Australian Broker Call

Ord Minnett rates A1M as Speculative Buy (1) -

AIC Mines posted strong production from Eloise amid higher grades from deeper levels. The mine generated $28m in cash flow despite weather-related disruptions to concentrate sales.

Ord Minnett observes high Jericho capital expenditure and an unwinding of working capital meant net cash ended up lower than anticipated.

Growth projects are tracking well and the mill expansion is on track for commissioning in the December quarter. Speculative Buy rating and $0.75 target maintained.

Target price is $0.75 Current Price is $0.60 Difference: $0.148
If A1M meets the Ord Minnett target it will return approximately 25% (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 AAI as Buy (1) -

Post Alcoa's 1Q2026 update, Citi retains a Buy on the stock due to its "structurally bullish" outlook on aluminium, irrespective of the Middle East, as well as viewing Bill Oplinger as a "transformational CEO".

Management highlighted on the conference call confidence in Australian diesel supply, as Alcoa is a preferred customer and remains first in queue, with supply secured until the end of May.

There was no change to alumina guidance, and smelting capacity is noted as ramping up, with no update on Canada and Section 232 ahead of the USMCA negotiations.

Earnings forecasts (EBITDA) are lowered by -10% due to higher costs in 2H2026 from Australian diesel, natural gas, and other inputs.

Target price set at US$76.

Current Price is $92.36. Target price not assessed.

Current consensus price target is $106.00, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

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: 0.5

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

Bell Potter rates AEL as Buy (1) -

Amplitude Energy's March 2026 quarterly production of 6.9PJe was ahead of Bell Potter's 6.7PJe estimate, while gas sales of 6.8PJe were also slightly above expectations, though revenue of $74m missed.

The Orbost Gas Plant continued to perform strongly at nameplate capacity, with trials above nameplate reaching a 7 day average of 71TJ/day, offsetting ongoing decline at the Otways field, the analyst remarks.

Realised prices increased to $10.74/GJ, supported by higher contract prices resetting from January 2026, despite weaker spot gas prices.

Year to date production of 75.7TJe/day is tracking toward the upper end of FY26 guidance.

The broker notes the East Coast Supply Project remains on schedule and budget. Buy rating with a target of $2.70 unchanged.

Target price is $2.70 Current Price is $1.65 Difference: $1.05
If AEL meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 84.3% (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 AEL as Buy (1) -

Amplitude Energy delivered a third quarter result that was in line with expectations and provided revised guidance for 26.6-28.1PJe.

Ord Minnett re-bases contract pricing expectations for lower realised pricing in the current quarter, which means the target decreases slightly to $2.70 from $2.75.

The company has signed two new contracts for the growing Otway Basin production with EnergyAustralia and AGL Energy ((AGL)), which the broker comments helps to de-risk the pricing outlook and diversify revenue. Buy rating maintained.

Target price is $2.70 Current Price is $1.65 Difference: $1.05
If AEL meets the Ord Minnett target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 84.3% (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

Macquarie rates AFG as Outperform (1) -

Macquarie notes lodgement activity at Australian Finance Group continued to rise in the third quarter, up 22.7%, which follows a first half increase of 25.7%. Higher-margin AFG securities activity grew 18%.

The broker forecasts $6.9bn in the AFG securitisation closing book at June 2026, and upside risk given the level of current activity. Target rises to $3.05 from $3.03 and an Outperform rating is maintained.

Target price is $3.05 Current Price is $1.90 Difference: $1.148
If AFG meets the Macquarie target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates ALX as Neutral (3) -

In a quick take, Citi notes Atlas Arteria announced broadly flat 1Q2026 toll revenue, up 0.1%, or 1.6% excluding FX, with weaker APRR (Autoroutes Paris-Rhin-Rhone) traffic offset by stable performance at Chicago Skyway and strong growth at Dulles Greenway.

APRR declines were driven by softer light vehicle traffic, partly mitigated by a stronger heavy vehicle mix, while Chicago toll increases offset weather impacted traffic, the analyst notes.

Commentary highlights Dulles Greenway continues to show solid momentum, moving closer to distribution lock up removal. 

Neutral. Target $4.80.

Target price is $4.80 Current Price is $4.23 Difference: $0.57
If ALX meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in December.

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 AOV as Accumulate (2) -

Amotiv has a predominantly non-discretionary earnings base that should mean it can negotiate current conditions more effectively than listed peers, Morgans asserts.

There  is some caution regarding near-term earnings but the broker points out there are strong product development capabilities and the benefits from long-term structural industry tailwinds.

The environment is cyclically challenging at present and Morgans believes some patience is required before this translates to earnings. Accumulate retained. Target is $7.54.

Target price is $7.54 Current Price is $6.85 Difference: $0.69
If AOV meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.04, suggesting upside of 48.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

Morgans considers ARB Corp a high-quality business with industry-leading margins yet notes it is working through a challenging period and a slow start to FY26. This reflects weaker new vehicle sales and softer export demand.

The broker lowers FY26-FY28 EPS estimates by -6%-10% and lowers second half sales expectations across the aftermarket while expecting exports to be flat.

Morgans remains positive on the medium-term outlook amid strong brand equity, network growth and new revenue channels.

Rating moves down to Accumulate from Buy while the target is lowered to $22.04 from $31.85.

Target price is $22.04 Current Price is $19.91 Difference: $2.13
If ARB meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.42, suggesting upside of 30.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Arena REIT's target price falls to $3.75 from $4.00. Equal-weight retained. Industry view: In-Line.

Target price is $3.75 Current Price is $3.46 Difference: $0.29
If ARF meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.87, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates AX1 as Buy (1) -

Citi expects Accent Group’s earnings outlook to improve into FY27, with losses from Glue and mySale not recurring and foreign exchange providing a modest tailwind.

The broker trims its earnings forecasts to reflect weaker consumer sentiment and softer retail foot traffic, even though the stock’s valuation is seen as undemanding.

Buy rating retained. Target falls to $1.25 from $1.75.

