Australian Broker Call

Shaw and Partners rates AAR as Buy (1) -

No new information in Astral Resources' September quarterly, except cash balance of $15.9m at the end of the quarter, with $4.96m received after that from options conversion.

Shaw and Partners notes newsflow during the quarter was primarily driven by ongoing drilling activities at Mandilla and Spargoville.

In October, the company also announced a Land Use Agreement at its Feysville Gold Project and signed a letter of intent with Mineral Mining Services for the development/JV of the project.

Buy. Target unchanged at 45c.

Target price is $0.45 Current Price is $0.21 Difference: $0.245
If AAR meets the Shaw and Partners target it will return approximately 120% (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 ABG as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Abacus Group trimmed by -0.2% for FY26 and by -1.1% for FY27.

Hold. Target price $1.10.

Target price is $1.10 Current Price is $1.20 Difference: minus $0.1 (current price is over target).
If ABG meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.31, suggesting upside of 8.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates AIS as Speculative Buy (1) -

Aeris Resources’ $80m equity raise strengthens the balance sheet and removes a key risk ahead of improving production at Tritton, highlights Ord Minnett.

Proceeds will fund debt reduction, growth and exploration, supporting development of Constellation and Golden Plateau while maintaining throughput at 1.8-2mtpa, explain the analysts.

The broker notes Constellation, hosting 2.3mt at 2% copper, is positioned as the next ore source, expected to lift Tritton output to around 30kt copper annually from FY27.

The analysts highlight exploration upside at Tritton, Cracow and Jaguar. Ord Minnett retains a Speculative Buy rating. The target falls to 62c from 66c due to share dilution from the equity raise..

Target price is $0.62 Current Price is $0.46 Difference: $0.16
If AIS meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $0.62, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates ALD as Overweight (1) -

Following a full review of Ampol's September quarter (3Q25) update, Morgan Stanley lifted FY25 EPS forecast by 5.2% and FY26 by 10.2%.

Overweight. Target rises to $34 from $30. Industry View: In-Line.

Previously, the broker wrote:

Expect a muted reaction to Ampol's September-quarter operational update. The Lytton Refiner Margin averaged US$10.64/bbl, up 75% quarter-on-quarter and 21% year-on-year, exceeding forecasts and consensus but below regional benchmarks.

Refinery output of 1.3bn litres reflected planned maintenance, explain the analysts, while fuel sales fell -9% year-on-year. Ex-tobacco retail sales rose 1.8% with gross margins up 2.95 percentage points.

Ampol remains on track with its -$50m cost-out program and continues progressing the EG Australia acquisition, highlights Morgan Stanley.

Target price is $34.00 Current Price is $30.70 Difference: $3.3
If ALD meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $33.50, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates ALK as Accumulate (2) -

Alkane Resources’ first quarterly result post the Mandalay merger delivered free cash flow (FCF) of about $33m with costs in line with Ord Minnett's forecast at -$2,988/oz.

It’s thought production fundamentals will strengthen through FY26 as Bjorkdal rebounds post-summer and Costerfield benefits from higher grades, with output expected to average around 39koz per quarter.

Cash of $160m exceeded the analysts' expectations, aided by funds acquired from Mandalay, and FY26 guidance remains at 160-175koz gold equivalent at -$2,600-2,900/oz.

The analysts trim their FY26 earnings forecast by -5%.

Ord Minnett retains an Accumulate rating and lowers its target to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.00 Difference: $0.395
If ALK meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

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 ALL as Overweight (1) -

Morgan Stanley previews Aristocrat Leisure's FY25 results due on November 12, with net profit after tax forecast at $1.53bn, a rise of 11% on FY24 excluding discontinued operations.

The analyst forecasts sequential fee-per-day improvement in line with management's guidance, although the estimates sit slightly lower than consensus at -4% y/y versus consensus at -3.5% y/y. Forecast net adds of around 5k units are at a similar rate to 1H25.

The release of iGaming content continues but remains below the aim of 90 new premium game launches per year.

FY25 EPS estimates trimmed -1.5%, reflecting slower buy-backs and gaming ops volume and price assumption changes, with a marginal lift in the FY26 estimate by 1% on currency assumptions.

Overweight rating retained. Target lifted to $73.70 from $72.20. Industry view: In Line.

Target price is $73.70 Current Price is $63.35 Difference: $10.35
If ALL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $74.87, suggesting upside of 17.2% (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

Bell Potter rates AMA as Buy (1) -

AMA Group’s September quarter result was ahead of Bell Potter’s expectations, with normalised earnings (EBITDA) of $20.1m, 18% above forecast, driven by stronger margins of 7.4% versus 6.3% expected.

The key driver was a turnaround in AMA Collision, highlight the analysts, delivering $5.0m of earnings against $0.9m in the prior period, while Capital SMART also performed solidly.

The analysts note some offset from lower Wales Truck Repairs volumes and softer September-October trends, though FY26 earnings guidance of $70-75m is reaffirmed.

The analysts lift margin assumptions but trim revenue forecasts by -1%. Bell Potter retains a Buy rating and 13c target.

Target price is $0.13 Current Price is $0.09 Difference: $0.038
If AMA meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

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 ANN as Equal-weight (3) -

Morgan Stanley has an Equal-weight rating and $37.20 target price on Ansell.

Industry View: In-Line.

Target price is $37.20 Current Price is $36.51 Difference: $0.69
If ANN meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.61, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates ANZ as Neutral (3) -

ANZ Bank pre-released 2H25 significant items, announcing -$1,109m post-tax charges to 2H25 cash earnings. Citi notes the majority of this was previously flagged, including -$414m for staff redundancies and -$264m for the ASIC settlement.

New information includes -$285m impairment of PT Panin investment, -$68m Suncorp migration cost, and -$78m goodwill write-off from Cashrewards closure.

The broker reckons the charges are consistent with ANZ’s strategic reset and the market will look through them.

FY25 cash earnings downgraded by -8%. Neutral retained with unchanged target of $37.

Target price is $37.00 Current Price is $36.65 Difference: $0.35
If ANZ meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

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: -0.5

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 points to ANZ Bank announcing significant items of -$1.1bn post tax and more elevated goodwill for Suncorp of $141m over 2H25, which will result in an impact on total CET1 of 1-9bp.

The bank is due to report on November 10, and the newly announced items will lower post-tax earnings by -$431m and the CET1 ratio by -4bp. This includes an impairment from Panin Bank (-$285m), Suncorp Bank migration costs (-$68m), closure of Cashrewards (-$78m), and higher Suncorp goodwill (-$141m).

Separately, the broker notes Australian mortgage growth rose at an annualised rate of 7.5% in September, the best monthly growth since February 2022.

ANZ rose 3%, below CommBank ((CBA)) at 8%, National Australia Bank ((NAB)) at 4.5%, Westpac ((WBC)) at 4.5%, and Macquarie Group ((MQG)) over 25%.

A delay in the RBA's rate-cutting cycle could slow growth in mortgages, in the broker's view.

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

Target price is $34.00 Current Price is $36.65 Difference: minus $2.65 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 7% (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: -0.5

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

Morgans rates ANZ as Trim (4) -

Morgans marginally revises its forecasts after management at ANZ Bank detailed several 2H25 significant items impacting reported earnings.

Significant items will include a -$285m impairment of its PT Panin investment, -$585m in redundancy costs, and a -$271m ASIC settlement encompassing penalties and related expenses.

