Australian Broker Call

Ord Minnett rates ALQ as Upgrade to Accumulate from Hold (2) -

Ord Minnett raises its target for ALS Ltd to $20.95 from $17.25 and upgrades to Accumulate from Hold, citing stronger resources exploration activity boosting volumes in the Commodities division. FY26 EBIT growth is now expected at 16%, up from 11%.

Revenue momentum in the second half will support margin expansion, suggests the broker, with improved volumes to continue into FY27.

The analyst also sees potential earnings upside from acquisitions, particularly in environmental life sciences and downstream minerals, though no M&A is currently included in forecasts.

Target price is $20.95 Current Price is $18.88 Difference: $2.07
If ALQ meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.64, suggesting upside of 3.0% (ex-dividends)

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

Citi rates ANZ as Neutral (3) -

ANZ Bank will take a -$560m restructuring charge, Citi notes, as management announces -3,500 roles will be cut by FY26. The charge equates to around -8bps of CET1, which it considers manageable.

Reductions are expected mainly across retail and technology, with limited impact to frontline staff, and contractors are also under review.

The move represents an -8% reduction in headcount, well above speculation of -2,000 roles, and signals to the broker a productivity-led restructure before the October strategy update.

The analysts expect detail on a refreshed retail and technology strategy, including ANZ Plus integration, at the October update.

Separately, credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For ANZ Bank, the target rises to $32.50 from $29.50. Neutral maintained.

Target price is $32.50 Current Price is $32.88 Difference: minus $0.38 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.82, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates ANZ as Neutral (3) -

ANZ Bank will take a -$560m restructuring charge as around -4,500 roles exit by September 2026, Macquarie notes.

This move is seen as the start of broader change under the new CEO, with Suncorp Bank commitments limiting further retail cuts before September 2027.

The broker notes cost savings of -$600-700m are implied, with Macquarie forecasting a -$460m net reduction in FY27. The analyst sees higher risk of further charges and forecasts a 2H25 dividend cut to 73c from 83c.

Macquarie raises its target price to $31 from $30 to reflect medium-term earnings forecast changes and keeps a Neutral rating.

Target price is $31.00 Current Price is $32.88 Difference: minus $1.88 (current price is over target).
If ANZ 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 $29.82, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

Morgan Stanley believes ANZ Bank's headcount reduction marks the first step in a new productivity agenda, but details on cost savings remain unclear. Visibility on material ROE improvement is limited until the new CEO outlines a broader strategy,

The bank is cutting around -8% of its workforce and reducing contractor spending, targeting duplication, complexity and non-financial risk management.

No quantified savings were flagged, but the broker sees potential for $0.7-0.8bn in cost reductions, and lowered FY27 expense forecast by -$340m, with the base now at $12.3bn. Further cost cuts are needed to reach a likely medium-term ROE of 11-12%, in the broker's estimate.

FY25 EPS forecast downgraded by -5.5%, but FY26-27 lifted by 1-2%.

Equal-weight. Target rises $29.70 from $29.30. Industry View: In-Line.

Target price is $29.70 Current Price is $32.88 Difference: minus $3.18 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.82, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

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

Morgans notes ANZ Bank is cutting -3,500 roles or around -8% of staff by September 2026, plus reducing reliance on 1,000 contractors.

The aim is to simplify operations and cut costs. The program carries a -$560m pre-tax restructuring charge in 2H25, with limited impact on CET1 and frontline roles.

Cost savings were not disclosed, but the broker believes the implied benefits could roughly offset the upfront charge, with further variable cost reductions expected.

The broker made no changes to revenue forecasts at this time, but restructuring charges and cost-outs across FY26 have resulted in a -1% cut to FY25 EPS forecast, and a lift to FY26-27 EPS forecasts. DPS forecast for FY25 are trimmed.

The broker believes the initiative is DCF-accretive, resulting in an increase in target price to $29.24 from $26.84. Rating upgraded to Trim from Sell.

