Australian Broker Call

Ord Minnett - Cessation of coverage

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Bell Potter rates AHL as Buy (1) -

Adrad will close its New Zealand operations after concluding the market lacks sufficient scale and profitability due to heightened competition, observes Bell Potter.

Manufacturing in NZ had already ceased in FY23, and this final step will also shut down distribution. The broker highlights the exit will reduce FY25 profit by around -$0.9m but expects earnings accretion of around $0.3m in FY26.

Bell Potter maintains its Buy rating and $1.05 target.

Target price is $1.05 Current Price is $0.65 Difference: $0.4
If AHL meets the Bell Potter target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates ALX as Buy (1) -

Following a pre-blackout meeting with Atlas Arteria's CEO Hugh Wehby, Citi notes the core messages included strong traffic growth in France and the US, and growth opportunities in France as APRR-Eiffage bids for another road project.

Progress on Dulles Greenway was another highlight, while on the negative side, debt costs could rise marginally as the current debt cost is on the low side.

Buy. Target unchanged at $5.70.

Target price is $5.70 Current Price is $5.29 Difference: $0.41
If ALX meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Shaw and Partners rates ANG as Buy (1) -

Austin Engineering has upgraded its FY25 revenue guidance by 6% to approximately $370m due to strong demand in the US and Chile, explains Shaw and Partners.

FY25 EBIT guidance is lowered by -18% to around $41m due to capacity constraints at the Chile facility linked to a major new OEM contract, which the broker explains has proven operationally demanding and commercially inflexible.

To address this, Austin will shift around two-thirds of the contract’s production to its Batam facility in Indonesia, where margins are higher due to lower labour costs, observes the analyst.

The broker sees this operational pivot as a margin restoration opportunity over the medium term and expects the Batam transition to improve project economics while Chile’s facility develops. 

Shaw retains a Buy rating with a target price of 60c, down from 70c.

Target price is $0.60 Current Price is $0.32 Difference: $0.28
If ANG meets the Shaw and Partners target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates BET as Buy (1) -

Due to the departure of an analyst at Ord Minnett, coverage of Betmakers Technology has been transferred to Milo Ferris while the broker is in the process of recruiting a senior analyst to work with Milo for the coverage of some twenty-plus technology companies.

Target price is $0.23 Current Price is $0.12 Difference: $0.11
If BET meets the Ord Minnett target it will return approximately 92% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Macquarie initiates coverage on Bega Cheese, forecasting 33% compound EPS growth to 2028, driven by margin expansion and disciplined capital management.

The broker expects a recovery in earnings supported by rising gross margins as branded categories like yoghurt and milk-based beverages gain share, and the mix shifts away from lower-margin white milk.

The analyst explains additional benefits should come from site rationalisation, cost savings and export growth into Southeast Asia, where cream cheese and yoghurt are outperforming.

Internationally, sales are expected to maintain an 8% compound annual growth rate (CAGR), with pricing strength across modern grocery channels enhancing margins, explains Macquarie.

Management has flagged inorganic growth, and Macquarie estimates it has capacity for a $150m acquisition which could be earnings accretive if synergies exceed 15% of the target’s earnings.

Risk factors include milk price volatility, private label share gains and consumer down-trading , but Bega’s mix of branded and contract manufacturing helps offset downside, highlights the broker.

Macquarie begins with an Outperform rating and a $6.40 target.

Target price is $6.40 Current Price is $5.52 Difference: $0.88
If BGA meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgans lowers its target for Beach Energy to $1.36 from $1.55 and downgrades to Hold from Accumulate ahead of June quarter results, citing near-term risks which could lead to consensus downgrades.

The broker sees the market as overly optimistic on both the timeline for the Waitsia Stage 2 ramp-up and production recovery in the Cooper Basin. For the latter, flooding has impacted operations more significantly than consensus reflects.

While the introduction of first fuel gas at Waitsia occurred in mid-May, Bell Potter expects nameplate production won’t be achieved until November, assuming a smooth 10-12 week commissioning phase and further ramp-up.

