Australian Broker Call

Bell Potter rates AL3 as Speculative Buy (1) -

AML3D has announced $12.5m in new orders including a follow-on from Newport News Shipbuilding and a $2.6m parts manufacturing order for the US Navy.

The new orders will likely be reflected in revenue over FY27-29, reflecting "strong" momentum as the company scales its Australian and US capability, Bell Potter observes.

The broker incorporates the latest financial results and new orders into its assessment of the stock with the net result being a tempering of revenue expectations in FY26 and upgrades to the outer years.

No change to Speculative Buy and 40c target price.

Target price is $0.40 Current Price is $0.20 Difference: $0.2
If AL3 meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ALL as Outperform (1) -

Macquarie observes US casino gaming revenues rose 3% y/y in February 2026, with regionals up 4% and Las Vegas up 1%, taking year-to-date growth to 2%.

The broker expects broadly flat Las Vegas revenues in 2026 with a 2H2026 skew, and low-single digit growth in regional markets. Regional casinos, representing 85% of volumes, continue to drive growth, supported by expansions

Commentary highlights despite a potentially softer consumer backdrop and rising cost pressures, gaming revenues have remained resilient with no material slowdown evident.

The analyst highlights Aristocrat Leisure, Outperform rated alongside a $63 target and Light & Wonder ((LNW)), also Outperform rated with a $205 target.

Both stocks have experienced a singnificant de-rating and are seen offering opportunities with valuations at multi-year lows.

Target price is $63.00 Current Price is $45.33 Difference: $17.67
If ALL meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $67.31, suggesting upside of 44.2% (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

Bell Potter rates CAT as Buy (1) -

Following on from Catapult Sports' trading update, Bell Potter makes adjustments to its forecasts. The main changes are increasing SBP forecasts to US$26m in FY26 and US$35m in FY27.

Depreciation forecasts are increased for FY26-28 because of higher amortisation of acquisition intangibles related to Impect.

Statutory EBITDA forecasts are downgraded for FY26 and FY27 by -20% and -24%, respectively. Medium-term targets are on track and the outlook is still positive with the broker retaining a Buy rating and $4.75 target.

Target price is $4.75 Current Price is $3.22 Difference: $1.53
If CAT meets the Bell Potter target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $5.66, suggesting upside of 64.4% (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: 1.0

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

Bell Potter rates CCL as Buy (1) -

Bell Potter notes the changes to credit and debit card fees the Reserve Bank has announced, including the elimination of surcharges and the reduction to the interchange cap for local card transactions.

The reforms are expected to deliver merchant savings of $900m, driven by an estimated -$660m reduction in interchange revenue.

The broker considers the changes a "mild indirect positive" for Cuscal, as its customer base is a price taker with low exposure to credit, and subscription-based models are an emerging second area of growth.

Buy rating and $5.10 target maintained.

Target price is $5.10 Current Price is $3.99 Difference: $1.11
If CCL meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates CCL as Buy (1) -

Ord Minnett assesses the final recommendations from the RBA’s Retail Payments Review as having no direct impact on Cuscal and being less negative for its customers than earlier proposals.

Any secondary effects are seen as neutral to slightly negative, with offsets for smaller financial institutions that issue debit/credit cards helping to mitigate impacts.

Commentary highlights Cuscal’s defensive positioning and strong earnings outlook, supported by volume-driven growth, a Data Services turnaround, Indue synergies and an ungeared balance sheet.

Ord Minnett retains a Buy rating, citing earnings certainty and an expected total shareholder return of around 30% over the next 12 months. Target of $5.13 unchanged.

Target price is $5.13 Current Price is $3.99 Difference: $1.14
If CCL meets the Ord Minnett target it will return approximately 29% (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 CEN as Outperform (1) -

Macquarie highlights rising aluminium prices and supply disruption in the Middle East are improving the earnings outlook for Contact Energy, driven by stronger profitability at Rio Tinto's ((RIO)) NZ aluminium (NZAS) smelter.

The broker highlights NZAS earnings (EBIT) are approaching US$1bn, supported by elevated LME prices and a high-value premium for specialised aluminium products.

NZAS remains a critical load in New Zealand’s electricity market, accounting for around 12% of demand, with expansion of potlines under consideration.

