Australian Broker Call

Bell Potter rates AIS as Buy (1) -

Bell Potter notes Aeris Resources' 1H25 group production of 20.5kt copper equivalent is on track for the low end of the company's 40-48kt guidance.

Tritton disappointed in 2Q while Cracow and Mt Colin outperformed, highlighting the benefits of asset portfolio diversification, in the broker's view.

Cracow’s unhedged gold price exposure and better-than-expected mining rates are helping the company. However, the ramp-up of Tritton and the development of the Constellation deposit remain key to the company's long-term value proposition, the broker notes.

The analyst raised FY25 and FY26 EPS forecasts by 23% and 22% respectively, driven by increased copper and gold price forecasts together with a more conservative long-term outlook for Tritton.

Target price drops to 29c from 34c. Buy rating retained.

Target price is $0.29 Current Price is $0.14 Difference: $0.145
If AIS meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 97.6% (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

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

Morgan Stanley believes management at Amcor will maintain FY25 guidance with what is expected to be an in-line 1H result.

While volumes have turned positive, the analysts expect growth will likely remain modest in the near-term. For FY25, Morgan Stanley forecasts EPS of US76cps on a constant currency basis.

The broker maintains a target price of $15.50 with an Equal-weight rating and an Industry view of "In Line".

Target price is $15.50 Current Price is $15.69 Difference: minus $0.19 (current price is over target).
If AMC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.73, suggesting upside of 7.1% (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: 0.3

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

UBS rates AMC as Neutral (3) -

UBS forecasts EPS growth of 3% to 32.4cps (consensus 32.5cps) for Amcor when it releases 1H results tomorrow and expects management will maintain FY25 EPS guidance.

The analyst will also be looking for commentary surrounding the potential Berry Global Group transaction, targeted for completion in mid-2025.

The Neutral rating and $16.65 target price are unchanged.

Target price is $16.65 Current Price is $15.69 Difference: $0.96
If AMC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.73, suggesting upside of 7.1% (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: 0.3

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

Citi rates ANZ as Sell (5) -

Despite ANZ Bank's recent share price underperformance, Citi sees no clear catalysts for a positive re-rating.

THe broker comments it could be some time before the market becomes comfortable with the new strategy of incoming CEO Nuno Matos, particularly his approach to technology and the bank's digital banking service ANZ Plus.

Sell rated with an unchanged $25.25 target price.

Target price is $25.25 Current Price is $30.62 Difference: minus $5.37 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.13, suggesting downside of -6.6% (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 AUB as Downgrade to Neutral from Buy (3) -

UBS considers the insurance sector, highlighting global CAT rates declined by -7% at January 1 renewals, the first fall since 2017.

The broker suggests insurance pricing with Lloyd’s was most impacted in the last soft cycle between 2013-2017.

With record-high returns on equity, UBS expects pricing to slow more considerably in 2025, with a decline in Lloyd’s rates and commercial/personal rates easing to inflation levels, with further "moderation" in 2026.

AUB Group is downgraded to Neutral from Buy with a lower target price of $33.30 from $36.80. The company has the highest exposure to Lloyd’s among company's under coverage at 24%.

UBS lowers EPS estimates by -3.5% in FY25 and -4.7% in FY26.

Target price is $33.30 Current Price is $31.96 Difference: $1.34
If AUB meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $35.52, suggesting upside of 16.7% (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

Shaw and Partners rates AVL as Buy (1) -

Shaw and Partners points to the political upside for Australian Vanadium if the Cook government is re-elected in WA with the intention to invest $150m into a 500GW vanadium flow battery in Kalgoorlie.

The broker highlights the government's announcement reinforces the potential support for vanadium mining, processing, and export in WA.

The broker retains a Buy, High-Risk rating with a target price of 8c.

Target price is $0.08 Current Price is $0.01 Difference: $0.067
If AVL meets the Shaw and Partners target it will return approximately 515% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 BMN as Buy (1) -

Shaw and Partners observes the December quarter activities report for Bannerman Energy shows ongoing progress in developing its Etango uranium project.

Management continues to wait for an appropriate incentive U3O8 price to commit to off-take agreements and the final investment decision for the project, the analyst states.

The company has cash of $81.1m, and the broker believes it is well funded to retain a wait-and-see approach to the uranium market.

Shaw and Partners retains a Buy, High-Risk rating with a $7.40 target price.

Target price is $7.40 Current Price is $2.99 Difference: $4.41
If BMN meets the Shaw and Partners target it will return approximately 147% (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 BRG as Neutral (3) -

Breville Group reports 1H results on February 11 and Citi is forecasting a profit of $96m, broadly in line with the consensus estimate.

The overall outlook for small domestic appliances has weakened though the coffee subcategory (where Breville is overweight) is relatively more resilient, suggests the broker, based on peer Whilpool's latest quarterly result.

