Australian Broker Call

Citi rates 360 as Buy (1) -

With a quarterly update due tomorrow, Citi highlights Life360's recent product enhancements, including Major Safety Incidents and the new "Family AI" initiative, as positive for user engagement and advertising monetisation.

While April app data showed some slowing in monthly active user (MAU) growth and downloads, the broker cautions against over-interpretation, noting weak correlation with reported metrics and early-quarter timing effects.

Citi expects 1Q MAUs to be in line with consensus, with growth weighted to the second half.

Citi retains a Buy rating and $32.10 target.

Target price is $32.10 Current Price is $19.86 Difference: $12.24
If 360 meets the Citi target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $31.36, suggesting upside of 55.9% (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

Citi rates AMC as Buy (1) -

Following Amcor's 3Q result, Citi lowers its target price by $11.00 to $65.00 and retains a Buy rating.

A summary of the broker's initial research follows.

According to Citi, Amcor announced a mixed 3Q26 result with earnings (EBIT) a slight miss against consensus and EPS was in line while revenue beat.

Impacts of the Middle East war were reflected in management's marginal downgrade in FY26 guidance for EPS to US$3.98-US$4.03 from US$4.00-US$4.15.

Free cash flow guidance was also trimmed with a rise in inventory costs and changes to interest charges assumptions and the effective tax rate to 16%-17% from 17%-20%.

The analyst highlights the implied 4Q26 EPS of US$1.19-US$1.24 post guidance update is above consensus forecasts of US$1.17 including $100m of cost synergies.

Target price is $65.00 Current Price is $54.86 Difference: $10.14
If AMC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $68.04, suggesting upside of 23.8% (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: 0.8

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

Morgan Stanley rates APE as Overweight (1) -

Morgan Stanley has included the CanadaOne acquisition into Eagers Automotive's earnings forecasts ahead of the AGM on May 27.

The analyst points to robust momentum for BYD with trading for the strongest seasonal months, May and June ahead. The first four months year-to-date 2026 has seen a run rate of 30% growth h/h and up 60% y/y on average.

EA123 is also achieving great unit economics the broker highlights. For 1H26 the analyst expects new vehicle sales ex BYD to come in -4% lower against 2H25. This challenge is believed to be manageable due to stronger results for BYD and ongoing EA123 benefits.

Target price lowered to $30 from $32 due to a change in the valuation ascribed for higher uncertainty around macro backdrop and market de-rating. Overweight rating. Industry View: In-Line.

Target price is $30.00 Current Price is $23.78 Difference: $6.22
If APE meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $29.93, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates CHC as Overweight (1) -

Charter Hall's management confirmed there will be no management fees included in FY26 EPS guidance of $1. Morgan Stanley believes there could be a return to management fees, even small in FY27.

Six funds are on track for fee testing next fiscal year which constitute around $19bn of funds under management.

The lack of performance fees after two years could be marked by a turning point in FY27 and in the best years some circa $200m-plus revenue was added.

At this stage the analyst estimates small fees of $6m–$14m with the Charter Hall/PGGM partnership the generator of fees.

EPS forecasts have been upgraded by 3% for FY27 for 9% growth on FY26.

Target $26.89. Overweight. Industry View: In-Line.

Target price is $26.89 Current Price is $19.77 Difference: $7.12
If CHC meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $23.56, suggesting upside of 20.5% (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 CKF as Neutral (3) -

Citi sees downside risk across the Australian Quick Service Restaurant (QSR) sector following McDonald's Australia 1Q26 result.

Collins Foods, Domino's Pizza Enterprises and Guzman y Gomez are potentially impacted by continued market share gains from McDonald's in Australia, the analyst explains.

Commentary also describes increasing pressure on consumers along with softer international momentum and negative April comparisons, which could weigh on sector demand more broadly.

Increasing competition in beverages is noted, with McDonald's new offerings posing a threat to Collins Foods' KFC drink rollout.

Neutral rating and $10.45 target maintained for Collins Foods.

Separately, Citi sees mixed read-throughs from European-based QSR AmRest's 1Q26 result.

The broker highlights negative implications for Collins Foods, citing slowing sales momentum in Germany alongside margin pressure from a higher cost base and weaker operating leverage.

