Australian Broker Call

Morgans rates AEL as Buy (1) -

Morgans considers Amplitude Energy's 1Q26 update as largely in line with expectations, supported by steady production (6.85 PJe) and sales (6.81 PJe).

Net debt fell -63% to $84m post $150m equity raise, with FY26 production guidance of 69-74TJ/day maintained. Orbost Gas Plant continued to perform above expectations, with strong throughput and no major disruptions, the broker notes.

Near-term focus is on East Coast Strategy Project (Plus) drilling and regulatory approval to lift Orbost's nameplate capacity.

Buy. Target trimmed to 31c from 34c after factoring in equity raise and 1Q26 update.

Target price is $0.31 Current Price is $0.24 Difference: $0.075
If AEL meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 30.6% (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

Bell Potter rates ALC as Buy (1) -

Bell Potter highlights pleasing 1Q cash flow for Alcidion Group in what is typically a soft quarter. Contracted revenue for FY26 rose to $36.3m, up $2.3m since August, supported by $8.2m in new total contract value (TCV) sales.

The broker observes these sales included a $6.8m expansion of the Northern Care Alliance NHS Foundation Trust (NCIC) electronic patient record (EPR) contract, now worth around $45m over 10 years.

Operating cash outflow improved to -$0.6m from -$3.8m in the prior period, with cash receipts up 34% to $8.4m. Positive earnings (EBITDA) and operating cash flow guidance for FY26 were reaffirmed.

Bell Potter retains a Buy rating and 13c target price.

Target price is $0.13 Current Price is $0.10 Difference: $0.035
If ALC meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ALL as Buy (1) -

Bell Potter has tweaked its Aristocrat Leisure EPS estimates lower by -1% for FY25/FY26 after factoring in lower rest of the world shipments estimate following Light & Wonder's ((LNW)) comments international shipments are slanted to 4Q2025.

The analyst has also assumed marginally lower fee per day and install base net adds, and softer iGaming content revenue. Net add of 5k is now factored in for FY25.

For Aristocrat Leisure, the Buy rating and $79 target are maintained. The broker emphasises the company should post zero net debt in FY25, which offers balance sheet optionality for share buybacks as well as ongoing leading R&D investment.

Bell Potter prefers Light & Wonder to Aristocrat over the longer term due to the attractive growth at a reasonable price profile relative to ASX100.

Target price is $79.00 Current Price is $66.28 Difference: $12.72
If ALL meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $74.66, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates ANN as Neutral (3) -

In a flash update, Macquarie notes Ansell's trading update at the AGM included an upward revision in FY26 EPS guidance to US$1.37-1.49 from US$1.33-1.45, a 2.9% rise at the midpoint.

The analyst is forecasting FY26 EPS of US$1.39. The upgrade was due to sales at the upper end of the plan, with the US trading in line with management's expectations.

Margins have also risen on lower freight costs and better cost synergies from Kimberly-Clark alongside manufacturing productivity.

Post the stock's price performance, the shares are viewed as fairly valued. Neutral rated. Target $33.50.

Target price is $33.50 Current Price is $34.28 Difference: minus $0.78 (current price is over target).
If ANN meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.47, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates ANZ as Neutral (3) -

Ahead of the earnings results from banks, Macquarie sees upside risks to consensus on improved credit quality and rising credit growth. 

Further ahead, the broker sees downside risk to margins from rate cuts and intensifying lending competition, especially in business banking. However, if rate cuts are slower or smaller than expected (Nov and Feb), margins and earnings are expected to outperform vs forecasts.

In the case of ANZ Bank, the broker is 1% ahead vs FY25 consensus on a pre-provision basis. Minor changes to forecasts.

Neutral. Target unchanged at $34.

Target price is $34.00 Current Price is $37.10 Difference: minus $3.1 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.95, suggesting downside of -10.8% (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

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

Morgan Stanley believes expectations for the major banks have risen since earlier in the year, supported by strong share price gains, higher P/E multiples, solid volume growth, and resilient June-quarter margins.

The broker adds stable credit quality and ongoing cost-reduction initiatives have further lifted investor optimism.

The analysts believe the ANZ Bank result on 10 November has been partly 'de-risked' by the new financial targets and productivity agenda.

A key focus will be 2H25 revenue excluding markets and margin trends, including underlying drivers, margin performance ex-markets, and divisional outcomes, suggests the broker.

The Equal-weight rating and $34 target are retained. Industry view: In-Line.

Target price is $34.00 Current Price is $37.10 Difference: minus $3.1 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.95, suggesting downside of -10.8% (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

Citi rates ASB as Neutral, High Risk (3) -

Citi notes Austal's FY26 EBIT guidance of $135m provided at the AGM beat expectations, 4.2% above consensus and 3.6% above its forecast.

The company highlighted a record $13.1bn order book and a strong pipeline in SSA (South and Southeast Asia) and Asia.

Near-term catalysts include the FIRB decision on Hanwha stake, which appears overdue as news reports suggested it was likely in August and landing craft contracts (by Christmas).

Overall, the broker observes strong operational momentum in orders and execution.

Neutral, High Risk rating. Target unchanged at $7.86.

Target price is $7.86 Current Price is $7.33 Difference: $0.53
If ASB meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.94, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates ASX as Neutral (3) -

Citi reckons ASX appears derated, trading -5 P/E points below its median and -20% below offshore peers, questioning if it is now attractively valued.

The answer depends on the ASIC review outcome due in March 2026, with a fine and remediation viewed by the broker as a favourable scenario, making the stock attractive.

On the other hand, material business model changes would be a negative outcome, suggesting more downside.

Balancing both possible outcomes resulted in a cut to the target price to $61.90 from $67.10. The broker also trimmed FY27-28 EPS forecasts by -0.4% on higher costs and recent volumes.

Neutral remains.

Target price is $61.90 Current Price is $57.27 Difference: $4.63
If ASX meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $61.85, suggesting upside of 8.0% (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

Morgan Stanley rates AUB as Overweight (1) -

AUB Group has confirmed receipt of a $45.00 per share cash offer from private equity suitor EQT, following an earlier $43.00 bid, representing a 40.2% premium to the last closing share price of $32.10.

Morgan Stanley views the offer as a suitable starting point, equating to 23.5x FY26 earnings and 15x EBITDA, broadly in line with recent sector deals.

The broker highlights AUB Group's strategic domestic position and attractive growth profile, forecasting around 12% EPS growth in FY26 and 8-9% across FY27-28, underpinned by expanding broker market share in Australia.

The broker maintains an Overweight rating, citing the group's strategic value and robust double-digit growth outlook. Target increased to $45 from $39. Industry view: In-Line.

Target price is $45.00 Current Price is $38.10 Difference: $6.9
If AUB meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $40.02, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates AUB as Buy (1) -

Ord Minnett lifts its target price on AUB Group by 30% to include a takeover premium at a 50% probability to $42.17, post the company confirming it had received an improved non-binding indicative takeover offer at $45 per share.

EQT private equity has been granted exclusivity for 20-30 business days from October 9 by the directors.

The analyst sees the offer as "fair" but not "compelling" compared to the recent valuations ascribed to insurance broker transactions.

The stock remains Buy rated.

Target price is $42.17 Current Price is $38.10 Difference: $4.07
If AUB meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $40.02, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Morgan Stanley believes expectations for the major banks have risen since earlier in the year, supported by strong share price gains, higher P/E multiples, solid volume growth, and resilient June-quarter margins.

The broker adds stable credit quality and ongoing cost-reduction initiatives have further lifted investor optimism.

For the Bendigo & Adelaide Bank result on November 11, the analysts see downside risk to 1H26 revenue from soft mortgage growth, margin pressure, and ongoing investment in productivity initiatives.

