Australian Broker Call

Macquarie rates ABG as Outperform (1) -

After a period of research restriction, Macquarie has reinitiated coverage on Abacus Group with an Outperform rating and a target price of $1.31, up from $1.29.

This follows the withdrawal of a takeover proposal for Abacus Storage King ((ASK)) by Ki Corporation and Public Storage. Abacus Group plans to spin out Abacus Storage King and sell its 19.8% stake.

The broker notes the group also plans to sell $460m of non-core assets, including land and low-yielding properties. It will be staged, with $200-300m targeted over 12-18 months. 

Macquarie expects the 19.8% stake sale will attract strong interest but any premium to market price will depend on alignment with Ki Corp which has a 59.5% stake.

Reinvestment into levered capital partnerships could potentially lift earnings by over 10%, the broker reckons.

Target price is $1.31 Current Price is $1.20 Difference: $0.115
If ABG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates ACE as Speculative Buy (1) -

Acusensus secured its largest US contract worth US$22.6m with the Connecticut Department of Transportation for automated speed enforcement over five years.

Morgans notes the win validates the company's technology in the US and strengthens its position for future contracts. Based on the annualised contract value of US$4.4m, the broker expects the initial ramp up to lift incremental revenue by $3.3m in FY26.

This is expected to rise to $6.8m annually from FY27. The broker expects FY26 revenue guidance to be in the $82-87m range.

The broker also notes progress in new $25m bank funding, improving flexibility and reducing capital risk.

Speculative Buy. Target rises to $2.05 from $1.30 on lift in earnings forecasts and applying a premium to valuation.

This report was published Wednesday.

Target price is $2.05 Current Price is $1.79 Difference: $0.26
If ACE meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates ASK as Neutral (3) -

Citi's self-storage website tracker, done in conjunction with its Research Innovation Lab, observed continued strength in National Storage REIT web traffic, up 31% y/y in July 2025, versus a 7.3% peer average.

Abacus Storage King, however, saw a decline of -18%.  Across January-July, National Storage REIT traffic rose 7.1% y/y, while peers fell -2.3% and Abacus Storage King declined -11.3%.

On a y/y basis, National Storage REIT traffic was up 15.2%, outperforming Abacus Storage King, up 9.7% and peers, up 10.4%.

Overall, the broker reckons self-storage remains an attractive sub-sector within the real estate.

Neutral retained for Abacus Storage King. Target unchanged at $1.50.

Target price is $1.50 Current Price is $1.39 Difference: $0.115
If ASK meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 12.7% (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

Shaw and Partners rates BML as Buy (1) -

Shaw and Partners recently upgraded its gold price forecast to US$4,000/oz in early 2026, and its silver price forecast is now over US$50/oz from 2026. Boab Metals has one of the most advanced silver projects at Sorby Hills.

The silver price rally has lifted the stock's price to four-year highs, up 330% in the last year and 102% in the past month.

The analyst continues to see further upside in the stock as Boab brings Sorby Hills into production. Target is upgraded to 77c from 60c, Buy, High Risk maintained.

Target price is $0.77 Current Price is $0.48 Difference: $0.295
If BML meets the Shaw and Partners target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Bell Potter initiates coverage on CAR Group with a Buy rating and target price of $42.20. The company operates online automotive marketplaces across Australia and internationally, including operations in North America, South Korea, Brazil, and Chile.

Platforms also include exchanges for bikes, boats, caravans, trucks, farm and construction equipment.

The company's diversified portfolio provides strong risk-adjusted returns supported by stable earnings growth, highlights the broker. Profit growth is expected from expansion into underpenetrated markets and platform upgrades.

The analysts list upcoming initiatives including dealer customer relationship management (CRM) improvements in Australia, new pay-per-lead models in North America, and rising vehicle inspection and delivery services in South Korea.

Bell Potter forecasts EPS to grow at a compound annual rate of 12.2% between FY25 and FY28, reflecting consistent operating performance. 

Target price is $42.20 Current Price is $36.72 Difference: $5.48
If CAR meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $42.15, suggesting upside of 15.6% (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

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

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

With no hedging and a debt-free balance sheet, Catalyst Metals offers enduring value through its pipeline of low-cost organic growth and significant upside potential across the broader Plutonic Gold Belt, suggests Morgans.