Target price is $10.45 Current Price is $8.23 Difference: $2.22
If CKF meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $11.51, suggesting upside of 40.8% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates CSL as Buy (1) -

Citi's first response to CSL's profit downgrade today is by observing the issues plaguing Australia's largest biotech appear broad-based, including albumin in China, inventory in Ig, and Hemgenix production problems.

Vifor's intangible assets have again been impaired. Chief Commercial Officer, Andy Schmeltz, is taking retirement.

Citi thinks investors' trust is likely to be further eroded and notes the current $200 price target (unchanged) is DCF-based "but investors may increasingly start reaching for a multiples overlay". Buy.

Target price is $200.00 Current Price is $119.88 Difference: $80.12
If CSL meets the Citi target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $194.48, suggesting upside of 92.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Macquarie rates CSL as Neutral (3) -

In a flash update Macquarie highlights CSL's CEO in charge has downgraded FY26 guidance as part of the 90-day review.

Revenue is now expected to around US$15.2bn from US$15.9bn-US$16bn with net profit after tax around US$3.1bn from US$3.3bn-US$3.4bn previously.

At the midpoint the broker points to a downgrade of around -5% for revenue and net profit after tax of circa -9%. Management flagged revenue growth in 2H26.

US Ig is anticipated to have a -US$300m revenue impact from the normalisation of channel inventory. The overall albumin market has fallen with an unexpected -US$200m impact. CSL noted their market share has lifted and volumes "stabilised".

Seqirus has performed slightly better than previous expectations. The CEO search remains ongoing.

Neutral rating. Target $176.

Target price is $176.00 Current Price is $119.88 Difference: $56.12
If CSL meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $194.48, suggesting upside of 92.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Bell Potter rates CYC as Buy (1) -

Bell Potter explains Cyclopharm's management retained an upbeat outlook for the balance of 2026, flagging ongoing guidance for 250-300 Technegas generators installed in the US by the end of December 2026.

The analyst estimates 11 installations in the first 17 weeks of 2026 including five since March 31, while the company has 175 contracts signed and pending installation. An additional 11 contracts are at review stage.

Cash burn is expected to have peaked, the broker details, and is expected to decline over 2H2026 with revenue generation from 250 devices forecast to generate around US$423m in annual recurring revenue.

No EPS changes. Target remains at $1 with a Buy rating.

Target price is $1.00 Current Price is $0.85 Difference: $0.155
If CYC meets the Bell Potter target it will return approximately 18% (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

Citi rates DMP as Neutral (3) -

Citi sees downside risk across the Australian Quick Service Restaurant (QSR) sector following McDonald's Australia 1Q26 result. Collins Foods, Domino's Pizza Enterprises and Guzman y Gomez are potentially impacted by continued market share gains from McDonald's in Australia, the analyst explains.

Commentary also describes increasing pressure on consumers along with softer international momentum and negative April comparisons, which could weigh on sector demand more broadly. Neutral rating and $17.50 target maintained for Domino's Pizza.

Separately, Citi sees mixed read-throughs from European-based QSR AmRest's 1Q26 result, with positives for Domino's delivery channel sales gained momentum amid reduced mobility from higher energy prices.

Target price is $17.50 Current Price is $16.08 Difference: $1.42
If DMP meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.30, suggesting upside of 31.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates DNL as Neutral (3) -

At first take, UBS notes Dyno Nobel announced a robust 1H26 earnings (EBIT) result beating consensus by around 18% with underlying net profit after tax up 63% y/y. The balance sheet de-geared to 1.3x leverage from 1.6x.

Management reiterated FY26 explosives guidance for earnings (EBIT) between $460m-$500m including a cost impost of -$30m, the analyst points out.

Capex guidance of -$350m-$300m is below previous guidance with corporate cost guidance at the top end of the prior updated guidance.

UBS explains earnings growth for the period was generated by APAC, some 24% above consensus. FY26 guidance includes -$30m of forex headwinds and the Middle East challenges, as well as Phosphate Hill stranded costs.

Dyno Nobel is rated Neutral with a $3.55 target.

Target price is $3.55 Current Price is $3.32 Difference: $0.23
If DNL meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting downside of -1.2% (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

Macquarie rates FPR as Outperform (1) -

First half net profit from FleetPartners Group was in line with Macquarie's expectations. It was a combination of 2% organic AUM growth with steady new business writing and stable margins.

