraded by -14% for FY26 on higher production costs post the result and a stronger AUD expected in FY27/FY28.

The new feasibility study will be the major driver for Boss and the operations benefit from the availability and cost of sulphuric acid with fixed pricing from Port Pirie.

Production in 3Q26 has been impacted by heavy rainfall and is expected to restart March 14.

Target price is $1.30 Current Price is $1.50 Difference: minus $0.2 (current price is over target).
If BOE meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.60, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates CYL as Initiation of coverage with Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Catalyst Metals is initiated with a Buy rating and $11.25 price target.

Target price is $11.25 Current Price is $6.15 Difference: $5.1
If CYL meets the UBS target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $13.70, suggesting upside of 106.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates DYL as Outperform (1) -

Macquarie retains an Outperform rating on Deep Yellow with a $2.25 target, with the Tumas project flagged as the next greenfield development project in Namibia post Etango.

The new CEO and MD, Greg Field, is noted as comfortable with the project and costings, with the broker expecting a contractor to be announced in the next few months.

Possible interest from the US government is highlighted as a "wildcard", having missed the Etango project.

Bannerman Energy ((BMN)) and Deep Yellow are Macquarie's top picks for uranium developers.

Target price is $2.25 Current Price is $1.78 Difference: $0.475
If DYL meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 33.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates EVN as Sell (5) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200 for 2026 before the rally is expected to fade.

Evolution Mining is rated Sell with a price target of $12.80.

Target price is $12.80 Current Price is $13.10 Difference: minus $0.3 (current price is over target).
If EVN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.53, suggesting upside of 7.0% (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

Ord Minnett rates GDG as Buy (1) -

Ord Minnett resumes coverage of Generation Development with a Buy rating and target of $7.00. The group operates across three divisions including Generation Life, Lonsec research services and managed accounts platform Evidentia.

It's felt the group's investment bond business underpins growth potential as regulatory changes reshape wealth structures.

The broker views investment bonds as the company’s strongest asset given upcoming Division 296 legislation imposing additional tax on super balances above $3m.

Improved momentum in managed accounts during 2026 is also anticipated as adoption rises from a low penetration rate across assets under advice.

Target price is $7.00 Current Price is $3.83 Difference: $3.17
If GDG meets the Ord Minnett target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $6.98, suggesting upside of 80.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates GMD as Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Genesis Minerals is rated Buy with a price target of $10.80 (unchanged).

Target price is $10.80 Current Price is $5.99 Difference: $4.81
If GMD meets the UBS target it will return approximately 80% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

Immutep's lead drug, Efti, has failed the futility analysis in its global phase 3 trial for non-small cell lung cancer.

The analysis has indicated the risk/benefit profile did not meet the pre-defined threshold at this interim time and therefore it is futile to continue the trial.

Bell Potter finds this "bitterly disappointing" and a "surprising outcome" considering the strength of the phase 1 and phase 2 data.

The failure of the trial makes it near impossible for any further development prospects for Efti in other indications, although the company will continue to review data.

The broker downgrades to a Speculative Hold rating from a Speculative Buy rating. Target is reduced to $0.07 from $0.65.

Target price is $0.07 Current Price is $0.06 Difference: $0.009
If IMM meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates JHX as Outperform (1) -

Macquarie’s Confidence Index for US building contractors declined in February as optimism weakened among multidisciplinary contractors, partially offset by improvements across individual sectors.

Multidisciplinary contractors, present across all sector categories, have become more cautious on geopolitical concerns, particularly regarding supply chain and demand conditions, the analyst explains.

Job deferrals increased alongside cancellations in February, the broker notes, while bidding activity and order backlogs rose on a seasonal basis.

The $43.60 target and Outperform rating are kept for James Hardie Industries, which is preferred along with Reliance Worldwide ((RWC)) for US building-materials exposure.

Target price is $43.60 Current Price is $28.13 Difference: $15.47
If JHX meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $42.31, suggesting upside of 50.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Ord Minnett rates LIC as Hold (3) -

Lifestyle Communities’ share register now includes strategic investor Hometown with a 9.8% stake, Ord Minnett notes, raising the prospect of merger and acquisition activity. A 50% M&A probability is applied.

