Australian Broker Call

Shaw and Partners rates A1M as Buy, High Risk (1) -

AIC Mines raised $55m via share placement and will raise an additional $10m through a share purchase plan at 30c. This, together with US$40m prepayment facility, existing cash $27m and an estimated free cash flow of $62m, will be used to expand the Eloise copper operation.

The Eloise processing plant will be expanded to 1.1mtpa from 725ktpa, and also includes a future upgrade to 1.5mtpa. Shaw and Partners notes the company is investing a total of -$176.2m across plant expansion, infrastructure upgrades, and Jericho development.  

The broker revised its forecasts, now projecting copper production to rise to 19.2kt in 2028 at a cost of $4.80/lb, and further to 25.4kt by 2030.

Buy, High Risk. Target trimmed to $0.70 from $1.10.

Target price is $0.70 Current Price is $0.31 Difference: $0.395
If A1M meets the Shaw and Partners target it will return approximately 130% (excluding dividends, fees and charges).

Current consensus price target is $0.59, suggesting upside of 89.2% (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 ABG as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Accumulate-rated Abacus Group, the $1.20 target is unchanged.

Target price is $1.20 Current Price is $1.15 Difference: $0.055
If ABG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 6.8% (ex-dividends)

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 ADH as Hold (3) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The analyst noted Adairs' FY25 guidance recently pointed to an adverse impact to gross margins. 

Hold. Target lifted to $2.15 from $2.10 on a lower WACC in valuation of 10.1% vs 10.5% previously.

Target price is $2.15 Current Price is $2.10 Difference: $0.05
If ADH meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 12.4% (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

UBS rates AMP as Neutral (3) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners ((GQG)), with Insignia Financial ((IFL)) a special situation.

Rising equity markets have resulted in UBS lifting EPS forecasts by 8.6% and 12.8% for FY25/FY26, respectively.

The analyst retains a Neutral rating but acknowledges the stock appears to be more interesting as a FY26 story, with slowing wealth flows, the digital SME bank achieving lower funding costs, and ongoing divestments being re-used for capital management.

Target price rises to $1.35 from $1.21.

Target price is $1.35 Current Price is $1.27 Difference: $0.08
If AMP meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates ARF as Upgrade to Buy from Accumulate (1) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Arena REIT, the $4.30 target is unchanged and the rating upgraded to Buy from Accumulate.

Target price is $4.30 Current Price is $3.75 Difference: $0.55
If ARF meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 13.7% (ex-dividends)

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

Ord Minnett rates ASK as Hold (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Abacus Storage King, the target rises to $1.55 from $1.49 and the Hold rating is maintained.

Target price is $1.55 Current Price is $1.54 Difference: $0.01
If ASK meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting downside of -1.1% (ex-dividends)

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

UBS rates AUB as Neutral (3) -

UBS marks-to-market insurers and brokers for the June quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance ((QBE)) and nib Holdings ((NHF)) for the private health insurers.

UBS retains a Neutral rating on AUB Group. Target lifts to $36 from $34.65 with forecast EPS tweaked by -0.1% for FY25 and -1.1% for FY26.

Target price is $33.30 Current Price is $34.90 Difference: minus $1.6 (current price is over target).
If AUB meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.76, suggesting upside of 4.4% (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

Bell Potter rates AX1 as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The analyst sees gross margin risks as the highest for Accent Group due to its exposure to third-party retailing.

Buy. Target trimmed to $1.90 from $2.10 on a lower target multiple of 14x FY25/26 net profit forecasts from 18.5x in the blended valuation.

Target price is $1.90 Current Price is $1.41 Difference: $0.49
If AX1 meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 39.9% (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

Bell Potter rates BIO as Buy (1) -

Biome Australia achieved record sales in June and 4Q25, but it still missed Bell Potter's 4Q and FY25 sales forecasts. The broker notes this was likely due to wholesalers managing inventory levels at the end of the financial year.

