Australian Broker Call

Citi rates A2M as Buy (1) -

a2 Milk Co announced 1H26 net profit after tax of $112m which, on first inspection, was a 7% beat on consensus and 11% above Citi's forecast due to robust results across financial metrics, including sales and earnings (EBITDA).

The Pokeno losses were below the -$19.3m expected at -$9.8m, with a2 Milk now expecting it can achieve the $2bn revenue target in FY26, ahead of plans.

China market share grew to 8.2% from 8%, English label grew 13.6% and China label grew 6.5%, while Vietnam seems to be progressing well, the analyst remarks.

Management upgraded FY26 revenue growth to mid double-digit growth from low double-digit, with the lower half of the earnings (EBITDA) margin guidance range changed to 15.5% from 15%.

Buy. Target $10.40.

Target price is $10.40 Current Price is $8.52 Difference: $1.88
If A2M meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.77, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates AD8 as Buy (1) -

It is UBS' early assessment Audinate Group's 1H26 result is broadly in line operationally versus its own estimates, but consensus is 'missed' on revenue.

The broker's assessment is the result is better than feared given US tariff risk, though FX headwinds dominate.

Growth is skewed to Avio adapters, commentary concludes, while chips revenue falls -4%; software grows 14% but remains subdued versus history.

Guidance is for gross profit growth 13-15% y/y; gross margin broadly in line with FY25; opex 20% y/y (down from 25% prior) on tighter cost control; FY26 FCF expected to be negative (Iris + investment).

UBS wants to obtain clarity on US demand/inventory de-stocking, and Iris momentum (US$0.1m revenue in 1H), plus why video products/partner updates were not disclosed.

Buy. Target $7.10.

Target price is $7.10 Current Price is $3.68 Difference: $3.42
If AD8 meets the UBS target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $5.33, suggesting upside of 61.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates AIS as Buy (1) -

Aeris Resources has entered into a binding scheme of arrangement with Peel Mining ((PEX)) to acquire 100% via an all-scrip offer.

Bell Potter notes this is a "strategic" acquisition to boost the mine life for the 100%-owned Tritton copper mine.

Aeris will issue 308.5m shares to Peel shareholders, who will in turn own around 20.5% of the pro-forma company, and the deal is supported by the Peel Board of Directors.

The analyst highlights Peel's main assets are the Mallee Bull and Wirlong copper projects, with a total resource of 10.6mt at 1.85% Cu for 197kt contained copper, adding around 200kt to the Tritton resource base.

Bell Potter raises EPS forecasts by 9% for FY26 and 12% for FY27, while retaining a Buy rating and a higher target of 90c from 82c.

Target price is $0.90 Current Price is $0.51 Difference: $0.39
If AIS meets the Bell Potter target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 48.6% (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 ALK as Buy (1) -

Interim earnings for Alkane Resources of $184m came in below Ord Minnett's $235m forecast due to a larger non-cash inventory adjustment linked to Mandalay (acquired last April). The impact is seen as largely one-off, with underlying earnings broadly in line.

FY26 guidance of 155-170koz at a -$2,600-2,900/oz cost (AISC) is unchanged, with 2H free cash flow leveraged to spot prices, highlight the analysts. Net cash of $232m and a valuation at 0.9x P/NAV are seen as compelling.

The analysts trim their FY26 earnings forecast but leave other forward estimates largely intact.

Ord Minnett retains a Buy rating and target of $2.05.

Target price is $2.05 Current Price is $1.58 Difference: $0.47
If ALK meets the Ord Minnett target it will return approximately 30% (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 AMC as Buy (1) -

Amcor reiterated FY26 EPS guidance at its 2Q26 result, implying constant currency growth of 12-17% year on year. Consensus estimates are at the low end of the range, UBS notes, which Amcor confirmed assumes volume pressure persists through 3Q/4Q around the low single digit level.

This is an assumption that UBS thinks may prove conservative should US/ EU consumer volumes stabilise on slightly improving sentiment. Longer term, the merged Amcor/Berry portfolio has solid leverage to higher growth markets, which should support above-market volume growth.

Earnings upgrade momentum could be supported by accelerated synergy realisation over the next 24 months, UBS suggests. Buy and $91.25 target retained.

Target price is $91.25 Current Price is $70.06 Difference: $21.19
If AMC meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $77.87, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

UBS rates ANN as Neutral (3) -

Early assessment is Ansell's 1H26 adjusted EPS is some 8% ahead of consensus, driven by a sharp margin beat, while sales are subdued and miss consensus.

UBS observes revenue is broadly flat (0.7% reported, -0.6% organic) and some -5% below consensus, with weakness largely attributed to one-off items in the prior comparative period.

Commentary highlights underlying conditions are softer in industrial, and exam/surgical & single-use volumes are lower, partially offset by tariff-related pricing.

Adjusted EBIT margin lifts 400bps to 13.6%, helped by lower freight (less air freight), KBU synergies and pricing; UBS notes US price rises more than offset tariffs.

Guidance is unchanged (after the AGM upgrade); UBS notes consensus sits around US$1.42, slightly below the mid-point.

Neutral. Target $36.

Target price is $36.00 Current Price is $31.28 Difference: $4.72
If ANN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $35.78, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates ASK as Neutral (3) -

On first inspection, Abacus Storage King announced 1H26 results which were in line, Citi notes, with a DPS of 3.1c and FY26 funds from operations guidance of 6.2c to 6.9c per share.

The analyst views self storage as an "attractive" sub sector, with Abacus trading around a -14% discount to NTA of $1.76 per share, and this is despite acquisition interest in the domestic sub-sector.