Target price is $29.24 Current Price is $32.88 Difference: minus $3.64 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.82, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates ANZ as Hold (3) -

ANZ Bank will take a -$560m charge as -3,500 jobs, or -8% of its workforce, are cut by FY26, alongside reductions in contractor use, Ord Minnett notes.

The broker views this as the first major step under new CEO Nuno Matos to streamline operations and improve efficiency.

Uncertainty remains on cost savings, revenue impact, dividends, capital ratios, and the Suncorp Bank integration, highlights the analyst, with greater clarity expected at the October strategy day.

The broker's earnings forecasts are revised with FY25 EPS cut -5.2% on the restructuring charge, but upgraded by 6.5% in FY26 and 7.3% in FY27 from expected savings.

Ord Minnett raises its target price to $30.00 from $27.50 and maintains a Hold rating.

Target price is $30.00 Current Price is $32.88 Difference: minus $2.88 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.82, suggesting downside of -10.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Citi rates BEN as Sell (5) -

Credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For Bendigo & Adelaide Bank, the target rises to $11.00 from $10.50. Sell maintained.

Target price is $11.00 Current Price is $12.67 Difference: minus $1.67 (current price is over target).
If BEN meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.30, suggesting downside of -10.7% (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

Bell Potter rates BM1 as Speculative Buy (1) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Speculative Buy. Target rises to 80c from 65c.

Target price is $0.80 Current Price is $0.43 Difference: $0.37
If BM1 meets the Bell Potter target it will return approximately 86% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BOQ as Upgrade to Neutral from Sell (3) -

Credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For Bank of Queensland, the target rises to $6.60 from $6.00 and the rating is upgraded to Neutral from Sell.

Target price is $6.60 Current Price is $6.89 Difference: minus $0.29 (current price is over target).
If BOQ meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.41, suggesting downside of -9.0% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.6

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

Macquarie rates BPT as Underperform (5) -

Since Macquarie last updated research on Underperform-rated Beach Energy, the share price has underperformed the ASX200 by around -7%, though has outperformed similar sized energy peer Karoon Energy ((KAR)) by circa 8%.

The broker trims its target price by -3% to 92c, citing lower reserves valuation offset by stronger oil pricing.

On current assets, repeating a 6c dividend appears unlikely to the analyst given FY26 spending, production declines, and decommissioning costs.

Still, Macquarie's FY26 dividend forecasts are raised to 4c (2c plus 2c), below the 6c consensus, on higher earnings forecasts.

Target price is $0.92 Current Price is $1.17 Difference: minus $0.25 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.13, 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

Citi rates CBA as Sell (5) -

Credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For CommBank, the target rises to $130 from $110. Sell maintained.

Target price is $130.00 Current Price is $166.08 Difference: minus $36.08 (current price is over target).
If CBA meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.26, suggesting downside of -30.0% (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 CBO as Accumulate (2) -

Management at Cobram Estate Olives has completed a $175m-plus raising to expand in the US, which Ord Minnett notes will dilute near-term EPS but strengthen long-term positioning.

The broker expects the earnings uplift from new land to emerge from FY29-FY30, while near-term land banking supports the current valuation.

Net debt to rolling earnings (EBITDA) is forecast to remain 1.5-2.0 times across FY26-FY28 versus a five-year average of 4.0 times.

Expansion is focused on company-owned groves in California, note the analysts, adding scale and leveraging infrastructure built over the past decade. Incremental volumes are expected to underpin brand strategy and competitiveness in the US market.

Ord Minnett raises its target price to $3.44 from $3.22 and retains an Accumulate rating.

Target price is $3.44 Current Price is $3.34 Difference: $0.1
If CBO meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates CIP as Accumulate (2) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criterion for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Morgans has made no material changes to Centuria Industrial REIT's forecasts. The Accumulate rating is based on the REITs portfolio which is well positioned on "infill markets" (low supply and growing rents). Target price raised to $3.75 from $3.25.

Target price is $3.75 Current Price is $3.35 Difference: $0.4
If CIP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 4.1% (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 CMM as Upgrade to Buy from Hold (1) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Capricorn Metals upgraded to Buy from Hold. Target rises to $13.10 from $10.55.

