Australian Broker Call

Citi rates 360 as Initiation of coverage with Buy (1) -

Citi has initiated coverage of Life360 with a Buy rating and target price of $46.20.

The broker notes the company is evolving from an app to a family safety tech ecosystem as it adds more features like pet and aging parent tracking, and partners with other family-focused companies.

The company is expected to reach its aspirational target of 150m-plus monthly active users in FY28, with the broker forecasting 162m.

With 90% of its users on the free tier, the broker sees significant upside for monetisation via contextual, location-based advertising, a model that is still early in development but highly scalable.

The broker's forecasts assume the aspirational target of $1bn will be reached in FY30, forecasting $1.13bn, which is 5% ahead of the consensus.

In the near term, the broker sees FY25 EBITDA guidance as conservative, anticipating an upgrade at the 2Q update.

Target price is $46.20 Current Price is $40.16 Difference: $6.04
If 360 meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $40.68, suggesting upside of 4.6% (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: 0.8

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

Ord Minnett rates 4DX as Speculative Buy (1) -

Ord Minnett highlights a $10m strategic investment from Pro Medicus ((PME)) in 4DMedical as a timely capital injection.

This move by Pro Medicus will boost 4DMedical's cash balance to around $17m. It should also provide commercial validation ahead of the CT:VQ (Ventilation/Perfusion imaging using Computed Tomography) launch in the US, suggest the analysts.

The investment, structured as a hybrid debt-equity loan, includes a two-year maturity with repayment of $12.5m or $20m if the share price doubles, plus an equity kicker.

Ord Minnett sees this as a strong endorsement of CT:VQ, with a total addressable market over US$1.1bn.

The broker observes 4Q25 results showed 388 installed sites and around 74,000 scans, up 7% and 35% quarter-on-quarter, respectively. FY25 revenue rose 56% to $5.9m with gross margins above 90%, and net operating cash outflow improved to -$9.5m.

The analysts remind investors the company still requires stronger revenue in 1H26 and a successful CT:VQ launch, with FDA approval expected in 1H26.

Ord Minnett lowers its target price to 75c from 76c and retains a Speculative Buy rating.

Target price is $0.76 Current Price is $0.24 Difference: $0.52
If 4DX meets the Ord Minnett target it will return approximately 217% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates AAR as Buy (1) -

Shaw and Partners believes Astral Resources’ June 2025 quarterly report is supportive of the broker's Buy rating and 38c target price.

The cash balance as at 30 June was $18.6m.

The Mandilla Gold project in Western Australia remains the company’s key focus, comment the analysts, with a 1.8moz Mineral Resource and 1.1moz Probable Ore Reserve.

The broker highlights upcoming catalysts including further exploration updates, a definitive feasibility study by mid-2026, and key approvals needed to reach a final investment decision and secure financing.

Shaw retains its Buy rating and 38c target.

Target price is $0.38 Current Price is $0.16 Difference: $0.22
If AAR meets the Shaw and Partners target it will return approximately 138% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates ALQ as Buy (1) -

Citi has a constructive view on ALS Ltd's growth trajectory after day one of Investor Day, supported by strategic execution across technology and inorganic expansion.

Key highlights include strong emphasis on digital tools and AI aimed at enhancing service delivery, reducing turnaround times, and driving operational efficiency. 

The company's Laboratory Information Management System (LIMS) now underpins 78% of the group revenue.

Management sees no shortgage of M&A targets in the environment segment. In the pharma space, the impact from Mexico means EBIT is tracking to lower end of range.

Buy. Target unchanged at $19.45.

Target price is $19.45 Current Price is $18.24 Difference: $1.21
If ALQ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $19.03, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates ALX as Buy (1) -

Citi notes Atlas Arteria's 2Q25 traffic update was strong, with the key highlight being commentary around the future of toll roads in France.

The broker revised free cash flow forecast to incorporate higher-than-expected traffic and revenue growth for 2Q25.

At the upcoming 2H25 results, Citi expects updates on the Dulles Greenway process, opportunities in France, and discussions with IFM.

Target rises to $5.80 from $5.70. Buy retained.

Target price is $5.80 Current Price is $5.16 Difference: $0.64
If ALX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting upside of 4.0% (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

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

Morgan Stanley notes recent share price gains in healthcare stocks are mainly due to multiple expansions and less from EPS shifts. CSL ((CSL)) was the best share price performer.

In the case of Ansell, the broker's forecasts factor in a cost impact from US tariffs, offset by price increases. The broker updated forecasts to capture this and made other minor changes to operational assumptions and exchange rates.

FY26-27 EPS forecasts lifted by 6%. The broker expects the company to provide FY26 guidance with FY25 results.

Equal-weight. Target cut to $32.50 from $33.40. Industry View: In-Line.

Target price is $32.50 Current Price is $29.95 Difference: $2.55
If ANN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $34.14, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Morgans rates ART as Buy (1) -

Airtasker generated around 21% revenue growth for 4Q25, a rise of 13% for FY25, while achieving a positive free cash flow position as targeted for the fiscal year at $1.2m, which met Morgans' expectations and marked four consecutive quarters of positive cashflow.

The analyst believes a key highlight was the momentum in the UK business, with gross marketplace volume up a robust 75% on a trailing 12-month basis. The US marketplace volume advanced to US$1.8m, or around 252% on a 12-month trailing basis.