The broker's valuation scenarios suggest a potential takeover range of $5.20-$6.50 per share depending on cost savings and development valuation assumptions.

It's noted development margins remain under pressure as the company stays market-led on pricing and sales rates soften.

A Victorian Civil and Administrative Tribunal appeal is scheduled for June 23 which is seen as a key catalyst which could reverse $1.56 per share in provisions.

Ord Minnett's price target for Lifestyle Communities falls to $5.20 from $5.35 and the Hold rating is kept.

Target price is $5.20 Current Price is $5.47 Difference: minus $0.27 (current price is over target).
If LIC meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.53, suggesting upside of 4.6% (ex-dividends)

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 LOT as Outperform (1) -

Macquarie highlights acid and diesel disruptions in the Middle East are viewed as risks to Lotus Resources' ramp up at Kayelekera as the Strait of Hormuz is the key to stabilising the supply chain of sulphuric acid.

Lotus' acid plant reconstruction is "practically complete" and pressure testing was successful, the analyst states, with cold commissioning started and hot commissioning targeted for April.

First uranium is expected to ship in 2Q2026. EPS forecasts are downgraded by -171% for FY26 on higher pre-production costs and lower U308 sales.

The stock is rated Outperform and target price is lowered by -8% to $2.75.

Target price is $2.75 Current Price is $1.46 Difference: $1.29
If LOT meets the Macquarie target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 131.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates LYC as Overweight (1) -

Building on the revised Japan Australia Rare Earths agreement, Lynas Rare Earths has signed a binding letter of intent with the US Department of War under which US$96m will be allocated to buy light and heavy rare earth oxides over four years.

The letter of intent mentions an US$110/kg niobium Pr floor price and replaces the prior arrangement linked to the construction of the Seadrift plant.

Morgan Stanley considers the agreement strategically important, laying the groundwork for future supply agreements particularly for heavy rare earths.

Together with the JARE commitment, this reinforces the company's position as a core ex-China supplier to western markets. Overweight. Target is $18.50. Industry View: Attractive.

Target price is $18.50 Current Price is $20.99 Difference: minus $2.49 (current price is over target).
If LYC meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.23, suggesting downside of -13.9% (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

UBS rates MI6 as Initiation of coverage with Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Minerals 260 is initiated with a Buy rating and $1.20 price target.

Target price is $1.20 Current Price is $0.64 Difference: $0.56
If MI6 meets the UBS target it will return approximately 87% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 68.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates NST as Buy (1) -

Northern Star Resources has downgraded gold sales for the second time in FY26, withdrawing full year guidance entirely.

Morgans observes the drivers of the poor operating performance appear to be more systemic and less episodic than originally presented.

FY27 commentary remains positive with the company prioritising delivery of the KCGM mill expansion, which will be the ultimate driver of earnings growth and is targeted for commissioning early in FY27.

The broker reduces forecasts for both KCGM and Yandal, which drives lower headline earnings in FY26 and FY27.

The stock is seen offering a compelling investment case as the premier Australian gold producer. Morgans retains a Buy rating, reducing its target to $30 from $35.

Target price is $30.00 Current Price is $20.58 Difference: $9.42
If NST meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $29.20, suggesting upside of 42.2% (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 OBM as Initiation of coverage with Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Ora Banda Mining is initiated with a Buy rating and $1.60 price target.

Target price is $1.60 Current Price is $1.38 Difference: $0.225
If OBM meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 23.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ONE as Speculative Buy (1) -

Oneview Healthcare has raised $19m with the issue of new CDIs plus $2m via a share purchase plan.

This is broadly in line with expectations, Bell Potter pointing out the company's vulnerability and need to support the balance sheet to attract new customers and fund the conversion of its pipeline.

The company has guided to 20% growth in "live" end points in FY26 to around 17,850. The broker also notes a long-term potential from the recent Baxter sourced GPO win with 15,000 beds and the potential for a further 9000 beds.

