Australian Broker Call

Ord Minnett rates 360 as Accumulate (2) -

Life360 shares fell sharply following September-quarter results, with monthly active users (MAU) missing expectations despite stronger revenue and earnings (EBITDA), explains Ord Minnett.

Paying circles (PC) and average revenue per paying circle (ARPPC) met or exceeded the broker's forecasts, suggesting the sell-off was driven by subscriber growth concerns rather than fundamentals.

Ord Minnett considers 2025 and 2026 guidance for revenue and earnings conservative, and forecasts 8% December-quarter subscription growth versus management's implied 4%.

The earnings forecasts have been raised across FY25-27, reflecting stronger monetisation and advertising potential. An Accumulate rating is maintained, and the target rises to $50 from $45.

Target price is $50.00 Current Price is $39.81 Difference: $10.19
If 360 meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $52.00, suggesting upside of 31.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

UBS rates AAI as Neutral (3) -

UBS notes discussions at its recent conference regarding Alcoa centered around US tariff uncertainty , which is weighing on Canadian capital allocation, though government capex support continues.

Realised aluminium prices in Canada remain above the Midwest Premium, with a potential 10% tariff exemption worth US$200m in annualised EBITDA.

Alumina outlook is weak, but all refineries except San Ciprian are cash positive. The focus is on Kwinana closure, bauxite life extension, cost cuts in Brazil, and Ma'aden stake monetisation.

Neutral. Target price $62.

Target price is $62.00 Current Price is $58.10 Difference: $3.9
If AAI meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Bell Potter rates ALL as Buy (1) -

Aristocrat Leisure announced FY25 earnings (EBIT) some 3% better than Bell Potter's forecast and 2% above consensus. Revenue rose 7.6% y/y on a constant currency basis, also a beat due to better Gaming, up 5.9% y/y, with a slight miss in Product Madness growth and Interactive.

Gaming ops install base added 4.1k units to 75.2k, below consensus and the broker's estimate, while earnings (EBITA) experienced very robust shipment into A&NZ and the North American Class 3 and adjacent markets.

Management expects to achieve net profit after tax growth over FY26 on a constant currency basis and guided to mid-single-digit D&D investment growth.

Bell Potter tweaks its EPS estimates by -1% each for FY27 and FY28, with no change to FY26. Target price rises to $80 from $79. Buy rating retained.

Target price is $80.00 Current Price is $59.42 Difference: $20.58
If ALL meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates ALL as Buy (1) -

Citi notes Aristocrat Leisure's FY25 EBITDA met expectations, but the sharp sell-off was in reaction to weak gaming net adds and a miss in Interactive revenue. The broker expects revisions to FY26 consensus earnings forecasts to be modest.

FY26 net profit estimate lowered by -1% and around -3% in future years. Buy and $71 target unchanged.

Summary of initial thoughts follows:

Citi highlights earnings (EBITA) of $2.23bn (including joint ventures) exceeded the broker's forecast by 2% and revenue by 1%. These outcomes were supported by a strong Product Madness performance offset by weaker Interactive results, explain the analysts.

The analysts expect the stock to trade broadly in line with the market today. At the time of writing, this prediction is proving incorrect with around -5% fall in the first 40 minutes of trade.

Gaming earnings met the broker's expectations, with 4,100 new units added versus the consensus of 5,000, while North American sales rose 6% above forecasts.

A lower-than-expected D&D spend is noted, and unallocated design and development costs are thought to have aided the result’s quality. A final dividend of 49c was declared versus the broker's 37c forecast.

Target price is $71.00 Current Price is $59.42 Difference: $11.58
If ALL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (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 ALL as Outperform (1) -

Macquarie notes Aristocrat Leisure's FY25 result showed gaming business momentum remains strong, with its forecast for FY26 EBIT growth of 6% and around 4.6k annual net installs.

The broker highlights market share gains continue for gaming operations, aided by Monopoly, Baron cabinet sales, and supportive content across regions. Margins are seen at 58-60%, depending on mix (lower for outright sales). 

Interactive segment is entering an inflection point, with wider US access (97%), new launches in Connecticut, Delaware, Chickasaw Nation, and Massachusetts iLottery, plus Lightning Link iGaming launch mid-2026. This should support a rise in market share from 3.5% currently, in the broker's view.

The broker is now forecasting FY26 net profit of $1.68bn, -2% below prior estimates, with medium-term adjusted EPS growth estimate of 10-15% supported by buybacks.

Outperform. Target unchanged at $75.

Target price is $75.00 Current Price is $59.42 Difference: $15.58
If ALL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (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

Morgan Stanley rates ALL as Overweight (1) -

Morgan Stanley found the Aristocrat Leisure FY25 results slightly ahead of expectations, underpinned by a better performance in Product Madness.

