Australian Broker Call

Citi rates A2M as Neutral (3) -

Citi remains comfortable with its Neutral rating for a2 Milk Co after watching the trends in China at a recent visit to stores in that country.

The broker believes FY25 revenue will be in line with guidance (Citi forecasts 11.6% and consensus 12.6%) but FY26 is anticipated unlikely to be much above 8%.

The broker observed slight aging in stage 1 and 2 products, though they were still better than the more sensitive stage 3 and 4. Price trends showed a small improvement, but the worry is around longer-term price erosion, mainly in stage 3/4 and trial formats.

Target unchanged at $8.20.

Target price is $8.20 Current Price is $7.90 Difference: $0.3
If A2M meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.59, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Bell Potter rates AL3 as Speculative Buy (1) -

In a flash update, Bell Potter highlights AML3D has announced a European distribution partner to accelerate its entry into this major market, with the appointment of German additive manufacturing technology provider DMFG Solutions GmbH as a European distribution partner.

It is a two-year, non-exclusive partnership which aims to progress AML3D's access to European defence and manufacturing markets.

The analyst is positive on the partnership, particularly the emphasis on defence end markets. The announcement also details existing work on a UK defence contract and the options to convert European demand into additional contract wins.

Speculative Buy rating and 40c target. No change to the broker's earnings (loss) estimates.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If AL3 meets the Bell Potter target it will return approximately 43% (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 ARB as Buy (1) -

Australian new vehicle sales rose 3.6% in July 2025 to 103,097 units, marking the strongest July on record, highlights Ord Minnett, and the second consecutive monthly increase following a prolonged period of declines.

The broker notes sales in ARB Corp's key vehicle categories rose 7.7%, despite a fall in Hilux and Ranger sales, supported by gains in Triton and Prado.

While easier sales comparisons should emerge in FY26, the recent six-month sales slump and 2H25 gross margin pressure pose risks to ARB’s short-term Australian aftermarket performance, in the analysts' view.

Ord Minnett retains a Buy rating, noting the company's medium-term growth will likely be underpinned by network expansion, international opportunities, and OEM partnerships. Unchanged $37 target.

Target price is $37.00 Current Price is $33.75 Difference: $3.25
If ARB meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $37.69, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates ASB as Neutral (3) -

Citi sees the finalisation of Austal's Strategic Shipbuilding Agreement with the Commonwealth as a positive development, given delays experienced so far.

But the report highlights the the bigger positive was EBIT guidance upgrade to "not less than $100m" from "not less than $80m".

The broker estimates 25% of the upgrade was due to accounting benefit from the US$450m General Dynamics Electric Boat contract and the remaining from improved operational performance.

The broker factored $7m benefit in FY26 from the contract and expects to revise it further and beyond FY26 once the company provides more details.

Neutral. Target lifted to $7.00 from $6.10 on a 27% lift in FY25 net profit forecast, 8% in FY26 and 2% in FY27, along with an increase in multiples used in valuation modeling.

Target price is $7.00 Current Price is $6.93 Difference: $0.07
If ASB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.55, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates ASB as Neutral (3) -

Macquarie highlights two positive news ite\ms from Austal; a lift in FY25 EBIT guidance and finalisation of the Strategic Shipbuilding Agreement (SSA) with the Commonwealth.

FY25 guidance was raised to more than $100m from over $80m before and the broker reckons the main driver was finalisation of accounting treatment for the submarine contract. 

The SSA will position the company as the Commonwealth's strategic shipbuilder for tier 2 vessels in Western Australia.

The broker lifted FY25 EBIT forecast by 25%, FY26 by 21% and FY27 by 8%.

Neutral. Target lifted to $7.05 from $5.90 on earnings revisions and increase in valuation multiples.

Target price is $7.05 Current Price is $6.93 Difference: $0.12
If ASB meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.55, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Macquarie expects Whitehaven Coal ((WHC)) to consolidate its two contracts with Aurizon Holdings into a single one when it is renewed.