Management will continue to invest in brand marketing over FY26/FY27 and use the residual circa $28m in media inventory available.

Morgans lowers its top line forecasts by -6% for FY26 and FY27. No change to Buy rating and 55c target.

Target price is $0.55 Current Price is $0.36 Difference: $0.19
If ART meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Shaw and Partners describes Australian Vanadium’s June quarter update as supportive of its unchanged Buy, High Risk rating and 6c target, highlighting material progress on battery economics and commercial strategy.

The broker notes the updated levelised cost of storage for the Project Lumina vanadium battery has improved to $214/MWh, materially lower than lithium-ion equivalents and earlier forecasts of $251/MWh.

Management aims to finalise investment decisions in 3Q25 for a commercial utility-scale vanadium flow battery, following successful vanadium electrolyte production and early deployment in WA.

Target price is $0.06 Current Price is $0.01 Difference: $0.05
If AVL meets the Shaw and Partners target it will return approximately 500% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Ord Minnett rates BBT as Buy, High Risk (1) -

Ord Minnett views BETR Entertainment as a natural consolidator in a fragmented domestic wagering market, following its 11% increased scrip offer for PointsBet Holdings ((PBH) at an implied $1.35 per share.

The broker notes FY25 unaudited earnings (EBITDA) for BETR Entertainment of $7.0m were in line with guidance and its own estimates, supported by a 10.4% net win margin. Annualised synergies of $16.9m from the BlueBet merger exceeded initial targets.

Customer numbers reached 155,420 in the June quarter, with the TopSport integration progressing well, according to Ord Minnett, and showing early margin and retention gains.

The company ended FY25 with $105.1m in cash, providing ample funding for further acquisitions, in the broker's view.

Ord Minnett retains a Buy rating with an unchanged 12-month target price of 46c.

Target price is $0.46 Current Price is $0.31 Difference: $0.15
If BBT meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Shaw and Partners describes Boab Metals’ June quarter update as a material step forward for Sorby Hills, underpinned by the acquisition of the DeGrussa processing plant from Sandfire Resources ((SFR)) for -$10m.

This facility is well suited to Sorby Hills, highlight the analysts, and could reduce upfront capex by -$30–50m from the original $264m estimate.

A 75% offtake agreement with Trafigura includes a US$30m prepayment facility, explains the broker, while Boab’s agreement to acquire the remaining 25% joint venture interest improves financing optionality.

Boab finished the quarter with a cash balance of $7.6m. Shaw and Partners retains a Buy, High Risk rating and 40c target.

Target price is $0.40 Current Price is $0.17 Difference: $0.23
If BML meets the Shaw and Partners target it will return approximately 135% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BPT as Sell (5) -

Citi notes Beach Energy's FY25 core EBITDA and net profit forecasts were effectively a downgrade, and its own forecast is -2% and -5% below consensus, respectively.

The broker cut FY26 production forecast by -6% on reserve downgrades at Beharra Springs and an earlier-than-expected decline at Otway.

The 2P reserve life highlights the need for M&A to maintain long-term cash flow, though one positive were strong initial flow rates from the Granite Wash program, and a third well planned for FY26.

The broker forecasts final dividend at 3c, below the company's shareholder return policy, due to softer cash flow outlook.

Sell. Target cut to $1.05 from $1.15.

Target price is $1.05 Current Price is $1.17 Difference: minus $0.12 (current price is over target).
If BPT 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 $1.33, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley expects a modest negative share price reaction following Beach Energy’s June 2025 update.

Unaudited FY25 earnings (EBITDA) of around $1,140m was broadly in line with the broker's estimate but below consensus. The company also flagged a potential -10.7mmboe 2P reserve downgrade and a -$674m pre-tax non-cash impairment.

June quarter production of 4.6mmboe was down -5% quarter-on-quarter but beat Morgan Stanley by 5%. Sales revenue of $455m was 11% above the analysts' estimate, helped by one LNG cargo via swap valued at $62m.

Project commentary included Waitsia Stage 2 on track for commissioning this quarter and Beharra Springs Deep 3 plugged after confirming reservoir depletion. Otway drilling restarted under the Equinox program with first gas targeted in 2028.

In the Cooper Basin, flood-related outages will cut FY26 production by around -1.5mmboe, observes the broker.

Underweight. Target $1.21. Industry View: In-Line.

Target price is $1.21 Current Price is $1.17 Difference: $0.04
If BPT meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates BPT as Neutral (3) -

UBS highlights Beach Energy’s June quarter result as operationally solid, but overshadowed by a -$474m post-tax impairment driven by lower gas price forecasts, inflation, and reduced Perth Basin reserves.

Production across Otway, Bass and Taranaki basins is now expected to decline -15–20%, prompting UBS to cut FY26 production estimates by -8%. Management now sees negative free cash flow of around -$100m in FY26, even with Waitsia commissioning.

UBS cuts its FY25-26 earnings estimates on lower production and revises its forecast FY26 EPS down -18%. Commentary suggests long-term upside from FY27 hinges on higher realised gas prices and new growth, but shorter reserve life remains a concern.

UBS cuts its target price to $1.25 from $1.35 and retains a Neutral rating.

Target price is $1.25 Current Price is $1.17 Difference: $0.08
If BPT meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

Shaw and Partners describes Brightstar Resources’ June quarter as a key step forward, with 67.1kt of ore at 1.88g/t gold sold under the Genesis Minerals ((GMD)) ore purchase agreement, generating 4,055oz contained gold.

