Australian Broker Call

Bell Potter rates AIS as Buy (1) -

Aeris Resources reported a solid June quarter, with Bell Potter noting Tritton produced 6.5kt of copper at AISCs of $3.99/lb, ahead of its forecasts of 6.3kt and $4.13/lb.

Group production of 11.3kt copper equivalent was within quarterly guidance, while cash and receivables increased to $202.5m from $149.8m, supported by operating cash flow of $104m, up from $76m in the previous quarter.

The broker expects a stronger FY27 as Tritton continues operating at nameplate capacity, with higher ore supply in the first half and improving grades in the second half.

Bell Potter also highlights FY26 earnings (EBITDA) forecast of $285m, more than FY24 and FY25 combined, with mineral resources and ore reserves supporting potential copper production of 27%-30% pa over a 10-year mine life. Buy. Target unchanged at $0.90.

Target price is $0.90 Current Price is $0.37 Difference: $0.53
If AIS meets the Bell Potter target it will return approximately 143% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting upside of 80.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ALQ as Buy (1) -

ALS Ltd provided a positive FY27 trading update at its AGM, with Bell Potter noting group organic revenue growth is tracking at a high single-digit rate, consistent with full-year guidance. FY27 EBIT margin expansion guidance was reaffirmed.

The broker also highlights the brownfield laboratory expansion program remains on schedule and on budget, with the Sydney Environmental hub being commissioned and the Lima Minerals hub expected to commence operations in November.

Minerals organic revenue growth is tracking above the company's 15%-17% guidance range, supported by robust exploration activity. Life Sciences growth improved through the quarter but remains below full-year guidance, with a stronger second half expected.

Buy. Target unchanged at $26.00.

Target price is $26.00 Current Price is $21.24 Difference: $4.76
If ALQ meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $25.48, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Macquarie rates ALQ as Outperform (1) -

ALS Ltd upgraded its revenue outlook for FY27 to the higher end of the range, Macquarie points out, and is on pace to achieve high single-digit organic revenue growth, compared to the mid-to-single-digit growth flagged in May.

Minerals business' 1Q27 revenue growth is above the 1H guidance range of 15%-17% and the analyst now expects 23% growth with the 2H27 coming in at 29% growth.

Life Sciences was softer with low single-digit revenue growth thus far, albeit management has retained the mid-single-digit growth target for FY27. There is also some margin pressure in 1H but expected margin improvement of 30bp-50bp over the FY.

Across FY27, margin improvement of 130bps, the same as for FY26, is targeted underpinned by commodities, the broker states.

EPS forecasts are tweaked higher. The stock remains Outperform rated, trading at a -5% PER discount to international peers.

Target price is unchanged at $24.

Target price is $24.00 Current Price is $21.24 Difference: $2.76
If ALQ meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $25.48, suggesting upside of 19.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

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 Neutral (3) -

Citi assesses Atlas Arteria delivered a resilient June quarter, with strong US traffic growth offsetting weaker European volumes, although foreign exchange headwinds reduced reported toll revenue.

Chicago Skyway and Dulles Greenway outperformed the broker's expectations while additional roadworks near Skyway provide a potential traffic tailwind into 2027.

Leverage increased following the debt-funded exercise of the Skyway put option, the analysts explain.

Citi maintains its $5.10 target and Neutral rating, citing pressure on free cash flow (FCF) distribution sustainability from higher interest costs and an elevated payout ratio.

Target price is $5.10 Current Price is $5.12 Difference: minus $0.02 (current price is over target).
If ALX meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Morgan Stanley expects a reaction to the June quarter traffic results from Atlas Arteria will be muted as soft light vehicle traffic on the French toll roads has been well flagged.

IFM Investors has moved to around 67% ownership via its takeover offer and has flagged a strategic review.

The holding company has issued $150m in term debt to fund its Skyway put settlement with the Ontario Teachers Pension Plan. The broker suspects the company will not be immediately divesting the Warnow tunnel.

Equal-weight and $4.66 target retained. Industry view In-Line.

Target price is $4.66 Current Price is $5.12 Difference: minus $0.46 (current price is over target).
If ALX meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates ALX as Hold (3) -

Atlas Arteria has executed a new three-year corporate term loan of $150m with the proceeds to be used to replenish cash reserves that have been used to fund the first instalment of the US$150m Ontario Teachers Pension Plan payment.

Morgans questions how this debt will be repaid, suspecting it will come from asset sales, capital releases and/or an equity raising.

The broker downgrades FY27-FY29 estimates for distributions as its modelling assumes cash flow is dedicated to repaying the new corporate debt. Hold rating. Target is steady $4.70.

Target price is $4.70 Current Price is $5.12 Difference: minus $0.42 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.79, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates ANZ as Neutral (3) -

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac ((WBC)) which is upgraded to Buy from Neutral, and National Australia Bank ((NAB)) and ANZ Bank are in the optimal positions to capitalise on the opportunity.

ANZ Bank remains Neutral rated with a higher target of $39 from $35.80. EPS forecasts are lifted by 0.3% for FY26, 0.9% for FY27 and 2.2% for FY28.

Target price is $39.00 Current Price is $37.73 Difference: $1.27
If ANZ meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.02, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates APE as Overweight (1) -

Ahead of the August results, Morgan Stanley highlights Eagers Automotive as a key pick. While supply still appears constrained for some brands, the broker believes the latest industry sales data are supportive of further earnings de-risking.