Target price is $1.25 Current Price is $0.68 Difference: $0.575
If AX1 meets the Citi target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $1.09, suggesting upside of 60.0% (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

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

Bell Potter initiates coverage of Artrya with a Buy rating and $6.10 target price.

The broker notes Artrya's AI powered Salix platform provides near real time point of care assessment of coronary artery disease, combining CCTA reporting, plaque analysis and non invasive blood flow simulation.

The platform is expected to improve clinical workflows and patient outcomes, with two modules approved and a third, FFRCT, targeted for 4Q26 approval, with an estimated blended average selling price of US$855 per scan.

The broker highlights a significant US market opportunity of around 4.4m annual CCTA scans.

Three foundation customers are expected to deliver around 15k scans annually by FY27, with a broader pipeline supporting longer term revenue potential of around $450m.

Target price is $6.10 Current Price is $4.13 Difference: $1.97
If AYA meets the Bell Potter target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgans makes material changes to forecasts for Bapcor, reflecting the capital raising and revised FY26 guidance. The business is working through a reset amid weaker trading momentum and elevated competition.

The broker observes the core network is strategically valuable but integration issues and operating headwinds mean execution risk on the turnaround is elevated.

Although the balance sheet has been repaired, the investment case remains "challenging" and the rating is reduced to Trim from Hold.

The broker moves to a pure PE valuation with a target of $0.61.

Target price is $0.61 Current Price is $0.65 Difference: minus $0.035 (current price is over target).
If BAP meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.92, suggesting upside of 50.5% (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

Citi rates BBN as Buy (1) -

Citi reiterates its Buy rating on Baby Bunting, viewing the company as still early in its growth trajectory.

A significant store refurbishment pipeline, ongoing large-format rollout, improving performance in New Zealand and potential upside from its media business are seen as key earnings drivers.

Despite these positives, the broker trims earnings forecasts to reflect weaker consumer sentiment, softer retail foot traffic and a decline in ultrasounds, a lead indicator for births.

The target falls by -90c to $3.30.

Target price is $3.30 Current Price is $1.57 Difference: $1.733
If BBN meets the Citi target it will return approximately 111% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 98.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates BHP as Neutral (3) -

UBS notes media reports that China’s state-backed iron ore buyer, CMRG, is allowing domestic steel mills to resume purchasing BHP Group cargoes in US dollars and take delivery of previously restricted shipments.

This follows a seven-month dispute, initially triggered by a ban on BHP’s Jimblebar fines, which account for around 25% of WA iron ore (WAIO) exports, the analysts highlight.

The apparent concession comes after a recent visit to China by incoming CEO Brandon Craig and may signal easing tensions, the broker suggests.

CMRG had pushed for alternative pricing mechanisms to lower input costs for Chinese steelmakers.

Target price is $52.00 Current Price is $55.65 Difference: minus $3.65 (current price is over target).
If BHP meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $54.05, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

BWP Trust's target price falls to $4.10 from $4.15. Equal-weight rated. Industry view: In-Line.

Target price is $4.10 Current Price is $3.89 Difference: $0.21
If BWP meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Aainst consensus, the broker sees downside risks to those earnings forecasts.

Charter Hall's target price falls to $26.89 from $27.75. Overweight. Industry View: In-Line.

Target price is $26.89 Current Price is $21.15 Difference: $5.74
If CHC meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates CHC as Buy (1) -

UBS notes improving momentum in office markets, with property valuer CBRE Group Inc (CBRE) lifting its forecasts for prime net effective rent growth in Sydney and Melbourne.

Stronger face rents and moderating incentives are seen as providing this momentum. While some yield expansion is expected into December 2026, the broker sees fundamentals trending positively.

Also, Australian core wholesale property funds delivered a "sound" 2.3% total return over the three months to March 2026, UBS suggests. Retail funds generated the strongest total return in the period.

The analysts highlight GPT Group ((GPT)) as their preferred office exposure, citing a step-up in rent-paying occupancy through FY26 alongside an undemanding valuation.

Both GPT Group and Charter Hall are seen as best positioned to benefit from the retail thematic.

Unchanged $24.50 target and Buy rating.

Target price is $24.50 Current Price is $21.15 Difference: $3.35
If CHC meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.72, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Centuria Industrial REIT's target price falls to $3.35 from $3.59. Equal-weight retained. Industry view: In-Line.

Target price is $3.35 Current Price is $2.97 Difference: $0.385
If CIP meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.25, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Bell Potter initiates coverage of Collins Foods with a Buy rating and $10.80 target price.

The analyst points to the challenging macro backdrop, even at the QSR level, which has usually benefitted from consumers trading down.

The next phase of industry growth will be generated from menu innovation across a health conscious consumer, a shift from dine in to drive through and digitalisation, as well as value offerings, the broker explains.

Collins Foods' mix of global growth and more robust return on invested capital elevates the stock to be the sector top pick for Bell Potter.

Target price is $10.80 Current Price is $8.56 Difference: $2.24
If CKF meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 35.5% (ex-dividends)

The company's fiscal year ends in April.

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 CLW as Equal-weight (3) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Charter Hall Long WALE REIT's  target price falls to $4.10 from $4.35. Equal-weight retained. Industry view: In-Line.

Target price is $4.10 Current Price is $3.52 Difference: $0.585
If CLW meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates CNI as Overweight (1) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Centuria Capital's target price falls to $2.05 from $2.40. Overweight rating. Industry View: In-Line.

Target price is $2.05 Current Price is $1.57 Difference: $0.48
If CNI meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.95, suggesting upside of 19.1% (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

Morgan Stanley rates COF as Underweight (5) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Centuria Office REIT's target price falls to $1.00 from $1.12. Underweight. Industry view: In-Line.

Target price is $1.00 Current Price is $0.94 Difference: $0.058
If COF meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.99, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Charter Hall Retail REIT's target price falls to $4.20 from $4.35. Overweight rated. Industry view: In-Line.

Target price is $4.20 Current Price is $3.83 Difference: $0.375
If CQR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates DMP as Hold (3) -

Bell Potter initiates coverage of Domino's Pizza Enterprises with an $18 target price and a Hold rating.