Additional charges comprise -$97m linked to the accelerated Suncorp Bank migration and a -$78m goodwill impairment on Cashrewards as operations wind down.

The analysts had previously assumed a pre-tax impact of around -$1.2bn from 2H25 significant items, so the update results in only a minor downgrade to FY25 forecasts.

Target rises to $32.80 from $32.72. Trim rating unchanged.

Target price is $32.72 Current Price is $36.65 Difference: minus $3.93 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 11% (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: -0.5

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

Ord Minnett rates ANZ as Downgrade to Lighten from Hold (4) -

ANZ Bank’s FY25 result will include -$1.1bn in significant items, as largely expected by Ord Minnett. New costs included the -$285m PT Panin write-down, -$68m in Suncorp Bank contract exits and -$78m for closing Cashrewards.

It’s thought these one-offs have no CET1 impact, though the broker's FY25 EPS forecast is cut by -7.4% while FY26 rises 0.5%.

The broker notes CEO Nuno Matos aims to lift return on tangible equity (ROTE) to 12% by FY28 and 13% by FY30 through cost reduction and business simplification.

The analysts caution revenue growth targets look challenging in a competitive market.

Ord Minnett downgrades ANZ to Lighten from Hold with an unchanged $30.00 target.

Target price is $30.00 Current Price is $36.65 Difference: minus $6.65 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 18% (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)

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

Ord Minnett rates ARF as Buy (1) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Arena REIT trimmed by -0.1% for FY27.

Buy. Target price $4.20.

Target price is $4.20 Current Price is $3.65 Difference: $0.55
If ARF meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.19, suggesting upside of 15.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates ASK as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Abacus Storage King trimmed by -0.1% for FY26 and by -0.5% for FY27.

Hold. Target price $1.40.

Target price is $1.40 Current Price is $1.41 Difference: minus $0.005 (current price is over target).
If ASK meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting upside of 9.1% (ex-dividends)

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

Ord Minnett rates BBT as Buy (1) -

betr Entertainment's September quarter update was broadly in line with Ord Minnett's expectations, supported by stronger margins.

Total turnover reached $363m for a gross win of $51.8m, equating to a 14.3% gross win margin versus 13.3% forecast by the broker, while net win margin also beat expectations at 10.5%.

It’s thought targeted investment in marketing and product development, including the new ‘GOAT’ campaign and app integrations, will drive engagement through FY28.

The broker highlights betr’s potential as a natural consolidator in a fragmented wagering market.

Ord Minnett retains a Buy rating and 46c target.

Target price is $0.46 Current Price is $0.23 Difference: $0.235
If BBT meets the Ord Minnett target it will return approximately 104% (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 BTR as Buy (1) -

Brightstar Resources sold 52kt at 2.68g/t Au to Genesis Minerals ((GMD)) under the Ore Purchase Agreement in 1Q26, recovering 4,067oz Au at 91.3% recovery, Shaw and Partners notes.

Processing of low-grade stockpiles has now been completed, and the underground mines are supplying high-grade ore, with the next haulage campaign in November. The company achieved net mine cash flow of $2.3m during the quarter. 

Other highlights included 104 holes drilling across Sandstone, Menzies, and Laverton with strong intercepts, including 32m @ 7.16g/t Au at Lord Byron. The company also advanced Sandstone PFS, with completion expected in 1H2026, and FID planned for 2H2027.

Buy, High Risk maintained. Target unchanged at $1.21.

Target price is $1.21 Current Price is $0.46 Difference: $0.755
If BTR meets the Shaw and Partners target it will return approximately 166% (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 BUB as Speculative Hold (3) -

Bubs Australia’s September quarter result delivered revenue of $25.6m, up 30% year-on-year, but down -17% sequentially.

Revenue growth was driven by the US business, explains Bell Potter, and rose 78% y/y, while Australia and China declined. Earnings (EBITDA) of $0.5m marked a turnaround from a -$4.3m loss a year earlier.

The broker notes negative operating cashflow (OCF) of -$4.4m due to inventory rebuilding and higher production costs, with quarter-end cash at $12.9m.

The analysts see FY26 consensus targets requiring further uplift from the current level. Speculative Hold retained. Target unchanged at 17.5c.

Target price is $0.18 Current Price is $0.16 Difference: $0.02
If BUB meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates BUB as Accumulate (2) -

Bubs Australia’s September quarter update revealed a soft start to FY26 outside the US, observes Ord Minnett.

US revenue rose 49% year-on-year. Group revenue grew 30% to $25.6m, while Australia, China and other regions recorded declines.

It’s thought the stock will remain range-bound until the 20 November AGM, when the new leadership team presents the corporate strategy review and FY26 guidance.

The broker remains cautious on timing for FDA permanent access approval amid the US government shutdown.

Ord Minnett retains an Accumulate rating and 18c target.

Target price is $0.18 Current Price is $0.16 Difference: $0.025
If BUB meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Shaw and Partners rates BUB as Buy (1) -

Bubs Australia's 1Q26 net revenue rose 30% y/y to $25.6m, outperforming Shaw and Partners' 1H26 growth forecast of 21.4% in terms of run rate. The company achieved this despite issues with inventory availability.

EBITDA came in at $0.5m, rebounding from a -$4.3m loss in 1Q25, and tracking close to Shaw’s 1H26 forecast of $0.6m. Operating cash outflow was $4.4m due to inventory rebuild and is expected to remain negative in 2Q but turn positive in 3Q-4Q FY26.

The broker notes US sales were strong at 49% y/y growth, offsetting weaker China, Australia, and ROW due to stock constraints.

FDA approval to sell infant formula products permanently in the US is expected by the end of 2025.

No change to forecasts. Buy rating and target unchanged at 20c.

Target price is $0.20 Current Price is $0.16 Difference: $0.045
If BUB meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates CBO as Accumulate (2) -

Ord Minnett suggests Cobram Estate Olives’ September quarter update reaffirms strong demand for its branded products across Australia and the US.

US sales exceeded the analyst's expectations, with higher net pricing per litre signaling resilient demand despite elevated price points.

FY26 crop volumes are forecast to be only modestly lower than FY25, a solid outcome for an off-year in the olive cycle, in the broker's view.

Proceeds from the September $178m equity raise will fund US expansion to 3,600 hectares by FY27, lifting annual output potential to about 9m litres, explains the analyst.

Ord Minnett retains an Accumulate rating and raises its target to $3.51 from $3.44.

Target price is $3.51 Current Price is $3.40 Difference: $0.11
If CBO meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting downside of -1.0% (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

Ord Minnett rates CHC as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Charter Hall trimmed by -0.1% for FY27.

Hold. Target price $21.35.

Target price is $21.35 Current Price is $22.44 Difference: minus $1.09 (current price is over target).
If CHC meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.32, suggesting downside of -0.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates CHL as Buy (1) -

Camplify Holdings’ September quarter update coincided with the announcement of a strategic investment and commercial partnership with JB Group, which will acquire a 12.7% stake in the company.

JB Group’s dealer and media network will integrate Camplify’s platform, broadening exposure and supporting long-term growth, suggests Morgans.

The broker notes first-quarter gross transaction value (GTV) and revenue each fell -6% year-on-year due to poor weather, though momentum is improving ahead of the summer season.

The analysts trim FY27-28 EPS forecasts by -11 and -12%, respectively, following the placement. Morgans retains a Buy rating and lowers its target to $1.00 from $1.05.