Haulage continues ahead of the next processing campaign in August, with up to 500kt of ore from Laverton committed under the agreement through Q1 2026, explain the analysts.

The flagship Sandstone project advances toward a prefeasibility study by H1 2026. Management plans to develop a 120–140kozpa operation, supported by Laverton and Menzies hubs, targeting 200kozpa group production by 2029.

Post quarter-end, Brightstar agreed to acquire Aurumin’s ((AUN)) Central Sandstone assets, lifting its combined Mineral Resource to around 2.4moz at 1.5g/t gold. Transaction completion is due by late October 2025.

No change to the $1.14 target price and Buy, High Risk rating.

Target price is $1.14 Current Price is $0.43 Difference: $0.71
If BTR meets the Shaw and Partners target it will return approximately 165% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates CIA as Buy (1) -

Champion Iron's 1Q26 production met Bell Potter's forecast and sales came in slightly higher, but revenue and EBITDA missed, and cash cost was higher than expected.

The company refinanced debt by issuing US$500m in 7-year senior unsecured notes at 7.875%. 

The DRPF project is on track for commissioning in December 2025. This is expected to lift grade for 50% of production to 69% Fe from 66% Fe,with sales to gradually ramp-up over 1H26.

EPS forecast for FY26 cut by -12% and by -2% for FY27.

Buy. Target unchanged at $5.40.

Target price is $5.40 Current Price is $4.17 Difference: $1.23
If CIA meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Morgan Stanley rates COH as Underweight (5) -

Morgan Stanley notes recent share price gains in healthcare stocks are mainly due to multiple expansions and less from EPS shifts. CSL ((CSL)) was the best share price performer.

In the case of Cochlear, the broker increased EPS forecast for FY25 by 7% and for FY26 by 9% after excluding of cloud computing expenses from underlying net profit.

At the FY25 result, the broker will be looking for FY26 net profit guidance where its own forecast is $476m.

Underweight. Target lifted to $274 from $272. Industry View: In-Line.

The broker's most preferred exposures are ResMed ((RMD)) and CSL, with Cochlear least preferred of the three.

Target price is $274.00 Current Price is $318.52 Difference: minus $44.52 (current price is over target).
If COH meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $290.98, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates DTL as Overweight (1) -

In the latest catalyst-driven idea by analysts, Morgan Stanley views Data#3 as well-positioned competitively with solid medium-term prospects.

The broker does, however, anticipate near-term share price volatility around the FY25 result due to timing issues, such as May’s Federal Election.

The analysts outline three scenarios for the August 25 result: a slightly weaker-than-expected FY25 outcome (base case), a beat supported by strong corporate spending (bull case), and a miss with Services deceleration (bear case).

In the base case, a shortfall in FY25 due to delayed public sector spend could shift sentiment, suggests the broker, though post-result announcements like a defence contract suggest a likely FY26 rebound.

Morgan Stanley expects Managed Services to remain resilient across all outcomes.

The analysts believe the stock could move -5% to up 10% depending on the scenario, with downside mitigated by structural strengths and upside linked to accelerating Services growth and AI-led demand.

Morgan Stanley maintains a positive view and anticipates Scenario 1 as most likely. Overweight. Target $8.90.Industry View: In Line. 

Target price is $8.90 Current Price is $7.54 Difference: $1.36
If DTL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.17, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates EMV as Re-initiation of coverage with Speculative Buy (1) -

Bell Potter has re-initiated coverage of EMVision Medical Devices with Speculative Buy rating and target price of $2.95.

The company's portable brain imaging technology has the potential to redefine stroke diagnosis and triage as it uses electromagnetic pulses to distinguish between clotting and bleeding. 

The company is trialing two devices (hospital version weighing 100kgs and portable 12kgs) and the broker expects both will be awarded breakthrough device designation in due course.

The global total addressable market is estimated to be US15bn but the broker's assumptions are based on only the Australian/US markets.

Target price is $2.95 Current Price is $1.74 Difference: $1.21
If EMV meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates EOS as Accumulate (2) -

Management at Electro Optic Systems has reiterated 1H FY25 revenue guidance of $40-45m and reported a 30 June order book of $170m and cash balance of $130m.

Ord Minnett highlights strong momentum from a diverse range of smaller contracts in Q2, while larger contracts such as Land 400 Phase 3 RWS and initial laser weapon deals remain targeted for signing in 2025.

The company enters 2H FY25 well capitalised with no debt and a $1.5bn opportunity pipeline, highlights the broker. It's felt management is well positioned to benefit from rising global defence spend.

Ord Minnett retains an Accumulate rating and $2.20 target price.

Target price is $2.20 Current Price is $3.21 Difference: minus $1.01 (current price is over target).
If EOS meets the Ord Minnett target it will return approximately minus 31% (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:

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 FFM as Buy, High Risk (1) -

FireFly Metals's June quarter drilling results at the Green Bay copper-gold project confirmed high-grade extensions. Shaw and Partners sees strong potential for a significant Mineral Resource upgrade in the September quarter.

The project’s current 59mt at 2% copper equivalent resource includes 1mt of copper, 550koz of gold, and 5.4moz of silver, with 41% of copper metal already in the Measured and Indicated category, highlight the analysts.

Infill drilling has returned standout intersections up to 11.6m at 9.3% copper equivalent, with step-out drilling intersecting high-grade zones more than 200m beyond the existing resource envelope.