Contact Energy, alongside Mercury NZ ((MCY)), is viewed as well positioned to supply additional demand through new wind generation projects.

Outperform retained with an unchanged NZ$11.20 target. No change to earnings forecasts.

Current Price is $7.48. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgan Stanley rates CKF as Overweight (1) -

Collins Foods will transfer 20 of its 27 Taco Bell restaurants to a Yum! Brands affiliate under a new partnership.

The new owners will assume lease liabilities and reimburse Collins Foods for any operating losses at these restaurants from April 1, 2026 until completion.

The remainder of the Taco Bell stores will close in coming weeks. 

Morgan Stanley notes Taco Bell generated just a small EBIT loss in FY25 of around -$1.2m which is "immaterial" relative to group earnings.

Overweight rating, $11.20 target and In-Line industry view unchanged.

Target price is $11.20 Current Price is $8.75 Difference: $2.45
If CKF meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 40.9% (ex-dividends)

The company's fiscal year ends in April.

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 CKF as Buy (1) -

Collins Foods has provided detail regarding the Taco Bell exit which UBS assesses is a net positive as the arrangement removes a distraction and enables management to focus on the expansion opportunity in Germany.

Taco Bell generated an earnings loss of -$500,000 in the first half and the broker envisages scope for a $1m reversal on a full-year basis as leases were previously impaired but liabilities will now be assumed by the new owners.

The Australian Fair Work Commission will remove discounted rates for employees aged 18-20 in fast food, retail and pharmacy that have been employed for more than six months.

While UBS considers this a net negative, it acknowledges there are some offsets. Buy rating and $13.50 target unchanged.

Target price is $13.50 Current Price is $8.75 Difference: $4.75
If CKF meets the UBS target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $11.83, suggesting upside of 40.9% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates CU6 as Speculative Buy (1) -

Clarity Pharmaceuticals has received a positive peer review from the co-PSMA trial in post radical prostatectomy, the first time a PSMA-targeted imaging agent has demonstrated significantly improved imaging characteristics compared to those currently available.

The company expects to submit the NDA following completion of both Amplify and Clarify pivotal studies in coming months.

Bell Potter retains a Speculative Buy rating and raises the target to $6.50 from $6.40.

Target price is $6.50 Current Price is $3.10 Difference: $3.4
If CU6 meets the Bell Potter target it will return approximately 110% (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 ELD as Outperform (1) -

Macquarie sees a mixed impact on Australian agriculture from ongoing supply disruption, with fertiliser shortages a key risk and the size of the impact depending on length of the war.

Elders is preferred in the sector, supported by earnings growth, synergies and resilient livestock pricing, despite downside risk from input constraints. Outperform rating and $8.60 target unchanged.

GrainCorp ((GNC)) remains Neutral rated with a $6.60 target, with limited upside from higher grain prices and weaker production outlook.

Nufarm ((NUF)) is also Neutral rated, target is $2.77, with indirect cost pressures expected rather than direct supply impacts.

Outcomes depend on the duration of disruption, with both downside and upside scenarios identified.

Target price is $8.60 Current Price is $7.20 Difference: $1.4
If ELD meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.68, suggesting upside of 17.2% (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 FBU as Neutral (3) -

Citi assesses potential risks from rising resin costs on A&NZ Building Products exposures, noting force majeure events and widening crack spreads are creating early signs of supply pressure.

The broker identifies Reece and Fletcher Building as more exposed to potential disruption linked to the Middle East conflict.

It's felt Reliance Worldwide and James Hardie Industries face more moderate and limited impacts, respectively, due to differences in sourcing and regional exposure.

For Fletcher Building, Neutral rating and target of NZ$3.70.

Current Price is $2.47. Target price not assessed.

Current consensus price target is $2.76, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.5

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

Ord Minnett rates GGP as Buy (1) -

Ord Minnett highlights Greatland Resources' upgraded mineral resource estimate at Telfer and Havieron, lifting total resources to 14.9Moz of gold and 645kt of copper, with Telfer more than doubling.

The broker’s investment case centres on Havieron’s high-grade ore feeding into Telfer’s large processing mill, which is expected to materially lower unit costs and expand margins over time.

The resource upgrade is expected to support a longer mine life and higher throughput, with mined ore forecasts increased and mine life extended to 2035.