The REIT continued to grow its size via acquisitions and development, with -$58.1m invested in two operating stores and two development sites, the broker explains.

Gearing stands at 31.9% with funding capacity over $500m. Neutral. Target $1.50.

Target price is $1.50 Current Price is $1.52 Difference: minus $0.02 (current price is over target).
If ASK meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.58, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates ASX as Underweight (5) -

Morgan Stanley has become more positive about the revenue outlook for ASX, believing the local bourse can sustain double-digit growth in the second half and cement 11% revenue growth for FY26 before moderating to 5% in FY27.

Rate futures volume growth is expected to slow and fees per contract rebound. Stronger markets are a tailwind, yet the broker warns a rebound in IPOs/secondary activity does not immediately support earnings.

With a change in CEO and no clear successor, there is also uncertainty around FY27 cost guidance.

Target is raised to $49.05 from $46.65. Underweight retained. Industry view: In-Line.

Target price is $49.05 Current Price is $51.44 Difference: minus $2.39 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $55.96, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Bell Potter rates AVH as Upgrade to Hold from Sell (3) -

Avita Medical is upgraded to Hold from Sell with an unchanged target of $1.20 post the 4Q2025 results, which saw revenue fall -4% y/y and an earnings (EBIT) loss of -$10.4m against a -$10m loss a year earlier, Bell Potter explains.

The analyst stresses the damage done to Avita from the administrative issues with Medicare Administration Contractors has been sizeable for a company that used to generate quarterly revenue growth of 8.5% per quarter over FY23 and FY24.

The reimbursement issue is now in the rear view mirror for the company, so the broker expects reasonable growth to resume in FY26.

Target price is $1.20 Current Price is $1.08 Difference: $0.12
If AVH meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

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: 0.5

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

Morgans rates AVH as Speculative Buy (1) -

Avita Medical’s FY25 result was broadly in line with forecasts by Morgans, with revenue slightly ahead and tighter costs reducing cash burn. Below-consensus FY26 sales guidance of US$80-85m is viewed as a constructive reset to rebuild credibility.

The broker believes reimbursement clarity removes a structural headwind, shifting focus to behavioural re-engagement by surgeons. Improved cost discipline is expected to provide operating leverage if revenue recovers.

Cash burn improved, highlight the analysts, and the funding runway was extended through a new debt facility, which modestly increased available liquidity.

The analyst makes no material forecast changes, retaining valuation assumptions. A Speculative Buy rating and target of $1.35 are maintained.

Target price is $1.35 Current Price is $1.08 Difference: $0.27
If AVH meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

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: 0.5

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

Citi rates AZJ as Neutral (3) -

Citi notes Aurizon Holdings' 1H26 group earnings (EBITDA) was a beat by 3% on first glance, with coal earnings (EBITDA) around 12% better than expected and an improvement in yields with lower operating costs of -4%.

Bulk earnings (EBITDA) was also better by 5% due to higher volumes and the absence of previous impacts a year ago.

Network was boosted by a change in accounting to smooth revenue, the analyst explains.

While the overall result was a beat, Citi expects the boost from coal to dissipate in 2H26, but the DPS was a nice surprise and could reflect a change in capital management for the future.

Neutral. Target $3.45.

Target price is $3.45 Current Price is $3.59 Difference: minus $0.14 (current price is over target).
If AZJ meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.29, suggesting downside of -14.4% (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

Citi rates BEN as Sell (5) -

At first glance, Bendigo & Adelaide Bank announced 1H26 earnings which were around 3.5% better than Citi's expectations, with a NIM of 1.92% also a beat, which reflected a similar trend to recent results from peers.

Costs for the anti-money laundering program were estimated by management at around -$70m to -$90m over three years, or around 23bps of CET1, with -$15m flagged for 2H26.

The improvement in CET1 at 11.37% reflected movements from reserves. Although the result was generally solid, the market is expected to react adversely to the anti-money laundering cost update.

Sell. Target $10.25.

Target price is $10.25 Current Price is $11.45 Difference: minus $1.2 (current price is over target).
If BEN meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.52, suggesting downside of -6.1% (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

UBS rates BEN as Neutral (3) -

Upon first assessment, UBS comments Bendigo & Adelaide Bank released a small beat to cash EPS/NPAT, but the broker flags a new AML/CTF remediation plan implying -$70–90m of costs over up to three years (not yet in UBS/consensus).

The report notes NII rises 3.2% hoh as NIM lifts 4bps to 1.92% on deposit mix benefits (including strong Up Bank deposit growth), while non-NII is stronger than expected (wealth/cards).

Commentary points out operating expenses increase 4.2% hoh despite lower investment spend and FTE costs; loan impairment is a $2m write-back versus UBS expecting a -$17m charge.

The broker notes the shares are trading on 13.1x 2-year forward P/E and 0.9x P/B, both above long-run averages; with the key near-term swing factor AUSTRAC’s decision and the ultimate size/timing of remediation spend.

Neutral. Target $10.95.

Target price is $10.95 Current Price is $11.45 Difference: minus $0.5 (current price is over target).
If BEN meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.52, suggesting downside of -6.1% (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

Citi rates BRG as Buy (1) -

Citi remains Buy-rated on Breville Group following interim results. The broker's base assumptions put future valuation at $39.85.

A summary of Citi's initial thoughts on result's day follows.

Breville Group's 1H26 profit of $98.2m was broadly in line with Citi's forecast.  A 19cps dividend was declared, slightly above consensus.

The broker considers weaker distributor markets largely cyclical, pointing to stronger direct-market momentum as the better indicator.