The company is expected to deliver net profit growth from continued improvement in share of gaming and Product Madness, while scaling content/iLottery in the Interactive segment.

The Interactive segment profit was lower than expected amid a reclassification of costs. The broker emphasises the company has flagged gearing will not fall within its target range without material M&A, on which it is focused.

Aristocrat Leisure expects to continue its program of buybacks while retaining focus on the quality of new games. Lightning Link will be added in FY26 to underpin further content share gain.

Overweight rating retained. Target steady at $73.70. Industry view: In Line.

Target price is $73.70 Current Price is $59.42 Difference: $14.28
If ALL meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (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

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

Morgans upgrades Aristocrat Leisure to Buy from Accumulate with a lowered target of $73 from $77 on the back of what is viewed as a "solid" result.

Revenue advanced 8% in constant currency, which met expectations and consensus for 9% topline CAGR over five years.

Sales in 2H25 boosted gaming with robust 2H cadence in North American ship share, which achieved around 31%, and the ops installed base lifted 4.1k units y/y with a circa 43% share.

Against a falling market, social slots grew 5% versus the market at 9%, while the direct-to-consumer mix rose 16% with margin growth of 380bps. Interactive came in below both the broker's and consensus expectations.

Morgans assumes $750m in buybacks in FY26 and lowers its earnings (EBITA) forecasts by around -5% to -6% across FY26-FY27.

Target price is $73.00 Current Price is $59.42 Difference: $13.58
If ALL meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (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

Ord Minnett rates ALL as Buy (1) -

Ord Minnett notes Aristocrat Leisure shares fell post-FY25 result, as investors focused on weaker Interactive and Participation performance despite slightly better group earnings and a higher-than-expected dividend.

For the broker, the main headwind was guidance for design & development costs to rise 5% in FY26, above market expectations. This resulted in a -9.2% cut to FY26 EPS forecast and a -4.3% cut to FY27.

The broker notes Participation installs slowed in 2H25, but is expected to stabilise at 4,000-5,000 annually (4,100 in FY25), supported by new FY26 titles - Monopoly, Phoenix Cash, Spooky Link Grand.

Outright sales rose 23% in 2H25 on strong demand for the Baron cabinets, while Product Madness margins hit 46%, aided by DTC growth, up 18% vs 9% year earlier.

Target trimmed to $74 from $76. Buy maintained.

Target price is $74.00 Current Price is $59.42 Difference: $14.58
If ALL meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (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

UBS rates ALL as Buy (1) -

Aristocrat Leisure's FY25 results were ahead of UBS estimates on revenue and net profit. The broker points out the stock fell in the wake of the results, similar to the reaction in the first half, when net profit missed consensus by -10%.

The stock is now lower than it was in May, despite game performance being on track, and UBS believes it has been oversold, reiterating a Buy rating as the valuation appears even more compelling now.

That said, gaming revenue was skewed to outright sales compared with operations, which sets up a "tougher start" for FY26 revenue. Target is reduced to $72.70 from $75.00.

Target price is $72.70 Current Price is $59.42 Difference: $13.28
If ALL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $74.20, suggesting upside of 25.7% (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

Morgan Stanley rates CGF as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley upgrades Challenger to Equal-weight from Underweight, assessing the gap between statutory and underlying earnings should substantially narrow under new capital rules.

The broker asserts earnings quality impacts shareholder returns, and believes investors should consider rotating into stocks with strong or improving earnings quality, exercising care where there are persistent gaps.

Having said that, the broker believes benefits to Challenger from the narrowing earnings gap will take several years to emerge.

Target is raised to $8.50 from $7.00. Industry view: In Line.

Target price is $8.50 Current Price is $9.00 Difference: minus $0.5 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.52, suggesting upside of 6.3% (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 CPU as Underweight (5) -

Morgan Stanley assesses statutory earnings across its coverage have lagged underlying by -11% over the past three years. Computershare experienced a persistent deviation between statutory and underlying earnings because of the BAU restructuring and growth by M&A.

The broker expects below-the-line costs will continue, and with the increased cost of capital reduces its target to $31.90 from $33.30.  Underweight. Industry View: In-Line.

Target price is $31.90 Current Price is $35.05 Difference: minus $3.15 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.77, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

UBS rates DGT as Buy (1) -

DigiCo Infrastructure REIT AGM update reflects strong demand dynamics driving a shift in strategy, with the company contracting materially higher levels of hyper-scaler/Neo cloud capacity, UBS observes.

The broker believes there is the potential to activate all approved capacity at SYD1 faster than previously expected.

UBS calculates lower earnings in the outer years but remains aware the share price is down -41% year-to-date and the valuation is now "interesting on an underlying contract MW basis". Buy rating retained. Target is reduced to $4.20 from $4.90.