The growth rate suggests the company exited FY25 with implied annual sales of over $20m, and the 41% growth rate is well ahead of retail sales in the pharmacy, cosmetics and toiletry goods retailing.

The broker lowered FY25 EBITDA and net profit forecasts but notes the company is set to achieve its maiden net profit.

Buy. Target trimmed to 84c from 85c.

Target price is $0.84 Current Price is $0.50 Difference: $0.34
If BIO meets the Bell Potter target it will return approximately 68% (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

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

Shaw and Partners believes digital transformation in financial services will drive the next leg of growth for Bravura Solutions, pushing its software cash EBITDA margins to over 20% vs 16% currently.

The broker's industry feedback suggested the company's Sonata product is top-rated, and the company is overall well-placed to take advantage of the AI-driven trends vs competitors like FNZ and SS&C.

No change to forecast. Buy, High Risk with target price of $2.90.

Target price is $2.90 Current Price is $2.23 Difference: $0.67
If BVS meets the Shaw and Partners target it will return approximately 30% (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 - Cessation of coverage

Market Sentiment: 1.0

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

Ord Minnett rates CHC as Hold (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Hold-rated Abacus Group, the target rises to $19.00 from $16.40.

Target price is $19.00 Current Price is $19.09 Difference: minus $0.09 (current price is over target).
If CHC meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.13, suggesting upside of 0.2% (ex-dividends)

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

Ord Minnett rates CIP as Downgrade to Hold from Accumulate (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Centuria Industrial REIT, the $3.10 target is unchanged and the rating is downgraded to Hold from Accumulate.

Target price is $3.10 Current Price is $3.15 Difference: minus $0.05 (current price is over target).
If CIP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.31, suggesting upside of 3.8% (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

Ord Minnett rates CNI as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Accumulate-rated Centuria Capital, the target falls to $1.85 from $2.00.

Target price is $1.85 Current Price is $1.71 Difference: $0.145
If CNI meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.89, suggesting upside of 6.1% (ex-dividends)

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

Macquarie rates CPU as Neutral (3) -

Relevant to Computershare, Macquarie notes interest rate curves have moved modestly higher since February, but still sit below levels reached in 2H24, with implications for margin income forecasting.

The broker expects FY25 margin income of $748m for the company, consistent with prior guidance, and highlights each 25bps shift in short-dated yields equates to an around 0.7% change in group EPS.

Management has completed its FY25 buy-back and prefers to allocate capital to repaying $200m in US debt due December 2025, which the broker forecasts will add circa 1c to EPS.

Macquarie raises its target price to $38.00 from $35.00 and retains a Neutral rating.

Target price is $38.00 Current Price is $39.38 Difference: minus $1.38 (current price is over target).
If CPU 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 $39.39, suggesting downside of -1.3% (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: -0.2

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

Ord Minnett rates CQE as Buy (1) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Charter Hall Social Infrastructure REIT, the target rises to $3.35 from $3.20 and the Buy rating is maintained.

Target price is $3.35 Current Price is $2.92 Difference: $0.43
If CQE meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Bell Potter - Cessation of coverage

Market Sentiment: -1.0

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

Ord Minnett rates DGT as Initiation of coverage with Buy (1) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Buy-rated Digico Infrastructure REIT, the $4.30 target is unchanged.

Target price is $4.30 Current Price is $3.28 Difference: $1.02
If DGT meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 55.9% (ex-dividends)

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 DXS as Upgrade to Accumulate from Hold (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Dexus, the target falls to $7.20 from $7.40 and the rating is upgraded to Accumulate from Hold.

Target price is $7.20 Current Price is $6.77 Difference: $0.43
If DXS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.93, suggesting upside of 13.7% (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

Citi rates GMG as Buy (1) -

Looking forward to the upcoming FY25 update in August, Citi analysts have opened a positive Catalyst Watch for Goodman Group.

The analysts are anticipating the event will feature positive outcomes overall including an update on the project pipeline, as well as progress on capital partnerships (around developments).