Breville’s conference call was positive, in the analysts view, highlighting traction in new product development (NPD), Beanz and AI amid supply chain transformation. It's thought tariff pressures on gross margins may have peaked.

SharkNinja’s coffee growth may expand the category rather than threaten share, Citi suggests, supporting Breville’s structural growth outlook.

Target price is $39.85 Current Price is $31.82 Difference: $8.03
If BRG meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $38.90, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Shaw and Partners rates BVS as Buy (1) -

Shaw and Partners reiterates a Buy rating on Bravura Solutions post the 1H26 result with a $2.50 target price.

Revenue rose 10% y/y and was better than expected, with recurring revenue growth of around 11% y/y, while cash earnings (EBITDA) rose 71% y/y, which infers a margin of 24%, a rise of 8 points against the same period last year.

The company had pre-announced and upgraded FY26 guidance, with the broker noting forecasts align with the mid-point on revenue and towards the upper end of cash earnings (EBITDA).

Target price is $2.50 Current Price is $2.08 Difference: $0.42
If BVS meets the Shaw and Partners target it will return approximately 20% (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

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

Morgan Stanley notes for the first time BWP Trust has provided a dividend payout ratio guidance, targeting 90-110% of free funds from operations. The wide range is to account for timing differences. Reported profit in the first half slightly beat estimates.

The company had provided a more detailed focus on developments and its appetite for large format retail (LFR) assets. LFR currently makes up around 30% of the property trust.

Morgan Stanley also notes the business is becoming more active with close to $100m of capital expenditure expected in FY26, including site re-purposing. Target is $4. Equal-weight. Industry View: In-Line.

Target price is $4.00 Current Price is $3.70 Difference: $0.3
If BWP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 6.8% (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

UBS rates BWP as Buy (1) -

BWP Trust reported 1H26 profit 4% above UBS' forecast due to lower expenses and borrowing costs. Re-purposing and the Bunnings expansion program remain the focus and FY26 will see peak spend and vacancy.

Management anticipates the completion of re-purposing projects in FY27 could lift occupancy to above 99% and is confident on leasing prospects.

Although BWP has outperformed the sector by 2% in the last three months, it is still trading -8% below net tangible asset valuation. Given recent transaction evidence, UBS sees this discount as too wide. Buy retained, target rises to $4.17 from $4.11.

Target price is $4.17 Current Price is $3.70 Difference: $0.47
If BWP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.06, suggesting upside of 6.8% (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

Morgans rates CIP as Accumulate (2) -

Following interim results for Centuria Industrial REIT, Morgans believes the portfolio remains strong, with 44% releasing spreads and -20% under-renting supporting medium-term income growth.

FY26 funds from operations (FFO) guidance of 18.2-18.5cpu and distributions of 16.8cpu were reaffirmed.

Higher interest costs are offsetting property strength, explains the analyst, though the $350m exchangeable note at 3.5% supports the debt profile.

The broker highlights 5.2% like-for-like net operating income (NOI) growth and a -20% discount to NTA. 

Morgans trims it's valuation on higher rate assumptions but sees earnings growth ahead. An Accumulate rating is retained and the target is lowered to $3.60 from $3.75.

Target price is $3.60 Current Price is $3.21 Difference: $0.39
If CIP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates COH as Neutral (3) -

Following interim results, Citi lowers its target for Cochlear to $210 from $300 as the company's next-generation implant Nexa’s slower launch in developed markets tempers implant growth and margins. Neutral rating maintained.

Nexa’s slower ramp defers revenue and lowers gross margin guidance to 73%, explain the analysts. A gradual recovery to 74% is modeled, though added adult market investment trims long-term margins.

While management retained FY26 profit guidance based on August 2025 FX rates, the broker explains subsequent Australian dollar strength implies an approximate -8% headwind. The company now expects to deliver towards the lower end of the range.

The current share price appears to price in an outcome modestly weaker than Citi’s valuation implies, though sector sentiment shows limited tolerance for diluted or delayed targets, explain the analysts.

Target price is $210.00 Current Price is $199.22 Difference: $10.78
If COH meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $245.24, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates COH as Neutral (3) -

Macquarie was disappointed with the results from Cochlear, which were affected by slower Nexa contracting and price impacts in China. Acoustics was affected by competitors in the US/UK.

FY26 net profit guidance is now at the lower end of the range at around $435m and the broker is cautious about delivery, with 29% growth required in the second half.

A potential FX Impact is also overhanging the stock. Neutral maintained. Target is reduced to $239.00 from $295.90.

Target price is $239.00 Current Price is $199.22 Difference: $39.78
If COH meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $245.24, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates COH as Underweight (5) -

First half underlying earnings were below Morgan Stanley's estimates. FY26 net profit is expected to be at the lower end of prior guidance, of $435-460m.

The broker reduces estimates for EPS by -8% for FY26 and -7% for FY27. While the company expects the roll-out of the Nexa system support market share, discounting from peers presents a near-term risk heading into FY27, the broker adds.

Target is reduced to $216 from $270. Underweight rating. Industry View: In-Line.

Target price is $216.00 Current Price is $199.22 Difference: $16.78
If COH meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $245.24, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates COH as Upgrade to Hold from Trim (3) -

Cochlear delivered a first half result that was softer than Morgans expected, negatively affected because of extended contracting for the Nucleus Nexa system.

Developed market momentum was delayed and there was an unfavourable emerging market mix while services were flat and acoustic surprised to the downside because of increased competitive pressures.

