Australian Broker Call

UBS rates A1N as Sell (5) -

UBS updates its traditional media outlook, flagging softer advertising conditions driven by geopolitical tensions and the prospect of further rate hikes, with recent data indicating a slowdown in 2H26, particularly in metro free-to-air, down -11% y/y in March.

News Corp is viewed as the most defensive exposure, supported by the strength of Dow Jones and REA Group ((REA)), while Nine Entertainment ((NEC)), Southern Cross Media ((SXL)) and ARN Media remain more exposed to cyclical weakness and softer ad demand.

ARN Media's target is lowered by -37% to 20c. Sell rating retained.

Target price is $0.20 Current Price is $0.28 Difference: minus $0.08 (current price is over target).
If A1N meets the UBS target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.32, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in December.

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 ANZ as Buy (1) -

In an initial view, Citi found the first half result from ANZ Bank in line overall. Net interest margin of 1.53% was -3 basis points below expectations, largely a function of market drag. New Zealand was also a drag because of FX translation.

Costs were better than expected, supported by FX, and guidance has improved with the bank guiding to costs being down -5% on the FY25 baseline. This reflects productivity dividends being upgraded to $875m from $800m.

Bad debts were largely in line with the broker's expectations. Strategy components across FY26 and FY27 appear on track.

Citi suspects the results will have a mixed reception given the miss on revenue compared with consensus, although, on balance, the outlook is unchanged. Buy rating and $40.30 target maintained.

Target price is $40.30 Current Price is $36.65 Difference: $3.65
If ANZ meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $35.25, suggesting downside of -1.1% (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

UBS rates ANZ as Sell (5) -

At first glance, UBS notes ANZ Bank reported a 1H26 result ahead of expectations, with cash net profit after tax beating consensus by 2.7%, driven by lower costs and a smaller bad debt charge.

Revenue was slightly weaker, with net interest income down -2% and NIM compressing by -1bp to 1.53%, while non-interest income provided support.

Costs fell sharply. The broker highlights the cost-to-income ratio improved to 49.4%. Credit impairments were lower than expected at 7bp and CET1 strengthened to 12.39%.

Management's FY26 cost guidance was trimmed to around -$11.3bn. Overall, the result was considered as strong, though softer revenue trends and modest lending growth remain key areas of focus.

Sell rated. Target $36.50.

Target price is $36.50 Current Price is $36.65 Difference: minus $0.15 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.25, suggesting downside of -1.1% (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

Bell Potter rates ARX as Buy (1) -

Bell Potter highlights a strong FY26 result from Aroa Biosurgery, with revenue and normalised earnings both exceeding guidance.

The broker notes growth was driven by the company's flagship wound care product range Myriad, which delivered standout performance and accelerated US momentum. Myriad grew 52% on a constant currency basis versus FY25.

Margins benefited from operating leverage and favourable FX, highlight the analysts.

The broker upgrades forecasts on stronger revenue and margins, while noting continued investment in R&D and new market opportunities.

Bell Potter maintains a Buy rating and raises its target to $1.12 from $0.85.

Target price is $1.12 Current Price is $0.63 Difference: $0.49
If ARX meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates AV1 as Buy (1) -

Bell Potter assesses a solid quarter from Adveritas, with annual recurring revenue (ARR) slightly below forecast due to macro-driven longer sales cycles.

Cash flow and balance sheet outcomes were modestly better than expected.

The broker points to new growth drivers, including the self-serve platform and large language model (LLM) integration, supporting customer acquisition and product capability.

Management successfully deployed TrafficGuard's first LLM-driven capability across Google Search and Affiliate enterprise products.

Bell Potter retains a Buy rating and lowers its target to $0.18 from $0.20 due to currency and macro factors, though profitability is still expected from FY27.

Target price is $0.18 Current Price is $0.09 Difference: $0.094
If AV1 meets the Bell Potter target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates AYA as Buy (1) -

Bell Potter highlights early commercial progress for Artrya, with Tanner Health now scanning patients following onboarding across five hospitals.

The broker highlights cash outflows were modest in the March quarter, supported by an R&D rebate, while spending increased on FDA submission work and US expansion. Two additional foundation customers are expected to begin scanning in early FY27.

The key catalyst is demonstrating scan volumes, the analysts suggests, to validate commercial uptake and the broader diagnostic shift.

Buy rating and target of $6.10 unchanged.

Target price is $6.10 Current Price is $3.97 Difference: $2.13
If AYA meets the Bell Potter target it will return approximately 54% (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 BBT as Buy (1) -

Morgans observes betr Entertainment's 3Q26 update saw an improvement in margins post the Spring Carnival and should be well positioned to achieve 2H26 targets. Turnover for the period rose 2% y/y despite there being one less Saturday.

Management reiterated earnings (EBITDA) targets of $5m-$8m for 2H26 and $13m-$19m for FY27. The cost reduction program is also in place to generate an expected $6m in annual savings.

The cash position at $28.7m including client balances of $13.7m was lower than the broker's expectations.

Target lowered to 35c from 41c due to ascribing a higher risk free rate to the valuation and higher cost of capital assumptions. Buy rating maintained.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If BBT meets the Morgans target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BET as Buy (1) -

Betmakers Technology delivered Mar-26 turnover of $383m, up 1.9% y/y, with net win margins recovering to 10.0% as wagering outcomes normalised, Ord Minnett notes.

Customer quality remains a focus, with same game multi turnover up 33% and promotion costs down -10.7%, reflecting improved targeting and efficiency.

Growth was modest, with active customers up 2.8% to 157.3k, though Apr-26 trading has remained solid with margins above 10%, the analyst remarks.

A $6m p.a. cost-out program is now complete, supporting reiterated guidance for $5-8m earnings (EBITDA) in 2H26 and $13-19m in FY27, implying mid to high single-digit revenue growth.