Citto analysts have conducted some data digging through the NSW planning portal and identified an estimated 470MW-plus of potential Goodman data centre plans compared to the 90MW plan disclosed by Goodman for SYD01.

Goodman Group remains the broker's Top Pick to invest in the AI thematic. Buy rated with a $40 target price.

Target price is $40.00 Current Price is $34.19 Difference: $5.81
If GMG meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $36.45, suggesting upside of 4.0% (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

Ord Minnett rates GMG as Hold (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Goodman Group, the target rises to $32.50 from $30.80 and the Hold rating is maintained.

Target price is $32.50 Current Price is $34.19 Difference: minus $1.69 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.45, suggesting upside of 4.0% (ex-dividends)

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

Ord Minnett rates GOZ as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Accumulate-rated Growthpoint Properties Australia, the $2.40 target is unchanged.

Target price is $2.40 Current Price is $2.38 Difference: $0.02
If GOZ meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 3.8% (ex-dividends)

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

Ord Minnett rates GPT as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

Ord Minnett retains Accumulate ratings on all three. The target for GPT Group rises to $5.15 from $4.95.

Target price is $5.15 Current Price is $4.94 Difference: $0.21
If GPT meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.32, suggesting upside of 5.6% (ex-dividends)

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

UBS rates GQG as Buy (1) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners with Insignia Financial ((IFL)) a special situation.

The analyst tweaks EPS estimates down by -0.4% for 2025 and up by 0.8% for 2026. The target price for GQG is raised to $2.85 from $2.80, with no change to the Buy rating.

Target price is $2.85 Current Price is $2.31 Difference: $0.54
If GQG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 20.3% (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 rates HMC as Upgrade to Buy from Hold (1) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For HMC Capital, the target falls to $6.00 from $6.30 and the rating is upgraded to Buy from Hold.

Target price is $6.00 Current Price is $4.22 Difference: $1.78
If HMC meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 65.0% (ex-dividends)

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

Bell Potter rates HVN as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker sees gross margin pressure risks to be the lowest for Harvey Norman.

No change to forecasts. Buy. Target unchanged at $6.

Target price is $6.00 Current Price is $5.35 Difference: $0.65
If HVN meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.18, suggesting downside of -5.2% (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

Citi rates IAG as Buy (1) -

Citi explains Insurance Australia Group has announced its FY25 insurance margin guidance is two percentage points higher than previously flagged.

The analyst's estimate of a 17.4% margin is already at the upper end of the new guidance, while gross written premium looks to be below expectations at 4%-5%, compared to around 5% for the ten months to the end of April, suggesting the growth rate has tempered.

Citi lifts EPS estimates by 2% for FY25 and lowers FY26/FY27 by -2% for the guidance update and for a relocation of RACQ transaction costs.

No change to Buy rating and $10 target.

Target price is $10.00 Current Price is $8.97 Difference: $1.03
If IAG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates IAG as Neutral (3) -

UBS marks-to-market insurers and brokers for the June quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance ((QBE)) and nib Holdings ((NHF)) for the private health insurers.

Unchanged Neutral rating and $9.30 target for Insurance Australia Group. UBS lifts forecast FY25 EPS by 8.8% and lowers FY26 by -1%.

Target price is $9.30 Current Price is $8.97 Difference: $0.33
If IAG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $8.88, suggesting upside of 0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates IFL as Buy (1) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners ((GQG)), with Insignia Financial ((IFL)) a special situation.

UBS highlights equity markets have rallied 7.5% since the board established a $5 "floor price" on March 7, with CC Capital working towards a binding offer in two weeks, the analyst states.

The stock remains Buy rated with a higher target of $4.60 from $4.50. EPS forecasts are raised 0.6% for FY25 and 3.4% for FY26.

Target price is $4.60 Current Price is $3.82 Difference: $0.78
If IFL meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 19.3% (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

Bell Potter rates JBH as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

JB Hi-Fi is the broker's key pick in the large caps retail space. The broker sees gross margin risks as the lowest for the company.