Target price is $1.36 Current Price is $1.24 Difference: $0.12
If BPT meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.35, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett - Cessation of coverage

Market Sentiment: 0.5

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

UBS rates CKF as Buy (1) -

UBS notes softer macro conditions, especially in the Netherlands, are a headwind for Collins Foods in 2H25 and 1H26. 

The broker analysed recent Australian household spending data and notes cafe/restaurant spending continued to outperform broader household spending. Within that, however, Queensland and Western Australia were softer vs peers.

The broker anticipates a weaker finish to FY25 but expects like-for-like sales to improve from the first seven weeks of FY26 due to lower y/y comparison.

The net impact of weaker sales in  the Netherlands and removing Taco Bell to non-continuing resulted in a -6% cut to FY25 EPS and a -13% cut to FY26.

Buy. Target trimmed to $9.20 from $9.80.

Target price is $9.20 Current Price is $7.71 Difference: $1.49
If CKF meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.68, suggesting upside of 29.5% (ex-dividends)

The company's fiscal year ends in April.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates CRN as Speculative Hold (3) -

Management at Coronado Global Resources has announced a series of initiatives aimed at boosting cash liquidity by up to US$400m.

Plans include a US$150m thermal coal prepayment and rebate deferral agreement with Stanwell Corporation, with repayments to be made via coal deliveries between 2027-31.

The US$150m Asset Based Lending facility with Oaktree Capital will also be refinanced. These proposals follow a previously announced -US$100m cost reduction program across the calendar year.

The broker views the measures as an effective short-term solution to ease working capital pressure amid weak coal prices and elevated costs. Pro-forma cash at US$310m and available liquidity at US$385m are forecast once all steps are executed.

On current assumptions, Bell Potter calculates Coronado requires a hard coking coal price of over US$200/t to break even on earnings (EBITDA) for the remainder of 2025, well above the current spot price of US$183/t.

Speculative Hold unchanged. Target falls to 19c from 23c.

Target price is $0.19 Current Price is $0.17 Difference: $0.02
If CRN meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Shaw and Partners rates CY5 as Buy, High Risk (1) -

Cygnus Metals has reported strong new high-grade assay results from its Golden Eye prospect, assesses Shaw and Partners, including 12.7g/t gold equivalent over 3.3m, reinforcing the presence of multiple parallel gold zones.

These results, along with 77 historical holes totalling 21,371m, will underpin the project’s maiden Mineral Resource estimate, positioning Golden Eye as a key pillar in Cygnus’ regional production hub strategy, explains the broker.

The prospect, located just 3km from the company’s 900ktpa processing plant, remains unmined and offers excellent infrastructure advantages, in the analysts' opinion.

With $10.3m in cash at the end of March, Shaw believes Cygnus is well funded to advance its exploration and development programs.

Buy, High Risk. Target unchanged at 25c.

Target price is $0.25 Current Price is $0.10 Difference: $0.15
If CY5 meets the Shaw and Partners target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates DUG as Buy (1) -

Due to the departure of an analyst at Ord Minnett, coverage of Dug Technology has been transferred to Milo Ferris while the broker is in the process of recruiting a senior analyst to work with Milo for the coverage of some twenty-plus technology companies.

Target price is $2.18 Current Price is $1.32 Difference: $0.86
If DUG meets the Ord Minnett target it will return approximately 65% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett - Cessation of coverage

Market Sentiment: 1.0

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

Citi rates GPT as Buy (1) -

After a visit to GPT Group's Melbourne Central retail and office assets, Citi believes the momentum reported in retail during the FY24 results in February has continued in 1H25. 

Tenants in the office space appear to be attracted to the design suites, Citi notes, though more capex will be needed before they are ready for leasing.

Overall, a positive feedback from Citi.

Buy. Target unchanged at $5.

Target price is $5.00 Current Price is $4.96 Difference: $0.04
If GPT meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates GQG as Outperform (1) -

GQG Partners recorded net inflows of $1.4bn in May, taking first-half 2025 inflows to $7.4bn, with total funds under management (FUM) up 3% month-on-month to $168.5bn, highlights Macquarie.

The broker notes performance lagged benchmarks across all strategies during May, though market movements offset the impact.