Buy rating retained. Target slips to 37c from 38c.

Target price is $0.37 Current Price is $0.18 Difference: $0.19
If BET meets the Ord Minnett target it will return approximately 106% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates BGA as Buy (1) -

Bega Cheese's investor day outlined a pathway to double-digit EPS growth through to FY31, highlights Bell Potter.

FY26 earnings (EBITDA) guidance was left unchanged, while FY28 targets have been upgraded, driven largely by existing initiatives such as the Strathmerton closure, the analysts explain.

Longer term, growth is expected from expansion in higher-margin categories including yoghurt, cream cheese and milk-based beverages.

The strategy also reduces exposure to commodity-linked earnings, commentary notes, though near-term earnings are impacted by higher capex and depreciation.

Bell Potter retains a Buy rating and target of $7.75.

Target price is $7.75 Current Price is $5.50 Difference: $2.25
If BGA meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $6.65, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates BGA as Hold (3) -

Ord Minnett notes Bega Cheese announced its financial update and 2031 strategy.

Strategically, management has generated earnings (EBITDA) growth of around 12% p.a. between FY23-FY26, on revenue growth of 4% p.a., by leaving seven manufacturing sites, consolidating warehouses, and reducing the headcount by -20%.

The Branded segment is aiming for earnings (EBITDA) of $320m-$340m by FY31, and Bulk is anticipated to generate earnings (EBITDA) of $50m-$55m in FY26, from a loss of -$18m in FY24.

The analyst points to headwinds from a rise in farmgate prices, as farmers experience higher costs, as well as overall cost pressures, which are likely to impact margins.

Earnings forecasts are lowered by -2% to -4% for FY26-FY28. No change in Hold rating, and target lowered to $5.70 from $6.

Target price is $5.70 Current Price is $5.50 Difference: $0.2
If BGA meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.65, suggesting upside of 19.2% (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 BOE as Neutral (3) -

Boss Energy's March quarter production miss was driven by weather-related disruptions at the Honeymoon project, Citi explains, impacting site access and reagent supply.

While a recovery is expected in the June quarter, FY26 guidance has been downgraded by around -11% at the midpoint.

Progress on the new feasibility study for the Honeymoon expansion/optimisation project supports a potentially lower-cost, higher-volume operating model, in Citi's view. Caution is warranted, the analyst suggests, given limited precedent and the need for further validation.

It's felt greater technical clarity is required to support a share price re-rating. Neutral. Target $1.60.

Target price is $1.60 Current Price is $1.39 Difference: $0.21
If BOE meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates BOE as Hold (3) -

Ord Minnett points to a weak 3Q26 result from Boss Energy with production halved due to heavy rainfall disrupting reagent supply to Honeymoon

While near-term performance was softer and guidance trimmed at the margin, this is viewed by the analyst as secondary to the broader strategic reset underway.

The key focus remains the proposed wide-spaced well field strategy, which is intended to enable lower-cost recovery of lower-grade ore, although critical operating metrics such as mine life, production rates and costs remain uncertain.

A scoping study due in the June quarter is expected to be the next major catalyst in determining project viability. Hold retained, target reduced to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.39 Difference: $0.01
If BOE meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates BUB as Speculative Buy (1) -

March quarter revenue for Bubs Australia rose by 10% yoy to $25.5m but missed Bell Potter's $32m forecast and declined against the December quarter.

Growth was driven by US infant milk formula sales, though operating cash flow (OCF) turned negative amid higher manufacturing and freight costs, alongside inventory resets, the analysts explain.

The broker flags risk to FY26 guidance, requiring a strong June quarter, while awaiting further clarity on US FDA approval to sell Bubs' infant formula products in the United States.

Bell Potter downgrades its earnings forecasts and lowers its target to 14.5c from 18c but retains a Speculative Buy rating.

Target price is $0.14 Current Price is $0.11 Difference: $0.04
If BUB meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates BUB as Accumulate (2) -

Bubs Australia reported a softer-than-expected Q326 outcome, with revenue up 10% to $25.5m, supported by 43% US growth but offset by declines across China, Australia and rest of the world, Ord Minnett details.

Operating cash outflow of $6.3m was slightly higher than expected, reflecting continued investment in inventory to underpin US expansion and future group growth.

The company is also navigating external headwinds, including cost pressures linked to the Middle East and tighter regulatory and testing requirements following industry contamination issues.

The broker highlights a strong balance sheet, with $5.9m cash and $16m in undrawn facilities, and unchanged FY26 guidance of $120m-$125m revenue and $4m-$6m earnings (EBITDA.)

Management remains focused on US growth and positioning for FDA approval, underpinning the longer-term earnings outlook.

Accumulate retained with an unchanged 15c target price.

Target price is $0.15 Current Price is $0.11 Difference: $0.045
If BUB meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates CHL as Buy (1) -

According to Morgans, Camplify Holdings served up a mixed 3Q26 trading update. Gross transaction value fell -3% y/y including a decline in platform revenue of -8% y/y.

The main negative the broker highlights was the fall in future bookings by around -$17m, which management explained as concerns over fuel arising from the Middle East war.

Operating cash outflow of some -$7.5m is attributed to seasonal factors from the settlement of summer holiday bookings in the A&NZ market.

Target price slips to 70c from 78c with no change in Buy rating.

Target price is $0.70 Current Price is $0.22 Difference: $0.485
If CHL meets the Morgans target it will return approximately 226% (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 COL as Buy (1) -

At first take, Citi notes 3Q26 supermarket like for like sales for Coles Group came in at 3.6% growth, better than forecast (3.1%) and in line with consensus at 3.5% growth.