The positive thesis is predicated on structural growth in earnings power. The main risk is disappointment in Canada. The risk is considered low although no explicit guidance was provided at the AGM.

Overweight rating. Industry View: In-Line. Target is $26.

Target price is $26.00 Current Price is $23.78 Difference: $2.22
If APE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $26.51, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates AX1 as Equal-weight (3) -

Accent Group has issued its first supplementary Target's Statement following the Takeovers Panel concerns regarding the on-market offer from Frasers.

The Independent Board Committee continues to recommend rejecting the offer but has not provided an independent valuation range.

FY30 targets and core assumptions are unchanged. The view is the $0.65/share offer is materially inadequate. No new trading update, guidance or strategy change accompanied the statement.

The broker retains an Equal-weight rating. Target remains at $0.75. Industry View: Cautious.

Target price is $0.75 Current Price is $0.73 Difference: $0.025
If AX1 meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.76, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates AYA as Buy (1) -

Artrya's June quarter cash flow update reflected net operating cash outflows of -$4.7m, with cash costs easing slightly to -$6.5m as spending focused on finalising the Salix Coronary Flow module for FDA submission and supporting the commercial rollout.

Bell Potter noted cash receipts of just $0.2m for FY26 imply revenue materially below forecasts due to a slower-than-expected rollout and lower scan volumes at Tanner Health.

The broker highlighted Northeast Georgia Health System is now live, with Cone Health expected to commence shortly. All three foundation customers are anticipated to be generating Anatomy and Plaque revenue by the end of the first quarter of FY27.

The FDA submission for the FFR-CT module is imminent and the company is believed to remain well funded with approximately $74m in cash.

Buy. Target unchanged at $6.10.

Target price is $6.10 Current Price is $4.77 Difference: $1.33
If AYA meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates BEN as Neutral (3) -

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac ((WBC)) which is upgraded to Buy from Neutral, and National Australia Bank ((NAB)) and ANZ Bank ((ANZ)) are in the optimal positions to capitalise on the opportunity.

Bendigo & Adelaide Bank is one of the least preferred and remains Neutral rated with an $11.30 target price.

Target price is $11.30 Current Price is $11.28 Difference: $0.02
If BEN meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $10.32, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Bell Potter rates BIO as Buy (1) -

Biome Australia's 4Q cash flow update improved by $2.0m q/q to a positive $0.7m, marking the third consecutive quarter of positive operating cash flow.

Although FY26 operating cash flow of $1.6m was below Bell Potter's $2.5m forecast, cash receipts increased to $5.9m and quarterly cash costs were the lowest of FY26.

Previously pre-released sales update showed 4Q sales returned to growth of 9.2%, with management guiding to record first-half FY27 sales.

The analyst highlighted international operations generated FY26 sales of $1.8m, up around 21%, with gross margins of 68% versus 61% domestically and the operating loss narrowing to $0.6m.

Buy rating. 75c target. EPS forecasts are unchanged.

Target price is $0.75 Current Price is $0.30 Difference: $0.45
If BIO 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 FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates BOQ as Neutral (3) -

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac ((WBC)) which is upgraded to Buy from Neutral, and National Australia Bank ((NAB)) and ANZ Bank ((ANZ)) are in the optimal positions to capitalise on the opportunity.

Bank of Queensland is one of the least favoured with a Neutral rating and $6.80 target price.

Target price is $6.80 Current Price is $6.65 Difference: $0.15
If BOQ meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.42, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

UBS rates CBA as Sell (5) -

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac ((WBC)) which is upgraded to Buy from Neutral, and National Australia Bank ((NAB)) and ANZ Bank ((ANZ)) are in the optimal positions to capitalise on the opportunity.

CommBank remains Sell rated with a new $135 target price, up from $127, and is one of the least favoured majors.

Target price is $135.00 Current Price is $178.66 Difference: minus $43.66 (current price is over target).
If CBA meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $123.69, suggesting downside of -30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Macquarie rates CCL as Reinstate Coverage with Outperform (1) -

Macquarie reinstates coverage of Cuscal with an Outperform rating and $5.80 target. The B2B payments infrastructure provider processes payments on behalf of smaller banks and the structural trend of more frequent, smaller transactions drives volume growth.

The business is directly leveraged to growth in non-cash transactions yet the broker envisages the transition towards real-time account-to-account payments will accelerate organic growth where the business has market share of more than 50%.

Cuscal will report FY26 results on 24 August. 

Target price is $5.80 Current Price is $4.94 Difference: $0.86
If CCL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.68, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates CEN as Outperform (1) -

Macquarie updates forecasts for Contact Energy to take account of the May/June operating statistics. FY26 EBITDAF has finished slightly ahead of forecasts.

The balance of risks appears skewed to the upside, the broker concludes, with the government's progression of ILNG leading to higher futures pricing. Earnings estimates are raised by 5% for FY26 and lowered by -2% for FY27 to reflect futures expectations.

Outperform rating. Target is reduced to NZ$10.67 from NZ$10.91.

Current Price is $7.47. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Ord Minnett rates CNI as Downgrade to Hold from Buy (3) -

Post recent media articles raising concerns over the exposure to one of the Bathia Group credit funds, Ord Minnett has reviewed its earnings forecasts.

Bathia is noted as a Sydney property developer and construction company which is believed to be experiencing financial problems, including over $3bn in debt and unpaid bills.