The $36.51 target is maintained. Citi retains a Neutral rating, suggesting the market is understating the potential impact of rising competition.

Target price is $36.51 Current Price is $38.34 Difference: minus $1.83 (current price is over target).
If BRG meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.56, suggesting downside of -6.9% (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

Citi rates BSL as Upgrade to Buy from Neutral (1) -

Citi expresses a preference for BlueScope Steel over iron ore miners and raises its target to $24 from $21, while upgrading to Buy from Neutral.

Port Kembla exports will likely return to profit, as the broker forecasts lower iron ore prices in 2026 plus lower China steel exports/higher Asian hot rolled coil (HRC) pricing. 

Citi expects China will curtail steel output and sees potential for broad-based US steel import tariffs plus an expanded US infrastructure spend.

Target price is $24.00 Current Price is $21.29 Difference: $2.71
If BSL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $23.45, suggesting upside of 10.1% (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 DRR as Neutral (3) -

As Mining Area C (MAC) volumes were already disclosed in BHP Group’s quarterly update, Deterra Royalties' December quarter revenue was broadly in line with Citi’s forecast.

The broker raises the target price to $4.40 from $4.20, reflecting more positive assumptions for the Thacker Pass lithium project in Nevada, over which Deterra holds a royalty.

Citi maintains a Neutral rating.

Target price is $4.40 Current Price is $4.07 Difference: $0.33
If DRR meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 8.4% (ex-dividends)

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

UBS rates FMG as Sell (5) -

UBS notes the acquisition of Red Hawk Mining by Fortescue at a total consideration of -$254m, resulting in a slight increase in net debt to US$1.9bn.

The analyst remains unsure whether Red Hawk's Blacksmith acquisition and development will add value to Fortescue.

No change to the Sell rating and $17.50 target price. No change to earnings forecasts.

Target price is $17.50 Current Price is $19.13 Difference: minus $1.63 (current price is over target).
If FMG meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.48, suggesting upside of 0.7% (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: -0.3

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

Morgans rates FND as Initiation of Coverage with Add (1) -

Morgans initiates coverage of Findi with a $7.17 target price and an Add rating.

The broker explains Findi is a fintech operating in India with around 215k ATM/payment locations and processing over 1bn transactions per annum.

India's digital payments market is expected to advance at a 31% average compound growth rate from 2021 to 2029, the analyst highlights.

The company's ATM business "deploys" and manages ATMs via Brown and White label agreements with contracts over five years with the State Bank of India and the Central Bank of India. Morgans is very upbeat on the Brown label operations.

Management is targeting the IPO of its Transactional Solutions International India business, which is 80% owned, on the Bombay Stock Exchange in 2026, the broker notes.

Add rated. Target $7.17.

Target price is $7.17 Current Price is $4.33 Difference: $2.84
If FND meets the Morgans target it will return approximately 66% (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 GQG as Neutral (3) -

UBS forecasts a $1.2bn month-on-month increase in GQG Partners' funds under management (FUM) in January, bringing the total to $159.5bn.

The broker suggests this growth should reassure investors cyclical weakness in flows has not been prolonged following the market’s Adani-related reset of flow expectations.

UBS maintains a Neutral rating and a $2.32 target price.

Target price is $2.32 Current Price is $2.15 Difference: $0.17
If GQG meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.86, suggesting upside of 34.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Bell Potter rates GSS as Buy (1) -

Bell Potter notes 2Q25 was another strong quarter for Genetic Signatures due mainly to increased respiratory sales, with 1H revenue excluding US sales $0.3m above its forecast.

The company previously announced guidance for the first US sales in 1H25 but didn't announce any yet. Still, the broker remains positive on the US opportunity for the company's differentiated GI parasite detection kit, and now expects the first US sales in the 2H.

Target price drops to $1.05 from $1.10 on pushback to first US sales. Speculative Buy recommendation retained.

Target price is $1.05 Current Price is $0.62 Difference: $0.43
If GSS meets the Bell Potter target it will return approximately 69% (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 HAS as Hold (3) -

Following Hastings Technology Metals' December quarter activities report, Ord Minnett maintains its Hold rating and 31c target.

The broker notes a shift in management’s strategy, moving away from previous plans to defer downstream processing and sell monazite concentrate to China.

Instead, the company has signed an MOU with the Kingdom of Saudi Arabia as part of its Global Supply Chain Resilience Initiative.

If pursued, the broker highlights management will require a fresh bankable feasibility study (BFS) to incorporate US$1.5bn of REO refining capacity in Saudi Arabia.

Target price is $0.31 Current Price is $0.32 Difference: minus $0.005 (current price is over target).
If HAS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 considers the insurance sector, highlighting global CAT rates declined by -7% at January 1 renewals, the first fall since 2017.