The analyst points to the challenging macro backdrop, even at the QSR level, which has usually benefitted from consumers trading down.

The next phase of industry growth will be generated from menu innovation across a health conscious consumer, a shift from dine in to drive through and digitalisation, as well as value offerings, the broker explains.

Commentary highlights Domino’s is shifting toward more profitable discounting and cost savings to rebuild margins, though ongoing negative same store sales growth and mixed regional performance continue to weigh on the outlook.

The valuation ascribed to the stock is viewed as reasonable given the ongoing risks to the Asian business.

Target price is $18.00 Current Price is $18.26 Difference: minus $0.26 (current price is over target).
If DMP meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.44, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates DXS as Underweight (5) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Dexus's target price lifts to $6.47 from $6.37. Underweight. Industry view: In-Line.

Target price is $6.47 Current Price is $6.14 Difference: $0.33
If DXS meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates ELD as Outperform (1) -

As the 2026/27 winter harvest and planting gets underway, Macquarie notes fertiliser pricing and availability remain key risks.  For Elders, a return to average seasonal conditions in key regions in Victoria and South Australia bodes well.

Pricing tailwinds across agricultural chemicals, fuel, fertilisers, as well as elevated livestock prices, support earnings in FY26, commentary highlights. On the negative side, fears of supply shortages may influence decisions by farmers.

The broker retains an Outperform rating with the target edging down to $8.50 from $8.60.

Target price is $8.50 Current Price is $7.46 Difference: $1.04
If ELD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.65, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates FBU as Underperform (5) -

Fletcher Building has indicated the sale of its construction business to Vinci Construction has been approved. Macquarie incorporates the transaction into forecasts, noting completion remains subject to certain counterparty consents.

The broker also points out fixed-price contract losses made up much of the 500 basis points differential between reported and pre-significant returns on capital employed over the past decade.

As a result it appears "clear" investors will welcome this divestment as a means to reduce the risk profile.

Target falls to NZ$1.65 from NZ$1.73. Underperform rating retained. 

Current Price is $2.40. Target price not assessed.

Current consensus price target is $2.76, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.5

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

UBS rates FLT as Buy (1) -

In a review of travel-exposed emerging companies under coverage, UBS incorporates a two-month disruption from the Middle East conflict (through end-April 2026), followed by a softer macroeconomic backdrop.

The broker's key picks in this space are SiteMinder, Web Travel and Kelsian Group. Buy ratings are also maintained for Flight Centre Travel, Serko and Tourism Holdings Rentals.

The target for Flight Centre falls to $14.50 from $16.95.

Target price is $14.50 Current Price is $11.75 Difference: $2.755
If FLT meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $16.65, suggesting upside of 43.8% (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 GMD as Buy (1) -

Genesis Minerals delivered a March quarter result that was in line with expectations as soft gold sales were offset by lower costs and capital expenditure.

Ord Minnett observes the business is tracking towards the mid point of FY26 production guidance of 260-290,000 ounces.

The broker does not include the Magnetic Resources ((MAU)) transaction in estimates, pending shareholder approval and/or greater confidence in the deal's completion. Buy rating retained. Target is reduced to $7.50 from $7.95.

Target price is $7.50 Current Price is $6.80 Difference: $0.705
If GMD meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.33, suggesting upside of 39.7% (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 GMG as Overweight (1) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Goodman Group's target price falls to $36.15 from $36.73. Overweight rated. Industry view: In-Line.

Target price is $36.15 Current Price is $29.65 Difference: $6.5
If GMG meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $34.44, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates GNC as Neutral (3) -

As the 2026/27 winter harvest and planting gets underway, Macquarie notes fertiliser pricing and availability remain key risks. 

GrainCorp has supportive conditions across Victoria and southern New South Wales countered by drier northern regions of NSW.

Northern hemisphere harvest outcomes over the next few months are expected to drive grain pricing. Macquarie expects supply chain margins will remain depressed amid well-supplied grain markets.

The upside risk in FY27 is if global production falls because of higher input costs that constrain farmer plantings. Neutral retained. Target rises to $6.75 from $6.60.

Target price is $6.75 Current Price is $6.29 Difference: $0.465
If GNC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in September.

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 GPT as Overweight (1) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

GPT Group's target price falls to $5.83 from $6.13. Overweight. Industry view: In-Line.

Target price is $5.83 Current Price is $4.71 Difference: $1.125
If GPT meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates GPT as Buy (1) -

UBS notes improving momentum in office markets, with property valuer CBRE Group Inc (CBRE) lifting its forecasts for prime net effective rent growth in Sydney and Melbourne.

Stronger face rents and moderating incentives are seen as providing this momentum. While some yield expansion is expected into December 2026, the broker sees fundamentals trending positively.

Also, Australian core wholesale property funds delivered a "sound" 2.3% total return over the three months to March 2026, UBS suggest. Retail funds generated the strongest total reurn in the period.

The analysts highlight GPT Group as their preferred office exposure, citing a step-up in rent-paying occupancy through FY26 alongside an undemanding valuation.

Both GPT Group and Charter Hall Group are seen as best positioned to benefit from the retail thematic.

Unchanged $5.40 target and Buy rating for GPT Group.

Target price is $5.40 Current Price is $4.71 Difference: $0.695
If GPT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in December.

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 GYG as Initiation of coverage with Hold (3) -

Bell Potter initiates coverage of Guzman y Gomez with a $22.10 target price and a Hold rating, citing the premium valuation ascribed to the stock as excessive.

The analyst points to the challenging macro backdrop, even at the QSR level, which has usually benefitted from consumers trading down.

The next phase of industry growth will be generated from menu innovation across a health conscious consumer, a shift from dine in to drive through and digitalisation, as well as value offerings, the broker explains.

Commentary explains Guzman y Gomez has the highest set of unit economics and same store sales growth compared to Collins Foods and Domino’s due to a combination of premium pricing and a slant to higher margin drive through restaurants.