Centuria has provided directly a $4.5m loan facility to Bathia and its Bass Credit Fund has six loan facilities, the broker points out.

The analyst forecasts a -$300m net outflow for FY27-FY28 for Centuria Bass Credit and AUM to fall to $2.35bn.

Funds from operations forecasts are cut by -4.8% for FY27, -8.6% for FY28 and -8.3% for FY29. Target price falls to $1.95 from $2.10.

The stock is downgraded to Hold from Buy.

Target price is $1.95 Current Price is $1.52 Difference: $0.43
If CNI meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting upside of 37.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates COG as Buy (1) -

Ord Minnett expects COG Financial Services to announce FY26 EBITDA of $48.7m, a rise of 27% and EPS forecast at 14.6c, up 22%.

The outlook guidance statement for FY27 is also expected to "beat" due to ongoing momentum and increased ownership in the novated/salary packaging branch.

Target price is trimmed to $1.87 from $1.90. No change in Buy rating.

Target price is $1.87 Current Price is $1.25 Difference: $0.615
If COG meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $1.96, suggesting upside of 46.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates CRN as Downgrade to Speculative Sell from Speculative Hold (5) -

Coronado Global Resources' 2Q2026 saleable coal production of 4.1Mt was broadly in line with Bell Potter's 4.2Mt forecast. Sales of 3.5Mt missed expectations due to a 430kt inventory build, which is expected to unwind in the current quarter.

Curragh production rebounded strongly following first-quarter maintenance, with saleable production up 76% q/q. Group mining costs improved to US$98/t from US$114/t in the first half.

However, lower sales volumes meant quarterly EBITDA was just US$2m versus the broker's US$116m forecast.

The analyst highlighted a structural reset at Curragh targeting lower mining and infrastructure costs, improved plant performance and a simplified operating model, with benefits expected to be reflected in 2027 guidance.

EPS forecasts are downgraded across 2026–2028. The stock is downgraded to a Speculative Sell from Speculative Hold. Target price falls to 17c from 30c.

Target price is $0.17 Current Price is $0.20 Difference: minus $0.025 (current price is over target).
If CRN meets the Bell Potter target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.26, suggesting upside of 52.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates CSL as Neutral (3) -

Citi believes CSL's Horizon 2 manufacturing program (next-generation process for immunoglobulin) will take longer to commercialise after the company confirmed clinical trials will be required to support regulatory approval.

The broker notes Horizon 2 is expected to materially improve immunoglobulin production yields, but the need for clinical work delays any meaningful earnings benefit, with trials not due to commence until mid-2027.

Citi maintains its forecasts, citing no near-term margin uplift from Horizon 2 and now expects any meaningful profit contribution to be pushed beyond 2030.

Neutral. Target $110.

Target price is $110.00 Current Price is $128.07 Difference: minus $18.07 (current price is over target).
If CSL meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $130.84, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Citi rates DMP as Neutral (3) -

Citi notes Domino's Pizza Enterprises remained a material drag on Domino's Pizza Inc's international same-store sales in 2Q2026, although the decline improved to -0.1% from -0.4% in 1Q.

The weakness reflected Domino's focus on removing lower-margin transactions, with higher ticket values insufficient to offset falling order volumes.

Domino's Pizza Inc retained guidance for low-single-digit international same-store sales growth in 2026, which Citi views as a positive signal for Domino's Pizza Enterprises' future performance.

The parent is working closely with incoming chief executive Andrew Gregory to restore order counts through more targeted value offers.

Citi sees scope for the company's next update to improve on the previous -7.2% same-store sales decline, supported by increased discounting, normalising weather in Europe and the absence of Chinese New Year disruption.

Neutral rated. Target $16.90.

Target price is $16.90 Current Price is $17.96 Difference: minus $1.06 (current price is over target).
If DMP meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.03, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates DMP as Buy (1) -

Domino's Pizza Enterprises updated FY26 underlying NPAT guidance to $118m–$122m, with the mid-point of $120m above consensus of $118.1m.

The company will book around -$300m in one-off charges, including -$259m in balance sheet write-downs related to France and Taiwan, alongside store closures and IT costs.

The broker notes Domino's continues to focus on profitability, with 46 net store closures in 2H26, $60m–$70m in annualised cost savings, and net leverage falling to 1.9x from 2.6x in FY25.

UBS has lowered FY26/FY27 underlying NPAT forecasts by -1.3% and -4.4%, reduced its target price to $21.00 from $22.00, and retained a Buy rating.

Target price is $21.00 Current Price is $17.96 Difference: $3.04
If DMP meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.03, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates DNL as Resume Coverage with Outperform (1) -

Dyno Nobel is now a pure explosives company, having sold the fertiliser business. Macquarie observes there is good underlying earnings momentum amid robust end markets and the benefits from the transformation program.

The stock has re-rated over the past year and the broker's forecast is at the top of the $460m-$500m EBIT guidance for explosives in FY26.

The TNT development in the US is envisaged as a new and underappreciated long-term growth opportunity and Macquarie estimates a US$11m-$18m contribution to EBIT in FY29 and FY30. Coverage resumes with an Outperform rating and the target is set at $4.20.

Target price is $4.20 Current Price is $3.72 Difference: $0.48
If DNL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates GGP as Outperform (1) -

Greatland Resources has delivered production guidance of 260-300,000 ozs for FY27 with AISC guidance of $2,900-3,330/oz, the latter higher than Macquarie anticipated. Management attributed the increased cost to lower grades and mix in the stockpile.