The broker suggests insurance pricing with Lloyd’s was most impacted in the last soft cycle between 2013-2017.

With record-high returns on equity, UBS expects pricing to slow more considerably in 2025, with a decline in Lloyd’s rates and commercial/personal rates easing to inflation levels, with further "moderation" in 2026.

Insurance Australia Group's valuation is trading at an 11%-13% relative premium against a 10-year average.

Target price raised to $9.15 from $8.55. No change to the Neutral rating. UBS lifts EPS estimates by 1% and 2%, respectively for FY25/FY26.

Target price is $9.15 Current Price is $9.20 Difference: minus $0.05 (current price is over target).
If IAG 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 $8.82, suggesting downside of -1.4% (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

UBS rates IEL as Neutral (3) -

IDP Education continues to be impacted by uncertainty and "tightening" government policies, with negative sentiment from international students, the broker explains.

The analyst now expects more pressure on Canada against previous forecasts, with earnings declining -6% in FY25.

UBS also points to softer intakes in the UK and Canada in the seasonally stronger northern hemisphere period of September, and the loss of British Council China royalty will impact more in 1H25.

The broker lowers EPS forecasts by -4% and -7% for FY25/FY26, respectively.

Target price falls to $14.70 from $16.45. No change to the Neutral rating.

Target price is $14.70 Current Price is $13.34 Difference: $1.36
If IEL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.60, suggesting upside of 39.1% (ex-dividends)

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

Bell Potter rates IGO as Sell (5) -

IGO Ltd's 2Q25 spodumene concentrate SC6 production was 393kt, beating Bell Potter's estimate of 369kt but sales of 312kt were below the broker's 368kt estimate on shipment timing. 

Nova payable nickel sales were 3,316kt vs the broker's forecast of 3,269kt and pricing was higher at $24.1k/t vs Bell Potter's $23.0k/t estimate.

Underlying EBITDA was -$79m vs the broker's estimate of $32.9m.

The broker raised its target price to $4.2 from $4.0 on recent increases to spot lithium prices but maintained the Sell rating.

The analyst notes the current share price is still implying long-term lithium spodumene prices of US$1,325, significantly greater than spot prices.

Target price is $4.20 Current Price is $4.93 Difference: minus $0.73 (current price is over target).
If IGO meets the Bell Potter target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.46, suggesting upside of 13.7% (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

Morgans rates IPD as Speculative Buy (1) -

ImpediMed announced its 2Q25 cash flow report, Morgans notes, with cash received of $3.4m versus $1.7m in the previous quarter and a net cash outflow of $2.5m, including an R&D incentive of $0.9m, the analyst observes.

Morgans highlights 20 units for US sales were below the expected 50 units versus 28 units in 1Q25, which was "disappointing."

Annual recurring revenue advanced 7% on 1Q25 to $12.5m. Contracted revenue declined on the back of a lower number of renewed units, the broker explains.

Morgans reduces the expected US installed base to 140 units from 200 units, which lowers the forecast FY25 revenue by -7.6%, and the net loss increases by 11.5%.

The Speculative Buy rating remains. Target price falls to 17c from 19c.

Target price is $0.17 Current Price is $0.06 Difference: $0.115
If IPD meets the Morgans target it will return approximately 209% (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 IPD as Speculative Buy (1) -

ImpediMed’s 2Q result was mixed, according to Ord Minnett, with revenue of $3.3m, free cash flow of -$2.6m, and payor coverage of 259m lives exceeding expectations, while US SOZO sales fell short at 20 units versus 28 in the first quarter.

The broker remains encouraged by ongoing lead pipeline growth, expanding private payor coverage, and strong pricing tailwinds, but awaits a clearer acceleration in US sales.

Key near-term catalysts include contract wins and material payor updates, suggest the analysts. The target price is lowered to 12c from 13c, with a Speculative Buy rating retained.

Target price is $0.12 Current Price is $0.06 Difference: $0.065
If IPD meets the Ord Minnett target it will return approximately 118% (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 JDO as Hold (3) -

Observing the monthly APRA data, Morgans highlights Judo Capital's loan and deposit growth in 1H25 was weaker than anticipated to realise management's growth target of 15% for FY25 on profit before tax guidance, the analyst explains.

The broker lowers the forecast FY25 profit before tax by around -3% to -4% with a higher cost base. Morgans now estimates profit before tax growth of 13% in FY25 and 66% in FY26.

No change to the Hold rating. Target price lifts to $1.96 from $1.92 as the company moves more closely to a stronger period of profit growth, the analyst stresses.

Judo Capital is due to report 1H25 earnings on February 18.