Total supermarket sales at 4% growth is marginally better than the February update at 3.7% while 4Q26 sales are noted for tracking in line with 3Q26 adjusted for Easter and Anzac Day.

Due to the cycling of the ramp up of Ocado customer fulfillment centre, online sales slipped slightly to 24.8% from 27% in 1H26.

Liquor like for like sales declined -4.3%, worse than Citi's -2.5% forecast and consensus at -2.3%. Warehouse stores around 10% of sales continue to "drag" on total sales.

Management only offered commentary around Liquor sales, which are expected to continue to decline and impact earnings in 2H26.

Target $23. Rating Buy.

Target price is $23.00 Current Price is $22.11 Difference: $0.89
If COL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $23.35, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates CSC as Buy (1) -

Citi observes Capstone Copper's March quarter production and costs beat consensus forecasts by 2% and 5%, respectively.

Performance was supported by a recovery at Mantoverde in Chile, the analyst explains, where throughput and recoveries improved materially through the quarter.

Earnings also exceeded the consensus forecast by 12%, while net debt declined, strengthening the balance sheet, the broker highlights.

2026 guidance remains unchanged.

Key upcoming catalysts are seen as progress at the Mantoverde Optimised (upgrade and expansion project) and permitting and study milestones at Mantos Blancos (also in Chile).

Target $16.60. Buy.

Target price is $16.60 Current Price is $11.65 Difference: $4.95
If CSC meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $15.64, suggesting upside of 31.6% (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: 1.0

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

Macquarie rates CSC as Outperform (1) -

Capstone Copper's March quarter production and costs modestly beat consensus expectations, Macquarie observes.

Performance was supported by strong output and cost control at Cozamin and Mantoverde, with the latter achieving above-nameplate throughput and improving recoveries, the analyst explains.

The broker flags rising input costs, particularly diesel and sulphuric acid, as a potential headwind if current price levels persist.

2026 guidance remains unchanged, with Macquarie expecting an improved performance through the year as Mantoverde stabilises.

Outperform rating retained. Target rises by 10c to $16.40.

Target price is $16.40 Current Price is $11.65 Difference: $4.75
If CSC meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $15.64, suggesting upside of 31.6% (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: 1.0

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

Morgans rates CSC as Buy (1) -

Capstone Copper announced 1Q2026 earnings (EBITDA) of US$329m, a record and 16% above consensus and 14% above Morgans forecast, boosted by higher realised copper prices of US$5.92/lb.

Cash costs were in line with expectations of US$2.66/lb but rose -15% q/q with a 25-day strike at Mantoverde. Production also in line was down -17% on the prior quarter.

Notably sulphuric acid costs are a major headwind for margins as prices have lifted to around US$420/t in Chile from US$180/t in January. The analyst highlights sulphuric acid is a significant input for Capstone's cathode production at Mantoverde and Mantos Blancos.

The stock remains Buy rated with a higher target of $15.70 from $15.40.

Target price is $15.70 Current Price is $11.65 Difference: $4.05
If CSC meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $15.64, suggesting upside of 31.6% (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: 1.0

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

UBS rates CSC as Buy (1) -

Capstone Copper reported a clean 1Q2026 result according to UBS, with C1 costs of US$2.66/lb beating expectations and trending towards the midpoint of guidance despite earlier operational disruptions, UBS notes.

The result included modest operational improvements, with better grades at Pinto Valley and improved recoveries at Mantoverde, while key project timelines across 2026 remain on track.

Guidance is unchanged, with the broker maintaining a conservative 2026 outlook, noting higher capex and limited near-term free cash flow as the company invests in growth.

The expansion pipeline continues to progress, with Mantoverde Optimised nearing completion, Santo Domingo advancing towards FID in 4Q, and Mantoverde Phase 2 pre-feasibility study due in 3Q, supporting longer-term production growth above 350ktpa.

Buy retained, target $15.00.

Target price is $15.00 Current Price is $11.65 Difference: $3.35
If CSC meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $15.64, suggesting upside of 31.6% (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: 1.0

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

Bell Potter rates CWP as Buy (1) -

Bell Potter assesses a solid 3Q trading update from Cedar Woods Properties, with FY26 guidance reaffirmed for strong profit growth, supported by ongoing pre-sales momentum.

The analysts believe FY27 earnings are largely de-risked with more than 80% of revenue pre-sold, though margins are expected to peak amid rising construction costs and interest rates.

Balance sheet strength and continued land acquisition are seen as positives in a more challenging market environment.

Bell Potter retains a Buy rating and lowers its target to $9.65 from $10.20.

Target price is $9.65 Current Price is $7.42 Difference: $2.23
If CWP meets the Bell Potter target it will return approximately 30% (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 CYL as Buy (1) -

Morgans expresses an underwhelming response to Catalyst Metals' 3Q26 update as production missed expectations while cost pressures continued.

Production declined on the prior quarter, missing both the analyst's and consensus expectations. Processing plant downtime weighed on AISC as well as higher diesel costs which well exceeded expectations of $2,288/oz at $2,901/oz.

Cash flow generation of $103m was strong due to higher gold prices. The broker views the higher near term costs as transitional with improved ore source diversity anticipated to improve operational stability over time.

Target slips to $15.13 from $15.24 with no change in Buy rating.

Target price is $15.13 Current Price is $5.17 Difference: $9.96
If CYL meets the Morgans target it will return approximately 193% (excluding dividends, fees and charges).

Current consensus price target is $13.16, suggesting upside of 152.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates EOS as Buy (1) -

Electro Optic Systems' 1Q results revealed solid cash receipts and positive operating cash flow (OCF) in a typically weaker first quarter, Bell Potter highlights.

Order momentum remained robust, with multiple contract wins across defence and space, lifting the backlog to $518m, the analysts highlight. It's believed ongoing discussions around larger contracts will provide near-term upside.

