Australian Broker Call

Shaw and Partners rates 3DA as Downgrade to Hold from Buy (3) -

Amaero delivered strong y/y revenue growth in 1Q26, but production shortfall caused a miss versus guidance, highlighting ongoing execution risk as production capacity scales, Shaw and Partners highlights.

The company raised $50m in capital recently, and while this strengthens the balance sheet, the broker notes it adds dilution and underscores heavy cash burn.

With breakeven EBITDA now pushed to FY27 amid limited commercial offtake agreements, the broker sees increased operational and demand risk, particularly given reliance on US defence channels.

Sharp downgrades to FY26 revenue and EBITDA forecasts.

Target cut to 25c from 60c on forecast changes and factoring in capital raise. Rating downgraded to Hold, High Risk from Buy, High Risk.

Target price is $0.25 Current Price is $0.28 Difference: minus $0.025 (current price is over target).
If 3DA meets the Shaw and Partners target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Shaw and Partners rates AAR as Buy (1) -

Astral Resources reported further assay results from 16 holes in its 99-hole RC infill drill program at the flagship Theia deposit. This is part of the Mandilla Gold Project near Kalgoorlie.

Shaw and Partners highlights notable intercepts include 40m at 2.9g/t gold and 41m at 1.49g/t gold. The results to date support strong alignment with the mineral resource estimate (MRE) model and derisks initial production.

Theia underpins 75% of planned output in the pre-feasibility study, with 14 years of mining, $250m capex, and a life-of-mine cost of $2,114/oz.

An update to the Mandilla resource estimate is planned for the March quarter of 2026.

Buy, High Risk. Target unchanged at 45c.

Target price is $0.45 Current Price is $0.24 Difference: $0.215
If AAR meets the Shaw and Partners target it will return approximately 91% (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 ANZ as Sell (5) -

Ahead of the November results season, UBS believes cost and efficiency gains, and net interest margin will remain key themes.

The broker reckons Macquarie Group could surprise on the downside, with consensus showing earnings skew at 40/60%. Westpac could surprise on the upside, ANZ Bank's result will likely be messy and noisy, and in-line likely from National Australia Bank.

The broker sees headline risk from ANZ's result and forecasts cash net profit of $6.8bn vs consensus of $6.4bn.

No change to forecasts. Sell maintained with unchanged target of $30.

Target price is $30.00 Current Price is $36.99 Difference: minus $6.99 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.95, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates ASX as Sell (5) -

Commenting on ASX's update at the AGM, UBS notes its technology modernisation remains on track, but progress in operational risk management and resilience has lagged. This prompted the board to accelerate its Accelerate Program.

Core business cost growth is now expected at the upper end of the 8-11% range vs prior UBS forecast of 9.3% and consensus at 10.1%. This implies only a modest FY26 EPS impact of -0.7%, in the broker's estimate.

Total FY26 cost growth guidance was unchanged at 14-19% growth, including $25-35m of ASIC inquiry costs. However, ASX has a track record of overruns.

Cost growth remains the key uncertainty, leading the broker to maintain a Sell rating. Target unchanged at $62.15.

Target price is $62.15 Current Price is $58.14 Difference: $4.01
If ASX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $62.72, suggesting upside of 8.9% (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 BAP as Neutral (3) -

Post Bapcor's AGM, Citi is struggling to be more upbeat on the stock.

The company remains committed to keeping its Executive Chairman in the role for the two-to-three-year period due to perceived speed/execution benefits. This is despite investors’ concerns about governance, which weigh on the share price.

Secondly, the analyst harbours concerns around ongoing operational problems stemming from the business review. More downgrades cannot be discounted.

Problematically, inventory remains elevated across both value and volume, which is also a negative indicator for supplier Amotiv ((AOV)).

Neutral, High Risk rating retained with a $3.10 target price.

Target price is $3.10 Current Price is $2.55 Difference: $0.55
If BAP meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.94, suggesting upside of 11.5% (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 BGL as Buy (1) -

Following a period of restriction, UBS has resumed coverage of Bellevue Gold with an unchanged Buy rating.

The broker notes Bellevue produced 29.1koz in the September quarter (1Q26) during a development-heavy phase, positioning it for higher grades and stronger output through FY26.

The company is on track to meet FY26 guidance of 130-150koz. The plan is to use free cash flow to reduce hedgebook, repay $100m debt due in 2027, and fund exploration.

The broker notes the hedgebook of 142.5koz @ $2,857/oz to Mar 2028 implies an undiscounted loss of  -$382m on current gold forecasts, or -$485m at spot.

After updating for the $156m equity raise and higher long-term gold price assumptions, target drops to $1.40 from $1.90 previously.

Target price is $1.40 Current Price is $1.17 Difference: $0.23
If BGL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 28.2% (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 COH as Neutral (3) -

Cochlear confirmed FY26 guidance for core net profit growth of 5%-11% at its AGM. Citi points to consensus sitting at the mid-point of the range.