Bell Potter acknowledges the market needs to witness materially improving topline performance and not just at the operating expenditure line.

No change to earnings estimates while the target is reduced to $0.45 from $0.50. Speculative Buy rating.

Target price is $0.45 Current Price is $0.22 Difference: $0.235
If ONE meets the Bell Potter target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in EUR. 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 ORI as Outperform (1) -

Orica has resolved its North American supply dispute with CF Industries and agreed to pay -US$169.5m, removing a long-running litigation overhang, observes Macquarie.

The settlement ends the ammonium nitrate supply agreement and enables Orica to diversify long-term North American supply sources, the analyst highlights.

The announced acquisition of the Nelson Brothers joint venture stake is expected to add about $35m in earnings (EBITDA) in the first full year.

Macquarie lowers its target price to $25.40 from $25.50 and retains an Outperform rating.

Target price is $25.40 Current Price is $19.35 Difference: $6.05
If ORI meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 35.6% (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

Ord Minnett rates ORI as Buy (1) -

Orica has resolved its long-running dispute with CF Industries and agreed to acquire the remaining Nelson Brothers joint venture stake, Ord Minnett notes.

A settlement of -US$169.5m ends litigation and the ammonium nitrate supply agreement with CF Industries. The broker estimates the combined valuation impact from the settlement and new supply arrangements at about -$391m.

Orica is expected to seek long-term US ammonium nitrate contracts after relying on higher-cost spot supply since November 2025.

Ord Minnett lowers its target price to $25.00 from $25.50 and retains a Buy rating.

Target price is $25.00 Current Price is $19.35 Difference: $5.65
If ORI meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 35.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates ORI as Buy (1) -

Orica has settled litigation with CF Industries and has terminated the Yazoo City offtake agreement. UBS notes Orica will pay -US$169.5m to CF Industries, including the share attributable to joint venture partner Nelson Brothers.

It's noted legal fees for this matter have been in the range of -$100m.

Orica’s agreement to acquire its North American joint venture partner's equity strengthens the company's regional explosives footprint, the broker suggests. 

Orica will acquire assets for -US$25m, assume -US$48m of debt and cover -US$85m tied to the CF Industries settlement, explain the analysts. The transaction is expected to be earnings accretive in the first year.

The broker highlights additional exposure to US coal and quarry and construction markets, alongside four emulsion plants, delivery vehicles and ammonium nitrate storage assets.

UBS retains a Buy rating and target of $27.00.

Target price is $27.00 Current Price is $19.35 Difference: $7.65
If ORI meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $26.99, suggesting upside of 35.6% (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

Citi rates PDN as Buy (1) -

Post the interim results and the EIS approval for Patterson Lake South on February 20th, Citi considers there to be several positive factors boosting Paladin Energy's valuation, resulting in an upgrade to the target to $12.80 from $9.0 and a Buy rating reiterated.

Production for 1H26 at around 2.3mlbs equates to an annual production rate of circa 4.6mlbs, which exceeds management's reconfirmed guidance of 4mlb-4.4mlbs.

The analyst appreciates the conservative outlook post previous downgrades, but sees production risks pointing to the upgrades.

Commentary suggests the next phase for Patterson Lake South is approval from the Canadian Nuclear Safety Commission, which is considered as low risk.

Citi's global commodities team remains upbeat on uranium, with a forecast for U308 in 2026 of around US$104/lb on average as demand and supply imbalances tighten.

EPS forecasts are upgraded materially for 2026, with Paladin expected to generate a core net profit from a loss previously.

Target price is $12.80 Current Price is $11.09 Difference: $1.71
If PDN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $13.07, suggesting upside of 16.0% (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: 0.5

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

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

Post the Paladin Energy share price pullback and site visit, Macquarie upgrades the stock to Outperform from Neutral, with target price lowered by -4% to $13.50.

EPS forecasts are lowered by -30% for FY26 and -37% for FY27 due to more elevated operating cost assumptions at Langer Heinrich.