Higher capex has led to some forecast earnings downgrades by Bell Potter, though earnings estimates remain unchanged.

Buy rating unchanged. Target increased to $10.40 from $9.70.

Target price is $10.40 Current Price is $9.06 Difference: $1.34
If EOS meets the Bell Potter target it will return approximately 15% (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

Ord Minnett rates EOS as Speculative Buy (1) -

Ord Minnett points to Electro Optic Systems achieving a strong 1Q2026, with net operating cash inflow of $9.5m, a sharp turnaround from the prior period, driven by solid receipts and sustained activity levels.

Liquidity remains a key strength, with $95.1m in cash alongside $100m in undrawn facilities, supporting ongoing execution.

The unconditional order book expanded by $59m to $518m despite deliveries, reinforcing near-term revenue visibility and underpinning growth into FY26 and FY27, the analyst explains.

Notably demand momentum is being supported by elevated geopolitical tensions, particularly in the Middle East, driving interest in its counter-drone and defence capabilities.

Speculative Buy rating retained with an unchanged $12.95 target. No change to earnings forecasts.

Target price is $12.95 Current Price is $9.06 Difference: $3.89
If EOS meets the Ord Minnett target it will return approximately 43% (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

Bell Potter rates FLC as Hold (3) -

Following March quarter results, Bell Potter describes a mixed start to FY26 for Fluence, with modest revenue growth and continued margin improvement, driven by higher-margin business segments.

Cash flow was weak due to delayed customer receipts and project timing issues, the analysts explain, while order intake was also softer, albeit with delays rather than cancellations.

Upside risk to valuation is noted from a potential award of the Ivory Coast project (IVC) operations and maintenance (O&M) contract, expected in 3Q 2026, which is not currently included in the broker's current forecasts.

Bell Potter retains a Hold (Speculative) rating and target of $0.11.

Target price is $0.11 Current Price is $0.09 Difference: $0.025
If FLC meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

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: 0.0

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

Morgan Stanley rates GDG as Overweight (1) -

Morgan Stanley reiterates an Overweight rating for Generation Development following the third quarter update, which revealed structural growth continued and competitive positions improved.

The broker highlights strong momentum in Gen Life and Lonsec Research, offset by a slowdown in Evidentia largely because of adverse market movements. Morgan Stanley reduces forecast FUM for the latter to $37.3bn from $39.5bn as a result.

Target is reduced to $6.40 from $7.00. Industry view: In Line.

Target price is $6.40 Current Price is $3.88 Difference: $2.52
If GDG meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 62.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates HUB as Overweight (1) -

Morgan Stanley reiterates an Overweight rating for Hub24 following the third quarter update, which revealed structural growth continued and competitive positions improved.

While inflows were in line they were impacted by adverse market movements and the broker retains expectations for FY26 inflows at $20.3m. PARS FUA (funds under administration) forecasts are reduced to $24.9m because of ongoing market volatility, contributing to expectations for total FUA of $136.7bn, down from $140.3bn.

Target is reduced to $120 from $126. Industry view: In-Line.

Target price is $120.00 Current Price is $83.33 Difference: $36.67
If HUB meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $103.60, suggesting upside of 25.3% (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

Bell Potter rates ING as Downgrade to Hold from Buy (3) -

Bell Potter lowers its target for Inghams Group to $2.00 from $2.75 to reflect weaker pricing and higher input costs, particularly into FY27. The rating is downgraded to Hold from Buy.

The analysts explain these changes are a response to rising global costs for fast-moving consumer goods (FMCG) producers post the Middle East conflict, and recent commentary regarding a slowdown in food service distribution channels.

The broker sees potential volume shifts by the group into more volatile wholesale markets, while pricing remains constrained by retailer actions such as price freezes.

Target price is $2.00 Current Price is $1.89 Difference: $0.115
If ING meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 30.5% (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

Macquarie rates JMS as Outperform (1) -

Jupiter Mines has achieved consistent production from its Tshipi operation, Macquarie highlights, with output and sales slightly ahead of expectations.

Earnings, however, missed the broker's forecast by -42% due to weaker realised manganese prices, higher costs and adverse currency movements from a stronger South African rand.

Recent strength in manganese prices is seen as supportive for a stronger fourth quarter.

Macquarie retains an Outperform rating and target of $0.33.

Target price is $0.33 Current Price is $0.28 Difference: $0.055
If JMS meets the Macquarie target it will return approximately 20% (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 LTR as Neutral (3) -

Citi highlights a mixed March quarter from Liontown, with stronger cash generation at Kathleen Valley offset by a weaker operational performance.

Cash flow improved on higher realised lithium prices, but production missed expectations and costs increased, partly reflecting higher royalties, the analyst explains.

Recoveries from open pit ore were a key weakness, according to the broker, though early April data shows improvement.

Commentary notes underground mining continues to ramp up ahead of schedule, with further production growth expected through FY27.

Citi maintains a cautious stance following the operational variability. Neutral. Target $1.65.

Target price is $1.65 Current Price is $2.35 Difference: minus $0.7 (current price is over target).
If LTR meets the Citi target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.16, suggesting downside of -18.1% (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 LTR as Neutral (3) -

It is Macquarie's view Liontown delivered a soft third quarter result, although the underground transition remains on track.

The company produced 96,400t of spodumene concentrate while recoveries of 61% were also materially below what Macquarie expected.

The broker notes the stock is trading at a premium to lithium peers, reflecting its high-quality concentrator and strong track record. The underground ramp up, complemented by a mining rate expansion, will underpin stronger earnings growth which Macquarie finds attractive.

Neutral rating reiterated given the lack of valuation upside and despite the favourable conditions. Target rises to $2.20 from $1.80.

