Australian Broker Call

Macquarie rates 360 as Outperform (1) -

Macquarie assesses recent hiring signals expansion in advertising capability in the second half of FY26 and into FY27 for Life360.

Recent job advertisements suggest the company is looking to build out the programmatic/CTV advertising business, building on the functionality acquired in the Fantix & Nativo acquisitions.

This drives the broker's revenue growth assumptions in FY27. The Apple Watch app was launched in July and presents a subscription tailwind although it will not impact the second quarter result.

Estimates for EPS are revised up 2% for 2026. Target is reduced to $31.10 from $33.10 and an Outperform rating is reiterated.

Target price is $31.10 Current Price is $25.56 Difference: $5.54
If 360 meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $31.41, suggesting upside of 11.0% (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

Citi rates A2M as Neutral (3) -

Post a visit to China last week, Citi still sees some work to be done to fully address and solve the supply chain issues. The analyst observed a step up in customer acquisition costs.

Trial tin stock pricing was down -20% since the last visit in May, which infers to the broker that either channel partners or a2 Milk are lowering prices to attract new customers.

The broker continues to see downside risks to FY27 earnings forecasts from issues related to the supply challenges, albeit they are resolved.

Neutral rated and Target $7, unchanged.

Target price is $7.00 Current Price is $6.86 Difference: $0.14
If A2M meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.94, suggesting upside of 17.1% (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: 0.6

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

Morgans rates AIH as Buy (1) -

As a result of the ongoing war in the Middle East, Advanced Innergy has downgraded FY26 prospectus earnings (EBITDA) outlook by -34% against the original guidance to around GBP20m.

The war has continued to affect the start of scheduled work, a timing issue, projects delayed not cancelled, Morgans explains, as well as some impacts from rising costs on the gross margin.

The size of the downgrade is described as "material" and well in excess of any expectations. As a result, leverage also rises to 2.5x versus the debt covenant of 2.75x, albeit management expects it to decline to less than 2.0x by the end of 2026.

FY26 earnings (EBITDA) forecast has been cut by -34% and FY27 by -15%.

Target price falls to 85c from $1.25. No change in Buy rating due to strong cyclical growth outlook in the subsea oil and gas market, as well as growth in offshore wind and EV batteries.

Target price is $0.85 Current Price is $0.40 Difference: $0.45
If AIH meets the Morgans target it will return approximately 112% (excluding dividends, fees and charges).

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

This company reports in GBP. 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

Ord Minnett rates BC8 as Buy (1) -

According to Ord Minnett, Black Cat Syndicate announced a mixed June quarter update. Paulson's had record gold production but Kal East generated lower volumes due to the shift to the Fingals and Majestic mines, the analyst states.

Management has deferred FY27 guidance to the FY26 result in August with the growth strategy under review.

EPS forecasts are raised by 6.9% for FY26. Lower production volumes assumptions from a slower ramp up to higher grades results in EPS forecasts for FY27 cut by -19.2% and FY28 by -9.3%.

No change in Buy rating and $1.60 target price.

Target price is $1.60 Current Price is $0.91 Difference: $0.69
If BC8 meets the Ord Minnett target it will return approximately 76% (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 BHP as Neutral (3) -

Citi expects iron ore prices to remain in a trading range between US$95/t–US$100/t and retains a 3-month target price of US$100/t.

Notably, downstream demand in China remains soft albeit the analyst sees some indications the market is stabilising and an expected restocking by end-users is considered as likely to push prices back towards the target.

BHP Group remains Neutral rated on valuation grounds. The analyst points out the reshaping of the portfolio is likely to boost copper to around 50% of earnings (EBITDA) in FY26 from around 25% over the last five years.

The ramp-up of Jansen potash project in 2027 is also anticipated to further diversify earnings and commodity mix from iron ore, traditionally the dominant earnings driver.

Target $63.

Target price is $63.00 Current Price is $60.72 Difference: $2.28
If BHP meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $60.88, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.2

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

Bell Potter rates C79 as Buy (1) -

Ahead of the FY26 result, Bell Potter is forecasting underlying EBITDA of $28.9m for Chrysos. The focus will be on FY27 revenue guidance and deployments, the latter seen as a key driver of a re-rating.

The 23 lease agreements secured in FY26 are considered significant, reflecting an acceleration in industry adoption while earnings growth hinges on timely deployments.

The broker is not aware of any downward revisions to 2026 exploration budgets from major and intermediate copper and gold producers and reiterates a Buy rating for the stock. Target is reduced to $7.80 from $9.00 to apply a higher weighted-average cost of capital.