The U308 producer is viewed as well positioned to beat FY26 production guidance and Patterson Lake South is making good progress on the development, with provincial approval recently received.

At current levels, the stock is seen offering value at an implied uranium price of US$77.20/lb and is the top pick for ASX-exposure to uranium producers.

Target price is $13.50 Current Price is $11.09 Difference: $2.41
If PDN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $13.07, suggesting upside of 16.0% (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: 0.5

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

Macquarie rates PMV as Outperform (1) -

As part of a first-half 2026 result preview, Macquarie suggests Premier Investments’ Peter Alexander division is significantly undervalued relative to apparel peers.

It's felt strong December 2025 consumption data and indicators for Peter Alexander's key trading period are not reflected in the share price.

The broker expects Peter Alexander revenue growth of 6% in the first half, while Smiggle revenue is forecast to decline by -12%.

Management guidance for Premier Retail earnings of $120m for the first half aligns with the analyst's expectation.

Macquarie retains an Outperform rating and target of $16.20.

Target price is $16.20 Current Price is $12.29 Difference: $3.91
If PMV meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $20.23, suggesting upside of 64.4% (ex-dividends)

The company's fiscal year ends in July.

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 PNR as Initiation of coverage with Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Westgold Resources is initiated with a Buy rating and $10.25 price target.

Target price is $7.50 Current Price is $3.41 Difference: $4.09
If PNR meets the UBS target it will return approximately 120% (excluding dividends, fees and charges).

Current consensus price target is $6.67, suggesting upside of 74.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates PPT as Neutral (3) -

Post review of the sale of Perpetual's Wealth Management division, Citi lowers its target price to $17.30 from $19.70. No change in Neutral rating. The deal is viewed as "incrementally positive", as it alleviates balance sheet concerns.

EPS forecasts are tweaked lower for FY26, and cut by -6% to -8% for FY27/FY28, respectively, due to the loss of earnings post sale, alongside a mark to market. 

***

Perpetual has today announced the sale of its Wealth Management division to Bain Capital for $500m, ending a process which began in November 2023, notes Citi.

In an initial assessment, the broker expects the Perpetual stock price to trade modestly higher today.

Commentary adds additional earn-out payments of around $75m are possible, partly offset by tax of about -$45-50m and transaction costs near -$30m.

The sale price represents roughly a 15x multiple of forecast FY26 profit for the business. Importantly, the analysts note the transaction should help reduce group leverage and allow repayment of the $400m bridging facility.

Neutral rating. Target $19.70. 

Target price is $17.30 Current Price is $16.53 Difference: $0.77
If PPT meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $21.25, suggesting upside of 31.7% (ex-dividends)

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 PPT as Outperform (1) -

Perpetual has agreed to sell its Wealth division to Bain Capital for between $500-600m. The price implies a 10.6-12.7x next-twelve-month price-earnings multiple, viewed as reasonable by Macquarie compared with peer valuations.

The broker expects completion by late 2026 following regulatory approvals and operational separation, with no material stranded costs anticipated.

The FY27 profit forecast is lowered by -4.8% and FY28 by -9.9%, reflecting the Wealth sale timing, partly offset by interest savings.

Macquarie raises its target price to $24.60 from $23.85 and retains an Outperform rating.

Target price is $24.60 Current Price is $16.53 Difference: $8.07
If PPT meets the Macquarie target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $21.25, suggesting upside of 31.7% (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

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

Perpetual is selling its wealth division to Bain Capital for $500m upfront. Morgan Stanley welcomes the sale as it should allow the company to pay down debt to comfortable levels, while the pro forma asset manager and corporate trust divisions can focus on lifting flows and growing earnings, respectively.

Further earn-outs are possible in the period to completion of the transaction where incremental business activity could potentially deliver an upfront consideration of up to $50m.

Two years following completion of the transaction another earn-out payment of up to $50m is possible.

Equal-weight rating, $20.30 target and In-Line industry view are maintained.