Target price is $1.00 Current Price is $0.38 Difference: $0.625
If CHL meets the Morgans target it will return approximately 167% (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 CHL as Buy (1) -

The highlight for Ord Minnett in Camplify Holdings’ September quarter update was the strategic $3.2m placement and partnership with JB Group, which has taken a 12.7% stake.

It’s thought the agreement broadens distribution through JBGroup's dealership network, adds marketing support via its media channels, and provides a well-timed cash injection.

The broker notes first-quarter cashflow was positive, with forward bookings rising to about $25.4m and the new government Tourism Activation Program underway.

The analysts upgrade their FY26-FY28 EPS forecasts by up to 18% on improved earnings leverage.

Ord Minnett retains a Buy rating and lifts its target to 71c from 67c.

Target price is $0.71 Current Price is $0.38 Difference: $0.335
If CHL meets the Ord Minnett target it will return approximately 89% (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 CIP as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Centuria Industrial REIT trimmed by -0.2% for FY26 and by -1.0% for FY27.

Hold. Target price $3.45.

Target price is $3.45 Current Price is $3.54 Difference: minus $0.09 (current price is over target).
If CIP meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting upside of 4.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates CLW as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Charter Hall Long WALE REIT trimmed by -0.4% for FY27.

Hold. Target rises to $4.25 from $4.20.

Target price is $4.25 Current Price is $4.25 Difference: $0
If CLW meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.44, suggesting upside of 5.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Ord Minnett rates CNI as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Centuria Capital lifted by 0.1% for FY26 but trimmed by -0.2% for FY27.

Hold. Target price $2.10.

Target price is $2.10 Current Price is $2.36 Difference: minus $0.26 (current price is over target).
If CNI meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.24, suggesting downside of -3.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates COL as Overweight (1) -

After a detailed analysis of Coles Group's 1Q26 update, Morgan Stanley trimmed FY26 EPS forecast by -1.0% and FY27 by -1.4%.

Target cut to $26.60 from $26.80. Overweight maintained. 

Previously the broker wrote:

Coles Group reported a strong 1Q26 sales update, in Morgan Stanley's view, with supermarket sales up 4.8% and like-for-like growth of 4.6%, outperforming Woolworths Group ((WOW)) at 1.6%.

The broker notes sales growth excluding tobacco was 7%, driven by volume and transaction gains, while e-commerce rose 27.9%, with continued expansion of same-day fulfilment via customer fulfilment centres.

Liquor sales fell -1.1% as the category remains challenging, notes Morgan Stanley.

Management expects to retain more than half of customers gained during Woolworths’ industrial disruption and continues to invest in price and availability.

Morgan Stanley maintains a positive outlook, seeing continued market share gains. Industry View: In-Line.

Target price is $26.60 Current Price is $22.05 Difference: $4.55
If COL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.90, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates CQE as Buy (1) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Charter Hall Social Infrastructure REIT trimmed by -0.2% for FY26 and by -0.7% for FY27.

Buy. Target price $3.55.

Target price is $3.55 Current Price is $3.23 Difference: $0.32
If CQE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates CQR as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

Hold rating for Charter Hall Retail REIT. Target price $4.20.

Target price is $4.20 Current Price is $4.12 Difference: $0.08
If CQR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 5.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates CSC as Outperform (1) -

Macquarie liked Capstone Copper's 3Q2025 update, with production, sales, costs, and earnings (EBITDA) all coming in better than consensus expectations.

Management maintained guidance at 220-255kt, slanted to the lower end of consensus forecasts, with cost guidance of US$2.20-US$2.50/lb at the upper end.

Revenue beat by 11%, reaching US$598.4m, boosted by higher sales on better realised prices (US$4.49/lb).

Pinto Valley experienced another tough period and missed the consensus production estimate by -10%, with cash costs 8% higher than consensus due to water problems from drought in Arizona.

Macquarie lowers its EPS forecasts by -4% for 2025, but FY26 is downgraded by -6% on a rise in cost assumptions for Mantoverde.

Target price is tweaked down to $16.50 on the revised earnings estimates. No change in Outperform rating.

Target price is $16.50 Current Price is $13.75 Difference: $2.75
If CSC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $14.59, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

Capstone Copper’s September quarter result beat Morgans' expectations on production, costs, and realised copper prices, underlining continued operating momentum.

Strong execution across Mantoverde and Mantos Blancos offset interruptions elsewhere, explains the broker. Cozamin remained a steady contributor and Pinto Valley performance improved with water availability.

The broker highlights reaffirmed FY26 production and cost guidance, a robust liquidity position, and progress on the Mantoverde Optimised project, which adds 20ktpa copper from FY27. Sustained margin expansion is expected if copper prices remain near US$5/lb.

Morgans upgrades to a Buy rating from Accumulate and trims its target to $16.10 from $16.30.

Target price is $16.10 Current Price is $13.75 Difference: $2.35
If CSC meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $14.59, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates DGT as Buy (1) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for DigiCo Infrastructure REIT lifted by 0.4% for FY26 but trimmed by -0.6% for FY27.

Buy maintained. Target rises to $3.95 from $3.90.

Target price is $3.95 Current Price is $2.61 Difference: $1.34
If DGT meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.10, suggesting upside of 54.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates DXS as Accumulate (2) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Dexus trimmed by -0.1% for FY26 and by -0.4% for FY27.

Accumulate. Target price $7.55.

Target price is $7.55 Current Price is $7.28 Difference: $0.27
If DXS meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.07, suggesting upside of 12.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Bell Potter lowers its target for Endeavour Group to $4.30 from $4.55 and upgrades to Buy from Hold following the September quarter result.

Group sales of $3.1bn were broadly in line with the broker's forecasts, with Retail down -1.4% and Hotels up 4.4%.

The Retail performance improved through the quarter, observe the analysts, returning to growth in September as targeted promotions and events boosted sales, while online revenue rose 20.9%.

The broker highlights continued Hotel strength across food, bars and gaming, supported by rising Pub Plus adoption, the company's digital loyalty and ordering platform.

The analysts trim their FY26-28 EPS forecasts by -4-9% but expect stronger retail momentum through 2Q26 and beyond.

Target price is $4.30 Current Price is $3.66 Difference: $0.64
If EDV meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates EDV as Neutral (3) -

Following a conference call with Endeavour Group after the quarterly update, the key takeaway for Citi was pressure on 1H26 gross margins. Heightened promotional activity and lapping last year’s limited promotions during DC disruptions were the reasons.

Lost sales and profit from Victorian DC disruptions is unlikely to be regained. The company will unveil an updated strategy developed by Jane Hrdlicka and Bain at a Strategy Day in Apr-May 2026. 

The broker notes retail competition is intensifying, especially online (10% of sales), with ongoing promotions and new entrants like Amazon impacting share recovery post-DC issues.

Neutral. Target unchanged at $4.18.

Target price is $4.18 Current Price is $3.66 Difference: $0.52
If EDV meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates EDV as Underperform (5) -

Post Endeavour Group's trading update earlier today, showing 1Q26 comparative sales declining -1.3% y/y, in line with peers, Macquarie analysts have margin pressure on their minds.

This offsets any indications of improving sales growth, with ongoing pricing pressure from competitors.

Outside of key events, the broker highlights consumer spending was subdued. Promotional intensity across the market was elevated through the quarter (with online called out) and is expected to continue, keeping pressure on margins through FY26.