Target rises to $11.00 from $9.26. Rating upgraded to Buy from Accumulate.

Target price is $11.00 Current Price is $7.46 Difference: $3.54
If CYL meets the Morgans target it will return approximately 47% (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 DGT as Buy (1) -

Digico Infrastructure REIT's Australian business will double contracted capacity to 40MW, observes Morgans, after management announced new contract wins.

This outcome enhances the likelihood of further deals, suggests the analyst, as the business targets an increase in Australian capacity to around 122MW of planned IT capacity.

The company also issued FY26 earnings (EBITDA) guidance of $120-125m, -14% below the consensus forecast and -21% below Morgans estimate, mainly due to a mix of existing and new tenants. 

Run-rate earnings (EBITDA) guidance of $180m once contract billing begins was also issued.

The company will cut its FY26 distribution to 12c, down from the prior 20c forecast by the broker, but still within the 90-100% of funds from operations (FFO) payout range. Payouts are still positioned to grow over time, notes Morgans.

The target is reduced to $4.30 from $4.85. Buy retained.

Target price is $4.30 Current Price is $2.95 Difference: $1.35
If DGT meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $4.09, suggesting upside of 36.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates EVN as Trim (4) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

While the target for Evolution Mining rises to $10.20 from $7.30, Morgans sees the share price as fully valued after strong recent performance. Trim rating maintained.

Target price is $10.20 Current Price is $11.28 Difference: minus $1.08 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.39, suggesting downside of -26.2% (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

Citi rates FMG as Neutral (3) -

Citi updates its model for Fortescue to factor in early repayment of US$600m in unsecured notes and a rebuild of the debt stack, aligning interest expenses with consensus levels.

The broker also lifted iron ore price forecast by US$2/t in 2026 to US$90/t. EBITDA forecast rises 3% for FY26 and by 2% for FY27.

Net profit forecast revised down by -9% for FY26 and by -5% for FY27 due to higher financing costs.

Target rises to $19.10 from $19.00. Neutral maintained. The broker has a short-term downside view expiring October 23.

Target price is $19.10 Current Price is $19.20 Difference: minus $0.1 (current price is over target).
If FMG meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.55, suggesting downside of -4.5% (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: -0.2

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

Citi rates GMG as Buy (1) -

Citi's analysts collaborate with its Research Innovation Lab to analyse Goodman Group's job ads across the globe as it can be a potential leading indicator for data centre development.

The September jobs tracker showed a slower hiring pace after strong July-August activity, though overall hiring remained robust across Goodman’s global development centres.

The broker observed active data centre role concentrations in Frankfurt, Luxembourg, Madrid, Paris, and Vilvoorde, signaling continued European expansion.

Job trends support Goodman’s $10bn development pipeline, with 400MW in progress and 500MW to commence by June 2026, the broker highlights.

Buy. Target unchanged at $40.

Target price is $40.00 Current Price is $33.57 Difference: $6.43
If GMG meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $37.65, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Morgans upgrades Imdex to Accumulate from Hold with a higher target of $3.80 from $3.45 ahead of the company's 1Q26 sales update at the AGM next week, which the analyst believes will come in above expectations.

Junior raisings have increased to record levels in September of US$1.5bn, up 260% on the prior year, with Morgans pointing to a pick-up in other commodities, including sustained gains in the gold price..

Non-precious metals raisings grew 345% on last year versus precious metals up 44% over the same period, marking the fourth consecutive month of raisings over US$1bn. Trailing 12-month raisings are up 72% to US$11.1bn on the prior period.

The analyst raises Imdex's revenue growth forecast to 16% for FY26 from 14%, and to 7% from 5% in FY27, with an associated rise in NPATA estimates by 3% in FY26 and 7%-9% in FY27-28, respectively.