The broker is relying on channel checks in predicting this outcome, noting there has been no formal announcement yet. A consolidation would see $20-30m of EBIT at risk, the broker estimates.

FY27 EPS forecast cut by -3.7% to factor in potential loss from the contracts. 

Target cut to $3.31 from $3.39. Rating downgraded to Neutral from Outperform.

Target price is $3.31 Current Price is $3.25 Difference: $0.06
If AZJ meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 0.3% (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 BRG as Overweight (1) -

Morgan Stanley retains an Overweight rating on Breville, citing confidence in FY25 EBIT growth of 5–10% and management's ability to manage FY26 expectations.

The company is one of the broker's key small-/mid-cap ideas where the analysts have conviction into earnings ahead of FY25 results. 

Tariff impacts are viewed as manageable, with levers across pricing, product mix and cost efficiency. Supply chain diversification is thought to be progressing well, offering a structural boost to business resilience.

The broker sees upside from global coffee trends, China expansion and the emerging Beanz platform. 

Morgan Stanley sees Breville's valuation as supported by its global runway and optionality. Target unchanged at $36.50. Industry View: In-Line.

Target price is $36.50 Current Price is $32.56 Difference: $3.94
If BRG meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.01, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates CAR as Buy (1) -

Citi notes used vehicle sales growth in Brazil picked up pace in July to 17% y/y from 11% y/y in June, and compared with 2H25 growth of 14%.

The broker believes this supports its forecast for 24% y/y growth in FY26 in constant currency terms for CAR Group's Webmotors.

A potential headwind is the proposed increase to financial operations tax by the Brazilian government in mid-July, the broker reiterated.

Buy. Target unchanged at $42.60.

Target price is $42.60 Current Price is $37.68 Difference: $4.92
If CAR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $41.57, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgan Stanley rates CBA as Underweight (5) -

Morgan Stanley expects CommBank’s FY25 result on 13 August to be solid, with a focus on revenue growth and margins.

The bank will recognise -$130m in notable items in 2H25, comprising -$45m for BankWest restructuring and -$85m for remediation.

All else being equal, the broker expects these changes will lift FY25 cost growth by around 1 percentage point to circa 6% and cut earnings by -$91m or around -1%.

Morgan Stanley views BankWest-related costs as recurring, business-as-usual, unlikely to affect investor sentiment or the share price.

The broker points out CommBank regularly includes such charges, citing similar provisions in FY24 and FY23. It's felt a stable operating environment will result in a FY25 outcome broadly in line with expectations.

Underweight. Target $129. Industry View: In-Line.

Target price is $129.00 Current Price is $177.34 Difference: minus $48.34 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.42, suggesting downside of -39.0% (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 CBA as Sell (5) -

CommBank will recognise -$130m in FY25 restructuring and remediation charges, above Ord Minnett's expectations, with -$45m for Bankwest restructuring and -$85m across A&NZ customer remediation.

While excluded from underlying cost reporting, the broker expects analysts to use the full headline figure in earnings models.

Ord Minnett trims its FY25 EPS forecast by -0.9% with FY26-27 unchanged. A modest upside surprise to the 2H25 net interest margin (NIM) is considered possible.

The analyst forecasts a 2.10% NIM (versus the market at 2.08%) due to interest rate timing lags, Treasury contributions, and improved funding spreads.

Despite operational strength, Ord Minnett sees extreme valuation risk for CommBank. A Sell rating and $105.00 target price are retained.

Target price is $105.00 Current Price is $177.34 Difference: minus $72.34 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.42, suggesting downside of -39.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -1.0

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

UBS rates CBA as Sell (5) -

UBS flags the upcoming CommBank FY25 result on August 13 and forecasts underlying cash earnings of around $2.6bn for 4Q25, with net interest margin expected to fall by circa -3bps on the previous quarter, offset by forecast volume growth of 1.5% and flat opex.