Macquarie also notes FY26 capex guidance remains unchanged at -$420m-$470m, as well as finance costs guidance (in line with FY25).

The analyst lowers EPS estimates by around -6% to -8% for FY26-FY28 on weaker retail, lower group margins, and higher D&A for hotels.

Target price is lowered to $3.50 from $3.60. No change in Underperform rating.

Target price is $3.50 Current Price is $3.66 Difference: minus $0.16 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.98, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Post Endeavour Group's 1Q26 trading update and management call, Morgan Stanley highlights gross margin will remain under pressure in 1H26, with promotional spend anticipated to remain elevated in 2Q26.

Management is expected to focus on underpinning top-line growth via investment in value. September and October saw positive retail sales.

Overall, the consumer dollar is considered "constrained", with the value consumer continuing to trade down, while the premium end of the market remains robust.

The results from the strategy review are flagged for the April/May 2026 investor day, according to the analyst.

Equal-weight rating. Target $4.50. Industry View: In Line.

Target price is $4.50 Current Price is $3.66 Difference: $0.84
If EDV meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates EDV as Hold (3) -

Endeavour Group’s September quarter update was weaker than expected by Morgans as Retail sales fell -1.4% and Hotels rose 4.4%.

Management noted liquor sales remain soft as consumers prioritise value, with promotional activity and online discounting pressuring retail margins despite improving trends in September and October.

Hotels performed well across food, bars and gaming, explains the broker, though rising labour, security and D&A costs are expected to constrain 1H26 margins.

The analysts cut their FY26-FY28 earnings (EBIT) forecasts by -5% and profit by between -7-8% on lower margin assumptions.

Morgans retains a Hold rating and lowers its target to $3.70 from $4.15.

Target price is $3.70 Current Price is $3.66 Difference: $0.04
If EDV meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates EDV as Neutral (3) -

Endeavour Group's 1Q26 total sales of $3.09bn missed the consensus forecast of $3.11bn and UBS's estimate of $3.12bn. The miss was in Retail while Hotels was in line.

Retail saw positive sales growth in September, which continued in October, but the broker notes this was driven by more promotional activity. 

Due to structural liquor headwinds and a delayed recovery, stronger promotions and thus lower margins will likely be needed to drive sales, the broker believes. This is expected to constrain operating leverage without major cost cuts.

The broker cut FY26 EPS forecast by -6.2% and FY27 by -5.2% due to weaker Retail margins and higher Hotel D&A.

Target trimmed to $3.90 from $4.25. Neutral retained.

Target price is $3.90 Current Price is $3.66 Difference: $0.24
If EDV meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates EOS as Speculative Buy (1) -

The transition to new contracts from older ones has resulted in a "soft" 3Q2025 update for Electro Optic Systems, which was as expected by Ord Minnett's analyst.

Positively, growth in the order book to around $415m as at October 6, compared to $136m in January. This represents 206% growth rate, which secures earnings growth estimates for the broker over the next two years.

Management has also been marketing over the period, with scope for more contract wins, and the likes of Europe announcing a further EUR800bn to increase their defence capabilities.

Speculative Buy. Target unchanged at $11.18.

Target price is $11.18 Current Price is $6.21 Difference: $4.97
If EOS meets the Ord Minnett target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates FBU as Underperform (5) -

Another week and another downgrade for Fletcher Building, with Macquarie cutting its EPS estimates for FY26-FY28 by -2%, -4%, and -3%, respectively. This assumes NZ margins base lower and medium-term residential division sale assumptions slip.

The company highlighted 1Q26 NZ volumes resulted in a challenging period for the group as competition remains elevated for both residential and infrastructure sectors.

The analyst points to an unsustainably high building rate in NZ, given the low population growth. The Australian indicators were also overall softer than the broker's forecast volume assumptions, but the very market-specific nature of products like Laminex made it more challenging for channel checks.

Target price falls to NZ$1.59 from NZ$1.67. Underperform rating retained.

Current Price is $2.86. Target price not assessed.

Current consensus price target is $3.13, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Ord Minnett rates GMG as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

No change to EPS forecasts for Goodman Group.

Hold. Target cut to $33.50 from $33.70.

Target price is $33.50 Current Price is $33.03 Difference: $0.47
If GMG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $37.94, suggesting upside of 15.1% (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

Ord Minnett rates GOZ as Accumulate (2) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Growthpoint Properties Australia trimmed by -0.3% for FY26 and by -1.2% for FY27.

Accumulate maintained. Target price $2.55.

Target price is $2.55 Current Price is $2.56 Difference: minus $0.01 (current price is over target).
If GOZ meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.61, suggesting upside of 2.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates GPT as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for GPT Group trimmed by -0.5% for FY27.

Hold. Target cut to $5.30 from $5.40.

Target price is $5.30 Current Price is $5.36 Difference: minus $0.06 (current price is over target).
If GPT meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.79, suggesting upside of 8.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates GWA as Outperform (1) -

Macquarie considers GWA Group continues to operate well in what is viewed as a challenging market. The AGM and 1Q26 trading update were largely as anticipated, although Australian volumes were weaker than forecast and under 1H26 expectations.

Australian revenue lifted 1.6% compared to a forecast previously of 3.5% growth for 1H. NZ volumes, in contrast, rose 8%, a stronger result, but product mix weighed on revenues, with growth only up 2.7% in 1Q26.

Volumes in the UK lifted 14.6%, boosted by a good price/product mix as well as volume expansion.

Macquarie tweaks its EPS estimates by -0.9% for FY26 and -0.8% for FY27. Target price is trimmed to $3 from $3.05 previously. No change to Outperform rating.

Target price is $3.00 Current Price is $2.47 Difference: $0.53
If GWA meets the Macquarie target it will return approximately 21% (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 HDN as Accumulate (2) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

Accumulate rating for HomeCo Daily Needs REIT. Target price $1.45.

Target price is $1.45 Current Price is $1.37 Difference: $0.085
If HDN meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 5.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Ord Minnett rates HMC as Buy (1) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for HMC Capital trimmed by -0.4% for FY26 and by -0.9% for FY27.

Buy. Target cut to $5.25 from $5.35.

Target price is $5.25 Current Price is $3.10 Difference: $2.15
If HMC meets the Ord Minnett target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 55.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates IAG as Buy (1) -

UBS believes Insurance Australia Group’s exposure to the recent Queensland storm event appears limited, with the Insurance Council classifying it as a significant, not catastrophic, event.

It’s thought the insurers' net cost will be around -$125m versus Suncorp Group's -$220-260m, reflecting stronger reinsurance protection through RACQI’s $100m retention and quota shares of 33% and 32.5%.

The broker notes RACQI sits outside Insurance Australia Group's reinsurance program, so profit commissions remain unaffected.

UBS maintains a positive view on the group's resilient margins and limited exposure to weather losses. Buy. Target price $9.65.

Target price is $9.65 Current Price is $7.86 Difference: $1.79
If IAG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.11, suggesting upside of 16.5% (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 IDX as Buy (1) -

Integral Diagnostics’ September quarter update revealed 8.3% revenue growth versus the prior year, broadly in line with industry expansion of 9.4%, explains Bell Potter.

Guidance for margins of around 20% for the first half and 21% for FY26 is slightly softer than expected by the broker. Management noted stronger earnings are expected in 2H26 from MRI deregulation, the lung screening program and GP incentives.