The analyst continues to like the medtech company for its perceived "gold-standard" technology and robust market position, with over 60% market share.

Citi retains a Neutral rating due to uncertainty around whether 2H2025 weakness in services, which includes processors, will eventuate, and as the new implant and processors are 2H weighted.

The company could potentially suffer from its own success if existing patients are content with their devices and don't want to upgrade.

Target price remains at $320.

Target price is $320.00 Current Price is $291.32 Difference: $28.68
If COH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $306.74, suggesting upside of 5.8% (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

Citi rates CSL as Buy (1) -

Citi’s latest US neurologist survey suggests a stable outlook for CSL, which should be comforting for shareholders, the analyst explains.

Doctors are continuing to use Ig to treat CIDP, a rare autoimmune neurological disorder, which makes up about 22% of CSL’s Ig sales. Around half of CIDP patients still receive Ig, and use has been steady since early 2024.

Competitor Argenx’s Vyvgart is growing, with its share rising to 16% from 8% last year, but it hasn’t caused a major drop in Ig use Citi notes. 

Use of Ig in myasthenia gravis, a smaller part of CSL’s business, remains steady. Overall, the broker sees demand for Ig as holding up well, with competition manageable for now.

Buy rating and $265 target retained.

Target price is $265.00 Current Price is $217.55 Difference: $47.45
If CSL meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $272.43, suggesting upside of 27.8% (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: 0.7

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

Citi rates EVT as Buy (1) -

Citi notes, on balance, EVT Ltd's AGM update was better than anticipated. First quarter EBITDA rose 20.7% (pre-AASB16), around double the analyst's 1H26 EBITDA growth forecast, although not directly comparable as the latter is post-AASB16.

The broker retains its Buy rating and sees potential for FY26 consensus earnings upgrades. Hotels are performing more strongly than consensus forecasts, while Thredbo and Property are tracking below estimates by around -$7m.

Target remains at $16.50.

Target price is $16.50 Current Price is $13.38 Difference: $3.12
If EVT meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.20, suggesting upside of 20.9% (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 FMG as Underperform (5) -

Fortescue's Sep Q production and shipments were in line with consensus, with costs and realised prices also in line. The key change, Macquarie notes, was life-of-mine strip guidance to 1.6x (prior 1.8-2.0x).

FMG constantly optimises cut-off grade, realisation and strip ratio, demonstrating a superior market orientation to preserve value, Macquarie points out.

The broker has cut the strip ratio, lifted sales and discounts and lifted its long-term earnings per share forecast 15%, which increases its target 12% to $18.50. Underperform reiterated on market outlook.

Target price is $18.50 Current Price is $20.84 Difference: minus $2.34 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.05, suggesting downside of -7.2% (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: -0.2

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

Morgan Stanley rates FMG as Overweight (1) -

Fortescue's Sep Q production and shipments were slightly ahead of consensus and costs below, respectively, reflecting good operating performance and favourable inventory movement, Morgan Stanley notes.

The miner will incorporate the Blacksmith project into the mine plan, with deferral of first production from major hub developments, Mindy South and Nyidinghu, until after 2030. West Pilbara Fines (60% Fe) to be phased out with new 55% Fe product from FY27.

The next major hub development will support the resumption of higher Fe grade hematite product options. Morgan Stanley retains an Overweight rating and $21.20 target. Industry view: Attractive.

Target price is $21.20 Current Price is $20.84 Difference: $0.36
If FMG meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $19.05, suggesting downside of -7.2% (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: -0.2

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

Ord Minnett rates FMG as Accumulate (2) -

The highlight of Fortescue's September quarter update, in Ord Minnett's view, was the revised hematite life-of-mine plan incorporating the Blacksmith project.

This lowers the strip ratio to 1.6x vs the broker's 1.75x estimate, reinforcing Fortescue's industry-leading cost base. The broker reckons it will mean lower-grade ore will increase in the product mix for the next 5-7 years, but expand margins through higher volumes.

Shipments during the quarter were a record, with DSO volumes meeting expectations and Iron Bridge shipments below forecast.  Realised prices beat estimates, averaging US$88.86/t for DSO and US$120.83/t for Iron Bridge, driving stronger-than-expected cash flow and lower net debt.

EPS forecast lifted by 1.0% for FY26 and by 0.2% for FY27.

Target rises to $21.50 from $20.00. Accumulate retained.

Target price is $21.50 Current Price is $20.84 Difference: $0.66
If FMG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $19.05, suggesting downside of -7.2% (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: -0.2

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

Shaw and Partners rates GHM as Buy (1) -

Golden Horse Minerals reported strong assay results from maiden RC (reverse circulation) and DD (diamond drill) programs at Hopes Hill North and South.