Target price is $2.20 Current Price is $2.35 Difference: minus $0.15 (current price is over target).
If LTR meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.16, suggesting downside of -18.1% (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 LTR as Buy (1) -

Liontown reported softer 3Q26 production, with output of 96.3kt spodumene concentrate below UBS' expectations due to lower recoveries and slightly weaker throughput.

Unit costs increased to $1,251/t, though the company generated $33m in net cash flow, marking an early shift to cash build supported by improving lithium prices.

Guidance is unchanged, with focus now on ramping operations and progressing the 4Mtpa expansion, with a study update due in Q127.

Operationally, underground mining is ramping faster than planned, supporting improving recoveries and longer-term production growth.

UBS lifts lithium price assumptions, driving upgrades to earnings forecasts and valuation. Buy retained, target raised to $2.90 from $2.20.

Target price is $2.90 Current Price is $2.35 Difference: $0.55
If LTR meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.16, suggesting downside of -18.1% (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 MAP as Speculative Buy (1) -

Microba Life Sciences' March quarter revenue declined -2% on the prior year on weaker supplement and legacy product sales, despite continued uptake of its Microbiome Explorer offering, Bell Potter explains.

Cash burn remains elevated, leaving around two quarters of funding, prompting the need for additional capital, in the analysts' view.

The key development is considered ongoing negotiations around a potential "significant corporate transaction", which could involve a material investment or takeover.

Bell Potter maintains a Buy (Speculative) rating and lowers its target to $0.12 from $0.13.

Target price is $0.12 Current Price is $0.07 Difference: $0.05
If MAP meets the Bell Potter target it will return approximately 71% (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 MIN as Outperform (1) -

Mineral Resources produced a strong third quarter with upgrades across all segments for FY26, in particular for Mt Marion. Costs at Onslow beat Macquarie's estimates and the project was a highlight as the result demonstrated productivity benefits.

The performance of the Pilbara hub exposed the inflation risk, with costs at the top end of guidance, and given the reliance on long-haul distances, the broker believes higher fuel costs will continue to erode the margins of what is already a high-cost business.

Partially offsetting this will be the ramp up of Lamb Creek. Outperform rating and $75 target unchanged.

Target price is $75.00 Current Price is $63.71 Difference: $11.29
If MIN meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $70.80, suggesting upside of 6.1% (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

Morgan Stanley rates MIN as No Rating (-1) -

Morgan Stanley updates its modelling to account for the third quarter production from Mineral Resources.

Upgrades to FY26 guidance at Onslow, Mount Marion and Wodgina are incorporated, with unit costs also lifted modestly across the assets to account for diesel impacts.

The completed US$1.3bn senior unsecured note offering is also incorporated.

The broker is under research restriction for Mineral Resources. No rating or target price. Industry View: Attractive.

Current Price is $63.71. Target price not assessed.

Current consensus price target is $70.80, suggesting upside of 6.1% (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

Morgans rates MIN as Accumulate (2) -

Mineral Resources announced a better than expected 3Q26 result beating Morgans' expectations with strength in Onslow and lithium and mining services.

Onslow shipments were better than forecasts on both volumes and costs despite the impact of cyclones. Lithium volumes continued to do better than expected with Wodgina moving to steady-state use. Recovery improvements at Mt Marion are anticipated to slow into FY27.

Management flagged higher diesel fuel prices are flagged to impact on costs from April into 4Q26 with a rise in guided FOB costs by US$4/wmt at Onslow and US$7/wmt at Pilbara and by US$60/wmt average at Wodgina and Mt Marion.

Target price is lifted to $71 from $67 with no change in Accumulate rating.

Target price is $71.00 Current Price is $63.71 Difference: $7.29
If MIN meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $70.80, suggesting upside of 6.1% (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

UBS rates MIN as Buy (1) -

Mineral Resources reported a robust 3Q26 update, with iron ore and lithium volumes and realised prices ahead of expectations, UBS notes, prompting upgrades to FY26 guidance.

Costs were well controlled, with Onslow FOB costs below consensus, though diesel-related pressures remain a headwind across segments.

Lithium performance was solid, with higher production guidance at Wodgina and Mt Marion supported by strong operating momentum, while mining services guidance was also lifted.

The broker retains a positive view, supported by growth optionality across key assets, improving commodity outlook and a focus on deleveraging, with only minor EPS downgrades.

Buy retained, target $73.

Target price is $73.00 Current Price is $63.71 Difference: $9.29
If MIN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $70.80, suggesting upside of 6.1% (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

Ord Minnett rates MLX as Buy (1) -

Ord Minnett hails the March quarter report on the Renison mine from Metals X as "excellent", as strong production was delivered into a record tin price. Even more cash was accrued compared with the December quarter record, as tin prices were at almost $70/kg for the full three months.

While the mine is 60 years old, and there is elevated expenditure required for renewal, Ord Minnett notes it has still managed to deliver.

The broker also notes the Heemskirk project, around 15km from Renison, has evident synergies. Buy and $1.60 target retained.

Target price is $1.60 Current Price is $1.39 Difference: $0.215
If MLX meets the Ord Minnett target it will return approximately 16% (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

Bell Potter rates MSB as Speculative Buy (1) -

Based on March quarter results by Mesoblast, Bell Potter highlights improving momentum given March quarter cash burn sharply fell and customer receipts rose strongly on Ryoncil sales.

Revenue guidance for FY26 is unchanged, with continued growth expected, while the business moves toward cash flow positivity.

A key upcoming catalyst, according to the analysts, is the Phase 3 readout for rexlemestrocel in chronic lower back pain, targeting a large US market opportunity.

Bell Potter maintains a Buy (Speculative) rating and target of $4.45.