Management also reaffirmed $14m of merger synergies, greenfield ramp-up and further M&A appetite underpin.

The analysts maintain FY26 earnings forecasts of about $174.5m, above consensus. Bell Potter retains a Buy rating and target of $4.00.

Target price is $4.00 Current Price is $2.59 Difference: $1.41
If IDX meets the Bell Potter target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgan Stanley lifted FY26 EPS forecast for Insignia Financial by 4.2% and FY27 by 5.7%.

Target rises to $5.00 from $4.80. Equal-weight maintained.

Industry View: In-Line.

Target price is $5.00 Current Price is $4.54 Difference: $0.46
If IFL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting upside of 7.7% (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

Macquarie rates IMA as Outperform (1) -

Image Resources' 3Q2025 heavy mineral concentrate (HMC) shipments of 49kmt missed Macquarie's forecast by -14%, with production also lower than expected by -14%.

Three shipments were made over the period, with the miss due to the deferral of an 11kt shipment into 4Q, resulting from tidal surge and port congestion at Geraldton, management highlighted.

The combined impact of congestion and a softer market has led to 2025 shipment guidance being downgraded to 150kt-170kt from 165kt-185kt.

A miss on pricing also resulted in lower-than-forecast 3Q2025 revenue of $27m. Macquarie has lowered its EPS estimates by -8% for 2025 and -6% for 2026. Target price slips by -7% to 13c.

Target price is $0.13 Current Price is $0.06 Difference: $0.07
If IMA meets the Macquarie target it will return approximately 117% (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

Ord Minnett rates INA as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Ingenia Communities trimmed by -0.2% for FY26 and by -0.6% for FY27.

Hold. Target price $5.95.

Target price is $5.95 Current Price is $5.62 Difference: $0.33
If INA meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.44, suggesting upside of 14.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates JBH as Underweight (5) -

Morgan Stanley trimmed JB Hi-Fi's FY26 EPS forecast by -4.8% and FY27 by -4.6%.

Underweight. Target cut to $97.50 from $101.80.  Industry View: In-Line.

Target price is $97.50 Current Price is $104.72 Difference: minus $7.22 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $108.50, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates JIN as Buy (1) -

Jumbo Interactive’s latest move sees the company expand into the US through the -$55.4m acquisition of Dream Giveaway USA, its second B2C prize-draw platform following Dream Car Giveaways UK.

The deal aligns with management’s strategy to shift from slower-growth B2B/SaaS to higher-growth consumer markets, highlights the broker. Around $24m (minimum) in combined pro-forma earnings from both acquisitions is expected.

The broker highlights Dream Giveaway's profitable model, established customer base, and scalability within a US market five times larger than the UK.

The analyst raises FY27 EPS forecast by 2.3% post-acquisition.

Morgans retains a Buy rating and raises its target to $16.60 from $15.90.

Target price is $16.60 Current Price is $11.74 Difference: $4.86
If JIN meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $13.83, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates JMS as Outperform (1) -

Tshipi mine, which is 49.9% owned by Jupiter Mines, reported production and sales that met Macquarie's forecasts.

Lower realised prices resulted in an earnings (EBITDA) and net profit after tax miss for 1Q26 compared to the analyst's estimates of -12% and -15%, respectively.

Notably, November to February are the wet season in South Africa, so impacts to production could be higher over 2Q and 3Q26, where Tshipi is located. Management has pointed to production/sales of around 3.4mt over FY26.

A slight rise in manganese pricing was experienced over the quarter, as well as a stable market.

Macquarie lifts its EPS forecasts for FY26-FY30 by 4% to 7% due to lower cost assumptions for Tshipi.

Outperform. Target rises to 29c, up 7%.

Target price is $0.29 Current Price is $0.26 Difference: $0.03
If JMS meets the Macquarie 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

Ord Minnett rates LIC as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Lifestyle Communities trimmed by -0.1% for FY26 and also by -0.1% for FY27.

Hold. Target price $5.60.

Target price is $5.60 Current Price is $5.18 Difference: $0.42
If LIC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting upside of 24.5% (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

Ord Minnett rates LLC as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Lendlease Group trimmed by -0.2% for FY26 and by -0.7% for FY27.

Hold. Target price $5.85.

Target price is $5.85 Current Price is $5.55 Difference: $0.3
If LLC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 18.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates LOT as Outperform (1) -

Post Lotus Resources' first production at Kayelekera, with the mill processing ore from its prior work life, management has reconfirmed annual 2.4mlbs of steady-state production by 1Q2026.

Macquarie notes mining of fresh ore is due to start in 4Q2025, with grid connection by the end of 2026 expected to lower power costs by -US$5-US$6/lb. Further, acid plant refurbishment is aimed for 1Q2026 completion.

The tailings storage facility will also be expanded by 12.8mt, which should underpin a 10-year operational life.

The analyst raises the FY26 EPS forecast by 163% due to the assumed capitalisation of Kayelekera production costs. Target price lifts 4% to 28c.

Outperform maintained.

Target price is $0.28 Current Price is $0.20 Difference: $0.085
If LOT meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 68.3% (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

Ord Minnett rates LOT as Speculative Buy (1) -

No surprises for the Ord Minnett analyst regarding Lotus Resources' 1Q26 update, with management reiterating the restart commissioning of Kayelekera. First yellowcake since 2014 was produced, when it was placed into care and maintenance.

Lotus is due to start mining in the December quarter, with ramp-up to nameplate production of U308 at 2.4mlbs annually. The plant processed low-grade stockpiles over the September quarter to stop recovery losses while it was commissioned.

No change in Speculative Buy rating. Target rises to 38c from 35c.

Target price is $0.38 Current Price is $0.20 Difference: $0.185
If LOT meets the Ord Minnett target it will return approximately 95% (excluding dividends, fees and charges).

Current consensus price target is $0.34, suggesting upside of 68.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates M7T as Buy (1) -

Mach7 Technologies' Veterans Health Administration contract go-live marks a key operational milestone, in Morgans's view, positioning the company as a core technology partner to the US Department of Veterans Affairs.

Phase 1 covers 125 sites and underpins a potential contract value of $11.7m, with Phase 2 worth up to $47.9m over five years contingent on successful delivery, explain the analysts.

The broker suggests the contract will materially improve revenue quality, shifting towards recurring, volume-based income streams.

Guidance from the November 28 AGM and strategic review is expected to be the next catalyst.

Morgans retains a Buy rating and 81c target.

Target price is $0.81 Current Price is $0.30 Difference: $0.51
If M7T meets the Morgans target it will return approximately 170% (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 MGH as Downgrade to Accumulate from Buy (2) -

Last week's Maas Group’s FY26 guidance at the AGM implies to Morgans underlying earnings (EBITDA) of between $240-270m, up 9-23% y/y, though the midpoint was below consensus.

Civil construction and hire margins face competitive pressure, partly offset by strength in demand for construction materials and renewable energy projects, explains the analyst.

The broker highlights solid trading momentum, with recent acquisitions performing ahead of expectations and residential activity improving across key markets.

The analyst's earnings forecasts have been trimmed -11-16% on lower Civil, Construction and Hire division margins. Balance sheet gearing is expected to ease with $200m in asset sales.

Morgans downgrades to an Accumulate rating from Buy and retains its $5.45 target.

Target price is $5.45 Current Price is $4.75 Difference: $0.7
If MGH meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates MGR as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Mirvac Group trimmed by -0.2% for FY26 and by -0.6% for FY27.