Target price is $7.80 Current Price is $5.96 Difference: $1.84
If C79 meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates CRN as Neutral (3) -

Coronado Global Resources provided a strong June quarter, UBS observes, as production and realised pricing along with unit costs were materially better compared with the prior quarter.

There are encouraging signs the Curragh reset is delivering better operating performance and the expansion of Buchanan is now complete. The broker updates estimates and trims EPS amid revised realisation and cost assumptions.

Consistent delivery is now required, UBS adds, to underpin a more attractive risk/reward. Neutral rating and $0.21 target unchanged.

Target price is $0.21 Current Price is $0.18 Difference: $0.035
If CRN meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 44.4% (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

UBS rates CSC as Buy (1) -

Capstone Copper delivered a solid second quarter, with results broadly in line with UBS' expectations and FY26 guidance reaffirmed despite concerns over higher sulphuric acid costs and potential cathode constraints.

The broker notes changes at Mantoverde will shift production towards higher-margin sulphides, while hedging and operational initiatives have reduced exposure to diesel and sulphuric acid price volatility.

Operational performance across the portfolio remained resilient, with stronger contributions from Cozamin helping offset weaker production at Pinto Valley and lower grades at Mantos Blancos. 

UBS reiterates its Buy rating and a slightly lower target price of $17.50 from $18. 

Target price is $17.50 Current Price is $13.63 Difference: $3.87
If CSC meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $17.08, suggesting upside of 20.5% (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: 1.0

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

Morgans - Cessation of coverage

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

Bell Potter rates CWP as Buy (1) -

Bell Potter takes a look at the earnings longevity of Cedar Woods Properties, amid residential headwinds. The business is considered well-placed for the long-term via exposure to first home buyers and amid structural undersupply.

Earnings appear largely de-risked for FY27 despite a softening in sales and enquiries. Regardless of whether interest rates will move lower, which benefits developers, the company is seen delivering around 6% earnings growth while trading at 8.4x a 1-year forward PE.

Bell Potter retains a Buy rating and $9.30 target.

Target price is $9.30 Current Price is $6.85 Difference: $2.45
If CWP meets the Bell Potter target it will return approximately 36% (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 CYL as Buy (1) -

UBS continues to like Catalyst Metals as a low-capital-expenditure growth story. The company has detailed the potential to expand capacity at the Plutonic mill, possibly to 2.5mtpa-3mtpa at a cost of -$50m-$75m.

The broker expects updates on progress towards a final investment decision. Recently acquired hedging could also be part of risk management for an upcoming investment cycle and bolsters confidence an FID may be delivered soon.

FY27 guidance and an updated 10-year outlook will be provided in September. Buy rating and $9 target.

Target price is $9.00 Current Price is $5.76 Difference: $3.24
If CYL meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $11.94, suggesting upside of 105.9% (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

Ord Minnett rates DXS as Hold (3) -

Dexus has sold 480 Queen St, Brisbane for $700m which amounts to total office sales of $1.3bn in 2026, Ord Minnett points out.

The net sale price of $657m came in around -4% discount to its book value at the end of 2025. This is better than expected. The analyst had forecast a -8% discount.

Funds from the divestment are expected to lower gearing by -1% point and assist with the aim to recycle capital into higher-returning plans.

Target price is lifted to $6.35 from $6.30 with no change in Hold rating.

Target price is $6.35 Current Price is $6.00 Difference: $0.35
If DXS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 7.0% (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 EPI as Speculative Buy (1) -

Morgans observes Epiminder's FY26 operational progress remains robust with 50 Detect patients in July, which sits above guidance. Twenty leading US centres are now enrolling and management has pointed to 210 by the end of 1H2027.

FY26 cash burn came in lower than Morgans' expected at -$45m-$48m which indicated the company has reached peak Detect and G1 spend. Costs are anticipated by management to decline substantially in FY28.

US Medicare proposed 2027 reimbursement of US$31.6k is noted as 14% higher than 2026. The broker believes this offers additional support for the assumed average selling price of US$25k.

No change to Speculative Buy rating and $2.23 target price. Cash burn and earnings (EBIT) forecasts for FY27 are raised.

Target price is $2.23 Current Price is $0.34 Difference: $1.895
If EPI meets the Morgans target it will return approximately 566% (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 FHE as Speculative Buy (1) -

Frontier Energy was intent on securing funding for early works at its Waroona energy project in the June quarter and announced a $110m equity raising.