Target price is $4.20 Current Price is $2.60 Difference: $1.6
If DGT meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 59.8% (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

Citi rates DMP as Upgrade to Neutral from Sell (3) -

Citi has turned more positive on Domino's Pizza Enterprises post-AGM, noting improving franchisee profitability from the EDLP (everyday low pricing) shift. Two-thirds of the cost savings are expected to benefit franchisees, further supporting earnings.

Additionally, WA menu trial is progressing well, and the recent debt refinance has de-risked the balance sheet.

While some caution remains due to ongoing challenges in France and Japan, as well as potential disruptions from cost-out initiatives, the broker upgraded to Neutral from Sell.

This reflects lower equity-raise risk, stable trading, and takeover speculation. Target rises to $19.85 from $13.25.

Target price is $19.85 Current Price is $19.22 Difference: $0.63
If DMP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $18.99, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates DMP as Underweight (5) -

Domino's Pizza Enterprises is looking for around $100m in annualised cost savings, having identified $60-70m to date.

Guidance for FY26 net profit is for "modest growth", which Morgan Stanley suggests, while beating consensus expectations, is still beset by near-term headwinds and execution risk.

While the company is taking measures to address its operating and cost issues the broker believes restoring franchisee profitability will be dependent on successful execution of a new pricing strategy.

An Underweight rating is maintained with the target raised to $15.30 from $14.60. Industry view is In-Line.

Target price is $15.30 Current Price is $19.22 Difference: minus $3.92 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.99, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates DMP as Buy (1) -

Domino's Pizza Enterprises has announced new cost savings of $60-70m at its AGM, providing FY26 guidance for underlying net profit to be $118.7m, in line with UBS estimates.

First 17 weeks of same-store sales slowed versus the first seven weeks, which the broker calculates as a contraction of -1.4% for weeks 8-17.

Earnings per share estimates are adjusted up 3.9% for FY26 and 4.4% for FY27. Target is raised to $21.50 from $19.00. Buy rating.

Target price is $21.50 Current Price is $19.22 Difference: $2.28
If DMP meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.99, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Dyno Nobel's FY25 results were in line with previous guidance, with Morgan Stanley noting strong explosives earnings growth. The main risks centre, still, on the sale or closure of Phosphate Hill.

Earnings (EBIT) of $714m were at the upper end of the guidance range. The broker assesses the company is delivering against its transformation targets, aiming to double earnings to $600m by FY28 versus FY23 results.

Of the capital management options, following the sale of the fertilisers distribution business and Gibson Island land, $930m has been returned to shareholders, with a further $470m planned.

The broker upgrades EPS estimate by 39% for FY26, based on sustained strength of fertiliser earnings, while downgrading FY27 by -6% to reflect closure of Phosphate Hill.

Equal-weight retained. Target is lifted to $3.40 from $2.90. Industry view: In-Line.

Target price is $3.40 Current Price is $3.50 Difference: minus $0.1 (current price is over target).
If DNL meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.51, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in September.

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 ELD as Buy (1) -

Ahead of Elders' FY25 result on November 17, Citi highlights market focus is on the FY26 outlook to assess whether it marks a “normal” year for the volatile agribusiness sector.

Some regional dryness is expected, but 4Q momentum and strong Agency Services support optimism and an upbeat tone from the company. The broker forecasts FY25 EBIT at $144m, and sees the possibility of updates on CEO succession and Killara feedlot.

Buy retained. Target unchanged at $8.45.

Target price is $8.45 Current Price is $6.92 Difference: $1.53
If ELD meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 26.1% (ex-dividends)

The company's fiscal year ends in September.

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 EVT as Buy (1) -

Citi has more conviction in EVT Ltd's entertainment outlook for the remainder of 1H26 and into 2026, supported by positive box office trends highlighted in Cineplex and AMC’s recent 3Q2025 results.

Cineplex is optimistic about a stronger, more evenly spread 2025-26 film slate, supported by major releases, Amazon’s increased output, and rising advertiser interest in cinema.

AMC expects 4Q2025 to deliver the strongest box office in six years, with further improvement anticipated in 2026.

Buy maintained for EVT. Target unchanged at $17.30.

Target price is $17.30 Current Price is $14.54 Difference: $2.76
If EVT meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $17.46, suggesting upside of 20.2% (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

Macquarie rates FLT as Outperform (1) -

Macquarie notes Flight Centre Travel's FY26 underlying PBT (profit before tax) guidance of $305-340m provided at the AGM was 1-2% ahead of consensus.

The company experienced strong TTV growth in the first four months of FY26, with profit tracking above year-ago, though guidance is for 1H26 to be in line with last year.