Macquarie expects 2025 earnings to be underpinned by $846m revenue and $634m earnings, with 15cps in dividends, and sees further upside from strong net flow momentum and consistent capital returns.

The broker lowers its target price to $2.80 from $2.90 and retains an Outperform rating.

Target price is $2.80 Current Price is $2.16 Difference: $0.64
If GQG meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Ord Minnett - Cessation of coverage

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates IGL as Buy (1) -

Bell Potter feels IVE Group may upgrade its FY25 guidance at its Investor Strategy Session on June 17, with current underlying profit guidance of $47-50m potentially due for revision.

Guidance implies to the broker a sharp drop in second-half NPAT of $17.7-20.7m versus $29.3m in H1, which is below the company’s usual seasonal earnings skew.

While the group typically sees a softer H2, the current guidance reflects an unusually wide H1/H2 split of 60%/40%, compared to a more typical 55%/45%, explain the analysts.

Bell Potter raises its target price to $3.00 from $2.80 and retains a Buy rating.

Target price is $3.00 Current Price is $2.66 Difference: $0.34
If IGL meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Management at Johns Lyng has received a non-binding indicative proposal from Pacific Equity Partners to acquire 100% of shares in the company, with both parties entering into an exclusivity period to undertake due diligence.

Separately, Johns Lyng's 1H25 result was weaker-than-expected by Morgans, with group revenue missing the analyst's forecast by -6% and earnings (EBITDA) coming -18% below. The interim dividend of 2.5c was also lower than the broker's 4.2c forecast.

Management cut FY25 earnings guidance by -5% which implies to the broker a 2H recovery in business as usual (BAU) earnings.

Based on the company's update, Morgans expects improved revenue momentum from recent surge events in NSW and Queensland. 

In the US, volumes are expected to increase with a new client onboarding and work related to LA wildfires but it is still expected to fall short of the company's FY25 target of 10-15% revenue growth, highlights the broker.

Target price is $2.70 Current Price is $2.99 Difference: minus $0.29 (current price is over target).
If JLG meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.78, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates PLS as Outperform (1) -

Macquarie notes a 23% increase in contained lithium at Pilbara Minerals' mineral resource estimate for Pilgangoora operations. This was due to a 10% increase in tonnage and a 12% rise in grade.

The company flagged upside potential from more exploration. No clarity was provided on whether there would be a reserves update but the broker believes the company has options to target higher-grade mine plans.

Modest changes to forecasts. Outperform remains with an unchanged $2.40 target price.

Transfer of coverage to Austin Yun.

Target price is $2.40 Current Price is $1.43 Difference: $0.97
If PLS meets the Macquarie target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates PLS as Overweight (1) -

Morgan Stanley notes Pilbara Minerals' total measured and indicated resource as of March was up 13% on grade vs its forecast, and 12% higher on total lithium contained vs its model.

The key driver for the increase was exploration success in the Central area, and further changes within the North and South areas of Pilgangoora.

The broker believes the conversion of resource to reserves will be significantly positive for the stock. These details have not yet been released.

Overweight. Target unchanged at $1.70.

Target price is $1.70 Current Price is $1.43 Difference: $0.27
If PLS meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates PRU as Neutral (3) -

Perseus Mining published a five-year gold production outlook, and Citi observes the outlook is softer in the near term but improves from FY28 onwards. The company also flagged an average US$100 increase in unit costs.

The broker revised its forecasts for the mines to keep them on the conservative side of the company's estimates. The deferral of Meyas Sand has led to the broker lowering the near-term production forecast slightly.

FY26 EBITDA forecast cut by -8%, FY27 left unchanged, while FY28 estimate was increased. The analyst also lifted the EV/EBITDA valuation multiple to 5.5x from 5x ahead of the company's inclusion in ASX100.

Neutral. Target rises to $3.60 from $3.50.

Target price is $3.60 Current Price is $3.62 Difference: minus $0.02 (current price is over target).
If PRU 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 $3.89, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Macquarie rates QAN as Neutral (3) -

Macquarie estimates the closure of Jetstar Asia will generate additional earnings before interest and tax for Qantas Airways of around $47m by FY27.

The analyst points to rising lease costs, an uplift in airport access costs, and an "inability" to lift yield to the targeted return of 10% on invested capital as challenging and the primary reasons for the closure.