Impairments were up 30%, affected by the timing of collections, and does not seem to represent an issue, the broker adds.

The company remains confident momentum will continue to build throughout the second half. Multiples are undemanding and Macquarie retains an Outperform rating. Target rises to $3.41 from $3.36.

Target price is $3.41 Current Price is $2.79 Difference: $0.62
If FPR meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 20.2% (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 FPR as Buy (1) -

Ord Minnett highlights a strong rebound in FleetPartners Group's 2QFY26 new business writing, up around 12%-13% year-on-year, supported by improved execution and growing demand for novated leasing.

In reviewing interim results, the broker points to a healthy pipeline, particularly in novated leasing, underpinned by EV demand and supportive FBT policy. Upside risk is seen to conservative full-year growth guidance.

Margins are expected to remain broadly stable, with earnings supported by improved volumes and recent acquisitions.

Ord Minnett retains a Buy rating with an unchanged target price of $3.40.

Target price is $3.40 Current Price is $2.79 Difference: $0.61
If FPR meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 20.2% (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 GGP as Neutral (3) -

At first glance, Macquarie assesses a strong drilling update by Greatland Resources at the Pinnacles prospect. Outcomes include 58.7m at 6.5g/t gold and 0.1% copper close to the West Dome Underground resource.

The results are seen as supporting potential extension of the mineralised structure, with scope to infill the strike between Pinnacles and the existing 8Mt resource.

The broker highlights proximity to Telfer infrastructure and sees potential for a high-grade underground ore source.

Neutral rating pending further drilling confirmation. Target $15.00.

Target price is $15.00 Current Price is $14.90 Difference: $0.1
If GGP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.67, suggesting upside of 14.5% (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

Citi rates GMG as Buy (1) -

Citi expects Goodman Group to reaffirm its FY26 operating EPS growth target of 9% at the upcoming 3Q update on May 26, supported by a solid first half result that slightly exceeded the broker's expectations.

The analysts see potential upside risk to guidance, driven by accelerating activity levels and continued strong execution across the portfolio.

Citi retains a Buy rating with a $40.00 target price.

Target price is $40.00 Current Price is $30.26 Difference: $9.74
If GMG meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $34.42, suggesting upside of 11.6% (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

Ord Minnett rates GTK as Hold (3) -

Gentrack Group has lowered FY26 earnings (EBITDA) guidance to NZ$13.5m-NZ$20m, around -50% below the consensus estimate, observes Ord Minnett.

The downgrade reflects delays in G2 pipeline conversion and weaker non-recurring project revenue, the analysts explain, with several deals pushed back and no immediate replacements.

Despite softer revenue, the broker notes management continues to invest in growth initiatives, including international expansion and R&D.

The acquisition of Dubai Technology Partners (DTP) is expected to modestly support revenue.

Ord Minnett lowers its target price to $3.46 from $5.63 on lower forecasts and after incorporating the DTP acquisition. Hold rating maintained.

Target price is $3.46 Current Price is $3.45 Difference: $0.01
If GTK meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.14, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in September.

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: 0.3

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

Citi rates GYG as Sell (5) -

Citi sees downside risk across the Australian Quick Service Restaurant (QSR) sector following McDonald's Australia 1Q26 result.

Collins Foods, Domino's Pizza Enterprises and Guzman y Gomez are potentially impacted by continued market share gains from McDonald's in Australia, the analyst explains.

Commentary also describes increasing pressure on consumers along with softer international momentum and negative April comparisons, which could weigh on sector demand more broadly.

Guzman y Gomez is increasingly focused on value, limiting menu price increases and leveraging lower-priced limited-time offers. The Cheeseburger Cali Taco is priced around -17% below the company's prior taco promotion, the broker explains.

Sell rating and $16.55 target maintained for Guzman y Gomez.

Target price is $16.55 Current Price is $18.50 Difference: minus $1.95 (current price is over target).
If GYG 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 $24.59, suggesting upside of 37.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates INR as Speculative Buy (1) -

Ioneer is nearing a decision on a strategic partner for its Rhyolite Ridge project, with a consortium approach likely, Ord Minnett highlights.

The broker expects a further US$270m capital raise will be required, although the final funding structure will depend on the terms agreed with the incoming partner. The outcome of this process is seen as the key catalyst for valuation.