The corporate segment is performing well, with Asia returning to profit, new account wins, and productivity gains, and margins are expected to improve through FY26. Leisure is seeing solid TTV growth, with improving demand and strong booking trends ahead of key sales periods.

AI adoption is accelerating, with the upgraded “Sam” virtual assistant and Corporate Traveller’s new tool expected to deliver material efficiency and cost benefits.

Outperform. Target rises to $16.85 from $16.55, after 6% upgrade to FY26 EPS forecast and 2% lift to FY27.

Target price is $16.85 Current Price is $12.23 Difference: $4.62
If FLT meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $15.13, suggesting upside of 15.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates FLT as Overweight (1) -

In its first view of the Flight Centre Travel AGM, Morgan Stanley is increasingly confident the first half pre-tax profit will be similar to the prior corresponding outcome, with potential for modest upside.

Guidance is for FY26 pre-tax profit of around $305-340m, with a larger skew to the second half relative to FY25, albeit in line with the 2-year average.

Australia-US bookings have increased in October for the first time since the March quarter. The broker retains an Overweight rating with a $15.20 target. Industry View: In-Line.

Target price is $15.20 Current Price is $12.23 Difference: $2.97
If FLT meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $15.13, suggesting upside of 15.3% (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

UBS rates FLT as Buy (1) -

UBS found the FY26 update from Flight Centre Travel better than expected, although management pointed out a flat outcome for pre-tax profit growth in the first half is anticipated. This places more stress on the second half in order to meet guidance.

The broker was pleased with the ongoing productivity initiatives in corporate and notes management has signalled some improvement in US bookings from Australia. All up UBS considers the update positive and retains a Buy rating.

Target is raised to $14.40 from $14.00.

Target price is $14.40 Current Price is $12.23 Difference: $2.17
If FLT meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $15.13, suggesting upside of 15.3% (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

UBS rates FMG as Neutral (3) -

UBS notes feedback from discussions at its recent conference was that Fortescue's performance remains strong, with record shipments, low costs, and resilient demand supported by new decarbonisation partnerships in China.

The broker notes the long-term focus remains on green iron and decarbonisation, with US$6.2bn capex on track and pilot green iron production expected end-2026. Recent RMB bond issuance diversifies funding.

Neutral. Target price $20.

Target price is $20.00 Current Price is $19.96 Difference: $0.04
If FMG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $19.46, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Bell Potter rates GDG as Buy (1) -

Bell Potter came away from Generation Development's Investor Day impressed by the executive team.

Management outlined some high targets around growth, with the blueprint as described by the broker for Evidentia by FY28 enough to push Generation Development's PEG ratio to around 1x. It includes FUM of $65-75bn (consensus at $64bn) and over 50% earnings (EBITDA) margins.

A doubling of its business consulting capacity was flagged, including the acquisition of Encore Advisory. Management accounts are trending with 60% uptake, but only represent 16% of assets under advice.

Target for lifetime annuities is $1bn by FY28, which Bell Potter views as ambitious, but neither are the possible catalysts to achieve this priced in.

No change to Buy rating and $8.40 target price, with no revisions to the analyst's earnings forecasts.

Target price is $8.40 Current Price is $6.60 Difference: $1.8
If GDG meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $7.97, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates GPT as Buy (1) -

Citi notes investors in GPT Wholesale Office Fund approved the extension of the 10-year liquidity event to July 2028 from July 2026, providing redemption relief and preserving investor value.

The proposal offers up to 25% upfront liquidity, spread over two years on a best-efforts basis. The broker considers this a positive development as it creates a more sustainable, long-term fund structure and eases liquidity pressures.

It reduces at least one of the risks the broker has been watching around funds management sustainability and growth.

Buy. Target unchanged at $6.

Target price is $6.00 Current Price is $5.67 Difference: $0.33
If GPT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates GQG as Buy (1) -

October funds under management for GQG Partners of US$163.7bn were in line with UBS estimates, down -2.1%.

The broker notes investment underperformance persisted throughout October, although some positive signs emerged in November, with the company's defensive stance being validated as scepticism around AI grows.

UBS continues to envisage value appeal in the stock, assured by both absolute returns that insulate FUM declines from outflows and the outflows being so far concentrated in the smaller and lower-margin US strategy.

A Buy rating is maintained. Target is reduced to $2.15 from $2.20.

Target price is $2.15 Current Price is $1.45 Difference: $0.7
If GQG meets the UBS target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $2.40, suggesting upside of 65.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

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

Helloworld Travel's outlook has strengthened, suggests Shaw and Partners, following September ABS travel data showing departures up 8.8% year-to-date and a steady destination mix.

The broker notes October provisional figures also point to continued growth in arrivals and departures, with Indonesia remaining the most popular destination and US travel still in decline.

