Australian Broker Call

Citi rates 360 as Buy (1) -

Life360 reported 2025 earnings that were ahead of Citi's estimates and ahead of the guidance that was provided in January. Guidance for 20% year-on-year growth has been reiterated.

At first glance, the broker points out a key concern among investors had been 2026 guidance and suspects this may be upgraded, given the company has a track record of upgrading guidance throughout the year.

Citi has a $40.75 target on the stock with a Buy rating. Target for Nasdaq listing is US$82.25.

Target price is $40.75 Current Price is $24.72 Difference: $16.03
If 360 meets the Citi target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $47.69, suggesting upside of 134.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Bell Potter rates 6KA as Speculative Buy (1) -

6K Additive’s inaugural 2025 result reflected improved second half momentum, with revenue of US$17.7m in line with Bell Potter's expectations.

Earnings (EBITDA) of -US$9.6m (negative) came in better than forecast and NPAT of -US$17.9m (loss) below estimates.

A stronger 2H performance was driven by new nickel powder capacity, resilient refractory alloy powder demand and repositioning of the domestic alloy additions business, with cash of US$29.5m and no debt at 31 December 2025.

Management is progressing a fivefold expansion of US spherical powder capacity to 1,000tpa by end 2027, supported by existing cash, US$14m remaining under a DPA Title III grant and an undrawn US$27.4m EXIM facility, with US$33m of investment still required.

Commentary notes the sales pipeline now exceeds US$250m, including around US$60m qualified, with aerospace, defence and turbine markets underpinning growth in refractory metal powders.

Speculative Buy, Target $1.45.

Target price is $1.45 Current Price is $0.84 Difference: $0.615
If 6KA meets the Bell Potter target it will return approximately 74% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates A1N as Accumulate (2) -

Ord Minnett reviews its modelling for companies in the small media sector noting ARN Media has made changes to drive a stronger performance in 2026 after a problematic year in 2025.

Assets have been sold and the company has withdrawn the dividend, embarking on cost cutting in order to cut net debt. ARN Media is forecasting radio industry revenue to be stable in 2026 and expects its market share to increase, commentary highlights.

Accumulate rating and target reduced to $0.40 from $0.50.

Target price is $0.40 Current Price is $0.35 Difference: $0.05
If A1N meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.37, suggesting upside of 9.8% (ex-dividends)

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 AEL as Buy (1) -

The US/Israel/Iran conflict has triggered one of the largest oil shocks in decades, notes Morgans, freezing tanker traffic through the Strait of Hormuz and lifting Brent to circa US$82/bbl, with around -13mb/d of oil flows disrupted.

The analyst explains pre-conflict fundamentals were bearish, but the outlook is now binary: a swift reopening could see Brent at US$75-80/bbl, while prolonged disruption could push prices above US$90-100/bbl.

It's recommended active investors take partial profits but retain exposure, avoiding chasing the rally and adding on pullbacks. Longer-term holders should trim modestly, as higher oil prices support LNG earnings, balance sheets and growth optionality, notes the broker.

Among stocks under coverage, Morgans favours Woodside Energy and Amplitude Energy, noting their operational and strategic investment case has not changed.

Overall, the analysts apply an oil shock premium of 10% to their 12-month target prices for Woodside, Santos and Karoon Energy shares.

The Buy rating and $3.50 target for Amplitude Energy are unchanged.

Target price is $3.50 Current Price is $2.69 Difference: $0.81
If AEL meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 23.9% (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

Shaw and Partners rates AR1 as Buy, High Risk (1) -

Austral Resources has raised $65m at 9cps cornerstoned by the QIC Critical Minerals Fund.

Proceeds will be used to repay the $18m Glencore debt and support a dual-track strategy targeting 50ktpa copper production by late 2027, explains Shaw and Partners.

Austral will now hold $97m in pro-forma cash and become debt-free, highlights the broker.

Management will undertake a two-year refurbishment of the Rocklands concentrator for a mid-2027 restart, including a SAG mill upgrade to lift throughput to 500tph from 210tph.

Austral reported a -$6.14m loss from continuing operations in 2025, though disposal of Anthill’s $28.6m net liabilities delivered a $11.9m statutory profit.