Incorporating the guidance drives an -8% downgrade to the broker's EPS estimates for FY27 and incorporating "sticky cost" inflation means -4% downgrades to FY28.

The company is making a large growth undertaking over FY27 and FY28, which Macquarie suggests will mean free cash flow generation shrinks by -4% and -5%, respectively, although the balance sheet appears positioned "nicely".

Outperform. Target reduced to $12 from $13.

Target price is $12.00 Current Price is $10.23 Difference: $1.77
If GGP meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $15.06, suggesting upside of 53.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates IKE as Buy (1) -

IKE's 1Q27 trading update showed subscription revenue tracking in line with expectations, although weaker transaction revenue left group revenue flat year-on-year.

Gross margin improved by around 700bps as the revenue mix shifted towards higher-margin subscriptions, while subscription seats increased 19% and cash rose $0.8m q/q to $33.8m, Bell Potter notes.

ARR guidance was reaffirmed, with subscription revenue expected to grow around 33% in FY27, supported by an exit run rate of $22m, up from $20.7m in 4Q26.

Existing contracts and three new products scheduled for launch in the second half of FY27 should support ARR.

FY27 revenue and EBITDA forecasts are lowered with the company expected to generate a loss in FY27 now. Maintain Buy rating. Target reduced to $1.08 from $1.21.

Target price is $1.08 Current Price is $0.99 Difference: $0.095
If IKE meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in NZD. 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

Bell Potter rates LTR as Buy (1) -

Liontown Resources' 4Q26 update met FY26 production guidance, with spodumene concentrate production of 103kt and sales of 108kt, although revenue of $235m missed Bell Potter's forecast due to lower realised lithium pricing from contract lags and reference price mix.

Underground mining rates were slightly lower as development was prioritised, while the company generated strong quarterly cash flow, increasing cash by $137m to $561m and ending the year with net cash of $246m.

FY27 guidance forecasts production of 390-440kt, broadly in line with FY26, reflecting planned downtime for expansion tie-ins, while unit costs are expected to increase to $1,050-$1,250/t as the cost base builds ahead of the Kathleen Valley expansion.

The analyst expects the expansion study and final investment decision, due in late September, to provide greater clarity on the staged growth strategy.

EPS forecasts are downgraded by -73% for FY26, -23% for FY27 and -4% for FY28, largely reflecting lower lithium price assumptions.

Buy-rated, target reduced to $1.90 from $2.90.

Target price is $1.90 Current Price is $1.11 Difference: $0.795
If LTR meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 80.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates LTR as Outperform (1) -

Liontown delivered a weak fourth quarter, Macquarie observes. Recoveries improved to 63% but remained below expectations and reflected continued processing of open-cut stockpiles. FY27 guidance is targeting production of 390-440,000t of spodumene concentrate, largely in line with expectations.

Unit costs are more than 10% above forecasts at $1,050-$1,250/t. The company has flagged a shift in its underground development strategy to a greater focus on productivity and flexibility of operations, and the broker expects this will drive higher sustaining capital requirements over the medium term.

EPS estimates are reduced by -79% for FY26 and -32% for FY27. Outperform retained. Target is reduced to $1.70 from $2.30.

Target price is $1.70 Current Price is $1.11 Difference: $0.595
If LTR meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 80.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates LTR as Accumulate (2) -

Liontown missed estimates on revenue and unit costs in the fourth quarter although production was broadly in line and Morgans was also disappointed with FY27 guidance on costs and capital expenditure.

An improvement in recoveries in volumes is expected over FY27 as the company processes the remaining low-grade, open-pit ore through the first quarter before transitioning to predominantly underground feed.

Improvement, in the broker's opinion, will be contingent on a successful ramp up to 2.8mtpa and a re-rating is achievable if the company can execute on the underground operation throughout FY27, given the discount the stock trades at relative to peers. Accumulate maintained. Target is $1.40.

Target price is $1.40 Current Price is $1.11 Difference: $0.295
If LTR meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 80.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates M7T as Buy (1) -

Mach7 Technologies has reaffirmed FY26 guidance and delivered a third consecutive quarter of positive operating cash flow, Morgans observes, and the first Flamingo production deployment marks a genuine milestone.

There was no update on the Middle East capital deal conversion which remains the swing factor for revenue upside and the reason, the broker asserts, the market continues to discount the pipeline until there are sizeable deals.

Morgans envisages meaningful topline growth outstripping cost base growth over the medium term and retains a Buy rating with a $0.44 target.

Target price is $0.44 Current Price is $0.30 Difference: $0.14
If M7T meets the Morgans target it will return approximately 47% (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 MEI as Speculative Buy (1) -

Meteoric Resources and Posco have announced a non-binding strategic partnership with Posco to take a 30% stake of the Caldeira MREC product, Ord Minnett notes.

Posco has agreed to seek Korean funding to meet pre-production capex estimated at US$433m.

The definitive feasibility study is expected soon and a construction licence is pending.

The analyst has lowered its HREO pricing forecast, which has resulted in a lower target price to 22c from 25c.

No change to Speculative Buy.

Target price is $0.22 Current Price is $0.19 Difference: $0.03
If MEI meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Mineral Resources delivered a stronger-than-expected June quarter, with Bell Potter noting all FY26 operating guidance was achieved or exceeded.