A dividend of 10c per share is forecast by UBS, above consensus at 9c per share.

The analyst emphasises the UBS strategist's take on the bank's shares that the valuation has been impacted by market flows and investor positioning, with over 90% of the price performance in the last two years coming from multiple expansion versus EPS upgrades.

Commentary suggests the main area of focus for the market is whether the bank can exceed consensus expectations based on an 8.4% rise in EPS revisions over the last year. 

UBS believes there is scope for more positive upwards revisions but continues to view the stock as overvalued. Sell rated with $120 target price.

Target price is $120.00 Current Price is $177.34 Difference: minus $57.34 (current price is over target).
If CBA meets the UBS target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.42, suggesting downside of -39.0% (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 CCP as Neutral (3) -

Macquarie comments the highlight of Credit Corp's FY25 result was the better-than-expected 21% growth in net profit for the US Purchased Debt Ledger (PDL) unit, which largely contributed to the 16% y/y rise. 

Cash collections in the US rose 12% y/y and labour productivity improved 28%, Macquarie notes. FY26 contracts purchased stood at $164m as of August.

The Australia/NZ consumer lending business saw net profit growth of 31%, and while loan book growth was 5% y/y, the broker sees limited growth potential from existing products. Debt buying in Australia/NZ weighed on the business, with net profit down -13% y/y.

FY25-26 EPS forecasts cut by -3%. Target lifted to $18.23 from $16.27 as a decrease in US PDL unit multiple was offset by growth in net profit.

Neutral maintained.

Target price is $18.23 Current Price is $17.73 Difference: $0.5
If CCP meets the Macquarie target it will return approximately 3% (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

Morgans rates CCP as Buy (1) -

Morgans notes Credit Corp's FY25 result came in line with expectations and the highlight was higher-than-expected net profit guidance for FY26 and growth in the US Purchased Debt Ledger (PDL) segment.

The company has secured a pipeline of $164m for US PDL and is targeting $200-300m vs $148.5m in FY25. Growth in the Australia/NZ PDL segment earnings is expected to be steady as volume headwinds are expected to be offset by cost efficiences.

The broker lifted FY26 net profit forecast by 0.9% and FY27 by 2.4%. Buy. Target rises to $21.50 from $20.50 on increased confidence in the US business.

Target price is $21.50 Current Price is $17.73 Difference: $3.77
If CCP meets the Morgans 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: 0.5

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

Bell Potter rates EOS as Buy (1) -

Bell Potter maintains a Buy rating on Electro Optic Systems and raises its 12-month target price to $5.00 from $3.75 following the award of a EUR71.4m ($125m) export contract.

The contract entails delivery of a 100kw high-energy laser weapon system to a European NATO member.

The broker points out the transaction is the first export order globally for a system of this class and gives the company first-mover advantage in a growing counter-drone defence segment.

The contract materially de-risks the company's medium-term revenue profile, suggest the analysts, and validates its proprietary technology, enhancing its credibility in future tenders.

Bell Potter expects additional material contract wins in 2H25.

Target price is $5.00 Current Price is $4.23 Difference: $0.77
If EOS meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Ord Minnett raises its target price for Electro Optic Systems to $4.25 from $2.20 and upgrades to Buy from Accumulate following a "transformational" $125m contract.

The company will supply a 100kw High Energy Laser Weapon to a European NATO member, marking the world’s first export of such a system, highlights the broker.

The contract will be fulfilled between 2025 and 2028 via Electro Optic Systems Singapore and positions the company with a first mover advantage in a US$10bn addressable market, explain the analysts. A further $1.3bn in orders is expected by FY32.

While the broker's FY25 forecasts remain unchanged, FY26 and FY27 revenue projections have been raised 11% and 16% respectively. 

Ord Minnett highlights increasing global defence spend and sees Electro Optic Systems as well-positioned across laser, counter-drone, and space tech markets.