Due diligence and documentation are expected to be finalised by October after project finance debt facilities of up to $280m were approved.

Bell Potter considers the business well funded for stage 1 and retains a Speculative Buy rating, with the target edging down to $0.30 from $0.35.

Target price is $0.30 Current Price is $0.19 Difference: $0.115
If FHE meets the Bell Potter target it will return approximately 62% (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

Morgan Stanley rates FMG as Underweight (5) -

Fortescue delivered record FY26 shipments of 201.3mt and hematite costs of US$18.74/wmt, within guidance. However, FY27 cost guidance of US$20.50-21.75/wmt is 7.8% above consensus at the midpoint and 13% above FY26, or 8.5% higher adjusting for US$0.80/t FX impact, with the balance from higher diesel, wages, and inflation.

Morgan Stanley believes the cost reset is also consistent with rising work index across hematite operations, including longer haul distances, likely increasing absolute diesel consumption.

Iron Bridge’s ramp-up has slipped again and capital requirements remain elevated. Together, Morgan Stanley suggests Fortescue 's outlook points to a materially weaker earnings profile.

Target falls to $15.55 from $17.25, Underweight retained. Industry view: Attractive.

Target price is $15.55 Current Price is $17.80 Difference: minus $2.25 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.97, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.1

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

Morgan Stanley rates FPR as Overweight (1) -

FleetPartners Group has received a $3.60/share takeover offer from SG Fleet ((SGF)) – unsolicited, indicative, non-binding and conditional. The offer represents a 27% premium to the $2.83 last close share price.

Proposal appears to come after FleetPartners has turned the corner on system changeover headwinds, Morgan Stanley suggests, while noting Mitsubishi Motors is a 20% shareholder of FleetPartners.

Overweight and $3.50 target retained. Industry view: In Line.

Target price is $3.50 Current Price is $3.32 Difference: $0.18
If FPR meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in September.

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 GEM as Neutral (3) -

Macquarie retains a Neutral rating for G8 Education ahead of the first half results, given a challenging backdrop.

The broker remains cautious until there is an improvement in occupancy and industry fundamentals. Target is reduced to $0.16 from $0.40.

Target price is $0.16 Current Price is $0.16 Difference: $0.005
If GEM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

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

Macquarie rates GQG as Neutral (3) -

Macquarie retains a Neutral rating for GQG Partners ahead of the first half results, anticipating net outflows will continue for the next 1-2 years although the stock appears to have priced in most of this risk.

Its relative performance deteriorated again over the June quarter with funds positioned defensively. Target is steady at $1.35.

Target price is $1.35 Current Price is $1.37 Difference: minus $0.02 (current price is over target).
If GQG meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.80, suggesting upside of 28.7% (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: 0.5

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

Macquarie rates HUB as Outperform (1) -

Macquarie reiterates an Outperform rating for Hub24 ahead of the FY26 results, anticipating a report in line with consensus estimates.

Given the resilient medium-term outlook and challenging backdrop, the broker suspects the stock may perform well on the day despite producing results that are in line.

Macquarie prefers Netwealth Group, given its discounted valuation. The target for Hub24 is reduced to $95.60 from $97.00.

Target price is $95.60 Current Price is $85.71 Difference: $9.89
If HUB meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $102.14, suggesting upside of 18.2% (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

Macquarie rates IEL as Underperform (5) -

Macquarie reiterates an Underperform rating for IDP Education ahead of the FY26 results, amid continued volume weakness. The company has already guided to FY26 and the focus is now on FY27.

The broker's revised EPS estimates are -16% below consensus because of deteriorating student placement volumes, given poor policy settings in the UK, elevated visa rejection rates in Australia and "poor" sentiment to foreign students in Canada. Target is reduced to $2.15 from $2.30.

Target price is $2.15 Current Price is $2.28 Difference: minus $0.13 (current price is over target).
If IEL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.60, suggesting upside of 53.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates IMD as Buy (1) -

Bell Potter reviews the exploration expenditure intentions of major and intermediate copper and gold producers and remains unaware of any downward revisions to 2026 exploration budgets.

For Imdex, the broker is forecasting underlying EBITDA of $157m and underlying net profit of $55.3m. Profitability will be the focus at the FY26 results as operating leverage benefits and cost base growth may have a meaningful influence on margins.

A Buy rating is reiterated. Target is reduced to $4.60 from $5.10 after applying a higher weighted average cost of capital.