Rhyolite Ridge is viewed as a high-quality, globally significant lithium-boron asset, supported by low projected costs and long mine life.

Ord Minnett maintains its Speculative Buy rating with a target price of 40c.

Target price is $0.40 Current Price is $0.14 Difference: $0.26
If INR meets the Ord Minnett target it will return approximately 186% (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

Bell Potter rates IPD as Speculative Buy (1) -

ImpediMed has finished a two tranche placement of $13m at 1c per share with an additional $2m raised via a share purchase placement.

Bell Potter notes that investors who participated receive a free attached option at 1c per share by March 2027 and a follow-up option at 1.5c per share by Dec 2027, subject to shareholder approval.

Management is also starting a cost-out program for $5m, which is viewed by the analyst as "encouraging" but short of the gap to breakeven.

Assuming all the options are exercised, the share dilution will be sizeable and potentially triple the shares on issue to around 6.6bn.

Target price slips to $0.015 from $0.03 previously. Speculative Buy retained.

Target price is $0.02 Current Price is $0.01 Difference: $0.008
If IPD meets the Bell Potter target it will return approximately 114% (excluding dividends, fees and charges).

Current consensus price target is $0.03, suggesting upside of 183.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates MEK as Buy (1) -

Gold production from Meeka Metals of 6100/oz in the March quarter was down slightly and missed Morgans' expectations on the cost front, at AISC of $4126/oz.

Head grade of just 1.6g/t gold was a driver of the weaker outlook, as waste stripping, contractor performance and the inclement weather meant low grade stockpiles were preferentially treated, and this remains a critical swing factor going into the fourth quarter.

The broker now models open pit operations curtailing in FY26, with the second Turnberry underground reaching nameplate in FY28. This reduces prior assumptions of an extended open pit phase.

Buy rating maintained while the next two quarters are viewed as critical. Target is reduced to $0.35 from $0.39.

Target price is $0.35 Current Price is $0.14 Difference: $0.21
If MEK meets the Morgans target it will return approximately 150% (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 MQG as Neutral (3) -

In a further update to Friday's initial take below, Citi points to some scope for "modest" positive earnings forecast revisions for FY27 based on management's qualitative guidance outlook.

Commodities & Global Markets looks the most likely for an upgrade where revenue outlook is more likely to be around $7bn-$7.2bn, above consensus at around $6.8bn. On balance a circa 2% lift to consensus earnings for FY27 is probable.

Indications for FY26 DPS of $7 was some -5% below market expectations with the group moving to a 50% payout ratio in 2H26, at the lower end of the guidance range.

Stock remains Neutral rated with a $240 target, up from $220.

****

Macquarie Group delivered net profit of $4.847bn in FY26, 8% ahead of Citi's estimates. In an initial view, the broker notes the result was underpinned by better investment-related income across markets, commodities and MacCap.

Citi assesses FY27 guidance implies low single digit upside to consensus revenue forecasts which should also be matched in earnings as costs were largely in line.

Asset realisations featured strongly, led by the sale of the meters business but also other technology and infrastructure exits. The broker expects the result will be well received and retains a Neutral rating with a $220 target.

Target price is $240.00 Current Price is $239.23 Difference: $0.77
If MQG meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $247.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Ord Minnett rates MQG as Downgrade to Accumulate from Buy (2) -

Ord Minnett describes a "stellar" FY26 result from Macquarie Group, with earnings comfortably ahead of expectations, driven by standout performances in Commodities and Global Markets and Macquarie Capital.

Outcomes for Macquarie Asset Management and Banking and Financial Services were broadly in line with consensus estimates, according to the broker.

Commentary notes exceptional trading conditions supported earnings.

FY27 guidance points to broadly stable earnings across divisions, albeit dependent on market conditions, the broker cautions.

Management signalled openness to M&A, potentially in private credit, supported by a more conservative capital management approach, Ord Minnett observes.

Ord Minnett retains a $255 target price, and downgrades to Accumulate from Buy on valuation grounds.

Target price is $255.00 Current Price is $239.23 Difference: $15.77
If MQG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $247.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

UBS rates MQG as Neutral (3) -

On further inspection from UBS's initial take as outlined below, the analyst lifts its target price to $250 from $235 post a robust earnings beat of some circa 10%.