Target price is $4.25 Current Price is $4.23 Difference: $0.02
If EOS meets the Ord Minnett target it will return approximately 0% (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

Shaw and Partners rates FFM as Buy (1) -

FireFly Metals is making good progress at its Green Bay copper-gold project, according to Shaw and Partners, with the miner having obtained environmental approval and an upscaled production restart is believed to be imminent.

Recent results show copper recovery in excess of 98% and gold over 85%, which is viewed by the analyst as particularly significant given the 550koz mineral resource.

A scoping study is expected for the March quarter of 2026 while targeting infrastructure and partnerships to underpin future production.

Shaw and Partners retains a Buy, High Risk rating and $1.65 target, and the stock remains the broker's preferred development exposure.

Target price is $1.65 Current Price is $1.01 Difference: $0.64
If FFM meets the Shaw and Partners target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $1.60, suggesting upside of 52.4% (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 IEL as Buy (1) -

UBS views the Australian government's recognition of the importance of international education and aim to improve sentiment around foreign students studying in Australia as very positive.

The government's 2026 plans include an increase in student enrolment caps by 9% to 295k in 2026 from 270k in 2025, with the higher education subsegment rising by 12% (which is noted as a core focus for IDP Education), and VET increasing by only 3%.

Public universities will also be able to apply for a rise in their individual cap to underwrite strategic goals.

Pearson also announced 1H25 results, with English test sales flat on a year earlier and volumes falling by -10% for the test. Currently, IDP Education's English volumes suggest a decline of -14% in 2H25 from -10%, which aligns with the Pearson experience

Target price is $4.95 Current Price is $3.93 Difference: $1.02
If IEL meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates ILU as Overweight (1) -

Morgan Stanley notes a newspaper report suggesting the Australian government is considering a price floor for rare earths, following a similar move by the US.

The broker expects this to support domestic producers and build a western-aligned supply chain, reducing dependence on China.

On a base case assumption of US$110/kg, the broker sees a 23% lift to Iluka Resources' FY27 EBITDA to $510m from $426m.

Overweight. Target unchanged at $5.55. Industry View: In-Line.

Target price is $5.55 Current Price is $5.78 Difference: minus $0.23 (current price is over target).
If ILU meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.66, suggesting downside of -3.1% (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

Morgan Stanley rates LYC as Overweight (1) -

Morgan Stanley notes a newspaper report suggesting the Australian government is considering a price floor for rare earths, following a similar move by the US.

The broker expects this to support domestic producers and build a western-aligned supply chain, reducing dependence on China.

On a base case assumption of US$110/kg, the broker sees a 79% lift to Lynas Rare Earths' FY27 EBITDA to $1.35bn from $750m.

On an assumption of 11.2kt NdPr production for FY27, the stock would be trading on 7x EV/EBITDA FY27 estimate vs the broker's base case at 13x.

Overweight. Target unchanged at $12.15. Industry View: In-Line.

Target price is $12.15 Current Price is $11.84 Difference: $0.31
If LYC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.55, suggesting downside of -19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

UBS rates NST as Neutral (3) -

UBS came away from the Northern Star Resources KCGM mine visit highlighting the miner's plans to ramp up the new plant's profile to 23Mt, 25Mt, and 27Mt over FY27, FY28, and FY29, respectively, with production lowered to 775, 852, and 875koz.

Growth in the short term is anticipated to be achieved by improved productivity in Golden Pike North. The KCGM super plant expansion is both on time and on budget, with circa 60% of the -$1.5bn capex spent.

Management retains a relaxed disposition to Hemi permitting but highlighted the capex estimate is out of date, with UBS forecasting -$1.8bn versus DeGrey Mining's former estimate of -$1.3bn in Sept 2023.

No change to Neutral rating and $16.65 target price.

Target price is $16.65 Current Price is $16.32 Difference: $0.33
If NST meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $19.88, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management's FY25 earnings (EPS) came in -3.5% below Macquarie expectations, primarily due to lower 2H25 performance fees compared to historical averages.