Target price is $1.96 Current Price is $2.02 Difference: minus $0.06 (current price is over target).
If JDO meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.84, suggesting downside of -4.9% (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

Macquarie rates JMS as Outperform (1) -

Macquarie notes the 49.9%-owned Tshipi mine production for Jupiter Mines came in below the broker's forecast by -19% at 745kt of manganese. Sales were below estimates by -25%, the broker states.

Realised prices declined -14% to US$3.72/dmtu against 1Q25 but were slightly above the analyst's estimate.

Reduced overheads, improved forex, and lower freight costs enabled considerably higher-than-expected earnings and net profit, some 90%/91% above Macquarie's expectations.

Target price rises 5% to 22c. No change to the Outperform rating. Macquarie lifts the FY25 EPS forecast by 4%.

Target price is $0.22 Current Price is $0.16 Difference: $0.065
If JMS meets the Macquarie target it will return approximately 42% (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 LLC as Buy (1) -

Management at Lendlease Group has announced the sale of Capella Capital for $235m and provided an update for completed asset sales in FY25 of $2.2bn. The broker explains this number compares to a 12-month target, set last May, for $2.8bn of asset sales.

Management left FY25 earnings guidance of 54-62c unchanged. Citi reiterates a Buy rating and $8 target price.

Target price is $8.00 Current Price is $6.50 Difference: $1.5
If LLC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.96, suggesting upside of 9.1% (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

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

Management at Lendlease Group has sold its 70%-stake in Capella Capital for $165m (securing $2.1bn of the $2.8bn capital recycling
target for FY25), and announced the completed sale of Military Housing for $514m.

Management reiterated FY25 EPS guidance of 54-62c and expects 1H EPS of 17-20c compared to Morgan Stanley and consensus forecasts for 18.6c and circa 35c, respectively.

Equal-weight rating. Target price $7.16. Industry view: In-Line. 

Target price is $7.16 Current Price is $6.50 Difference: $0.66
If LLC meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.96, suggesting upside of 9.1% (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

Macquarie rates LOT as Outperform (1) -

Macquarie observes the extent of activity regarding the restart of Lotus Resources' Kayelekera mine, with over 200 people and mobile equipment on site, the analyst details.

Management aims for initial uranium production in 3Q25. The company has cash on hand of $133m, which was somewhat below the broker's expectations.

The broker observes around 25% of the first four years of production has been contracted to Curzon and PSEG on fixed-price terms. The majority of the balance of contracts is expected to be market-based.

Outperform rating. The target slips -5% to 38c due to a lower AUD impacting the Kayelekera valuation against a lower Letlhakane valuation.

Target price is $0.38 Current Price is $0.25 Difference: $0.135
If LOT meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 131.9% (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 MEI as Speculative Buy (1) -

Meteoric Resources' 2Q update highlighted to Ord Minnett rapid progress at the Caldeira rare earths project, with the pre-feasibility study (PFS) expected to be completed this quarter.

The study will incorporate high-grade resources from a fourth lease, potentially extending the high-grade mining period beyond ten years, highlights the broker. Metallurgical testing has progressed, with bulk sample testing completed.

Management is shifting focus toward project financing and offtake agreements, aided by Caldeira’s inclusion in Brazil’s Investment Platform for climate transition projects, explains the broker.

The Speculative Buy rating and 20c target price are retained.

Target price is $0.20 Current Price is $0.08 Difference: $0.118
If MEI meets the Ord Minnett target it will return approximately 144% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 357.1% (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 MFG as Downgrade to Sell from Neutral (5) -

UBS lowers its target price for Magellan Financial to $10.30 from $10.90 and downgrades to Sell from Neutral, citing the likely review by rating agencies and consultants following Gerald Stack’s departure as Head of Investments in July.

Stack led Magellan’s Listed Infrastructure business for 18 years, and the broker now sees an increased risk of outflows, which could impact management fee revenue and funds management profit (PBT) by -6% and -10%, respectively.

Target price is $10.30 Current Price is $10.51 Difference: minus $0.21 (current price is over target).
If MFG 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 $9.99, suggesting upside of 4.6% (ex-dividends)

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

Bell Potter rates MIN as Buy (1) -

Bell Potter highlights Mineral Resources maintained production and cost guidance for all continuing operations, however, unit costs were elevated in 1H25. 

Net debt rose to $5.1bn at the end of December vs the broker's estimate of $4.8bn, as a decline in AUD resulted in a $300 revaluation of USD-denominated debt.

The broker reckons the successful ramp-up of the Onslow Iron Project remains a critical work stream, noting the March quarter has been impacted by eight days of lost activity due to a tropical cyclone.

The broker made minor revisions to the production forecast, and reduced lithium price and AUD/USD forecasts. Target price cut to $59.6 from $61.0. Buy rating retained.