Shaw and Partners observes the drilling returned notable intercepts, including 34m @ 2.5g/t gold and 11.9m @ 2.9g/t gold at depth. New results extend the Hopes Hill trend to over 2.5km strike length.

The company holds a large 1,800sq.km land package near Southern Cross, WA.

The broker upgraded its Mineral Resource Estimate (MRE) to 1.21Moz from 0.78Moz, marking a 51% increase. This resulted in a lift to the target price to $1.22 from $0.81.

Maiden resource from the company is expected in 1H2026.

Buy, High Risk retained.

Target price is $1.22 Current Price is $0.75 Difference: $0.47
If GHM meets the Shaw and Partners target it will return approximately 63% (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 GPT as Buy (1) -

Citi notes GPT Group has commenced a new office partnership, including the acquisition of a 50% stake in the premium-grade office tower, Grosvenor Place, 225 George Street, Sydney.

The purchase, from Commonwealth Superannuation Corporation, is for $860m plus transaction costs.

Under the new partnership, both parties will have 50% ownership, extending GPT's $2.7bn portfolio of premium office assets.

The analyst notes debt funding will be used, and the initial impact on earnings is anticipated to be neutral.

Buy rating and $6 target maintained.

Target price is $6.00 Current Price is $5.55 Difference: $0.45
If GPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates HLO as Buy (1) -

At its 2025 AGM, Helloworld Travel guided to FY26 underlying EBITDA of $64-72m, which now includes the impact of the fully-owned Mobile Travel Agents (MTA). The company recently bought the remaining 50% stake in MTA.

Shaw and Partners adjusted its forecasts to reflect the guidance, expecting FY26 underlying EBITDA at a conservative $64.4m, an upgrade of 10.8%.

EPS forecast for FY26 rises 11.6% and FY27 is up 13.2%.

Buy, High Risk. Target lifted to $2.75 from $2.60.

Target price is $2.75 Current Price is $1.81 Difference: $0.94
If HLO meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 19.7% (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 IAG as Buy (1) -

Insurance Australia Group's AGM update inferred the insurance business is currently trading in line with its expectations in 1Q26. The inclusion of RACQI from Sept 1 is performing slightly above management's expectations, Citi highlights.

Although a bit too soon, the insurer has pointed to a possible upgrade in guidance post the acquisition, with the analyst explaining both their forecasts and consensus have already accounted for such a scenario.

Other highlights included robust retention rates and some positive customer growth, with volume growth believed by Citi to be more likely in home than motor, which is more competitive currently.

Victorian motor theft is also becoming more problematic, as indicated by multiple industry sources. IAG is believed to have recently increased its pricing to reflect this.

Buy rated with a $10 target.

Target price is $10.00 Current Price is $7.98 Difference: $2.02
If IAG meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates IFL as No Rating (-1) -

Insignia Financial's 1Q26 net cashflows were broadly in line with industry trends, Citi observes, with strong wrap inflows offsetting minor outflows from corporate activity.

Retail asset management flows improved further, and Master Trust outflows normalised after a strong 4Q25. The broker reckons Shadworth may have more acquisitions in the pipeline, after acquiring an advice firm in the September quarter.

FY26 EPS forecast lifted by 4% and FY27 by 5%.

The company continues to work with CC Capital on meeting Scheme Implementation Deed conditions, targeting completion by late March/early April 2026, with 1H26 likely marking its final result as a listed entity.

Citi currently has its rating on Insignia Financial suspended.

Current Price is $4.51. Target price not assessed.

Market Sentiment: 0.0

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

Macquarie rates KAR as Neutral (3) -

Karoon Energy's Sep Q production was in line with expectations, Macquarie notes. The company expects to restore production at Buana by rectifying two issues in mid-2026 (subject to approvals and vessel availability).

Karoon has significantly expanded its deepwater acreage with the six blocks announced in June and now the Esmeralda block. Management believes it has a potentially significant new exploration play in this acreage, and its work is currently undergoing independent expert review.

Macquarie retains Neutral on valuation support but finds it difficult to be more positive given (i) transition to a new CEO, (ii) a below-consensus view of oil prices in 2026, and (iii) significant operational work in 2026. Target unchanged at $1.70.

Target price is $1.70 Current Price is $1.57 Difference: $0.13
If KAR meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

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

Karoon Energy's Sep Q revenue was up 13% year on year but below consensus on the timing of sales. Production was down -12% on the prior quarter but in line with consensus.

Bauna production was down -12% on the prior quarter due to two well outages. Karoon is investigating and has identified a rig to repair the fault.

Pending regulatory approvals, Karoon targets both wells to be back online mid-2026.

Morgan Stanley retains an Equal-weight rating and $2.00 target. Industry view: In Line.