Management reiterated FY25 and FY26 capex guidance alongside 1Q26 guidance of domestic growth of 5%-6%, with Jetstar and QFlink underpinning growth as the lower-cost operations for Qantas.

Internationally, Jetstar was guided to around 10% growth in 1H26, slowing to 3% in 2H26, with Qantas at 6% in 1H26 and advancing to 10% in 2H26, due to expectations around the US.

Target price raised to $10.10 from $9.65. No change to Neutral rating.

Target price is $10.10 Current Price is $10.50 Difference: minus $0.4 (current price is over target).
If QAN meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.70, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates QAN as Overweight (1) -

Morgan Stanley believes the closure of Qantas Airways' 49% owned intra-Asia airline, Jetstar Asia, is a prudent approach, given the structural headwinds and the opportunity for asset recycling. 

The negative news from the airline announcement was -$35m underlying EBIT loss from the airline in FY25, and a downgrade to domestic capacity in 2H25 to 1% from 2% and international to 9% from 11%.

One-third of the closure cost of -$175m is expected to be recorded in FY25 and the remaining in FY26. The broker cut FY25 net profit forecast by -2% but lifted FY26 by 3%, which implies 18% y/y growth in profit before tax.

Overweight. Target rises to $12.00 from $11.50.

Target price is $12.00 Current Price is $10.50 Difference: $1.5
If QAN meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Qantas Airways has announced the closure of Jetstar Asia, citing unsustainable supplier cost increases, high airport charges, and intensifying competition.

Jetstar Asia is expected to post a -$35m EBIT loss in FY25, with -$25m of this occurring in H2, notes Morgans. Qantas anticipates one-off closure costs of around -$175m, mostly incurred in FY26.

Aircraft from Jetstar Asia will be redeployed to higher-return markets in A&NZ, freeing up to $500m in capital and supporting broader fleet renewal initiatives, highlights Morgans.

The broker views the absence of formal FY25 guidance as an indication Qantas is broadly comfortable with consensus expectations. 

Morgans leaves FY25 forecasts largely unchanged but lifts FY26 and FY27 profit (NPBT) forecasts by 4% on lower fuel assumptions, noting an additional 5-10% upside if spot prices persist.

The target price increases to $10.80 from $9.40 and the broker upgrades its rating to Hold from Trim.

Target price is $10.80 Current Price is $10.50 Difference: $0.3
If QAN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates QAN as Accumulate (2) -

In closing its loss-making Asian Jetstar business, Qantas Airways will redirect 13 Airbus A320 aircraft to the A&NZ network, with associated costs of -$175m, and one-third to be taken in FY25 results, Ord Minnett observes.

The flights will be shut down as of July 31 and will impact 16 intra-Asia routes, but will not affect Jetstar Airways international flights from Australia to Asia or the Japanese business.

The analyst highlights guidance for revenue and capital expenditure was reiterated by management, including "strong demand" for both domestic and international. Cyclone Alfred is noted as having impacted domestic by -$35m.

Ord Minnett upgrades EPS estimates by 1.6%, 6.1%, and 5.9% for FY25-FY27, retaining an Accumulate rating and $11.40 target price.

Target price is $11.40 Current Price is $10.50 Difference: $0.9
If QAN meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.70, suggesting downside of -0.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates QAN as Neutral (3) -

UBS notes updated earnings guidance from Qantas Airways at the announcement to exit its Jetstar Asia operations as of July 31, with the business expected to generate losses of -$35m in FY25, with a cash cost of -$160m to the airline.

The analyst explains some 12 midlife A320s will be returned, which management estimates have a value of $500m, with four to replace the retiring Qantas F100s, six to replace Jetstar leases, and three for growth support in A&NZ.

Management reiterated FY25 and FY26 capex guidance, with some of the capex benefits expected to flow through over FY27/FY28, UBS explains.

The analyst believes post-COVID, Qantas is much more adept at managing its international network and enhancing return on capital employed.

UBS lifts EPS estimates by 2% for FY25 and 6% for FY26. Target price rises to $10.30 from $9.30. Neutral rating retained.