Hold. Target price $2.35.

Target price is $2.35 Current Price is $2.30 Difference: $0.05
If MGR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 8.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates MIN as Overweight (1) -

Following a complete analysis of Mineral Resources' September quarterly, Morgan Stanley trimmed FY26 EPS forecast by -7.4% and FY27 by -8%.

Overweight. Target lifted to $53.50 from $49.00. 

In the quick take, the broker wrote:

An exceptionally strong September quarter for Mineral Resources, with all divisions outperforming consensus.

Group iron ore production of 7.2mt and shipments of 7.7mt beat consensus forecasts by 3% and 5%, respectively. For the same metrics Onslow achieved respective 3% and 4% beats along with -7% lower costs.

Mt Marion and Wodgina both exceeded the analysts' expectations, with production 17% and 37% higher versus consensus, respectively.

Mining services volumes of 81mt are tracking the upper end of FY26 guidance, highlights Morgan Stanley.

The broker notes Onslow’s carry loan fell -$52m to $714m, liquidity remains solid at $1.1bn, and net debt steady at $5.4bn, reinforcing the company's strong operational momentum.

Industry View: Attractive.

Target price is $53.50 Current Price is $48.40 Difference: $5.1
If MIN meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $44.63, suggesting downside of -5.1% (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

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

UBS initiated coverage of Navigator Global Investments with a Buy rating and target price of $3.40.

The company is a diversified alternatives asset manager with a hedge fund platform and stakes in 10 partner firms, and is well-positioned to benefit from alternative sector tailwinds.

The broker forecasts total AUM to grow at a compounded annual rate of 6%, supporting EPS growth of 10% which is more than double of consensus.

Performance fees is material to the company's earnings and the broker reckons the market is discounting its potential. The stock is trading at an undemanding 10.8x 12-month forward PE, a -49% discount to global peers, the broker highlights.

Upcoming catalyst is Investor Day on 13 November.

Target price is $3.40 Current Price is $2.49 Difference: $0.91
If NGI meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.94, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates NHF as Underperform (5) -

Macquarie explains how new technology offerings from Battleface and Cover Genius have raised the competitive bar for the Australian travel insurance market over the last two years. And as the aggregator channel has evolved, so too has pressure on premium rates.

Pressure on profitability and heavy competition suggests to the analyst the list of possible acquirers for nib Holdings' travel business is fairly small. A local footprint is likely for a buyer to boost synergies, as well as international capabilities for distribution and underwriting.

Around 45% of nib's business is international, which challenges Australian-only businesses.

The analyst tweaks the EPS estimates lower by -1% for FY26 and -2% for FY27 on changes to the travel insurance business forecasts.

Macquarie maintains an Underperform rating on nib Holdings with an unchanged $5.60 target.

Target price is $5.60 Current Price is $7.54 Difference: minus $1.94 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.89, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates NOU as Buy (1) -

Noumi's September quarter result exceeded Bell Potter's expectations with revenue up 9% year-on-year to $162.5m, driven by 13.7% growth in the Dairy and Nutritionals platform.

UHT and bulk cream sales supported the result, highlight the analysts, while plant-based volumes eased slightly due to lower house-brand sales. This is offset by a 9.3% lift in Milklab (the company's flagship barista milk brand).

The broker notes positive operating cashflow of $12.8m, marking six positive quarters from the past seven. Ongoing out-of-home growth and improved branded mix across categories are also noted.

Bell Potter retains a Buy rating and 19c target.

Target price is $0.19 Current Price is $0.13 Difference: $0.06
If NOU meets the Bell Potter target it will return approximately 46% (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 NSR as Accumulate (2) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for National Storage REIT lifted by 0.1% for FY27.

Accumulate. Target price $2.45.

Target price is $2.45 Current Price is $2.30 Difference: $0.15
If NSR meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 14.1% (ex-dividends)

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

Ord Minnett rates NTU as Speculative Buy (1) -

It was a busy first quarter for Northern Minerals with the release of its definitive feasibility study on September 15, boosted by the US/Australia rare earths frameworks and a rally in the share price, which facilitated a $60m equity raising, Ord Minnett outlines.

The final investment decision has been delayed and is now not anticipated until the June quarter 2026, while the equity raising allowed for the Iluka Resources debt of -$15m to be repaid.

The AGM is due on November 27, and the broker notes the influence of Chinese nationals with government links is likely diluted post the equity raising to local and overseas institutions.

No change in Speculative Buy. Target is tweaked to 7.3c from 7.5c.

Target price is $0.07 Current Price is $0.04 Difference: $0.03
If NTU meets the Ord Minnett 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

Citi rates ORG as Buy (1) -

Citi notes Origin Energy's 1Q26 update showed FY26 depreciation and amortisation will rise $100m y/y due to the shorter Eraring life (closure Apr 2028) and commissioning of Eraring Battery Stages 1-3.

At the same time, IFRIC’s reclassification of battery tolling agreements as leases (not derivatives) is expected to lift EBITDA for Energy Markets (EM) by $145m annually, although this will also lead to an increase in adjusted net debt.

Overall, no cash impact is expected, and the company left its EM FY26 EBITDA guidance unchanged at $1.4-1.7bn. Gearing is expected to increase but remain within the 2-3x range.

In other updates, the broker notes APLNG capex is tracking to guidance and Octopus growth is expected to drive higher tax contributions.

Buy. Target unchanged at $13.

Target price is $13.00 Current Price is $12.25 Difference: $0.75
If ORG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $12.35, suggesting downside of -0.3% (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

Ord Minnett rates ORG as Hold (3) -

APLNG sales revenue for the September quarter came in some 3% higher than market expectations, according to Ord Minnett, arising from higher-than-anticipated realised pricing.

Origin Energy guided to higher expenses for Octopus Energy due to a rise in customer acquisition costs, as well as a -$1bn liability on battery leasing for FY26 and FY27, and higher D&A on the Eraring power station as it reaches end of life.

Post the quarterly update, the broker lowers its EPS forecasts by -6.6% for FY26 and -9.4% for FY27.

Target rises to $12.20 from $12. No change in Hold rating.

Target price is $12.20 Current Price is $12.25 Difference: minus $0.05 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.35, suggesting downside of -0.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates RGN as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Region Group trimmed by -0.2% for FY27.

Hold. Target price $2.35.

Target price is $2.35 Current Price is $2.44 Difference: minus $0.09 (current price is over target).
If RGN meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.43, suggesting upside of 1.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates RMD as Buy (1) -

Citi updated its model for ResMed following the September quarterly. No change to Buy rating.

Target unchanged at $51.

Target price is $51.00 Current Price is $39.53 Difference: $11.47
If RMD meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $48.86, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Morgan Stanley rates RMD as Overweight (1) -

ResMed reported 1Q26 EPS up 16% y/y with a rise in gross/EBIT margins by 2.9% y/y, which Morgan Stanley highlights was above expectations and consensus.

American devices grew 8% on the previous year, compared to 11% growth a year earlier, with a positive surprise gross margin of 62% from better costs and efficiency gains across manufacturing and logistics.

Management pointed to unchanged FY26 guidance of gross margin between 61%-63%, with the analyst forecasting 62.4%.

Morgan Stanley raises its EPS estimates by 2% for FY26 and 3% for FY27 and continues to view the medical device company as offering a positive growth outlook.