Target price is $13.10 Current Price is $11.32 Difference: $1.78
If CMM meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.33, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates COF as Hold (3) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criterion for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

No major changes made to Centuria Office REIT's forecasts. Target lifted to $1.20 from $1.14. Hold rating unchanged.

Target price is $1.20 Current Price is $1.25 Difference: minus $0.05 (current price is over target).
If COF meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.19, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates CWY as Outperform (1) -

After reviewing the performance of Industrials during reporting season, Macquarie notes easing monetary policy should support cyclical exposures, while select defensives also screen well.

The broker’s preferred stocks focus on re-rating opportunities at Cleanaway Waste Management, Reliance Worldwide ((RWC)), and Amcor ((AMC)), along with earnings recovery potential at James Hardie Industries ((JHX)) and BlueScope Steel ((BSL)).

The Overweight rating and $3.50 target are maintained for Cleanaway Waste Management.

Target price is $3.50 Current Price is $2.70 Difference: $0.8
If CWY meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 16.5% (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 DGT as Buy (1) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT, HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

The turnaround in DigiCo remains on a "material" lease, with guidance set at 6MW of contracted capacity in the Australian business for FY26.

Buy rated. Target lowered to $4.85 from $5.10.

Target price is $4.85 Current Price is $3.02 Difference: $1.83
If DGT meets the Morgans target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 43.1% (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 DOW as Outperform (1) -

Macquarie highlights what a good August reporting season it was for contractors, assisted by good demand, margin beats, robust balance sheets including a number of share buybacks, and positive EPS upgrade revisions for FY26/FY27.

The analyst points to the "breadth" of end market demand, including iron ore activity and the renewables sector, including transmission/electricity infrastructure. The domestic exposures have been outperforming the global peers.

Both the top-down (macro) and bottom-up factors support the sector, with a stock preference for Downer EDI, Worley ((WOR)), Monadelphous Group ((MND)), NRW Holdings ((NWH)) and Maas Group ((MGH)).

Macquarie tweaks its EPS estimates for Downer EDI by -3.2% for FY26 and -1.7% for FY27. The stock was recently upgraded to Outperform from Neutral post the recent minor pullback.

Target price is $7.65 Current Price is $6.93 Difference: $0.72
If DOW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates DXC as Hold (3) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Morgans notes Dexus Convenience Retail REIT's management guided to FY26 distribution of 20.9c per share a rise of around 1.2% on FY25.

The analyst includes the Glass House Mountains Northbound redevelopment (Feb 2026 completion) into forecasts. Accumulate rated with target at $3.

Target price is $3.00 Current Price is $3.02 Difference: minus $0.02 (current price is over target).
If DXC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates DXI as Accumulate (2) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Morgans earnings forecasts for Dexus Industria REIT are conditional on the sale of Brisbane Technology Park and FFO estimates are lowered by -7% for FY26 and -7% for FY27. Accumulate rating and $3 target retained.

Target price is $3.00 Current Price is $2.82 Difference: $0.18
If DXI meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 6.5% (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 EGH as Buy (1) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital and Eureka Group Holdings.

Buy rating and 85c target. Post Eureka Group's November 2024 raise, the analyst expects the business to grow above industry average and retail remains the most in demand sub-sector.

Target price is $0.85 Current Price is $0.50 Difference: $0.355
If EGH meets the Morgans target it will return approximately 72% (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 EVN as Upgrade to Buy from Hold (1) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Evolution Mining upgraded to Buy from Hold. Target rises to $10.55 from $8.15.

Target price is $10.55 Current Price is $9.12 Difference: $1.43
If EVN meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.60, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Morgans rates GDF as Accumulate (2) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Target price for Garda Property is lifted to $1.40 and the stock is rated Accumulate. Post updated guidance, Morgans lifts its dividend forecasts by 25% for FY26 and 28.1% for FY27.