Helloworld trades at a significant discount to ASX-listed peers, offering a total shareholder return near 55% and a 5.4% fully franked yield, highlights the analyst.

Unchanged Buy, High Risk rating and target of $2.75.

Target price is $2.75 Current Price is $1.85 Difference: $0.9
If HLO meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $2.39, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates HSN as Accumulate (2) -

Hansen Technologies is acquiring Digitalk Group for $66.4m, at 3.2x EV/Sales and 10.1x EV/EBITDA, adding high-margin telecom software capabilities, Ord Minnett highlights.

Digitalk’s 8-10% growth track record will support Hansen's goal of sustaining 5-7% organic growth, in the broker's view.

The broker estimates the acquisition to be 3-5% accretive to revenue and 4-7% to EBITDA in FY26-27. FY26 EPS forecast lifted by 1% and FY27-28 by 3-7%. 

The broker also upgraded free cash flow estimates by 5-10%. Accumulate. Target rises to $6.78 from $6.40.

Target price is $6.78 Current Price is $6.17 Difference: $0.61
If HSN meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.12, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

Bell Potter upgrades Inghams Group to Buy from Hold with an unchanged $2.75 target price post its AGM trading update, with FY26 earnings (EBITDA) guidance unchanged but pointing to a second-half skew.

While the 2H26 earnings slant concerns the analyst, if the group can achieve such a result, it would signify a notable change in financial performance going into FY27.

The market is not discounting such an outcome, and the share price has declined -30% since the initial FY26 guidance.

With so much market scepticism, the analyst states there is scope to re-rate the stock if management can execute on cost savings and better wholesale pricing in the 2H. This would have a more pronounced impact on the FY27 earnings outlook.

Bell Potter tweaks EPS forecasts lower by -3% for FY26 and -1% for FY27.

Target price is $2.75 Current Price is $2.43 Difference: $0.32
If ING meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates ING as Neutral (3) -

Inghams Group served up a trading update at its AGM which indicated to Macquarie some improving evidence in the supply/demand backdrop. A reduction in volumes since FY25 has boosted wholesale pricing, with margins up around 39% versus FY25.

First half earnings guidance infers a 2H skew which the analyst views as a risky proposition to achieve, as it suggests an earnings split of 36:64, and the historical maximum achieved is around 55% in 2H in FY23.

Management lowered its FY26 capex guidance to $70-$90m from $80-$100m, viewed as a facilitation of debt levels.

Macquarie lowers its EPS forecasts by -9% for FY26 and -2% for FY27. Target price declines by -15% to $2.30 with no change to Neutral rating.

Target price is $2.30 Current Price is $2.43 Difference: minus $0.13 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.72, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates LTR as Buy (1) -

Bell Potter views the new agreement between Mineral Resources and POSCO as a clear positive for lithium sector sentiment (see FNArena summary of Bell Potter on Mineral Resources).

The transaction demonstrates strong demand from an established industry participant such as POSCO seeking to secure upstream supply.

The implications for Liontown Resources are positive for both sentiment and valuation, suggests the broker. 

The analysts believe the company should command a premium to this transaction given its 100% ownership and control of Kathleen Valley, secured offtake arrangements, and strengthened balance sheet.

Target rises to $1.52 from $1.30. Buy.

Target price is $1.52 Current Price is $1.32 Difference: $0.2
If LTR meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.85, suggesting downside of -42.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Morgans rates LTR as Sell (5) -

Morgans lifted short-term lithium price forecasts and upgraded its market view to neutral from bearish due to firmer EV and BESS demand and slower new supply growth.

The broker is now forecasting FY26 spodumene (SC6 equivalent) price at US$960/t, FY27 at US$1,125/t and FY28 at US$1,225/t, representing upgrades of 15%, 25% and 13%, respectively.

However, the impact on equity valuation is limited as they are still highly leveraged to an elevated long-term price assumption of over US$1,300/t.

The broker notes Liontown Resources' 1Q26 update met expectations, with production improving and costs expected to decline as Kathleen Valley ramps up.

Following the $322m capital raise and updated forecasts, the target price rises to 89c from 56c. Sell maintained.

Target price is $0.89 Current Price is $1.32 Difference: minus $0.43 (current price is over target).
If LTR meets the Morgans target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.85, suggesting downside of -42.1% (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

Bell Potter rates MIN as Buy (1) -

Mineral Resources will sell a -30% interest in its Wodgina and Mt Marion lithium assets to South Korea’s Posco for US$765m (around $1.2bn). This partnership will form a 50% joint venture, holding the assets alongside Albemarle and Ganfeng.

Mineral Resources will remain operator and mining services contractor, while Posco will receive offtake entitlements.