Overweight retained. Target price is lifted to US$305 from US$304. Industry view: In Line.

Current Price is $39.53. Target price not assessed.

Current consensus price target is $48.86, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Morgans rates RMD as Accumulate (2) -

ResMed’s September quarter result was solid, assesses Morgans and broadly in line with expectations, supported by high-single-digit revenue growth, margin expansion and strong operating cashflow (OCF).

Sleep and respiratory sales were strong in the Americas but softer elsewhere due to a tough prior comparison, observes the broker, while residential care software growth eased ahead of portfolio review initiatives.

The analysts highlight ongoing manufacturing efficiencies lifting gross margins by 280bps to 62% and operating leverage improving through disciplined cost control.

The broker sees upside to the upper end of FY26 margin guidance on new product releases and supply chain expansion.

Morgans retains an Accumulate rating and trims its target to $47.04 from $47.86.

Target price is $47.04 Current Price is $39.53 Difference: $7.51
If RMD meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $48.86, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett views the September quarter update from ResMed as robust, flagging 12% y/y growth in mask sales as a highlight, which was supported by the company's Virtuox diagnostic services.

Further, cost savings on device parts and production efficiencies underpinned a rise in the gross margin to 62%, above consensus at 61.5%.

Gross margin guidance from management stands at 61%-63%, with the broker forecasting 62.2%, a rise from 61.6% previously.

The analyst raises EPS forecasts for ResMed by 1.6% for FY26 and 1.4% for FY27, or a 10% compound growth rate over the forecast period. Net cash position of around US$1.9bn is forecast by the end of FY26, which offers capital management optionality.

Ord Minnett reiterates its Buy rating with an unchanged $48.80 target price.

Target price is $48.80 Current Price is $39.53 Difference: $9.27
If RMD meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $48.86, suggesting upside of 29.4% (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: 0.9

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

Macquarie rates SBM as No Rating (-1) -

St. Barbara served up a mixed 1Q26 update, with production below expectations by -8% versus costs, which came in better than consensus forecasts by 6%. Management retained FY26 guidance, with 1Q26 production sitting around 18% of the mid-point.

Positively, cash at quarter-end of circa $134m came in 9% higher than Macquarie's forecast, excluding the $58m in equity raised in early October.

Simberi expansion continues, but a final investment decision cannot be made until 3Q26 due to ongoing tax issues, which need to be resolved before financing can be put in place. First sulphide is expected to be delayed by some six months to 1Q29, which the analyst concurs with.

Macquarie remains on research restriction.

Current Price is $0.52. Target price not assessed.

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

Ord Minnett rates SCG as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Scentre Group trimmed by -0.5% for FY27.

Hold. Target cut to $3.80 from $3.90.

Target price is $3.80 Current Price is $4.07 Difference: minus $0.27 (current price is over target).
If SCG meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting upside of 4.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates SDF as Downgrade to Hold from Buy (3) -

Steadfast Group’s September quarter update included a downgrade to FY26 premium rate growth guidance to 1-2% from 3-5%. This reflects a sharper-than-expected slowdown across the insurance cycle, explains Ord Minnett.

While cost savings and bolt-on acquisitions should support full-year earnings, the broker remains cautious given repeated downward revisions to premium growth.

Ord Minnett highlights additional executive risk following CEO Robert Kelly’s temporary stand-down during an external investigation and recent leadership changes.

The broker downgrades its rating to Hold from Buy and lowers its target to $5.80 from $6.65, after lowering FY26-FY28 EPS forecasts by up to -5% to reflect softer pricing trends.

Target price is $5.80 Current Price is $5.60 Difference: $0.2
If SDF meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 26.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates SGH as Hold (3) -

SGH Ltd's cyclical outlook remains mixed across its mining and construction exposures, notes Bell Potter.

Original equipment manufacturers' (OEMs) September 2025 quarterly updates provided a mixed read-through for WesTrac, reflecting varying trends across Australia and the broader Asia-Pacific region, explain the analysts.

It’s thought WesTrac’s near-term order book will steady, with strong iron ore and gold demand offset by reduced NSW coal investment.

The broker notes construction trends diverge by segment, with weaker East Coast engineering activity but resilience in non-residential approvals.

The analysts expect FY26 earnings (EBIT) to rise 3.4%, consistent with guidance for low-to-mid single-digit growth.

Bell Potter retains a Hold rating and raises its target to $52.00 from $51.00.

Target price is $52.00 Current Price is $48.50 Difference: $3.5
If SGH meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $54.05, suggesting upside of 12.6% (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 SGP as Hold (3) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Stockland trimmed by -1.8% for FY26 and by -1.1% for FY27.

Hold. Target price $5.80.

Target price is $5.80 Current Price is $6.31 Difference: minus $0.51 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.37, suggesting upside of 1.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Shaw and Partners rates SMI as Buy (1) -

No new information in Santana Minerals' September quarter (1Q26) activities report, except end-quarter cash balance of $97.5m.

Shaw and Partners notes the report included an announcement of the lodgement of a consent application under New Zealand’s Fast-track Approvals Act for the Bendigo-Ophir Gold Project (BOGP).

It marks a key step toward development, with the final decision expected around 6 months post-acceptance.

Buy, High Risk. Target unchanged at $1.63.

The company is one of the broker's top 10 small-cap picks for 2025.

Target price is $1.63 Current Price is $0.75 Difference: $0.88
If SMI meets the Shaw and Partners target it will return approximately 117% (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 STM as Buy (1) -

The highlight of Sunstone Metals' September quarter (1Q26) update was the advancement of its 4Moz gold equivalent Bramaderos and El Palmar gold-copper projects in Ecuador.

Shaw and Partners notes there's strong potential for further resource growth, and the company is actively looking for a strategic partner to fund and accelerate development, positioning for major corporate catalysts.

An updated Bramaderos Mineral Resource estimate is being prepared to upgrade more material into the Indicated category and support the upcoming Brama-Alba scoping study.

Buy, High Risk retained. Target rises to 5c from 4c, with the broker noting it still reflects a -50% discount to peers.

Target price is $0.05 Current Price is $0.02 Difference: $0.028
If STM meets the Shaw and Partners target it will return approximately 127% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SUN as Buy (1) -

Given the Insurance Council of Australia classified the recent Queensland storm as a ‘significant’ rather than a ‘catastrophe’ event, Suncorp Group's -$220-260m net cost estimate was higher than expected by UBS.

The cost surprise relates to heavier claims and extensive hail damage, explains the broker.

Nonetheless, the analyst continues to see upside risks to consensus EPS for domestic general insurers, supported by conservative catastrophe budgets.

 Buy. Unchanged target of $23.15.

Target price is $23.15 Current Price is $19.62 Difference: $3.53
If SUN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $22.80, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates TCG as Outperform (1) -

Turaco Gold's resource update showed a busy 3Q2025, including five rigs finishing over 20kms of drilling, resulting in resources up by 500koz to 103mt at 1.2g/t for 4.1moz over five months for Afema.

The explorer has pointed to a resource update in 1Q2026, according to Macquarie, which will create the basis for the preliminary feasibility study in 2Q2026.

Around a 100koz-per-month resource growth rate is anticipated until the 1Q2026 update comes through.

Turaco Gold's target is set at 80c with no change in Outperform rating.