It's felt the key focus will be net interest income growth with total loans expected to decline -1.5% quarter-on-quarter while the margin improves by 2bps to 1.90%.

Equal-weight. Target price falls to $10.60 from $10.80. Industry View: In-Line.

Target price is $10.60 Current Price is $12.73 Difference: minus $2.13 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.27, suggesting downside of -10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Ord Minnett rates BET as Buy (1) -

BetMakers Technology's 1Q26 result, with revenue at $22m, was slightly below Ord Minnett's estimate of $23m but viewed as solid, as cost management remained an important feature.

Cost of goods sold fell -13% y/y, with around $4.5m in fixed cost savings.

The LVDC acquisition is going well and expected to be finished mid-2026. Management has lifted revenue guidance for the business to $4.5m pa from $4m pa, and the broker expects EBITDA to break even in the first year.

No change to Ord Minnett's EPS estimates. Target price slips to 26c from 27c. Buy rated.

Target price is $0.26 Current Price is $0.18 Difference: $0.08
If BET meets the Ord Minnett target it will return approximately 44% (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

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

Management at Boab Metals has released its 3Q25 activities report, with Shaw and Partners noting solid progress at the Sorby Hills Lead-Silver Project. This follows receipt of Environment Protection and Biodiversity Conservation approval.

Boab raised $50m post quarter-end and commenced early works construction, highlight the analysts.

Sorby Hills is one of the ASX’s most advanced silver projects, according to the broker, forecasting annual production of 2.2moz at a negative US$14/oz cash cost.

Shaw points to upcoming catalysts including a $150-200m debt package and a likely -$30m reduction in project capex.

Buy, High Risk rating and 77c target maintained.

Demand for silver in the production of solar panels has driven the silver market into a supply deficit, note the analysts, and the rally in silver price looks set to continue.

Target price is $0.77 Current Price is $0.34 Difference: $0.43
If BML meets the Shaw and Partners target it will return approximately 126% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BOE as Neutral (3) -

Macquarie notes in a flash update that Boss Energy announced its 1Q26 production of 386klb of U308, which was better than the analyst's forecast by 10% and consensus by 2%. C1 costs came in at $34/lb, which is below guidance for FY26 of $41-$45/lb.

Drummed U308 at Alta Mesa of 206klb was lower than the broker anticipated at 229klb, and sales of 400klb were at a realised price of US$68/lb.

Neutral rated with a $2.10 target.

Target price is $2.10 Current Price is $1.59 Difference: $0.51
If BOE meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.37, 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

Ord Minnett rates BRE as Speculative Buy (1) -

Brazilian Rare Earths achieved an operating permit for a pilot plant at the Camacari petrochemical complex, as well as positive news in rare earth oxide and its bauxite projects, according to Ord Minnett.

The analyst points to positive share price catalysts in the December quarter in global rare earth sentiment and a government decree on profit sharing for uranium mining. A scoping study for the DSO bauxite project is also likely.

No change to Speculative Buy and $6.30 target price.

Target price is $6.30 Current Price is $5.19 Difference: $1.11
If BRE meets the Ord Minnett target it will return approximately 21% (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 BRG as Neutral (3) -

Whirlpool’s 3Q25 results showed its Small Domestic Appliances segment, a Breville Group competitor, delivered 9.5% net sales growth vs 8% in 2Q25, supported by new product launches such as walnut wood coffee accessories.

Citi believes this indicates favourable industry conditions for Breville in North America.

The broker forecasts 7% sales growth for Breville Americas in 1H26, noting the next update can be expected at the 6 November AGM.

Neutral. Target price $36.03.

Target price is $36.03 Current Price is $30.24 Difference: $5.79
If BRG meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 22.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates BRG as Overweight (1) -

Morgan Stanley remains positive on Breville Group, reiterating its Overweight rating and outlining several key reasons for its constructive long-term view.

The broker views the -22% post-results share price pullback as an opportunity, with near-term margin noise from tariffs and supply chain diversification offset by strong global growth potential.

A long runway in the $15bn home coffee machine market is also noted, where Breville’s share remains below 7% and premium-segment demand continues to outpace the system.

Adjacent categories such as ovens and blenders also offer growth potential, particularly in the US, suggests the broker. Breville’s durable category leadership, ongoing R&D investment, and brand strength are seen as supporting continued market share gains.

Unchanged $38.20 target and Overweight rating. Industry View: In-Line.

Target price is $38.20 Current Price is $30.24 Difference: $7.96
If BRG meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates BRI as Buy (1) -

Big River Industries announced 1Q26 trading update at its AGM with a fall in sales of -4.9% y/y, which management indicated met the run rate for 4Q25. Ord Minnett interprets it as a plateauing of the revenue trend.

Gross margins remained solid, with ongoing cost controls and cost-out measures.

Over the period, wet weather continued to impact operations on the east coast of Australia in August.

Although the company has a good pipeline of work, the residential sector is anticipated to remain weak through early FY26, with commercial noted as steady.

Regionally, the performance is mixed. QLD and WA are strong, with NSW and NZ weaker, while VIC is showing some signs of improvement.

Target price is lowered by -3% to $1.60 from $1.65. No change to Buy rating.

Target price is $1.60 Current Price is $1.42 Difference: $0.18
If BRI meets the Ord Minnett target it will return approximately 13% (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 BRL as Buy (1) -

Bathurst Resources announced a weaker-than-expected 1Q26 result for equity sales, Ord Minnett highlights, at 296kt. This missed the analyst's forecast by -16% due to weather, logistics, and customer timing.

Coal production of 449kt was -12% below estimate, and cash declined q/q to NZ$155m on lower sales and a working capital unwind of -NZ$19m, the analyst states.

Potential for a 16.6mt or around 750ktpa, saleable semi-soft coking coal over a 22-year life of mine was confirmed with the updated feasibility study.

Ord Minnett anticipates better results over the course of FY26. Target price is cut to 88c from 98c, with a Buy rating retained.

Target price is $0.88 Current Price is $0.64 Difference: $0.24
If BRL meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates CBA as Underperform (5) -

Ahead of the earnings results from banks, Macquarie sees upside risks to consensus on improved credit quality and rising credit growth. 

Further ahead, the broker sees downside risk to margins from rate cuts and intensifying lending competition, especially in business banking. However, if rate cuts are slower or smaller than expected (Nov and Feb), margins and earnings are expected to outperform vs forecasts.

The broker sees limited near-term earnings risk for CommBank. However, as lower rates reduce deposit margins, margin pressure is expected to emerge, which is a reason for its below-consensus forecasts for FY26 and FY27.

Underperform. Target unchanged at $106.

Target price is $106.00 Current Price is $174.02 Difference: minus $68.02 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.61, suggesting downside of -30.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley believes expectations for the major banks have risen since earlier in the year, supported by strong share price gains, higher P/E multiples, solid volume growth, and resilient June-quarter margins.

The broker adds stable credit quality and ongoing cost-reduction initiatives have further lifted investor optimism.

For the CommBank result on November 11,  Morgan Stanley sees a low risk of a disappointing trading update. Key areas of focus will be pre-provision profit growth and margin performance.

The analysts forecast a stable margin relative to 2H25, with competitive pressures in mortgages and business lending largely offset by benefits from the replicating portfolio.

CommBank's price target is increased to $144.80 from $143.70. Underweight retained. Industry View: In-Line.

Target price is $144.80 Current Price is $174.02 Difference: minus $29.22 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.61, suggesting downside of -30.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Morgan Stanley rates CNI as Overweight (1) -

Morgan Stanley notes Centuria Capital has introduced key changes to the 2025 long-term incentive plan, including a new EPS growth hurdle weighted at 50%, vesting at a 6-9% 3-year compound annual growth rate.