Buy. Target unchanged at $114.

Target price is $114.00 Current Price is $110.58 Difference: $3.42
If JBH meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $97.80, suggesting downside of -13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates KGN as Hold (3) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker cut Kogan.com's net profit forecasts for FY25/26/27 by -14%/-12%/-8%, respectively. 

Hold. Target trimmed to $4.10 from $4.50 on a lower target multiple of 10x vs 11x on FY25-26 EBITDA forecasts.

Target price is $4.10 Current Price is $3.87 Difference: $0.23
If KGN meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 18.9% (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 LLC as Hold (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Lendlease Group, the target falls to $5.85 from $6.20 and the Hold rating is maintained.

Target price is $5.85 Current Price is $5.35 Difference: $0.5
If LLC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 23.8% (ex-dividends)

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

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

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

In the case of Lovisa Holdings, the broker believes the seasonal period discount was the highest among its retail coverage, but pressure on gross margin was low due to low-cost product advantage.

The analyst lifted FY26/26/27 net profit forecasts by 1.7%/1.9%/2.2%, respectively. 

Rating downgraded to Hold from Buy. Target lifted to $31 from $30.

Target price is $31.00 Current Price is $30.30 Difference: $0.7
If LOV meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $30.82, suggesting upside of 2.1% (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

UBS rates MFG as Buy (1) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners ((GQG)), with Insignia Financial ((IFL)) a special situation.

UBS observes Magellan Financial's performance has settled for Global and Infrastructure strategies, which should assist 2H infrastructure performance fees. Ongoing share buybacks are anticipated.

The analyst's EPS forecasts slip by -2% for FY25 and rise by 1.7% for FY26.

No change to Buy rating. Target price rises to $9.50 from $9.40.

Target price is $9.50 Current Price is $8.72 Difference: $0.78
If MFG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting downside of -11.0% (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

Ord Minnett rates MGR as Hold (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Mirvac Group, the Hold rating and $2.15 target are maintained.

Target price is $2.15 Current Price is $2.22 Difference: minus $0.07 (current price is over target).
If MGR meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.36, suggesting upside of 3.3% (ex-dividends)

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

Morgans rates MI6 as Initiation of coverage with Speculative Buy (1) -

Morgans initiates coverage on Minerals 260, noting its 100%-owned Bullabulling project as one of the few advanced-stage, open-pittable gold assets in Western Australia. The project is just 65km from Kalgoorlie.

The broker models production starting in FY28, ramping to circa 160kozpa at costs (AISC) of $2,130/oz, generating annual earnings (EBITDA) of over $215m with margins of around 40%.

The analyst sees scope for improved recovery and cost optimisation, while resource upside is supported by 1.6moz outside current pit shells and ongoing drilling.

A December resource update and subsequent study phases are viewed as key catalysts, with first production slated for the 2H of 2028.

Morgans initiates with a Speculative Buy rating and a 26c target price.

Target price is $0.26 Current Price is $0.12 Difference: $0.145
If MI6 meets the Morgans target it will return approximately 126% (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

UBS rates MPL as Downgrade to Neutral from Buy (3) -

UBS marks-to-market insurers and brokers for the June Qtr quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance ((QBE)) and nib Holdings ((NHF)) for the private health insurers.

UBS downgrades Medibank Private to Neutral from Buy, with a target set at $5.45 (from $5.10), as the stock is offering more limited upside to the target price.

The analyst tweaks EPS estimates up 4.4% for FY25 and down -1.6% for FY26.

Target price is $5.45 Current Price is $5.15 Difference: $0.3
If MPL meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.91, suggesting downside of -3.4% (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 MTO as Upgrade to Buy from Accumulate (1) -

Morgans raises its target for Motorcycle Holdings to $4.10 from $2.75 and upgrades to Buy from Accumulate. These changes follow the acquisition of seven profitable dealerships from Peter Stevens Motorcycles, including four Harley-Davidson outlets, for -$7-9m.