FireFly expects to lift Measured & Indicated classification to 50–70% and extend mine life potential to 15 years at 2mtpa, with scope for further expansion.

The company ended June with $145m in cash and is progressing mining studies ahead of a bankable feasibility in 2026. Shaw and Partners retains a Buy, High Risk rating and $1.65 target.

Target price is $1.65 Current Price is $1.04 Difference: $0.61
If FFM meets the Shaw and Partners target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 56.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates FLT as Buy (1) -

Citi notes limited disclosure from Flight Centre Travel in the trading update makes it difficult disaggregate the impact of execution issues (notably Asian non-recoveries) versus macroeconomic pressures.

So the broker is assuming the effective downgrade in underlying profit before tax (-7% miss vs consensus) was the last one, expecting FY26 to be incrementally positive. The assumption is based on no further shock to consumer and business confidence.

Buy. Target cut to $15.10 from $16.10.

Target price is $15.10 Current Price is $11.94 Difference: $3.16
If FLT meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates FLT as Outperform (1) -

Flight Centre Travel downgraded FY25 underlying net profit after tax guidance by -9% at the midpoint, which reflects volatile trading conditions, according to Macquarie, and ongoing underperformance in Asia over 2H25.

The company noted some improvement in activity into FY26, but the analyst believes FY26 will need to restore market confidence in the earnings outlook.

The US and Middle East did impact travel patterns, but both are considered temporary, although there are risks that travel from Australia to the US remains soft.

Macquarie lowers its EPS estimates by -4.6% and -6.8% for FY25/FY26, respectively, due to downgraded guidance.

Outperform retained. Target falls by -5.3% to $15.20 (from $16.05).

Target price is $15.20 Current Price is $11.94 Difference: $3.26
If FLT meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates FLT as Overweight (1) -

Morgan Stanley notes Flight Centre Travel's revised FY25 profit (PBT) guidance of $285-295m versus $300-$330m prior came as a surprise given the April 28 trading update and nearly full-year visibility.

The downgrade reflects underperformance in Asia, added one-off costs, and softer US leisure demand linked to Middle East tensions, explain the analysts.

Commentary highlights lLeisure profit declined year-on-year due to a shift towards short-haul travel and a greater share of lower-margin brands.

Corporate profit rose year-on-year excluding Asia, but overall profit declined due to earlier debt provisions and client downtrading, explains the broker.

Still, total transaction value (TTV) reached a record $24.5bn, up 3% year-on-year. Momentum in corporate was supported by $1.3bn of new Flight Centre Management (FCM) wins and 12% TTV growth in the US.

Overweight. Target unchanged at $16.00. Industry View: In-Line.

Target price is $16.00 Current Price is $11.94 Difference: $4.06
If FLT meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates FLT as Buy (1) -

A challenging June quarter has resulted in a net profit before tax guidance downgrade for Flight Centre Travel by an additional -5% to -12%, and at the mid-point the guidance is down -9.5%, despite a record total transaction value of $24.5bn, or 3.2% growth, Morgans notes.

The analyst expects 1H26 to remain challenging for Flight Centre, with time needed for internal business initiatives to take effect and improve profitability.

As is normal, the FY26 guidance will be offered at the AGM. Morgans lowers its EPS estimates by -7.9% for FY25 and -13.1% for FY26.

Target falls to $15.35 from $16.70. Buy rating remains.

Target price is $15.35 Current Price is $11.94 Difference: $3.41
If FLT meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates FLT as Buy (1) -

Ord Minnett highlights Flight Centre Travel's revised FY25 underlying profit (PBT) guidance of $285-295m, down from $300-335m, due mainly to materially lower override payments from Qantas Airways ((QAN)) and others.

The broker has reset long-term earnings assumptions, including permanently lower revenue margins. 

Ord Minnett estimates poor execution in the Asian Corporate business cost around -$30m in FY25 but sees this as unlikely to recur in FY26. EPS forecasts across FY25-27 are cut by -9-16%.

The target falls to $13.02 from $17.61. Buy rating retained.

Target price is $13.02 Current Price is $11.94 Difference: $1.08
If FLT meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates FLT as Buy (1) -

UBS observes Flight Centre Travel's FY25 underlying profit before tax guidance of $285–295m came in slightly below the bottom of the prior $300–335m range.

The broker believes lower guidance reflects macro headwinds, volatile travel conditions and weaker-than-expected performance in Asia and the US.

The analysts acknowledge momentum in new corporate wins, with $1.3bn in annualised spend added versus $1bn in FY24. It's felt there is upside in both Leisure and Corporate from productivity initiatives and a softer macro recovery in FY26.

UBS lowers its FY25–28 EPS forecasts by -9–14%, though maintains confidence in a medium-term EPS CAGR of 18%, supported by growth in Corporate Traveller, independent Leisure share gains and cost discipline.

The broker cuts its target price to $13.70 from $15.00 and retains a Buy rating.

Target price is $13.70 Current Price is $11.94 Difference: $1.76
If FLT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates IGO as Outperform (1) -

IGO Ltd reported mixed 4Q25 results, according to Macquarie. Production was below expectations by -10%, offset by sales which came in 5% above forecast, with costs higher than anticipated by 4% and realised prices lower than the broker’s estimate by -3%.

The analyst highlights Kwinana 1 is now fully impaired, with the company pointing to an additional impairment of the refinery of -$70m–$90m.