This target aligns with consensus expectations of 8.5% and Morgan Stanley’s 8.2% forecast.

The absolute total shareholder return hurdle has been reduced to 8-10% from 10-15%, notes the broker, while maximum long-term incentives have increased to 150% of fixed pay (from 125%).

A new short-term incentive measure will reward delivery of major projects, likely tied to the profitability of ResetData and expected to contribute from 2Q26.

Target price $2.51. Overweight. Industry View: In-Line.

Target price is $2.51 Current Price is $2.41 Difference: $0.1
If CNI meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting downside of -7.9% (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 CPU as Underweight (5) -

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

The broker is looking for an FY26 trading update at the Computershare AGM and clarity on management’s EPS growth guidance of around 4%. The analysts forecast 2% FY26 management EPS growth versus the 4% consensus estimate.

While the recovery in global capital markets during the September quarter supported corporate action revenue, this strength was largely driven by North America, explains the broker. A lower global interest rate trajectory also remains a headwind, note the analysts.

Morgan Stanley's last recorded target and rating in the FNArena database for Computershare were $33.30 and Underweight, respectively. Industry View: In-Line.

Target price is $33.30 Current Price is $37.20 Difference: minus $3.9 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.05, suggesting upside of 4.6% (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: -0.1

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

Bell Potter rates CSL as Hold (3) -

Management at CSL has downgraded FY26 guidance, with Bell Potter highlighting weaker US flu vaccination rates and softer albumin demand in China as key headwinds.

FY26 revenue and profit are now expected to rise 2-3% and 4-7%, respectively, both trimmed by around -2-3 percentage points.

The broker also notes FY27-28 earnings growth expectations have been reduced from the long expected double digits, while the planned Seqirus de-merger has been postponed.

The analysts' forecasts have been lowered by -4%, -8%, and -9% across FY26-28, reflecting reduced Seqirus margins, lower albumin sales, and rising R&D costs.

Bell Potter maintains a Hold rating and cuts its target price to $195 from $230.

Target price is $195.00 Current Price is $177.86 Difference: $17.14
If CSL meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $243.96, suggesting upside of 42.9% (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: 0.7

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

Citi rates CSL as Buy (1) -

Citi notes CSL's -16% share price fall was larger than the -3% net profit (NPATA) downgrade announced at the AGM on 28 October. In the broker's view, it reflects market disappointment after hopes that expectations had bottomed in August.

The broker also considers the guidance for high single-digit (HSD) growth in FY27-28 vs its forecasts of 7% and 9%, respectively, as underwhelming.

The flu season is off to a weaker-than-expected start, and albumin faces headwinds, the broker explains.

Citi cut NPATA forecasts by -4 to -5% for FY26-28, lowering price target to $230 from $265. 

While there may be 12-month upside (Buy retained), for the broker, CSL remains a “show-me” story until confidence improves.

Target price is $230.00 Current Price is $177.86 Difference: $52.14
If CSL meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $243.96, suggesting upside of 42.9% (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: 0.7

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

Morgan Stanley rates CSL as Overweight (1) -

CSL has downgraded its FY26 profit guidance to 4-7% constant currency growth from 7-10%. Morgan Stanley explains this is due to weaker US influenza vaccination rates and softer albumin demand in China due to government cost containment measures.

Seqirus revenue is expected to fall by the mid-teens, while CSL Behring’s gross margin recovery is now delayed, highlight the analysts.

The broker reduces its FY27 EPS forecast by -5% and FY28 by -6%, reflecting slower growth from Seqirus and albumin, alongside a more gradual recovery in CSL Behring’s gross margins.

Morgan Stanley notes the proposed Seqirus demerger has been postponed but maintains confidence in CSL’s fundamentals.

The analysts remain constructive on the medium- to long-term outlook for immunoglobulin and see scope for yield improvement initiatives, including Horizon 2.

Target falls to $248 from $285. Overweight rating maintained. Industry View: In-Line.

Target price is $248.00 Current Price is $177.86 Difference: $70.14
If CSL meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $243.96, suggesting upside of 42.9% (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: 0.7

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

Morgans rates CSL as Buy (1) -

Morgans notes CSL downgraded FY26 guidance, cutting revenue and NPATA mid-points by -2-3 percentage points due to weaker US influenza vaccine demand and China cost containment affecting albumin.

FY27-28 NPATA growth estimate was moderated to high single digits (HSD) from double digits (DD), and the Seqirus demerger was postponed.

The broker notes Behring and Vifor continue to perform well, with strong fundamentals and cost-saving initiatives of US$500m-plus by FY28 on track.

Seqirus weakness appears over-discounted, in the broker's view, with CSL trading at 14.3x EV/EBIT, below peers and its long-term average. FY26-28 net profit forecasts cut by up to -14.3%. 

Target trimmed to $249.51 from $293.83. Buy retained.

Target price is $249.51 Current Price is $177.86 Difference: $71.65
If CSL meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $243.96, suggesting upside of 42.9% (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: 0.7

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

Ord Minnett rates CSL as Hold (3) -

Ord Minnett retains a Hold rating on CSL while cutting the target to $235 from $258 on the back of the earnings downgrade at its AGM.

Management lowered FY26 revenue growth guidance to 2-3% from 4-5% and net profit growth to 4-7% from 7-10% on the back of lower albumin demand in China, with Beijing's cost-saving measures impacting Behring.

The US flu vaccine market also continued to decline, deferring the proposed spin-off of Seqirus until conditions improve.

The broker downgrades its EPS estimates by -2.1% for FY26 and -2% for FY27. The company's upcoming US Capital Markets event next week now has heightened importance.

Target price is $235.00 Current Price is $177.86 Difference: $57.14
If CSL meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $243.96, suggesting upside of 42.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

UBS rates CSL as Buy (1) -

CSL lowered its constant currency net profit after tax growth guidance to 4-7% from 7-10% on a decline in Seqirus sales and weaker Chinese Albumin demand.

The company also guided to growth of high single-digit net profit after tax growth for Seqirus, without any specific commentary apart from the weak US flu vaccine segment.

UBS lowers its EPS estimates by -4% for FY26 and -6% for FY27 on the back of lower than previously assumed Seqirus sales and gross margin in FY26. Slower Behring sales growth and lower gross margin expansion to 60bp from 270bp also weighed.

The analyst's FY26 net profit after tax forecast at US$3.46bn is at the lower end of the company's guidance range.

Target price is lowered to $275 from $300, with no change in Buy rating, as the valuation on the stock has derated to around 16x from 30x two years ago

Target price is $275.00 Current Price is $177.86 Difference: $97.14
If CSL meets the UBS target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $243.96, suggesting upside of 42.9% (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: 0.7

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

Ord Minnett rates DUG as Buy (1) -

DUG Technology reported a weaker than expected 1Q26 update, according to Ord Minnett, with revenue of $16.7m below the analyst's estimate of $20.3m and earnings (EBITDA) of $4.2m, lower than forecast at $6.9m.

Services and software were -18% and -24% below the broker's expectations, respectively. The revenue miss was underpinned by the conversion of contracted services work yet to be delivered.

Order book stands at around $52m, up 47% y/y, but remained steady on the prior quarter. The analyst expects the order book to translate to around 30% quarterly conversion, which meets historical levels.

No change to Buy rating. Target slips to $2.82 from $2.89.

Target price is $2.82 Current Price is $2.52 Difference: $0.3
If DUG meets the Ord Minnett target it will return approximately 12% (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

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

DUG Technology has released its 1Q26 business update, with Shaw and Partners highlighting first revenues from Brazil and growing traction in the Middle East.