Target price is $3.80 Current Price is $3.50 Difference: $0.3
If IMD meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting downside of -1.6% (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

Morgan Stanley rates JHX as Overweight (1) -

Morgan Stanley assesses James Hardie Industries' preliminary 2Q26 earnings (full 2Q26 earnings on November 19) as strong, with sales of US$1.29-1.3bn and EBITDA of US$326-331m well above guidance.

Sales was 10% above consensus, EBITDA 18% higher and net profit 59% above. EPS was significantly above guidance by 76%, driving an 8.1% share price jump. Net debt fell to US$4.5bn, easing balance sheet pressure though leverage remains high.

The broker highlights the beat was driven by less severe de-stocking in Siding & Trim and steady Azek segment growth.

If the current run-rate holds, the broker expects FY26 EBITDA to surpass the top end of guidance.

Overweight rating. Target price $39. Industry View: In-Line.

Target price is $39.00 Current Price is $33.24 Difference: $5.76
If JHX meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $35.95, suggesting upside of 9.9% (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: 0.3

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

Morgans rates JHX as Accumulate (2) -

James Hardie Industries is due to report its final September results on November 19 (Sydney time), but ahead of the October 30 AGM announced preliminary expected September quarter results, This was above the prior guidance, Morgans states.

The indicated results beat prior adjusted earnings (EBITDA) guidance by 19% at US$329m versus US$275m, and adjusted EPS guidance by 77%, according to the analyst, due to more stable demand, less material destocking, and an improved outlook.

Notably, Azek performed well with mid-single digit growth in both net sales and sell-through for deck, rail and accessories vs the prior period.

No change to Accumulate rating. Target rises to $38.50 from $37.10.

Target price is $38.50 Current Price is $33.24 Difference: $5.26
If JHX meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $35.95, suggesting upside of 9.9% (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: 0.3

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

Ord Minnett rates JHX as Sell (5) -

James Hardie Industries pointed to better than previously guided earnings (EBITDA) for its 2Q26 results. Ord Minnett attributes this to US sales declining less than consensus feared, albeit distributors kept more inventory on board than anticipated.

The latest update for the quarter is now set 19% higher than prior earnings (EBITDA). No doubt positive, the analyst postures, while questioning the timing of the upgrade ahead of the AGM.

Post the update, the analyst raised James Hardie's FY26 EPS estimates by 17.6% and FY27 by 7.8%.

Target price is upgraded to $32 from $29. No change in Sell rating due to the "downbeat" outlook for a recovery in the US housing market, a lack of visibility on future earnings, and the balance sheet position post Azek.

Target price is $32.00 Current Price is $33.24 Difference: minus $1.24 (current price is over target).
If JHX meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.95, suggesting upside of 9.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Citi rates LIC as Buy (1) -

Citi highlights Lifestyle Communities delivered a solid 1Q26 update, with 50 sales in the September quarter despite a challenging backdrop.

This performance came ahead of expected market tailwinds from the First Home Guarantee scheme (effective 1 Oct), indicating underlying sales strength. Net debt fell to $348m at of October 6 from $460.5m at the end of June, meeting the December 2025 target early, with further reduction likely as inventory declines.

The broker notes the result demonstrates resilient sales momentum despite the recent VCAT DMF decision. Upside expected on improved balance sheet and strengthening Melbourne housing outlook.

Buy. Target unchanged at $7.

Target price is $7.00 Current Price is $5.63 Difference: $1.37
If LIC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates LLC as Buy (1) -

According to a media report, Lendlease's $2.8bn APPF retail fund vote failed for the second time due to a lack of quorum.

Citi notes given the APPF $2bn industrial fund also saw a failed vote earlier, this outcome reduces near-term funds management pressure on Lendlease.

While a future challenge at the $5.8bn APPF commercial fund remains possible, the broker believes investors should focus on the core business performance. 

Potential upside catalysts include new development project wins and a share buyback announcement following asset sales (Australian retirement business and Malaysia’s TRX mall).

Buy. Target price $6.70.

Target price is $6.70 Current Price is $5.26 Difference: $1.44
If LLC meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 21.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Lynas Rare Earths signed a non-binding MoU with Noveon Magnetics to develop a US supply chain for rare earth permanent magnets.

The partnership will cover light and heavy rare earth supply, metallisation, and magnet production, and prioritises defence, critical infrastructure, and electrification markets.