Target price is $10.30 Current Price is $10.50 Difference: minus $0.2 (current price is over target).
If QAN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.70, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates QOR as Buy (1) -

Due to the departure of an analyst at Ord Minnett, coverage of Qoria has been transferred to Milo Ferris while the broker is in the process of recruiting a senior analyst to work with Milo for the coverage of some twenty-plus technology companies.

Target price is $0.56 Current Price is $0.44 Difference: $0.12
If QOR meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates RAD as Speculative Buy (1) -

Bell Potter observes Radiopharm Theranostics has accelerated development of RAD101 for imaging intracranial metastatic disease following the FDA's fast track designation.

The company’s phase 2b trial is underway with 30 patients across five US sites, and headline data is now expected in the second half of 2025.

Data from an earlier Investigator Initiated Trial showed all MRI-identified lesions were also detected by RAD101, note the analysts. This shifed the clinical focus from proof of efficacy to assessing clinical utility and patient benefit.

Key findings suggest RAD101 may outperform contrast-enhanced MRI in assessing tumour volumes and distinguishing true progression from pseudo-progression post-treatment, highlights the broker.

Bell Potter retains a Buy (Speculative) rating and a target of 5c.

Target price is $0.05 Current Price is $0.03 Difference: $0.02
If RAD meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates RDY as Buy (1) -

Due to the departure of an analyst at Ord Minnett, coverage of ReadyTech Holdings has been transferred to Milo Ferris while the broker is in the process of recruiting a senior analyst to work with Milo for the coverage of some twenty-plus technology companies.

Target price is $3.75 Current Price is $2.30 Difference: $1.45
If RDY meets the Ord Minnett target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting upside of 65.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates REA as Buy (1) -

Citi notes REA Group's national new listings were down -10% y/y in May, marking the second straight monthly decline. Regional areas led the fall.

The broker estimates new listings rose 1% so far in FY25 (ending June), below its forecast of a 1.5% rise and at the lower end of the company's 1-2% guidance.

Buy. Target unchanged at $275.

Target price is $275.00 Current Price is $241.04 Difference: $33.96
If REA meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $269.57, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates RTH as Buy (1) -

Due to the departure of an analyst at Ord Minnett, coverage of RAS Technology has been transferred to Milo Ferris while the broker is in the process of recruiting a senior analyst to work with Milo for the coverage of some twenty-plus technology companies.

Target price is $1.78 Current Price is $0.98 Difference: $0.8
If RTH meets the Ord Minnett target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates SDF as Outperform (1) -

Macquarie's analysis of platform data for May showed Steadfast Group's weak performance in the Strata space, with a -4.8% premium rate decline vs 4.8% platform growth.

The broker believes the company's premium rate index is likely to slow to a 5.5% rate in the June quarter from an estimated 6.2% growth in the March quarter.

No change to forecasts. Outperform. Target unchanged at $6.80.

Target price is $6.80 Current Price is $5.93 Difference: $0.87
If SDF meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates SEK as Re-initiation of coverage with Buy (1) -

After around six years, Citi has re-initiated coverage of Seek with a Buy rating, but with a downside view in the short term. Target price is $28.50.

The broker compares the company's AI use to REA Group ((REA)) and Car Group ((CAR)), noting it is ahead in its use to improve product offering and customer experience.

The analyst is forecasting the ad-tier model to accelerate yield growth with a 10% forecast for FY26, higher than the company's high-single digit forecast.

While rate cuts are a positive, other leading indicators are mixed, and the broker expects volume recovery to come only in 2H26.

In Asia, the broker expects growth to be weighed down by freemium roll-out in Hong Kong and Malaysia, but to pick up over the medium term.

The broker's FY25 revenue forecast is in line with consensus, but -2% below for FY26.

Target price is $28.50 Current Price is $24.00 Difference: $4.5
If SEK meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $27.91, suggesting upside of 16.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates TNE as Hold (3) -

Due to the departure of an analyst at Ord Minnett, coverage of TechnologyOne has been transferred to Milo Ferris while the broker is in the process of recruiting a senior analyst to work with Milo for the coverage of some twenty-plus technology companies.