Target price is $4.45 Current Price is $2.12 Difference: $2.33
If MSB meets the Bell Potter target it will return approximately 110% (excluding dividends, fees and charges).

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 NEC as Neutral (3) -

UBS updates its traditional media outlook, flagging softer advertising conditions driven by geopolitical tensions and the prospect of further rate hikes, with recent data indicating a slowdown in 2H26, particularly in metro free-to-air, down -11% y/y in March.

News Corp ((NWS)) is viewed as the most defensive exposure, supported by the strength of Dow Jones and REA Group ((REA)), while Nine Entertainment, Southern Cross Media ((SXL)) and ARN Media ((A1N)) remain more exposed to cyclical weakness and softer ad demand.

Nine Entertainment's target is lowered by -14% to 97c. Neutral rating reiterated. EPS estimates are cut by -19% for FY26 and -38% for FY27.

Target price is $0.97 Current Price is $0.95 Difference: $0.02
If NEC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates NHF as Underperform (5) -

Visa statistics for March, lead indicators for nib Holdings' international students and workers business and which represented 17% of group earnings pre-pandemic, showed granted student visas were up 7% and work visa holders up 17%.

Macquarie points out that the health insurer's product for workers remains the cheapest among major peers and the student product is at the top end of the market.

Regulations on commission caps for students could cause a change in purchasing across channels yet at this point there is not any impact, the broker adds.

As multiple divisions experience operating and environmental headwinds, Macquarie retains a cautious outlook and retains an Underperform rating and $6.10 target.

Target price is $6.10 Current Price is $6.65 Difference: minus $0.55 (current price is over target).
If NHF 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 $7.30, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates NOU as Buy (1) -

Bell Potter highlights solid March quarter sales from Noumi, with revenue broadly in line with expectations and supported by strong growth in Dairy and Nutritionals business. The export volume of ultra-high temperature (UHT) milk is considered a highlight.

Plant-based sales also performed slightly ahead of the broker's forecast, while operating cash flow (OCF) remained positive, aided by timing of customer receipts.

No formal FY26 guidance was provided, though recent demand included some pantry restocking, observe the analysts.

Buy and 18c target retained.

Target price is $0.18 Current Price is $0.12 Difference: $0.065
If NOU meets the Bell Potter target it will return approximately 57% (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 NWL as Overweight (1) -

Morgan Stanley reiterates an Overweight rating for Netwealth Group following the third quarter update, which revealed structural growth continued and competitive positions improved.

The broker observes strong momentum has lifted FY26 FUA flows to $16.3bn from $15.8bn and the company is expected to continue reinvesting in internal projects, resulting in ongoing margin compression in FY27.

Higher operating expenditure is expected in FY27 while the benefits will begin flowing in FY28 and beyond. Target is reduced to $33 from $35. Industry view: In-Line.

Target price is $33.00 Current Price is $23.56 Difference: $9.44
If NWL meets the Morgan Stanley target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $28.41, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates NWS as Buy (1) -

UBS updates its traditional media outlook, flagging softer advertising conditions driven by geopolitical tensions and the prospect of further rate hikes, with recent data indicating a slowdown in 2H26, particularly in metro free-to-air, down -11% y/y in March.

News Corp is viewed as the most defensive exposure, supported by the strength of Dow Jones and REA Group ((REA)), while Nine Entertainment ((NEC)), Southern Cross Media ((SXL)) and ARN Media ((A1N)) remain more exposed to cyclical weakness and softer ad demand.

News is Buy rated with a lower target of $56 from $65. EPS forecasts are cut by -8% for FY26 and -5% for FY27.

Target price is $56.00 Current Price is $42.45 Difference: $13.55
If NWS meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $50.20, suggesting upside of 17.6% (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: 0.7

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

Citi rates NXT as Buy (1) -

Citi reiterates its Buy rating on NextDC, highlighting strong hyperscaler demand and improving cloud growth trends.

The broker notes accelerating growth across AWS, Google Cloud and Azure, with rising AI adoption also driving broader cloud migration.

Ongoing supply constraints and enterprise shifts from on-premise infrastructure are seen as providing demand support for data centres.

A recent $750m subordinated note issue enhances funding flexibility, the broker suggests, allowing the company to accelerate development if required. The target is raised to $19.10 from $18.60 after forecasts are updated for the note issuance.

Target price is $19.10 Current Price is $14.24 Difference: $4.86
If NXT meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $19.58, suggesting upside of 37.4% (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

Morgans rates PNR as Buy (1) -

Pantoro Gold's 3Q26 production of 20.3koz fell -19.5% q/q and missed Morgans' expectations despite recent revised guidance in March arising from cyclone impacts.

AISC at $3,304/oz was notably higher than forecast and consensus due to lower production volumes and a fall in head grade of -17% q/q, the analyst explains.

Earnings (EBITDA) forecasts are lowered by -9.6% for FY26 due to lower expected production and higher costs.

A Buy rating is retained with a lower target of $6.29 from $6.53.

Target price is $6.29 Current Price is $3.25 Difference: $3.04
If PNR meets the Morgans target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $6.11, suggesting upside of 90.3% (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 RMD as Overweight (1) -

At first glance, Morgan Stanley notes revenue in the third quarter beat estimates, led by "rest of the world" revenue.

Within the Americas, US masks/accessories beat expectations by 1% while devices were down -1% versus forecasts. Gross margin was 62.8% while EBIT margins were up 0.2%.

Overweight rating. Target is US$286. Industry View: In-Line.

Current Price is $29.78. Target price not assessed.

Current consensus price target is $46.66, suggesting upside of 62.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates S32 as Outperform (1) -

South32 has announced schedule and cost overruns at Hermosa amid contractor underperformance in shaft construction.