The signing of a $10m per year Petronas contract for high-performance computing as a service (HPCaaS) and software was a further highlight, in the broker's view.

First quarter revenue rose 19% year-on-year to US$16.7m and earnings (EBITDA) increased 65% to US$4.2m.

The analysts note a strong order book of US$51.9m, up 46% year-on-year, with Brazil and the Middle East underpinning growth prospects into FY26. Shaw expects improved order book conversion and further software momentum through 2025.

The Buy, High Risk rating and $3.20 target are maintained.

Target price is $3.20 Current Price is $2.52 Difference: $0.68
If DUG meets the Shaw and Partners target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates DVP as Buy (1) -

Develop Global's 1Q26 update shows steady growth in Mining Services and improving performance at Woodlawn, highlights Bell Potter.

External mining services revenue was $54m, roughly in line with expectations, with a seven-month extension of the Bellevue Gold ((BGL)) mine contract valued at around $130m.

Woodlawn revenue rose to $19.7m, with metal recoveries improving and commercial production targeted for the March 2026 quarter, note the analysts.

The broker highlights a strong balance sheet with $204m in cash and $46m net cash.

Bell Potter maintains a Buy rating and lowers its target price to $5.00 from $5.40.

Target price is $5.00 Current Price is $3.70 Difference: $1.3
If DVP meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates DXS as Neutral (3) -

Citi interprets the trading update from Dexus' management as showing "cautious optimism" in Australia's economy, with better business confidence.

Office occupancy has moved lower to 91.2% from 92% in June, with office incentives higher at 28.7% from 26.8% in June.

Industrial releasing spreads are robust at 36%, and management reconfirmed funds from operations of 44.5c-45.5c and distributions of 37c for FY26.

Neutral. Target unchanged at $7.80.

Target price is $7.80 Current Price is $7.73 Difference: $0.07
If DXS meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates DXS as Outperform (1) -

In a flash update, Macquarie notes Dexus announced its 1Q26 operational update, with FY26 funds from operations of 44.5-45.5c confirmed vs 45c consensus.

The REIT is benefiting from the flight to quality in office, with the segment improving over the period. There was net absorption for Sydney, Melbourne, and Brisbane, which are viewed as positive, and net effective market rents are reacting to tighter availability.

Average incentives lifted to 28.7% from 26.8% in FY25, with a recovery in leasing volumes over 1Q26.

The analyst notes Dexus has settled around $2bn of transactions across the platform, and gearing is at the lower end of the REIT’s target range of 30-40%.

Outperform rated with an $8.46 target.

Target price is $8.46 Current Price is $7.73 Difference: $0.73
If DXS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates EMV as Speculative Buy (1) -

EMVision Medical Devices has released its 1Q26 update, with Bell Potter noting increased costs as the company progresses its pivotal trial for the emu portable brain scanner.

Operating cash outflow rose to around -$3.5m from -$2.0m, leaving cash reserves of $18.3m following $12m placement, with more cash received after the quarter-end. This provides over five quarters of funding capacity, according to the analysts.

The broker highlights growing trial momentum, with the University of California, Los Angeles, added as the sixth study site and recruitment expected to be completed in 1H26.

Bell Potter retains a Speculative Buy rating and a $3.15 target, noting catalysts ahead from trial completion and potential FDA clearance in late 2026.

Target price is $3.15 Current Price is $1.85 Difference: $1.3
If EMV meets the Bell Potter target it will return approximately 70% (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 HSN as Initiate coverage with Accumulate (2) -

Ord Minnett initiates coverage of Hansen Technologies with an Accumulate rating and $6.40 target price.

The analyst is positive on the company due to its solid position in billing infrastructure with very high rates of customer retention and contracts that span 15-20-plus years.

There is also scope for higher margins from the Powercloud rollout and scope to improve the operating cost base.

The stock remains attractively valued at around 10.6x EV/EBITDA, which is at a discount to other enterprise software companies.

Ord Minnett sees a 16% EPS compound average growth rate and 30%-plus margins as possible for earnings (EBITDA).

Target price is $6.40 Current Price is $5.66 Difference: $0.74
If HSN meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.88, suggesting upside of 21.9% (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

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

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

The ACCC is expected to announce its final decision on the proposed Insurance Australia Group/RAC strategic alliance on November 27, with Morgan Stanley believing the acquisition is unlikely to proceed.

The broker expects the focus to shift back to organic growth, noting Insurance Australia Group's FY26 top-line guidance is slightly softer than peers.

With limited inorganic growth opportunities and fewer reinsurance levers available, Morgan Stanley anticipates moderating earnings growth for the group amid a slower pricing cycle.

Morgan Stanley's last recorded target and rating in the FNArena database for Insurance Australia Group were $8.80 and Equal-weight, respectively. Industry View: In-Line.

Target price is $8.80 Current Price is $8.18 Difference: $0.62
If IAG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates IKE as Buy (1) -

Bell Potter highlights strong 2Q (March year-end) subscription momentum for ikeGPS Group, up 14% quarter-on-quarter and 42% year-on-year to $4.7m, driven by 55% growth in seat licences to 9.3k.

The gross margin expanded around 1,000bps year-on-year to 75%, while group revenue was flat as weaker transaction volumes offset subscription strength, explain the analysts.

The broker highlights NZ$34m in cash following a capital raise.

Management reiterated expectations for annual recurring revenue (ARR) growth of 35% or more in FY26.

Bell Potter maintains a Buy rating and $1.14 target price, expecting earnings (EBITDA) breakeven on a run-rate basis in 2H26.

Target price is $1.14 Current Price is $0.96 Difference: $0.185
If IKE meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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: 1.0

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

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

Shaw and Partners assesses a strong 1H26 trading update by ikeGPS Group showing exit run-rate subscription revenue up 47% year-on-year while costs were materially unchanged. Management reiterated its FY26 outlook.

Subscription revenue rose 35% y/y to NZ$8.8m, tracking ahead of guidance, with PoleForeman driving growth and new AI products like PolePilot expected to contribute from FY27.

The broker highlights gross margins of 75%, improved earnings (EBITDA), and reduced cash burn, with the group closing the half with NZ$34m in cash and no debt, having successfully raised NZ$26m during the period.

Shaw raises its target price to $1.40 from $1.30 and retains a Buy, High Risk rating.

Target price is $1.40 Current Price is $0.96 Difference: $0.445
If IKE meets the Shaw and Partners target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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: 1.0

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

Citi rates INA as Buy (1) -

Citi highlights investor skepticism is rising after strong year-to-date rallies in Mirvac Group MGR (up 30%) and Stockland (up 40%), but further upside remains based on historical P/E and EPS patterns.

The broker considers the extended First Home Buyer (FHB) Scheme as the primary driver, along with other supportive ones, including limited housing supply,

Both Mirvac Group and Stockland are Buy-rated, and within that, the broker prefers Stockland.

The broker also sees land lease developers Ingenia Communities Group and Lifestyle Communities benefitting from the stronger residential environment and improving housing sales momentum.

Buy retained for Ingenia Communities. Target unchanged at $7.10.

Target price is $7.10 Current Price is $5.83 Difference: $1.27
If INA meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $6.26, 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

Morgan Stanley rates JHX as Overweight (1) -

Morgan Stanley’s latest US Contractor Survey reinforces James Hardie Industries' strong market position and medium-term volume potential, in the analysts' view.

The survey of 160 US contractors found James Hardie fibre cement siding is used by 48% of siding contractors, while Timbertech (Azek) decking is installed by 44%. This underscores both brands’ quality and durability reputation, the broker highlights.