Management is now targeting the lower end of FY26 guidance and is increasingly reliant on a strong second half recovery, which the broker suspects is optimistic. Target is reduced to $214.93 from $299.54. Rating is upgraded to Hold from Trim on share price weakness.

Target price is $214.93 Current Price is $199.22 Difference: $15.71
If COH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $245.24, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates COH as Hold (3) -

Ord Minnett was disappointed by Cochlear's interim result, with weaker net profit driven by lower average selling prices despite higher implant volumes.

Services revenue fell -1% and Acoustics revenue declined by -3%, while gross margin narrowed amid manufacturing inefficiencies, explains the analyst.

FY26 profit guidance now sits at the low end of $435-460m, implying to the broker around $405m at spot FX. Ord Minnett questions adult growth prospects and processor upgrade trends in the US.

The broker's FY26-28 EPS forecasts fall by between -9-13%. Ord Minnett retains a Hold rating and lowers its target to $241.50 from $281.

Target price is $241.50 Current Price is $199.22 Difference: $42.28
If COH meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $245.24, suggesting upside of 22.3% (ex-dividends)

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 COH as Buy (1) -

Despite Cochlear’s hedging program, the strong AUD is expected to reduce profits by -$30m in FY26 if current rates prevail, UBS reports.

Looking to FY27, the CEO has indicated costs will be managed to work towards the group’s 18% profit margin target.

Market share losses are reported due to competititve activity, but a recovery is expected in 2026. Buy and $350 target retained.

Target price is $350.00 Current Price is $199.22 Difference: $150.78
If COH meets the UBS target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $245.24, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates CVL as Buy (1) -

According to Morgans, Civmec delivered a robust 1H result despite subdued volumes, with margins and costs well controlled. A record $1.35bn order book and activity momentum building across key WA markets are highlighted.

It's felt the strengthening demand backdrop could see Civmec return to its FY24 earnings peak relatively quickly, particularly if management secures another major contract.

The broker highlights 1H revenue of $380m and EBITDA margins of 12.1%, alongside a 2.5c dividend. Cash flow was temporarily impacted by working capital, explains the analyst, though net cash remains solid.

Morgans retains a Buy rating and raises its target to $2.00 from $1.50.

Target price is $2.00 Current Price is $1.56 Difference: $0.44
If CVL meets the Morgans 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

Morgans rates DXI as Accumulate (2) -

Dexus Industria REIT delivered a solid 1H26 result, assesses Morgans, with management upgrading FY26 FFO guidance to 17.4cpu from 17.3cpu, while maintaining 16.6cpu distributions.

The broker highlights 5.6% like-for-like income growth and 99.7% occupancy, with fixed and CPI-linked escalators supporting earnings visibility.

Gearing of 26.2% sits below target, providing flexibility for developments such as Jandakot, explains the analyst. Despite a -26% discount to NTA, higher rates are expected to cap near-term re-rating.

Morgans retains an Accumulate rating and trims its target to $2.80 from $3.00.

Target price is $2.80 Current Price is $2.50 Difference: $0.3
If DXI meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 16.9% (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

Morgans rates DYL as Speculative Buy (1) -

Morgans updates its Deep Yellow forecasts, reflecting later first production at Tumas and a stronger uranium outlook. The broker pushes first output to 2HFY28 and lifts its bull-case uranium price to US$125/lb, increasing its target price to $2.56 from $1.92.

The broker notes spot uranium has risen to around US$94/lb, with contracting activity supporting higher incentive pricing. 

The analyst sees long-term upside at Tumas and Mulga Rock.

Morgans retains a Speculative Buy rating.

Target price is $2.56 Current Price is $2.42 Difference: $0.14
If DYL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting downside of -3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates GMG as Buy (1) -

Citi reviews global property deal activity, highlighting transactions as leading indicators of asset revaluations and shareholder returns. It identifies the APAC region and Office as standouts, with improving deal flows expected to support valuations.

The broker is optimistic that lower rates, stronger IRRs and heavier capital flows will underpin enhanced returns. Companies pursuing portfolio optimisation and trophy assets are seen best placed.

The analysts nominate Mitsubishi Estate, City Developments, Hongkong Land and Goodman Group as top picks. 

No change to Buy rating and $40 target price for Goodman Group.

Target price is $40.00 Current Price is $31.02 Difference: $8.98
If GMG meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $36.90, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates GPT as Buy (1) -

On first take, GPT Group announced a robust 2025 result with funds from operations of 34c, which met Citi's forecast and sat slightly above consensus.

Management's guidance for funds from operations of 35.4c also was broadly in line, with the group continuing to achieve its strategy of raising the growth outlook, the analyst explains.

Retail occupancy came in at 99.8% and leasing spreads of 4.9%, while office like for like net property income of 8.3% is also viewed as robust in the sector, and logistics continues to gain with occupancy of 98.4% and like for like net property income of 5.1%.

Citi notes GPT trades at around -6% to its NTA of $5.53 with gearing of 31.1% and liquidity of $1.2bn.

Buy. Target $6.

Target price is $6.00 Current Price is $5.03 Difference: $0.97
If GPT meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates GQG as Neutral (3) -

GQG Partners delivered FY25 earnings that were slightly ahead of Macquarie's estimates, underpinned by cost control.

Funds under management of $172.4bn as of February 11 imply growth of $8bn, driven by performance, although also implying net outflows for the first eight days of the month of around -$1.3bn.

The broker assesses the stock is pricing in most of the risk to consensus earnings forecasts. Neutral retained. Target edges down to $1.55 from $1.65.