Shaw updates its earnings forecasts primarily for copper price changes. The target falls to $0.42 from $0.50. Buy, High Risk rating maintained.

Target price is $0.42 Current Price is $0.09 Difference: $0.328
If AR1 meets the Shaw and Partners target it will return approximately 357% (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

Morgans rates BBT as Buy (1) -

betr Entertainment has reported 1H26 turnover of $807.3m, up 25% on the prior year, highlights Morgans, while the gross win margin fell -80bps to 13.4%.

A normalised earnings (EBITDA) loss of -$13.2m was incurred amid customer-friendly outcomes during the Spring Carnival, according to Morgans.

Operating cash flow was -$9.7m and cash declined by -$64.1 to $40.8m following marketing investment and share buybacks, though trading has since normalised, assures the analyst.

Morgans trims its FY27 earnings forecast by -14% to $15.3m, toward the lower end of guidance. Buy rating unchanged and target price slips to 41c from 42c.

Target price is $0.41 Current Price is $0.25 Difference: $0.165
If BBT meets the Morgans target it will return approximately 67% (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 BPT as Upgrade to Hold from Trim (3) -

The US/Israel/Iran conflict has triggered one of the largest oil shocks in decades, notes Morgans, freezing tanker traffic through the Strait of Hormuz and lifting Brent to circa US$82/bbl, with around -13mb/d of oil flows disrupted.

The analyst explains pre-conflict fundamentals were bearish, but the outlook is now binary: a swift reopening could see Brent at US$75-80/bbl, while prolonged disruption could push prices above US$90-100/bbl.

It's recommended active investors take partial profits but retain exposure, avoiding chasing the rally and adding on pullbacks. Longer-term holders should trim modestly, as higher oil prices support LNG earnings, balance sheets and growth optionality, notes the broker.

Among stocks under coverage, Morgans favours Woodside Energy and Amplitude Energy, noting their operational and strategic investment case has not changed.

Overall, the analysts apply an oil shock premium of 10% to their 12-month target prices for Woodside, Santos and Karoon Energy shares.

The target for Beach Energy rises to $1.25 from $1.09 and the rating is upgraded to Hold from Trim.

Target price is $1.25 Current Price is $1.15 Difference: $0.105
If BPT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting downside of -3.3% (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

Ord Minnett rates BRL as Speculative Buy (1) -

Bathurst Resources delivered a first half result that was largely in line with expectations and Ord Minnett continues to expect operations will improve in the second half.

Along with a strengthening metallurgical coal price, this should mean the company achieves the upper end of guidance, which is unchanged.

The development application for the Buller Plateau project remains on track and management is confident of approval in 2026. Buller is expected to extend the company's export operations to 2042.

Speculative Buy maintained. Target is steady at $0.92.

Target price is $0.92 Current Price is $0.62 Difference: $0.3
If BRL meets the Ord Minnett target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 CHL as Buy (1) -

Camplify Holdings has reported 1H26 gross transaction value (GTV) of $54.6m, down -17% on the prior year as low-margin volume was trimmed, explains Morgans. Revenue of $19.1m fell around -5% and the statutory loss narrowed to -$2.9m from -$7.8m.

Operating cash flow (OCF) of $12.2m was generated during the period resulting in a cash balance of $23.2m.

Morgans notes improved unit economics from the MyWay mutual (in-house mutual risk and insurance structure) with the membership gross margin rising to 33% from 15%.

A stronger H2 is expected, supported by $34.2m in forward bookings and A&NZ partnership opportunities.

Morgans maintains a Buy rating and lowers its target price to $0.78 from $1.00.

Target price is $0.78 Current Price is $0.34 Difference: $0.44
If CHL meets the Morgans target it will return approximately 129% (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 EGH as Buy (1) -

Affordable rental accommodation provider Eureka Group has reported interim revenue of $27.0m, up 19.7% on the prior year, highlights Morgans. 

Underlying earnings (EBITDA) also rose 11.2% to $9.1m, partly aided by full earnings contributions from the -$80m of assets acquired since 2025, explains the analyst.

Underlying EPS fell -8.3% to 1.44c due to prior capital raising dilution.

Funds under management (FUM) rose 29% to $454m and the development pipeline expanded to 829 units.

FY26 guidance was reaffirmed for earnings (EBITDA) growth of 20-25% and underlying EPS growth of 7.5-10%, supported by acquisitions and rent growth, notes the broker.