Target price is $59.60 Current Price is $34.98 Difference: $24.62
If MIN meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $41.51, suggesting upside of 25.0% (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

UBS rates MND as Neutral (3) -

UBS highlights the Monadelphous Group share price has risen 13% year-to-date on a stronger-than-expected 1H25 trading update.

Neutral rating unchanged. Target price lifts to $15.45 from $14. UBS lifts EPS estimates by 11.3% and 9.3% for FY25/FY26.

Target price is $15.45 Current Price is $15.81 Difference: minus $0.36 (current price is over target).
If MND 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 $15.15, suggesting downside of -2.1% (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 NIC as Buy (1) -

Nickel Industries' 4Q24 production fell short of Bell Potter's forecast while cash cost was 9% higher but the broker views it as a positive production performance

The broker highlights the company is targeting significant growth from its highest-margin businesses in FY25. The ramp-up in Hengjaya Mine iron ore production could increase the mine's EBITDA contribution by 50% on the broker's base case or double it on the upside case.

Target price cut to $1.39 from $1.43. Buy rating retained.

Target price is $1.39 Current Price is $0.77 Difference: $0.625
If NIC meets the Bell Potter target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 57.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Ord Minnett rates NTU as Speculative Buy (1) -

Northern Minerals' 2Q update outlined ongoing exploration and feasibility work at the Wolverine project, though the final investment decision (FID) has been delayed beyond mid-year, observes Ord Minnett, due to the late mineral resource estimate.

The broker notes exploration efforts are underway at several prospects, with drilling at the Dazzler deposit and early-stage work at Longshot and John Galt.

Management is also surveying a new access road to connect with the Tanami Road to improve wet-season reliability.

The Speculative Buy rating and 3-cent target remain.

Target price is $0.03 Current Price is $0.02 Difference: $0.011
If NTU meets the Ord Minnett target it will return approximately 58% (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 ORA as Neutral (3) -

Orora will deploy net cash proceeds of US$1.14bn from the sale of its US packaging distribution business (OPS) to reduce debt, fund a share buyback, and invest in new can capacity, highlights UBS.

The broker expects the buyback to support the share price and notes that if management returns gearing to its target range, over $500m in balance sheet capacity could be available in FY26 for further M&A.

The broker retains a Neutral rating and raises the target price to $2.57 from $2.45.

Target price is $2.57 Current Price is $2.37 Difference: $0.2
If ORA meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 20.3% (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 ORG as Buy (1) -

Citi reduces its target for Origin Energy by -8% to $11.50 largely due to lower forecast retail gas volumes and higher pool purchases.

As the broker assumes the Yanco Delta Wind Farm equity stake is reduced, the board will likely target progressively higher dividends given greater balance sheet headroom.

The Buy rating is maintained.

Target price is $11.50 Current Price is $10.45 Difference: $1.05
If ORG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 4.6% (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

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

Macquarie downgrades Origin Energy to Neutral from Outperform on the back of a weaker 2Q25 production outlook from APLNG, the analyst explains.

The broker points to 2Q25 production and sales for APLNG as "sound," with improved pricing assisting, but the company flagged lower production, and overall performance has not recovered post recent shutdowns.

Management flagged higher tax, but it was more elevated than the analyst expected. Octopus has won more customers, some 0.68m compared to 1Q25; better than anticipated.

Macquarie notes customer numbers in the energy market were "reasonable."

The broker lifts EPS forecasts by 5.3% in FY25 and 5.7% in FY26, and the target price slips to $10 from $10.35 due to tax and lower APLNG expectations.

Target price is $10.00 Current Price is $10.45 Difference: minus $0.45 (current price is over target).
If ORG 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 $10.68, suggesting upside of 4.6% (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

Ord Minnett rates ORG as Buy (1) -

Ord Minnett attributes the negative share price reaction to Origin Energy’s second-quarter update to a lack of formal FY25 guidance for the Energy Markets division.

Company-wide, sales revenue exceeded market expectations, driven by improved LNG prices, while gas and electricity volumes were broadly in line with consensus estimates, explains the broker.

FY25 production guidance for the APLNG plant in central Queensland was lowered by -2-3% due to well performance issues at some drilling sites.

The broker raises the target price to $11.10 from $11.00 and maintains a Buy rating.

Target price is $11.10 Current Price is $10.45 Difference: $0.65
If ORG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 4.6% (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 PAR as Buy (1) -

In the current quarter, Paradigm Biopharmaceuticals expects to commence recruitment of the first patients at up to 10 sites in Australia for phase 3 trials for the new drug application Zilosul. 

The company announced it is actively engaging with stakeholders, including potential partners, to support the trial and future commercialisation.

The company also announced Advanced Clinical, a Chicago-based clinical research organisation, as the manager of the global phase 3 trials. Bell Potter believes there remain multiple pharma groups engaged with the company for a partnering deal on the Zilosul phase 3 program.