Target price is $33.04 Current Price is $41.00 Difference: minus $7.96 (current price is over target).
If TNE meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.54, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates VCX as Neutral (3) -

Citi went for a tour of Vicinity Centres' retail assets, including Chadstone in Melbourne and Chatswood Chase in Sydney, and is confident the positive momentum seen in the 1H25 results in February has continued.

The broker expects positive leasing spreads and continued net operating income growth in FY25 and FY26.

However, in FY26, the analyst expects slightly slower earnings growth as new developments initially create dilution, but sees stronger growth in FY27-28.

Neutral. Target unchanged at $2.40.

Target price is $2.40 Current Price is $2.54 Difference: minus $0.14 (current price is over target).
If VCX meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.29, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

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

Morgans expects heavy rainfall across South East Queensland in March to moderately impact Wagners Holding Co’s 2H25 earnings, with Brisbane recording 461mm in the month, more than double the 10-year average.

The broker has revised its FY25 EPS forecast down by -8%, while FY26 and FY27 are adjusted by -1% and 0% respectively.

The analyst explains maintenance in January and a concentration of public holidays will act as an additional drag on near-term performance.

Morgans views the cement market as stabilising, supported by recent price rises and improved discipline across the industry.

The broker raises its target price to $2.10 from $2.00 due to a higher assumed multiple (reflecting longer-term optimism around Brisbane Olympics-related infrastructure spend), and downgrades to an Accumulate rating from Buy.

Target price is $2.10 Current Price is $1.93 Difference: $0.17
If WGN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates WHC as Buy (1) -

Following a visit to Whitehaven Coal's Queensland mines, Citi believes there's more upside potential from both Daunia and Blackwater vs the Vickery mine in NSW.

The broker notes Daunia is well-positioned to increase sales and lower unit costs significantly from centralised operational functions and workforce reductions.

At Blackwater, the broker believes thermal coal sales could rise to 18mtpa from 11mtpa, and fixed costs could fall to $60/t from $100/t once monetisation of lower-grade seams is executed.

Overall, the broker believes the company is well-placed to be a high-margin met coal supplier.

No change to forecasts. Buy. Target unchanged at $7.40.

Target price is $7.40 Current Price is $5.74 Difference: $1.66
If WHC meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates ZIP as Buy (1) -

Yesterday, management at Zip Co upgraded FY25 cash earnings (EBITDA) guidance to $160m from $153m, underpinned by strong US momentum, observes Citi. During April and May there was 40% year-on-year growth in Total Transaction Volume (TTV).

Credit performance remains steady, assesses the broker, despite accelerating customer acquisition, supporting reinvestment in marketing to drive further growth.

Citi expects FY26 operating costs to worsen (rise) by -15%, but forecasts margin expansion of around 80bps and estimates a $5m earnings uplift for every 25bps interest rate cut in Australia.

The analyst implements earnings forecast upgrades of 5% across FY25 and FY26, while reported earnings forecasts are trimmed due to non-cash credit provisioning adjustments.

Citi considers a 26x FY26 P/E multiple is undemanding given growth trajectory and leverage potential. The target price is raised to $3.40 from $3.20. Buy rating retained.

Target price is $3.40 Current Price is $2.69 Difference: $0.71
If ZIP meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates ZIP as Buy (1) -

Management at Zip Co has raised 2025 earnings (EBITDA) guidance to $160m from $153m, due to a stronger-than-expected US performance in both April and May, explains UBS.

The broker notes Total Transaction Volume (TTV) in the US rose more than 40% year-on-year in recent months. It's believed consensus was at around 38% growth. The 2H25 implied earnings outcome of $93m points to potential upside for 2026 forecasts.

UBS suggests lower fuel prices and interest rate cuts could deliver a further 5-10% earnings uplift, with each -25bps cut estimated to add around $5m to earnings.

The analysts expect revenue to increase to $1.26bn in 2026 from $1.07bn in 2025, with receivables growing to $3.2bn.

UBS raises its target price to $3.40 from $3.20 and retains a Buy rating given an undemanding valuation multiple.

Target price is $3.40 Current Price is $2.69 Difference: $0.71
If ZIP meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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