Target price is $1.55 Current Price is $1.74 Difference: minus $0.19 (current price is over target).
If GQG meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.91, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

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

GQG Partners delivered FY25 profit of US$463m, up 7% year-on-year and broadly in line with consensus, notes broker Morgans.

The analyst highlights improving investment performance in January and February, potentially signalling an early turnaround. The final dividend of US7.1cps maintained a 90% payout ratio.

The broker notes weaker performance fees and ongoing outflows, prompting FY26 and FY27 EPS forecast downgrades of -5 and -10%, respectively. It's noted costs were well controlled, supporting margins near 77%.

Target trimmed to $1.89 from $1.90. Rating upgraded to Accumulate from Hold as the broker considers the stock price too cheap relative to long-term prospects for the business.

Target price is $1.89 Current Price is $1.74 Difference: $0.15
If GQG meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

UBS rates GQG as Buy (1) -

GQG Partners' 2H25 distributable earnings were slightly ahead of consensus. Revenue quality was better than expected, UBS notes, given the absence of lumpy performance fees earned in the second half.

While the depth of underperformance is a valid concern, GQG believes this could be fully recoverable should its AI thesis play out. Recent market volatility has reinforced GQG's defensive positioning, UBS suggests, with green shoots emerging.

UBS thinks the stock continues to present an attractive hedge to markets this cycle, and retains Buy. Target rises to $2.05 from $2.00.

Target price is $2.05 Current Price is $1.74 Difference: $0.31
If GQG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.91, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Bell Potter rates HDN as Sell (5) -

Bell Potter retains a Sell rating on HomeCo Daily Needs REIT with a lower target of $1.30 from $1.35 post 1H26 earnings, with funds from operations of 4.4c slightly below the broker's forecast by -1.5% and -0.7% below consensus.

Management reconfirmed FY26 guidance with an 8.6c dividend. Operationally, the analyst's key takeaways include it was a strong result with 99% occupancy and leasing spreads of 6.2%, which is well above peers.

Gearing remained stable at 35.2% despite 3.6% property value growth, which suggests interest expense lifted 13.1% y/y.

More hedging was undertaken, with Bell Potter estimating the cost of debt at 4.9% for FY26 and 5.1% for FY27. The higher cost of capital reduces the opportunity for accretive acquisitions and lowers relative returns from development.

Target price is $1.30 Current Price is $1.31 Difference: minus $0.01 (current price is over target).
If HDN meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.40, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Citi upgrades Hub24 to Buy from Neutral, citing margin upside and positioning as an AI beneficiary. Recent share price weakness is seen as a buying opportunity.

The share price has weakened amid disruption concerns after Altruist launched an AI-driven tax planning platform, the broker explains.

The analyst also opens a positive catalyst watch into the 1H result given potential for the share price to react positively to the margin expansion.

The broker's target is trimmed by -4% to $100.60 on lower peer multiples. Near-term EBITDA is expected to beat on lower costs.

For February 19 results, the broker forecasts 1H2 core profit (NPATA) of $63m, up 47% year-on-year and 4% above consensus. Earnings margins are seen as expanding strongly, despite slight pressure on platform revenue margins from fee tiering and cash mix.

The analysts expect opex guidance of 18-20% growth to be reiterated, weighted to the 2H. Upside to flows and potential FY27 upgrades are also flagged. 

Target price is $100.60 Current Price is $76.57 Difference: $24.03
If HUB meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $112.14, suggesting upside of 40.0% (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

Citi rates JBH as Buy (1) -

On first look, Citi notes JB Hi-Fi's 1H26 results were in line with earnings (EBIT) of $454m, around -1% below the analyst's forecast but 1% above consensus. Sales missed but gross margin was a beat.

The trading update was soft with like for like sales for January up 2.4% in Australia and 2.7% for The Good Guys. Citi currently forecasts 2H26 like for like sales for Australia of 6% growth and The Good Guys of 4%.

The analyst notes the stock sold off heavily last week in anticipation of a weaker earnings outlook.

Buy. Target $110.

Target price is $110.00 Current Price is $76.68 Difference: $33.32
If JBH meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $103.50, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates JBH as Neutral (3) -

On UBS' early assessment, JB Hi-Fi's 1H26 net profit is in-line with consensus and 7% above its own estimate; Jan-26 LFL sales are softer in JB Australia and The Good Guys (cycling a strong pcp).

Operational cash flows of $609m is below UBS' estimate; conversion circa 115%; capex -$46.9m; and net cash (pre AASB16) $489.5m.

Today's result also offered the following trading update: Jan-26 LFL JB Aus up 2.4%, TGG up 2.7%, JB NZ up 16.7%, E&S down -7.9%; 2H store adds are JB Aus one, JB NZ two.

Neutral. Target $94.

Target price is $94.00 Current Price is $76.68 Difference: $17.32
If JBH meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $103.50, suggesting upside of 25.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates LNW as Buy (1) -

Citi previews Light & Wonder’s 4Q25 result, focusing on delivery of 2025 adjusted earnings (EBITDA) guidance. The required 25-38% fourth-quarter growth is seen as achievable, given 3Q25 growth of 18% and supportive industry data.

The low end of guidance appears reasonable, in the analyst's view.

The broker notes consensus sits near the bottom of the $1,430-1,470m earnings range. A valuation discount of around -30% to Aristocrat Leisure on FY26 PE is viewed as unjustified.

Citi retains a Buy rating and target of $175.00.

Target price is $175.00 Current Price is $138.03 Difference: $36.97
If LNW meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $212.71, suggesting upside of 48.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.9

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

Bell Potter rates NCK as Buy (1) -

Nick Scali announced a better than expected 1H26 net profit after tax, around 11% above Bell Potter and consensus expectations, with robust gross margins and revenue growth of 13% boosting operating leverage.

