Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Life360 announced a 4Q2025 trading update with monthly average users of 95.8m, which exceeded Bell Potter's forecast of 93.5m, with 50.6m in the US and 45.3m international.

Paying circles came in at 2.83m, higher than anticipated, with revenue expected to be within US$486m-US$489m, above prior guidance. The outlook for 2026 is monthly average user growth of 20%, which implies to the analyst, absolute growth of users to 115m at year end, up around 19m.

The broker has slightly lifted earnings (EBITDA) forecasts by 4% for 2025 and 1% for 2026 on the rise in expected monthly average users and paying circle forecasts for 2026.

Buy rating retained. Target price is lowered to $45 from $52.50 due to a reduction in the ascribed valuation following the compression in tech sector valuations.

Target price is $45.00 Current Price is $33.79 Difference: $11.21
If 360 meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $48.56, suggesting upside of 56.1% (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: 0.9

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

Citi rates 360 as Buy (1) -

Citi assesses Life360's unscheduled 4Q2025 update as strong, with monthly active users (MAU) net adds and FY26 guidance beating expectations.

The broker notes FY26 MAU growth guidance of 20% implies accelerating net adds and strongly alleviates investor concerns around growth saturation. Accordingly, MAU forecasts lifted by 2%, with the broker now modelling 16% US MAU growth and 25% International MAU growth in FY26.

FY25-27 EBITDA forecasts upgraded by 3-7%. Buy retained. Target price trimmed to $40.75 from $47.00.

Target for Nasdaq listing rises to US$82.25 from US$79.50.

Target price is $40.75 Current Price is $33.79 Difference: $6.96
If 360 meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $48.56, suggesting upside of 56.1% (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: 0.9

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

UBS rates A1N as Sell (5) -

UBS' price target for ARN Media has fallen to 37c from 49c. No change to Sell rating.

Earnings estimates have received the chainsaw treatment.

Target price is $0.37 Current Price is $0.38 Difference: minus $0.01 (current price is over target).
If A1N meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: -1.0

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

Ord Minnett rates AAI as Accumulate (2) -

It is Ord Minnett's assessment Alcoa's December quarter generated higher than forecast financial numbers, with strong free cash flows allowing for a reduction in debt.

Debt still sits near the top of management's stated range, the analyst points out, hence why management remains focused on further reducing it.

Once the market is done with mark-to-marking commodity prices, which have risen strongly, the broker anticipates sizable upgrades to market forecasts.

Ord Minnett remains positively biased and sees buoyant demand for aluminium and other commodities drive earnings growth. Price target jumps to $103 from $71.50 in Australia.

Target price is $103.00 Current Price is $92.85 Difference: $10.15
If AAI meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

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 AAI as Neutral (3) -

It is UBS' assessment Alcoa released a rather mixed December quarterly, though EBITDA was ahead of market consensus; US$546m versus US$532m.

However, without a one-off benefit from CO2 credits (US$50m) the result would have missed expectations, the broker explains.

Key guidance items for 2026 are deemed broadly in-line with expectations. With debt reduction on the agenda, the broker is not counting on further share buybacks short term.

Buybacks can be seen in H2 on the back of asset sales and greater free cash flows. Neutral. Target $71. No changes made to forecasts.

Target price is $71.00 Current Price is $92.85 Difference: minus $21.85 (current price is over target).
If AAI meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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: 0.3

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

Macquarie rates ABG as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The target price on Abacus Group is lowered to $1.26 from $1.31.

No change to Outperform rating as the stock continues to trade at a deep discount to NTA.

Target price is $1.26 Current Price is $1.17 Difference: $0.09
If ABG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates ACL as Neutral (3) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

No change to Australian Clinical Labs' forecasts, Neutral rating and $2.90 target price.

Target price is $2.90 Current Price is $2.65 Difference: $0.25
If ACL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates ANN as Neutral (3) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker notes Ansell was the only stock in its coverage to finish 2025 positive, up 4%, reflecting improved execution, successful Kimberly-Clark integration and a structurally stronger business.

For 1H26, the broker's revenue forecast is -2% below consensus with slightly better costs, noting the non-recurrence of the US$20-30m 1H25 revenue benefit is already reflected in expectations.

Target trimmed to $36.00 from $36.50, after minor upgrades to near-term forecasts but downgrades later. Neutral maintained.

Target price is $36.00 Current Price is $33.82 Difference: $2.18
If ANN meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates ANN as Neutral (3) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker lifted Ansell's FY26 EPS forecast by 2% and FY27 by 3% after factoring in upgraded guidance in October and forex estimates. The broker will look for comments on tariff impacts, industrial trends and APIP savings.

Target rises to $35.80 from $33.50. Neutral retained.

Target price is $35.80 Current Price is $33.82 Difference: $1.98
If ANN meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

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

Morgan Stanley lowers the target on Ansell to $36.70 from $37.20 ahead of the reporting season.

Equal-weight rating unchanged. Industry View: In-Line.

Target price is $36.70 Current Price is $33.82 Difference: $2.88
If ANN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

UBS rates ANZ as Sell (5) -

UBS' sector update on Australian banks has seen the broker upgrading multiple ratings and re-arrange its order of preference for the sector.

In a general sense, Aussie banks stand out internationally because the RBA stands ready to raise rates. Apart from that, the broker sees the sector as mid-cycle, with a benign credit backdrop and more growth in business lending, which could selectively benefit core earnings for FY26.