The broker expects the acquisition will lift the company's national market share to around 20% and be EPS accretive from 1H FY26, with additional upside from operational synergies.

Peter Stevens Motorcycles delivered FY24 revenue of $144m and profit (PBT) of $2.5m, with management at Motorcycle Holdings assuming $150m and $3m respectively in FY26. Gradual margin improvement toward group levels is also expected.

Morgans lifts its FY26 and F27 EPS forecasts by 10.5% and 11.6%, respectively, and suggests the group is well-positioned for further organic and inorganic growth.

Target price is $4.10 Current Price is $3.06 Difference: $1.04
If MTO meets the Morgans target it will return approximately 34% (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 NEC as No Rating (-1) -

Australian advertising  spend fell -7% year-on-year in May 2025 but remains up 3% year-to-date, according to the Standard Media Index.

Macquarie explains the decline was partly due to a -93% drop in political advertising following the May 3 federal election.

Out-of-home advertising continues to outperform traditional media, growing 13% year-to-date and 5% in May, reaching 16% market share.

Macquarie remains on research restriction for Nine Entertainment and does not provide a rating or target price at this time.

Current Price is $1.65. Target price not assessed.

Current consensus price target is $1.90, suggesting upside of 15.2% (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

UBS rates NHF as Buy (1) -

UBS marks-to-market insurers and brokers for the June quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance ((QBE)) and nib Holdings for the private health insurers.

No change to the Buy rating and $7.85 target price. UBS lifts the EPS estimate for nib by 5.6% for FY25 and lowers FY26 by -1.3%.

Target price is $7.85 Current Price is $7.02 Difference: $0.83
If NHF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.97, suggesting downside of -2.7% (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

Ord Minnett rates NSR as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Accumulate-rated National Storage REIT, the $2.30 target is unchanged.

Target price is $2.30 Current Price is $2.32 Difference: minus $0.02 (current price is over target).
If NSR meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.51, suggesting upside of 6.3% (ex-dividends)

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

Macquarie rates OML as Outperform (1) -

Australian advertising  spend fell -7% year-on-year in May 2025 but remains up 3% year-to-date, according to the Standard Media Index.

Macquarie explains the decline was partly due to a -93% drop in political advertising following the May 3 federal election.

Supporting the broker's Outperform rating for oOh!media, out-of-home advertising continues to outperform traditional media, growing 13% year-to-date and 5% in May, reaching 16% market share.

Outperform rating and $2.00 target maintained.

Target price is $2.00 Current Price is $1.76 Difference: $0.245
If OML meets the Macquarie target it will return approximately 14% (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

Bell Potter rates PAR as Speculative Buy (1) -

Paradigm Biopharmaceuticals secured US$27m convertible note funding from specialist US investor Obsidian Global Partners for the enrolment of all 466 trial participants in the global phase 3 trial of the iPPS drug.

Bell Potter notes Obsidian conducted extensive due diligence, and the funding validates the scientific data provided on the drug.

The broker sees the terms as attractive with no coupon over the life of the notes and conversion of the first tranche at 75c, well ahead of the current share price.

The analyst expects the funding to extend the cash position until around June next year before additional capital is required.

EPS forecasts downgraded for FY25-27. Target price cut to 73c from 80c. Speculative Buy.

Target price is $0.73 Current Price is $0.38 Difference: $0.355
If PAR meets the Bell Potter target it will return approximately 95% (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 PMV as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker lowered Premier Investments' revenue and gross margin expectations for 4Q25. Net profit forecasts for FY25/26/27 decreased by -2.3%/-0.9%/-1.1%, respectively.

Buy. Target cut to $26.50 from $29.00 as the broker also lowered EBIT target multiple for Smiggle in its valuation modeling to 11x from 13x.

Target price is $26.50 Current Price is $20.40 Difference: $6.1
If PMV meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $25.20, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in July.