Target price is $4.60 Current Price is $3.75 Difference: $0.85
If IMD meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.84, suggesting upside of 29.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates MEI as Speculative Buy (1) -

Meteoric Resources announced the definitive feasibility study for the Caldeira project, which reflects a 20-year mine life and annual production of around 4kt of NdPr and 130ktpa of DyTb.

Initial capex is noted at -US$498m and the study is considered by Ord Minnett as a major de-risking event for the stock.

The analyst estimates around US$578m of total funding, with some US$260m in equity funding anticipated for 1H2027.

No change to Speculative Buy. Target price rises to 25c from 22c.

Target price is $0.25 Current Price is $0.19 Difference: $0.06
If MEI meets the Ord Minnett target it will return approximately 32% (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

Macquarie rates MFG as Underperform (5) -

Macquarie reiterates an Underperform rating for Magellan Financial ahead of the FY26 results, given a premium valuation versus peers, slowing Barrenjoey growth and accelerating outflows after the global equities transition to Vinva.

The broker envisages downside risk to consensus EPS estimates because of lower associate profits. Target is raised to $7.50 from $7.00.

Target price is $7.50 Current Price is $9.70 Difference: minus $2.2 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.59, suggesting downside of -4.6% (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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X announced its June quarter update which showed management continued to focus on moving its funding development programs forward and achieving several major technical milestones, Morgans highlights.

Head CT started its first human imaging pilot study and received $1.5m in milestone payments. The full body CT moved to manufacture a prototype and received a $1.6m milestone payment.

Airport security checkpoint received a $1.3m extension to speed up the AI and threat detection software development from the US Department of Homeland Security.

The analyst notes customer receipts were much lower than anticipated at $0.2m. Revenue forecasts for FY26 are lowered by -15.6% due to the 4Q sales update. The net loss is now forecast to rise to -$10.3m from -$6.9m.

Speculative Buy retained with a lower target price of 8c, down from 15c.

Target price is $0.08 Current Price is $0.03 Difference: $0.052
If MX1 meets the Morgans target it will return approximately 186% (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 NTU as Speculative Buy (1) -

Ongoing progress of feed activities at Brown Range before the expected final investment decision in the September quarter characterised Northern Minerals' June quarter update, according to Ord Minnett.

The company finished the period with cash of around $34m. Management continues to aim for Dec quarter 2028/Jan quarter 2029 for first production, which is contingent upon financing being secured.

A share register overhang remains an issue, the broker highlights with the Treasurer ordering the disposal of around -18% of the company's issued capital post a FIRB review of shareholders.

The Chinese shareholders are not permitted to vote while the issues are being addressed.

Speculative Buy and 5c target price are retained.

Target price is $0.05 Current Price is $0.03 Difference: $0.024
If NTU meets the Ord Minnett target it will return approximately 92% (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 NWL as Outperform (1) -

Macquarie reiterates an Outperform rating for Netwealth Group ahead of the FY26 results. The company has already provided FY27 margin data and the broker considers the FY26 results de-risked.

Given the resilient medium-term outlook and challenging backdrop, Macquarie suspects the stock may perform well on the day despite producing results that are in line.

Netwealth Group is preferred to Hub24, given the discounted valuation. Target is raised to $32.60 from $32.25.

Target price is $32.60 Current Price is $22.43 Difference: $10.17
If NWL meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $28.89, suggesting upside of 24.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates PFP as Outperform (1) -

Macquarie reiterates an Outperform rating for Propel Funeral Partners ahead of the FY26 results.

The long-term fundamentals remain attractive and the capacity on the balance sheet should support M&A and EPS accretion, the broker adds.

Target is reduced to $5.40 from $5.50.

Target price is $5.40 Current Price is $3.27 Difference: $2.13
If PFP meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $4.78, suggesting upside of 43.2% (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 PPT as Outperform (1) -

Macquarie reiterates an Outperform rating for Perpetual ahead of the FY26 results, noting scope for additional cost cutting above the current plans.

Macquarie is confident new management is working towards a more appropriate cost base to reflect the current scale of the business and raises the target to $25.00 from $24.50.

Target price is $25.00 Current Price is $18.67 Difference: $6.33
If PPT meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $21.78, suggesting upside of 17.2% (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

Macquarie rates PXA as Outperform (1) -

Macquarie reiterates an Outperform rating for Pexa Group ahead of the FY26 results. The company is expected to report underlying profit at the top end of prior guidance.

The IPART draft report suggests -20% in price cuts and the broker expects some, or all of this, will be offset by reduced price cuts in the final report as well as ancillary/unregulated product revenue. Target is $14.85, reduced from $16.00.