Morgan Stanley believes the move aligns with the company’s downstream integration strategy and strengthens its position as the only large-scale ex-China producer of separated rare earths.

The company is viewed as a key beneficiary of Western government support for critical minerals supply chains.

Equal-weight. Target unchanged at $19.45. Industry View: Attractive.

Target price is $19.45 Current Price is $19.55 Difference: minus $0.1 (current price is over target).
If LYC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.32, suggesting downside of -35.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Ord Minnett rates MEI as Speculative Buy (1) -

Ord Minnett considers Meteoric Resources' $42.5m capital raising, alongside the approval to operate its 3km environmental zone, as derisking the development of its Caldeira project.

Post these two events, the analyst believes the share price has scope to move to the forecast valuation of 30c, which equates to the new target price of 30c, up from 20c.

Meteoric is expected to start bench-scale metallurgical testing by Ansto, with pilot plant operations commencing late 2025 at Pocos de Caldas. The plant's cost is anticipated at $2m and will produce around 2kg per day of mixed rare earth carbonates, the analyst explains.

Speculative Buy rating retained.

Target price is $0.30 Current Price is $0.18 Difference: $0.125
If MEI meets the Ord Minnett target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 48.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates MEK as Speculative Buy (1) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Meeka Metals poured first gold on schedule at the Murchison Gold Project in the June quarter. The broker reckons the company is best positioned to benefit from elevated gold prices.

Target rises to 31c from 27c, Speculative Buy maintained.

Target price is $0.31 Current Price is $0.21 Difference: $0.1
If MEK meets the Morgans target it will return approximately 48% (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 MFG as Underperform (5) -

Magellan Financial reported better than expected 1Q26 net inflow of $0.5bn, well in excess of Macquarie's estimate of -$1.4bn outflow and consensus outflow of -$1.3bn. Retail outflow was as anticipated, while institutional achieved net inflow.

FUM came in above forecasts at $40.2bn, higher than the analyst's estimate by 4.7% and 2.9% above consensus.

Despite the improved quarterly update, the analyst points to more subtle EPS upgrades of around 1.3%, as the FUM has moved to institutional business, which had lower margin fees of 27bps compared to retail at 110bps in FY25.

Macquarie reiterates its Underperform rating due to expected downside risk to FY26 EPS. The analyst currently sits below consensus by -4.3% due to associate profits. Target set at $8.65.

Target price is $8.65 Current Price is $10.30 Difference: minus $1.65 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.44, suggesting downside of -9.5% (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 MFG as Underweight (5) -

Magellan Financial reported net inflow of $0.5bn in 1Q26, with the run-rate tracking ahead of Morgan Stanley's forecast for -$2bn outflow in 1H26.

However, the mix shift in favour of insto is concerning as it points to base fee pressure, the analyst highlights. During the quarter, retail saw outflow of -$0.4bn and within that global equities, where margins are the highest, saw -0.6bn outflow.

Assets under management mix shifted to 40% retail and 60% insto by September quarter end, vs 42% retail and 58% insto at June quarter end.

Underweight. Target unchanged at $7.65. Industry View: In-Line.

Target price is $7.65 Current Price is $10.30 Difference: minus $2.65 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.44, suggesting downside of -9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates MGR as Outperform (1) -

Macquarie’s review of JLL’s September quarter commercial property data highlights improving office fundamentals, stable retail conditions, and softening industrial performance.

The analyst advocates a rotation into office, based on an anticipated gradual recovery in income fundamentals and stocks trading at discounts to book value.

The broker notes positive net absorption across all major cities, led by Sydney, with Melbourne showing the most improvement over the past year.

Despite this, vacancies rose in Melbourne and Brisbane due to new supply. Effective rent growth remained positive, supported by higher face rents and stable incentives, explains the analyst.

Macquarie continues to favour office assets in premium precincts and sees value as stocks trade at discounts to book value.

The broker’s preferred exposures remain Mirvac Group, Dexus ((DXS)), GPT Group ((GPT)), and Qualitas ((QAL)), all rated Outperform.