Attributable Onslow iron ore sales reached 5.7Mt, ahead of the broker's 4.8Mt forecast, while Wodgina and Mt Marion spodumene production also exceeded expectations.

Mining Services volumes of 94Mt benefited from increased activity at Onslow and Mt Marion, while the company reduced net debt to $4.3bn and increased available liquidity to $2.4bn.

The analyst expects the company to enter FY27 with solid operating momentum, supported by planned investment across Onslow, Mt Marion, Wodgina and Bald Hill.

Completion of the US$765m POSCO lithium transaction is expected to further strengthen the balance sheet and improve financial flexibility, with scope for fully franked dividends to resume as leverage declines.

FY26 EPS forecasts rise by 4%, with FY27 and FY28 estimates unchanged. Maintain Buy rating. Target reduced to $75.00 from $83.00.

Target price is $75.00 Current Price is $55.62 Difference: $19.38
If MIN meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $76.20, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates MIN as Outperform (1) -

Further to the strong fourth quarter performance from Mineral Resources, Macquarie found little in the results that was negative.

The lithium business is performing so well that potential revaluation of the POSCO transaction, expected to be completed in the first half of FY27, could yield further upside.

Even services beat expectations and the target of $85 and Outperform rating are unchanged.

Target price is $85.00 Current Price is $55.62 Difference: $29.38
If MIN meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $76.20, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Mineral Resources met or beat guidance across all its segments in the June quarter, Morgan Stanley observes. Onslow shipped 9.6mt, a record that reflected inventory drawdown and a sixth transhipper. FOB costs held at $53/wmt.

Wodgina output rose on higher three-train utilisation, partially offset by 68% recoveries as stage 3 feed replaced stage 2 ore.

The broker is under research restriction for Mineral Resources. No rating or target price. Industry View: Attractive.

Current Price is $55.62. Target price not assessed.

Current consensus price target is $76.20, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates MIN as Upgrade to Buy from Accumulate (1) -

Mineral Resources provided a firm fourth quarter as production and costs beat estimates across mining services, iron ore and lithium. Morgans points out the company's diversification underpins a more stable earnings profile compared with single-commodity peers.

Completion of the 30% sell-down of the Wodgina and Mount Marion interest in the first half of FY27 is expected to materially strengthen the balance sheet. The broker also believes further upside exists at Onslow.

The company has transitioned to a reliable operating platform and Morgans upgrades to Buy from Accumulate with the target unchanged at $68.

Target price is $68.00 Current Price is $55.62 Difference: $12.38
If MIN meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $76.20, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates MIN as Buy (1) -

Mineral Resources announced a strong 4Q update with FY26 volume and cost guidance meeting or beating UBS' expectations across iron ore, lithium and mining services.

Onslow Iron shipped 19.7Mwmt in FY26, above upgraded guidance of 17.7-19.4Mwmt, while FOB costs of $52/wmt beat guidance of $54-59/wmt.

Record lithium sales at Wodgina (317kt SC6) and Mt Marion (242kt SC6) also exceeded guidance, with realised prices rising 15% quarter-on-quarter to US$2,425/t, the analyst highlights.

UBS believes stronger volumes, lower costs and an improving balance sheet support higher earnings and cash flow, while longer-term growth at Onslow, Wodgina and Mt Marion underpins its positive outlook.

The broker upgraded FY26 EPS forecasts by 16%, increased its target price to $81.00 from $79.00, and retained a Buy rating.

Target price is $81.00 Current Price is $55.62 Difference: $25.38
If MIN meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $76.20, suggesting upside of 31.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates MQG as Neutral (3) -

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac ((WBC)) which is upgraded to Buy from Neutral, and National Australia Bank ((NAB)) and ANZ Bank ((ANZ)) are in the optimal positions to capitalise on the opportunity.

Macquarie Group is also one of the most favoured major banks. Neutral rated with an unchanged $250 target price.

Target price is $250.00 Current Price is $254.95 Difference: minus $4.95 (current price is over target).
If MQG 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 $254.76, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

UBS rates NAB as Buy (1) -

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac ((WBC)) which is upgraded to Buy from Neutral, and National Australia Bank, and ANZ Bank ((ANZ)) are in the optimal positions to capitalise on the opportunity.

NAB remains Buy rated with a higher target of $50 from $47.50. EPS forecasts are raised by 0.3% for FY26, 0.8% for FY27 and 2.2% for FY28.

Target price is $50.00 Current Price is $41.20 Difference: $8.8
If NAB meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $39.02, suggesting downside of -6.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Bell Potter rates NIC as Buy (1) -

Nickel Industries' 2Q production was below Bell Potter's forecasts, with attributable nickel production of 22,291t impacted by lower output and higher input costs.

Cash costs increased to US$12,595/t, while consolidated EBITDA of US$120.5m missed expectations as earnings from both the NPI and HPAL operations softened.

Despite the weaker operating result, cash increased to US$268m following debt refinancing completed during the quarter.

The Hengjaya mine maintained strong ore production despite a temporary operational suspension in April, and commissioning of the 46%-owned Excelsior Nickel Cobalt (ENC) HPAL project is progressing.

EPS forecasts lift by 21% for 2026, 5% for 2027, reflecting lower production and higher operating costs.

Buy rated. Target reduced to $1.45 from $1.55.