EPS forecasts are tweaked slightly but nothing material with the broker commenting how challenging it is to forecast earnings given the breadth of the group's business.

On the other hand, the business diversification and breadth has been reinforced as a positive with the latest FY26 results.

UBS states the challenge for FY27 is whether the group can achieve the asset sales, performance fees and trading income to justify the earnings upgrades from a higher base. Neutral rated.

Earlier response:

Macquarie Group's FY26 results feature Commodities, MAM and MacCap all beating expectations, comment analysts at UBS. It is their assessment that group diversification and business model are delivering on their potential.

The H2 performance is a record, the broker highlights, also adding Macquarie is hoarding capital to allow it to pursue opportunities.

Equally so, UBS points out that while the guidance remains strong, investor attention may shift to earnings growth for FY27, given the elevated base and questions around the sustainability of these results.

Neutral. Target $250.

Target price is $250.00 Current Price is $239.23 Difference: $10.77
If MQG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $247.70, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Citi rates MTS as Sell (5) -

At first glance, Citi views today's Metcash trading update as mixed, with FY26 underlying profit guidance of $268m–$270m for the year ended April 30 broadly in line with expectations.

Food and Liquor performed ahead of the consensus forecast, the broker observes, with Liquor benefiting from margin recovery.

Conversely, Hardware & Tools was a material miss, with FY26 earnings (EBIT) guidance of $175m–$179m versus consensus of $189m.

Management announced a -$25m cost-out program for FY27, focused on Hardware & Tools, alongside restructuring costs.

Citi sees downside risk to the FY27 consensus earnings forecast, particularly given optimistic margin expansion assumptions in Hardware & Tools.

Sell. Target $2.80.

Target price is $2.80 Current Price is $2.74 Difference: $0.06
If MTS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in April.

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 MYG as Buy (1) -

Mayfield Group has announced $52m of new orders in 2H26 year-to-date from data centres, renewable energy, infrastructure, power generation and the mining sectors including a $15.7m order for switchboards to a major data centre development, Bell Potter highlights.

Work in hand is currently at a record $151m which is expected to support robust revenue growth of FY27. The analyst is forecasting 23% growth.

Notably, the analyst points to management challenges around capacity and workforce constraints against a positive macro backdrop for demand.

Their expansion of the WA facility to 20,000m2 and the purchase of the Royal Park facility are measures to address constraints.

The stock remains Buy rated with a $3.40 target.

Target price is $3.40 Current Price is $2.71 Difference: $0.69
If MYG meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates NWS as Upgrade to Outperform from Neutral (1) -

News Corp posted US$343m in EBITDA in the March quarter, up 18% and ahead of Macquarie's estimates. The broker notes the business is executing on AI content licensing deals, reinforcing the proprietary nature of its data.

The main contributor to the result was digital real estate services, accounting for 11 percentage points of the EBITDA growth. News media underperformed, with lower UK earnings amid costs for the California Post launch.

Macquarie envisages content licensing deals with AI platforms are a big opportunity. Rating is upgraded to Outperform from Neutral and the target rises to $46.25 from $44.40.

Target price is $46.25 Current Price is $43.17 Difference: $3.08
If NWS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $52.13, suggesting upside of 20.4% (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

Morgan Stanley rates NWS as Overweight (1) -

News Corp achieved a slight 3Q26 revenue beat of 3% on consensus forecast and earnings (EBITDA) 4% better than expected, Morgan Stanley observes.

Digital real estate earnings (EBITDA) rose 25% including 20% revenue growth from REA Group ((REA)) and 10% from Move. Dow Jones earnings (EBITDA) lifted 11% with risk and compliance up 19% and Dow Jones energy up 12%.

The stock remains one of the broker's highest conviction traditional media Overweight ratings.

Target raised to US$34.00 from US$32.00 with an Attractive industry view.

Current Price is $43.17. Target price not assessed.

Current consensus price target is $52.13, suggesting upside of 20.4% (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

UBS rates NWS as Buy (1) -

After taking another look at News Corp's 3Q26 results, which were strong and outlined below, UBS upgrades its target to $58 from $56 with an unchanged Buy rating.

EPS forecasts are raised by 9% for FY26 and 8% for FY27.