Morgans reiterates its Buy rating and $0.85 target price.

Target price is $0.85 Current Price is $0.53 Difference: $0.32
If EGH meets the Morgans target it will return approximately 60% (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 GGP as Downgrade to Neutral from Buy (3) -

Citi reduces its target price for Greatland Resources to $15.30 from $16.00 and downgrades to Neutral from Buy, citing higher Telfer growth capital expenditure relative to consensus expectations.

The broker now models -$981m in growth capital expenditure across FY26-29, -43% worse than/above consensus, to support tailings dam lifts, open-pit cutbacks and underground development.

Consensus forecasts project around 285koz gold production per annum over FY26-30.

The key challenge, in the broker’s view, is converting 87Mt of inferred resource at West Dome into reserve, with an updated resource due in the March quarter..

Target price is $15.30 Current Price is $14.45 Difference: $0.85
If GGP meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.67, suggesting upside of 13.5% (ex-dividends)

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 HPG as Equal-weight (3) -

First half results from hippages Group were in line with Morgan Stanley's estimates. While the business is profitable and well-run, the broker finds superior risk/return in other small- and mid-cap software names.

The most notable change to Morgan Stanley's estimates is reflecting modestly lower FY26-28 Australian subscribers as connection volumes were softer than expected in the results. The impact is a - 2% reduction to revenue and earnings over FY26-28.

The target is reduced to $1.00 from $1.37. Equal-weight retained. Industry View: Attractive.

Target price is $1.00 Current Price is $0.86 Difference: $0.145
If HPG meets the Morgan Stanley target it will return approximately 17% (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

Shaw and Partners rates IOD as Buy (1) -

IODM has reported 1H26 revenue of $1.8m, up 33% on the prior year, with UK education revenue rising 48% on the prior year. Cash earnings (EBITDA) of -$1.3m improved from -$1.7m, broadly in line with Shaw and Partners’ forecast.

The broker believes UK momentum has reached a tipping point, with 17 universities live and a top-10 or -11 institution onboarding. It's felt these wins largely de-risk FY27 free cash flow (FCF).

North America discussions around a “one-to-many” model could also accelerate growth, suggests the analyst.

Gross FCF was -$1.5m and net cash stood at $0.6m after converting around $2m of debt to equity, leaving the company debt free, explains the broker.

Shaw maintains a Buy rating and a 23c target price.

Target price is $0.23

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 IRE as No Rating (-1) -

Iress' 2025 adjusted earnings, up 2.6% year on year, beat Macquarie (by 4%) and the guidance range. 

Margin performance in 2H25 was a highlight, the broker suggests.

2026 guidance has been set for 3-5% revenue growth and cash earnings growth of 15-23%.

Macquarie is currently on research restriction.

Current Price is $7.30. Target price not assessed.

Current consensus price target is $11.28, suggesting upside of 53.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ITS as Buy (1) -

Infotrust’s 1H26 result fell short of Bell Potter's expectations, with underlying earnings (EBITDA) declining -38% to $0.4m following the sale of Nexgen and the consolidation of Cyber Security and Secure Managed Technology into a single reporting segment.

Expectations had been for improved underlying performance across both divisions with the broker pointing to the new combined disclosure as limiting detailed analysis.

Guidance for 2H26 infers underlying earnings (EBITDA) of more than $3m before corporate costs, implying around $2m for the full year assuming lower overheads in the second half.

Forecasts have been tweaked to reflect the pure play Cyber Security business. Buy retained, with the target reduced to $0.60 from $0.65 

Target price is $0.60

The company's fiscal year ends in June.

Market Sentiment: 1.0

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

Citi rates KAR as Buy (1) -

Following a briefing with management, Citi is now more confident in management's execution at Karoon Energy.

The first half of 2026 is considered a critical period spanning the Bauna flotel campaign, planned turnaround and Floating Production, Storage and Offloading vessel (FPSO) operatorship transfer.

Management flagged flexibility around the circa 4-week FPSO turnaround, with stronger oil prices potentially shifting work to April/May.

Neon is being re-optimised towards a Bauna FPSO tieback, prioritising value over diversification, highlights the analyst, while Who Dat East remains on track for a final investment decision (FID).