Target price is $14.85 Current Price is $7.42 Difference: $7.43
If PXA meets the Macquarie target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $12.26, suggesting upside of 61.3% (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 QAL as Outperform (1) -

Macquarie reiterates an Outperform rating for Qualitas ahead of the FY26 results. The stock is the broker's preferred pick among asset managers amid strong fundraising and robust investment track record.

The business is seen consistently delivering robust EPS growth and fund performance throughout the cycle and the target is steady at $3.95.

Target price is $3.95 Current Price is $3.02 Difference: $0.93
If QAL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.88, suggesting upside of 22.5% (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

Citi rates RIO as Neutral (3) -

Citi expects iron ore prices to remain in a trading range between US$95/t–US$100/t and retains a 3-month target price of US$100/t.

Notably, downstream demand in China remains soft albeit the analyst sees some indications the market is stabilising and an expected restocking by end-users is considered as likely to push prices back towards the target.

The analyst expects copper volume growth at Oyu Tolgoi and higher copper prices to assist earnings in the near-to-medium term. Simandou iron ore ramp-up is also expected to assist earnings growth.

Rio Tinto's aluminium business should receive a "net benefit" from higher global supply versus demand.

The target $171. Neutral rating.

Target price is $171.00 Current Price is $169.50 Difference: $1.5
If RIO meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $170.25, suggesting downside of -1.0% (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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global's US revenue grew 16% in the fourth quarter with net operating cash outflows of -$700,000.

Bell Potter notes 40 multi-year brokerage deals completed in the quarter, following on from the multi-year strategic partnership signed with RE/MAX in the third quarter.

The broker adjusts revenue growth forecasts slightly lower, given the prospect of rising interest/mortgage rates. The target is lowered to $0.07 from $0.10, being sensitive to growth drivers and cash flow.

Commentary explains the main driver of shareholder value remains the US market where a decline in interest rates could potentially drive a lift in house sales and by extension activity on the company's platform and subscriptions. Speculative Buy retained.

Target price is $0.07 Current Price is $0.03 Difference: $0.045
If RMY meets the Bell Potter target it will return approximately 180% (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 SKS as Accumulate (2) -

SKS Technologies announced FY26 unaudited revenue, up 33% y/y, some 2% above guidance.

Morgans also points to improved operating leverage with FY26 earnings (EBIT) of $39.3m, some 15% above forecasts. Profit before tax of $39.3m, up 88.9%, also beat the analyst's forecast by around 15%.

Management achieved scale benefits off higher revenue growth over 2H26 with the ramp-up of work on Stack's Mel02 project, the project notes. Profit before tax margins rose 330bps y/y to 11.3%, some 10% above guidance.

The recent AirTrunk Mel2 early-stage works contract, confirms to the broker, the group has a robust outlook for the year ahead. FY27 work in hand is at a near-record of around $312m. Pipeline of tendered work stands at around $1.2bn, of which around $1bn are data centres.

Profit before tax forecasts are raised by 14%-20% for FY26-FY28. No change to Accumulate rating. Target price rises to $9.40 from $8.95.

Target price is $9.40 Current Price is $7.99 Difference: $1.41
If SKS meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates TCL as Neutral (3) -

The finalisation of the NSW toll reform removes a major overhang for Transurban Group with what Citi describes as a "neutral" outcome.

Notably, the new toll road package sustains the net present value of existing contracts, in spite of lower toll revenues, the analyst explains.

The broker notes the improved economics are supported by bringing forward $600m of future promissory note proceeds, government funding for the M7-M2 widening, and staged equalisation payments between the parties.

Distribution guidance for FY26 remains unchanged, importantly, while June traffic growth of 3.8%, or 2.4% ex-Westgate Tunnel indicates reasonably solid demand against a challenging macro backdrop, the broker comments.

Neutral rated. Target slips to $15.60 from $15.80.

Target price is $15.60 Current Price is $14.96 Difference: $0.64
If TCL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.33, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

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

Morgan Stanley, on an initial read, views new NSW toll reform agreements as a net positive for Transurban Group. For FY29, the broker estimates net toll revenue foregone of -2.0cps and incremental funding costs of -1.5cps, versus equalisation payments of 4.5cps.

Transurban and co-investor agreements with the NSW Government are subject to definitive agreements, conditions precedent, financier consents, and regulatory approvals, e.g. planning approval for the M7-M2 widening, Morgan Stanley notes.