Target price is $1.45 Current Price is $0.79 Difference: $0.66
If NIC meets the Bell Potter target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting upside of 88.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates NIC as Outperform (1) -

Macquarie points out, further to the second quarter production report, Nickel Industries envisages that its major investments are nearing completion, moving from growth capital expenditure to stronger cash flow, and this means potential shareholder returns.

Outperform retained. Target is $1.25.

Target price is $1.25 Current Price is $0.79 Difference: $0.46
If NIC meets the Macquarie target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting upside of 88.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources delivered sales of 433,000 ozs in the June quarter, in line with Macquarie's expectations, as was AISC of $2,698/oz.

The area that concerned the broker was the planned shutdowns across all three production sites and, combined with KCGM tie-in activities and commissioning, this implies a softer operating quarter in the near term before the expansion benefits emerge.

Management will provide guidance with the FY26 results on 20 August, unlike previously when it was provided at the fourth quarter results in July. Outperform rating maintained. Target is reduced to $24 from $25.

Target price is $24.00 Current Price is $20.70 Difference: $3.3
If NST meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.91, suggesting upside of 34.7% (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

Bell Potter rates ONE as Speculative Buy (1) -

Oneview Healthcare's 2Q cash flow showed receipts declined -11.8% y/y to EUR1.9m, and operating cash costs fell -10.9% to EUR5.2m following efficiency initiatives.

Net operating cash outflow improved to -EUR2.9m from -EUR3.8m a year earlier, although it represented the highest quarterly cash burn in the past year.

The analyst noted the launch of Oneview's Bedside Hub creates an additional revenue opportunity, with several new customer wins anticipated in the second half of 2026.

Target slips to $0.42 from $0.45. Speculative Buy.

Target price is $0.42 Current Price is $0.15 Difference: $0.27
If ONE meets the Bell Potter target it will return approximately 180% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in EUR. 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 PNV as Buy (1) -

In its trading update PolyNovo has indicated sales in the second half slowed yet, on the positive side, cash generation was strong. Morgans believes the business is well-positioned to deliver material EBITDA growth in FY27 and FY28 through manufacturing expansion and the larger sales force.

The NovaSorb technology has gained rapid market traction, initially in burns and now extending to trauma. The broker's discussions with surgeons indicate the product is highly effective. Management has highlighted record US sales in June.

The broker maintains a view that 20% revenue growth can be delivered across the forecast period along with cost control. Buy rating retained. Target edges down to $1.48 from $1.56.

Target price is $1.48 Current Price is $0.88 Difference: $0.6
If PNV meets the Morgans target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 48.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates PYC as Speculative Buy (1) -

PYC Therapeutics had cash of $670m at the end of June with 4Q operating cash flow of $2.9m. Bell Potter notes cash flow over the last year was -$45m which implies the company has sufficient cash on hand for the next five-plus years.

The polycystic kidney disease program is viewed as the largest commercial opportunity for PYC Therapeutics amongst the four novel drug assets.

The initial update from this asset's clinical trials is expected in 2H2026 but is likely to be single-dose data only.

Speculative Buy. Target unchanged at $2.30.

Target price is $2.30 Current Price is $1.63 Difference: $0.675
If PYC meets the Bell Potter target it will return approximately 42% (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

Citi rates RIO as Neutral (3) -

Citi assesses a solid first-half result by Rio Tinto, with stronger copper and aluminium earnings offsetting slightly weaker iron ore and lithium. Underlying earnings per share exceeded consensus.

The broker highlights stronger-than-expected free cash flow (FCF), driven by lower tax, higher associate dividends and reduced capital expenditure.

This FCF outcome supported a 43% increase in the interim dividend to US$2.11, maintaining a 50% payout ratio trend, the analysts highlight.

Citi maintains its positive view, citing management's target to unlock US$5bn–US$10bn through asset monetisation, with up to US$5bn expected by the end of 2026.

The target $171. Neutral rating.

Target price is $171.00 Current Price is $165.39 Difference: $5.61
If RIO meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $170.25, suggesting upside of 1.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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's first half EBITDA was in line with Macquarie's estimates. Key copper and iron ore assets beat consensus while the smaller assets detracted from the result.

The broker remains concerned about the productivity benefits that the company quantified to represent a 6% incremental uplift on the prior corresponding half, finding it difficult to understand the baseline from where the improvements were measured.

There was also a lack of M&A focus in the results which Macquarie found "interesting", given the upcoming expiration of the standstill agreement with Glencore on 5 August 2026.

Neutral rating and $180 target unchanged.

Target price is $180.00 Current Price is $165.39 Difference: $14.61
If RIO meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $170.25, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgan Stanley rates RIO as Underweight (5) -

Morgan Stanley found the first half EBITDA from Rio Tinto was slightly softer than anticipated because of higher costs in iron ore and copper. This was offset by lower taxes which produced modestly better net profit.

Production and capital expenditure guidance are unchanged. Although higher cost reduction targets are flagged, the broker notes these include volume benefits that are largely factored into estimates.

Management linked the first-half iron ore performance to improved mine-to-port system flows and reiterated its broader asset monetisation plans are tracking towards the guided US$5bn-US$10bn target.

Disposals will progress when full value can be achieved. Underweight rating maintained. Industry view is Attractive. Target is $147.50.

Target price is $147.50 Current Price is $165.39 Difference: minus $17.89 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $170.25, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgans rates RIO as Hold (3) -

Rio Tinto posted a strong first half result with earnings broadly close to estimates and Morgans suspects it was management's talk of a target of US$5bn in second half asset divestments that drove outperformance in the stock. Free cash flow rose 75% to US$3.83bn.