Buy. Target $2.00.

Target price is $2.00 Current Price is $1.78 Difference: $0.22
If KAR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 5.1% (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: 0.2

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

Morgans rates KAR as Hold (3) -

The US/Israel/Iran conflict has triggered one of the largest oil shocks in decades, notes Morgans, freezing tanker traffic through the Strait of Hormuz and lifting Brent to circa US$82/bbl, with around -13mb/d of oil flows disrupted.

The analyst explains pre-conflict fundamentals were bearish, but the outlook is now binary: a swift reopening could see Brent at US$75-80/bbl, while prolonged disruption could push prices above US$90-100/bbl.

It's recommended active investors take partial profits but retain exposure, avoiding chasing the rally and adding on pullbacks. Longer-term holders should trim modestly, as higher oil prices support LNG earnings, balance sheets and growth optionality, notes the broker.

Among stocks under coverage, Morgans favours Woodside Energy and Amplitude Energy, noting their operational and strategic investment case has not changed.

Overall, the analysts apply an oil shock premium of 10% to their 12-month target prices for Woodside, Santos and Karoon Energy shares.

The target for Karoon rises to $1.80 from $1.65. Hold retained.

Target price is $1.80 Current Price is $1.78 Difference: $0.02
If KAR meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 5.1% (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: 0.2

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

Ord Minnett rates LYC as Sell (5) -

Lynas Rare Earths has received a 10-year licence extension for its Malaysian operation, signalling that country's intent to bolster its rare earth industry.

Ord Minnett finds the renewal timely as it will provide investment certainty while the company looks to deploy its cash and execute on its 2030 plan. This includes the building of a new dedicated HREO plant and expansion into the downstream magnet and metallisation sectors via partnerships.

The current share price implies what the broker describes as an "exuberant forward-looking EV/EBITDA multiple of 17x" and a Sell rating is maintained. Target is $14.

Target price is $14.00 Current Price is $20.00 Difference: minus $6 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.83, suggesting downside of -22.1% (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 MAQ as Outperform (1) -

Macquarie Technology's 1H26 saw a 2% earnings 'beat' driven by higher growth segments with strong cash generation, Macquarie notes. 

Macquarie Technology Park data centre remains on track to deliver 6MW capacity on time, on budget, with long-lead items ordered to take capacity to 19MW.

The business is planning new products in cyber and AI for sovereign workloads, including government and the defence industry, which should support the medium-term outlook, the broker suggests.

The growth outlook is underpinned by the company's leverage to strong secular growth thematics, Macquarie notes, (cloud, cyber security, data centres), with many catalysts over the next 12 months that should drive a valuation re-rate.

Target falls to $88.87 from $96.60, Outperform retained.

Target price is $88.87 Current Price is $61.98 Difference: $26.89
If MAQ meets the Macquarie target it will return approximately 43% (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 MFG as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley suggests Magellan Financial's plan to merge with Barrenjoey will improve its earnings growth prospects. The broker upgrades FY27-28 EPS estimates by 6-11% to reflect higher Barrenjoey earnings and a higher equity stake.

The broker's pro forma analysis shows a complete merger would be modestly dilutive at first but lift medium-term growth. On completion of the merger, Barrenjoey and Barclays will own 32% and 5% of the new Magellan Financial, respectively, with 63.5% of the latter in free float.

Barrenjoey is a market facing business which has less diversity compared with larger peers such as Macquarie Group ((MQG)), making it potentially more cyclical, Morgan Stanley comments.

Rating is upgraded to Equal-weight from Underweight and the target is lifted to $9.20 from $8.35. Industry view is In-Line.

Target price is $9.20

Current consensus price target is $9.43, suggesting downside of -8.6% (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 MFG as Neutral (3) -

UBS proposes the merger announcement between Magellan Financial and Barrenoey is not new, having been flagged in Sept 2020 when they first initiated a stake in the investment bank.

UBS analysts view the merger deal as "unattractive" to Magellan shareholders and are surprised the board is supporting the transaction.

The transaction implies a $1.6bn valuation for Barrenjoey (15x NPATA), with Magellan to fund an initial 10% stake purchase via a $130m placement and $20m share purchase placement at $8.45 before issuing 106.8m shares to acquire the balance, resulting in pro forma ownership of 58.2% for Magellan shareholders.