Ord Minnett raises its target to $19.00 from $18.50 and retains a Buy rating.

Target price is $19.00 Current Price is $11.34 Difference: $7.66
If GGP meets the Ord Minnett target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $15.93, suggesting upside of 22.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates HMC as Buy (1) -

UBS has viewed HMC Capital's 470MWh battery and the planned 1200MWh VBB2 development in Victoria.

The broker considers market conditions are favourable for battery assets given the removal of baseload coal power supply from the grid and the ongoing disruption from the Middle East conflict.

The company suspects it will need to sell down stabilised assets to achieve equity returns of more than 20% for energy transition while development returns are expected to be "healthy", with the project having a return on investment target of 10%.

UBS retains a Buy rating and $3.70 target.

Target price is $3.70 Current Price is $2.34 Difference: $1.36
If HMC meets the UBS target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 32.9% (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 JHX as Buy (1) -

Citi assesses potential risks from rising resin costs on A&NZ Building Products exposures, noting force majeure events and widening crack spreads are creating early signs of supply pressure.

The broker identifies Reece and Fletcher Building as more exposed to potential disruption linked to the Middle East conflict.

It's felt Reliance Worldwide and James Hardie Industries face more moderate and limited impacts, respectively, due to differences in sourcing and regional exposure.

For James Hardie Industries, Buy rating and $42.60 target.

Target price is $42.60 Current Price is $26.10 Difference: $16.5
If JHX meets the Citi target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $41.16, suggesting upside of 46.7% (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: 0.7

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 sees an improving investment case for rare earth developers Viridis Mining and Minerals and Meteoric Resources amid heightened geopolitical focus on supply security.

Both projects are located in Brazil’s high-grade ionic adsorption clay region and are approaching final investment decisions (FIDs).

Meteoric has larger resources, the broker explains, while Viridis offers higher-value ore, lower costs and state backing.

Despite valuation appeal following recent share price weakness, upcoming capital raisings to fund development are considered a key risk.

Ord Minnett rates both as Speculative Buys, with a preference for Viridis given its stronger margins and greater upside potential.

The target for Meteoric falls to 25c from 40c following multiple assumption adjustments.

Target price is $0.25 Current Price is $0.17 Difference: $0.085
If MEI meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 74.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MI6 as Speculative Buy (1) -

Minerals 260 has completed a further round of drilling at the Bullabulling gold project, Western Australia. The next resource estimate is expected in the second half of 2026.

Assays were reported from both infill and extension drilling, including 11m at 3.3g/t gold from 185m, 28m at 1.7g/t from 159m and 12m at 2.8g/t from 174m.

Bell Potter notes the results confirm both continuity and confidence with multiple mineralised zones intersected outside the current resource. Speculative Buy. Target is 90c.

Target price is $0.90 Current Price is $0.69 Difference: $0.215
If MI6 meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.08, suggesting upside of 53.6% (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

Ord Minnett rates MQG as Buy (1) -

Ord Minnett highlights Macquarie Group's sale of its OnStream smart meter platform, expected to generate around $900m, or $800m post-costs, for the Commodities and Global Markets division (approximately $400m after tax).

The broker raises its FY26 EPS forecast by 8.1% following the transaction, while leaving outer-year estimates unchanged.

Higher collective provisions have been incorporated to reflect credit risk in the software sector, though increased market volatility is expected to support commodities trading revenue.

Ord Minnett retains a Buy rating and $255 target.

Target price is $255.00 Current Price is $201.93 Difference: $53.07
If MQG meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $229.30, suggesting upside of 10.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates NEC as Outperform (1) -

Post a period of restriction, Macquarie has returned with an Outperform rating and $1.15 target on Nine Entertainment.

The media company has completed the -$850m acquisition of QMS Media, with the broker expecting 5% EPS accretion by FY28 from full cost synergies, circa $20m targeted by FY29.

Leverage is expected to rise with pro forma gearing peaking at an expected 1.8x in FY26.

The analyst highlights the deal provides exposure to the growing out-of-home advertising segment, supporting more consistent earnings growth and diversifying away from structurally challenged broadcasting.

EPS forecasts are tweaked lower in FY26.