The broker believes the business is executing well with the balance sheet in better shape than previously forecast while productivity gains are real. Hold rating maintained. Target is reduced to $159 from $163.

Target price is $159.00 Current Price is $165.39 Difference: minus $6.39 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $170.25, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Ord Minnett rates RIO as Buy (1) -

Rio Tinto's 1H2025 underlying net profit of US$6.85bn with a US$2.01 dividend was better than market expectations on both metrics due to strong commodity prices and volumes as well as cost savings, Ord Minnett points out.

The analyst believes the mining giant continues to achieve and impress the market on costs and efficiency program with productivity benefits of US$870m already in place and cost savings of US$1.3bn as at June 30.

Unit costs are anticipated to decline by a compound -4% annually out to 2039 which is viewed as "conservative" by the analyst.

EPS forecasts are raised by 4.5% for 2026 and 1.3% for 2027. Target price retained at $187.00 with a Buy rating.

Ord Minnett prefers Rio Tinto to BHP Group ((BHP)).

Target price is $187.00 Current Price is $165.39 Difference: $21.61
If RIO meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $170.25, suggesting upside of 1.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

UBS rates RIO as Neutral (3) -

On further inspection post the initial update below, UBS raises 2026 EPS forecasts by 4% and lowers 2027 by -4%.

Neutral retained as risk/reward is viewed as balanced at current share price levels. No change to $177 target price.

****

Rio Tinto's first-half result was slightly ahead of UBS forecasts, the broker notes in a quick assessment, with underlying EBITDA of US$14.8bn in line, while underlying profit and cash flow beat by around 5% due largely to a lower tax charge.

Underlying EPS of US421c exceeded the broker's US389c forecast, while the US211c interim dividend was 5% ahead of consensus.

Free cash flow increased by 75% year-on-year to US$3.8bn and operating cash flow rose by 32% to US$9.2bn. Net debt of US$14.1bn was also better than the US$15.1bn consensus forecast.

FY26 guidance remains unchanged, with Pilbara costs tracking towards the upper end of guidance and copper costs below expectations.

UBS retains Neutral and its $177 price target. The broker considers the result strong and identifies Rio Tinto's planned US$5bn of asset disposals during the second half as the next potential catalyst, alongside a targeted US$1.8bn annualised productivity benefit by the end of 2026.

Target price is $177.00 Current Price is $165.39 Difference: $11.61
If RIO meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $170.25, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Bell Potter rates RIV as Buy (1) -

Bell Potter notes Rivco Australia has entered into a five-year lease agreement with Select Harvest ((SHV)) for $48.6m of water entitlements at a yield of 4.8% which starts in July 2026.

The analyst points out the lease is similar to the current three-year rates on the almond-centric system at 5%-5.5%.

Rivco goes into FY27 with a higher level of contracted revenue and carryover allocation, the broker notes, which is supportive of earnings.

Target price is trimmed to $1.61 from $1.65. No change in Buy rating.

Target price is $1.61 Current Price is $1.42 Difference: $0.19
If RIV meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 RMS as Buy (1) -

Ramelius Resources has announced an "unsurprising" 4Q update according to Ord Minnett.

FY26 growth capital was around $32m which is lower than guidance with some of the mill expansion deferred into FY27.

With production/cash pre-released, AISC was as the broker expected though -6% lower than consensus.

Capex was around -26% lower than forecast and -39% below consensus.

Target price slips to $4.80 from $5 with an unchanged Buy rating.

Target price is $4.80 Current Price is $3.18 Difference: $1.62
If RMS meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates SEA as Buy (1) -

Sea Forest announced a solid 4Q26 update, with sales revenue indicated at $2.1m, up 83% q/q and $4m for FY26, up 793% y/y. This is slightly below the analyst's forecast by -$5.5m but an eightfold increase is viewed as "impressive".

Total contracted cattle of 131k represents around $15m in annualised sales revenue for FY27.

Buy rating and $3.15 target retained.

Target price is $3.15 Current Price is $2.16 Difference: $0.99
If SEA meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates SLD as Speculative Buy (1) -

Saluda Medical announced its 4Q update with revenue up 43% y/y and 13% on the prior quarter, which beat Bell Potter's expectations by 9% and came in above guidance.

US boosted growth as well as international markets, with FY26 revenue rising 28%. The analyst notes, positively, the increase in the US team is gathering momentum.

The quarter was viewed as strong with operating cash flow around $29m and largely stable on the last two quarters.

Speculative Buy unchanged with a lower target of $1.60 from $2.00.

Target price is $1.60 Current Price is $0.43 Difference: $1.17
If SLD meets the Bell Potter target it will return approximately 272% (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 - Cessation of coverage

Forecast for FY26:

Forecast for FY27:

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

UBS rates TWE as Neutral (3) -

UBS views Treasury Wine Estates as facing mixed export conditions, with Australian wine export values rising 2.3% in the June quarter despite volumes falling -2.4%. The broker retained a Neutral rating with an unchanged target price of $5.00.

China export values recovered 11.1% y/y, led by premium wines priced above $5 per litre, although excess Penfolds inventory of around 0.4m cases, $215m net sales revenue, continues to be worked down.

US export values fell -32%, reflecting ongoing weak demand and excess California inventory of around 0.3m cases or net sales revenue of $125m NSR. The broker expects inventory reductions in both markets to continue weighing on earnings in the near term.