Commentary highlights management recently bought back stock at $9.70 per share. Now it is issuing equity below that level while effectively valuing its core Funds Management business at around 1x PE.

Limited disclosed synergies of $4m, or around 2% of combined profits, and a lack of clarity around capital allocation of the circa $700m surplus balance sheet further tempers UBS' enthusiasm.

The report does acknowledge Barrenjoey earnings have been a bright spot and may be modestly EPS accretive from FY27.

Rated Neutral. Target $9.90.

Target price is $9.90

Current consensus price target is $9.43, suggesting downside of -8.6% (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

Macquarie rates MHJ as Outperform (1) -

Michael Hill delivered a solid 1H26 result, Macquarie suggests, slightly ahead of recent guidance, with no interim dividend declared.

The trading momentum that built over the last 10 weeks of 1H26 has continued into 2H26, with accelerating same store sales growth in all geographies.

However, it is highly unlikely that Michael Hill will be able to stem its recent trend of second half losses (-NZ$8.7m in 2H25), Macquarie warns, although that loss is expected to significantly reduce.

While the company faces near-term operating headwinds, the magnitude of the prevailing discount to assessed fair value, the expected recovery in gross profit margins and identified multi-channel growth initiatives combine to support the broker's Outperform rating.

Target unchanged at 75c.

Target price is $0.75 Current Price is $0.47 Difference: $0.285
If MHJ meets the Macquarie target it will return approximately 61% (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 OCL as Neutral (3) -

UBS highlights Objective Corp’s 1H26 result fell short of its typical 15% ARR growth target, delivering 13% constant FX growth and prompting management to re-base FY26 guidance to 10% to 14%, implying ARR of $132m-$137m versus prior consensus of $138m.

The broker attributes the downgrade to higher churn, delays in Nexus cloud transitions and a softer contribution from Objective Build in Australia, and remains cautious on management’s expectation of a potential catch-up in FY27.

Forecasts now assume FY26 ARR growth of 11% and FY27 growth of 12%, underpinned by Content Solutions growth of 10%, Build  at 20% and RegTech  growth of 12%.

Neutral maintained, with the target cut to $14.10 from $20.50 following -7% to -15% forecast EPS downgrades across FY26 to FY28.

Target price is $14.10 Current Price is $12.78 Difference: $1.32
If OCL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.48, suggesting upside of 53.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates PNI as Outperform (1) -

Pinnacle Investment Management has been a distribution partner of Metrics since 2013, and acquired a 35% stake in 2018. Pinnacle held a 28.4% stake at Dec-25, which implies Pinnacle has achieved 10x capital growth on its initial investment, Macquarie notes.

Metrics fund Investment has delivered a six-year compound annual growth rate of 30% and represents 10% of total Pinnacle affiliate funds under managment. 

Metrics has the potential to materially increase Pinnacle's assets under management and deliver operating leverage, Macquarie suggests, driving upside to earnings expectations. Outperform amd $25.25 target retained.

Target price is $25.25 Current Price is $15.27 Difference: $9.98
If PNI meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $22.23, suggesting upside of 46.0% (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 PPE as Speculative Buy (1) -

PeopleIn reported 1H26 normalised earnings (EBITDA) of $16.1m, in line with Morgans’ forecast. Ongoing operations delivered $10.5m, down -9.2% on the prior year but up 46% on H2, explains the analyst.

The broker highlights strong organic growth in Engineering, Trades and Labour, up 44%, while candidate numbers were impacted by Pacific Australia Labour Mobility (PALM) scheme visa delays. Net debt fell to $14.0m.

Management appears to be delivering what the broker considers cyclically low earnings, with the half-on-half improvement viewed as encouraging but still too early to confirm a sustained trend.

Morgans lowers its FY26-28 earnings forecasts to reflect discontinued operations and a slower recovery. The target falls to $0.95 from $1.10. Speculative Buy rating maintained.

Target price is $0.95 Current Price is $0.66 Difference: $0.29
If PPE meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates PXA as Overweight (1) -

Pexa Group delivered a first half result that was in line and supports a positive Outlook, Morgan Stanley notes.

The Australian platform is seen as a core driver of earnings and value and the broker expects it will continue to generate infrastructure-like growth as well as high margin/returns.