Target price is $20.30 Current Price is $16.53 Difference: $3.77
If PPT meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $21.25, suggesting upside of 31.7% (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 PPT as No Rating (-1) -

Perpetual has agreed to sell its Wealth division to Bain Capital for $500-600m, UBS notes, including $500m upfront and potential completion and earn-out payments.

The broker states the consideration implies a 14-17x price-earnings multiple based on FY27 consensus forecasts and completion targeted by end-2026, subject to approvals.

Perpetual will retain ownership of the Perpetual brand, alongside a 15-year licensing arrangement with the buyer.

Net upfront proceeds around $450m after tax are estimated, with funds largely directed to reducing roughly $740m in gross debt, highlights the broker.

UBS is currently on research restriction for Perpetual. No target price or rating is offerred.

Current Price is $16.53. Target price not assessed.

Current consensus price target is $21.25, suggesting upside of 31.7% (ex-dividends)

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 PRU as Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Perseus Mining is rated Buy with a price target of $7.15 (unchanged).

Target price is $7.15 Current Price is $5.13 Difference: $2.02
If PRU meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $6.69, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Bell Potter rates PYC as Speculative Buy (1) -

PYC Therapeutics has provided key elements of a phase 3 trial design for its novel drug candidate, VP-001, to the US FDA, with key details aligned with FDA guidelines.

Bell Potter notes the "takeaway" for investors is the fact the randomised phase 3 trial will be long, likely four years in duration.

Assuming the trial commences in 2027, the broker forecasts US approval and launch in 2032. Importantly the alignment with the FDA is a critical element for de-risking. 

Speculative Buy. Target unchanged at $2.30.

Target price is $2.30 Current Price is $1.40 Difference: $0.9
If PYC meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates QUB as Downgrade to Neutral from Buy (3) -

Citi upgrades the Qube Holdings target price to $5.15 from $4.90 and downgrades the stock to Neutral from Buy.

Target price is $5.15 Current Price is $4.95 Difference: $0.2
If QUB meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 4.2% (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

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

Bell Potter initiates coverage on Rivco Australia --which provides investors with exposure to the Australian water market-- with a Buy rating and $1.65 target.

The business generates returns through the leasing of entitlements and the sale of annual surplus allocations received against the entitlement position in the spot market, as well as the disposal of long-term entitlements.

The company has internalised its management structure which should result in a material reduction in operating costs going forward, the broker adds.

Target price is $1.65 Current Price is $1.50 Difference: $0.15
If RIV meets the Bell Potter target it will return approximately 10% (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

UBS rates RMS as Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Ramelius Resources is rated Buy with a price target of $5.20 (unchanged).

Target price is $5.20 Current Price is $3.96 Difference: $1.24
If RMS meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.34, suggesting upside of 30.6% (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 RRL as Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Regis Resources is rated Buy with a price target of $9.50 (unchanged).

Target price is $9.50 Current Price is $7.04 Difference: $2.46
If RRL meets the UBS target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $8.83, suggesting upside of 25.4% (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

Citi rates RWC as Neutral (3) -

Reliance Worldwide announced a circa $120m buyback, or around 5% of the share count, with Citi highlighting the additional bank debt is relatively expensive, moderating the EPS accretion to around 2%-3%, despite the lower share price.

The buyback could be completed in FY26, but the base case assumed is in FY27, with the possibility of a top up for another circa 5% if the share price remains attractive, under buyback rules.

Neutral. Target $4.25.

Target price is $4.25 Current Price is $3.12 Difference: $1.13
If RWC meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 28.0% (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: 0.2

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

Morgan Stanley rates S32 as Overweight (1) -

Morgan Stanley assesses the transition to C&M may be negative but there is limited incremental impact for South32 as this has been well flagged. Consensus already reflects Mozal being off-line indefinitely.

The broker points out consensus already assumes third-party sales of alumina from Worsley, although there is some pressure on alumina prices if aluminium capacity closes due to energy shortages, which in turn would mean alumina prices deteriorate.

The broker notes alumina is trading at cost support i.e. US$309/t. Target $4.75. Rating Overweight. Industry View: Attractive.