Neutral rating with an unchanged target price of $5.00.

Target price is $5.00 Current Price is $5.05 Difference: minus $0.05 (current price is over target).
If TWE meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.12, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates VAU as Buy (1) -

Vault Minerals' 4Q result was broadly in line with Ord Minnett's expectations, with lower-than-expected growth capital expenditure the main variance.

Standalone guidance was slightly softer than forecast due to higher all-in sustaining costs (AISC) and lower FY29 production, although the broker expects the pending merger with Genesis Minerals ((GMD)) to supersede much of this outlook once a combined strategic plan is released in 2H27.

FY27 earnings forecasts are reduced by -5% and FY28 by -3% on higher costs and lower production, while FY26 estimates are broadly unchanged.

The target price falls to $6.40 from $6.60 and a Buy rating is retained.

Target price is $6.40 Current Price is $4.95 Difference: $1.45
If VAU meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 45.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates VFY as Speculative Buy (1) -

Bell Potter notes net operating cash outflow for Vitrafy Life Sciences was around -$4.7m for 4Q, up slightly on the prior quarter.

R&D costs are pushing on cash costs associated with the development of the Guardian Cryopreservation device, as management seeks regulatory approval in 1H27.

Post the $32m capital raising, cash on hand at the end of FY26 stood at around $41.2m which is around 8-plus quarters of funding availability.

There were no surprises in the update, the broker states. No change to Speculative Buy rating and $5.15 target price.

Target price is $5.15 Current Price is $3.50 Difference: $1.65
If VFY meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

UBS stresses institutional banking with a total addressable market of $308m is an overlooked part of the Australian banking market.

Over the last three years, cash profits from this segment have expanded at a CAGR of 11% versus retail at around 6% and business banking at 9%-plus.

The analyst's channel checks indicate there are several structural earnings levers, AI, infrastructure, defence and energy transition to name a few, which proffer potential upside of around $85bn in lending. This is not fully priced in by the market.

The institutional market is expected to boost EPS growth, and the broker upgrades EPS forecast by around 1%-2.5% for the majors over the next two years, with circa 7% as the upside case.

Westpac which is upgraded to Buy from Neutral, and National Australia Bank ((NAB)) and ANZ Bank ((ANZ)) are in the optimal positions to capitalise on the opportunity.

Target price for Westpac is raised to $45 from $38.80. EPS forecasts are upgraded by 0.4% for FY26, 1% for FY27 and 2.5% for FY28.

Target price is $45.00 Current Price is $37.94 Difference: $7.06
If WBC meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $34.51, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Citi rates WDS as Neutral (3) -

Woodside Energy delivered another strong June quarter, in Citi's view, with Sangomar continuing to outperform and Scarborough remaining on track for first cargo in the December quarter.

The broker notes stronger sales were largely offset by higher trading costs, with trading margins improving modestly but falling short of expectations despite elevated market volatility.

Citi raises its target to $31.25 from $29.50 and maintains a Neutral rating, citing fair valuation despite strong operational execution and ongoing project delivery.

Target price is $31.25 Current Price is $32.74 Difference: minus $1.49 (current price is over target).
If WDS meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.43, suggesting downside of -7.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates WDS as Outperform (1) -

Woodside Energy produced first gas from Scarborough in the June quarter, with Macquarie hailing the "finish line" for the project is now in sight.

Further to the quarterly update, the broker highlights, given the speculation regarding ExxonMobil's screening of LNG acquisitions, that there are large synergies and value uplift from a takeover of Woodside and the Iran war could be a catalyst.

Macquarie points out investors tend to agree that any approach would wait until the Strait of Hormuz was reopened and oil prices stabilised.

Outperform rating with the target lifted to $34.30 from $32.80.

Target price is $34.30 Current Price is $32.74 Difference: $1.56
If WDS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $30.43, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

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

Morgan Stanley expects a modest positive reaction to the June quarter update from Woodside Energy. Production guidance for 2026 has been narrowed to 174-185mmboe. June quarter revenue was US$4.19bn and up 28% quarter on quarter, ahead of the broker's estimates.

Scarborough is 98% complete as of June and Trion is 64% complete. The decommissioning of the Bass Strait assets continues.

June quarter capital expenditure was US$784m, down -36% compared with Morgan Stanley's estimates. Full year guidance is unchanged.

Equal weight. Target price is unchanged at $28. Industry view: In-Line.

Target price is $28.00 Current Price is $32.74 Difference: minus $4.74 (current price is over target).
If WDS 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 $30.43, suggesting downside of -7.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Ord Minnett rates WDS as Sell (5) -

Woodside Energy reported production declined -9% during the June quarter to 41.3mmboe amid planned maintenance at Pluto Train 1 and the impact of Cyclone Narelle.

Revenue still beat expectations, Ord Minnett notes, up 28% quarter on quarter primarily from a 35% increase in the average realised price of oil to US$85/boe.

The broker increases EPS forecasts by 9% for FY26 and 3% for FY27 to reflect the better revenue and realised pricing.

The quarter may have been "operationally sound" but Ord Minnett retains a Sell rating as the valuation captures expectations LNG prices will come under downward pressure in the medium-term as supply increases. Target is $25.25.

Target price is $25.25 Current Price is $32.74 Difference: minus $7.49 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.43, suggesting downside of -7.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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