Target price is $22.10 Current Price is $21.02 Difference: $1.08
If GYG meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $24.59, suggesting upside of 20.7% (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 HCW as Underweight (5) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

HealthCo Healthcare & Wellness REIT's target price falls to $0.70 from $0.73. Equal-weight retained. Industry view: In-Line.

Target price is $0.70 Current Price is $0.65 Difference: $0.05
If HCW meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

HomeCo Daily Needs REIT's target price falls to $1.35 from $1.45. Equal-weight rated. Industry view: In-Line.

Target price is $1.35 Current Price is $1.23 Difference: $0.125
If HDN meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

HMC Capital's target price falls to $2.80 from $3.35. Equal-weight retained. Industry view: In-Line.

Target price is $2.80 Current Price is $2.46 Difference: $0.345
If HMC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates HUB as Buy (1) -

In a quick update, Citi notes Hub24 announced net flows of around $4bn, up 9% y/y excluding large migrations in the prior period, but missing expectations by -8%.

Funds under administration of $127.8bn were flat q/q and also missed the broker's forecast by -2% due to more elevated negative market movements.

Adviser numbers rose to 272 over the period, with total advisers up 11% y/y after a softer 2Q, which is viewed as positive.

The analyst sees scope for the shares to react negatively and flags consensus earnings downgrades to be modest, with a lower revenue outlook offset by reduced costs due to changes in hiring activity.

Target $104.70. Buy rated.

Target price is $104.70 Current Price is $95.72 Difference: $8.98
If HUB meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $107.69, suggesting upside of 23.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates KLS as Buy (1) -

In a review of travel-exposed emerging companies under coverage, UBS incorporates a two-month disruption from the Middle East conflict (through end-April 2026), followed by a softer macroeconomic backdrop.

The broker's key picks in this space are SiteMinder, Web Travel and Kelsian Group. Buy ratings are also maintained for Flight Centre Travel, Serko and Tourism Holdings Rentals.

Kelsian Group’s defensive earnings profile is highlighted, supported by well-contracted bus revenue with monthly fuel escalation and annual wage price index-linked pricing.

While the Marine & Tourism division (around 20% of EBITDA) may experience modest softness, the analysts point to the planned sale of the Tourism portfolio in September 2026.

This initiative is expected to strengthen the balance sheet and alleviate investor concerns around domestic travel exposure.

The target for Kelsian falls by -2% to $5.50.

Target price is $5.50 Current Price is $4.03 Difference: $1.475
If KLS meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Lendlease Group's target price falls to $3.89 from $4.80. Equal-weight. Industry View: In-Line.

Target price is $3.89 Current Price is $3.34 Difference: $0.555
If LLC meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 46.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates LYC as Neutral (3) -

Macquarie's initial response is Lynas Rare Earths' 3QFY26 performance was "weak", with both REO production and sales missing expectations by -19%.

Not making matters any rosier, management has also flagged rising cost pressures.

NdPr production also missed, -8% below consensus, the broker believes, adding realised prices were largely flat QoQ despite a strengthening NdPr market, which company management has attributed to adverse product mix changes.

Target $20.50. Neutral.

Target price is $20.50 Current Price is $20.38 Difference: $0.125
If LYC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates MPK as Speculative Buy (1) -

Many Peaks Minerals delivered a maiden mineral resource of 26.7mt at 1.54g/t gold for 1.32m ounces at the Ferke gold project; outperforming against Morgans' estimates.

Significantly there are 1.1m ounces which sit within the measured and indicated category and the broker expects 80-90% of this will convert to reserves.

Further upside is expected as assumptions are refined. Commentary highlights the deposit is characterised by favourable geometry and grade strengthening at depth.

Speculative Buy rating maintained. Target lifts to $2.48 from $1.92.

Target price is $2.48 Current Price is $1.25 Difference: $1.23
If MPK meets the Morgans target it will return approximately 98% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates NAB as Neutral (3) -

National Australia Bank has announced a -$706m bad debt charge ahead of its first half result and topped up provisions by -$300m for energy-exposed sectors and the weaker macro outlook.

Macquarie had expected banks would need to raise provisions, although the magnitude of of NAB's announcement is larger than forecast.

The full impact on credit quality will ultimately depend on the duration of the Middle East war, the report states.

As the capital position was already weak, the bank has announced an underwritten discounted DRP of $1.8bn, which the broker expects will push pro forma CET1 to 12.1% and be around -1.5% dilutive to EPS.

The broker adds the DRP allows the current dividend to be maintained. Neutral retained. Target dips to $42 from $44.

Target price is $42.00 Current Price is $41.09 Difference: $0.915
If NAB meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $40.44, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Morgan Stanley rates NAB as Underweight (5) -

Morgan Stanley was not surprised by National Australia Bank's announcement to lift provisions and capital buffers, with an increase in the collective provision by -$300m, resulting in a 1H26 impairment charge of -$706m versus expectations of -$799m.

The bank also pointed to NZD weakness and interest rate volatility, with the provision lowering CET1 by around -20bps as at March 31, and is now anticipated to apply a -1.5% discount to the 1H26 DRP and partially underwrite it.

This would add $1.8bn and circa 40bps to CET1 in 2H26, the analyst highlights.

The stock is rated Underweight with an unchanged target of $39.30. Underweight. Industry view: Cautious.

Target price is $39.30 Current Price is $41.09 Difference: minus $1.785 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.44, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates NAB as Sell (5) -

National Australia Bank has announced a $1.8bn DRP equity raising, increasing provisioning and accelerating capital software amortisation. Credit impairment charges for the first half of -$706m have been announced.

The bank has chosen to bolster its expected credit loss provisioning with additional overlays for agriculture, transport & storage, construction and commercial real estate. Changes to the software amortisation policy have also been made.

The bank expects to report a pro forma CET1 ratio for the first half of more than 12%.

Morgans takes the opportunity to downgrade average interest-earning asset base forecasts by -2% and moderate forecasts for other operating income.

FY26-FY27 cost forecasts are unchanged. FY26 EPS estimate is downgraded by -18% and FY27-FY28 by -6%-10%.