The 2H26 outlook was weaker, with A&NZ written sales orders up 3.1% y/y, a more subdued start to the half than anticipated, and cycling a strong Jan 2025 comp.

The broker adjusts net profit after tax forecasts down by -5% for FY26 and FY27 on the January update and softer A&NZ growth, with the target downgraded to $25 from $28 and no change to the Buy rating.

Target price is $25.00 Current Price is $18.48 Difference: $6.52
If NCK meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates NCK as Downgrade to Neutral from Buy (3) -

Upon further analysis of Nick Scali's interim results, Citi lowers its target to $19.20 from $27.95 and downgrades to Neutral from Buy, citing a tougher macro backdrop and slowing Australian sales. The broker sees EPS-accretive acquisitions as the key upside risk.

January written sales growth of just over 3%, and 3.2% for the order book, signals to the analysts moderation from stronger first-half trends. A&NZ growth is expected to soften further amid rate rises and tougher comparables. 

During the subsequent analyst call, management expressed encouragement with UK trading momentum, highlights the broker, indicating breakeven is likely in the near term while prioritising further store openings.

A summary of Citi's initial research on result's day follows.

In an initial assessment of today's interim result by Nick Scali, Citi notes profit of $41m beat guidance and consensus. A 39cps dividend also compares to the 32c expected by the market. Gross margin reached 65.4% (consensus 64.8%) with A&NZ expansion of 150bps.

The broker highlights stronger UK margins and disciplined costs. Management guided to six new A&NZ stores in FY26. UK January sales were robust, suggest the analysts, though 1H UK revenue lagged forecasts.

On the flipside, Citi feels investors may be underwhelmed by A&NZ January 2026 written sales growth of 3.1%, particularly given an easy comparative period.

Also, the current order book suggests to the broker current consensus 2H26 revenue expectations could prove optimistic amid rising interest rates.

Target price is $19.20 Current Price is $18.48 Difference: $0.72
If NCK meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates NCK as Outperform (1) -

Macquarie found the first half results from Nick Scali Strong with margin outperforming and revenue in line. Forecasts now reflect concerns about the Australasian consumer outlook but the broker still envisages value in the business along with the UK over the longer term.

The share price is up 7% since August, prior to this result, and the broker warns the market was expecting a better outlook, and ASX stocks that have missed earnings expectations have fallen around -22% on average. Target reduced to $21.60 from $29.30. Outperform maintained.

Target price is $21.60 Current Price is $18.48 Difference: $3.12
If NCK meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates NST as Buy (1) -

Northern Star Resources announced 1H26 results which were broadly in line with Bell Potter's expectations, except for the higher than anticipated impairment of -$77.6m on exploration assets versus -$24.7m in the prior year.

The delay of the Hemi project until the beginning of FY30 from March 2029 was the main announcement and is based on assumptions for permitting approvals and a final investment decision by the beginning of FY27.

The analyst raises the target to $35 from $31.10 and retains a Buy rating, but highlights how quickly management can fix the remaining disruptions to meet the downgraded guidance.

Target price is $35.00 Current Price is $28.37 Difference: $6.63
If NST meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $31.05, suggesting upside of 9.1% (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

Morgans rates NST as Downgrade to Accumulate from Buy (2) -

In the wake of interim results for Northern Star Resources, Morgans lowers its target to $30.50 from $33.00 and downgrades to Accumulate from Buy.

The result was broadly in line with the broker's forecasts, with production and cost revisions well flagged. Revenue of $3,414m and underlying EBITDA of $1,875m met expectations.

Hemi’s first gold has shifted to FY30, though this timing was already embedded in forecasts, explains the broker.

A fully franked dividend of 25c beat the analyst's forecast and sits toward the top of the 20-30% payout range.

Target price is $30.50 Current Price is $28.37 Difference: $2.13
If NST meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.05, suggesting upside of 9.1% (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

UBS rates OML as Buy (1) -

Upon first assessment, UBS finds oOh!media's 2025 performance is in line with recent guidance, but the 2026 outlook looks softer than consensus on revenue growth and gross profit margin (though some of this is likely priced in after share price weakness).

As far as segments go, Road and Retail revenues miss consensus, while Street & Rail beats; Fly is mixed (beat vs consensus but below UBS); UBS flags a tough 4Q25 due to the Auckland contract loss and weaker ad market conditions.

UBS expects focus on the call around “firmer” 2026 gross profit margin expectations and the extent of any recovery in ad demand after the weak finish to 2025.

Buy. Target $1.75.

Target price is $1.75 Current Price is $1.12 Difference: $0.63
If OML meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.67, suggesting upside of 52.9% (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

Bell Potter rates PDN as Buy (1) -

Paladin Energy announced 1H26 revenue up 79% to US$138m, which met Bell Potter's forecast, and cost of goods sold were US$91.3m ex depreciation, also broadly in line.

Finance costs were US$15m, which were higher than expected and was the main factor for the difference in the bottom line result of an underlying loss after tax of -US$6.6m.

Moving into 2H26, the analyst expects operations will rely more on mined ore than stockpiles and, barring any disruptions, Paladin could be in for an upgrade.

There is no change to the broker's Buy rating and $15.30 target price.

Target price is $15.30 Current Price is $11.68 Difference: $3.62
If PDN meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $11.93, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Citi rates SGP as Buy (1) -

Stockland announced 1H26 funds from operations of 13.5c, which was better than consensus and 2% above Citi's forecast.