UBS' core assumption is for two RBA hikes in 2026. Commentary highlights ANZ Bank is still priced the highest in owner occupier mortgages and low in retail deposits, albeit with pricing more competitively in its Suncorp brand.

The latter has probably not stemmed losses in market share, which is seen as justification for keeping the Sell rating in place.

Target price is $35.00 Current Price is $36.21 Difference: minus $1.21 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.81, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

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

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Arena REIT is upgraded to Outperform from Neutral on valuation grounds with the stock price down around -10% over the last three months. Target moved to $4 from $4.01.

The stock remains one of the preferred REITS.

Target price is $4.00 Current Price is $3.53 Difference: $0.47
If ARF meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.12, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley trimmed Aurizon Holdings's FY26 EPS forecast by -0.6% and FY27 by -1.9%.

Target rises to $3.37 from $3.08. Underweight. Industry View: In-Line.

Target price is $3.37 Current Price is $3.54 Difference: minus $0.17 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.29, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgan Stanley rates BHP as Overweight (1) -

Morgan Stanley trimmed BHP Group's target price to $55.50 from $56.50, after cutting FY26 EPS forecast by -1.3% but raising FY27 by 0.3%.

Overweight remains. Industry View: Attractive.

Target price is $55.50 Current Price is $48.43 Difference: $7.07
If BHP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $49.23, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates BOQ as Buy (1) -

UBS' sector update on Australian banks has seen the broker upgrading multiple ratings and re-arrange its order of preference for the sector.

In a general sense, Aussie banks stand out internationally because the RBA stands ready to raise rates. Apart from that, the broker sees the sector as mid-cycle, with a benign credit backdrop and more growth in business lending, which could selectively benefit core earnings for FY26.

UBS' core assumption is for two RBA hikes in 2026. Forecast stronger earnings momentum, cleaner re-rating stories and balance-sheet optimisation keeps Bank of Queensland on Buy.

Target price is $7.50 Current Price is $6.78 Difference: $0.72
If BOQ meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley lifted Beach Energy's FY26 EPS forecast by 14.4% but trimmed FY27 by -2.8%.

Target lowered marginally to $1.10 from $1.12.  Underweight retained, and Industry View is In-Line.

Target price is $1.10 Current Price is $1.19 Difference: minus $0.09 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.07, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

UBS rates CAR as Buy (1) -

2025 has been nothing but brutal for the ASX-listed online classifieds sector and UBS analysts see 2026 as likely another noisy year for the sector as investors globally seek clarity around potential long term impacts of AI at a time when macro uncertainty is impacting volumes, while inflation remains sticky and there could be rate hikes from the RBA.

UBS remains constructive on the sector and sees potential for the negative AI narrative to unwind through the course of the year (also noting AI is looking to cooperate with rather than seeking to replace established market leaders).

Relatively minor changes have been made to forecasts. UBS' price target for CAR Group has fallen to $39.60 from $46.50. Buy.

Target price is $39.60 Current Price is $29.70 Difference: $9.9
If CAR meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $41.16, suggesting upside of 37.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates CHC as Neutral (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Charter Hall remains Neutral rated with higher cap rate expansion forecasts across the co-investment property portfolio resulting in a lower target price ot $23.71 from $23.83.

Target price is $23.71 Current Price is $23.85 Difference: minus $0.14 (current price is over target).
If CHC meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.36, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates CIP as Neutral (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

No change to Neutral rating on Centuria Industrial REIT with a lower target of $3.23 from $3.56 due to higher real bond yields and risks on cap rates.

Target price is $3.23 Current Price is $3.27 Difference: minus $0.04 (current price is over target).
If CIP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.58, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates CLW as Upgrade to Neutral from Underperform (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Charter Hall Long WALE REIT is upgraded to Neutral from Underperform based on valuation with a lower target of $3.96 from $4.20.

The analyst forecasts a further circa 17bps of cap rate expansion versus prior forecast.

Target price is $3.96 Current Price is $3.96 Difference: $0
If CLW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates CNI as Upgrade to Neutral from Underperform (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Centuria Capital is upgraded to Neutral from Underperform due to around a -13% decline in the share price over the last three months with an unchanged target price of $2.10.

Target price is $2.10 Current Price is $1.99 Difference: $0.11
If CNI meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.22, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates COH as Neutral (3) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker reckons that given Cochlear's new implant and processor launches are underway, even a modest 1H26 beat and positive early adoption signals could ease concerns around the 2H sales skew. For 1H26, the broker's revenue forecast is -1% below consensus but 2% ahead on EBIT, driven by cost discipline.

No change to forecasts. Neutral with unchanged target of $300. 

Target price is $300.00 Current Price is $273.73 Difference: $26.27
If COH meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $299.41, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates COH as Neutral (3) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker's 1H26 and FY26 forecasts for Cochlear are broadly in line with the consensus. Commentary on Nucleus Nexa uptake, and impacts from volume-based pricing in China will be eyed.

No change to forecasts. Neutral rating and $295.90 target are unchanged.

Target price is $295.90 Current Price is $273.73 Difference: $22.17
If COH meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $299.41, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgan Stanley rates COH as Underweight (5) -

Ahead of the interim results, Morgan Stanley lowers the target price on Cochlear to $270 from $280.

Underweight rating. Industry View: In-Line.

Target price is $270.00 Current Price is $273.73 Difference: minus $3.73 (current price is over target).
If COH 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 $299.41, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgan Stanley rates CPU as Underweight (5) -

Morgan Stanley lifted Computershare's FY26 EPS forecast by 2.9% and FY27 by 3.3%.