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

UBS rates PNI as Neutral (3) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners ((GQG)), with Insignia Financial ((IFL)) a special situation.

UBS explains a challenged 4Q25 for wholesale and domestic institutional channels; Pinnacle Investment Management should be well supported by the UK LifeCycle business, with equity markets and high water mark positions assisting with second-half performance fees.

Commentary highlights Pinnacle Investment Management has notable cash available for M&A opportunities.

The analyst lifts EPS forecasts by 3.4% for FY25 and 3.2% for FY26, with a higher target price of $21.70 (from $19.50).

Neutral rating retained due to the stock's valuation.

Target price is $19.50 Current Price is $19.77 Difference: minus $0.27 (current price is over target).
If PNI meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.80, suggesting upside of 13.7% (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

UBS rates PPT as Upgrade to Buy from Neutral (1) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners ((GQG)) with Insignia Financial ((IFL)) a special situation.

UBS lifts EPS estimates for Perpetual by 2.4%  for FY25 and 36.6% for FY26.

The analyst upgrades Perpetual to Buy from Neutral, with the stock viewed as oversold and trading below the upgraded target price of $22.50 (from $18.50) due to higher FUM, operating leverage, and cost controls.

Target price is $22.50 Current Price is $18.52 Difference: $3.98
If PPT meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $20.30, suggesting upside of 0.8% (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

UBS rates PTM as Upgrade to Neutral from Sell (3) -

UBS marks-to-market wealth managers for June Qtr with an upgrade in FY26 EPS estimates across the broker's coverage, up between 1%-27% due to robust equity markets, boosting companies with higher operating leverage, gearing, and fee performance exposure.

Preferred stocks in funds are GQG Partners ((GQG)), with Insignia Financial ((IFL)) a special situation.

UBS upgrades Platinum Asset Management to Neutral from Sell with a target of 47c (down from 50c), as the stock is down -30% since the proposed merger with L1 was announced. The merger terms continue to appear more favourable for L1 shareholders than Platinum minorities, the broker asserts.

EPS forecasts are lowered by -4.2% for FY25 and raised 16.8% for FY26.

Target price is $0.47 Current Price is $0.46 Difference: $0.01
If PTM meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates QBE as Downgrade to Neutral from Outperform (3) -

Macquarie flags upside risk to catastrophe claims for QBE Insurance in 1H25, estimating $575m in events due to Northern NSW floods versus the company's $549m allowance.

The broker expects FY25 gross written premium (GWP) growth of 5.7% in constant currency, consistent with guidance, supported by UK volumes and new underwriting deals with Youi and Sure.

The analyst's forecast imply a combined operating ratio (COR) of 92.7%, slightly above 92.5% guidance due to modest catastrophe over-runs. (Note: The insurer is making an underwriting profit at less than 100%)

As the group trades at a 15.7% premium to global peers on a two-year forward PE, Macquarie downgrades to Neutral from Outperform as the valuation multiple is no longer considered attractive. The $23 target is unchanged.

Target price is $23.00 Current Price is $23.44 Difference: minus $0.44 (current price is over target).
If QBE meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.31, suggesting upside of 5.8% (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: 0.5

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

UBS rates QBE as Buy (1) -

UBS marks-to-market insurers and brokers for the June quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance and nib Holdings ((NHF)) for the private health insurers.

Target price rises to $26 from $24.65, with higher EPS forecasts by 4.7% and 2.4% for FY25/FY26, respectively.

UBS likes QBE due to the valuation alongside compound average growth in EPS over two years at 7%, as the insurer exits non-core US assets and retains growth in gross written premiums with share buyback potential.

Target price is $26.00 Current Price is $23.44 Difference: $2.56
If QBE meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.31, suggesting upside of 5.8% (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: 0.5

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

Bell Potter rates RFG as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker lowered revenue forecast for Retail Food in 2H25 for the coffee, cafe and bakery divisions. Net profit forecasts for FY25/26/27 cut by -3.3%, -2.7% and -2.6% respectively.