The focus for IGO has moved to Greenbushes and its productivity, with FY26 production guidance coming in below expectations by -6%.

Outperform. Target is raised by 11% to $5. Macquarie lowers its EPS forecast by -23% for FY25 and raises FY26 by 28%.

Target price is $5.00 Current Price is $4.43 Difference: $0.57
If IGO meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates ILU as Accumulate (2) -

Iluka Resources' June quarter production was solid, according to Ord Minnett, though mineral sands revenue missed consensus due to softer pricing and a higher proportion of low-value zircon-in-concentrate.

The broker sees weak global housing demand, exacerbated by US tariffs, continuing to weigh on zircon and rutile markets through the December half.

The analysts note capital spend at Eneabba and Balranald inflates net debt and makes valuation metrics appear stretched, though free cash flow is expected to turn positive in 2027.

Ord Minnett anticipates stronger 2026 results driven by Balranald production and possible price recovery. A $5.50 target price and Accumulate rating are maintained.

Target price is $5.50 Current Price is $5.15 Difference: $0.35
If ILU meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates IMA as Outperform (1) -

Image Resources reported 2Q2025 HMC shipments of 35mt, which met Macquarie's forecasts, while production came in considerably lower than anticipated at 45.9mt, below estimate by -17%, which the company attributed to lower throughput rates and lower HM recovery.

Average realised HMC price of $624/t came within the analyst's forecast by 3%, with C1 unit costs of $396/t higher than expected by 12%.

Ore mined was below expectations by -21%, with pre-processed ore 6% better.

Target price remains at 14c per share with an Outperform rating. No change to the broker's EPS estimates.

Target price is $0.14 Current Price is $0.08 Difference: $0.06
If IMA meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates IPD as Speculative Buy (1) -

ImpediMed announced its 4Q24 cashflow report, with receipts of $3.8m against $3m in the prior year and revenue of $3.3m versus $2.8m the period before.

Annual recurring revenue rose 27% to $14m, with record contracted revenue of $6.3m, including $4.9m signed in 3Q25 due to a rise in new Sozo sales and an increase in units renewed, Morgans explains. The churn rate was less than -3%.

Speculative Buy rating maintained, with target price unchanged at 15c. Morgans makes slight changes to its earnings estimates, including a softening of the expected installed base growth to 210 from 220, and to 250 units from 300 for FY26/FY27.

Target price is $0.15 Current Price is $0.05 Difference: $0.1
If IPD meets the Morgans target it will return approximately 200% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates IPD as Speculative Buy (1) -

ImpediMed announced its 4Q25 result, which showed improving momentum across its businesses, according to Ord Minnett.

US Sozo sales rose 100% on the prior quarter to 44, with record total contract value of $6.3m.

The pipeline stands at 699 Sozos, a rise of 25% on the third quarter, with 36 US states now over 80%, and the company is considering expansion into the body composition market, the analyst explains.

Speculative Buy rating retained. Target remains at 12c.

Target price is $0.12 Current Price is $0.05 Difference: $0.07
If IPD meets the Ord Minnett target it will return approximately 140% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates JDO as Accumulate (2) -

Morgans states "phew" at Judo Capital achieving its revised gross loan target for the end of FY25, which should assist the market and investors in becoming more confident for the FY26 outlook, where the analyst expects profit before tax growth of 50%.

Judo does not intend to pay dividends, with retention of capital a driver to support loan growth aims, the analyst explains.

Morgans believes Judo could be worth around $2.65 by the end of the decade, underpinned by capital appreciation from robust earnings growth. FY25 earnings are due out on August 19.

No change to Accumulate rating and $1.75 target price. No material changes to the broker's earnings estimates.

Target price is $1.75 Current Price is $1.52 Difference: $0.23
If JDO meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates LOT as Speculative Buy (1) -

Lotus Resources announced its June quarter update, highlighting stockpile ore is now being processed at Kayelekera.

Ord Minnett also notes the commissioning of front-end comminution circuits is finished and leach tanks are working at full capacity. Uranium extraction is back in progress.

First production is flagged for the September quarter of U3O8. Lotus has restarted Kayelekera in what has been a relatively smooth process compared to Boss Energy ((BOE)) and Paladin Energy ((PDN)), which both reported "dismal" June quarter results, the broker states.

At the current share price, Ord Minnett estimates the miner would generate a free cash flow yield of 18%–20% from FY28 onwards when Kayelekera achieves nameplate capacity.

Speculative Buy rating and 36c retained.

Target price is $0.36 Current Price is $0.17 Difference: $0.19
If LOT meets the Ord Minnett target it will return approximately 112% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 118.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates MEK as Speculative Buy (1) -

Meeka Metals announced its 4Q25 update, with first gold poured on July 1, which is on time according to Morgans and within nine months of construction starting at the Murchison Gold project.

The analyst highlights pre-development costs were well above expectations by 34%, arising from the growth in capex for early underground access and expansion of the open pit fleet.

Accordingly, the broker lowers the capex spend in FY26 and now estimates more robust free cashflows, up 46% versus the prior forecast.

The cost overrun resulted in a $60m equity issue, which has impacted the share price. Morgans retains its bullish outlook on Meeka.

Speculative Buy maintained. Target price slips to 23c from 25c.