Target rises to $32.10 from $31.90. Underweight retained. Industry View: In-Line.

Target price is $32.10 Current Price is $34.35 Difference: minus $2.25 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.96, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.1

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

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

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Charter Hall Retail REIT is downgraded to Neutral from Outperform based on valuation with a lower target price of $4.01 from $4.41.

Target price is $4.01 Current Price is $3.99 Difference: $0.02
If CQR meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates CSL as Buy (1) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker notes CSL share price fell -39% in 2025 on margin, flu, Ig growth and Seqirus concerns, but sees potential for recovery even with high-single digit NPATA growth. The broker's Buy thesis is based more on confidence rebuilding than earnings beats, noting its FY26 expectations are close to consensus.

No change to forecasts. Buy maintained with unchanged target of $225. 

Target price is $225.00 Current Price is $179.62 Difference: $45.38
If CSL meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $227.36, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Macquarie rates CSL as Neutral (3) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker is forecasting US$2.01bn (constant currency) net profit for CSL in 1H26, and its FY26 estimate is at the midpoint of guidance. Commentary to look for relate to albumin contracts, recovery in vaccine, R&D plans and Ig competitive risks.

Neutral rating and $188 target are unchanged.

Target price is $188.00 Current Price is $179.62 Difference: $8.38
If CSL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $227.36, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley lowers the target price on CSL ahead of the reporting season to $242 from $256.

The broker notes the 1H26 NPATA forecast is -3% below consensus, with more conservative assumptions for IG and albumin and lower Behring margins.

Overweight rating retained. Industry View: In-Line.

Target price is $242.00 Current Price is $179.62 Difference: $62.38
If CSL meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $227.36, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Macquarie rates DGT as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

DigiCo Infrastructure REIT remains Outperform rated with a lower target of $3.89 from $4.16 due to changes in EPS forecasts, down -1.5% for FY26 and -2.2% for FY27. This follows revisions to margin assumptions and macroeconomic forecasts.

DigiCo remains one of Macquarie's preferred REITS with a preference for selective exposure to quality and earnings growth.

Target price is $3.89 Current Price is $2.72 Difference: $1.17
If DGT meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 48.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates DXI as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Dexus Industria REIT's target price is lowered -9% to $2.90 from $3.14,  due to changes in macroeconomic assumptions.

No change to Outperform rating.

Target price is $2.90 Current Price is $2.60 Difference: $0.3
If DXI meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates DXS as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst lowers Dexus' target price to $7.38 from $8.46 due to 16bps of expected cap rate expansion, with no change in Outperform rating.

Target price is $7.38 Current Price is $6.78 Difference: $0.6
If DXS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates EBO as Neutral (3) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker highlights its target for Ebos Group is among the lowest due to more conservative margin and net profit recovery assumptions. For 1H26, the broker's sales forecast matches the consensus but is below on earnings, with improvement expected in 2H and an April investor day a potential catalyst.

Neutral rating and $26 target are unchanged.

Target price is $26.00 Current Price is $22.84 Difference: $3.16
If EBO meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $31.27, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates EIQ as Speculative Buy (1) -

Ord Minnett notes EchoIQ reported 2Q26 cash outflows of -$2.7m, in line with expectations, leaving a cash balance of around $13m, equivalent to approximately five quarters of funding at the current burn rate.

The broker highlights Mayo Study results showing EchoSolv HF outperformed key competitor Ultromics, which Ord Minnett says positions EchoIQ as a faster and more comprehensive AI solution.

The Speculative Buy rating is retained and the target price is lifted to $0.62 from $0.40.

Target price is $0.62 Current Price is $0.52 Difference: $0.1
If EIQ meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates EVN as Hold (3) -

Ord Minnett assesses Evolution Mining's 2Q26 update as strong, beating expectations on significantly lower AISC (cost) driven by higher realised copper prices at EHM and Northparkes.

The broker notes improved margins supported a better-than-expected cash build and reduced gearing to 6%, enhancing balance sheet strength and optionality.

Pricing tailwinds support performance and potential M&A, in the broker's view.

Hold retained, with lower target of $12.30 from $12.45 following minor changes to earnings forecasts.

Target price is $12.30 Current Price is $14.86 Difference: minus $2.56 (current price is over target).
If EVN meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.17, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Morgan Stanley rates EVT as Overweight (1) -

Morgan Stanley trimmed EVT Ltd's FY26 EPS forecast by -14.6% and FY27 by -12.6%.

Target cut to $16.50 from $18.00. Overweight maintained. Industry View: Attractive.

Target price is $16.50 Current Price is $12.57 Difference: $3.93
If EVT meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $16.96, suggesting upside of 34.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates FBU as Underperform (5) -

Macquarie notes the conditional sale of Fletcher Building's construction division to Vinci for $334m, subject to approvals, with completion expected in December 2026. An anti-trust clearance is required, as Vinci's HEB NZ is one of the five NZ road contractors.

The analyst expects the sale to be EPS dilutive by around -8% but believes it could offer a possible market re-rating. The residential division is also highlighted as being under consideration for sale.

Management also announced a NZ$60m, or NZ$0.04 after tax, rise in provisions for losses on legacy contracts.

Unchanged NZ$1.73 target. Underperform rating retained. No change to the broker's earnings forecasts.