Sell rating retained. Target is reduced to $34.56 from $37.27.

Target price is $34.56 Current Price is $41.09 Difference: minus $6.525 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.44, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

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 NAB as Upgrade to Lighten from Sell (4) -

National Australia Bank has indicated bad debt charges will be -$706m in the first half as rising domestic interest rates and global energy costs impact customers. The number is in line with Ord Minnett's expectations.

The broker has abandoned using banks' internal modelling measures for credit risk-weighted assets, considering them unreliable and now uses a standardised calculation.

National Australia Bank, which is scheduled to report on May 4, has also changed its software capitalisation accounting policy, bringing it into line with peers.

The balance sheet will also benefit from the decision to offer a -1.5% discount on the dividend reinvestment plan that should generate around $1.8bn in capital.

Ord Minnett retains a $37 target although raises the rating to Lighten from Sell on valuation grounds.

Target price is $37.00 Current Price is $41.09 Difference: minus $4.085 (current price is over target).
If NAB meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.44, suggesting downside of -1.9% (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

UBS rates NAB as Buy (1) -

UBS highlights three key updates from National Australia Bank ahead of its 1H26 result: provisions, capital and costs.

The bank reported a higher-than-anticipated impairment charge of -$706m, reflecting increased forward-looking provisions, the analysts explain. CET1 fell to circa 11.5%, prompting a discounted DRP to strengthen capital.

Changes to software capitalisation are expected lift near-term expenses, though cost growth remains below 4.6% guidance, the broker highlights.

UBS views these actions as prudent amid macro uncertainty and retains a Buy rating with a $50.50 target.

Target price is $50.50 Current Price is $41.09 Difference: $9.415
If NAB meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $40.44, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in September.

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 NGI as Outperform (1) -

Navigator Global Investments posted ownership-adjusted assets under management growth of 9% in the third quarter, to US$31.6bn. Partner AUM was up 16.5%, underpinned by the Georgian acquisition.

Macquarie notes the investment performance is supporting flows and, while the business is set up well for FY27 growth in AUM, management expects adjusted EBITDA in FY26 to decline amid timing issues and inflow mix. Outperform. Target is steady at $3.17.

Target price is $3.17 Current Price is $2.42 Difference: $0.755
If NGI meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgans rates NGI as Buy (1) -

Navigator Global Investments has posted a quarterly update on assets under management. Morgans highlights the 9% increase in group ownership-adjusted AUM in a volatile market and robust quarterly net flows into Lighthouse.

The broker reviews earnings assumptions and downgrades FY26 EPS estimates by -3% to reflect more conservative performance fee assumptions.

Morgans considers the stock well positioned to benefit from structural tailwinds in global alternative asset markets. Buy rating unchanged. Target dips to $2.97 from $2.98.

Target price is $2.97 Current Price is $2.42 Difference: $0.555
If NGI meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments delivered a strong March quarter, in Ord Minnett's opinion, with ownership-adjusted assets under management (AUM) rising 9% to US$31.6bn.

Robust inflows into Lighthouse Partners were considered the standout, supported by solid performance across key strategies. NGI Strategic also recorded strong growth, the analysts highlight, aided by both inflows and the Georgian acquisition.

The broker points out the company outperformed in a challenging market environment, demonstrating resilience in both flows and returns.

Ord Minnett lifts its target by 20c to $3.50, retaining a Buy rating.

Target price is $3.50 Current Price is $2.42 Difference: $1.085
If NGI meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates NGI as Buy (1) -

Despite volatile markets, Navigator Global Investments delivered strong 3Q26 assets under management (AUM) growth, UBS assesses, with AUM rising 9% quarter-on-quarter to US$31.6bn.

Growth was driven by Lighthouse and Strategic Investments, the analysts explain, with solid net inflows and resilience in liquid alternatives.

While performance fee momentum remains supported, it's felt mix shifts toward lower-margin managed accounts may temper earnings.

UBS lifts its earnings forecasts modestly and raises its target to $3.60 from $3.50, citing attractive valuation and favourable risk-reward.  Buy rating re-iterated.

Target price is $3.60 Current Price is $2.42 Difference: $1.185
If NGI meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $3.31, suggesting upside of 33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates NUF as Neutral (3) -

As the 2026/27 winter harvest and planting gets underway, Macquarie notes fertiliser pricing and availability remain key risks.

For Nufarm margin recovery across agricultural chemicals is broadly on track and should be a key driver of EBITDA growth of 17% in the first half, according to the midpoint of guidance. The company expects first EBITDA of $239m-244m.

The bull case for the company will be a repeat of the FY21/22 pricing cycle, yet Macquarie points out this is tempered by a less favourable global farmer backdrop. Neutral retained. Target is steady at $2.70.

Target price is $2.70 Current Price is $2.37 Difference: $0.33
If NUF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates NXT as Buy (1) -

Citi views NextDC's $1.5bn equity raising, expanded hybrid issuance to $1.7bn and 250MW contract win as positive. It's felt these transactions highlight strong demand and the company’s ability to secure large hyperscale deals.

The capital raise is seen as removing a funding overhang by bringing forward funding requirements. Pricing for the new contract is also stronger than the broker had expected.

Management highlighted a favourable pricing environment amid ongoing supply constraints and flagged potential for joint venture structures, alongside exploring securitisation of cash flows.

Focus is likely to shift to the return profile of the contract and whether a similar funding structure will be used for future developments, including S7, the analyst suggests.

Target $19. Buy.

Target price is $19.00 Current Price is $14.12 Difference: $4.88
If NXT meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $19.98, suggesting upside of 41.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates NXT as Outperform (1) -

NextDC is capitalising on strong market demand, Macquarie observes, and believes the willingness of La Caisse to increase its Hybrid allocation, plus a significant de-risking of S4, bode well for a potential sell down of equity.

The broker suspects S7 is likely to be approved shortly, although additional capital may be required. The company is only 50MW away from a fully contracted asset at S4.

Macquarie revises FY26 estimates for EPS up by 9% with FY27 revised down by -71%, driven by faster billing megawatt ramp time and offset by higher capital expenditure. Target is reduced to $18.30 from $20.80 and Outperform retained.