Around 43% of siding and 41% of decking contractors plan to increase usage over the next year, supporting expectations for volume growth and share gains, highlight the analysts.

Cross-selling opportunities were also identified, observes the broker, with 45% of contractors likely to expand into both categories, though brand awareness of the Hardie-Azek connection remains low.

Overweight rating. Target price $40. Industry View: In-Line.

Target price is $40.00 Current Price is $34.15 Difference: $5.85
If JHX meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $36.93, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Citi rates LIC as Buy (1) -

Citi highlights investor skepticism is rising after strong year-to-date rallies in Mirvac Group MGR (up 30%) and Stockland (up 40%), but further upside remains based on historical P/E and EPS patterns.

The broker considers the extended First Home Buyer (FHB) Scheme as the primary driver, along with other supportive ones, including limited housing supply,

Both Mirvac Group and Stockland are Buy-rated, and within that, the broker prefers Stockland.

The broker also sees land lease developers Ingenia Communities Group and Lifestyle Communities benefitting from the stronger residential environment and improving housing sales momentum.

Buy retained for Lifestyle Communities. Target unchanged at $7.

Target price is $7.00 Current Price is $5.30 Difference: $1.7
If LIC meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting upside of 21.0% (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

Bell Potter rates LNW as Buy (1) -

Bell Potter has lowered its Light & Wonder EPS estimates by -1% for 2025 on softer international shipments as Aristocrat Leisure ((ALL)) retains over 50% market share in A&NZ.

The analyst continues to like the company over the long term due to the attractive growth at a reasonable price valuation relative to the ASX100 and Aristocrat.

The target price is lowered by the broker to $173 from $176, with a Buy rating retained.

Target price is $173.00 Current Price is $115.15 Difference: $57.85
If LNW meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $187.83, suggesting upside of 65.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners - Cessation of coverage

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 LOV as Neutral (3) -

Macquarie assesses Claire’s bankruptcy presents a $150m, or 19%, revenue uplift opportunity for Lovisa Holdings across the US and UK. This is made up of an estimated $99m from the US and $50m from the UK, from nearby Claire’s store closures.

While short-term clearance sales may slightly impact 1H26, the broker focuses on the longer-term opportunity. There's also store acquisition potential from 685 non-acquired Claire’s sites, offering expansion and diversification upside.

On the business, the broker highlights Lovisa's store rollout is on track at a run-rate of 76 stores in 1H26.

No changes to forecasts. Neutral. Target unchanged at $40.90.

Target price is $40.90 Current Price is $37.73 Difference: $3.17
If LOV meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $42.32, suggesting upside of 10.7% (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

Bell Potter rates LTR as Speculative Buy (1) -

Liontown Resources’ Kathleen Valley project continues to ramp-up in line with Bell Potter's expectations.

First quarter concentrate production of 87kt, sales of 77kt (versus the broker's 69kt forecast), and revenue of $68m, were impacted by lower realised prices and a delayed shipment worth around $15m.

Unit costs were broadly in line with the analysts' estimate, and FY26 guidance remains unchanged.

The broker expects stronger quarters ahead as higher-grade underground ore replaces open-pit material, improving recoveries and product grades. Liontown ended the quarter with $420m in cash and $274m net debt.

Speculative Buy. Target rises to $1.30 from $1.15.

Target price is $1.30 Current Price is $1.06 Difference: $0.245
If LTR meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting downside of -27.0% (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 LTR as Sell (5) -

The key takeaway for Citi in Liontown Resources' September quarter (1Q26) update was the decline in concentrate grade to 5.0% vs 5.2% in the June quarter. Management attributed it to gabbro ore.

On the call, management said the gabbro impact would unwind over the next 2-3 quarters. However, the broker reckons this makes it challenging to meet its FY26 grade guidance of 5.2% and 70% recovery target in 1Q2026.

The broker is modelling a 5.1% average grade for FY26 and pushed back the timeline for 70% recovery to  2Q2026 from 1Q2026.

Sell. Target unchanged at 50c.

Target price is $0.50 Current Price is $1.06 Difference: minus $0.555 (current price is over target).
If LTR meets the Citi target it will return approximately minus 53% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.75, suggesting downside of -27.0% (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 LTR as Underperform (5) -

Macquarie notes Liontown Resources' 1Q26 production/sales of 87.2kt/77.5kt beat consensus by 29% and 12%, respectively, though revenue missed by -6% on lower realised prices.

Operating cost of $1,093/t and AISC of 1,354/t were better than expected but rose q/q due to stockpile drawdown. Realised prices averaged US$700/t (SC6.0), -20% below what Pilbara Minerals ((PLS)) achieved and -12% under consensus.

Underground ramp-up is progressing strongly, with 225kt mined and a third jumbo crew added, targeting 2.8Mtpa by FY27, the broker highlights.

FY26 EPS forecast trimmed by -7% after factoring in 1Q26 update and lowering 2Q26 spodumene concentrate grades.

Underperform. Target unchanged at 65c.

Target price is $0.65 Current Price is $1.06 Difference: minus $0.405 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.75, suggesting downside of -27.0% (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 LTR as Sell (5) -

Liontown Resources retained processing rates and grades over the September quarter, allowing for robust spodumene production of 87kt. This was better than consensus at 67kt, UBS observes, while Li2O was -5% below the expected 5.2%.

Realised price came in at US$700/t SC6 and all-in-sustaining-costs for sold products were $1,345/t, which resulted in negative operating cashflow of -$44m alongside delayed shipments.

Cash on hand stood at $420m, including the net proceeds from the equity raising of $363m.

A Sell rating is retained, with the stock price ahead of the analyst's target of 80c.

Target price is $0.80 Current Price is $1.06 Difference: minus $0.255 (current price is over target).
If LTR meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.75, suggesting downside of -27.0% (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 MGR as Buy (1) -

Citi highlights investor skepticism is rising after strong year-to-date rallies in Mirvac Group MGR (up 30%) and Stockland (up 40%) , but further upside remains based on historical P/E and EPS patterns.

The broker considers the extended First Home Buyer (FHB) Scheme as the primary driver, along with other supportive ones, including limited housing supply,

Both Mirvac Group and Stockland are Buy-rated, and within that, the broker prefers Stockland.

Stockland is positioned for upside in residential and land lease sales, and additional upside is likely from logistics and data centre projects, while the valuation is below historical peaks.

Mirvac offers residential exposure at value, with 12-13% annual earnings growth to FY28 from residential and commercial project completions and is trading at a 5% premium to NTA.

The broker also sees land lease developers Ingenia Communities Group and Lifestyle Communities benefitting from the stronger residential environment and improving housing sales momentum.

Buy retained for Mirvac Group. Target unchanged at $2.60.

Target price is $2.60 Current Price is $2.44 Difference: $0.16
If MGR meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates MPL as Overweight (1) -

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

Medibank Private’s Health Immersion Session is expected to centre on the company’s Health division rather than its insurance operations. Morgan Stanley will be focused on potential growth opportunities and synergies between the two segments.

The broker is also seeking commentary on the Health division’s contribution to group operating profit, which rose to around 10% in FY25 from roughly 5% in FY19, signaling growing strategic importance within the business.

Morgan Stanley's last recorded target and rating in the FNArena database for Medibank Private were $5.55 and Overweight, respectively. Industry View: In-Line.

Target price is $5.55 Current Price is $4.90 Difference: $0.65
If MPL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $5.03, suggesting upside of 3.7% (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 MQG as Equal-weight (3) -

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

The broker expects Macquarie Group’s 1H26 result to fall short of consensus due to slower recovery in capital markets and commodities revenue, both weighted to the second half.

The broker sees scope for a higher Macquarie Asset Management outlook but softer guidance for Commodities and Global Markets.