Current Price is $3.36. Target price not assessed.

Current consensus price target is $3.13, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

Bell Potter rates FMG as Hold (3) -

Bell Potter considers Fortescue's Dec quarter production report as good and a result of positive market conditions which are assisting with realised prices.

Iron ore shipments came in at 50.5mt at C1 cash costs of US$19.10/wmt compared to the forecast of 51mt at C1 US$18.85/wmt, with production flat q/q and costs up 5%, and at the upper end of FY26 guidance.

Management has guided to lower strip ratios to assist with reducing costs but Bell Potter sees rising risks to the outlook given forex headwinds (a rising AUD:USD) and ongoing production issues at Iron Bridge.

The analyst lifts EPS estimates by 19% for FY26 and 2% for FY27 with a higher target of $20.30 from $19.30. Hold retained.

Target price is $20.30 Current Price is $21.51 Difference: minus $1.21 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.43, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Morgan Stanley rates FMG as Underweight (5) -

After a full analysis of Fortescue's December quarterly, Morgan Stanley trimmed FY26 EPS forecast by -2.6% and FY27 by -1.6%.

Target cut to $19.00 from $19.75. Underweight rating. Industry view: Attractive.

In the early report, the broker wrote:

Morgan Stanley recently downgraded Fortescue to Underweight due to limited upside to mine optimising potential and after lifting its cost forecasts above consensus.

Following the December quarter update, the analyst notes 2% higher hematite costs against its forecast and 6% above consensus. Hematite production was a slight miss of -1.6% on the broker’s forecast and -0.6% below consensus, while shipments were a slight beat.

Hematite mined ore at 52mt came in lower than expected for both the analyst and consensus. Iron Bridge production was a miss of 2.2mt, -15.4% below Morgan Stanley and -16.7% below consensus.

Target price is $19.00 Current Price is $21.51 Difference: minus $2.51 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.43, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Ord Minnett rates FMG as Accumulate (2) -

As per Ord Minnett's observations, Fortescue has stuck with its full-year cost guidance at US$17.50-US$18.50 per unit despite higher diesel costs and a timing mismatch pushing up cost to US$19.10 a tonne in the December quarter.

Lower strip ratios and adjustments to mine timing in the second half are expected to reduce full-year costs back within the guided range.

Management has also stuck with guidance for volumes and capex. Ord Minnett has lowered its forecasts, predominantly to incorporate higher costs, plus depreciation and amortisation.

Accumulate rating retained, as well as the $23 price target.

Target price is $23.00 Current Price is $21.51 Difference: $1.49
If FMG meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $20.43, suggesting downside of -6.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Citi rates FPH as Neutral (3) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker highlights its FY26 forecasts for Fisher & Paykel Healthcare are broadly in line with consensus, assuming 9% 2H revenue growth that is below the top end of guidance.

Citi forecasts 8% net profit growth versus 7% consensus, with flu severity the key swing factor but no strong divergence from market expectations.

Neutral rating and NZ$26 target are unchanged.

Current Price is $33.35. Target price not assessed.

Current consensus price target is $37.00, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates FPH as Outperform (1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

No change to forecasts for Fisher & Paykel Healthcare. Outperform maintained. Target unchanged at NZ$42.00.

Current Price is $33.35. Target price not assessed.

Current consensus price target is $37.00, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Citi rates GLF as Initiation of coverage with Neutral (3) -

Citi has initiated coverage of Gemlife Communities with a Neutral rating and target price of $5.60.

Gemlife offers exposure to strong medium-term land lease growth driven by an ageing population, with its vertically integrated model supporting margins and execution certainty, the broker highlights.

While demand fundamentals are attractive, rising competition and risks around housing, construction costs and labour remain key considerations.

The broker sees EPS upside from faster pipeline execution and acquisitions, but notes valuation looks stretched at 19x FY26 estimated PE versus peer Ingenia Communities ((INA)) at 15x.

Target price is $5.60 Current Price is $5.20 Difference: $0.4
If GLF meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 8.0% (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

Macquarie rates GMG as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

No change to Outperform rating and $34.73 target price with only slight tweaks to the analyst's EPS estimates.

Goodman Group remains one of Macquarie's preferred REITS with a preference for selective exposure to quality and earnings growth.

Target price is $34.73 Current Price is $31.00 Difference: $3.73
If GMG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.21, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates GOZ as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst lowers Growthpoint Properties Australia's target price to $2.53 from $2.69 due to the rise in real bond yields with potential impact on cap rates and asset values. Outperform maintained.

Target price is $2.53 Current Price is $2.39 Difference: $0.14
If GOZ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst downgrades GPT Group to Neutral from Outperform with a fall in target price of -11% to $5.55 from $6.23 due to around a 30bps expansion in cap rate.

Target price is $5.55 Current Price is $5.29 Difference: $0.26
If GPT meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.83, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in December.

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 HCW as Neutral (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst retains a Neutral rating on HealthCo Healthcare & Wellness REIT and lifts the target to 79c from 78c.

Target price is $0.79 Current Price is $0.77 Difference: $0.02
If HCW meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates HDN as Neutral (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst retains a Neutral rating on HomeCo Daily Needs REIT and lowers the target to $1.27 from $1.41 with a forecast of circa 35bps cap rate expansion against the previous forecast.

Target price is $1.27 Current Price is $1.33 Difference: minus $0.06 (current price is over target).
If HDN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.39, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates HLS as Neutral (3) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker lowered Healius' FY26 EPS forecast by -9% and FY27 by -7% on modest revenue and operational tweaks, reflecting high operating leverage.  