Target price is $2.00 Current Price is $1.57 Difference: $0.43
If KAR meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgans rates KAR as Upgrade to Buy from Hold (1) -

Karoon Energy's September quarter (3Q25) production of 2.59mmboe was down -12% q/q, missing the consensus by -1% and Morgans' estimate by -3%. Outages at Bauna weighed, though overall the broker reckons it has been performing well, considering all issues.

Pricing and cashflow were strong, with net debt declining -US$89m q/q to US$149m.

The company narrowed FY25 production guidance to 9.8-10.4mmboe from 9.7-10.5mmbo, and trimmed capex estimate to US$95-111m from US$120-140m, reflecting improved operational and capital discipline.

The broker notes the near-term focus is on Bauna well recovery and progressing Who Dat East final investment decision.

The broker believes the company's fundamentals are intact, and the recent share price weakness is overdone. This prompted an upgrade to Buy from Hold. Target trimmed to $1.80 from $1.90.

Target price is $1.80 Current Price is $1.57 Difference: $0.23
If KAR meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.06, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Bell Potter rates LGI as Buy (1) -

LGI announced the completion of a $51m institutional placement at $3.85 with a proposed share purchase plan to raise an additional $5m at $3.85 to develop the company's project pipeline.

Bell Potter points to the confirmation of its 56MW operating capacity as announced at the FY25 result, with the commissioning of six 2MW batteries at Mugga Lane in 2H26.

Total projects in development and possible commissioning are expected to increase capacity to 80MW in three years.

Bell Potter lifts its EPS estimates by 4% for FY26 and 8% for FY27, accounting for the raising, new share count, and an uplift in MW capacity.

The broker retains a Buy rating. Target lifts to $4.88 from $4.25.

Target price is $4.88 Current Price is $4.20 Difference: $0.68
If LGI meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting upside of 1.1% (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

Citi rates MND as Buy (1) -

Job postings, as offered by Citi's Research Innovation Lab, suggest recruitment levels for Monadelphous Group and NRW Holdings ((NWH)) have become more "subdued," and the trend has remained in September.

The analyst emphasises they are not particularly concerned, as this does not imply a slowdown in work being delivered. Instead, it suggests a solid labour retention rate and consistent workloads, which should result in improved efficiency in resource allocation.

Monadelphous is Buy rated with a $23.60 target.

Target price is $23.60 Current Price is $22.49 Difference: $1.11
If MND meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $22.13, suggesting downside of -1.9% (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 MQG as Neutral (3) -

Ahead of the November results season, UBS believes cost and efficiency gains, and net interest margin will remain key themes.

The broker reckons Macquarie Group could surprise on the downside, with consensus showing earnings skew at 40/60%. Westpac could surprise on the upside, ANZ Bank's result will likely be messy and noisy, and in-line likely from National Australia Bank.

The broker notes consensus expectation for Macquarie Group to report -11% h/h decline in 1H26 group net profit, but its forecast is 6% ahead. Commodity revenue forecast is 9% higher than the consensus for FY26 and 8% ahead in FY27.

No change to forecasts.

Neutral maintained with unchanged target of $225.

Target price is $225.00 Current Price is $225.99 Difference: minus $0.99 (current price is over target).
If MQG meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $225.77, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in March.

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

UBS rates NAB as Neutral (3) -

Ahead of the November results season, UBS believes cost and efficiency gains, and net interest margin will remain key themes.

The broker reckons Macquarie Group could surprise on the downside, with consensus showing earnings skew at 40/60%. Westpac could surprise on the upside, ANZ Bank's result will likely be messy and noisy, and in-line likely from National Australia Bank.

The broker expects National Australia Bank to report cash net profit of $7.2bn in line with the consensus.

The broker will monitor capacity to protect margins in personal & private banking amid rising competition. Also, progress in strengthening the consumer franchise to reduce funding costs will be eyed, given its 13.9% share of household deposits.

No change to forecasts. Neutral maintained with unchanged target of $37.50

Target price is $37.50 Current Price is $43.38 Difference: minus $5.88 (current price is over target).
If NAB meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.54, suggesting downside of -15.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates NSR as Buy (1) -

UBS notes National Storage REIT's storage rates softened slightly, down -0.6% in 1Q26, after a -0.5% decline in 4Q25. Unlisted peers saw a decline of -0.7%.

The result masked a 0.2% lift in September, marking the best monthly gain since Mar 2024. During the quarter , Queensland, SA and Victoria outperformed and WA lagged.

Still, the broker reckons the update was stronger than expected, with operational metrics particularly positive, given 1Q is usually a seasonally weak quarter. The result suggests marketing spend in FY25 is boosting performance, even though broader housing demand drivers remain subdued.

The broker notes the REIT trades at -7% discount to NTA, versus peers at a 12% premium, offering strong leverage to rate cuts and housing recovery.

Buy. Target unchanged at $2.57.