Macquarie points out the magnitude of the overrun represents 53% of the originally sanctioned investment amount, or around 120% of remaining capital expenditure.

The capital intensity and delivery timetable are unknowns that make it hard to value with the delay pushing first zinc to 2028.

Macquarie retains an Outperform rating, reducing the target to $4.50 from $5.80.

Target price is $4.50 Current Price is $4.03 Difference: $0.47
If S32 meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 18.5% (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: 0.9

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

Ord Minnett rates S32 as Buy (1) -

South32 has signalled cost pressures at Hermosa amid timing delays at the Taylor zinc-lead-silver development.

Concrete, steel and piping costs have doubled since the final investment decision was made. Higher energy costs and contractor underperformance have also impacted.

Capital expenditure of -US$3.3bn is now expected for building the project, up from an initial estimate of -US$2.2bn, while first production has been delayed until the second half of FY28.

Ord Minnett found a small positive in the extension of expected mine life by five years to 33 years and increases in the Taylor reserves and resources of 52% and 10%, respectively.

Target is cut to $4.80 from $5.20 and a Buy rating is maintained.

Target price is $4.80 Current Price is $4.03 Difference: $0.77
If S32 meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 18.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

UBS rates S32 as Buy (1) -

South32's Taylor update revealed a significant cost escalation, with Stage 1 capex rising to -US$3.3bn, well above both consensus and UBS expectations, reflecting inflationary pressures, weaker shaft sinking productivity and some scope changes.

The revision was accompanied by higher operating costs, lower grades and a circa 12-month delay to first production, now expected in 2H28, reducing Hermosa's NAV by around -US$2.2bn.

Resources and reserves increased, supporting longer mine life and potential upside to throughput, the analyst is not factoring in production above nameplate at this stage.

The update also pushes out free cash flow generation, with meaningful yield now not expected until FY29-FY30, highlighting the capital intensity and execution risk of large-scale developments.

The update is viewed as indicative of industry-wide challenges, including persistent inflation and delivery risk, which may ultimately support higher long-term commodity prices.

Buy retained, target reduced to $4.50 from $5.20.

Target price is $4.50 Current Price is $4.03 Difference: $0.47
If S32 meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 18.5% (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: 0.9

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

Ord Minnett rates SGP as Buy (1) -

Ord Minnett found the March quarter update from Stockland "patchy". Total residential settlements are running at a rate to match FY26 guidance for around 9000 settlements while sales at the master-planned community business fell -7% quarter on quarter, which was somewhat offset by a 10% rise in land-lease community sales.

The company has guided to gearing moving towards the middle of its target band of 20-30% for FY26, although the broker expects it to be 30.8% by FY28, highlighting the need to find partners for its projects.

Ord Minnett reiterates a Buy rating with a $5.20 target. Estimates for FFO per security are reduced slightly for FY26 and by -2.5% for FY27 while FY28 forecasts are raised 0.7%.

Target price is $5.20 Current Price is $4.05 Difference: $1.15
If SGP meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 18.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates SLD as Speculative Buy (1) -

Bell Potter points to strong momentum for medical device company Saluda Medical, with March quarter revenue rising 34% yoy, driven by continued traction in the US.

US sales grew 35%, supported by expansion of the sales force and a sharp increase in patient implants, the analysts explain, while international markets also delivered solid growth.

FY26 revenue guidance has been upgraded again, reflecting confidence in near-term sales momentum, suggests the broker.

Despite negative valuation adjustments, Bell Potter sees significant upside.

The broker maintains a Buy (Speculative) rating and lowers its target to $2.00 from $2.70 after upping the Australian dollar forecast and lowering the assumed sales-based valuation multiple.

Target price is $2.00 Current Price is $0.60 Difference: $1.4
If SLD meets the Bell Potter target it will return approximately 233% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SXL as Neutral (3) -

UBS updates its traditional media outlook, flagging softer advertising conditions driven by geopolitical tensions and the prospect of further rate hikes, with recent data indicating a slowdown in 2H26, particularly in metro free-to-air, down -11% y/y in March.

News Corp is viewed as the most defensive exposure, supported by the strength of Dow Jones and REA Group ((REA)), while Nine Entertainment ((NEC)), Southern Cross Media and ARN Media ((A1N)) remain more exposed to cyclical weakness and softer ad demand.

Southern Cross Media is Neutral rated. Target is lowered -11% to 62c. EPS forecasts are trimmed by -3% for FY26 and -5% for FY27.

Target price is $0.62 Current Price is $0.57 Difference: $0.05
If SXL meets the UBS target it will return approximately 9% (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

Bell Potter rates TTT as Speculative Buy (1) -

In the wake of March quarter results, Bell Potter highlights continued progress at Titomic, with advancements across technology qualification, commercial engagement and leadership.

Key milestones, according to the broker, included certification approvals, validation of Titomic's cold spray technology for industrial use, and collaboration with NASA, alongside plans to re-domicile to the US.

These steps are expected to support engagement with defence and aerospace customers.

Revenue remains early-stage, the analysts note, though customer receipts improved. Quarter-end cash was $25.5m (prior quarter $35.7m) and debt of $5.0m compared to $4.1m.

The broker retains its Speculative Buy rating and $0.50 target, noting growing exposure to defence-driven additive manufacturing demand.

Target price is $0.50 Current Price is $0.27 Difference: $0.235
If TTT meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates WOW as Downgrade to Hold from Buy (3) -

Bell Potter lowers its target for Woolworths Group to $35.50 from $38.25, on weaker forecast margins and higher cost assumptions, and downgrades to Hold from Buy following 3Q results.

While the group generated a strong quarterly sales performance, driven by Australian Food, there are emerging signs of softer consumer demand, the broker suggests.