At first glance, the analyst notes the beat reflected lower interest and tax, with FY26 guidance retained at 36-37c. Residential settlements were 13% above consensus and margins softer at 18.1%, which is indicative of a 2H26 skew.

Management announced 350MW of data centre power secured for two sites in Vic, as well as a 50:50 land lease partnership with an existing investor.

Citi expects the stock to react positively to the results.

Buy. Target $6.90.

Target price is $6.90 Current Price is $5.17 Difference: $1.73
If SGP meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $6.17, suggesting upside of 16.7% (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

UBS rates SGP as Neutral (3) -

It is UBS' early assessment Stockland's 1H26 beats on FFO (helped by stronger MPC settlements), while guidance is unchanged.

Commentary highlights Development EBIT at $106m is ahead of its own forecast as MPC settlements reach 3,168 (up 60% y/y), though UBS notes higher JV/PDA “leakage” (57% of lots) than expected; investment FFO 296m (slightly below UBS) with comp FFO growth of

NTA is $4.25; gearing 28.1% (within 20–30% target). Management has re-affirmed FY26 FFOps guidance for 36.0–37.0cps and DPS 25.2c; still targeting circa 9,000 residential settlements in FY26 (MPC 7,500–8,500).

UBS is now looking for outlook commentary given a 2H settlement skew (60% at midpoint) with 5.5k contracts on hand, and detail on data-centre power plans after secured DC power is lifted to 450MW from more than 100MW (timing/capex).

Neutral. Target $5.82.

Target price is $5.82 Current Price is $5.17 Difference: $0.65
If SGP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.17, suggesting upside of 16.7% (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

UBS rates STO as Buy (1) -

Santos’ December Reserves Statement sees modest additions to reserves in PNG and the Cooper basin with the company finishing 2025 with 17 years of 2P reserve life.

Given FY25 cashflows and 2026 guidance are already pre-released, UBS considers next week’s 2025 result substantially de-risked. This allows the focus of the result to be on major project updates at Barossa LNG and Pikka oil, currently in commissioning in Alaska.

And to turn focus to higher dividend payouts from the second half of 2026 onwards. Buy and $7.80 target retained.

Target price is $7.80 Current Price is $6.70 Difference: $1.1
If STO meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Bell Potter rates TTT as Speculative Buy (1) -

Titomic has signed a space agreement with NASA whereby NASA will test and evaluate components produced using the TKF cold spray technology.

Bell Potter understands the program should be completed this year and results will extend the qualification process with US defence contractors and other aerospace operators in the supply chain.

The broker points out the stock provides leverage to the emerging application of the technology in additive manufacturing for defence, aerospace and natural resources.

The technology has several advantages over traditional casting and forging. Speculative Buy rating and $0.50 target unchanged.

Target price is $0.50 Current Price is $0.22 Difference: $0.28
If TTT meets the Bell Potter target it will return approximately 127% (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 TWE as Sell (5) -

On first look, Citi notes Treasury Wine Estates reported a 1H26 statutory net loss of -$649.4m, which was a miss. The analyst forecast a loss of -$554.1m and consensus -$169.1m.

Earnings (EBIT) of $236.4m met expectations and was above consensus, but that could be attributed to analysts updating forecasts post last week's update, the analyst explains.

Management's cost out target of $100m per annum over the next 2-3 years is doing well and more details are anticipated at the June 4 investor day.

Citi does not believe there is a lot of new news in the earnings report, with the market likely to focus on cost outs and lowering leverage, as well as how swiftly California post RNDC improves.

Sell. Target $4.80.

Target price is $4.80 Current Price is $5.24 Difference: minus $0.44 (current price is over target).
If TWE meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.02, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

UBS rates TWE as Sell (5) -

At first glance, Treasury Wine Estates' 1H26 EBITS is in line with updated guidance. UBS observes FY26 divisional guidance is broadly in line with consensus, but the broker flags weaker margins/cash conversion and the dividend is cut to zero.

In terms of divisions, Penfolds EBITS $201m (margin 40.1%, -479bps); Americas EBITS $44m (margin 15.5%, -1500bps); Collective EBITS $28.1m (margin 5.5%, -423bps); Corporate EBITS -$36.7m.

Commentary points out FY26 guidance includes Penfolds EBITS of $400m with 40% margin, Americas EBITS of $90m (ex RNDC impact), Collective 2H EBITS in excess of 1H; cash conversion to be lower in 2H; and capex of -$125m.

Also, management has indicated dividends to resume only subject to performance and leverage improvement.

Sell. Target $4.75.

Target price is $4.75 Current Price is $5.24 Difference: minus $0.49 (current price is over target).
If TWE meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.02, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Ord Minnett rates VFY as Speculative Buy (1) -

Management at Vitrafy Life Sciences continues to execute on commercialisation while managing cash burn effectively, Ord Minnett assesses, following interim results.

The partnership with IMV Technologies (a global provider of assisted reproduction and cryopreservation solutions) is seen as validation of the cryopreservation platform. 

The broker sees Animal Health providing capital-light expansion, allowing focus on higher-value Human Health markets. A US Army Phase 2 readout in the 2H26 is viewed as a potential inflection point.

Ord Minnett retains a Speculative Buy rating and raises its target to $2.50 from $2.30.

Target price is $2.50 Current Price is $1.71 Difference: $0.79
If VFY 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

Macquarie rates WBC as Underperform (5) -

Westpac beat first quarter expectations yet Macquarie points out peers delivered stronger relative outperformance, as lower costs were partially a timing issue.

The negative funding gap contributed to the relative margin underperformance, as lending growth outpaced deposit growth by around $10bn, the broker adds.