Target price is $18.30 Current Price is $14.12 Difference: $4.18
If NXT meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $19.98, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates NXT as Buy (1) -

UBS highlights NextDC's strong contract momentum, with a record 250MW increase at S4 lifting total contracted utilisation to 667MW, while the forward order book has risen 83% to 544MW.

While guidance implies to the broker FY26 contracted earnings (EBITDA) will exceed $1bn, management left underlying earnings guidance of between $230m-$240m unchanged. Capex guidance was increased by $300m to -$2.7bn-3.0bn.

To fund growth, the company announced a $1.5bn equity raising and expanded its hybrid issuance to $1.7bn.

UBS feels the balance sheet is now well funded, with further capital initiatives under consideration, including debt issuance and potential asset sell-downs.

Target $22.55. Buy.

Target price is $22.55 Current Price is $14.12 Difference: $8.43
If NXT meets the UBS target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $19.98, suggesting upside of 41.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates OCC as Speculative Buy (1) -

Orthocell announced 3Q26 revenue of $3.2m, flat q/q but up 45% y/y, reflecting typical seasonal softness and some lag in repeat ordering, while early US contributions included $300k of Remplir revenue, Bell Potter explains.

Free cashflow was broadly breakeven, supported by a circa $3m R&D refund, with the company maintaining a strong balance sheet including $48m in available funds and no debt.

The analyst notes the ongoing rollout of US commercialisation, and early progress in prostate procedures continues, with around 200 cases completed and initial data expected in 4Q26.

Speculative Buy unchanged with a higher target of $1.24 from $1.15.

Target price is $1.24 Current Price is $0.97 Difference: $0.27
If OCC meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates PWR as Hold (3) -

Morgans lowers FY26 and FY27 EPS estimates for Peter Warren Automotive by -8.8% and -2.3%, respectively. Automotive sector dynamics appear challenging to the broker, with geopolitical uncertainty creating pressures.

The current valuation is considered relatively undemanding and further consolidation can add earnings potential, yet Morgans would like further evidence the business can return margins to above industry averages.

There is a strong asset backing given the Citi expanded property footprint yet the broker suspects the business will remain cyclically exposed with limited levers to offset industry pressures.

Hold maintained. Target is reduced to $1.24 from $1.65.

Target price is $1.24 Current Price is $1.26 Difference: minus $0.02 (current price is over target).
If PWR meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.78, suggesting upside of 44.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates QUB as Hold (3) -

Ord Minnett notes Qube Holdings’ FY26 update reflects a -$13m-25m earnings (EBITA headwind), driven by Middle East conflict impacts. These include fuel cost timing lags, weaker agricultural and forestry volumes, and weather disruptions.

FY26 guidance has been downgraded to modest growth, with underlying NPATA and EPS now expected to rise around 3%, versus the prior expectation for 6% and 10% growth, respectively.

The broker highlights fuel cost pass-through mechanisms remain intact, albeit with timing delays, and sees some impacts reversing into FY27.

The $5.20 takeover offer from Macquarie Group's ((MGG)) Macquarie Asset Management (MAM) consortium remains unaffected, highlights Ord Minnett. Hold rating and $5.20 target maintained.

Target price is $5.20 Current Price is $5.01 Difference: $0.185
If QUB meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.17, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates RGN as Underweight (5) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Region Group's target price falls to $2.30 from $2.40. Underweight retained. Industry View: In-Line.

Target price is $2.30 Current Price is $2.28 Difference: $0.025
If RGN meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates RIO as Outperform (1) -

On Macquarie's early assessment, Rio Tinto's March quarterly performance revealed a Fe (iron ore) sales miss (by some -4%); while Cu (copper) beat and aluminium sales proved in line with forecasts.

Equally important: management retained 2026 production guidance (same for costs).

All in all, the broker labels it "solid results" despite weather impacts. Outperform. Target $183.

Target price is $183.00 Current Price is $172.50 Difference: $10.5
If RIO meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $167.33, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Morgan Stanley rates SCG as Overweight (1) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Scentre Group's target price falls to $4.41 from $4.71. Overweight rated. Industry view: In-Line.

Target price is $4.41 Current Price is $3.54 Difference: $0.875
If SCG meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates SDR as Buy (1) -

In a review of travel-exposed emerging companies under coverage, UBS incorporates a two-month disruption from the Middle East conflict (through end-April 2026), followed by a softer macroeconomic backdrop.

The broker's key picks in this space are SiteMinder, Web Travel, and Kelsian Group. Buy ratings are also maintained for Flight Centre Travel, Serko and Tourism Holdings Rentals.

The analysts view SiteMinder as offering one of the more defensive top-line profiles, with around 75% of gross profit derived from subscription revenue, alongside early-stage upside from DynamicRev Plus.

AI-related concerns are seen as overdone, with the share price down -57% since the 4Q25 peak and -8% since the Middle East conflict, despite strong growth expectations.

The target falls to $7.15 from $7.90.

Target price is $7.15 Current Price is $3.35 Difference: $3.805
If SDR meets the UBS target it will return approximately 114% (excluding dividends, fees and charges).

Current consensus price target is $7.21, suggesting upside of 117.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates SEA as Buy (1) -

Ord Minnett views Sea Forest’s agreement with NSW family farming enterprise Avondale Ag as a strategically positive development, despite its modest scale.

The 12-month exclusive contract will see around 5,000 cattle supplemented with SeaFeed, lifting total contracted cattle to 123,000 and reinforcing commercial momentum, the analysts suggest.

SeaFeed is Sea Forest’s proprietary livestock feed supplement made from Asparagopsis seaweed.

The deal is seen as evidence of compelling economics for SeaFeed adoption, particularly as agricultural producers face rising input costs.

Ord Minnett retains a Buy rating and $3.15 target.

Target price is $3.15 Current Price is $2.30 Difference: $0.85
If SEA meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates SIQ as Hold (3) -

Morgans observes Smartgroup Corp is progressing with a digitally-led growth strategy and cash generation and the balance sheet appears very strong.