Buy. Target trimmed to $3.60 from $4.00, also on lower target multiple of 9.5x from 10.5% on forecast FY25 net profit.

Target price is $3.60 Current Price is $2.00 Difference: $1.6
If RFG meets the Bell Potter target it will return approximately 80% (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 RGN as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Accumulate-rated Region Group, the $2.25 target is unchanged.

Target price is $2.25 Current Price is $2.25 Difference: $0
If RGN meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 1.8% (ex-dividends)

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

Ord Minnett rates SCG as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

Ord Minnett retains Accumulate ratings on all three. The target for Scentre Group rises to $3.70 from $3.63.

Target price is $3.70 Current Price is $3.66 Difference: $0.04
If SCG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.80, suggesting upside of 1.1% (ex-dividends)

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

UBS rates SDF as Buy (1) -

UBS marks-to-market insurers and brokers for the June quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance ((QBE)) and nib Holdings ((NHF)) for the private health insurers.

Target price raised to $6.85 from $6.70 with Buy rating retained. The analyst's EPS estimates are tweaked by 0.6% and -1.3% for FY25/FY26, respectively.

Target price is $6.85 Current Price is $5.99 Difference: $0.86
If SDF meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 13.5% (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 SFX as Hold (3) -

Due to a crane failure at Broome port, some 41kt of planned concentrate production shipments have been delayed until the September quarter, Ord Minnett explains, which impacts Sheffield Resources' revenue outlook as the income is deferred.

Due to the cash-strapped position of KMS, of which Sheffield has a 50% stake, the JV partner Yansteel is prepared to offer financial support, the analyst highlights.

Target price 20c with a Hold rating unchanged.

Target price is $0.20 Current Price is $0.17 Difference: $0.035
If SFX meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates SGP as Hold (3) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

For Stockland, the target rises to $5.35 from $5.00 and the Hold rating is maintained.

Target price is $5.35 Current Price is $5.45 Difference: minus $0.1 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.81, suggesting upside of 4.5% (ex-dividends)

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

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

Santana Minerals published an updated pre-feasibility study for the Rise and Shine, and Srex deposits at its Bendigo-Ophir gold project in New Zealand.

Shaw and Partners notes the initial processing facility was lowered, but costs increased. This was offset by a rise in mine life to 15.5 years from 13.5, a reduction in upfront capex and a lower risk discount.

The net result was an unchanged target price of $1.36. Buy, High Risk retained.

The broker reiterated the stock is among its top 10 small cap picks for 2025.

Target price is $1.36 Current Price is $0.54 Difference: $0.825
If SMI meets the Shaw and Partners target it will return approximately 154% (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 STP as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker notes end-FY25 performance will be key for Step One Clothing, with recent web traffic looking promising but conversion will be key.

No change to forecasts. Buy. Target unchanged at $1.30.

Target price is $1.30 Current Price is $0.78 Difference: $0.52
If STP 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

Morgan Stanley rates SUN as Overweight (1) -

Management at Suncorp Group has introduced a three-year structured reinsurance cover to cap Australian catastrophe costs at -$350m per event, observes Morgan Stanley. The total benefit is limited to $600m over the period, or 67% per annum on average.

The broker notes this multi-year structure supports margin stability and includes a profit share element, offering upside if management controls event losses effectively.

The group also added a second reinstatement in the $500m–$1bn protection layer, stabilising earnings by avoiding past reinstatement costs of up to -$80m, explains the broker.

Despite strong reductions in reinsurance pricing, levels remain historically high, note the analysts. Suncorp is seen taking a disciplined approach with further FY26 CAT budget flexibility and capital management options under review.

The $25.20 target and Overweight rating are maintained. Industry View: In-Line.