Target price is $2.57 Current Price is $2.41 Difference: $0.16
If NSR meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates NST as Neutral (3) -

Citi observes Northern Star Resources announced a mixed September quarter update. Positively, the miner achieved all-in-sustaining-cost (AISC) at $2,522/oz, within the guidance range after four years of misses and a rise of 15% q/q but below consensus by -8%.

Production was below guidance by -4.3% at 383koz and annualises at 1,531koz, with FY26 guidance between 1,700koz and 1,850koz.

There were no changes to FY26 guidance, while the KCGM mill expansion remains on schedule for the start of 2027 commissioning. Citi also points to the unwinding of hedge commitments.

Citi lifts its December quarter gold price assumption to US$4,000/oz and remains bullish on gold.

Neutral rating retained. Target rises to $24 from $23. Analyst coverage is transferred.

Target price is $24.00 Current Price is $24.11 Difference: minus $0.11 (current price is over target).
If NST meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.62, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources' Sep Q production was a -3% miss to consensus while costs were a 7% beat. The company retained guidance but noted incidents at Jundee and South Kalgoorlie will drag on the Dec Q, with indications this can be caught up.

Northern Star retained FY26 sales and cost guidance, noting that Sep Q sales equate to 21% of the midpoint of FY26 guidance. Importantly, notes Macquarie, the KCGM mill expansion remains on track for commissioning in early FY27.

While progressing to plan, timing and cost control of the KCGM expansion is important, Macquarie warns. Outperform and $30 target retained.

Target price is $30.00 Current Price is $24.11 Difference: $5.89
If NST meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $26.62, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Morgans notes Northern Star Resources' 1Q26 production missed forecasts, but unit cost (AISC) was an upside surprise (lower than consensus and its forecast).

Group production came in at 383koz vs the broker's 396koz estimate and 393koz consensus. AISC of $2,522/oz was lower than the broker's $2,606/oz estimate and consensus of $2,715/oz.

The broker notes KCGM performance is improving, with Golden Pike returning to one mining level and underground output reaching a 2.9mtpa run rate.

The company re-affirmed FY26 guidance, expecting to lift through the year as grades and throughput improve. Balance sheet remains strong with $616m net cash, providing flexibility through peak investment at KCGM.

The broker trimmed FY26 production forecast by -1% but lifted FY27 by 1%. Target cut marginally to $27.41 from $27.44.

Rating downgraded to Accumulate from Buy.

Target price is $27.41 Current Price is $24.11 Difference: $3.3
If NST meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.62, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates NST as Upgrade to Accumulate from Hold (2) -

Ord Minnett notes Northern Star Resources' September quarter (1Q26) update was mixed, with lower production offset by better cost control.

The KCGM expansion remains on track for early FY27 commissioning, supporting 20% group production growth. Net cash of $363m exceeded expectations due to cost discipline and lower capex.

The company maintained FY26 production and cost guidance, though output is expected at the low end after temporary issues at South Kalgoorlie operations and Jundee. 

Target rises 5% to $27 from $25.80 on higher near-term cash flows. Rating upgraded to Accumulate from Hold.

Target price is $27.00 Current Price is $24.11 Difference: $2.89
If NST meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $26.62, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates NST as Buy (1) -

Northern Star Resources' September quarter (1Q26) sales of 381koz slightly missed UBS's forecast of 386koz and the consensus of 392koz. This was due to a -20koz impact from a South Kalgoorlie pit wall slip and Jundee outage.

The company maintained FY26 guidance of 1.7-1.85Moz, supported by earlier-than-expected single-bench mining at Golden Pike North and strong underground development. Cost (AISC) was better than expected, mainly due to lower sustaining capex.

The broker notes high growth capex and hedgebook losses limited free cash flow to $14m.

The broker lifted Hemi project capex estimate by 10% to $2.2bn (spread over 2.5 years) with first production delayed to March 2029.

Buy. Target trimmed to $27.60 from $28.20.

Target price is $27.60 Current Price is $24.11 Difference: $3.49
If NST meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.62, suggesting upside of 12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates NWH as Buy (1) -

Job postings, as offered by Citi's Research Innovation Lab, suggest recruitment levels for Monadelphous Group ((MND)) and NRW Holdings have become more "subdued," and the trend has remained in September.

The analyst emphasises they are not particularly concerned, as this does not imply a slowdown in work being delivered. Instead, it suggests a solid labour retention rate and consistent workloads, which should result in improved efficiency in resource allocation.

NRW is Buy rated with a $5.50 target. Citi expects the project award momentum for the company could move up in October now the Fredon acquisition is complete.

Target price is $5.50 Current Price is $4.88 Difference: $0.62
If NWH meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting upside of 1.9% (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 RRL as Buy (1) -

Regis Resources announced its September quarter update, which basically met Bell Potter's expectations. Group production was marginally weaker than anticipated, and all-in-sustaining-costs slightly higher.