Target rises to 88c from 80c on model roll-forward and slightly higher outer-year margin assumptions. Neutral retained.

Target price is $0.88 Current Price is $0.95 Difference: minus $0.07 (current price is over target).
If HLS meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.87, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst downgrades HMC Capital to Neutral from Outperform with a lower target of $4.63 from $4.90 due to slight changes in earnings forecasts.

Target price is $4.63 Current Price is $4.32 Difference: $0.31
If HMC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.69, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates LLC as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst retains an Outperform rating on Lendlease Group with a drop in target by -15% to $5.73 from $6.74, on changes in earnings forecasts and an increase in risk-free rate to 4.40%.

Target price is $5.73 Current Price is $5.04 Difference: $0.69
If LLC meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates LNW as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates coverage of Light & Wonder with an Overweight rating and a $220 target price post the gaming company’s balance sheet and portfolio reset, which the analyst states positions it for above-sector growth over multiple years.

A targeted design and development budget is expected to drive growth in its premium North American installed base, with faster growth than the industry seen.

Intellectual property is being employed across land-based gaming, iGaming and SciPlay, which offers monetisation upside.

A re-rating in the valuation ascribed to the stock is also expected as it executes on disciplined growth strategies. 

Industry view: In-line.

Target price is $220.00 Current Price is $163.00 Difference: $57
If LNW meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $204.43, suggesting upside of 25.2% (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: 0.9

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

Morgans rates LTR as Upgrade to Trim from Sell (4) -

Morgans emphasises the spodumene price rally, up 90% since mid December and over 180% in the last six months, with batteries and energy systems another leg of the demand driver on top of EVs.

The analyst upgrades Liontown to Trim from Sell with a higher target of $2 from 89c. The rally in the share price is viewed as limiting the upside support unless lithium prices rise further.

Target price is $2.00 Current Price is $2.19 Difference: minus $0.19 (current price is over target).
If LTR meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.75, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgan Stanley rates LYC as Overweight (1) -

Following an analysis of Lynas Rare Earths' December quarterly, Morgan Stanley lifted FY26 EPS forecast by 1.2% and FY27 by 4.9%.

Target rises to $17.65 from $17.55. Overweight retained. Industry View: Attractive.

Target price is $17.65 Current Price is $16.86 Difference: $0.79
If LYC meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.08, suggesting downside of -11.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates MGR as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

Mirvac Group remains one of the preferred REIT picks with no change in Outperform rating and a slightly lower target of $2.65 from $2.70 due to a further 16bps cap rate expansion across its investment portfolio.

Target price is $2.65 Current Price is $2.00 Difference: $0.65
If MGR meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Morgan Stanley made minor cuts to Mirvac Group's EPS forecasts for FY26-27.

Equal-weight. Target trimmed to $2.40 from $2.45. Industry View: In-Line.

Target price is $2.40 Current Price is $2.00 Difference: $0.4
If MGR meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Morgan Stanley is under research restriction for Mineral Resources. No rating or target price.

Current Price is $62.30. Target price not assessed.

Current consensus price target is $56.75, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates MIN as Hold (3) -

Morgans emphasises the spodumene price rally, up 90% since mid December and over 180% in the last six months, with batteries and energy systems another leg of the demand driver on top of EVs.

The analyst retains a Hold rating on Mineral Resources with an upgrade in target price to $66 from $47. Morgans continues to like the long-term outlook for the miner, although the near-term valuation is full.

Target price is $66.00 Current Price is $62.30 Difference: $3.7
If MIN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $56.75, suggesting downside of -11.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates MQG as Neutral (3) -

Citi expects broadly solid commentary from Macquarie Group at the February briefing, but sees current March quarter (4Q26)  expectations as more cautious. This is due to subdued commodity volatility, a stronger AUD, and the public markets' divestment.

The broker reckons the recent rebound in share price appears to have largely priced in improved market activity.

Neutral maintained as longer-term growth is increasingly concentrated in cyclical earnings streams, raising derating risk despite upside from future performance fees. Target unchanged at $210.

Target price is $210.00 Current Price is $210.41 Difference: minus $0.41 (current price is over target).
If MQG meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $227.20, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates MQG as Buy (1) -

UBS' sector update on Australian banks has seen the broker upgrading multiple ratings and re-arrange its order of preference for the sector.

In a general sense, Aussie banks stand out internationally because the RBA stands ready to raise rates. Apart from that, the broker sees the sector as mid-cycle, with a benign credit backdrop and more growth in business lending, which could selectively benefit core earnings for FY26.

UBS' core assumption is for two RBA hikes in 2026. Macquarie Group (Buy) continues to be priced most competitively in mortgages and deposits, the broker highlights.

Target price is $235.00 Current Price is $210.41 Difference: $24.59
If MQG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $227.20, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates MVF as No Rating (-1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker is under research restriction for Monash IVF. No rating or target price.

Current Price is $0.75. Target price not assessed.

Current consensus price target is $0.87, suggesting upside of 16.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates MYG as Buy (1) -

Bell Potter points to Mayfield Group's industrial property acquisition, adjacent to BE Switchcraft's operations in Royal Park, Adelaide, for $8.4m which will be funded by debt.

The transaction is anticipated to be earnings positive with savings via lease termination and negated equipment duplication of $240,000 p.a., as well as asset appreciation on the balance sheet.