Target price is $25.20 Current Price is $21.72 Difference: $3.48
If SUN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $22.27, suggesting upside of 3.4% (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 SUN as Downgrade to Hold from Accumulate (3) -

Ord Minnett notes Suncorp Group's review of reinsurance programs for FY26 showed a lower cost for general catastrophe coverage but more expensive options for additional coverage like quota share.

The broker is unsurprised, noting quota-share policies are not financially viable for the insurer or its key rival Insurance Australia Group ((IAG)).

However, other provisions for weather events along with reinsurance should provide sufficient coverage, the analyst reckons.

FY25 EPS forecast trimmed by -0.2% but FY26 lifted by 3.8% and FY27 by 2.6%. Target rises to $22 from $21. Rating downgraded to Hold from Accumulate for valuation reasons.

Target price is $22.00 Current Price is $21.72 Difference: $0.28
If SUN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $22.27, suggesting upside of 3.4% (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 SUN as Neutral (3) -

UBS marks-to-market insurers and brokers for the June quarter with an across-the-board EPS uplift in estimates by 0%-9% for the sector, due to a recovery in markets and a more subdued CAT period over the June quarter.

The broker prefers QBE Insurance ((QBE)) and nib Holdings ((NHF)) for the private health insurers.

UBS lifts FY25 EPS for Suncorp Group by 8.6% and lowers FY26 by -0.5%. No change to the Neutral rating, with a higher target of $22.50 from $21.65.

Target price is $22.50 Current Price is $21.72 Difference: $0.78
If SUN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $22.27, suggesting upside of 3.4% (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

Macquarie rates SWM as Neutral (3) -

Australian advertising  spend fell -7% year-on-year in May 2025 but remains up 3% year-to-date, according to the Standard Media Index.

Macquarie explains the decline was partly due to a -93% drop in political advertising following the May 3 federal election.

Out-of-home advertising continues to outperform traditional media, growing 13% year-to-date and 5% in May, reaching 16% market share.

For Seven West Media, the Neutral rating and 18c target are maintained.

Target price is $0.18 Current Price is $0.15 Difference: $0.03
If SWM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.18, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates TPW as Hold (3) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker expects Temple & Webster's FY25 EBITDA margin to be towards the top end of the 1-3% guidance range.

Buy. Target lifted to $22 from $21 on a higher terminal growth rate forecast of 3.8% from 3.3% in the blended valuation.

Target price is $22.00 Current Price is $20.92 Difference: $1.08
If TPW meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $20.70, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates UNI as Buy (1) -

Bell Potter notes the retail sector has lagged behind peer markets in 2025 due to the delayed start of the RBA easing cycle but a meaningful pickup is likely from the third rate cut expected next week.

The broker sees potential for a trend shift in the September quarter and reflected in the AGM season updates. For the FY25 reporting season in August, the broker sees gross margin pressure as a key risk due to higher promotional activity.

The broker's EBIT forecast for Universal Store for FY25 is slightly ahead of consensus at $55.5m vs 54.9m consensus.

No change to forecasts. Buy. Target unchanged at $10.50.

Target price is $10.50 Current Price is $7.74 Difference: $2.76
If UNI meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $10.27, suggesting upside of 31.4% (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

Ord Minnett rates VCX as Accumulate (2) -

Ord Minnett expects the Property sector to deliver operating EPS growth of 5.6% in FY26 and a three-year compound annual growth rate (CAGR) of 5.8%. Support is expected from falling interest rates, rising asset values, and limited supply of quality assets.

Property trusts are trading on a 12-month forward distribution yield of around 5%, notes the analyst.

Within large caps, the broker favours Vicinity Centres for net operating income (NOI) upgrades tied to rent growth and Scentre Group for lower interest costs on refinancing. GPT Group is also preferred for rising specialty sales and a capital-light model.

Ord Minnett retains Accumulate ratings on all three. The target for Vicinity Centres rises to $2.55 from $2.35.

Target price is $2.55 Current Price is $2.51 Difference: $0.04
If VCX meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting downside of -6.8% (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