No significant changes to the financial model. Target price of 80c and Speculative Buy rating remain.

Target price is $0.80 Current Price is $0.59 Difference: $0.215
If PAR meets the Bell Potter target it will return approximately 37% (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 PBH as Hold (3) -

Bell Potter observes 2Q25 was a mixed quarter for PointsBet with revenue and net win below its estimate, but this was largely made up by better-than-expected gross profit margin.

The company's 1H25 EBITDA of -$3.3m was notably better than the broker's forecast of -$4.7m, driven by better cost control.

PointsBet downgraded its FY25 revenue guidance to $260-270m from $280-290m but only narrowed its FY25 EBITDA guidance range to $11-14m from $11-16m.

Bell Potter has downgraded FY25 revenue and EBITDA forecasts by -6% and -3% respectively, and is now close to the midpoint of both revised ranges. 

Target price cut to 90c from 95c. Hold rating retained.

Target price is $0.90 Current Price is $0.86 Difference: $0.045
If PBH meets the Bell Potter target it will return approximately 5% (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

Ord Minnett rates PBH as Buy (1) -

PointsBet Holdings' 2Q trading update was weaker-than-expected by Ord Minnett, with the Australian business performing well at the gross profit level but missing forecasts at net win and revenue lines.

FY25 revenue guidance was reduced by -7% to $260-270m, while earnings (EBITDA) guidance was cut by -7% to $11-14m, primarily due to one-off impacts from the Canadian business, explains the broker.

Customer growth in Canada was strong, rising by 8,500 to 57,400, while Australian active customers fell by -3,300, observe the analysts, as management focused on lower-staking clients.

The broker reduces FY25 earnings estimates by -12%, but retains a Buy rating with an unchanged 95c target.

Target price is $0.95 Current Price is $0.86 Difference: $0.095
If PBH meets the Ord Minnett target it will return approximately 11% (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 PMV as Neutral (3) -

Following completion of the Myer ((MYR)) transaction and a 1H update by Premier Investments, Citi lowers its earnings forecasts on concerns around growth at Smiggle and Peter Alexander, as well as overall implied cost inflation.

The broker notes potential for upside risk at Smiggle should the international expansion beat expectations.

Neutral rating retained. The target rises to $26 from $22.75 after several forecast adjustments by the broker following the demerger.

Target price is $26.00 Current Price is $23.88 Difference: $2.12
If PMV meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $30.44, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in July.

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 QBE as Buy (1) -

UBS considers the insurance sector, highlighting global CAT rates declined by -7% at January 1 renewals, the first fall since 2017.

The broker suggests insurance pricing with Lloyd’s was most impacted in the last soft cycle between 2013-2017.

With record-high returns on equity, UBS expects pricing to slow more considerably in 2025, with a decline in Lloyd’s rates and commercial/personal rates easing to inflation levels, with further "moderation" in 2026.

QBE Insurance remains Buy rated and is the preferred stock in the sector. The broker believes concerns over non-cyclical aspects of the insurance business are being overemphasised and the stock is trading at a relative discount to its five-year average valuation.

UBS tweaks EPS forecasts by -0.2% and -0.8% for FY25/FY26. Target price rises to $23.85 from $23.

Target price is $23.85 Current Price is $20.94 Difference: $2.91
If QBE meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $21.83, suggesting upside of 6.8% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.7

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

Citi rates RHC as Neutral (3) -

Citi warns investors the new CEO at Ramsay Health Care may reset expectations lower at the February 1H result and maintains a Neutral rating.

The broker also remains cautious about political uncertainty in France, potential wage increases from upcoming EBAs, and the risk of private health insurance premium hikes failing to keep pace with cost inflation.

The Neutral rating and $42 target are reiterated.

Target price is $42.00 Current Price is $33.74 Difference: $8.26
If RHC meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $43.21, suggesting upside of 30.1% (ex-dividends)

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

Citi rates RMD as Neutral (3) -

ResMed's 2Q adjusted EPS beat consensus by 4%, driven by strong Devices growth and a lower tax rate, according to Citi. Earnings (EBIT) also exceeded expectations by 2%, with the EBIT margin expanding by 260bps to 34%.

US Devices revenue grew by 12%, observes the broker, outperforming consensus by 3%, which management attributed to healthy market growth, strong execution, and pricing benefits from the shift to AirSense 11 devices.

Citi maintains a Neutral rating and raises the target price to $41 from $38, reflecting a lower Australian dollar forecast.

Target price is $41.00 Current Price is $40.18 Difference: $0.82
If RMD meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $43.06, suggesting upside of 10.3% (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: 0.6

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

Macquarie rates RMD as Outperform (1) -

ResMed reported better-than-expected earnings before interest and tax by 2%, Macquarie highlights, with lower-than-anticipated tax leading to net profit after tax, some 5% above forecast.