The Outperform rating and $2.70 target are maintained for Mirvac Group.

Note: While market conditions continue to moderate in Industrial, the broker remains attracted to under-renting in portfolios, mentioning the case for Outperform-rated Dexus Industrial REIT ((DXI)).

Target price is $2.70 Current Price is $2.29 Difference: $0.41
If MGR meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 7.1% (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

Morgans rates MI6 as Speculative Buy (1) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Regarding Minerals 260, Morgans stresses open-pittable gold resources exceeding 2moz are increasingly rare and offer substantial economic upside, with the potential to deliver strong returns for investors.

The broker also cites meaningful upside implied in the broker's risk-adjusted valuation, significant resource growth potential, and clear merger and acquisition appeal. Target increased to 50c from 38c. Speculative Buy retained.

Target price is $0.50 Current Price is $0.31 Difference: $0.19
If MI6 meets the Morgans target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $0.43, suggesting upside of 34.4% (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

Morgans rates MM8 as Speculative Buy (1) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

For Medallion Metals, Morgans likes the development projects' (Ravensthorpe & Forrestania) low capital intensity supported by existing synergies, high-grade resource delivering strong margins, and a rapid payback period.

Valuable copper credits are also noted, along with organic growth potential at the Forrestania nickel operation, and clear M&A appeal.

Target price to lifted to 61c from 41c. Speculative Buy maintained.

Target price is $0.61 Current Price is $0.55 Difference: $0.06
If MM8 meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MSB as Speculative Buy (1) -

Mesoblast’s 1Q26 result beat Bell Potter’s expectations, with Ryoncil gross revenue of US$21.5m, about US$6m above the broker's forecast, signaling strong adoption in its second quarter on the market.

After a 13% gross to net adjustment, the analysts estimate net revenue at US$19.1m.

Around 14-15 patients were treated across roughly 110-120 infusions, with market penetration near 16%, observes Bell Potter. Further quarterly growth is anticipated as reimbursement improves and awareness expands.

The recent awarding of a permanent Medicare Healthcare Common Procedure Coding System (HCPCS) code should support broader uptake, suggest the analysts.

Bell Potter retains a Buy (Speculative) rating and a $4.00 target.

Target price is $4.00 Current Price is $2.92 Difference: $1.08
If MSB meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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 NEM as Accumulate (2) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

For Newmont Corp, the analysts believe an optimised portfolio will drive a substantial uplift in cash flow, supported by the strong combination of volume growth, cost efficiencies, and sustained gold price strength.

Target rises to $146 from $107. Accumulate rating retained.

Target price is $146.00 Current Price is $133.73 Difference: $12.27
If NEM meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates NSR as Buy (1) -

Citi's self-storage website tracker, done in conjunction with its Research Innovation Lab, observed continued strength in National Storage REIT web traffic, up 31% y/y in July 2025, versus a 7.3% peer average.

Abacus Storage King, however, saw a decline of -18%.  Across January-July, National Storage REIT traffic rose 7.1% y/y, while peers fell -2.3% and Abacus Storage King declined -11.3%.

On a y/y basis, National Storage REIT traffic was up 15.2%, outperforming Abacus Storage King, up 9.7% and peers, up 10.4%.

Overall, the broker reckons self-storage remains an attractive sub-sector within the real estate.

Buy retained for National Storage REIT. Target unchanged at $2.80.

Target price is $2.80 Current Price is $2.36 Difference: $0.44
If NSR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates NST as Buy (1) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Northern Star Resources offers a compelling investment case, suggest the analysts, with capital upside underpinned by a 2moz growth profile to FY26 and record gold prices. An active capital management strategy encompassing dividends and share buy-backs also assist.

Target rises to $27.44 from $124. Buy rating retained.

Target price is $27.44 Current Price is $24.73 Difference: $2.71
If NST meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.81, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates NWH as Buy (1) -

Citi notes NRW Holdings made a strong start to FY26, benefiting from dry Queensland conditions that should lift mining margins back to FY24 levels.

The newly acquired Fredon business specialising in engineering, maintenance and industrial technology (EMIT) represents an upside potential as revenue and cost synergies are realised, the broker reckons.