The exit from digital solutions has been welcomed as this was loss-making and subscale.

The key is the UK where there is "clearly much to do", yet Morgan Stanley finds there has been progress on several fronts with UK first half revenue increasing by 4% and the EBITDA margin up by 540 basis points.

Overweight re-iterated. Target is raised to $17.50 from $15.50. Industry View: Attractive.

Target price is $17.50 Current Price is $15.58 Difference: $1.92
If PXA meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $17.90, suggesting upside of 14.5% (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

Bell Potter rates PYC as Speculative Buy (1) -

Bell Potter notes PYC Therapeutics has launched a $600m to $653m equity raising at $1.50 per share.

Commentary highlights this is one of the largest for a pre revenue Australian biotech, introducing several US life sciences investors and extending cash runway beyond four years to progress its four rare disease programs into 2030.

Post raising, the pro forma cash balance will exceed $700m, enabling a more measured clinical pathway, with the RP11 Phase 3 trial now expected to commence in 2027 and the ADOA Phase 3 unlikely before 2028.

As per the broker.s report, both ophthalmology programs target niche rare disease markets valued at US$1bn to US$2bn and are likely to require around three years for Phase 3 completion prior to approval submissions.

The kidney program in polycystic kidney disease is emerging as the lead priority, with repeat dosing studies to begin in 2Q2026 and a key 12 month kidney volume endpoint expected to read out around end 2027 to early 2028. 

Speculative Buy. Target unchanged at $2.30.

Target price is $2.30 Current Price is $1.50 Difference: $0.805
If PYC meets the Bell Potter target it will return approximately 54% (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 RIC as Accumulate (2) -

Ridley Corp reported 1H26 sales up 56%, with underlying earnings (EBITDA) of $55.4m in line with Morgans’ forecast and above the consensus estimate.

Profit of $21.2m fell -4% but beat the broker's expectations, while operating cash flow (OCF) rose 125%.

The analyst highlights strong Bulk Stockfeeds earnings, up 25%, and a better-than-expected initial Incitec Pivot Fertilisers (IPF) contribution, with fertiliser synergies upgraded to $15m from $7m.

The broker trims its FY26 earnings forecast by -1.5% but lifts FY27-28 estimates on higher synergies and raises profit forecasts.

Morgans maintains an Accumulate rating and increases its target price to $3.20 from $3.03.

Target price is $3.20 Current Price is $2.88 Difference: $0.32
If RIC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates RSG as Outperform (1) -

Resolute Mining's 2025 earnings were a 5% beat of Macquarie's expectations. Following the receipt of the Mining Permit in February, Resolute's upcoming catalyst is a final investment decision and first construction at Doropo (1H26).

The company is well positioned for 2026 capital requirements for Doropo, the broker notes, with the balance sheet in a solid position. Importantly, Doropo will diversify the asset base to Cote d'Ivoire and once operational will spread Resolute's assets over three countries.

Outperform and $1.85 target retained.

Target price is $1.85 Current Price is $1.64 Difference: $0.21
If RSG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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 SDR as Buy (1) -

Citi's revenue forecasts for SiteMinder are broadly unchanged, as slower uptake in Channels Plus is offset by a stronger-than-expected Dynamic Revenue Plus performance.

The analyst views the current valuation as attractive, noting the stock trades on 30x FY28 earnings with revenue growing at a compound annual growth rate (CAGR) of around 25%. It's felt turning profit positive in FY27 could broaden the investor base.

The broker flags exposure to travel demand and geopolitical risks, though considers the group less exposed given diversified geographic exposure.

Citi reiterates a Buy rating and lowers its target price to $6.60 from $6.75.

Target price is $6.60 Current Price is $3.32 Difference: $3.28
If SDR meets the Citi target it will return approximately 99% (excluding dividends, fees and charges).

Current consensus price target is $7.35, suggesting upside of 127.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Smartgroup Corp posted a "strong" result for 2025, with Morgan Stanley highlighting new lease order volumes were robust over the year and momentum is continuing into 2026.

The broker notes the company has executed well, gaining several large new customers, and the outlook is considered positive.

Morgan Stanley retains an Equal-weight rating and awaits progress on the company's options to become more constructive. Target edges up to $9.10 from $9.00. Industry view is In-Line.