Target price is $1.40 Current Price is $1.25 Difference: $0.15
If GDF meets the Morgans target it will return approximately 12% (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 GMD as Hold, High Risk (3) -

Shaw and Partners notes Genesis Minerals has secured the Department approval for the Stage 1 mining proposal at Tower Hill, keeping the first ore on track for 2H2028.

Stage 1 excludes the rail reserve that has an existing railway line running over the planned open-pit mine, but the broker has received key approvals for rail diversion and Stage 2 access to the full 1Moz reserve.

The company has a year-end timeline to have all necessary agreements in place.

Together with Ulysses, Jupiter, and Admiral, Tower Hill underpins a diversified ore portfolio, de-risking supply and strengthening the growth case, the broker highlights.

Hold, High Risk. Target unchanged at $5.40.

Target price is $5.40 Current Price is $5.29 Difference: $0.11
If GMD meets the Shaw and Partners target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.01, suggesting downside of -8.1% (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

Morgans rates HCW as Hold (3) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Morgans includes UHF distributions to resume part way through FY27 for HealthCo Healthcare & Wellness REIT at around 70% of the previous rate. No change in Hold rating and 75c target price.

Target price is $0.75 Current Price is $0.72 Difference: $0.03
If HCW meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.89, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates HDN as Accumulate (2) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include Digico Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Morgans has raised its like-for-like sales growth forecasts to 4.25%, with positive rental spreads of around 5-6%, which has resulted in an uplift in FFO forecasts for HomeCo Daily Needs REIT of 3% for FY26 and 5% for FY27.

Accumulate rating retained. Target raised to $1.46 from $1.35.

Target price is $1.46 Current Price is $1.36 Difference: $0.1
If HDN meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting downside of -0.1% (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 HMC as Buy (1) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital and Eureka Group Holdings ((EGH)).

Target price for HMC Capital is raised to $4.85 from $4.20. No change in Buy rating. The REIT is considered a leverage play on a turnaround in underlying funds. Morgans lifts its EPS estimates by 10% for FY27.

Target price is $4.85 Current Price is $3.53 Difference: $1.32
If HMC meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 39.9% (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

UBS rates IAG as Buy (1) -

UBS notes Insurance Australia Group and Suncorp Group have improved earnings reliability by strengthening CAT budgets and adding innovative reinsurance protections.

In the broker's view, these measures create scope for reinsurance profit commissions, a source of upside not yet reflected in consensus. The broker's modelling suggests insurance trading ratio margin and EPS expectations are too conservative under consensus forecasts.

After incorporating upside from reinsurance, the broker lifted the EPS forecast, which are now 8% higher vs consensus by FY27 for Insurance Australia Group.

Buy. Target lifted to $9.75 from $9.60.

Target price is $9.75 Current Price is $8.57 Difference: $1.18
If IAG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.06, suggesting upside of 4.1% (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 JDO as Upgrade to Buy from Neutral (1) -

Credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For Judo Capital, the target rises to $2.00 from $1.85 and the rating is upgraded to Buy from Neutral.

Target price is $2.00 Current Price is $1.66 Difference: $0.345
If JDO meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates JIN as Hold (3) -

Jumbo Interactive signed a five-year software licensing deal with extension options to power RSL Queensland’s Dream Home Art Union, Australia’s largest prize home lottery. It had $199m ticket sales in FY24.

Bell Potter notes the contract will begin 1Q27, requiring only modest upfront investment, and will provide recurring, long-term revenue with strong growth visibility.

The deal furthers the company's diversification, with around 30% of revenue projected from non-The Lotter Corp ((TLC)) products by FY27.

The broker lifted FY27 EPS by 5% and FY28 by 4%, expecting the contract to add an incremental $3m to group EBITDA from FY27.

Hold. Target rises to $11.50 from $11.20.

Target price is $11.50 Current Price is $11.21 Difference: $0.29
If JIN meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $13.00, suggesting upside of 16.9% (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

Macquarie rates MGH as Outperform (1) -

Macquarie highlights what a good August reporting season it was for contractors, assisted by good demand, margin beats, robust balance sheets including a number of share buybacks, and positive EPS upgrade revisions for FY26/FY27.