Despite solid top-line growth, the analysts point to margin pressure as higher supply chain costs are absorbed, leading to a downgrade in Australian Food earnings (EBIT) guidance.

Target price is $35.50 Current Price is $34.39 Difference: $1.11
If WOW meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 3.8% (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

Citi rates WOW as Neutral (3) -

Citi lowers its target for Woolworths Group to $34 from $35 and retains a Neutral rating following 3Q sales results.

A summary of the broker's initial research follows.

Citi highlights a strong 3Q26 sales result from Woolworths Group today, with Australian Food like-for-like growth of 5.3%, beating the consensus expectation for 4.3%, supported by pantry stocking in March.

However, at first glance, the broker also notes Australian Food earnings (EBIT) guidance has been lowered, with FY26 growth now expected at mid to high single digits but no longer at the upper end.

Higher fuel costs and price reinvestment are weighing on this segment, the analyst explains.

Commentary notes transaction growth and basket size both improved, while online sales accelerated and New Zealand and Big W also showed modest gains.

Target price is $34.00 Current Price is $34.39 Difference: minus $0.39 (current price is over target).
If WOW meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.46, suggesting upside of 3.8% (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

Macquarie rates WOW as Neutral (3) -

Woolworths Group delivered a March quarter update that showed a strong topline along with margin pressures and FY26 Australian food earnings (EBIT) guidance has been lowered.

Macquarie notes sales growth of 5.9% for the March quarter still suggests underlying trends are solid. The benefit is not moving through to earnings as a result of higher fuel costs and other initiatives to drive value for customers.

The company will introduce a "price freeze" for 12 weeks across 300 of its exclusive label items as it seeks to rebuild customer trust. The broker believes this prevents the company passing on fuel inflation costs because of relative pricing perception and the attempt to rebuild customer trust after a series of external issues.

Neutral retained. Target slips to $33.50 from $34.50.

Target price is $33.50 Current Price is $34.39 Difference: minus $0.89 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.46, suggesting upside of 3.8% (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

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

Woolworths Group reported supermarket sales were up 5.9% in the March quarter, consistent with the February update. A -$15-25m impact from fuel is expected in the fourth quarter which equates to around -15 basis points of gross product margin in the second half, Morgan Stanley notes.

Woolies supermarkets plan to increase price investment in the fourth quarter amid rising inflation with a "price freeze" announced for 300 basic products for three months from May 1.

Guidance has been downgraded for Australian food EBIT growth to be in the "mid to high single digit range" from "upper end of the range" because of higher fuel price investment.

Equal-weight rating and $34.40 target. Industry View: In-Line.

Target price is $34.40 Current Price is $34.39 Difference: $0.01
If WOW meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 3.8% (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

Morgans rates WOW as Upgrade to Accumulate from Hold (2) -

Woolworths Group served up a mixed 3Q26 trading update, remarked Morgans, with weaker FY26 earnings guidance for A&NZ food offset by robust sales growth.

Like for like Australian food sales rose 5.3% with notably ongoing trading momentum and robust volume growth. NZ food like for like sales rose 2.4% and met the analyst's expectations, but missed consensus by -3%.

As cost of living pressures rise, management highlighted "value" is becoming more important for customers. Strategically, the company has sought to absorb higher fuel costs and invest in pricing.

The broker believes the turnaround strategy is working and Woolworths is a relatively defensive business with long term tailwinds from population growth.

No change to target price of $37.30 and the stock is upgraded to Accumulate from Hold.

Target price is $37.30 Current Price is $34.39 Difference: $2.91
If WOW meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 3.8% (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

Ord Minnett rates WOW as Accumulate (2) -

Woolworths Group has signalled a downgrade to FY26 EBIT guidance for the Australian food business, largely to growth in the mid-high single-digit range.

The softer outlook is despite Australian food sales growing at a rate of 5.9% in the March quarter and 5.4% including April, ahead of market expectations, Ord Minnett notes.

Growth was partially driven by consumers building up stocks of items. The broker retains an Accumulate rating and $39 target.

The company has also indicated it is cautious about pushing cost increases onto shelf prices too fast, given the fragile consumer environment.

Target price is $39.00 Current Price is $34.39 Difference: $4.61
If WOW meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 3.8% (ex-dividends)

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 WOW as Neutral (3) -

Woolworths reported solid 3Q26 sales growth of 4.5%, with Australian Food outperforming UBS expectations, driven by improving volumes and execution.

FY26 earnings guidance was lowered, reflecting margin pressure from increased price investment and higher fuel costs, while New Zealand Food continues to lag due to slower turnaround progress and competitive pressures.

Big W guidance was maintained, with improving earnings quality despite modest sales growth. The broker trims EPS forecasts and highlights a more balanced risk-reward profile as reinvestment supports longer-term resilience but weighs on near-term margins.

Neutral retained, target reduced to $34.50 from $37.25.

Target price is $34.50 Current Price is $34.39 Difference: $0.11
If WOW meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $35.46, suggesting upside of 3.8% (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

Morgans rates WRK as Buy (1) -

The March quarter activity update from Wrkr saw 44% y/y growth in cash receipts due to Wrkr Pay transactions and the Paidright acquisition, Morgans notes.

Cash flow slipped to -$3.5m from -$0.421m y/y as the company invested for future growth including two casual staff.

The analyst points to Rest Pay going live as well as AustralianSuper while several smaller superannuation funds are being onboarded.

Morgans believes the company is progressing well and lifts EPS forecasts up 7% for FY26 and tweaks FY27 lower.

No change to Buy rating and 14c target.

Target price is $0.14 Current Price is $0.12 Difference: $0.025
If WRK meets the Morgans target it will return approximately 22% (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 ZZZ as Initiation of coverage with Buy (1) -

This is a test

Target price is $11.00

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