Morgan Stanley's last recorded target and rating in the FNArena database for Macquarie Group were $226 and Equal-weight, respectively. Industry View: In-Line.

Target price is $226.00 Current Price is $226.45 Difference: minus $0.45 (current price is over target).
If MQG meets the Morgan Stanley 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 0.7% (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

Macquarie rates NAB as Neutral (3) -

Ahead of the earnings results from banks, Macquarie sees upside risks to consensus on improved credit quality and rising credit growth. 

Further ahead, the broker sees downside risk to margins from rate cuts and intensifying lending competition, especially in business banking. However, if rate cuts are slower or smaller than expected (Nov and Feb), margins and earnings are expected to outperform vs forecasts.

In the case of National Australia Bank, the broker is 1% ahead vs FY25 consensus on a pre-provision basis. Key focus will be on the effect of lending competition on the business bank, and progress in strengthening proprietary mortgages and deposit funding.

Minor changes to forecasts. Neutral. Target unchanged at $38.

Target price is $38.00 Current Price is $44.62 Difference: minus $6.62 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.54, suggesting downside of -15.9% (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

Morgan Stanley rates NAB as Overweight (1) -

Morgan Stanley believes expectations for the major banks have risen since earlier in the year, supported by strong share price gains, higher P/E multiples, solid volume growth, and resilient June-quarter margins.

The broker adds stable credit quality and ongoing cost-reduction initiatives have further lifted investor optimism.

For National Australia Bank results due on November 6, the analysts believe revenue growth and margins will come under close scrutiny amid rising competition in business banking. It's felt consensus expectations already capture this pressure.

A key focus will be 2H25 revenue growth (Morgan Stanley: 4.5% half-on-half), including trends in loan and deposit growth, the main drivers of 2H25 margins, and the implied margin movement in 4Q25.

Unchanged $42.50 target and Overweight rating. Industry View: In-Line.

Target price is $42.50 Current Price is $44.62 Difference: minus $2.12 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.54, suggesting downside of -15.9% (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

Citi rates NCK as Buy (1) -

Citi explains Nick Scali gave a robust AGM update, which contrasts with other housing-related retailers that experienced weakening A&NZ sales.

Management's 1H26 guidance for net profit after tax of $33m-$35m is slightly below consensus of $35.9m, and the analyst is unable to identify what is underpinning the softer 1H26 guidance, suggesting it might be larger US losses.

Same-store sales for 1Q26 have risen by 10.7% from 7.2% in July 2025, with total written orders up 11.6% from 7.7% in July. Nick Scali-branded stores rose 10% in August and September, and gross margin for the UK in 1Q26 was 58.3% compared to 51.8% in 2H25.

Management guided to five new stores, including two Plush.

Buy. Target $24.40.

Target price is $24.40 Current Price is $22.49 Difference: $1.91
If NCK meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $21.43, suggesting downside of -15.5% (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

Bell Potter rates NEU as Buy (1) -

Neuron Pharmaceuticals’ commercial partner Acadia Pharmaceuticals is set to report its 3Q25 results shortly, with Bell Potter expecting another quarter of solid Daybue growth in the US.

Sales are forecast at US$102m, up 12% year-on-year and 6% quarter-on-quarter, in line with the consensus estimate, which should deliver around $16m in royalties to Neuron, assesses the broker.

The analysts highlight an expanding Acadia sales force and growing uptake among community practices, where most Rett patients are treated.

Daybue demand is seen as remaining stable as longer-treated patients accumulate and European approval approaches in early 2026.

The broker retains a Buy rating with a $25 target price, up from $22.

Target price is $25.00 Current Price is $21.40 Difference: $3.6
If NEU meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $25.70, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

At nib Holdings' AGM, Morgan Stanley is anticipating an update on year-to-date performance to October 2025. The broker will focus on policyholder growth in the Australian resident segment, where it forecasts 2.9% growth for FY26 versus 2.6% consensus.

In New Zealand, the analysts expect breakeven profitability in 1H26, compared with consensus forecasts of a $4m profit.

Morgan Stanley's last recorded target and rating in the FNArena database for nib Holdings were $7.85 and Equal-weight, respectively. Industry View: In-Line.

Target price is $7.85 Current Price is $7.47 Difference: $0.38
If NHF meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates NIC as Buy (1) -

Nickel Industries has released its September 2025 quarterly report, with Bell Potter noting contained nickel production of 31,148t, in line with expectations, and cash costs -14% below forecast at US$9,846/t.

The Huayue Nickel Cobalt (HNC) High-Pressure Acid Leach (HPAL) plant produced 2,166t of mixed hydroxide precipitate (MHP), above the broker's 2,021t forecast, with costs of -US$7,610/t.

Hengjaya Mine achieved record ore sales of 3.1mt despite delays to an increased sales permit, which the analysts explain temporarily halted sales.

Overall, Bell Potter highlights strong operational performance and a strengthened balance sheet with US$986.9m in cash after a US$800m bond issue.

The Buy rating is kept and the target lowered to $1.20 from $1.35.

Target price is $1.20 Current Price is $0.72 Difference: $0.48
If NIC meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 40.4% (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: 0.7

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

Macquarie rates NIC as Outperform (1) -

Nickel Industries' 3Q25 EBITDA of US$80.4m beat the consensus by 13% and Macquarie's forecast by 29%, driven by strong production and cost control.

The standout was the RKEF (Rotary Kiln–Electric Furnace) division, delivering US$40.5m EBITDA , ahead of the broker's estimate by 44% with cash costs -4% below expectations.

The disappointment was the continued delay in the approvals for the mining quota increase at Hengjaya, which will limit September-October ore sales and weigh on 4Q25 volumes. The broker cut the forecast to 2Mt from 3Mt.

An interesting development was debt refinancing, with the company issuing US$800m senior unsecured notes, maturing 2030,  to refinance US$550m of existing debt.

Target rises to 85c from 80c following 7% lift to FY25 EPS forecast and a 2% rise to FY26. Outperform retained.

Target price is $0.85 Current Price is $0.72 Difference: $0.13
If NIC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 40.4% (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: 0.7

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

QBE Insurance's 3Q25 trading update is expected to be in line with forecasts, with Morgan Stanley focusing on pricing trends following softer US commercial insurer results.

The broker expects reaffirmation of FY25 reported combined operating ratio (COR) guidance of around 92.5%, including a crop COR of roughly 94%.

The analysts do not anticipate any new capital management initiatives or updated financial targets.

Morgan Stanley's last recorded target and rating in the FNArena database for QBE Insurance were $25 and Overweight, respectively. Industry View: In-Line.

Target price is $25.00 Current Price is $20.44 Difference: $4.56
If QBE meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $24.49, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates RMS as Neutral (3) -

In a business outlook, Ramelius Resources published studies on Mt Magnet/Dalgaranga, which were broadly in line with Macquarie's prior outlook on capex, with modest production and AISC beats.

However, the company also flagged a delay to the Rebecca project by one year to prioritise Mt Magnet mill expansion.

The FY26-FY30 production guidance of 1.6Moz was -8% below the broker's prior estimate, while AISC of $1,976/oz was 14% better than expected.

The company expects total growth capex of $1.1bn over the next five years, in line with the broker, although FY26 growth capex was 95% above. Ramelius is fully funded for this, and the broker expects positive free cash flow to resume in FY27.

FY26 EPS forecast cut by -28% but FY27 lifted by 15%. Target price trimmed to $3.90 from $4.20.

Rating upgraded to Outperform from Neutral.