The analyst points to the "breadth" of end market demand, including iron ore activity and the renewables sector, including transmission/electricity infrastructure. The domestic exposures have been outperforming the global peers.

Both the top-down (macro) and bottom-up factors support the sector, with a stock preference for Downer EDI ((DOW)), Worley ((WOR)), Monodelphous Group ((MND)), NRW Holdings ((NWH)) and Maas Group.

Macquarie highlights the outlook is improving for Maas with growth in civil construction & hire, construction materials including residential sales tailwinds. Outperform rated with $5.10 target price.

Target price is $5.10 Current Price is $4.41 Difference: $0.69
If MGH meets the Macquarie target it will return approximately 16% (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 MI6 as Speculative Buy (1) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Speculative Buy retained for Minerals 260. Target rises to 34c from 28c.

Target price is $0.34 Current Price is $0.16 Difference: $0.185
If MI6 meets the Bell Potter target it will return approximately 119% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates MI6 as Speculative Buy (1) -

Morgans saw a positive update from Minerals 260, with high-grade intercepts reported across Bacchus, Phoenix, Dicksons, and Kraken, confirming strong infill results and significant extensional growth potential.

The highlight was the company expanding the drill program to 110,000m from 80,000m, with seven rigs now active, Morgans notes.

The broker now expects the mineral resource estimate, due in December, to exceed 3Moz (previously 2.3Moz), with upside surprise likely. 

Commentary highlights the company is well-funded to progress plans with $54m cash. Speculative Buy. Target rises to 38c from 35c.

Target price is $0.38 Current Price is $0.16 Difference: $0.225
If MI6 meets the Morgans target it will return approximately 145% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates MIN as Underperform (5) -

Macquarie highlights news reports suggesting Chinese battery manufacturer Contemporary Amperex Technology Co. Limited's (CATL) Jianxiawo lithium mine may be nearing a restart.

While timing remains uncertain, the news signals downside risk to pricing earlier than the previously expected November decision, explains the analyst.

The mine has circa 100ktpa lithium carbonate equivalent (LCE) capacity, notes the broker. Mining rights and licence applications are progressing faster than expected.

A restart could pressure prices, suggests the analyst, with lithium carbonate potentially falling to 70-75k RMB/t (below Jianxiawo’s breakeven of 80-85k RMB/t).

Spodumene may also fall to US$800-850/t, versus the tighter market and higher pricing implied under continued suspension, explains Macquarie.

ASX-listed companies most sensitive to price moves, according to the broker, include Mineral Resources (high financial leverage), Liontown Resources ((LTR) (high operating leverage), and IGO Ltd ((IGO)) which has the lowest leverage.

For Mineral Resources, target $30, Underperform.

Target price is $30.00 Current Price is $38.15 Difference: minus $8.15 (current price is over target).
If MIN meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.15, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates MND as Outperform (1) -

Macquarie highlights what a good August reporting season it was for contractors, assisted by good demand, margin beats, robust balance sheets including a number of share buybacks, and positive EPS upgrade revisions for FY26/FY27.

The analyst points to the "breadth" of end market demand, including iron ore activity and the renewables sector, including transmission/electricity infrastructure. The domestic exposures have been outperforming the global peers.

Both the top-down (macro) and bottom-up factors support the sector, with a stock preference for Downer EDI ((DOW)), Worley ((WOR)), Monodelphous Group, NRW Holdings ((NWH)) and Maas Group ((MGH)).

Macquarie's EPS estimates for Monadelphous Group sit 4% and 8% above consensus for FY26/FY27, respectively, with the company bidding for 3-4 near-term opportunities which include, but are not restricted to, iron ore projects. FY26 guidance is flagged for the November AGM.

Outperform rated with $22.17 target price.