Current demand is supported by favourable government EV policy and the broker suspects its eventual removal may limit the company's ability to outperform current growth expectations.

A Hold rating is maintained with a $9.25 target.

Downside risks include a sustained slowdown in lease demand, further regulatory changes to add-on insurance product, and contract losses or existing contracts moving to panel arrangements.

On the upside, risk is attached to execution on organic growth plans and EV incentives driving lease demand.

Target price is $9.25 Current Price is $8.78 Difference: $0.47
If SIQ meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates SKO as Buy (1) -

In a review of travel-exposed emerging companies under coverage, UBS incorporates a two-month disruption from the Middle East conflict (through end-April 2026), followed by a softer macroeconomic backdrop.

The broker's key picks in this space are SiteMinder, Web Travel and Kelsian Group. Buy ratings are also maintained for Flight Centre Travel, Serko and Tourism Holdings Rentals.

The target for Serko falls to by -13% to NZ$3.50.

Current Price is $1.43. Target price not assessed.

Current consensus price target is $3.92, suggesting upside of 173.8% (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: 0.8

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

Morgans rates SKS as Accumulate (2) -

SKS Technologies has bolstered its outlook, Morgans asserts, with the recent expansion of its contract with a major customer.

The company has been awarded a scope increase with construction customer Hickory relating to the design and construction of electrical systems for a hyper-scale data centre in Victoria.

The expanded scope for a further 36MW of capacity brings the total scope under the project to 126MW and includes medium and high voltage works for the site.

Morgans envisages upside potential to the current share price and rates the stock Accumulate, increasing the target to $6.70 from $5.10.

Target price is $6.70 Current Price is $6.48 Difference: $0.22
If SKS meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

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

Morgans rates SUL as Downgrade to Hold from Accumulate (3) -

Morgans lowers forecasts for Super Retail, amid a more cautious outllook for consumer discretionary expenditure, and a view that the stock remains cyclically exposed. FY26-28 EPS forecasts are lowered by -6%-7%.

The broker considers Supercheap Auto best placed within the group, given a relatively defensive exposure, and remains careful regarding the outlook for Rebel and BCF, given greater sensitivity to the economic cycle and affordability.

Macpac has shown good momentum, the broker adds. Target is reduced to $12.90 from $17.00 and the rating is downgraded to Hold from Accumulate.

Target price is $12.90 Current Price is $12.69 Difference: $0.215
If SUL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.79, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates SX2 as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage of Southern Cross Gold with an Outperform rating and $12.50 target.

The company's key asset is the Sunday Creek gold/antimony project, with attributes including high grades, a large-scale and "solid byproduct credits", the broker notes.

Value upside is envisaged through growth of production potential to 185,000 ounces of gold equivalent, with a strategic advantage through antimony byproducts. Antimony is classified as a critical mineral on the US critical minerals list.

The exposure to this mineral could allow the company to accelerate permit timeframes and provide a low-cost capital funding solution, Macquarie adds.

Target price is $12.50 Current Price is $10.76 Difference: $1.74
If SX2 meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in May.

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 THL as Neutral (3) -

In a review of travel-exposed emerging companies under coverage, UBS incorporates a two-month disruption from the Middle East conflict (through end-April 2026), followed by a softer macroeconomic backdrop.

The broker's key picks in this space are SiteMinder, Web Travel and Kelsian Group. Buy ratings are also maintained for Flight Centre Travel, Serko and Tourism Holdings Rentals.

The target for Tourism Holdings Rentals was increased by 28% to NZ$3.00 on April 10.

Current Price is $1.79. Target price not assessed.

Current consensus price target is $3.29, suggesting upside of 89.1% (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: 0.7

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

Morgan Stanley rates VCX as Underweight (5) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Vicinity Centres' target price falls to $2.63 from $2.68. Underweight rated. Industry view: In-Line.

Target price is $2.63 Current Price is $2.57 Difference: $0.065
If VCX meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting downside of -2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates VEA as Outperform (1) -

Macquarie observes Viva Energy continues to benefit from a strong refining environment, and with the Geelong damage contained, management expects to return to more than 90% production across its range of fuels in coming weeks.

The fire was contained to the Mogas unit which converts byproducts and insurance is expected to largely offset costs of the incident.

The broker considers the stock a buying opportunity, given margin strength.

Outperform retained. Target dips to $3.40 from $3.50.

Target price is $3.40 Current Price is $2.36 Difference: $1.04
If VEA meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in December.

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 VEA as Equal-weight (3) -

Morgan Stanley anticipates a "muted" reaction to Viva Energy's refinery update and March quarter update, noting the Geelong refinery is operating at around 80% diesel and jet fuel capacity and circa 60% petrol, with over 90% capacity expected by management in the next few weeks.

The refiner has secured crude oil supply for Geelong until July, and the refining margin increased by US$4.22/bbl, up 82% q/q and 178% y/y, and the result should translate to a positive for Ampol's ((ALD)) Lytton refinery margin.

Convenience store sales rose 7% q/q and were down -6% y/y, with a gross margin of 38.8%, down -340bps q/q. Three new sites were opened and two Express sites converted.

Equal-weight rated with a $2.59 target. Industry view: In-Line.

Target price is $2.59 Current Price is $2.36 Difference: $0.23
If VEA meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in December.

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 VEA as Buy (1) -

Viva Energy’s update on the Geelong refinery fire was better than expected by Ord Minnett, with production set to recover to above 90% within two weeks.

The outage primarily affects lower-margin petrol, with a favourable shift toward higher-margin diesel and jet fuel expected to lift refining margins.

The March-quarter Geelong refining margin (GRM) of US$22/bbl exceeded the consensus expectation for between US$18/bbl–US$19/bbl. 

Management noted the refining margin is currently exceeding US$40/bbl, which is expected to more than offset the impact of lost production and implies to Ord Minnett upside risk to market earnings forecasts.

While petrol volumes will remain constrained through 2026, insurance is expected to cover rebuild costs.