Target price is $0.80 Current Price is $0.47 Difference: $0.33
If TCG meets the Macquarie target it will return approximately 70% (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 TLC as Sell (5) -

After previously flagging Lottery Corp will unlikely meet the 20% consensus turnover growth forecast for 1H26, Citi believes it is now "very unlikely" following flat turnover in October.

This is because it needs 28% growth in Nov-Dec to meet the 1H26 consensus, a very high hurdle.

The broker now expects consensus to downgrade FY26 forecasts, and downgraded its own EPS forecast by -5% after factoring in flat growth for the top four games for the rest of 1H26.

The broker's FY26 EBIT forecast is now -8% below consensus.

Sell with unchanged target of $5. The broker has a downside catalyst watch expiring on 31 December.

Target price is $5.00 Current Price is $5.50 Difference: minus $0.5 (current price is over target).
If TLC meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.81, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates TUA as Buy (1) -

Citi highlights Singapore regulator’s approval for Tuas' acquisition of M1 appears imminent and could happen before the company's December 1 AGM. It would be a key upside driver for TUA, the broker believes.

The broker's view is based on three factors, including Keppel maintaining its expectation for deal completion by end-2025, despite ongoing litigation between M1 and an MVNO (Mobile Virtual Network Operator).

Other factors are M1’s recent price cuts on postpaid plans and 10Gbps broadband, suggesting confidence in closing the deal, and recent share purchases by one of the non-executive directors.

The broker sees potential for a re-rating once regulatory approval is secured. Buy with unchanged target of $9.95.

Target price is $9.95 Current Price is $7.03 Difference: $2.92
If TUA meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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 VCX as Accumulate (2) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Vicinity Centres trimmed by -0.4% for FY27.

Accumulate. Target price $2.55.

Target price is $2.55 Current Price is $2.52 Difference: $0.03
If VCX meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -0.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

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

Following a full review of Viva Energy's 3Q25 update, Morgan Stanley trimmed FY25 EPS forecast by -1.0% and FY26 by -5.1%.

Target cut to $2.03 from $2.15. Equal-weight maintained. Industry View: In-Line.

Target price is $2.03 Current Price is $1.84 Difference: $0.195
If VEA meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting upside of 34.1% (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

Citi rates WBC as Neutral (3) -

In an early take, Citi assesses Westpac's FY25 result as "solid" vs market expectations, with statutory net profit of $6.916m ahead of its forecast and the consensus by 1-1.5%.

Core earnings met expectations as higher revenues offset the higher-than-expected costs (1%) due to higher UNITE spend. Guidance for UNITE was lifted for FY26, but the broker reckons it is still within the $2bn total program.

Group net interest margin (NIM) of 1.94% met expectations, supported by replicating portfolio and deposit repricing benefits, though Banking & Wealth NIM fell -18bps, mainly due to differing loan and deposit growth.

CET1 capital (12.53%) was 10-20bps ahead of expectations, which the broker considers a strong outcome considering the target of over 11.25%. 

Overall, the broker points to effective NIM management and productivity gains under the Fit for Growth program, offsetting higher investment. UNITE execution risk is seen easing, and balance sheet strength is expected to be well-received, in the broker's view.

Neutral. Target price $37.75.

Target price is $37.75 Current Price is $38.74 Difference: minus $0.99 (current price is over target).
If WBC meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.37, suggesting downside of -16.2% (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 WBC as Underperform (5) -

In a flash update on Westpac, Macquarie notes the bank announced results that generally met expectations, although from an underlying perspective the outcome was softer.

Higher expenses and a lower 4Q25 margin, down as expected by around -5bps to circa 1.8%, impacted pre-provision operating profit.

Management guidance was generally more subdued as portfolio tailwinds subside, the analyst notes, alongside increased expenditure on Unite.

The sale of RAMS supported capital and underpinned the payout ratio and 77c final dividend, which was 1c above estimate.

Underperform rating retained, target unchanged at $31.50.

Target price is $31.50 Current Price is $38.74 Difference: minus $7.24 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.37, suggesting downside of -16.2% (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

UBS rates WBC as Neutral (3) -

A quick response to today's FY25 result release suggests Westpac's financial performance is more or less in line with forecasts, with key metrics including net profit and statutory EPS 'beating' by less than 2%.

UBS's assessment corrects for an $125m hedging gain. The bank's CET1 ratio at 12.53% is better than expected (incl consensus).

Costs rose 9% HoH due to a -$273M restructuring charge. Interim dividend of 77cps fully-franked, is in line.

Neutral rating retained with commentary highlighting the shares are still trading three standard deviations about their long term average.

UBS highlights its forecasts for FY26 and FY27 are higher than market consensus. Target $38.

Target price is $38.00 Current Price is $38.74 Difference: minus $0.74 (current price is over target).
If WBC meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.37, suggesting downside of -16.2% (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 WES as Equal-weight (3) -

Morgan Stanley trimmed Wesfarmers' FY26 EPS forecast by -2.2% and FY27 by -2.5%.

Equal-weight. Target cut to $92.60 from $93.50. Industry View: In-Line.

Target price is $92.60 Current Price is $84.00 Difference: $8.6
If WES meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $86.47, suggesting upside of 2.7% (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 WGX as Buy (1) -

Westgold Resources’ September quarter result was in line with Ord Minnett's expectations and marks a steady start to FY26 following FY25’s mixed performance, highlight the analysts.

Operational fundamentals are improving with infrastructure upgrades complete at Beta Hunt and mine sequencing progressing at Bluebird–South Junction.

FY26 guidance was unchanged at 345-385koz at -$2,600-2,900/oz AISC, with stronger output expected in 2H26.

Free cash flow (FCF) of about $340m is forecast for 2H26, while the ongoing $250m buy-back provides downside protection, in the broker's opinion.

Ord Minnett retains a Buy rating and $6.60 target.

Target price is $6.60 Current Price is $5.32 Difference: $1.28
If WGX meets the Ord Minnett target it will return approximately 24% (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 WPR as Accumulate (2) -

Ord Minnett now expects the RBA cash rate to remain at 3.6%, raising its BBSW assumption to 3.75%, 25bps higher than the previous estimate.

Higher funding cost lifts the broker's estimate of long-term weighted average cost of debt for the property sector to 5.1% and weighted average cost of capital to 8.6%, while the cost of equity stays at 9.6%.

This has resulted in modest FFO and DPS downgrades, and average target price cuts of around -1.5% across the property sector.

EPS forecast for Waypoint REIT trimmed by -0.3% for FY27.

Accumulate maintained. Target unchanged at $2.70.

Target price is $2.70 Current Price is $2.65 Difference: $0.05
If WPR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting downside of -0.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

UBS rates XRO as Buy (1) -

UBS expects Xero's 1H26 results to show improving momentum, especially internationally, with strong UK and early US app download growth. Revenue is forecast at NZ$1.17bn.

The broker forecasts 215k net subscriber adds in 1H26, and sees subscriber growth rising at a 9% compounded annual growth rate to 6.87m by FY30.

FY26 average revenue per user is expected to rise around 8% from price increases and plan migration, but the broker is alert to churn risk.

The broker incorporated Melio in its assumptions, assuming 90k subscriber growth in 2H26 and rising at a 10k annual rate by FY30, noting its assumptions are conservative.

Target trimmed to $203 from $215 mainly on higher capex due to Melio. Buy maintained.

Target price is $203.00 Current Price is $145.00 Difference: $58
If XRO meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $211.17, suggesting upside of 42.4% (ex-dividends)

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: 0.9

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