Overall, the result was viewed as "solid" and places the miner in a position to achieve FY26 guidance. Operating cash flow for the period rose 12% to $290m on the prior quarter.

The analyst lifted EPS forecasts by 17% for FY26 and 14% for FY27 and continues to like the miner's all-Australian portfolio of assets with no hedging, a debt-free position, and leverage to the gold price.

Regis remains Buy rated with an upgraded target price of $7.05 from $6.30.

Target price is $7.05 Current Price is $6.25 Difference: $0.8
If RRL meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.84, suggesting downside of -6.3% (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

Macquarie rates RRL as Neutral (3) -

Regis Resources had pre-reported most Sep Q metrics. Gold sales were -8% below consensus while costs beat by 3%, and FY26  guidance is unchanged.

Growth capex was higher than Macquarie's estimates, largely driven by higher spend on underground and pre-production open pit development at Duketon. Exploration spend was also higher than forecast, with a Duketon drilling update scheduled for December.

Neutral and $6.80 target retained.

Target price is $6.80 Current Price is $6.25 Difference: $0.55
If RRL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.84, suggesting downside of -6.3% (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

Morgans rates RRL as Hold (3) -

Morgans highlights Regis Resources delivered another strong cashflow quarter in 1Q26, generating $158m free cash flow and lifting its cash balance to $675m, supported by record gold prices.

September quarter production of 90.3koz was in line with expectations at an AISC of $2,861/oz. The broker notes underground mining commenced at Garden Well Main and Rosemont Stage 3, extending Duketon’s mine life.

FY26 guidance was re-affirmed, with solid operational execution expected to continue.

Hold retained. Target rises to $6.17 from $6.00.

Target price is $6.17 Current Price is $6.25 Difference: minus $0.08 (current price is over target).
If RRL meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.84, suggesting downside of -6.3% (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

Macquarie rates RWC as Outperform (1) -

Reliance Worldwide's investor day suggested that fundamentally, the business is in good shape, Macquarie notes. Tariff mitigation is on track, growth orientation is in focus and the organisation is M&A-ready.

First half guidance was reiterated at the AGM. Reliance continues to expect group revenue to be broadly flat to down low single digits, with no change in market conditions.

Margins are expected to be lower than a year ago due to lower volumes and tariff impacts.

Outperform and $5.30 target retained.

Target price is $5.30 Current Price is $3.97 Difference: $1.33
If RWC meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 12.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Shaw and Partners rates SLX as Buy (1) -

Shaw and Partners notes Silex Systems achieved Technology Readiness Level 6 (TRL-6) for its laser uranium enrichment technology, marking a major de-risking milestone.

The technology is licensed to Global Laser Enrichment (GLE), a 51%/49% JV between Silex and Cameco, which can now advance the Paducah Laser Enrichment Facility (PLEF) to detailed design.

TRL-6 triggers Cameco’s 30-month option to increase its GLE stake to 75% at a market-based valuation. PLEF’s first stage targets re-enriching 150Mlbs of uranium tails at an estimated cost of less than US$30/lb. 

Target price lifted to $11.20 from $6.50 to reflect reduced technology risk and potential upside from up to US$900m in possible US government funding.

Buy, High risk rating maintained.

Target price is $11.20 Current Price is $8.42 Difference: $2.78
If SLX meets the Shaw and Partners target it will return approximately 33% (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 SUL as Neutral (3) -

Super Retail's share price response to the AGM update reflected weaker Supercheap and BCF sales overwhelming improvements in Rebel and Macpac, Macquarie suggests.

The broker remains cautious on BCF, given management's callout of a weaker Father's Day, and adverse NSW weather in the past seven weeks. The Dec Q is the key trading period, but mixed results year to date cause Macquarie to grow more conservative.

The broker's valuation multiple reduced to 9.7x (from 10.7x) as mix shifts to Rebel. Target falls to $17.30 from $19.40, Neutral retained.

Target price is $17.30 Current Price is $16.47 Difference: $0.83
If SUL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.13, suggesting upside of 8.3% (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 SUL as Underweight (5) -

Super Retail provided a 16-week sales update at its AGM, which revealed Super Cheap Auto and BCF sales slowing versus the 7-week update, and Rebel and MacPac accelerating.

Morgan Stanley notes the new loyalty program at Super Cheap is expected to have a 'neutral' impact on gross profit margins. Management suggested first half results are 'highly dependent' on trading in the peak Christmas sales period.

Underweight and $14.40 target retained. Industry view: In Line.

Target price is $14.40 Current Price is $16.47 Difference: minus $2.07 (current price is over target).
If SUL meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.13, suggesting upside of 8.3% (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

Citi rates TLX as Buy (1) -

Citi retains a Buy/High Risk rating with a $34 target price on Telix Pharmaceuticals, with a catalyst watch until December 18, as the biotech has two important updates due in 4Q2025.