Target price is $9.10 Current Price is $9.08 Difference: $0.02
If SIQ meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $9.52, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in December.

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 SMI as Speculative Buy (1) -

Santana Minerals has secured the first tranche of a $130m institutional placement at $0.90 per share, an -8.6% discount to the last traded price, with a Share Purchase Plan seeking up to a further $30m to fund development of the Bendigo Ophir Gold Project in New Zealand.

Bell Potter highlights funds raised will cover the equity component of construction and pre strip activities, including early civil works, exploration and long lead items, accelerating timelines ahead of the Fast Track Approval decision due on 29 October 2026.

A full take up would result in forma cash of around $240m, positioning the -$277m pre production capex project as fully funded alongside anticipated 60% debt financing.

 Speculative Buy retained, with the valuation increased to $1.70 from $1.50.

Target price is $1.70 Current Price is $0.91 Difference: $0.795
If SMI meets the Bell Potter target it will return approximately 88% (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 STO as Hold (3) -

The US/Israel/Iran conflict has triggered one of the largest oil shocks in decades, notes Morgans, freezing tanker traffic through the Strait of Hormuz and lifting Brent to circa US$82/bbl, with around -13mb/d of oil flows disrupted.

The analyst explains pre-conflict fundamentals were bearish, but the outlook is now binary: a swift reopening could see Brent at US$75-80/bbl, while prolonged disruption could push prices above US$90-100/bbl.

It's recommended active investors take partial profits but retain exposure, avoiding chasing the rally and adding on pullbacks. Longer-term holders should trim modestly, as higher oil prices support LNG earnings, balance sheets and growth optionality, notes the broker.

Among stocks under coverage, Morgans favours Woodside Energy and Amplitude Energy, noting their operational and strategic investment case has not changed.

Overall, the analysts apply an oil shock premium of 10% to their 12-month target prices for Woodside, Santos and Karoon Energy shares.

For Santos, the target rises to $7.50 from $6.80. Hold retained.

Target price is $7.50 Current Price is $7.21 Difference: $0.29
If STO meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.29, suggesting upside of 0.1% (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: 0.7

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

Ord Minnett rates SXL as Reinstate Coverage with Buy (1) -

Ord Minnett reinstates coverage of Southern Cross Media with a Buy rating and $0.75 target after a period of restriction now the merger with Seven West Media has been completed.

The newly merged group is the broker's preferred choice in this segment noting the company is aiming for cost savings of $30m or more in FY27 from the merger and will look to exploit the larger pool of data insight across all its platform.

Guidance for FY26 group revenue of $1.91-92bn and operating earnings of $200-220m implies an approximate EBITDA split of around 37% from Southern Cross radio assets and the remainder from Seven West TV operations.

Target price is $0.75 Current Price is $0.63 Difference: $0.125
If SXL meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 12.9% (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

Bell Potter rates TTT as Speculative Buy (1) -

Titomic’s 1H26 result fell short of Bell Potter's expectations, with revenue of $5.3m versus $7.4m forecast, with earnings (EBITDA) and NPAT both generating losses, reflecting ongoing US expansion and component qualification processes with defence prime contractors.

The period also marked a transition to a December year end to better align with US and European operations.

The broker highlights a Space Act Agreement with NASA, completion of a hot fire test by Northrop Grumman on a TKF manufactured thrust chamber and a US$1.7m early manufacturing contract with a US defence prime as key near term catalysts.

Ongoing programs with Boeing and Airbus and a new cold spray application in lithium ion battery electrodes further broaden commercial opportunities, commentary suggests, with potential follow on production agreements across multiple counterparties

Speculative Buy rating and $0.50 target unchanged.

Target price is $0.50 Current Price is $0.23 Difference: $0.27
If TTT meets the Bell Potter target it will return approximately 117% (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

Shaw and Partners rates VGL as Buy (1) -

Vista Group reported FY25 revenue of NZ$164m, up 10% on the prior year but below guidance of NZ$167-173m and Shaw and Partners' NZ$167m forecast.

Earnings (EBITDA) of NZ$28.2m rose 31% with a 17% margin and gross free cash flow (FCF) of NZ$2.1m; all in line with the broker's expectations.