Gross margin at 59.25% met expectations, with management continuing to guide for 59%-60% in 2H25 and FY25.

Revenue growth was higher than consensus, with stronger device results.

EPS forecasts by the analyst rise by 1% in FY25/FY26.

Macquarie retains an Outperform rating and lifts the target price to $45.10 from $41.10.

ResMed remains a "preferred" sector exposure for the broker.

Target price is $45.10 Current Price is $40.18 Difference: $4.92
If RMD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $43.06, suggesting upside of 10.3% (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: 0.6

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

Ord Minnett rates RMD as Buy (1) -

Ord Minnett spotted another "impressive" result from ResMed following the 2Q release and raises its target to $44.80 from $43.90 after raising EPS forecasts by 1% across FY25-27. Buy retained.

The broker highlights constant-currency EPS growth of 30% in H1 of FY25, struck off revenue growth of 10%. Higher-than-expected growth in flow generators drove an above-consensus outcome.

Also, a wider gross margin was a strong outcome, suggests the analyst, given negative currency impacts and the product mix (i.e. a higher proportion of lower-margin CPAP devices versus masks and other contributors).

Management maintained the FY25 gross margin guidance. Ord Minnett anticipates an increase in the size of the share buyback program by the end of FY25.

Target price is $44.80 Current Price is $40.18 Difference: $4.62
If RMD meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $43.06, suggesting upside of 10.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Macquarie rates RSG as Outperform (1) -

Resolute Mining reported lower-than-expected 4Q24 production against Macquarie and consensus expectations, the analyst notes.

All-in sustaining costs came in higher than anticipated by 10% as lower production and higher royalty costs impacted, the broker explains.

Management's updated FY25 production guidance is lower than both consensus and Macquarie's forecasts, with cost guidance higher.

Adjusting for the report and changed guidance, the analyst lowers EPS estimates by -49% to -84% for 2025 to 2030 for Resolute.

Target price is cut -22% to 47c. No change to the Outperform rating. Regulatory instability in Mali remains an issue, both a potential positive and negative for the company, the broker believes.

Target price is $0.47 Current Price is $0.42 Difference: $0.055
If RSG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Macquarie rates SBM as Outperform (1) -

Macquarie notes St. Barbara pre-released most of the 4Q24 metrics, but all-in sustaining costs came in higher than the broker and consensus estimates by 15%/17%, respectively.

Management retained FY25 production guidance at 65-75koz but pointed to the lower end as being more feasible.

The broker notes a more robust 2H25 will be assisted by higher grades and better throughput.

No change to the 39c target price. Outperform rating unchanged. Macquarie notes the PNG government's tax assessment and penalty underpin more uncertainty.

Target price is $0.39 Current Price is $0.26 Difference: $0.135
If SBM meets the Macquarie target it will return approximately 53% (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

UBS rates SDF as Buy (1) -

UBS considers the insurance sector, highlighting global CAT rates declined by -7% at January 1 renewals, the first fall since 2017.

The broker suggests insurance pricing with Lloyd’s was most impacted in the last soft cycle between 2013-2017.

With record-high returns on equity, UBS expects pricing to slow more considerably in 2025, with a decline in Lloyd’s rates and commercial/personal rates easing to inflation levels, with further "moderation" in 2026.

UBS tweaks EPS estimates for Steadfast Group by 0.2% and 0.1% for FY25/FY26, respectively, and expects new merger reforms in January 2026 to bring forward deal activity for brokers into 2025.

The stock remains Buy rated with a higher target price of $6.85 from $6.70. The broker highlights the sector trades at a -20% discount to global peers. Steadfast Group is preferred over AUB Group.

Target price is $6.85 Current Price is $5.84 Difference: $1.01
If SDF meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 22.7% (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

Morgans rates SFR as Hold (3) -

Morgans notes Sandfire Resources' 2Q25 production and earnings came in slightly below market expectations, with revenue below the analyst's estimate by -6% on weaker copper output and softer copper prices.

Management lowered net debt by -US$57m to US$288m, and the broker believes the company should reach a net cash position in late FY26.

The analyst believes Matsa's mining run rates above 4.6mtpa and Motheo above 5.6mtpa lend support to management's guidance around output and ongoing cost reductions.

The Hold rating is maintained. Target price lifts to $10.55 from $9.70 due to better operational efficiency and the "scarcity" of high-quality producers on the ASX with robust copper fundamentals and exposure.

Target price is $10.55 Current Price is $10.01 Difference: $0.54
If SFR meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $10.28, suggesting upside of 5.5% (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: -0.1

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

Bell Potter rates SGH as Buy (1) -

Bell Potter notes the September quarter engineering construction update highlighted an easing of market capacity constraints, reflected in the year on year improvement in work done in Australia.