The earnings outlook remains positive, suggests the analyst, underpinned by operating leverage from affiliates such as Metrics and Life Cycle.

Metrics’ expansion includes Navalo and Horizon 2 initiatives, explains the broker, which impacted profit in FY25 but are expected to deliver scale and synergies following acquisitions of BC, Taurus and Payright.

Life Cycle contributed to FY25’s strong $23.1bn net inflows, reaching $15.4bn in FUM and achieving profitability in 2H25, the fastest ramp-up for any Pinnacle affiliate, highlights Macquarie.

The target price rises to $25.33 from $25.10. Outperform rating maintained.

Target price is $25.33 Current Price is $23.03 Difference: $2.3
If PNI meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $24.73, suggesting downside of -1.9% (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

Ord Minnett rates PNI as Buy (1) -

Ord Minnett retains a Buy rating on Pinnacle Investment Management following FY25 results. Earnings missed the broker's forecast slightly but management delivered a record $10.2bn in June-quarter net inflows.

Total funds under management (FUM) reached $179bn, with strong support from UK-based affiliate Life Cycle, highlights the broker, which amassed $15bn in nine months.

The analyst expects continued expansion into the EU, US, and UK to underpin long-term growth, given those markets are significantly larger than Australia’s.

The target price rises to $26.80 from $26.10. Ord Minnett highlights Pinnacle’s strong track record in affiliate selection and FUM scaling, supporting its global growth strategy.

Target price is $26.80 Current Price is $23.03 Difference: $3.77
If PNI meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $24.73, suggesting downside of -1.9% (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

UBS rates PNI as Neutral (3) -

Several "lumpy" one-off items resulted in Pinnacle Investment Management's FY25 net profit after tax missing UBS's estimate by -11% and consensus by -4%, which, when adjusted for, the analyst notes the miss was around -3%, above consensus and viewed as "solid".

The headline financial metrics came in well above expectations, with FUM at $179.4bn, above the UBS estimate by 2% and 4.5% ahead of consensus. Navalo contributed circa $7.5bn in early July, with pro-forma FUM at around $187bn, some 29% above the FY25 average.

Net flows were robust, up 65% on the previous quarter at $10.2bn due to Life Cycle and PAM offsetting weakness in other areas.

The analyst believes growth in demand for Life Cycle will underpin better flow results for FY26 and now forecasts FUM growth of 28% to $230bn.

UBS tweaks EPS estimates by -1% for FY26 and raises FY27 by 2%. Target price rises to $23.00 from $21.70. No change to Neutral rating.

Target price is $23.00 Current Price is $23.03 Difference: minus $0.03 (current price is over target).
If PNI meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.73, suggesting downside of -1.9% (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 SDR as Outperform (1) -

Macquarie highlights constructive feedback from recent meetings on SiteMinder’s Channels Plus and Dynamic Revenue Plus, supporting adoption momentum among SMEs.

Channels Plus is expected to see high front-book uptake from FY26 (opt-out model), while back-book adoption should follow gradually, suggests the broker.

Dynamic Revenue Plus faces a more challenging path with larger hotels, according to the analyst, due to incumbent competition but remains viable for SME uptake.

Macquarie expects SiteMinder to meet FY25 revenue guidance of $224m and achieve its target of breakeven unlevered free cash flow.

The Smart Platform is forecast to contribute $20–25m revenue in FY26, with upside potential depending on CP volumes.

Macquarie retains its Outperform rating and $6.09 target price, citing catalysts including FY25 results, Smart Platform revenue ramp, and continued progress on profitability.

Target price is $6.09 Current Price is $5.36 Difference: $0.73
If SDR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.31, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates SGP as Buy (1) -

Citi notes a media article suggesting Stockland acquired a 867-hectare site in Kingcliff in northern NSW that has approval to build 4,500 residential homes. The -$620m price points to price per lot of $138,000.