Ord Minnett trims EPS forecasts modestly but retains a Buy rating and $2.85 target.

Target price is $2.85 Current Price is $2.36 Difference: $0.49
If VEA meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 23.8% (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

UBS rates VEA as Buy (1) -

Viva Energy’s March quarter result was better than feared by UBS, with strong refining margins helping offset the impact of the Geelong refinery outage.

Damage was largely contained to petrol-producing units, with higher margin diesel and jet fuel output less affected, the analysts explain.

Near-term earnings pressure is anticipated from reduced production and higher fuel procurement costs. On the flipside, tight regional supply for refined petroleum products produced during the middle stage of the oil refining process is expected to support margins.

UBS trims its target to $2.65 from $2.70.

Target price is $2.65 Current Price is $2.36 Difference: $0.29
If VEA meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates WAF as Outperform (1) -

As previously flagged by the company, the government in Burkina Faso, through Societe de Participation Miniere du Burkina Faso (SOPAIMB), will acquire an additional 25% equity interest in Kiaka SA for CFA 70bn (around $175m), reducing West African Resources' equity interest in Kiaka to 60%.

Macquarie is not overly enthused, pointing out the A$175m consideration is still a -A$325m difference between NPV reduction and SOPAMID consideration paid.

But the potential for a broader strategic partnership within SOPAMIB's projects in its portfolio has the potential to offset this gap, the broker adds.

Target $4.50. Outperform.

Target price is $4.50 Current Price is $3.44 Difference: $1.06
If WAF meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates WEB as Buy (1) -

In a review of travel-exposed emerging companies under coverage, UBS incorporates a two-month disruption from the Middle East conflict (through end-April 2026), followed by a softer macroeconomic backdrop.

The broker's key picks in this space are SiteMinder, Web Travel, and Kelsian Group. Buy ratings are also maintained for Flight Centre Travel, Serko and Tourism Holdings Rentals.

UBS notes Web Travel has around 11% of revenue exposed to the Middle East and a relatively high fixed cost base, though it has no exposure to the Australian consumer.

Despite recent weakness, with the share price down -42% since the 4Q25 peak, the broker forecasts a two-year EPS compound annual growth rate (CAGR) of 15%.

The target for Web Travel falls by -90c to $5.25.

Target price is $5.25 Current Price is $2.88 Difference: $2.37
If WEB meets the UBS target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $5.58, suggesting upside of 99.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates WOR as Outperform (1) -

The war in the Middle East is depressing activity in the region. Macquarie notes, so far, Worley is not experiencing project cancellations and the disruption is mainly resulting in delays to existing projects and new project starts.

The main risk is a protracted conflict which drags on economic growth globally as well as capital expenditure. Further out, the broker points out repair and rebuild work in the region will be a meaningful opportunity for the company.

Macquarie also believes the company's Americas division stands to benefit from the increased focus on energy security with some signs exploration activity from the energy majors is already increasing.

Outperform. Target is reduced to $13.70 from $15.00 amid reductions to EPS estimates for FY26 by -5% and FY27 by -6%.

Target price is $13.70 Current Price is $11.05 Difference: $2.65
If WOR meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $15.25, suggesting upside of 33.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates WOR as Hold (3) -

Worley has indicated it is now unlikely to achieve prior guidance for EBITA growth in FY26, given the Middle East conflict, and estimates an impact of -$30m-40m.

The extended duration of the war is resulting in further delays to projects in the region and the commencement or award of new ones.

Going forward, Morgans expects medium-term support from repairs in the Middle East and a broader uplift in global upstream hydrocarbon spending amid renewed energy security concerns.

Yet, strong growth appears embedded into consensus forecasts for FY27 and risks persist, the broker adds, and reduces EBITA forecasts by -5%, while lowering its target to $11.60 from $12.20. Hold maintained.

Target price is $11.60 Current Price is $11.05 Difference: $0.55
If WOR meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $15.25, suggesting upside of 33.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates WOR as Buy (1) -

UBS observes Middle East disruptions are impacting Worley’s near-term outlook due to productivity challenges and project delays.

Management now estimates a -$30m-40m adverse impact to FY26 underlying earnings (EBITA), implying to the broker around -4% downside to the consensus estimate.

While no project cancellations have been reported, the company is unlikely to meet prior guidance for moderate earnings growth (on its own admission).

Ongoing headwinds are anticipated while the conflict persists, but the broker sees longer-term upside from repair work and increased energy investment.

UBS lowers its target to $17.50 from $19.00 on earnings forecast downgrades and retains a Buy rating.

Target price is $17.50 Current Price is $11.05 Difference: $6.45
If WOR meets the UBS target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $15.25, suggesting upside of 33.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates WPR as Underweight (5) -

Morgan Stanley highlights rising floating interest rates are likely to result in downward pressure on earnings across the REIT sector from FY27.

The analyst now assumes a 4.35% floating rate (ex margins) for unhedged debt positions for REITs in FY27 and 4% from FY28.

On average, REIT target prices have come down by around -7%. Against consensus, the broker sees downside risks to those earnings forecasts.

Waypoint REIT's target price falls to $2.50 from $2.70. Equal-weight retained. Industry view: In-Line.

Target price is $2.50 Current Price is $2.46 Difference: $0.045
If WPR meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in December.

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 WTC as Buy (1) -

Bell Potter has revised down the earnings growth outlook for WiseTech Global, citing Middle East conflict, softer freight volumes, and risks around DSV potentially shifting operations from CargoWise to its in-house system.

Revenue forecasts are downgraded by -1% and -4% for FY26 and FY27, respectively, and earnings (EBITDA) forecasts are lowered by -1% and -3% for FY26 to FY27.

FY26 forecasts are now positioned towards the lower end of guidance, alongside CargoWise growth expectations reduced to 13%.

Buy rating retained with a lower target price of $78.75 from $83.75, noting the stock trades at a significant discount to peers despite stronger medium term earnings growth and a durable competitive position.

Target price is $78.75 Current Price is $45.86 Difference: $32.89
If WTC meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $78.63, suggesting upside of 71.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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