Target price is $3.90 Current Price is $3.18 Difference: $0.72
If RMS meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.37, suggesting upside of 31.7% (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

Ord Minnett rates RMS as Buy (1) -

Ramelius Resources announced the five-year outlook post the Spartan transaction, which includes production growth of over 500koz by FY30, a rise of 150%, with further capex of around $10m, which has been pulled ahead to FY26 for the Mt Magnet mill expansion.

Ord Minnett highlights that Ramelius will become the third-largest Australian gold producer with excellent margins of over $460/oz versus its peers, with Mt Magnet noted for being at the right end of the cost curve.

The stock has fallen -20% since early October, and the analyst believes this is a good entry point. Buy rating retained with a $4.40 target price, down from $4.70.

Target price is $4.40 Current Price is $3.18 Difference: $1.22
If RMS meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.37, suggesting upside of 31.7% (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

Shaw and Partners rates RMS as Buy (1) -

Ramelius Resources has released its five-year production outlook and FY26 guidance.

Shaw and Partners highlights increased production expectations supported by the Never Never pre-feasibility study (PFS), Mt Magnet-Dalgaranga Integration Study, and Rebecca-Roe definitive feasibility study (DFS).

FY26 guidance is set at 185-205koz (Shaw forecasts 201koz) at costs (AISC) of -$1,700-1,900/oz.

The broker notes a 12moz resource base and 4.2moz reserve, with production expected to rise to 500kozpa by FY30, positioning Ramelius as the third-largest gold producer on the ASX.

The company remains fully funded with $827.7m in cash and gold, highlight the analysts.

Shaw raises its target price to $4.19 from $3.64 and retains a Buy rating.

Target price is $4.19 Current Price is $3.18 Difference: $1.01
If RMS meets the Shaw and Partners target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.37, suggesting upside of 31.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates RSG as Neutral (3) -

Resolute Mining's 3Q25 production was in line with Macquarie's estimate and 10% above consensus. Cost (AISC) of US$2,205/oz was, however, 19% and 15% higher vs the consensus and the broker's estimates, respectively, due to lower output and higher royalties.

Cash & bullion rose US$11m to US$168m, but missed the broker's estimate.

The company narrowed (read: downgraded) FY25 production guidance to 275-285koz from 275-300koz after revising down Syama guidance due to explosive supply issues. This was partly offset by Mako upgrade on higher grades.

The guidance mid-point of 280koz at US$1,800/oz AISC compares with Macquarie's 281koz forecast and cost estimate of US$1,878/oz.

EPS forecast for FY25 trimmed by -2%. Neutral. Target unchanged at $1.25.

Target price is $1.25 Current Price is $1.00 Difference: $0.245
If RSG meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Morgan Stanley rates SDF as Overweight (1) -

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

At the Steadfast Group AGM, Morgan Stanley anticipates reaffirmation of FY26 underlying profit guidance of $315-325m, consistent with the broker's and consensus forecasts of around $321m.

The analysts will be focused on commentary around pricing trends, noting that current guidance assumes 3-5% premium growth in the Australian market.

Morgan Stanley's last recorded target and rating in the FNArena database for Steadfast Group were $6.74 and Overweight, respectively. Industry View: In-Line.

Target price is $6.74 Current Price is $6.63 Difference: $0.11
If SDF meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.85, suggesting upside of 8.9% (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 SFX as Hold (3) -

Ord Minnett emphasises the JV partner, Yansteel, has (again) come to the aid of Sheffield Resources' Kimberley Mineral Sands project with an agreement to acquire all unsold zircon concentrate until December 2025, just after the company removed its December quarter guidance.

The news is considered positive but serves to emphasise the poor state of the mineral sands markets. Sheffield is due to achieve a debt reschedule in December.

The target price is lifted slightly to 11c from 10c. No change to Hold rating.

Target price is $0.11 Current Price is $0.10 Difference: $0.013
If SFX meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

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

Citi rates SGP as Buy (1) -

Citi highlights investor skepticism is rising after strong year-to-date rallies in Mirvac Group MGR (up 30%) and Stockland (up 40%) , but further upside remains based on historical P/E and EPS patterns.

The broker considers the extended First Home Buyer (FHB) Scheme as the primary driver, along with other supportive ones, including limited housing supply,

Both Mirvac Group and Stockland are Buy-rated, and within that, the broker prefers Stockland.

Stockland is positioned for upside in residential and land lease sales, but additional upside is likely from logistics and data centre projects, and valuation is below historical peaks.

Mirvac offers residential exposure at value, with 12-13% annual earnings growth to FY28 from residential and commercial project completions and is trading at a 5% premium to NTA.

The broker also sees land lease developers Ingenia Communities Group and Lifestyle Communities benefitting from the stronger residential environment and improving housing sales momentum.

Buy retained for Stockland. Target unchanged at $6.90.

Target price is $6.90 Current Price is $6.73 Difference: $0.17
If SGP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Shape Australia has released its 1Q26 trading update, with Shaw and Partners highlighting strong wins, backlog, and pipeline implying around $1.2bn revenue over the next 12 months, 15% above consensus.

Modular revenue doubled year-on-year as commencement delays eased, explains the analyst, while Victoria stood out with record project wins.

The broker notes a $577m backlog, $1.6bn near-term pipeline, and continued momentum from FY25 on a larger base. Modular growth and improving visibility are expected to support margin expansion.

The Buy, High Risk rating and $6.10 target are maintained.

Target price is $6.10 Current Price is $5.84 Difference: $0.26
If SHA meets the Shaw and Partners target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates SIG as Accumulate (2) -

Morgans reckons Sigma Healthcare's AGM update was positive, highlighting store expansion, Amcal/DDS revitalisation, and showing synergy benefits remain on track.

1Q26 sales rose 17.9% with like-for-like growth of 14.7%, beating the broker's 7% forecast, supported by GLP-1 product momentum.

Integration is progressing well, with leadership alignment, support centre consolidation, and DC optimisation. The company re-affirmed $100m annual synergies by FY28.

The broker retained its FY26 forecast for sales growth of 11%, EBIT of 23.6% and continued 18% EBIT growth into FY27-28.

Accumulate. Target unchanged at $3.39.

Target price is $3.39 Current Price is $3.09 Difference: $0.3
If SIG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 1.3% (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

Morgan Stanley rates SUN as Overweight (1) -

Morgan Stanley has outlined upcoming catalysts for Australian non-bank financial stocks which could influence share price performance through to year end.

Suncorp Group’s investor strategy update is expected to be broadly in line with Morgan Stanley's forecasts.

The broker will focus on commentary regarding pricing and loss-cost trends and expects confirmation of mid-single-digit gross written premium growth for FY26, with its forecast at 5.4% versus 5.1% consensus.

The broker anticipates reaffirmation of the FY26 underlying insurance trading result margin at the upper end of the 10-12% range, around 11.7%, and will look for updates on growth initiatives, particularly within personal lines.

Morgan Stanley's last recorded target and rating in the FNArena database for Suncorp Group were $25 and Overweight, respectively. Industry View: In-Line.

Target price is $25.00 Current Price is $20.19 Difference: $4.81
If SUN meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $22.80, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates SYR as Outperform (1) -

Macquarie highlights the positive in Syrah Resources' 3Q25 update was the ongoing Balama ramp-up, but a key disappointment was Vidalia sales delays.

Balama produced 25.7kt of graphite, up 300% q/q, but this still fell short of consensus due to the impact from oxidised ROM, which the company described as a one-off issue.

Vidalia’s AAM qualification is progressing more slowly than expected, and the company now expects to make no sales in FY25.

An interesting positive development from the company's viewpoint is China’s new graphite export controls (from Nov 2025), given its unique integrated graphite and AAM position.

Outperform. Target unchanged at 70c.