Target price is $1.15 Current Price is $0.95 Difference: $0.2
If NEC meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 26.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates NEM as Buy (1) -

Citi expects Newmont Corp's 1Q26 results on April 23 to show operations tracking broadly in line with guidance, with EPS forecast at US$2.32 per share and EBITDA at US$4.5bn.

Production is modelled at 1.2Moz, consistent with guidance, including the previously disclosed impact from Boddington, the broker explains.

While fuel arrangements are considered manageable, higher energy costs are expected to flow into 2Q, with sensitivity indicating a rise to US$110/bbl could add around US$50/oz to AISC.

Citi trims its FY26 EBITDA forecast slightly. Target $215. Buy.

Target price is $215.00 Current Price is $151.55 Difference: $63.45
If NEM meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $205.00, suggesting upside of 29.9% (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: 1.0

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

Macquarie rates PXA as Outperform (1) -

IPART has outlined a proposed building block methodology for reviewing Pexa Group's pricing, with draft pricing expected in June, Macquarie explains.

The regulator indicated pricing is likely to be set through regulation rather than competition, given limited market interoperability.

Limited disclosure in the methodology paper makes outcomes difficult to assess, commentary suggests, although historical assumptions imply pricing changes within a plus/minus 10% range.

Based on history, key variables are expected to include an estimated WACC of around 8%, asset base between circa $650m and $850m, and transaction volumes of around 4.6m in 2025.

The analyst believes cost reduction opportunities could largely offset earnings impact from the cost impact. No change to $19.60 target price and Outperform rating. Earnings forecasts remain the same.

Target price is $19.60 Current Price is $15.21 Difference: $4.39
If PXA meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $17.45, suggesting upside of 35.7% (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 PXA as Downgrade to Neutral from Buy (3) -

Pexa Group has received two regulatory updates including the positive announcement from ARNECC that it will no longer proceed with interoperability reforms and IPART's announcement it does not expect competition to be shaping ELNO service fees over the next few years.

UBS assesses revenue risks are skewed to the downside and, although there is upside adoption risk in the UK, there is a more significant overhang now on the Australian "profit engine".

Rating is downgraded to Neutral from Buy ahead of greater clarity on potential Australian exchange fee changes. Target is reduced to $15.70 from $17.50.

Target price is $15.70 Current Price is $15.21 Difference: $0.49
If PXA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $17.45, suggesting upside of 35.7% (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 QAN as Buy (1) -

The Reserve Bank has announced changes to fees on credit and debit cards. All card surcharging will be disallowed from October 1 and interchange fees will be reduced for domestic issued consumer credit to 0.3% from 0.8%.

Debit card fees are also reduced to 0.16% from 0.2%. Foreign issued cards have until April 1, 2027 with a new cap of 1%.

Working in Qantas Airways' favour are several dynamics, UBS points out, and the value proposition of a loyalty point to the consumer is unchanged following the RBA decision. Qantas' loyalty is around 25% of group EBIT.

Management remains confident it can manage any RBA changes and is committed to a FY30 EBIT target of $800m-$1bn. Buy rating and $11.60 target retained.

Target price is $11.60 Current Price is $8.37 Difference: $3.23
If QAN meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $12.12, suggesting upside of 39.5% (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

Citi rates REH as Neutral (3) -

Citi assesses potential risks from rising resin costs on A&NZ Building Products exposures, noting force majeure events and widening crack spreads are creating early signs of supply pressure.

The broker identifies Reece and Fletcher Building as more exposed to potential disruption linked to the Middle East conflict.

It's felt Reliance Worldwide and James Hardie Industries face more moderate and limited impacts, respectively, due to differences in sourcing and regional exposure.

For Reece, $16.70 target and Neutral rating.

Target price is $16.70 Current Price is $13.26 Difference: $3.44
If REH meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $16.67, suggesting upside of 24.2% (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) -

Citi assesses potential risks from rising resin costs on A&NZ Building Products exposures, noting force majeure events and widening crack spreads are creating early signs of supply pressure.

The broker identifies Reece and Fletcher Building as more exposed to potential disruption linked to the Middle East conflict.

It's felt Reliance Worldwide and James Hardie Industries face more moderate and limited impacts, respectively, due to differences in sourcing and regional exposure.

For Reliance Worldwide, $3.90 target and Neutral rating.