The group also announced $30m in new contract wins across data centre, mining, water and defence sectors.

Target price is lifted to $3.60 from $2.30 on a lower weighted average cost of capital assumption. Bell Potter adjusts EPS forecasts for changes to the capital structure and diluted share count, lifting estimates by 2% for FY26 and 1% for FY27.

Buy rated.

Target price is $3.60 Current Price is $3.15 Difference: $0.45
If MYG meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates NAB as Buy (1) -

UBS' sector update on Australian banks has seen the broker upgrading multiple ratings and re-arrange its order of preference for the sector.

In a general sense, Aussie banks stand out internationally because the RBA stands ready to raise rates. Apart from that, the broker sees the sector as mid-cycle, with a benign credit backdrop and more growth in business lending, which could selectively benefit core earnings for FY26.

UBS' core assumption is for two RBA hikes in 2026. Forecast stronger earnings momentum, cleaner re-rating stories and balance-sheet optimisation keeps National Australia Bank on Buy.

Target price is $47.00 Current Price is $42.35 Difference: $4.65
If NAB meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $38.59, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates NEC as Neutral (3) -

Nine Entertainment's price target at UBS has gained 2c to $1.24. Neutral rating retained.

Target price is $1.24 Current Price is $1.09 Difference: $0.15
If NEC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 38.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates NEU as Outperform (1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker's FY25 revenue forecast for Neuren Pharmaceuticals is marginally below the midpoint of guidance at US$64m vs US$64.5m. 

No change to forecasts. Outperform rating and $21.20 target are unchanged.

Target price is $21.20 Current Price is $17.65 Difference: $3.55
If NEU meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $25.57, suggesting upside of 46.5% (ex-dividends)

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

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

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst downgrades National Storage REIT to Neutral from Outerperform with no change in target at $2.63. The scheme of implementation with the Brookfield & GIC consortium is expected in 2Q26.

Target price is $2.63 Current Price is $2.75 Difference: minus $0.12 (current price is over target).
If NSR 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 $2.77, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Morgans upgrades Netwealth Group to Accumulate from Hold with a lower target price of $28.90 from $35.48.

The group reported 2Q26 net flows of $4.16bn and total FUA of $125.6bn, which met consensus and should allow FY26 net flow targets to be achieved.

The analyst lowers underlying earnings (EBITDA) forecasts by -2% for FY26 and -8% for FY27 due to management's margin guidance and the inclusion of debt to finance First Guardian client remediation costs.

Target price is $28.90 Current Price is $25.89 Difference: $3.01
If NWL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.96, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates PLS as Upgrade to Trim from Sell (4) -

Morgans emphasises the spodumene price rally, up 90% since mid December and over 180% in the last six months, with batteries and energy systems another leg of the demand driver on top of EVs.

The analyst upgrades PLS Group to Trim from Sell with a higher target price of $4.60 from $3.10, due to the view that sector valuations are largely fully priced on fundamentals.

Target price is $4.60 Current Price is $5.08 Difference: minus $0.48 (current price is over target).
If PLS meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.60, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates PME as Buy (1) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

The broker sees ample scope for Pro Medicus with a best-in-class platform and optional upside as an AI beneficiary, while market penetration remains a rough guide given expansion.

The broker is ahead of consensus across 1H and FY26 for sales and net profit forecasts, supported by positive momentum and better-than-expected 1H visibility.

Buy rating and $350 target are unchanged.

Target price is $350.00 Current Price is $180.92 Difference: $169.08
If PME meets the Citi target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $317.72, suggesting upside of 68.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Macquarie upgrades Pro Medicus to Outperform from Neutral and views the share price weakness as temporary as US feedback reinforces the analyst's confidence of market share gains over the near term.

The feedback also supported AI developments in the Visage platform which are expected to “strengthen” the Visage offering and enhance market share improvements.

FY26 to date, seven contracts have been announced with total value of around $280m. The broker moderates its longer-term assumptions pending further details on cardiology and digital pathology and now assumes 30% market share by FY40.

Macquarie tweaks EPS estimates up 1% for FY26 and 3% for FY27 with a downgrade in target price of -9% to $291.30 from $321.60 on changes to EPS forecasts in outer years for the discounted cash flow model.

Target price is $291.30 Current Price is $180.92 Difference: $110.38
If PME meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $317.72, suggesting upside of 68.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates PNC as Buy (1) -

Pioneer Credit announced its shares have started trading on the Frankfurt Stock Exchange, ticker code OPI.FSE, as investor interest in the stock mounts, according to Shaw and Partners.

The listing highlights the stock's valuation against international peers, which are trading between 52%–55% of Entity Value to Estimated Remaining Collections.

This factor supports the analyst's view that the target price of 85c per share is achievable over the next 11 months to the end of December 2026.

No change to earnings forecasts. Buy, High Risk rating retained.

Target price is $0.85 Current Price is $0.70 Difference: $0.15
If PNC meets the Shaw and Partners target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates PNR as Hold (3) -

Pantoro Gold announced December quarter gold production of 22,071oz and all-in-sustaining costs of $2,571/oz, which came in below Bell Potter's forecasts.

Lower mined tonnes resulted in the miss, with a decline in mill throughput of -7% q/q offset by higher head grades to 2.5g/t from 2.2g/t. The gold miner also became hedge free over the period.

The analyst notes pressure remains on 2H26 guidance, which sits well above the improved December quarter result and requires 30koz per quarter to meet FY26 guidance of 100koz.