The broker reckons the price is attractive, given median Kingcliff house price of $1.9m, suggesting strong upside potential for residential development margins. For context, 4,500 homes equates to 5% of Stockland's pipeline as of December 2024.

The brokers labels the increased deal activity, including last week's win in the logistics space, as positive for the outlook.

Buy. Target unchanged at $6.

Target price is $6.00 Current Price is $5.62 Difference: $0.38
If SGP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates SKS as Buy (1) -

SKS Technologies provided a trading update for FY25 where revenue of $259.5m was in line with guidance and Morgans' forecast. Profit before tax was 15% higher than the broker's estimate on improved operating leverage.

The broker sees the 8% profit before tax margin as sustainable, and upgraded its FY25-27 profit before tax forecasts by 15%.

The company didn't provided formal guidance for FY26 but based on backlog and pipeline, the broker expects solid demand going ahead.

Buy. Target rises to $2.75 from $2.30 on positive earnings revisions and roll-forward.

Target price is $2.75 Current Price is $2.29 Difference: $0.46
If SKS meets the Morgans target it will return approximately 20% (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 TLX as Buy (1) -

Bell Potter maintains a Buy rating on Telix Pharmaceuticals and lowers its target price to $33.00 from $34.00 following a trading update highlighting higher-than-expected opex.

Management now expects 1H25 opex to be around 36% of revenue, or circa -$217m, reflecting the impact of five acquisitions since February, including RLS Radiopharmacies.

Despite these pressures, FY25 revenue and R&D guidance remain unchanged, and Telix delivered record sales in the half, observe the analysts.

Near-term catalysts include FDA approval for Zircaix on August 27 and pass-through pricing clarity on Gozellix in late September, suggests the broker.

While sentiment has been impacted by a recent FDA complete response letter and an SEC investigation, Bell Potter sees upside in the company's pipeline and maintains a constructive view.

Target price is $33.00 Current Price is $18.53 Difference: $14.47
If TLX meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgans rates TPG as Hold (3) -

Management at TPG Telecom has confirmed a capital reduction following the $4.7bn sale of its its Enterprise, Government & Wholesale (EGW) division.

Of the $4.7bn proceeds, $3bn or $1.61 per share will be returned to shareholders as a capital reduction with the balance applied against bank debt.

Management has also announced a “reinvestment plan” for minority shareholders, allowing up to $688m of divestment proceeds to be reinvested.

Functionally similar to a dividend reinvestment plan (DRP), explains Morgans, the plan could enable total debt repayments of up to $2.4bn when combined with the $1.7bn already allocated from the asset sale.

Separately, pro forma 1H25 earnings (EBITDA) rose by 1% year-on-year and slightly above guidance, while FY25 earnings are now expected to grow by circa 2%, excluding EGW.

Mobile net adds rose 100,000, up 20% year-on-year, though still below AGM commentary.

Morgans retains a Hold rating and $5.40 target, awaiting further evidence of meaningful subscriber growth.

Target price is $5.40 Current Price is $5.50 Difference: minus $0.1 (current price is over target).
If TPG meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.24, suggesting upside of 0.5% (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

UBS rates TPG as Neutral (3) -

UBS has resumed coverage of TPG Telecom with a Neutral rating post the sale of its fibre business last October, noting the stock price has already re-rated by 18% but continues to trade at a discount of -10% to Telstra Group ((TLS)), which is also Neutral rated.

The telco has announced a capital reduction plan of $3bn, including a reinvestment facility of $688m (terms yet to be announced), debt reduction of up to -$2.4bn, and an 18c per share 2025 dividend.

A new dividend policy assumes profit and cash flow growth, with a circa historic 50% payout ratio. The pro-forma 1H25 earnings (EBITDA) announced were in line with the broker's expectations.

Target price lifts to $5.40 from $4.80.