Notably, the stock is viewed as trading on an attractive 10x FY27 earnings (EBITDA) valuation which is marginally above the five-year average, but this is viewed as justified as the company has "macro resilient" earnings drivers, the analyst states.

***

News Corp announced a strong 3Q26 result, according to UBS at first take, with both revenue and earnings (EBITDA) beating expectations and consensus.

The stand-outs noted by the analyst include Dow Jones earnings (EBITDA) with risk and energy the main earnings drivers. Ongoing geopolitical conflicts are attributed as the factor for the resilient growth.

Move was also highlighted with a beat at the top line due to premium listing in an otherwise weak US housing market. NewsMedia remained "soft" and was affected by the launch of California post.

Buy. Target $58.

Target price is $58.00 Current Price is $43.17 Difference: $14.83
If NWS meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $52.13, suggesting upside of 20.4% (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

Citi rates ORG as Buy (1) -

Citi highlights Origin Energy's share price has been broadly flat year-to-date, with strength in Australia Pacific LNG (APLNG) offset by weaker forward power prices.

Forward curves are underpricing system risk, the analysts suggest, citing ageing thermal assets, delayed renewable investment and rising demand from data centres.

While recent declines in swap and cap prices reflect benign conditions, the broker views this as cyclical rather than structural.

Renewables investment is also seen as slowing due to rising costs, increasing the likelihood of further delays to coal closures such as Eraring.

Buy-rated Citi maintains its $13 target price, seeing upside risk to forward power prices over time.

Target price is $13.00 Current Price is $11.38 Difference: $1.62
If ORG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $12.01, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates PXA as Outperform (1) -

Macquarie notes NSW settlement activity was up 5.7% April, weaker compared with March (up 14.3%) and February (up 8.4%) although ahead of January. Queensland activity was up 9.9% in April compared with 11.9% in March and remains robust.

Transfer activity improved in April while refinancing activity weakened materially. The broker retains an Outperform rating for Pexa Group with a $19.05 target.

Target price is $19.05 Current Price is $12.84 Difference: $6.21
If PXA meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $16.12, suggesting upside of 24.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates QBE as Buy (1) -

Ord Minnett assesses a "solid" March-quarter update from QBE Insurance, with gross written premium growth of 11% year-on-year supporting the re-affirmation of 2026 guidance.

Growth was led by North America, particularly crop insurance, while other regions were more mixed, the analyst explains.

Premium rate increases moderated but remained positive, while investment income was softer in the quarter but improved into April. Catastrophe claims remain within allowances, the broker notes.

Ord Minnett raises its earnings forecasts modestly, retaining a $26.00 target price. QBE is preferred in the sector for its offshore exposure.

Target price is $26.00 Current Price is $22.30 Difference: $3.7
If QBE meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.90, suggesting upside of 11.1% (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 REA as Buy (1) -

REA Group announced what Bell Potter views as a "resilient" 3Q26 update. Listing growth was underpinned by robust growth in Melbourne, up 7%, and Sydney, up 4%.

The residential buy yield was better than expected at 14% for the period, above forecast of 12% for FY26. Commercial and financial services generated double digit revenue growth.

Management guided to an average 8% price increase for FY27 which stands above Domain's 4% increase. As highlighted by the analyst, Domain is trying to beat REA on price, the analyst comments.

The group reckons the market will move to a balanced phase post a period of demand surpassing supply. Bell Potter forecasts a decline in listings of -2% in FY27 which is unchanged.

The valuation compression on the stock is considered as excessive. Buy retained with a higher target of $217. EPS forecasts are tweaked higher.

Target price is $217.00 Current Price is $176.89 Difference: $40.11
If REA meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 20.3% (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 REA as Buy (1) -

Citi's FY27 revenue forecasts for REA Group are trimmed by around -2% following 3Q results to reflect weaker listing volumes and continued softness in India, partly offset by lower cost growth.

The broker highlights a measured rollout of AI-driven search, which could support cross-sell opportunities across financial services and media.

Citi retains a Buy rating, increasing its target price to $200.85 from $199.

The broker's initial take on 3Q results follows.

Having returned from a call with management at REA Group, Citi analysts took home several positives, including the notion that costs are quite flexible and management can lower them under tough conditions (as in: now).