First, safety run-in data from 30 patients in the phase 3 ProstACT Global trial for TLX591 in metastatic castrate-resistant prostate cancer will be released.

The trial includes three treatment groups combining TLX591 with docetaxel, abiraterone, or enzalutamide, and results will determine whether the main phase of the study proceeds. The analyst expects to see manageable blood toxicity rather than perfect safety.

The second catalyst is the FDA resubmission of Pixclara, a brain imaging agent. While this is not viewed as a major valuation driver, maintaining progress on near-term milestones is seen as important for sustaining investor confidence.

Target price is $34.00 Current Price is $16.80 Difference: $17.2
If TLX meets the Citi target it will return approximately 102% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 64.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Bell Potter rates TPW as Upgrade to Buy from Hold (1) -

Bell Potter upgrades Temple & Webster to Buy from Hold following the sell-off in share price and the sector generally.

The online retailer is due to report a 1H26 trading update in late November, and the analyst believes softer annual comps will support the results from Sept/Oct, bringing it around 1H26 consensus expectations.

No change to earnings forecasts. The broker's revenue forecast is 1-2% above consensus and circa -1% below at the earnings (EBITDA) line for FY26-FY28 due to assumptions around growth investments to gain market share.

Temple & Webster retains cash on the balance sheet of $144m, with potential for growth in share in an expanded total addressable market, boosted by range and pricing/scale benefits, the analyst explains.

Target unchanged at $28.

Target price is $28.00 Current Price is $23.79 Difference: $4.21
If TPW meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $27.22, suggesting upside of 7.2% (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 TPW as Buy (1) -

Based on Citi's latest data sourced from its Research Innovation Lab team, the analyst is confirming its Buy rating on Temple & Webster with a $34.32 target price ahead of the upcoming November 26 AGM.

Web and app traffic have slowed, but Citi believes this is already discounted in the consensus 1H26 revenue growth estimate of 23%, compared to the online retailer's trading update for July 1–August 11 of 28%.

The stock has fallen -18% since its FY25 result in mid-August, while Adairs ((ADH)) has seen robust sales momentum from its online furniture business, Mocka, while expansion into NZ has started and WA has been ramped up.

Target price is $34.32 Current Price is $23.79 Difference: $10.53
If TPW meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $27.22, suggesting upside of 7.2% (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

Macquarie rates VAU as Outperform (1) -

Vault Minerals' Sep Q sales and cash/bullion on hand had been pre-reported and a beat at the time. Costs were below consensus, Macquarie notes, while growth capex was higher from elevated stripping costs at King of the Hill.

The hedgebook continues to unwind with Vault to exit FY26 mostly unhedged.

FY26 production guidance is maintained, with Sep Q production representing 27% at the midpoint. Plant upgrades continue to progress on time and budget, with throughput to increase 50% to 7.5-8Mtpa by the Dec Q FY27.

Outperform and $1.00 target retained.

Target price is $1.00 Current Price is $0.71 Difference: $0.29
If VAU meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 29.1% (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

Ord Minnett rates VAU as Buy (1) -

Ord Minnett assesses Vault Minerals' September quarter (1Q26) update as strong, with costs -5% below its forecast and -4% below consensus. Sales and cash details were pre-released.

Cost outperformance came mainly from Mount Monger (inventory movements) and KOTH (lower mining costs and sustaining capex).

The company maintained FY26 guidance for 332-360koz production at $2,650-2,850/oz cost (AISC), but the broker reckons the current run-rate points to upside. Production is tracking towards 366koz and cost points to $2,613/oz.

Despite a 70% share price rally since August, the broker notes the company still trades at 0.9x P/NAV vs peers at 1.2x, implying value upside.

Buy maintained. Target rises to 85c from 84c.

Target price is $0.85 Current Price is $0.71 Difference: $0.14
If VAU meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 29.1% (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

UBS rates VAU as Buy (1) -

The new information in Vault Minerals' September quarter (1Q26) update was an impressive cost (AISC) of $2,613/oz, beating consensus and UBS's forecast, helped by cost management at Deflector and Mt Monger.

Strong gold sales of 91koz in the quarter were pre-released. 

The broker notes upcoming catalysts include hedgebook roll-off (by early FY27), mine life extensions and exploration at Leonora, and transition to owner-mining at Deflector. 

UBS reckons once the hedgebook expires in early FY27, cash flow should jump sharply, with FCF yields rising to 13% in FY27 and 15% in FY28. This would mark a major cashflow inflection point for the business.

CEO succession and a 10% on-market buyback are underway, with $9.3m already repurchased and a 6.5:1 share consolidation proposed.

Buy. Target unchanged at 90c.