Bell Potter sees the arrangement as strengthening the Mineral Resources/Posco partnership and fast-tracking balance sheet deleveraging. Proceeds are expected to reduce net debt to about $4.2bn from 5.4bn at September 30.

Bell Potter raises its target to $59 from $57, reflecting improved liquidity and lithium market optimism. Buy rating maintained.

Target price is $59.00 Current Price is $51.23 Difference: $7.77
If MIN meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $48.50, suggesting downside of -5.0% (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 MIN as Underperform (5) -

Macquarie notes Mineral Resources has announced its intention to divest a 30% stake of its Mt Marion and Wodgina stakes for US$765m or $1.2bn to Posco Holdings, which is around 40% better than consensus expectations.

The sell-down to a new JV will hold Mineral Resources' 50% stakes in Wodgina and Mt Marion, with Posco buying 30% in cash, giving it 15% in both assets, with completion due 1H2026. Posco will also secure spodumene offtake aligned with its JV share.

The analyst highlights the deal values Mineral Resources' lithium holdings at $3.9bn, whereas its forecast was $1.5bn at a long-term lithium price of US$1,100/t, and consensus sat at $2.7bn. Net receipts of around $1bn will be used to repay debt.

Underperform retained. Target price is raised 24% to $47, with Macquarie lifting its EPS forecast by 3% for FY26 and 5-15% for FY27-FY31.

Target price is $47.00 Current Price is $51.23 Difference: minus $4.23 (current price is over target).
If MIN meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.50, suggesting downside of -5.0% (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

Morgans rates MIN as Upgrade to Hold from Trim (3) -

Morgans lifted short-term lithium price forecasts and upgraded its market view to neutral from bearish due to firmer EV and BESS demand and slower new supply growth.

The broker is now forecasting FY26 spodumene (SC6 equivalent) price at US$960/t, FY27 at US$1,125/t and FY28 at US$1,225/t, representing upgrades of 15%, 25% and 13%, respectively.

However, the impact on equity valuation is limited as they are still highly leveraged to an elevated long-term price assumption of over US$1,300/t.

The broker notes Mineral Resources is selling 30% of its 50% stakes in Wodgina and Mt Marion to Posco for US$765m ($1.2bn), retaining 35% in each and using proceeds to reduce debt. 

The deal, along with stronger lithium and iron ore prices, accelerates deleveraging, with ND/EBITDA below 2x expected by end-FY27.

Rating upgraded to Hold from Trim. Target rises to $47.40 from $40.70.

Target price is $47.40 Current Price is $51.23 Difference: minus $3.83 (current price is over target).
If MIN meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $48.50, suggesting downside of -5.0% (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 MIN as Neutral (3) -

Mineral Resources has announced a binding agreement with Posco to sell down 30% of the operational lithium business while continuing to be the operator at both Wodgina and Mount Marion.

The company will restructure its 50% ownership of the two sites to a new entity, with Posco acquiring a 30% stake for US$765m upfront. Mineral Resources will retain 70% controlling interest and keep all mining services contracts for the life of the mines.

UBS observes this transaction supports the deleveraging strategy and builds on the partnership with Posco. Neutral maintained.

Target is raised to $52.60 from $49.65.

Target price is $52.60 Current Price is $51.23 Difference: $1.37
If MIN meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $48.50, suggesting downside of -5.0% (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 MPL as Overweight (1) -

Morgan Stanley assesses the gap between statutory and underlying earnings should substantially narrow under new capital rules, maintaining earnings quality matters for shareholder returns and trading multiples.

Setting aside actions during Covid, Medibank Private's negative deviation between statutory and underlying earnings should now improve and the broker lowers its estimated cost of capital. This lifts the target to $5.84 from $5.55.

Overweight rating retained. Industry View: In-Line.

Target price is $5.84 Current Price is $5.02 Difference: $0.82
If MPL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting upside of 4.8% (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 NEC as Neutral (3) -

Nine Entertainment held an investor briefing, which focused on better monetisation of content between TV and streaming, unlocking value in digital publishing and the digitisation of archived news.

UBS envisages a growth opportunity in the digital assets but remains Neutral on the stock. The broker notes broadcast is a large proportion of earnings, and the company has flagged weaker expenditure in retail and government categories.

The broker does envisage an opportunity for re-rating with digital growth now exceeding print decline. Neutral rating and $1.22 target.

Target price is $1.22 Current Price is $1.15 Difference: $0.07
If NEC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 39.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates ORI as Buy (1) -

Following the company call post-FY25 result, Citi is more positive on Orica, noting the company's confidence in Blasting Solutions growth through FY26, supported by digital expansion and a stable supply outlook.

Digital Solutions and Specialty Chemicals momentum is set to accelerate, with new Axis products doubling TAM and rising gold, copper, and critical minerals activity boosting demand, the broker highlights.