Target price is $0.23 Current Price is $0.14 Difference: $0.09
If MEK meets the Morgans target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Macquarie downgrades Mineral Resources to Underperform from Neutral. Target price rises to $29 from $22 on improved lithium costs and earnings outlook.

The analyst highlights risks around the Pilbara Hub, which is viewed as under threat if iron ore prices fall below US$90/t, as forecast by the broker over FY26/FY27.

The 4Q25 report showed across-the-board better-than-expected results, with Onslow shipments above by 4%, Pilbara Hub by 5%, Mt Marion by 6%, and Wodgina by 4%. FY25 guidance for Onslow was in line with the analyst's forecast.

Net debt came in $0.2bn better than anticipated, and management pointed to FY26 capex of around -$1bn.

Macquarie lifts its EPS estimate by 24% for FY25 and lowers FY26 by -20%.

Target price is $29.00 Current Price is $28.59 Difference: $0.41
If MIN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $31.00, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates MIN as Buy (1) -

Ord Minnett notes Mineral Resources' June quarter beat expectations for iron ore and lithium production, with FY25 output in line with guidance.

Cost control was strong, according to the analyst, with Onslow at the low end of guidance and Mt Marion and Wodgina meeting cost targets despite a difficult first half.

Margins in mining services were under pressure due to external truck use, explains the broker, though this was offset by revenue and cost efficiencies.

The broker now has greater confidence in the asset base and narrows the FY25 loss forecast by -39.9%, while cutting FY26-27 estimates by -27% and -20%, respectively.

Ord Minnett raises its target price to $33.00 from $31.00 and retains a Buy rating.

Target price is $33.00 Current Price is $28.59 Difference: $4.41
If MIN meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $31.00, suggesting upside of 3.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates MVP as Speculative Buy (1) -

The highlight of Medical Developments International's update, Bell Potter notes, was a $10.7m turnaround in operating cash flow, thanks to pricing gains and operational efficiencies.

FY25 unaudited revenue largely met the broker's forecast as better-than-expected Penthrox revenue offset lower Respiratory revenue.

A key catalyst is the decision by Ireland's HPRA on expanding the Penthrox drug's usage to six years of age from adults currently. The broker expects this in August, with other European approvals to follow over the next 12 months.

Speculative Buy. Target rises to 81c from 80c on roll-forward.

Target price is $0.81 Current Price is $0.61 Difference: $0.2
If MVP meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates MX1 as Speculative Buy (1) -

Morgans highlights Micro-X has announced a three-year supply agreement for its Rover Plus mobile radiology system with a major US healthcare provider with over 700 facilities. This is the first supply agreement for the company with a major US healthcare company.

The analyst also points to 4Q25 cashflow, with some customer receipts of $0.8m, for a total of $2.8m year-to-date. Project work on the medical side was $1.4m, or $3.7m year-to-date, and security contracts came in at $1.4m, or $6.8m year-to-date.

Net operating cashflow of $3.5m for the quarter and $8.5m year-to-date resulted in cash at end of FY25 of $3.2m.

Speculative Buy rating and 17c target unchanged. No changes to Morgans' earnings forecasts. Micro-X is due to report FY25 results on August 27.

Target price is $0.17 Current Price is $0.08 Difference: $0.09
If MX1 meets the Morgans target it will return approximately 113% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates NHF as Underperform (5) -

Macquarie explains visa statistics are robust lead indicators for nib Holdings' International Students and Workers business. Student visas granted fell around -2% in 4Q25 on a year earlier but rose 14% for visa holders for workers on the prior year.

Market pricing, including nib, did not change over the June quarter, and the health insurer’s pricing remains marginally above the market, the analyst notes.

The Neutral rating and $5.60 target are maintained. No change to the broker's earnings estimates.

Target price is $5.60 Current Price is $7.41 Difference: minus $1.81 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.07, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates NIC as Buy (1) -

Bell Potter assesses Nickel Industries' June quarter update as an overall positive one, thanks largely to lower-than-expected cost at all assets. The result speaks to the value of the company's integrated value chain.

The key shift in the broker's outlook was the deferral of the ENC HPAL commissioning and sales to FY26 from late FY25. This resulted in a -32% cut to FY25 EPS forecast and a 2% lift to FY26.

Buy. Target cut to $1.40 from $1.51.

Target price is $1.40 Current Price is $0.74 Difference: $0.66
If NIC meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 41.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Citi rates ORG as Buy (1) -

Following Origin Energy's June quarter update, Citi is more positive the company can capitalise on the current mid-transition phase of the energy transition, supported by rising and more volatile wholesale prices.

The broker can see a clear pathway to IPO as the financial/legal separation of Octopus/Kraken progresses, which would provide value for reinvestment into the domestic energy market.

The broker revised FY26 group earnings forecast by -1% after raising APLNG upstream costs, and lifted free cash flow estimates for FY25-26.

Buy. Target unchanged at $13.

Target price is $13.00 Current Price is $11.67 Difference: $1.33
If ORG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates ORG as Neutral (3) -

Macquarie notes Origin Energy's APLNG quarterly production was as anticipated, but sales were lower than expected, as well as price realisations, which has resulted in the broker lowering its FY25 earnings (EBITDA) forecast by -$67m.

FY26 production guidance was 635–68PJ, which is in line with Macquarie's 661PJ estimate. Costs are likely to rise by 10% for APLNG as replacing production commences. Spending is likely to be higher in the near term as Reedy Creek and Iron Bark projects are approved.