Bell Potter lifts EPS forecasts by 3% for FY26 and 27% for FY27. Target raised to $6.05 from $5.35. No change to Hold rating.

Target price is $6.05 Current Price is $5.40 Difference: $0.65
If PNR meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates PNV as Outperform (1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker's notes PolyNovo's MTX is gaining traction and expects it to support growth ex-burns. FDA submission for full thickness burns is awaited.

No change to forecasts. Outperform rating and $1.90 target are unchanged.

Target price is $1.90 Current Price is $1.09 Difference: $0.81
If PNV meets the Macquarie target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 83.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates PRN as Buy (1) -

Ahead of the 1H26 results, Citi believes Perenti remains well positioned as a tier one global mining services contractor, with strong tailwinds from contract mining opportunities. A turning exploration cycle is supportive of a solid 1H result, in the broker's view.

The broker expects management to re-iterate FY26 guidance for now, with improving drilling rig utilisation and scope for progressive upgrades through 2H as exploration momentum builds.

Key watchpoints include accelerating drilling activity, potential pricing upside, and an update on CEO succession at the interim result.

Buy. Target price $3.10.

Target price is $3.10 Current Price is $2.89 Difference: $0.21
If PRN meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates QAL as Outperform (1) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst lifts Qualitas' target price to $4.04 from $3.98 due to slight earnings forecast changes.

Outperform rating retained and the stock remains one of the preferred REITS.

Target price is $4.04 Current Price is $3.51 Difference: $0.53
If QAL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates REA as Buy (1) -

2025 has been nothing but brutal for the ASX-listed online classifieds sector and UBS analysts see 2026 as likely another noisy year for the sector as investors globally seek clarity around potential long term impacts of AI at a time when macro uncertainty is impacting volumes, while inflation remains sticky and there could be rate hikes from the RBA.

UBS remains constructive on the sector and sees potential for the negative AI narrative to unwind through the course of the year (also noting AI is looking to cooperate with rather than seeking to replace established market leaders).

Relatively minor changes have been made to forecasts. The broker's price target for REA Group has weakened to $248 from $255. Buy.

Target price is $248.00 Current Price is $187.13 Difference: $60.87
If REA meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $247.39, suggesting upside of 26.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates REG as Outperform (1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker's FY26 forecasts assume a skew to 1H, with EBITDA forecast at the midpoint of $130-135m guidance. Key watchpoints are occupancy trends and update to government funding.

No change to forecasts. Outperform rating and $7.90 target are unchanged.

Target price is $7.90 Current Price is $6.75 Difference: $1.15
If REG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates RGN as Neutral (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

No change in Neutral rating for Region Group with a -9% decline in target to $2.26 from $2.47 due to the rise in real bond yields.

Target price is $2.26 Current Price is $2.34 Difference: minus $0.08 (current price is over target).
If RGN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.42, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates RHC as Neutral (3) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

Ahead of the Ramsay Sante decision, the broker notes investors are cautiously optimistic on Ramsay Health Care's Australian business but need clear margin targets for any exit upside to be sustainable.

Valuation is updated to a 50:50 DCF/multiple blend from DCF to reflect uncertainty around outcomes, resulting in target price lift to $39 from $36. Neutral rating is unchanged.

A 90-day upside catalyst watch is initiated on likely Sante exit.

Target price is $39.00 Current Price is $36.65 Difference: $2.35
If RHC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $36.10, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates RHC as Outperform (1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker lowered Ramsay Health Care's FY26 EPS forecast by -2% and FY27 by -9% on updated interest, tax and FX assumptions

Target rises to $38.30 from $37.10 mainly on model roll-forward. Outperform retained.

Target price is $38.30 Current Price is $36.65 Difference: $1.65
If RHC meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $36.10, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates RHC as Downgrade to Underweight from Equal-weight (5) -

Ahead of reporting season, Morgan Stanley downgrades Ramsay Health Care to Underweight from Equal-weight and lowers the target price of $34.20 from $34.80.

The analyst lowers earnings forecasts due to a forecast -10bps y/y decline in earnings (EBIT) margin.

Industry View: In-Line.

Target price is $34.20 Current Price is $36.65 Difference: minus $2.45 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.10, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates RMD as Buy (1) -

Citi notes A&NZ healthcare stocks delivered negative returns in 2025 due to stock-specific issues rather than sector-wide weakness, and sees 2026 again driven by individual company narratives.

The broker sees recovery potential in top picks Telix Pharmaceuticals and ResMed, remains Neutral on most services names, and downgrades Sonic Healthcare on risk of 1H26 underperformance.

ResMed is underappreciated, given its cost discipline, the broker highlights, noting consensus is overly conservative on post-2026 gross margin improvement. The broker's 2Q26 forecasts align with consensus and the Buy rating hinges on upgrade potential to estimates from FY27.

No change to forecasts. Target unchanged at $51.

Target price is $51.00 Current Price is $37.41 Difference: $13.59
If RMD meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $47.95, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Macquarie rates RMD as Outperform (1) -

Ahead of the February reporting season, Macquarie highlights its forecasts for healthcare stocks are broadly in line with consensus, with Regis Healthcare the most ahead and Healius the biggest laggard. 

The broker's most preferred names are ResMed, Integral Diagnostics and Neuren Pharmaceuticals, while the least preferred are CSL and pathology companies. 