Target price is $0.90 Current Price is $0.71 Difference: $0.19
If VAU meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 29.1% (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

UBS rates WBC as Neutral (3) -

Ahead of the November results season, UBS believes cost and efficiency gains, and net interest margin will remain key themes.

The broker reckons Macquarie Group could surprise on the downside, with consensus showing earnings skew at 40/60%. Westpac could surprise on the upside, ANZ Bank's result will likely be messy and noisy, and in-line likely from National Australia Bank.

The broker expects Westpac to report cash net profit of $6.6bn, -5% below the consensus of $6.9bn, mainly due to its higher cost estimate. 

EPS forecast for FY25 trimmed by -2.6% but lifted by 1.5% for FY26.

Neutral maintained with unchanged target of $38..

Target price is $38.00 Current Price is $38.88 Difference: minus $0.88 (current price is over target).
If WBC 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 $33.27, suggesting downside of -14.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Citi rates WDS as Neutral (3) -

Woodside Energy announced the sale of 10% in Louisiana LNG (HoldCo) and 80% of Driftwood Pipeline (PipelineCo) to new strategic partner Williams to help develop the Louisiana LNG development.

The sale price is US$250m and will lower Woodside's debt and balance sheet risk.

Citi highlights that Williams has committed to a proportionate share of capex across both projects, and the effective date is January 1, 2025.

Currently, capex for Woodside is around US$2bn, which includes the capex savings and proceeds from the sale post-tax.

The analyst views this as a positive update and continues to rate the stock Neutral. Target unchanged at $25.50.

Target price is $25.50 Current Price is $24.17 Difference: $1.33
If WDS meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.78, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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

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

Morgans notes Woodside Energy has had a big week, with a strong 3Q25 update followed by the announcement of a strategic midstream partner into the Louisiana JV.

Williams will take 10% of LALNG (Louisiana LNG) HoldCo and 80% of the Line 200 pipeline for a total of US$378m, reducing Woodside’s capex by US$1.9bn.

The deal significantly de-risks infrastructure and feedgas delivery and adds valuable US pipeline expertise, with first LNG targeted for 2029 (16.5–27.6mtpa), the broker highlights.

On the 3Q25 update, the broker notes production was up 1% q/q to 50.8mmboe, beating its forecast by 5%. Revenue rose 3% to US$3.36bn, and 10% ahead of its forecasts.

With improving operations, positive oil price momentum, and a stronger macro backdrop, the broker upgraded the rating to Buy from Accumulate. Target rises to $30.50 from $29.60.

Target price is $30.50 Current Price is $24.17 Difference: $6.33
If WDS meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $25.78, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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

Ord Minnett rates WDS as Hold (3) -

Finally, news from Woodside Energy on the sell-down of its Louisiana LNG stake, which Ord Minnett notes, was done at a modest premium to its 2024 Telluride acquisition cost.

The deal with Williams sees Woodside sell 10% of Louisiana LNG and 80% of the Driftwood pipeline for US$378m, reducing its capex burden by -US$1.9bn to US$9.9bn.

Williams will fund its share of capex, assume 10% of offtake, and target first gas in 2029, helping strengthen Woodside’s balance sheet and lower leverage risk.

The broker notes the company's commentary suggested it is seeking at least one more equity partner to further reduce capital commitments. FY26 EPS forecast rises by 0.2% and FY27 by 0.1% after factoring in the deal.

Hold maintained for now, with the broker noting Woodside’s attractive long-term outlook (16% FCF yield forecast by 2030), but there are uncertainties related to long lead time, project execution risks, and the LNG market. 

Target unchanged at $25.

Target price is $25.00 Current Price is $24.17 Difference: $0.83
If WDS meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $25.78, suggesting upside of 5.7% (ex-dividends)

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: 0.2

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

Citi rates WTC as Buy (1) -

DSV Global Transport and Logistics reported freight volumes, especially sea freight, have been weaker than anticipated but were up low single digits. Citi notes they are tracking above its forecast for flat volume growth for WiseTech Global's CargoWise in 1H26.

Kuehne & Nagel, which uses CargoWise for customs but not its core operations, saw a 7% rise in air freight volumes and a pickup in market share, with underlying sea freight volumes up 2% y/y in the September quarter.

The analyst believes the fast integration of DB Schenker is a positive for CargoWise growth and supports the 2H skew, with its volumes expected to transition onto CargoWise.

Freight forwarders are encountering challenging conditions due to falling freight rates and gross profits on lower-than-anticipated volume growth, Citi explains.

The analyst continues to envisage the successful implementation and rollout of agentic AI, as well as new WiseTech products, as a boost to customers' productivity. Buy rated with a $121.35 target.

Target price is $121.35 Current Price is $83.10 Difference: $38.25
If WTC meets the Citi target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $123.99, suggesting upside of 44.9% (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