The analyst notes no surprises in the energy market, with customer growth of 40k. No change in Kraken from previous commentary, and Octopus Energy's customer growth continues.

No change to $10.94 target and Neutral rating. Macquarie lowers its EPS forecasts by -3% for FY25 and -2.8% for FY26.

Target price is $10.94 Current Price is $11.67 Difference: minus $0.73 (current price is over target).
If ORG meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.42, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates ORG as Hold (3) -

Ord Minnett views Origin Energy's APLNG quarterly update as in line with expectations but below consensus, which the analyst attributes to the market not sufficiently adjusting the outlook for lower prices in the China Petrochemical contract signed in May.

No guidance was offered by Origin for the Energy Markets division and the Octopus business, which infers to the broker that management is fairly relaxed about consensus expectations.

No change to Hold rating. Target rises to $12 from $10.10, with Ord Minnett lowering its EPS estimates by -2.1% and -2.8% for FY25/FY26 respectively.

Target price is $12.00 Current Price is $11.67 Difference: $0.33
If ORG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting downside of -2.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates ORG as Buy (1) -

UBS describes Origin Energy’s June quarter result as solid, with APLNG performance broadly in line with expectations and new FY26 guidance helping to de-risk medium-term production and cost outlooks.

APLNG guidance includes 635-680PJ production, $2.9-3.2bn in total costs, and $4.30-5/GJ unit costs, all consistent with consensus, observe the analysts.

UBS sees the joint venture comfortable producing less due to natural decline and policy settings, while maintaining dividend stability supported by balance sheet strength and growing Energy Markets contribution.

The broker expects APLNG to sustain production around 650-660PJ over the next three years, enough to meet contracts and retain surplus for contingency or spot sales. 

UBS cuts its FY25-27 EPS forecasts by -1-3% on lower near-term APLNG production and higher unit costs. The $11.70 target price and Buy rating are maintianed.

Target price is $11.70 Current Price is $11.67 Difference: $0.03
If ORG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.42, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Morgan Stanley notes recent share price gains in healthcare stocks are mainly due to multiple expansions and less from EPS shifts. CSL ((CSL)) was the best share price performer.

At Ramsay Health Care's FY25 result, the broker will be looking for any update on the Ramsay Sante strategic review. The forecast for FY25 EBIT is $597m vs consensus of $599m.

For FY26, the broker is forecasting underlying net profit of $353m.

Equal-weight. Target lifted to $39 from $38. Industry View: In-Line.

The broker most preferred exposures are ResMed ((RMD)) and CSL, with Cochlear ((COH)) least preferred 

Target price is $39.00 Current Price is $38.77 Difference: $0.23
If RHC meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $38.46, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates RIO as Neutral (3) -

After further analysis of Rio Tinto's interim results, Citi raises its target to $119 from $113.

A summary of the broker's initial research yesterday follows.

Rio Tinto's interim underlying earnings (EBITDA) of US$11.5bn modestly exceeded Citi's expectations but declined -5% year-on-year. Net profit of US$4.86bn missed consensus by -10%, impacted by higher tax, finance costs and depreciation.

The interim dividend of US$1.48 was below the broker at US$1.64 and consensus at US$1.61, reflecting a 50% payout ratio. Net debt of US$14.6bn was in line with consensus.

Pilbara iron ore unit costs were US$24.3/t, near the top of guidance. Copper costs (C1) came in below expectations at US$0.97/lb versus new guidance of US$1.10–1.30/lb. Pilbara shipments are expected at the low end of the 323–338mt range.

2025 capex guidance remains US$11bn, though the broker notes management flagged closure-related outflows of circa US$1bn per annum. The effective tax rate for the year was lifted to around 33% from 30%.

Target price is $119.00 Current Price is $111.70 Difference: $7.3
If RIO meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $115.33, suggesting upside of 4.0% (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: 0.2

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

Macquarie rates RIO as Neutral (3) -

Rio Tinto reported better-than-expected 2Q2025 copper results, which were 23% above Macquarie's forecast on lower costs, with the miner guiding to lower copper costs over the balance of 2025. Escondida continues to perform, and the ramp-up at Oyu Tolgoi continues.

Minerals and other segments disappointed the analyst, coming in below by around -US$0.2bn, with one-off lithium restructuring costs at -US$0.3bn another negative. Lithium generated an earnings (EBITDA) loss.

Macquarie lowers its EPS forecast by -7% for 2025 and raises 2026 by 1% on better cost expectations.

No change to Neutral rating. Target rises by 3% to $109.

Target price is $109.00 Current Price is $111.70 Difference: minus $2.7 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $115.33, suggesting upside of 4.0% (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: 0.2

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

UBS rates RIO as Neutral (3) -

UBS describes Rio Tinto’s first half result as solid, with earnings (EBITDA) broadly in line with consensus and volume growth beginning to differentiate the story.

Stronger copper and aluminium performance offset softer iron ore, explain the analysts, with full-year guidance unchanged and copper costs trimmed.

Copper output rose by 6% copper equivalent in 1H, led by Oyu Tolgoi, which is expected to grow volumes over 50% year-on-year in 2025.

UBS notes Simon Trott will become CEO in August, and while strategy changes are not expected, there is scope for accelerated cost savings and capital discipline.

Iron ore earnings fell on lower realised prices, shipment disruptions and cost inflation, explains the broker, though shipments and costs are expected to improve in 2H. UBS sees diversification benefits beginning to play out.