Target price is $22.17 Current Price is $21.61 Difference: $0.56
If MND meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $22.13, suggesting upside of 4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates MP1 as Upgrade to Buy from Neutral (1) -

Citi raises its target price for Megaport to $16.30 from $15.45 and upgrades to Buy from Neutral

While the broker sees valuation as stretched there is potential upside to consensus from conservative cost guidance and stronger medium-term revenue growth.

FY26 guidance is for spending to rise by around -35% or -$50m, mainly people-related, implying headcount growth of about 160. Citi suggests opex could be lower than feared in FY26, though growth may spill into FY27.

Hiring momentum is already evident, note the analysts, with LinkedIn data showing 28 new roles in July-August and 57 positions recently posted.

The broker argues consensus revenue forecasts are too conservative, with FY26 guidance implying 20% annual recurring revenue (ARR) growth. Investment in sales is expected to drive additional ARR uplift of 5-8% over time, although with some lag.

Target price is $16.30 Current Price is $14.55 Difference: $1.75
If MP1 meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.65, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates NAB as Sell (5) -

Credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For National Australia Bank, the target rises to $36.00 from $31.50. Sell maintained.

Target price is $36.00 Current Price is $42.78 Difference: minus $6.78 (current price is over target).
If NAB meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.11, suggesting downside of -16.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates NAN as Buy (1) -

Morgans lowers its target for Nanosonics to $5.00 from $5.50 and retains a Buy rating following a deeper review of FY25 results. US tariffs are expected to add around -$4m to costs each year, shown by FY26 gross margin guidance to 75-77% from 78.2% in FY25.

The broker removes FY26 Coris revenue of -$2m but keeps FY27 at $7m, while also bringing forward its US upgrade cycle assumptions given around 10,000 EPR (earlier generation) disinfection systems remain in use.

The analysts maintain their long-term view Trophon is a cash generator and Coris will drive growth once commercialised.

Morgans lowers its target price to $5.00 from $5.50 and retains a Buy rating.

Target price is $5.00 Current Price is $3.84 Difference: $1.16
If NAN meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.55, suggesting upside of 17.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates NWH as Outperform (1) -

Macquarie highlights what a good August reporting season it was for contractors, assisted by good demand, margin beats, robust balance sheets including a number of share buybacks, and positive EPS upgrade revisions for FY26/FY27.

The analyst points to the "breadth" of end market demand, including iron ore activity and the renewables sector, including transmission/electricity infrastructure. The domestic exposures have been outperforming the global peers.

Both the top-down (macro) and bottom-up factors support the sector, with a stock preference for Downer EDI ((DOW)), Worley ((WOR)), Monodelphous Group ((MND)), NRW Holdings, and Maas Group ((MGH)).

Macquarie rates NRW Holdings as Outperform with a $4.45 target price. The acquisition of Fredon was 16%-17% earnings accretive, in addition to work in hand of $1bn, a $3.6bn pipeline and $2bn in submitted tenders.

Target price is $4.45 Current Price is $4.44 Difference: $0.01
If NWH meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting downside of -0.6% (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 PNR as Downgrade to Sell from Hold (5) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Pantoro Gold is downgraded to Sell from Hold. Target rises to $4.40 from $3.15.

Target price is $4.40 Current Price is $5.24 Difference: minus $0.84 (current price is over target).
If PNR meets the Bell Potter target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates RRL as Upgrade to Buy from Hold (1) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Regis Resources is upgraded to Buy from Hold. Target rises to $6.30 from $4.90.

Target price is $6.30 Current Price is $5.14 Difference: $1.16
If RRL meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting downside of -10.7% (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

Bell Potter rates SMI as Speculative Buy (1) -

Bell Potter highlights ASX-listed gold producers have materially underperformed North American/global peers since June 2025, a rare disconnect not explained by fundamentals.

The broker doesn't see any sustainable justification, given catalysts like FY26 guidance misses, higher costs, or labour/power pressures are also present offshore.

With gold price breaking higher again after a period of consolidation from the April record, the broker sees this as a strong foundation for further upside in gold. ASX gold equities could mean-revert towards global peers, in the broker's view.