In light of rate hikes and upcoming policy changes, the analysts are not surprised management is cautious about the immediate outlook.

Management mentioning conversational search opening up cross-sell opportunities to financial services is viewed as "interesting" and could be positive from a monetisation perspective, the analysts conclude.

Earlier response from today:

Post a first glance, Citi observes REA Group announced 3Q26 earnings (EBITDA) of $220m, up 11% or 16% excluding M&A, which was a -3% miss on the analyst's forecast due to revenue-recognition impact in the core residential business.

The Indian performance continued to be weak.

Buy-yield growth was in line at 14% growth but down from 15% in 2Q26 from lower geographic mix benefit. April listings rose 19% y/y, which is attributed to easier comps but infers the group is on track for a -1% y/y decline in listings against guidance of -1% to -3% decline.

Opex guidance was lowered, another positive. On the negatives, Citi points to lower Australian residential revenue than anticipated, coming in at 12% growth versus forecast of 14%. Housing also remains an underperformer, revenue fell -3% y/y.

The broker sees scope for the share price to underperform initially but much of the 3Q26 misses reflect timing issues. Consensus earnings forecasts are not expected to change.

Target price is $200.85 Current Price is $176.89 Difference: $23.96
If REA meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 20.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates REA as Neutral (3) -

REA Group reported $398m in March quarter revenue, up 11% while the Australian business was up 12% and included a 14% buy yield and a 1% increase in listing volumes.

Macquarie notes the company is quickly incorporating AI products and carefully managing costs within the Australian residential listing business.

The upcoming federal budget is also likely to include tax changes to reform Australian investment property and that may stimulate short-term volume benefits, depending on policy and changes.

The broker does highlight the uncertainty over the budget was cited as a potential driver of softness in early May listings. Neutral retained. Target is reduced to $190 from $200.

Target price is $190.00 Current Price is $176.89 Difference: $13.11
If REA meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates REA as Overweight (1) -

REA Group announced 3Q26 earnings (EBITDA) up 11% y/y but some -3% lower than consensus according to Morgan Stanley.

The slight miss was attributed to circa -2% revenue deferral to 4Q26, which is forecast to make a -$8m–$10m earnings (EBITDA) difference.

Management reconfirmed FY26 guidance including a resi buy yield growth of 13% and residential buy listings volumes retreating by -1% to -3% year-on-year.

The broker acknowledges uncertainty around AI/Agentic AI threats and views the current risk/reward as attractive, but remains on the lookout for how management is applying AI investment into new revenue opportunities and products.

Overweight retained for REA Group. Target $230. Industry View: Attractive.

Target price is $230.00 Current Price is $176.89 Difference: $53.11
If REA meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates REA as Buy (1) -

REA Group delivered a strong yield outcome in its third quarter with Morgans noting a resilient domestic residential business and growth in new listings. The key item in the update was the FY26 operating costs guidance, which has been lowered.

Operating EBITDA in the quarter was $220m, up 11%. Revenue in the domestic residential business grew 12%. The broker considers there is value at current levels and retains a Buy rating on the stock. Target edges down to $219 from $220.

Target price is $219.00 Current Price is $176.89 Difference: $42.11
If REA meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 20.3% (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

UBS rates REA as Buy (1) -

After the initial update as outlined below, UBS upgrades its target price for REA Group to $213 from $209 and retains a Buy rating.

The analyst liked the ongoing cost reduction into 4Q26 and sees the underlying operating leverage of the business as a positive.

Notably, the market is believed to remain cautious around the group's ability to generate double digit yield growth for FY27.

The broker contends management will be able to execute and has scope to benefit from AI achieving improved quality leads and efficiencies for agents.

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A timing issue and impact from -2% deferral in Resi have kept REA Group's Q3 performance below UBS's estimates, but these headwinds should unwind into 4Q, the broker adds.

In an initial response, the broker highlights current trading suggests April volumes are growing by 19% yoy which is seen as very strong relative to expectations for 4Q (3% yoy), also because March growth of 7% yoy already had some pull forward from the Easter long weekend.

UBS thinks the incremental cost benefit flagged by management should be viewed positively. Buy. Target $209.