Residential and non-residential building approvals recovered since early FY25, indicating a likely boost in activity across these markets in 2H.

The broker expects strong 1H25 price realisation momentum across Boral’s product suite based on industry data. Strong mining equipment orders and sales to Asia Pacific clients in 1H25 give the broker confidence in WesTrac’s short-to-medium order book.

SGH Ltd's target price rises to $53.0 from $48.5. Buy rating maintained.

Target price is $53.00 Current Price is $48.04 Difference: $4.96
If SGH meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $52.98, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates SGH as Buy (1) -

At first-half results, UBS expects the company formerly known as Seven Group Holdings to reiterate its FY25 group EBIT guidance for high single-digit growth, with both the broker and consensus forecasting 10% growth.

SGH Management has met or exceeded its earnings guidance for the past ten years, notes UBS.

Given the company’s strong EPS growth outlook, the broker raises the target price to $56 from $45, reflecting higher earnings forecasts and valuation multiples aligned with the ASX200 Industrials Index.

Target price is $56.00 Current Price is $48.04 Difference: $7.96
If SGH meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $52.98, suggesting upside of 10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

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

Strike Energy's 2Q25 production of 2.13PJe from its only producing field Walyering and revenue of $18m fell short of Bell Potter's estimates of 2.55PJe and $18m respectively.

The broker notes management's announcement that current project developments, in particular South Erregulla and West Erregulla, would not be impacted by the strategic review process. However, all options are on the table and divestments will be considered.

The broker has moderated its base case for Walyering production estimates, leading to a reduction in FY25 and FY26 EPS estimates by -30% and -55% respectively. Target price cut to 27c from 29c, and rating downgraded to Hold from Buy.

Target price is $0.27 Current Price is $0.24 Difference: $0.035
If STX meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.3% (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

Macquarie rates STX as Neutral (3) -

Macquarie stresses a strategic review is being undertaken at Strike Energy with interim CEO Jill Hoffman, expected to last around six months.

The analyst expects the final investment decision at Erregulla will be made after Hancock's initial drilling campaigns are completed.

Walyering has produced "underwhelming" results but remains important for near-term cash flow, the broker states.

Macquarie believes the South Erregulla power plant development is now "key" for the company.

The broker lowers EPS forecasts by -35% in FY25 and -33% in FY26 on a lower Walyering rate and first gas at West Erregulla pushed back to March 2027.

Macquarie reiterates a Neutral rating. Target price rises 14% to 24c due to increased assumptions on Erregulla and better drilling results at Ocean Hill.

Target price is $0.24 Current Price is $0.24 Difference: $0.005
If STX meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.28, suggesting upside of 20.3% (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

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

UBS considers the insurance sector, highlighting global CAT rates declined by -7% at January 1 renewals, the first fall since 2017.

The broker suggests insurance pricing with Lloyd’s was most impacted in the last soft cycle between 2013-2017.

With record-high returns on equity, UBS expects pricing to slow more considerably in 2025, with a decline in Lloyd’s rates and commercial/personal rates easing to inflation levels, with further "moderation" in 2026.

Suncorp Group is downgraded to Neutral from Buy. Target price lifts to $20.70 from $20.20.

The group is trading at a 13% premium to the 10-year average valuation. The broker lowers EPS estimates by -1.3% in FY25 and lifts FY26 by 0.7%.

UBS' sector preference is for QBE Insurance.

Target price is $20.70 Current Price is $20.81 Difference: minus $0.11 (current price is over target).
If SUN 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 $20.18, suggesting upside of 0.2% (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

Macquarie rates SYA as Outperform (1) -

Sayona Mining's 2Q25 report revealed higher-than-expected shipments by 53%, with costs meeting expectations, while prices were below forecast by -8%, Macquarie highlights.

The cash level rose $6m due to a capital raise of $38m, offset by increased exploration spending.

North American Lithium increased its mineral resource by 87.9mt at 1.13% lithium oxide, which the broker views as optionality to increase mine throughput or extend the mine's life.

Macquarie lowers the FY25 EPS estimate by -9%.

An Outperform rating with a 4c target price is retained.

Target price is $0.04 Current Price is $0.02 Difference: $0.017
If SYA meets the Macquarie target it will return approximately 74% (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 VFY as Speculative Buy (1) -

Bell Potter notes Vitrafy Life Sciences reported positive testing data with its partners across aquaculture and bovine sectors in the December quarter, but the key highlight was the $35m IPO.

The company is moving through its early commercialisation phase, with key commercial milestones due around mid-2025 which would provide a clearer direction of its progress, the broker believes.

Buy (Speculative) recommendation and $2.36 target price maintained.

Target price is $2.36 Current Price is $1.64 Difference: $0.72
If VFY meets the Bell Potter target it will return approximately 44% (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