The broker notes its forecasts incorporate 9% revenue growth for ResMed in 2Q26. Gross margin for 2Q26 is estimated at 62.1% and for FY26 at 62.0%.

No change to forecasts. Outperform rating and $49.20 target are unchanged.

Target price is $49.20 Current Price is $37.41 Difference: $11.79
If RMD meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $47.95, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Morgan Stanley rates RMD as Overweight (1) -

Ahead of reporting season, Morgan Stanley lifts the target price on ResMed to US$310 from US$255.35 and remains Overweight rated.

The analyst is forecasting 8% revenue growth in 2Q26 for the Americas and a gross margin of 62.1%, which aligns with consensus.

Industry View: In-Line.

Current Price is $37.41. Target price not assessed.

Current consensus price target is $47.95, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Citi rates RRL as Sell (5) -

Regis Resources ended the December quarter (2Q26) with $930m cash, no debt and strong free cash flow, adding $293m in the quarter, Citi notes.

Operations were in line, the broker observes, but Regis trades on an expensive implied gold price (US$5,100/oz) and lacks clear organic growth options, underpinning a continued cautious stance.

The company's management policy will be relayed with the 1H26 result, and the broker believes it will likely be dividend-supportive.

Sell. Target rises to $7.50 from $6.30 on 6% increase in gold price forecast for FY26 and 13% for FY27.

Target price is $7.50 Current Price is $8.35 Difference: minus $0.85 (current price is over target).
If RRL meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.59, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates S32 as Overweight (1) -

Following a full review, Morgan Stanley lifted South32's FY26 EPS forecast by 10.7% and FY27 by 3.6%.

Target rises to $4.75 from $4.70. Overweight retained. Industry view: Attractive.

In the early report, the broker said:

South32 reported a good 2Q26 update, with financial metrics a slight beat on consensus. Alumina came in better than consensus and in line with the analyst, while manganese met consensus and was below the broker’s forecast.

Copper met consensus and missed Morgan Stanley, while silver was a strong beat on the analyst by 8% and consensus by 17%.

The diversified miner retained FY26 guidance, with Brazil aluminium guidance under review after pot outages and energy issues. No change to cost guidance, with no update on the possible Moxal shutdown.

Target price is $4.75 Current Price is $4.39 Difference: $0.36
If S32 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Ord Minnett rates S32 as Downgrade to Accumulate from Buy (2) -

Ord Minnett downgrades the stock to Accumulate from Buy while lifting the target price to $4.60 from $4.25.

The broker lifts EPS forecasts by 5.2% in FY26 and 5% in FY27, incorporating updated cost assumptions and revised commodity price forecasts.

December quarter production exceeded consensus expectations across most commodities, although aluminium disappointed as the Brazilian JV operated by Alcoa ((AAI)) was impacted by processing issues.

Unit costs were broadly in line with guidance, with aluminium again the outlier due to cost pressure at the Worsley bauxite and alumina operations in WA.

Target price is $4.60 Current Price is $4.39 Difference: $0.21
If S32 meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting downside of -0.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Macquarie rates SCG as Downgrade to Underperform from Neutral (5) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

The analyst downgrades Scentre Group to Underperform from Neutral with a decline in target by -12% to $3.64 from $4.15 due to higher real bond yields and expected impact on cap rates and asset values.

Target price is $3.64 Current Price is $4.11 Difference: minus $0.47 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in December.

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 SEK as Buy (1) -

2025 has been nothing but brutal for the ASX-listed online classifieds sector and UBS analysts see 2026 as likely another noisy year for the sector as investors globally seek clarity around potential long term impacts of AI at a time when macro uncertainty is impacting volumes, while inflation remains sticky and there could be rate hikes from the RBA.

UBS remains constructive on the sector and sees potential for the negative AI narrative to unwind through the course of the year (also noting AI is looking to cooperate with rather than seeking to replace established market leaders).

Relatively minor changes have been made to forecasts (though more negative revisions are for Seek). Seek's price target is now $27, down from $31 prior. Buy.

Target price is $27.00 Current Price is $22.92 Difference: $4.08
If SEK meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $30.69, suggesting upside of 34.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates SFR as Accumulate (2) -

No surprise in Sandfire Resources' December quarter update, Ord Minnett notes, with slightly softer Motheo production but no change to FY26 guidance.

The broker highlights production is expected to recover in 2H26 as maintenance concludes and higher-grade ore from T3 and A4 is processed.

With the company now in a net cash position, the broker expects 1H26 results to include commentary on capital deployment, seeing dividend as the most likely initial outcome.

Minor cost tweaks and a roll-forward resulted in a lift to the target price to $21.00 from $20.50. Accumulate retained.

Target price is $21.00 Current Price is $19.06 Difference: $1.94
If SFR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.60, suggesting downside of -10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

Macquarie rates SGP as Neutral (3) -

Macquarie notes higher bond yields with the rising risk the RBA hikes rates in 1Q2026, with global rates expected to move up in 2H2026.

No change to Neutral rating. Target falls -12% to $5.45 from $6.16, previously on higher real bond yields and possible impact on cap rates and asset values.

Target price is $5.45 Current Price is $5.41 Difference: $0.04
If SGP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates SGP as Overweight (1) -

Morgan Stanley made minor downward revisions to Stockland's FY26-27 EPS forecasts.

Overweight. Target trimmed to $6.80 from $6.90. Industry View: In-Line.

Target price is $6.80 Current Price is $5.41 Difference: $1.39
If SGP meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27: