Australian Broker Call

Ord Minnett rates AMP as Buy (1) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

All else equal, incorporating spot yields would imply to Ord Minnett 2-3% upgrades to consensus EPS forecasts for AMP.

Buy rating and $1.65 target maintained.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $1.65 Current Price is $1.23 Difference: $0.42
If AMP meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.78, suggesting upside of 41.3% (ex-dividends)

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 ANZ as Neutral (3) -

Moving to an Underweight stance on the banking sector, Macquarie reminds investors sustained disruption in energy markets has historically preceded economic slowdowns.

Downside risk for bank share prices is anticipated as oil shocks flow through to earnings and valuations.

The broker explains elevated energy prices and higher interest rates are increasing risks to credit growth and bad debt charges.

Higher bad debt charges have driven around -1-3% EPS downgrades across the sector by Macquarie.

Across the sector, the analyst highlights CommBank holds the highest collective provisions against at-risk exposures, while ANZ Bank has lowest.

This partly reflects ANZ’s greater exposure to institutional borrowers, which typically require lower provisioning and are more likely to have hedging or supply contracts in place.

The target for ANZ Bank falls to $35.50 from $37. Neutral maintained.

Target price is $35.50 Current Price is $36.60 Difference: minus $1.1 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.54, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Ord Minnett rates ASX as Hold (3) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

Hold rating and $58.60 target maintained for ASX.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $58.60 Current Price is $48.94 Difference: $9.66
If ASX meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $55.96, suggesting upside of 14.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates BRG as Outperform (1) -

Breville Group has beaten the "Macquarie Kitchen Benchmark", outperforming the small domestic appliance companies where guidance is mixed. The company has outperformed the benchmark with revenue growth driven by coffee, new products and new markets.

Historical outperformance of the benchmark supports the broker's forecasts for growth rates of 10%-plus over FY25-28. Target is reduced to $37.10 from $38.50 as Macquarie updates for the latest share dilution. Outperform.

Target price is $37.10 Current Price is $26.21 Difference: $10.89
If BRG meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $38.67, suggesting upside of 48.4% (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

Macquarie rates CBA as Underperform (5) -

Moving to an Underweight stance on the banking sector, Macquarie reminds investors sustained disruption in energy markets has historically preceded economic slowdowns.

Downside risk for bank share prices is anticipated as oil shocks flow through to earnings and valuations.

The broker explains elevated energy prices and higher interest rates are increasing risks to credit growth and bad debt charges.

Higher bad debt charges have driven around -1-3% EPS downgrades across the sector by Macquarie.

Across the sector, the analyst highlights CommBank holds the highest collective provisions against at-risk exposures, while ANZ Bank has lowest.

This partly reflects ANZ’s greater exposure to institutional borrowers, which typically require lower provisioning and are more likely to have hedging or supply contracts in place.

Underperform rating kept for CommBank. Target falls to $120 from $124.

Target price is $120.00 Current Price is $175.64 Difference: minus $55.64 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $129.04, suggesting downside of -25.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Ord Minnett rates CGF as Buy (1) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

All else equal, incorporating spot yields would imply to Ord Minnett double-digit downgrades to consensus EPS forecasts for Challenger.

The Buy rating and $9.85 target are maintained.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $9.85 Current Price is $7.96 Difference: $1.89
If CGF meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $9.64, suggesting upside of 20.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates COG as Buy (1) -

COG Financial Services is benefiting from rising Electric Vehicle penetration, highlights Bell Potter, with novated leasing supporting demand and petrol vehicle sales declining.

The company helps businesses finance and insure heavy equipment purchases, earning fees and commissions rather than taking lending risk itself.

It's believed the New Vehicle Efficiency Standard (NVES) settings and emissions targets will shape market dynamics, with costs emerging from 2028 and pressure increasing on higher-emission suppliers.

The broker notes mixed vehicle supply trends and strong non-mining equipment capex outlook, which should support growth alongside Olympics-related activity.

Further clarity on lending strategy is required, suggest the analysts, though contract wins and data support forecast growth and M&A upside.

Bell Potter retains a Buy rating and target of $2.30.

Target price is $2.30 Current Price is $1.33 Difference: $0.97
If COG meets the Bell Potter target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 55.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates GQG as Neutral (3) -

Given the ongoing conflict in the Middle East as weaker global and local markets weigh on funds under management Macquarie notes marginal support for US dollar-exposed funds.

While the relative performance of GQG Partners has improved since December and funds are positioned defensively, Macquarie's analysis signals net flows are around 80% correlated with five-year relative fund performance with a one-quarter flow lag.

The broker remains cautious regarding net flows in the near term, given a mixed five-year relative fund performance and the one-year materially below benchmarks.  Neutral rating is reiterated. Target is steady at $1.55.

Target price is $1.55 Current Price is $1.69 Difference: minus $0.14 (current price is over target).
If GQG meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.93, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.6

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

Macquarie rates HUB as Upgrade to Outperform from Neutral (1) -

Given the ongoing conflict in the Middle East as weaker global and local markets weigh on funds under management Macquarie notes marginal support for US dollar-exposed funds.

The broker expects Hub24 to take market share in the coming 1-2 years, forecast to grow earnings by more than 20% over the medium term. Valuation has de-rated materially over recent months amid concerns around the sustainability of platforms in the context of AI, with Macquarie suggesting this is an "overblown risk".

As the stock is trading at 2.63x equivalent to a -10% discount to the 5-year average the rating is upgraded to Outperform from Neutral. Target is reduced to $92.25 from $106.10.

Target price is $92.25 Current Price is $79.26 Difference: $12.99
If HUB meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $109.91, suggesting upside of 38.6% (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

Ord Minnett rates IAG as No Rating (-1) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

All else equal, incorporating spot yields would imply to Ord Minnett 2-3% upgrades to consensus EPS forecasts for Insurance Australia Group.

Ord Minnett currently is restricted on research coverage for Insurance Australia Group. No target or rating supplied.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Current Price is $7.26. Target price not assessed.

Current consensus price target is $8.45, suggesting upside of 13.6% (ex-dividends)

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

Ord Minnett rates IFL as Hold (3) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

All else equal, incorporating spot yields would imply to Ord Minnett 2-3% upgrades to consensus EPS forecasts for Insignia Financial.

The Hold rating and $4.80 target are maintained.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $4.80 Current Price is $4.69 Difference: $0.11
If IFL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Market Sentiment: 0.0

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

Bell Potter rates JBH as Buy (1) -

JB Hi-Fi provided a first half result that slightly beat expectations and Bell Potter notes The Good Guys and NZ operations were the stand-out performers. The Australian business was resilient, with 5% comparable sales growth despite cycling a strong prior corresponding second quarter.

The broker makes changes to revenue assumptions, factoring in the January trading update and the upcoming challenges in the fourth quarter as the company cycles 8.2% growth in comparable sales.

The broker anticipates AI laptop price increases will flow through at the end of the third quarter  and other potential freight cost impacts from onshore suppliers will impact gross margins. Target is reduced to $90 from $119 and a Buy rating is maintained.

Target price is $90.00 Current Price is $71.70 Difference: $18.3
If JBH meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $92.07, suggesting upside of 25.8% (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

Macquarie rates MFG as Downgrade to Underperform from Neutral (5) -

Given the ongoing conflict in the Middle East as weaker global and local markets weigh on funds under management Macquarie notes marginal support for US dollar-exposed funds.

With flagship funds underperforming benchmarks on a three-year and five-year basis, Macquarie is cautious about Magellan Financial's net flows. Amid "lack of colour" on underlying earnings at Barrenjoey, the broker adds caution to the earnings outlook.

As the valuation of 14x is above both global investment bank and asset manager peers, Macquarie downgrades to Underperform from Neutral. Target is reduced to $8.55 from $8.65.

Target price is $8.55 Current Price is $10.03 Difference: minus $1.48 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.02, suggesting downside of -1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates MPL as Accumulate (2) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

For health insurers, it's noted rising inflation may reduce claims and support earnings, while brokers are likely to benefit from premium increases without assuming claims risk in the near term.

The $5.10 target and Accumulate rating are maintained for Medibank Private.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $5.10 Current Price is $4.21 Difference: $0.89
If MPL meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 19.1% (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

Macquarie rates NAB as Downgrade to Neutral from Outperform (3) -

Moving to an Underweight stance on the banking sector, Macquarie reminds investors sustained disruption in energy markets has historically preceded economic slowdowns.

Downside risk for bank share prices is anticipated as oil shocks flow through to earnings and valuations.

The broker explains elevated energy prices and higher interest rates are increasing risks to credit growth and bad debt charges.

Higher bad debt charges have driven around -1-3% EPS downgrades across the sector by Macquarie.

Across the sector, the analyst highlights CommBank holds the highest collective provisions against at-risk exposures, while ANZ Bank has lowest.

This partly reflects ANZ’s greater exposure to institutional borrowers, which typically require lower provisioning and are more likely to have hedging or supply contracts in place.

The target for National Australia Bank falls to $45.50 from $47.00 and the rating is downgraded to Neutral from Outperform due to recent share price outperformance.

Target price is $45.50 Current Price is $45.57 Difference: minus $0.07 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.84, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Citi rates NCK as Neutral (3) -

Citi notes interim results for major UK-based furniture retailer DFS Furniture plc point to softer UK footfall amid weak consumer confidence, implying a tougher backdrop for Nick Scali.

It's felt near-term UK performance will be driven by self-help initiatives, including refurbishments, brand awareness and retail execution improvements.

The broker sees a more significant risk from slowing A&NZ demand, where higher interest rates, fuel costs and potential tax changes may pressure housing-linked spending.

Alternatively, upside risk is seen via a potential Australian acquisition, which could provide synergies and support earnings in a weaker market.

Target $19.20. Neutral.

Target price is $19.20 Current Price is $15.47 Difference: $3.73
If NCK meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $21.20, suggesting upside of 36.2% (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

Ord Minnett rates NHF as Buy (1) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

For health insurers, it's noted rising inflation may reduce claims and support earnings, while brokers are likely to benefit from premium increases without assuming claims risk in the near term.

The $8.25 target and Buy rating are maintained for nib Holdings.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $8.25 Current Price is $6.12 Difference: $2.13
If NHF meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $7.32, suggesting upside of 18.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates NWL as Outperform (1) -

Given the ongoing conflict in the Middle East as weaker global and local markets weigh on funds under management Macquarie notes marginal support for US dollar-exposed funds.

Macquarie observes Netwealth Group trades at a -11x PE discount compared with peer Hub24, despite having previously traded around a 5x PE turn premium, and considers this reflective of market concerns around First Guardian, but suggesting the risk is largely in the rear view mirror.

The company has already compensated members in January and announced FY26 earnings margin/capital expenditure guidance, also showing around eight months of resilient net flows.

Thus the broker reiterates an Outperform rating and prefers the stock on a relative basis. Target is reduced to $27.55 from $33.70.

Target price is $27.55 Current Price is $20.59 Difference: $6.96
If NWL meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $29.47, suggesting upside of 42.8% (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 PMV as Buy (1) -

Premier Investments delivered a first half result that was largely in keeping with guidance and market expectations. FY26 guidance of $183m in retail EBIT is also in line, although the interim dividend beat Bell Potter's estimates.

The main announcement was a strategy re-set being undertaken in Smiggle to address the poor performance in the brand. The new and improved Smiggle division is expected to return to positive growth by the end of the first half of FY27.

The broker highlights the stock is trading at a discount to its coverage, considering the retail division has two global brands, along with equity investments, a land bank and cash position that supports M&A. Buy rating. Target is reduced to $18 from $20.

Target price is $18.00 Current Price is $11.98 Difference: $6.02
If PMV meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $17.70, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates PMV as Neutral (3) -

Following further review of Premier Investments’ in-line first-half results (July year-end), Citi lowers its target to $13.00 from $16.70 and maintains a Neutral rating.

While the broker is encouraged by planned changes at Smiggle, execution risks remain and competitive pressures are increasing, caution the analysts.

A summary of the broker's initial research follows.

Today's interim results release by Premier Investments met Citi's expectations. Retail earnings (EBIT) of $119m were in line with guidance amid a sales slowdown, the analysts note.

Weaker sales growth was evident across Peter Alexander and Smiggle compared to H2 of FY25, partly due to store closures, notes the broker in an early assessment. Margins and cost control were slightly better than forecast.

Citi highlights Smiggle’s reset strategy and leadership update with a new Managing Director appointed. A transition period is expected to weigh on margins despite stable FY26 guidance.

Management guided to FY26 Underlying Retail earnings (pre-AASB 16) of $183m, aligning with estimates by Citi and consensus.

Target price is $13.00 Current Price is $11.98 Difference: $1.02
If PMV meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $17.70, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in July.

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 PMV as Outperform (1) -

Premier Investments delivered first half results that were in line with guidance. Macquarie welcomes the greater disclosure in Peter Alexander earnings amid improved trading in the UK.

The update was negative for the second half outlook in Smiggle, indicating to the broker that full year guidance has a higher portion of earnings from Peter Alexander.

Macquarie awaits the "proof of concept" that signals pivot to a new product/look will improve earnings for Smiggle, noting the second half will experience further deterioration in gross margin as existing inventory is a cleared.

Outperform retained. Target is raised to $16.90 from $16.20.

Target price is $16.90 Current Price is $11.98 Difference: $4.92
If PMV meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $17.70, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates PMV as Overweight (1) -

Premier Investments continues to deliver strong sales growth with the pre-guided first half result in line with expectations, Morgan Stanley notes. Guidance is for FY26 EBIT of $183m.

Morgan Stanley factors conservatism into the guidance, given the interest-rate environment, while minimal impact to the second half should come from fuel and freight disruptions as the seasonal buying structure means items are already produced or in transit.

The broker notes Smiggle performed weakly, amid a -8.7% reduction in production store numbers that was partially offset by growth in wholesale.

The company intends to realign the brand with its core 6-12-year-old customer, centred on product repositioning and simplification. Georgia Chewing will become the managing director of Smiggle with the interim CEO returning to the CFO role.

Target is reduced to $16.90 from $19.20. Overweight. Industry View: In-Line.

Target price is $16.90 Current Price is $11.98 Difference: $4.92
If PMV meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $17.70, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in July.

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

UBS rates PMV as Buy (1) -

Upon further review, UBS has stuck with its Buy rating and $18 price target for Premier Investments. The broker notes gross margin pressures continue for the retailer, but management is doing a great job in keeping costs contained.

Against a challenging consumer backdrop, and with increased competition, UBS argues execution risk is high regarding the strategic reset for struggling Smiggle.

Both EPS and DPS forecasts have increased.

The broker's initial assessment:

It is UBS' assessment Premier Investments' H1 result is slightly below guidance (underlying), while FY26 guidance is in line with market consensus.

Reported net profit was helped by a lower tax rate while one-off costs weighed on the underlying outcome, the initial response explains.

Group sales were lower than forecasts by the broker and consensus, and so were LFL sales. Peter Alexander sales came out below UBS' estimate with Smiggle's in line.

The company did emphasise Peter Alexander sales for the first seven weeks are running at a higher pace. A strategic reset is on the cards for Smiggle.

Buy. Target $18.

Target price is $18.00 Current Price is $11.98 Difference: $6.02
If PMV meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $17.70, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in July.

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 PPT as Outperform (1) -

Given the ongoing conflict in the Middle East as weaker global and local markets weigh on funds under management Macquarie notes marginal support for US dollar-exposed funds.

Having recently announced the sale of its wealth division to Bain, Macquarie expects part of the discount on Perpetual will unwind.

The sale of wealth should simplify the business and, given the company's elevated costs-to-income ratio versus global peers, the broker envisages additional cost-cutting opportunities.

Outperform retained. Target is reduced to $20.05 from $24.60.

Target price is $20.05 Current Price is $16.12 Difference: $3.93
If PPT meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $20.11, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates QBE as Buy (1) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

All else equal, incorporating spot yields would imply to Ord Minnett 2-3% upgrades to consensus EPS forecasts for QBE Insurance.

The Buy rating and $26 target are kept.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $26.00 Current Price is $20.58 Difference: $5.42
If QBE meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $24.51, suggesting upside of 17.7% (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

Ord Minnett rates SDF as Hold (3) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

The $5.70 target and Hold rating are maintained for Steadfast Group.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $5.70 Current Price is $4.09 Difference: $1.61
If SDF meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 32.5% (ex-dividends)

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

Ord Minnett rates SUN as Hold (3) -

Ord Minnett reviews impacts of the Middle East conflict on the Diversified Financials sector, noting energy market disruption has had a greater impact than on broader investment markets.

Higher oil prices are lifting inflation expectations and bond yields, implying modest medium-term EPS upgrades for insurers and Computershare, the analyst explains.

Near-term downside from equity losses and wider credit spreads are highlighted, with high single-digit EPS downgrades expected across most names and larger impacts for Challenger.

The analysts note operational pressures for insurers from rising claims inflation, while brokers may benefit from higher premiums without claims risk.

All else equal, incorporating spot yields would imply to Ord Minnett 2-3% upgrades to consensus EPS forecasts for Suncorp Group.

Hold rating and $18 target maintained.

The broker's preferred choices in the sector are nib Holdings, QBE Insurance and AMP.

Target price is $18.00 Current Price is $15.81 Difference: $2.19
If SUN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $18.59, suggesting upside of 15.3% (ex-dividends)

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 TCG as Buy (1) -

Turaco Gold’s Afema mineral resource estimate (MRE) has been to 4.65Moz (from 4Moz) at 1.3g/t, exceeding Morgans' 4.5Moz forecast and confirming its status as a major undeveloped ASX gold asset.

Ongoing drilling continues to add scale, observes the analyst, with indicated resources rising and supporting future mine planning ahead of a mid-year preliminary feasibility study (PFS).

The broker highlights strong growth across key deposits and sees potential for a larger operation than its 186kozpa base case. The upcoming PFS is expected to act as a key catalyst, reinforcing valuation support.

Morgans retains a Buy rating and target of $2.19.

Target price is $2.19 Current Price is $0.67 Difference: $1.525
If TCG meets the Morgans target it will return approximately 229% (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

Citi rates WBC as Neutral (3) -

Citi expects Westpac's multi-year technology transformation program (Unite) update on March 26 to maintain a measured tone despite growing investor interest in AI’s potential impact on scope and costs.

It is considered unlikely AI will materially alter timelines given regulatory requirements and accuracy standards, with 2026 focused on testing before implementation from 2027.

Consensus revisions have exposed limitations in relative return on tangible equity (RoTE) targets as peer expectations rise, highlights the broker, supporting a shift toward absolute targets by management.

Target $39. Neutral.

Target price is $39.00 Current Price is $40.70 Difference: minus $1.7 (current price is over target).
If WBC 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 $35.72, suggesting downside of -11.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Macquarie rates WBC as Underperform (5) -

Moving to an Underweight stance on the banking sector, Macquarie reminds investors sustained disruption in energy markets has historically preceded economic slowdowns.

Downside risk for bank share prices is anticipated as oil shocks flow through to earnings and valuations.

The broker explains elevated energy prices and higher interest rates are increasing risks to credit growth and bad debt charges.

Higher bad debt charges have driven around -1-3% EPS downgrades across the sector by Macquarie.

Across the sector, the analyst highlights CommBank holds the highest collective provisions against at-risk exposures, while ANZ Bank has lowest.

This partly reflects ANZ’s greater exposure to institutional borrowers, which typically require lower provisioning and are more likely to have hedging or supply contracts in place.

The target for Westpac falls to $33.50 from $35.00 and the Underperform rating is kept.

Target price is $33.50 Current Price is $40.70 Difference: minus $7.2 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.72, suggesting downside of -11.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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