Target price is $3.90 Current Price is $3.05 Difference: $0.85
If RWC meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 29.8% (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 TWE as Sell (5) -

Citi’s analysis of recent Nielsen data indicates Treasury Wine Estates’ US retail sales continue to underperform the broader market, with declines worsening slightly in recent weeks.

Luxury brand performance remains mixed, with Daou showing resilience, while Frank Family and Stag’s Leap have weakened, suggesting to the broker earlier strength may have been supported by holiday demand.

On-premise sales, which are not captured in Nielsen data, remain a source of growth, partially offsetting softer retail trends, the analyst explains.

Overall, Citi remains cautious on the US luxury wine market, with recent data indicating momentum is still uneven despite expectations for improvement following distribution changes.

Target $4.25. Sell.

Target price is $4.25 Current Price is $3.71 Difference: $0.54
If TWE meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates VGN as Buy (1) -

The Reserve Bank has announced changes to fees on credit and debit cards. All card surcharging will be disallowed from October 1 and interchange fees will be reduced for domestic issued consumer credit to 0.3% from 0.8%.

Debit card fees are also reduced to 0.16% from 0.2%. Foreign issued cards have until April 1 2027 with a new cap of 1%.

Working in Virgin Australia's favour are several dynamics, UBS points out, and the value proposition of a loyalty point to the consumer is unchanged following the RBA decision.

Virgin Australia's Velocity loyalty program is around 20% of EBIT.

Buy rating and $4.25 target unchanged.

Target price is $4.25 Current Price is $2.40 Difference: $1.85
If VGN meets the UBS target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 62.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates VMM as Speculative Buy (1) -

Ord Minnett sees an improving investment case for rare earth developers Viridis Mining and Minerals and Meteoric Resources amid heightened geopolitical focus on supply security.

Both projects are located in Brazil’s high-grade ionic adsorption clay region and are approaching final investment decisions (FIDs).

Meteoric has larger resources, the broker explains, while Viridis offers higher-value ore, lower costs and state backing.

Despite valuation appeal following recent share price weakness, upcoming capital raisings to fund development are considered a key risk.

Ord Minnett rates both as Speculative Buys, with a preference for Viridis given its stronger margins and greater upside potential.

The target for Viridis falls to $3.60 from $4.70 following multiple assumption adjustments.

Target price is $3.60 Current Price is $1.85 Difference: $1.75
If VMM meets the Ord Minnett target it will return approximately 95% (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 WAF as Outperform (1) -

West African Resources’ 2026 production guidance was broadly in line with Macquarie's expectations, but higher AISC and growth capex offset the benefit of a stronger long-term mine plan.

Kiaka is expected to contribute 57% of 2026 group production at the midpoint, and is the main driver of the upgraded 10-year outlook, with forecast production of 2.7Moz over 2026-35, 17% above prior consensus estimates.

Sanbrado’s 10-year outlook was also lifted modestly, taking group forecast production over 2026-35 to 5.3Moz, 12% above previous expectations.

The higher cost profile and increased 2026 capex has led to EPS downgrades of -15% for 2026 and -2% for 2027. The analyst now assumes a 2026 dividend of 10cps ahead of a potential 2H2026 payout, as indicated by management.

Target price is cut -10% to $4.50, as higher AISC assumptions and capex more than offset the improved long-term production profile. No change to Outperform rating.

Target price is $4.50 Current Price is $3.20 Difference: $1.3
If WAF meets the Macquarie target it will return approximately 41% (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

Ord Minnett rates WDS as Downgrade to Sell from Lighten (5) -

The analyst at Ord Minnett participated in Woodside Energy's investor tour of its Louisiana LNG and Beaumont New Ammonia projects, reinforcing confidence in long-term growth.

EPS is forecast to grow at an 8% compound annual growth rate (CAGR), with dividends reaching an around 7% yield by 2032.

However, the broker views the stock as expensive in the near term, with the share price implying a sustained oil price of US$95/bbl and offering a more modest 3% and 4% dividend yield over 2026 and 2027, respectively.

Ord Minnett downgrades Woodside to Sell from Lighten, retaining a $24.75 target.

Target price is $24.75 Current Price is $35.05 Difference: minus $10.3 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.08, suggesting downside of -16.8% (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