Target price is $4.75 Current Price is $4.16 Difference: $0.59
If S32 meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.01, suggesting upside of 19.2% (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: 0.7

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 announced the resubmission to FDA of its brain cancer imaging agent, Pixclara. Citi points to the resubmission as the removal of a second overhang for the stock post the release of safety data for prostate cancer drug TLX591 last week.

The resubmission includes further data and analysis, which is assumed as a Class 2 resubmission with around a 30-day acceptance time and possible target PDUFA date in mid October.

The analyst notes Pixclara represents around $1 to the $32 target price.

Buy rated. Target $32.

Target price is $32.00 Current Price is $10.98 Difference: $21.02
If TLX meets the Citi target it will return approximately 191% (excluding dividends, fees and charges).

Current consensus price target is $25.84, suggesting upside of 121.4% (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

Morgans rates TTX as Speculative Buy (1) -

Tetratherix has launched a new Precision Medicine franchise, building on its proprietary Tetramatrix platform polymer, which marks a significant expansion beyond its existing bone regeneration and tissue healing business.

Morgans notes the 10-year US$30m R&D and licensing deal with a US-based digital health company will immediately generate revenue.

Under the agreement Superpower will pay the company an exclusive license fee of US$3m per annum for up to 10 years and also purchase Tetramatrix polymer.

The broker assumes revenue will commence in FY29 and raises the target to $7.03 from $5.76. Speculative Buy retained.

Target price is $7.03 Current Price is $5.09 Difference: $1.94
If TTX meets the Morgans target it will return approximately 38% (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 VAU as Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200/oz for 2026 before the rally is expected to fade.

Vault Minerals is rated Buy with a price target of $7.60 (unchanged).

Target price is $7.60 Current Price is $4.67 Difference: $2.93
If VAU meets the UBS target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $7.57, suggesting upside of 63.1% (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 WAF as Outperform (1) -

In a flash update, Macquarie notes West African Resources announced 2025 net profit after tax which met consensus expectations but missed the analyst's forecast by -7% on higher tax expenses and higher other costs.

Operating cash flow including exploration beat Macquarie and consensus by 16%/9%, respectively, with total capex lower than both estimates.

Net cash position stood at $139m at the end of 2025, lower than the broker's forecast by -11% but exceeding consensus by 12%.

Management did not offer any guidance for 2026 and has indicated updated reserves, resources and a 10-year production target will be released by the end of 1Q2026.

Outperform. Target $5.

Target price is $5.00 Current Price is $2.78 Difference: $2.22
If WAF meets the Macquarie target it will return approximately 80% (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

UBS rates WGX as Initiation of coverage with Buy (1) -

UBS has launched coverage on five more ASX listed gold names, taking its team gold coverage to 14 Australian stocks.

The broker's investment thesis sees strong volume growth and gold prices remaining elevated, providing a "healthy pathway" to higher earnings and cash flow for the sector.

The broker's updated order of preference places Pantoro Gold on top, followed by Westgold Resources, then Minerals 260, Catalyst Metals, and Ora Banda Mining.

UBS' Precious Metals strategists are forecasting an average gold price of US$5,200 for 2026 before the rally is expected to fade.

Westgold Resources is initiated with a Buy rating and $10.25 price target.

Target price is $10.25 Current Price is $5.95 Difference: $4.3
If WGX meets the UBS target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 52.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates WOW as Accumulate (2) -

Ord Minnett believes Woolworths Group's portfolio businesses are showing stronger operational momentum following several years of mixed execution.

It's noted these non-core divisions are collectively valued at about $7.4bn and could rank within the ASX100 as a standalone group.

Portfolio earnings growth of 49% was delivered in the first half of 2026, led by improved profitability across New Zealand supermarkets, Big W and Petstock, the broker explains.

Australian Food remains attractively valued, according to Ord Minnett, below what its defensive profile may justify.

Ord Minnett retains a Buy rating and target of $39.

Target price is $39.00 Current Price is $36.05 Difference: $2.95
If WOW meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.26, suggesting upside of 1.3% (ex-dividends)

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