Buy. Target price $24.05.

At first glance, the broker described the result as "solid," with revenue of $8.15bn, earnings (EBIT) of $992m, and EPS growth of 29.5%.

Share price was seen trending up on solid earnings growth momentum, the broker wrote.

The broker highlighted stronger performances from Blasting Solutions and Specialty Mining Chemicals, but Digital Solutions missed the forecast, though margins improved.

A final dividend of 57c was declared, 1% ahead of the consensus forecast, notes Citi.

Target price is $24.05 Current Price is $22.82 Difference: $1.23
If ORI meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $23.65, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in September.

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

Bell Potter rates PLS as Sell (5) -

Bell Potter views the new agreement between Mineral Resources and Posco as a clear positive for the lithium sector sentiment (see FNArena summary of Bell Potter on Mineral Resources).

The transaction demonstrates strong demand from an established industry participant such as Posco seeking to secure upstream supply.

The analysts acknowledge Pilbara Minerals warrants a valuation premium to this transaction, reflecting its 100% ownership of Pilgangoora, growth optionality and robust balance sheet, yet considers the current premium to deal multiples excessive.

The sell rating and $2.65 target are kept.

Target price is $2.65 Current Price is $3.43 Difference: minus $0.78 (current price is over target).
If PLS meets the Bell Potter target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.66, suggesting downside of -29.7% (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

Morgans rates PLS as Sell (5) -

Morgans lifted short-term lithium price forecasts and upgraded its market view to neutral from bearish due to firmer EV and BESS demand and slower new supply growth.

The broker is now forecasting FY26 spodumene (SC6 equivalent) price at US$960/t, FY27 at US$1,125/t and FY28 at US$1,225/t, representing upgrades of 15%, 25% and 13%, respectively.

However, the impact on equity valuation is limited as they are still highly leveraged to an elevated long-term price assumption of over US$1,300/t.

The broker updated the lithium price forecasts and revised assumptions for Pilbara Minerals’ Colina deposit in Brazil, resulting in a lift to the target price to $3.10 from $2.80.

Sell maintained.

Target price is $3.10 Current Price is $3.43 Difference: minus $0.33 (current price is over target).
If PLS meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.66, suggesting downside of -29.7% (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

Bell Potter rates PMT as Speculative Buy (1) -

PMET Resources has released a Feasibility Study for the Shaakichiuwaanaan Project, outlining a 20-year lithium-only operation producing around 800ktpa of 5.5% spodumene concentrate.

The broker notes life-of-mine operating costs of -US$544/t and total capital cost of -US$1,475m (US$1,126m post-tax credits).

It is considered a strategic project with scale and access to North American battery supply chains.

Bell Potter raises its target to 65c from 40c and retains a Speculative Buy rating.

Target price is $0.65 Current Price is $0.40 Difference: $0.25
If PMT meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting upside of 78.6% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. 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 PNI as Outperform (1) -

Macquarie argues Metrics, along with Pinnacle Investment Management's other affiliates, have been a success for shareholders and fund managers.

While the rise in the size of the private credit market has attracted investor and regulator attention, including ASIC, a lack of transparency makes it more challenging to analyse private credit markets, the broker emphasises.

Metrics had $25bn in AUM at June end, with a six-year CAGR of around 14% for FUM. Macquarie estimates Metrics has delivered a 10x return on Pinnacle's initial investment.

The analyst continues to believe Metrics can achieve strong growth in AUM and operating leverage.

Outperform retained with an unchanged target of $26.55.

Target price is $26.55 Current Price is $17.54 Difference: $9.01
If PNI meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $24.94, suggesting upside of 42.3% (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

Macquarie rates QBE as Outperform (1) -

Macquarie highlights QBE Insurance's NAIC quarterly filings in the US largely align with its financial results since it streamlined its North American disclosures in 1H20.

The 3Q2025 trading update shows North American gross written premiums rose 3.7% in 2025 year-to-date, with growth of 6.2% in 1H25, or flat in 3Q2025.

Management is guiding to mid-single-digit (constant currency) growth in North American gross written premiums for 2025 versus Macquarie's forecast of 4.3%.

Outperform. Target unchanged at $23.50. The insurer's 3Q25 update is due to be released on November 27.

Target price is $23.50 Current Price is $20.57 Difference: $2.93
If QBE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Citi rates SDF as Initiation of coverage with Buy (1) -

Citi has re-initiated coverage of Steadfast Group, Australia's largest listed insurance broker by market cap, with a Buy rating and target price of $6.50.

The analyst reckons rate tailwinds are slowing for brokers, but the business remains high-quality and resilient through cycles.