Qualitatively, the broker thinks the negotiation sets no adverse precedent and reduces the small uncertainty overhang. Equal-weight and $14.68 target retained. Industry view: In Line.

Target price is $14.68 Current Price is $14.96 Difference: minus $0.28 (current price is over target).
If TCL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -3.8% (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

Ord Minnett rates TCL as Hold (3) -

The NSW Government announced the details of its toll review including, but not limited to, price reductions of -10% to -20% across M2, M7, Lane Cove Tunnel and Cross City Tunnel.

On balance, Ord Minnett believes the value of Transurban Group's toll concessions are not expected to be impacted with management anticipating no negative flow-on to the near-term distributions.

After years of uncertainty, the announcement is a positive step to remove uncertainty with Sydney assets around 50% of the toll road company's revenues.

June traffic rose 3.8% y/y and July has continued the trend which suggests to the analyst traffic growth has improved to one of the most robust levels in 2026. Hold rating and $14.40 target are retained.

Target price is $14.40 Current Price is $14.96 Difference: minus $0.56 (current price is over target).
If TCL meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -3.8% (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

UBS rates TCL as Neutral (3) -

Transurban Group has reached agreement with the NSW and UBS views the result positively, noting it removes a major uncertainty that has weighed on the stock for some three years and avoids more radical reforms that could have materially impacted value.

While Transurban believes the package is broadly neutral to net present value and near-term distributions, the broker notes valuation outcomes remain difficult to quantify given uncertainties around traffic growth, taxation and infrastructure delivery.

The agreement includes the early settlement of around $600m in concession and promissory notes, although the accounting treatment could prove neutral or modestly negative depending on investor interpretation.

The NSW Government will also fully fund the widening of the M7-M2 corridor, providing future traffic benefits, albeit the analyst notes this effectively brings forward value that may otherwise have accrued outside the reform package.

No change to Neutral rating and $14.50 target.

Target price is $14.50 Current Price is $14.96 Difference: minus $0.46 (current price is over target).
If TCL meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.33, suggesting downside of -3.8% (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 TWE as Buy (1) -

Post a visit to China, Citi highlights offline pricing for Penfolds is up marginally from the May visit but remains down y/y. The analyst believes the pause on the Bin 407 shipments should assist with lifting prices and demand over FY27.

While the broker observed some pressure on shelf space and promotional activity, it believes the company's ongoing portfolio simplification and margin expansion strategy should drive a stronger, more focused business.

Buy rating retained. Target unchanged at $5.50.

Target price is $5.50 Current Price is $5.22 Difference: $0.28
If TWE meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates VGL as Neutral (3) -

Vista International has lifted FY26 revenue guidance by 1% to NZ$182m, citing a strong first half and favourable macro conditions including foreign exchange.

Macquarie notes the company paints an "optimistic" picture of US box office outcomes for the remainder of the year.

The company has also indicated major customer gains over May and June have reinforced demand for Vista Cloud.

North American exhibition attendances stabilised in the first half although have declined over the medium term, the broker adds, while the market appears to have adjusted platform assumptions to supportable levels.

Neutral maintained. FY26 EPS estimates are raised by 18% and FY27 by 50%. Target is lifted to NZ$2.51 from NZ$1.82.

Current Price is $2.17. Target price not assessed.

Current consensus price target is $2.97, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

Ord Minnett rates VGL as Buy (1) -

Ord Minnett views Vista International's 1H26 result as "solid" with a positive change to box office, forex and customer migration momentum, the analyst states.

Market share grew to 48% from 46% and has improved the 2026 site goals. The broker expected FY26 revenue to come in at the upper end of guidance with better box office metrics and improved forex outlook.

Buy rated with a slightly lower target of $2.97 from $2.99.

Target price is $2.97 Current Price is $2.17 Difference: $0.8
If VGL meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.97, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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

UBS rates VGL as Buy (1) -

Vista International has outperformed the NZX50 by almost 25% over the last three months, UBS observes, amid a recovery in the box office and success at building a large backlog of cloud customers.

Momentum is expected to continue and the broker factors in higher market share gains and payment contributions in 2027 and 2028.

The company reported first half revenue of NZ$86m and EBITDA of NZ$12.4m. Revenue guidance has been increased to NZ$179m-$184m for 2026.

UBS retains a Buy rating and increases the target to NZ$2.95 from NZ$2.50.

Current Price is $2.17. Target price not assessed.

Current consensus price target is $2.97, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in December.

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: 0.7

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