Long-term gold price forecast lifted higher to US$3,400/oz from US$2,800. For 2H2025, the broker pushed the estimate to US$3,500 from US$2,950, and for 2H2027 to US$3,300 from US$2,700.

Speculative Buy maintained for Santana Minerals. Target rises to $1.40 from $1.18.

Target price is $1.40 Current Price is $0.77 Difference: $0.635
If SMI meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

UBS notes Suncorp Group and Insurance Australia Group have improved earnings reliability by strengthening CAT budgets and adding innovative reinsurance protections.

In the broker's view, these measures create scope for reinsurance profit commissions, a source of upside not yet reflected in consensus. The broker's modelling suggests insurance trading ratio margin and EPS expectations are too conservative under consensus forecasts.

After incorporating upside from reinsurance, the broker lifted EPS forecasts, which are now 4% higher vs consensus by FY27 for Suncorp Group.

Rating upgraded to Buy from Neutral. Target lifted to $23.15 from $22.75.

Target price is $23.15 Current Price is $20.85 Difference: $2.3
If SUN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.80, suggesting upside of 7.8% (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

Ord Minnett rates TRJ as Buy (1) -

Back on August 28, Trajan Group delivered FY25 revenue of $166.5m, up 7%, with underlying earnings (EBITDA) up 26% to $15.5m.

Ord Minnett highlights Components & Consumables as the growth engine, while Capital Equipment remains pressured, particularly in the US from defunding and tariffs.

Guidance for FY26 targets revenue of $170-180m and earnings of $16-19m, with assumptions revised for softer equipment sales and supply chain repositioning.

Normalised operating cash flow (OCF) rose 4% to $13.4m, and net debt declined to $29.5m.

The broker notes progress in Disruptive Tech, with Microsampling now breakeven, and Versiti advancing into field evaluation in precision fermentation, with commercialisation catalysts due in FY26.

The broker cuts its target price to $1.25 from $1.46 and maintains a Buy rating, citing an undemanding valuation.

Target price is $1.25 Current Price is $0.80 Difference: $0.455
If TRJ meets the Ord Minnett target it will return approximately 57% (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 WBC as Upgrade to Neutral from Sell (3) -

Credit growth remains resilient, net interest margins (NIMs) are well-managed as risks tilt towards fewer rate cuts, and asset quality stays benign, supporting an improving outlook for Australian banks, suggests Citi.

The broker adjusts its valuation framework to reflect structurally lower costs of equity (CoEs) across the sector, driving target price upgrades of 10-20%.

Better momentum in the private sector is expected to skew the risk to only one more interest rate cut this cycle.

More positively, the analysts note a steepening US yield curve and narrowing interest rate differentials between Australia and the US have historically supported stronger sentiment toward Australian banks.

The broker's order of preference among the major banks is unchanged: ANZ Bank, Westpac, National Australia Bank, and CommBank.

For Westpac, the target rises to $36.50 from $29.75. The rating is upgraded to Neutral from Sell.

Target price is $36.50 Current Price is $37.65 Difference: minus $1.15 (current price is over target).
If WBC meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.84, suggesting downside of -14.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Morgans rates WPR as Hold (3) -

Morgans assesses the outlook for REITs, highlighting the potential tailwinds from lower interest rates, combined with limited supply coming on stream due to high construction costs which cannot be justified given rental rates.

The analyst views the investment case for the A-REIT sector continues to improve and confirms the previous key picks.

Only three stocks exceed the over 20% total shareholder return criteria for a Buy rating and include DigiCo Infrastructure REIT ((DGT)), HMC Capital ((HMC)) and Eureka Group Holdings ((EGH)).

Morgans makes slight changes post Waypoint REIT's 1H2025 result with guidance for 2025 dividend raised to 16.64c which has been included in its forecasts as well as some $17m in share buy-back to be completed in 2H25.

Hold rating retained. Target moves to $2.70 from $2.50.

Target price is $2.70 Current Price is $2.74 Difference: minus $0.04 (current price is over target).
If WPR meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.63, suggesting downside of -4.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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