Target price is $5.40 Current Price is $5.50 Difference: minus $0.1 (current price is over target).
If TPG meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.24, suggesting upside of 0.5% (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

Macquarie rates TPW as Outperform (1) -

Macquarie views US-based ecommerce company Wayfair’s 2Q25 result as a positive read-through for Temple & Webster, noting the latter remains around five years behind Wayfair in customer penetration terms.

While Wayfair’s revenue rose 5% year-on-year, driven by US growth of 5.3% and a modest recovery in international markets (3.1%), its active customer base declined for the fourth consecutive quarter, observes the analyst.

This was offset by a 5.9% increase in revenue per customer, notes Macquarie.

In contrast, Temple & Webster delivered stronger momentum, with record active customers up 22% year-on-year to 1.2m and repeat customers accounting for 58% of orders.

The online retailer's revenue per customer rose 2% to $470, supported by higher average order values and a mix shift to more premium products.

Macquarie expects 20% revenue growth in 2H25 and sees AI adoption supporting both margin and top-line gains. Outperform rating and $17.60 target are unchanged.

Target price is $17.60 Current Price is $25.07 Difference: minus $7.47 (current price is over target).
If TPW meets the Macquarie target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.70, suggesting downside of -18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates VAU as Buy (1) -

Ord Minnett attended a site visit to Koth with other participants, which showed milling infrastructure is scaling up to 7.5Mtpa by 2H27, allowing the leveraging of the mineral inventory at around 6.5koz.

The analyst believes the optimal way for Vault Minerals to grow is via the processing upgrades and estimates FY28 production of an additional 220koz per annum by FY28, which should lower costs by around -8%.

Ord Minnett lowers its FY26 earnings forecast by -16% post the recent quarterly update, including the softer Deflector estimates and delaying the Sugar Zone assumption.

No change to Buy rating. Target slips to 53c from 55c.

Target price is $0.53 Current Price is $0.40 Difference: $0.13
If VAU meets the Ord Minnett 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

Bell Potter rates VFY as Speculative Buy (1) -

Vitrafy Life Sciences' maiden financial year result showed a net loss of -$32.7m and earnings (EBITDA) of -$13.7m, both ahead of Bell Potter estimates due to higher-than-expected grant/rebate income and lower opex.

Net operating cash outflow was -$8.8m versus -$13.2m forecast by the broker, with cash and liquid assets of $29.6m at year-end.

The next-generation VCU2 cryopreservation device and LifeChain software are expected to launch in 2Q26, initially targeting the unregulated animal and cell and gene therapy segments, followed by regulated medical markets in 2H26.

The broker's FY26 revenue forecasts have been cut by around -80% to reflect a slower commercial ramp-up, and R&D costs have increased 50% in line with company guidance, delaying breakeven to FY29.

A $20m capital raising is now assumed by Bell Potter in FY26 to support operations, though higher confidence in medium-term commercialisation lifts cash flow expectations from year six onward.

The Speculative Buy rating is maintained. The target rises to $2.10 from $2.00

Target price is $2.10 Current Price is $1.60 Difference: $0.5
If VFY meets the Bell Potter target it will return approximately 31% (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 VFY as Speculative Buy (1) -

Vitrafy Life Sciences' FY25 results showed sales growth of 75% to $65k due to Huon growth, Ord Minnett explains, with R&D costs advancing 55% to -$6.6m. Management flagged an additional 55% growth in R&D expenses for FY26.

Net operating cash flow was negative -$8.8m. Total liquidity stands at $29.6m.

The analyst views FY26 as a "pivotal" year for the company, including the launch of LifeChain software in 1H26 and the VCU2 device in 2H26. Readouts from phase 2 of SSI Bovine are expected in 1Q26, as well as potential partnerships in the cell & gene therapy market.

The CEO announced her retirement from Sept 1, 2025, with co-founder and Deputy CEO Brett Owens appointed as the new MD/CEO.

Speculative Buy retained with a target price of $2.30.

Target price is $2.30 Current Price is $1.60 Difference: $0.7
If VFY meets the Ord Minnett target it will return approximately 44% (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