While downside risk to rates is noted, offsets to slower growth are seen from M&A, margin expansion, and SME stability. The broker's own review suggests organic revenue and GWP (gross written premium) can grow even in softer rate environments.

Overall, the broker sees Steadfast as a resilient business with opportunity from private equity circling in the broking sector, and trading at near record lows vs the market.

Target price is $6.50 Current Price is $5.37 Difference: $1.13
If SDF meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates SHA as Buy (1) -

Shape Australia has acquired Arden, a retail fitout and maintenance specialist, for -$25m in a cash and debt-funded deal.

Shaw and Partners notes Arden’s exposure to retail and maintenance broadens Shape’s diversification strategy and is expected to lift group revenue and earnings (EBITDA) by around 7% and 10-14%, respectively.

The transaction is considered earnings-accretive from FY26, strengthening margins and adding recurring revenue.

Unchanged Buy, High Risk rating. Target rises to $7.40 from $6.10.

Target price is $7.40 Current Price is $6.02 Difference: $1.38
If SHA meets the Shaw and Partners target it will return approximately 23% (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 TTX as Speculative Buy (1) -

Morgans notes Tetratherix ended 1Q26 with $24.8m cash and no debt, providing funding for about 8.6 quarters and supporting ongoing R&D and manufacturing expansion.

Operating cash outflow was $2.6m, partly offset by $0.6m inflows from grants and interest. 

The company's focus areas for 2Q26 include advancing Tutelix Cohort 2 toward FDA 510(k) clearance and progressing Tegenix/TegenEOS bone regeneration studies.

Target unchanged at $5.76. Speculative Buy retained.

Target price is $5.76 Current Price is $4.00 Difference: $1.76
If TTX meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates TWE as Sell (5) -

After assessing the latest US Nielsen data, Citi cut the target price on Treasury Wine Estates to $5.26 from $5.50.

Sell maintained.

Target price is $5.26 Current Price is $5.92 Difference: minus $0.66 (current price is over target).
If TWE meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.24, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Citi rates XRO as Buy (1) -

On first take, Citi highlights Xero beat on earnings (EBITDA) due to higher R&D capitalisation, while annualised monthly recurring revenue suggests there is potential upside to core revenue in FY26.

Earnings beat the analyst's estimate by 6% and were 1% above consensus, with revenue growth of 20% y/y, below consensus by -1%. Adjusting for R&D capitalisation, Citi notes the beat would have been only 2% against its forecast.

Overall, the result was softer than expected, including Melio, where total payment volume slowed to 20% growth y/y, with weaker subs growth in NZ, North America, and the rest of the world. Gross margin also declined -40bps y/y.

The share price is expected to weaken on the result, with potential for recovery later in the day.

Buy. Target $210.

Target price is $210.00 Current Price is $140.00 Difference: $70
If XRO meets the Citi target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $215.32, suggesting upside of 69.1% (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

Macquarie rates XRO as Outperform (1) -

In a flash update on Xero, Macquarie points to a guidance upgrade for FY26 with opex/sales lowered to 70.5% from 71.5% ex-Melio due to improved efficiency. FY28 targets were reiterated with two times Xero's standalone FY25 revenue and over the Rule of 40.

The result shows subscriptions in line, with average revenue per user better than expected by 3% and 21% above consensus. Annualised monthly recurring revenue was 3% better than the analyst's estimate and 5% above consensus.

The strong monthly recurring revenue infers the company only requires NZ$141m of revenue growth to achieve consensus sales.

First half payments revenue rose 40% annually, with Melio achieving robust revenue growth of 68% y/y, with over 7k customers. 

UK growth advanced to over 56k net subs added against over 49k a year earlier. Outperform with $228.90 target.

Target price is $228.90 Current Price is $140.00 Difference: $88.9
If XRO meets the Macquarie target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $215.32, suggesting upside of 69.1% (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

UBS rates XRO as Buy (1) -

In a first read, UBS describes Xero's 1H26 result as weaker vs market expectations despite EBITDA beating expectations by 1%.

EBITDA-capex, the preferred cash flow proxy, was -6% below consensus and -11% below the broker's estimate, reflecting rising capex from AI investments which outweighed good operating cost control.

Regional revenue was largely in line, with slightly weaker subscriber growth offset by stronger ARPUs. North America revenue was up 1% vs UBS but missed consensus amid wide estimate dispersion.

The company published proforma Melio numbers, which showed 24% y/y revenue growth and 7k net adds, outperforming expectations. Underlying US TPV (total payment value) of US$26bn (18% YoY) is, however, tracking slightly below the broker's estimate.

Buy. Target price $203.

Target price is $203.00 Current Price is $140.00 Difference: $63
If XRO meets the UBS target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $215.32, suggesting upside of 69.1% (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