The analyst highlights cloud migration is accelerating, with 724 sites live and guidance for 1,300 in FY26, and believes the pathway to FCF break-even in FY27 is increasingly visible.

Long-term FY30 targets were re-iterated, implying ARR of NZ$315m and EBITDA margins of 33-37%, which the broker argues signals a material lift in FCF to around NZ$75m by FY31.

Shaw maintains a Buy rating and lowers its target price to $3.70 from $4.10.

Target price is $3.70 Current Price is $1.50 Difference: $2.2
If VGL meets the Shaw and Partners target it will return approximately 147% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 126.1% (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: 0.8

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

Citi rates VGN as Neutral (3) -

The analysts at Citi lower their target for Virgin Australia to $3.60 from $3.80 following interim results despite forecast earnings upgrades after adjusting for depressed industry and peer multiples.

While remaining Neutral-rated, the broker is growing more optimistic on the outlook in a mature market which continues to surprise to the upside.

A summary of the analysts' research update on results day follows.

It is Citi's early assessment Virgin Australia's interim EBIT beat consensus by circa 5% with fuel, depreciation and better margins in Velocity underpinning the result.

The broker makes the following observation: it appears Virgin Australia is comfortable growing slower than peers to achieve above-industry pricing/yield.

2H26 continues to exhibit higher RASKs and lower capacity than competitors, though, Citi notes, this isn't impacting profitability with guidance largely in line/modestly ahead.

Also, net capex proved largely in line at -$850-950m. With leverage towards low end, the broker sees options for distributions.

Target price is $3.60 Current Price is $3.28 Difference: $0.32
If VGN meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.95, suggesting upside of 27.8% (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

Citi rates WDS as Neutral (3) -

Citi anticipates current geopolitical events will significantly impact global markets, with an oil price spike potentially lifting Brent into the low to mid-US$80s per barrel following the US/Israel attack on Iran and escalating regional hostilities.

While Iran’s constitutional succession framework may support regime stability and prolong tensions, sustained disruption would heighten inflation risks across emerging markets, notes Citi.

Historically, the broker points out geopolitical oil shocks have tended to fade relatively quickly.

Woodside Energy's current target is $28 with a Neutral rating.

Target price is $28.00 Current Price is $30.24 Difference: minus $2.24 (current price is over target).
If WDS meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.36, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

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

The US/Israel/Iran conflict has triggered one of the largest oil shocks in decades, notes Morgans, freezing tanker traffic through the Strait of Hormuz and lifting Brent to circa US$82/bbl, with around -13mb/d of oil flows disrupted.

The analyst explains pre-conflict fundamentals were bearish, but the outlook is now binary: a swift reopening could see Brent at US$75-80/bbl, while prolonged disruption could push prices above US$90-100/bbl.

It's recommended active investors take partial profits but retain exposure, avoiding chasing the rally and adding on pullbacks. Longer-term holders should trim modestly, as higher oil prices support LNG earnings, balance sheets and growth optionality, notes the broker.

Among stocks under coverage, Morgans favours Woodside Energy and Amplitude Energy, noting their operational and strategic investment case has not changed.

Overall, the analysts apply an oil shock premium of 10% to their 12-month target prices for Woodside, Santos and Karoon Energy shares.

The target for Woodside Energy rises to $33.55 from $30.50. The rating is downgraded to Accumulate from Buy.

Target price is $33.55 Current Price is $30.24 Difference: $3.31
If WDS meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $27.36, suggesting downside of -10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Citi rates WTC as Buy (1) -

Citi has recently opened a negative catalyst watch on WiseTech Global (for 90 days), ahead of Danish global transport and logistics company DSV's capital markets day.

The analysts see an increasing likelihood DSV decides to move away from Cargowise to Tango, its in-house platform.

The broker expects any full earnings (EBITDA) impact would likely take several years, potentially from FY28 at the earliest, citing typical 12-month system roll-outs, product development requirements and DSV’s existing contract.

Citi questions whether an exit could prompt other large forwarders to develop in-house solutions, though views DSV as an outlier despite AI lowering development barriers.

Buy. Target $65.35.

Target price is $65.35 Current Price is $45.29 Difference: $20.06
If WTC meets the Citi target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $86.80, suggesting upside of 95.4% (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: 1.0

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