The broker leaves its earnings forecasts largely unchanged and maintains a Neutral rating and $115 target price.

Target price is $115.00 Current Price is $111.70 Difference: $3.3
If RIO meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $115.33, suggesting upside of 4.0% (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: 0.2

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

Morgan Stanley rates RMD as Overweight (1) -

Morgan Stanley notes recent share price gains in healthcare stocks are mainly due to multiple expansions and less from EPS shifts. CSL ((CSL)) was the best share price performer.

The broker is forecasting 60.1% gross margin for ResMed in 4Q25, an improvement from 59.9% in 3Q, but marginally lower than the consensus of 60.2%. 

Minor changes made to operational assumptions, resulting in around 1% upgrades to EPS forecasts over FY25-27. 

Overweight. Target lifted to US$291 from US$286. Industry View: In-Line.

The broker most preferred exposures are ResMed and CSL, with Cochlear ((COH)) least preferred of the three.

Current Price is $42.45. Target price not assessed.

Current consensus price target is $45.89, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

UBS rates RMD as Buy (1) -

At first glance by the analysts at UBS, ResMed's overnight release of 4Q25 operating results beat forecasts by the broker and consensus by 4%, driven by stronger sales and a gross margin.

Total revenue of US$1.35bn rose 10% year-on-year, with ex-US devices and US masks outperforming, notes UBS. Gross margin expanded 224bps to 61.4%, exceeding consensus expectations.

Non-GAAP net profit rose 22% to US$375m, broadly in line with UBS, while EPS of US$2.55 also met estimates. Sleep revenue grew 10% constant currency, up from 9% in Q3.

Buy. Target US$285.

Current Price is $42.45. Target price not assessed.

Current consensus price target is $45.89, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Bell Potter rates RMY as Buy (1) -

The highlight of RMA Global's 4Q25 update was positive operating cash flows, and the company ended the quarter with $4.0m cash and no debt.

The company is investing in sales to grow revenue, resulting in a -7% cut to the broker's EPS forecasts for FY25-26.

Speculative Buy. Target unchanged at 10c.

Target price is $0.10 Current Price is $0.04 Difference: $0.06
If RMY meets the Bell Potter target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Morgan Stanley notes recent share price gains in healthcare stocks are mainly due to multiple expansions and less from EPS shifts. CSL ((CSL)) was the best share price performer.

The broker lifted Sonic Healthcare's EPS forecast for FY26 by 5% and by 4% for FY27 after factoring in the LADR acquisition and updating exchange rates.

At the FY25 result, FY26 guidance is expected where the broker is forecasting EBITDA of $2.022bn, along with commentary on reimbursement and internal growth initiatives.

Equal-weight. Target lifted to $29.00 from $28.10. Industry View: In-Line.

The broker most preferred exposures are ResMed ((RMD)) and CSL, with Cochlear ((COH)) least preferred of the three.

Target price is $29.00 Current Price is $27.61 Difference: $1.39
If SHL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $29.47, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

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

Following June quarter results, Shaw and Partners highlights active partner discussions at Sunstone Metals’ Bramaderos and El Palmar copper gold projects in Ecuador. A maiden resource at Limon is expected within 12 months.

The company holds a 4moz gold equivalent resource and recent surface sampling returned gold grades up to 14.4g/t. The broker sees strong potential for resource growth, with limited drilling completed to date.

Sunstone’s team brings relevant large-scale copper gold development experience, highlight the analysts. Forecasts remain unchanged.

Shaw maintains a Buy rating and a 3.2c target.

Target price is $0.03 Current Price is $0.02 Difference: $0.01
If STM meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates TLS as Outperform (1) -

Macquarie previews the upcoming Telstra Group FY25 earnings report, noting the telco sector has benefitted from portfolio positioning in 2025 and expects the resilient earnings, underpinned by mobile and cost outs, will retain a capital return/yield story.

The telco stocks' valuations relative to industrials are not extended, the analyst states.

Telstra recently announced the layoff of -550 full-time equivalent staff as part of the -$4.5bn potential cost out, noted at the company’s Investor Day. The broker believes growth in mobile ARPU will benefit the telco.

Macquarie lowers its EPS estimates by -4% for FY25 and -6% for FY26, with the change to the latter arising from a correction to the NBN true-up payment. The analyst’s forecast dividend per share also declines by -7% for FY25 and -14% for FY26.

Target price slips to $5.19 from $5.28.

Target price is $5.19 Current Price is $4.97 Difference: $0.22
If TLS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates TPG as No Rating (-1) -

Macquarie previews the upcoming TPG Telecom FY25 earnings report, noting the telco sector has benefitted from portfolio positioning in 2025 and expects the resilient earnings, underpinned by mobile and cost outs, will retain a capital return/yield story.

The telco stocks' valuations relative to industrials are not extended, the analyst states.

Macquarie expects growth in postpaid subscriber numbers, with 30k net adds in 1H2025 for TPG and around 45k for 2025, with a forecast rise in first half postpaid ARPU of 5.2% on a year earlier due to a price rise of $4 applied to circa 60% of the back book.

The analyst raises the 2025 EPS forecast by 15% and lowers 2026 by -19% due to the costs associated with the EG&W transaction.

Macquarie remains on research restriction for the stock.

Current Price is $5.54. Target price not assessed.

Current consensus price target is $5.09, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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