The FY26 guidance for $4.05bn revenue and $261m EBITA now appear conservative, in the broker's view, making upgrades likely as margins improve.

The broker is upbeat, given work-in-hand of $7.1bn provides 21 months of revenue visibility, with 94% coverage for FY26. EPS forecast for FY26 lifted by 13.5% and by 20.6% for FY27.

Buy. Target rises to $5.50 from $4.05.

Target price is $5.50 Current Price is $4.76 Difference: $0.74
If NWH meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.74, suggesting downside of -2.1% (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 PDN as Buy (1) -

Paladin Energy will report its September quarter result on October 14. Bell Potter forecasts production of around 1mlbs of uranium, up 1% quarter-on-quarter, from mill throughput of 1.2mt at 450 parts per million (ppm) and 81% recovery.

The broker sees consensus (and its own) forecasts setting a low bar for outperformance, with full-year guidance of 4-4.4mlbs weighted to the second half.

Bell Potter notes uranium prices have risen while Paladin’s shares have lagged peers (up 11% versus 36%). The analysts see undervaluation given 6mlbpa capacity at Langer Heinrich (75% owned) and 9mlbpa potential at Patterson Lakes South.

The broker raises its target price to $10.30 from $9.00 and retains a Buy rating.

Target price is $10.30 Current Price is $8.88 Difference: $1.42
If PDN meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.17, suggesting upside of 2.1% (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: 0.9

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

Morgans rates PNR as Downgrade to Trim from Hold (4) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Given Pantoro Gold's Norseman gold project is now fully consolidated and there is no hedging or debt, Morgans anticipates strong free cash flow while management unlocks access to higher-grade mining areas.

Target rises to $5.96 from $5.22. After a strong share price performance, the broker downgrades to Trim from Hold.

Target price is $5.96 Current Price is $6.39 Difference: minus $0.43 (current price is over target).
If PNR meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.10, suggesting downside of -22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates RDX as Overweight (1) -

Redox provided 1Q26 trading update at its AGM, broadly in line with consensus, with gross margin slightly ahead, Morgan Stanley highlights.

The broker understands volumes grew in the high single digits, consistent with long-term averages, despite macro headwinds and cycling a strong prior-year quarter. Pricing remained stable y/y, supporting revenue growth in line with the 9.2% FY26 consensus forecast.

Gross margin at 21.6% tracked slightly above the 21.3% FY26 consensus, reflecting solid cost control and efficiency gains.

The broker reiterates Redox as a key pick.

Overweight. Target remains at $3.50. Industry view: In-Line.

Target price is $3.50 Current Price is $2.80 Difference: $0.7
If RDX meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 16.8% (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

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

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Morgans raises its target for Ramelius Resoures to $5.00 from $4.00 and upgrades to Buy from Accumulate. It's noted the company's high-grade asset base is complemented by established operations, which are generating strong cash flow.

Target price is $5.00 Current Price is $4.07 Difference: $0.93
If RMS meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates RRL as Hold (3) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Morgans believes Regis Resources is well positioned to maintain strong leverage to the gold price, supported by a solid production base and underappreciated organic growth potential at Duketon. Target rises to $6.00 from $5.80. Hold.

Target price is $6.00 Current Price is $6.25 Difference: minus $0.25 (current price is over target).
If RRL meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.19, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Morgans rates TCG as Speculative Buy (1) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Turaco Gold's main asset is the Afema Gold Project in southeast Cote d’Ivoire. It represents a major belt-scale opportunity, suggests Morgans, with potential to deliver more than 5moz in gold resources.

While exploration is expected to drive short- to mid-term value, it's thought existing resources already provide visibility to a strong, cash-generative mining operation. Target rises to $1.63 from $1.29. Speculative Buy.

Target price is $1.63 Current Price is $0.51 Difference: $1.125
If TCG meets the Morgans target it will return approximately 223% (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

Citi rates TCL as Buy (1) -

Transurban Group reported sequential improvements in quarterly trafffic growth trends, with 1Q26 group traffic growth of 2.7% vs 2.4% in 4Q25 and 1.8% in 3Q25.