Given execution risk around major technology transformation Macquarie believes the current valuation does not adequately reflect the risk and retains an Underperform rating. Target is unchanged at $35. First half results are due May 5.

Target price is $35.00 Current Price is $40.52 Difference: minus $5.52 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.97, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley notes sound operating trends at Westpac in the first quarter where the cash profit was 4% above forecasts.

The trading update has not materially changed the broker's view on the outlook, as the share price moved over recent days to factor in a better result.

Morgan Stanley believes the bank's aim to win back natural market share limits the potential for a positive surprise on margins or costs this year. FY26-28 cash EPS estimates are upgraded by 2-3%.

Underweight. Target is raised to $35.70 from $34.50. Industry view is In-line.

Target price is $35.70 Current Price is $40.52 Difference: minus $4.82 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.97, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

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

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

While Westpac’s 1Q26 update revealed broadly flat earnings, they were ahead of Morgans' 1H expectations.

Net interest income (NII) rose 2%, costs were well controlled and credit conditions remained benign, highlights the broker. It's thought the CET1 ratio of 12.3% provides capital flexibility, with a special dividend possible.

The broker lifts loan growth and lowers impairment assumptions, driving 5-8% EPS forecast upgrades across FY27-28. While net interest margin (NIM) pressure persists, productivity savings are expected to offset expense growth.

Target raised to $35.12 from $32.20. Rating upgraded to Trim from Sell given an improved total shareholder return (TSR), based on the difference between the share price and the broker's target.

Target price is $35.12 Current Price is $40.52 Difference: minus $5.4 (current price is over target).
If WBC meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.97, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Ord Minnett rates WBC as Sell (5) -

Westpac’s December quarter delivered 6% profit growth, with solid loan volumes offsetting a -3bp fall in underlying net interest margin (NIM) to 1.79%, explains the analyst at Ord Minnett.

Net interest income (NII) rose 2%, outweighing weaker markets income, while impairment charges remained low at -6bps, highlights the broker. It's also noted CET1 capital of 12.3% stayed well above regulatory minimums.

The broker lifts its FY26-28 EPS forecasts for the bank by between 2-3% on lower bad debts and stronger system growth. However, Unite program costs and margin pressure are expected to weigh over the next two years.

Ord Minnett retains a Sell rating and target of $31.00.

Target price is $31.00 Current Price is $40.52 Difference: minus $9.52 (current price is over target).
If WBC 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 $35.97, suggesting downside of -11.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

UBS rates WBC as Neutral (3) -

Westpac's 1Q26 update showed the bank is run-rating ahead of consensus. Costs were the key standout for UBS , down -5% versus the prior half, with management pursuing productivity savings of more than $500m in FY26, with some of this driving UBS' earnings upgrades.

Expectations for Westpac have been raised, with a focus on achieving a return on tangible equity above the peer average of approximately 13% and reducing the cost-to-income ratio below the peer average of 46%. However, UBS believes further progress is required to meet these benchmarks.

Neutral and $40 target retained.

Target price is $40.00 Current Price is $40.52 Difference: minus $0.52 (current price is over target).
If WBC 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 $35.97, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates WJL as Hold (3) -

Morgans lowers its target for Hold-rated Webjet Group to 61c from 90c given takeover discussions with Helloworld Travel ((HLO)) and BGH Capital have ceased.

The focus now returns to the fundamentals of the business which look challenged in the near term, suggests the analyst.

Management has downgraded FY26 EBITDA guidance by -7-9% to $28-29m, implying to the broker an -18% year-on-year decline. An up to $25m buyback will commence from March.

Morgans highlights ongoing earnings uncertainty amid structural pressures and reinvestment. Consumers booking direct and elevated fees raise concerns, with FY27 consensus seen as too optimistic.

Target price is $0.61 Current Price is $0.58 Difference: $0.03
If WJL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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

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

Ord Minnett lowers its target for Webjet Group to 67c form $1.15, after reducing its FY26-28 EPS forecasts by between -15-35%, and downgrades to Hold from Buy following a double setback.

Takeover talks with Helloworld Travel ((HLO)) and BGH Capital have ceased and management lowered FY26 earnings guidance by -13% to $28-29m, or $27-28m including Webjet Business Travel losses.

The analysts believe weaker domestic airline bookings and execution of a longer-term strategic plan will weigh on near-term earnings. While bidders could return, the probability of a deal is considered low.

Target price is $0.67 Current Price is $0.58 Difference: $0.09
If WJL meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates WTC as Buy (1) -

WiseTech Global's interim results are due on February 25. Citi expects earnings (EBITDA) of $263m, up 37% year-on-year and 7% above consensus.

The broker sees upside risk to Cargowise growth from stronger freight volumes with 26% second-half acceleration for revenue, though transitional pricing protection may temper FY26 and FY27 momentum.

The analysts note E2open revenue could outperform declining forecasts, while hiring trends suggest margin upside despite integration costs and lower standalone headcount. 

Buy rating and $109.15 target price retained.

Separately, Citi notes WiseTech’s share price fell -11% on Friday, underperforming software peers on AI disruption and competitive concerns.

It's felt WiseTech is well placed to support large forwarders through AI deployment. Bundling functionality into a transaction-based pricing model is also seen limiting competitive threats from lower-cost alternatives, explains the analyst.

Target price is $109.15 Current Price is $42.62 Difference: $66.53
If WTC meets the Citi target it will return approximately 156% (excluding dividends, fees and charges).

Current consensus price target is $110.16, suggesting upside of 129.0% (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: 1.0

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