Target price is $213.00 Current Price is $176.89 Difference: $36.11
If REA meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $213.55, suggesting upside of 20.3% (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

Ord Minnett rates SIQ as Buy (1) -

Ord Minnett highlights a strong start to 2026 for Smartgroup Corp, with novated leasing orders accelerating 22% year-on-year and settlements up 7%, driven by rising demand for electric vehicles.

Battery electric vehicles (BEVs) now account for 59% of new orders, the analysts highlight, supported by higher fuel prices and policy certainty around EV incentives. While yields softened slightly, it's noted volume growth and revenue momentum remain robust.

The broker sees Smartgroup as a compelling organic growth story, supported by margin targets and digital initiatives.

Ord Minnett retains a Buy rating, raising its target price to $12.70 from $11.10.

Target price is $12.70 Current Price is $10.67 Difference: $2.03
If SIQ meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.64, suggesting downside of -3.5% (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

Morgans rates SKS as Accumulate (2) -

Work in hand has expanded for SKS Technologies with the award of a $22m contract by Buildcorp Group for the electrical and communication fit-out of the new head office for Coles Group ((COL)). The work will take place during FY27 with handover in the first quarter of FY28.

The company has also announced a material lift in its tender pipeline of around $670m, and Morgans observes the share price momentum increasingly reflects confidence in the outlook.

Factoring in the contract and pipeline conversion along with modest margin increases means the broker lifts pre-tax forecasts by 12% for FY27 and by 15% for FY28. Accumulate retained. Target rises to $8.95 from $6.70.

Target price is $8.95 Current Price is $8.04 Difference: $0.91
If SKS meets the Morgans target it will return approximately 11% (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 SUL as Buy (1) -

Citi lowers its target for Super Retail by -70c to $14.30 and retains a Buy rating.

The broker's initial research post last week's 2Q trading update follows.

Super Retail announced lower than expected 2H26 trading update, with Citi highlighting both sales and gross margin missed its own estimates and consensus forecasts.

Notably, trading conditions have weakened since the start of the war in the Middle East with group sales up 1.9% for the first 18 weeks of 2H26, below the broker's forecast for 2H26 sales of 2.3% and consensus at 4.4%.

Rebel is performing slightly better while Auto and BCF are weaker. Management pointed to higher cost guidance to -$66m from -$60m as prior spend for FY27 has been pulled forward.

Citi expects consensus earnings forecasts to come down and the analyst is reviewing current estimates.

Target price is $14.30 Current Price is $11.60 Difference: $2.7
If SUL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $13.45, suggesting upside of 18.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates SUN as Outperform (1) -

Suncorp Group has recently issued new debt and purchased a 5-year aggregate reinsurance program and Macquarie updates its numbers as a result.

The five-year aggregate reinsurance cover commences June 30 and provides $800m in annual protection with up to $2.4bn over the five years. The company has also issued $200m in capital notes at BBSW plus 235 basis points.

Macquarie now expects long-term downside support for the share price and earnings, retaining an Outperform rating and raising the target to $20.30 from $18.70. FY26 results will be published on August 12.

Target price is $20.30 Current Price is $16.65 Difference: $3.65
If SUN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $19.38, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

Morgan Stanley believes Web Travel's Feb 9 trading update curbs the possible surprises for FY26 results; the analyst highlights other B2B peers have pointed to headwinds.

The outlook is emphasised as the main driver of the share price, including the war in the Middle East, forex headwinds and rate pressures across the industry and is viewed as having changed considerably since the update.

Morgan Stanley retains an Equal-weight rating. Target lowered to $3.75 from $4. Industry View: In-Line.

Target price is $3.75 Current Price is $2.75 Difference: $1
If WEB meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 109.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates WEB as Buy (1) -

UBS details Web Travel's 1Q2026 result which achieved the upper end of guidance including a slight beat versus the market in gross bookings, up 13% and revenue up 15%.

Management retained 2Q2026 and full year guidance which is considered as "impressive" given the challenges from the Middle East where the group has a larger exposure, estimated at around 11% of revenue.

The total transaction volume growth of 22% infers to the broker further market share gains from such a large player could become more challenging.

UBS's 2026 earnings (EBITDA) forecast of $142m is below management's guidance range and some -16% below consensus.

No change to Buy rating and $5.25 target.

Target price is $5.25 Current Price is $2.75 Difference: $2.5
If WEB meets the UBS target it will return approximately 91% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 109.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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