Citi notes Sydney traffic was softer due to heavy rainfall, impacting average daily traffic by -1%, while Melbourne rebounded strongly with 3.2% growth, its best since 1Q24. Brisbane traffic rose 2.6%, supported by a 5.2% increase in heavy vehicles.

North America was a standout, with 6.8% traffic growth and 9-17% higher dynamic tolls, driving double-digit revenue growth.

The company reaffirmed 69c distribution guidance, but the broker sees upside potential from robust US toll revenue.

Buy. Target unchanged at $16.10.

Target price is $16.10 Current Price is $14.14 Difference: $1.96
If TCL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates TCL as Neutral (3) -

Transurban Group reiterated FY26 dividend guidance of 69c at its AGM, which was no surprise to Macquarie.

The dividend expectation by management is unlikely to be revised until there is more information on the opening of West Gate Tunnel traffic and ramp outlook around the end of 1H26 or the third quarter.

Transurban is also awaiting the NSW Government toll reform, which is not anticipated to be initiated before FY27.

Macquarie lifts its EPS forecasts by 1.1% in FY26 and 1.6% for FY27. The rise comes from the robust US traffic performance in 1Q26, offsetting Australian traffic.

Sydney traffic trend was in line with FY25, with softness from M2, Lane Cove Tunnel, Eastern Distributor and M7 due to road works.

Target price rises to $14.55 from $14.18. Neutral rating retained.

Target price is $14.55 Current Price is $14.14 Difference: $0.41
If TCL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

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

Morgan Stanley observes Transurban Group 1Q26 update showed steady traffic growth, broadly in line with expectations, with the company reaffirming FY26 DPS guidance of 69cps.

Group gross average daily traffic (ADT) rose 2.7% YoY, with proportional ADT up 2.4%, reflecting continued recovery across regions.

Sydney lagged, up only 0.9%, impacted by heavy rainfall and construction, while Melbourne was strongest at 3.3% growth, driven by airport and heavy vehicle traffic.

Brisbane ADT increased 2.5%, supported by solid Logan Motorway growth, and North America was a standout, up 6.6% with a continued shift back to workplace commuting.

Equal-weight. Target price $13.88. Industry View: In-Line.

Target price is $13.88 Current Price is $14.14 Difference: minus $0.26 (current price is over target).
If TCL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.40, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Ord Minnett rates TCL as Accumulate (2) -

Transurban Group announced its September quarter average daily traffic growth, which came in line with consensus expectations.

The toll road operator confirmed dividend guidance in FY26 of 69c, which Ord Minnett notes is 6% above FY25.

Results were mixed across geographies, with Melbourne and North America offsetting the weaker growth in road users in Sydney, with the analyst pointing to the larger than normal rainfall over the period as a possible factor.

Accumulate rating retained. Target price rises to $14.60 from $14.50.

Target price is $14.60 Current Price is $14.14 Difference: $0.46
If TCL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 2.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates TSO as Speculative Buy (1) -

Morgans raises its gold price assumptions by around 20% over the next three financial years, in line with consensus, supporting stronger earnings potential for both producers and developers. Long-term gold price assumption of US$2,500/oz is maintained.

Macro tailwinds continue to support the gains in spot gold prices, explains Morgans, with prospective rate cuts, shifting US policy, ongoing de-dollarisation, and heightened geopolitical uncertainty underpinning gold’s resilience.

Among producers, the broker's large-cap, mid-cap and small-cap preferences are Northern Star Resources, Ramelius Resources, and Meeka Metals, respectively. Pre-production favourites are Minerals 260, Turaco Gold, and Tesoro Gold.

Morgans is attracted to Tesoro Gold for its capital upside, steady-state earnings potential of over $130m a year, strong resource growth, district-scale exploration, and manageable capital costs.

Clear M&A appeal is also noted given South African-based Gold Fields’ substantial interest, and its established, low-risk mining jurisdiction.

Speculative Buy rating unchanged. Target price is lifted to 27c from 21c.

Target price is $0.27 Current Price is $0.07 Difference: $0.202
If TSO meets the Morgans target it will return approximately 297% (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