Target price is $0.70 Current Price is $0.36 Difference: $0.34
If SYR meets the Macquarie target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $0.50, suggesting upside of 42.9% (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: 0.3

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

Bell Potter rates TRJ as Buy (1) -

Bell Potter assesses a mixed 1Q trading update by Trajan Group.

While there was 10% revenue growth in the Components and Consumables (C&C) division (which represents about 62% of sales), the broker notes Capital Equipment, around 35% of sales, declined -20% year-on-year due to softer demand in the US and Europe.

Asia remained a bright spot, highlight the analysts, and the company’s largest customer has extended its agreement through to 2030.

Management maintained FY26 guidance of $170-180m in revenue and $16-19m in earnings (EBITDA), supported by stable C&C division growth and productivity improvements, explains the broker.

Bell Potter maintains a Buy rating and $1.25 target price.

Target price is $1.25 Current Price is $0.80 Difference: $0.45
If TRJ meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates TWE as Sell (5) -

Citi notes weakening Wine Australia export data to China vindicates Treasury Wine Estates' move to withdraw FY26-27 Penfolds guidance.

Consensus expectation is for flat FY26 and 8% FY27 Penfolds EBIT growth. But current trends suggest continued distribution expansion in China and faster growth in other Asian markets will be needed, the broker explains.

This carries risks, in the broker's view, including grey channel imports that could disrupt local pricing structures and pressure margins.

Sell. Target unchanged at $5.50.

Target price is $5.50 Current Price is $5.97 Difference: minus $0.47 (current price is over target).
If TWE meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.28, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates TWE as Neutral (3) -

Australian wine exports in the September quarter, in value terms, fell -7.2% y/y, with volume down -11.6% y/y, with UBS noting mainland China value growth continued to steady, down -21.9% y/y post a decline of -34.6% y/y in the prior quarter.

For Treasury Wine Estates, the company has already withdrawn earnings growth guidance for FY26/FY27 re China, highlighting that relocation risks to other markets are challenging due to subsequent imports back to China.

Exports to the US were weak, while Canadian exports were strong, notably above $10/litre, up 66.4% y/y. Continuing US weakness continues to impact Treasury's America luxury and collective divisions.

The stock remains Neutral rated with a $6.50 target.

Target price is $6.50 Current Price is $5.97 Difference: $0.53
If TWE meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates VEA as Neutral (3) -

Viva Energy's 3Q25 update showed refining performance was stronger than expected, with higher utilisation and GRM (gross refining margin) due to an efficient RCCU (residual catalytic cracking unit) turnaround.

Macquarie lifted Geelong EBITDA forecast for 2H25 to $120m from $41m, driven by higher production and GRM of US$12.62/bbl (previously US$9.58/bbl). Full refinery optimisation is expected mid-November with the ULSG (ultra-low sulphur gasoline) unit.

Non-refining segments, however, softened, with lower fuel margins, tobacco weakness, and a softer cruise season impacting results. The broker trimmed 2H25 C&M (convenience & mobility) EBITDA forecast by -30% to $93m on weaker fuel/tobacco sales.

C&I (commercial & Industrial) performance was steady, but with lower-margin aviation growth, the broker notes.

FY25 EPS forecast was raised by 9% on a stronger Geelong margin, but FY26 trimmed by -7% as C&M is expected to weigh.

Neutral. Target unchanged at $2.

Target price is $2.00 Current Price is $1.80 Difference: $0.2
If VEA meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 41.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates WBC as Underperform (5) -

Ahead of the earnings results from banks, Macquarie sees upside risks to consensus on improved credit quality and rising credit growth. 

Further ahead, the broker sees downside risk to margins from rate cuts and intensifying lending competition, especially in business banking. However, if rate cuts are slower or smaller than expected (Nov and Feb), margins and earnings are expected to outperform vs forecasts.

In the case of Westpac, the broker is 3% ahead vs FY25 consensus on tailwind from improved markets. Minor changes to forecasts.

Underperform. Target unchanged at $31.50.

Target price is $31.50 Current Price is $39.50 Difference: minus $8 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.37, suggesting downside of -12.8% (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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley believes expectations for the major banks have risen since earlier in the year, supported by strong share price gains, higher P/E multiples, solid volume growth, and resilient June-quarter margins.

The broker adds stable credit quality and ongoing cost-reduction initiatives have further lifted investor optimism.

The analysts see Westpac as the most at risk of a disappointing result, due on November 3.

The analysts see emerging margin pressure, sub-system mortgage growth, and increased upfront investment to regain market share as key challenges for FY26.

Underweight. The broker's target for Westpac is increased to $32.20 from $31.60 due to a modest upgrade to the medium-term return profile. Industry View: In-Line.

Target price is $32.20 Current Price is $39.50 Difference: minus $7.3 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.37, suggesting downside of -12.8% (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

Macquarie rates WGX as Outperform (1) -

Westgold Resources' 1Q26 production and costs (AISC) were in line with consensus and a 4% and 3%, respectively, beat vs Macquarie's estimates, supported by strong performance at Murchison.

Despite cash rising $117m q/q to $357m, it fell short of the broker's forecast by -$23m due to working capital and lease repayments, partly offset by lower capex.

The company maintained FY26 guidance at 365koz production and $2,750/oz AISC, consistent with consensus and Macquarie's forecasts.

Modest revisions to the broker's forecasts. Outperform. Target unchanged at $7.40..

Target price is $7.40 Current Price is $4.90 Difference: $2.5
If WGX meets the Macquarie target it will return approximately 51% (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 WOR as Outperform (1) -

Ahead of Worley's AGM on 20 November, Macquarie expects a re-iteration of guidance for moderate revenue and earnings growth in FY26.

The broker notes resources now contribute around 29% of EBIT, with strength in LNG, gold/copper, iron ore, and fertilisers, and US power sector is emerging as a key growth opportunity.

The broker expects contract awards to accelerate over 6-12 months as tariff headwinds ease and end-market conditions remain buoyant in resources and LNG.

Outperform. Target unchanged at $16.

Target price is $16.00 Current Price is $14.30 Difference: $1.7
If WOR meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.83, suggesting upside of 25.1% (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

Citi rates WOW as Neutral (3) -

After reviewing today's release of 1Q sales by Woolworths Group, Citi's early take is of a softer-than-expected outcome though signs of improvement have emerged in October. Given the latter, the share price is seen as trading up today.

Australian Food like-for-like sales rose 1.6% in Q1 (Citi forecast 2.6%/consensus 2.2%), with transactions up just 0.1%, down from 0.9% in 4Q25.

In no change since the August trading update, notes the broker, total Australian Food sales increased 2.1%, while online sales growth eased to 12.9% from 14.7%.

The analysts highlight a pickup in early 2Q26, with Australian Food sales growth improving to 3.2%, New Zealand up to 3.2%, and Big W up 1%.

Neutral. Target $31.

Target price is $31.00 Current Price is $26.96 Difference: $4.04
If WOW meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates WOW as Neutral (3) -

In a flash update on Woolworths Group, Macquarie notes 1Q26 Australian food sales were up 1.6% compared to 2.3% a year earlier and against the 1H26 consensus estimate of 2.8% growth.

NZ food sales rose 3.7% y/y, which is above the consensus forecast of 3.2%, with management pointing to improved comps over the period.

Big W sales growth of 0.6% y/y sits against the 1H26 consensus of 1.8% forecast growth.

The analyst sees ongoing competition in Australian food, with in-store sales remaining under pressure. Macquarie envisages downside risks to FY26 forecasts.

Neutral rated. Target $30.30.

Target price is $30.30 Current Price is $26.96 Difference: $3.34
If WOW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.24, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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