Australian Broker Call

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

Astral Resources announced assay results for the final 51 holes recently finished at Spargoville, part of the 100% owned Mandilla Gold Project.

Since the acquisition of Maximus, this was the first drill program, and the results confirm gold mineralisation to the south and a likely extension of the Huntsman deposit, Shaw and Partners notes.

The combined mineral resource estimate for Spargoville is 3mt at 1.4g/t Au for 139koz of contained gold. Astral had cash of $18.6m at the end of the June quarter, with another circa $6m inflow from the conversion of options.

Shaw and Partners' target is unchanged at 45c. Buy, High Risk retained.

Target price is $0.45 Current Price is $0.25 Difference: $0.2
If AAR meets the Shaw and Partners target it will return approximately 80% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ABB as Outperform (1) -

In a review of challenger telcos Superloop and Aussie Broadband, Macquarie highlights under-utilised balance sheets for both could enable either capital returns or acquisitions in FY26.

In the analyst's opinion, Aussie Broadband is more likely to return capital and Superloop more likely to pursue mergers and acquisitions. 

In the shorter-term, it's felt Aussie Broadband is better placed to benefit from customers churning to higher NBN speed tiers, given its strong premium brand positioning. Superloop offers more long-term upside across both Consumer and Wholesale divisions, suggests the broker.

The target for Aussie Broadband rises to $6.35 from $5.90. Outperform maintained.

Target price is $6.35 Current Price is $5.81 Difference: $0.54
If ABB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 3.3% (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

Macquarie rates ANZ as Neutral (3) -

While remaining Underweight on the ASX Banking sector, Macquarie upgrades earnings per share forecasts for the major banks by 1-2% over the next two years, reflecting stronger expected credit growth.

Housing credit growth has accelerated following RBA cuts, while business credit growth remains resilient despite heightened uncertainty, explains the analyst.

The broker keeps dividend forecasts unchanged, noting payout ratios are already elevated and higher lending growth will constrain capital generation.

It is felt consensus forecasts are not fully capturing the impact of lower interest rates on bank margins.

The target price for ANZ Bank rises to $33 from $32.50. Neutral maintained.

Target price is $33.00 Current Price is $34.80 Difference: minus $1.8 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.20, suggesting downside of -13.5% (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

UBS rates ANZ as Sell (5) -

UBS notes ANZ Bank's newly appointed CEO Nuno Matos has built a strong executive team with the aim of driving transformation.

The latest appointments include Pedro Rodeia as Group Executive for Australia Retail, Christine Palmer as Group CRO, and Donald Patra in technology leadership.

Among them, the broker reckons investors will question Rodeia’s hands-on retail banking experience.

The upcoming strategy day (Oct 13) remains a key focus where market will be eyeing dividend outlook, among other things, and consensus is already for a reduction, with the size unclear.

Sell. Target unchanged at $26.50.

Target price is $26.50 Current Price is $34.80 Difference: minus $8.3 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.20, suggesting downside of -13.5% (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 BEN as Underperform (5) -

While remaining Underweight on the ASX Banking sector, Macquarie upgrades earnings per share forecasts for the major banks by 1-2% over the next two years, reflecting stronger expected credit growth.

Housing credit growth has accelerated following RBA cuts, while business credit growth remains resilient despite heightened uncertainty, explains the analyst.

The broker keeps dividend forecasts unchanged, noting payout ratios are already elevated and higher lending growth will constrain capital generation.

It is felt consensus forecasts are not fully capturing the impact of lower interest rates on bank margins.

For Bendigo & Adelaide Bank, the target slips to $10.75 from $11.00. Underperform rating unchanged.

Target price is $10.75 Current Price is $13.12 Difference: minus $2.37 (current price is over target).
If BEN 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 $11.35, suggesting downside of -13.1% (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

Macquarie rates BHP as Neutral (3) -

At the September quarterly (1Q26), Macquarie expects BHP Group to report weaker results vs consensus, with -3% lower iron ore and copper production, a -3% miss in thermal coal, and -6% lower met coal.

The broker points out the September quarter is usually a weaker period for the company due to planned maintenance/shutdowns.Iron production is seen -10% lower q/q and shipments down -9% q/q.

Separately, the broker notes the company's shipments haven’t yet been hit by the unresolved dispute with China Mineral Resources Group due to forward contracts. However, prolonged tensions could lead to future delivery risks or higher discounts on low-grade cargoes.

Neutral. Target unchanged at $42.

The broker's preference remains for Rio Tinto over BHP Group.

Target price is $42.00 Current Price is $43.11 Difference: minus $1.11 (current price is over target).
If BHP 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 $44.15, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates BOQ as Underperform (5) -

While remaining Underweight on the ASX Banking sector, Macquarie upgrades earnings per share forecasts for the major banks by 1-2% over the next two years, reflecting stronger expected credit growth.

Housing credit growth has accelerated following RBA cuts, while business credit growth remains resilient despite heightened uncertainty, explains the analyst.

The broker keeps dividend forecasts unchanged, noting payout ratios are already elevated and higher lending growth will constrain capital generation.

It is felt consensus forecasts are not fully capturing the impact of lower interest rates on bank margins.

For Bank of Queensland, the target slips to $5.90 from $6.00. Underperform rating unchanged.

Target price is $5.90 Current Price is $7.27 Difference: minus $1.37 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.38, suggesting downside of -11.6% (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

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

Morgan Stanley anticipates Bank of Queensland will achieve its FY25 guidance for profit, which was announced in August at $375-$385m.

The market is expected to concentrate on margins as well as the quality of the result, including FY26 cost growth and margin guidance.

Revenue is forecast to grow 7% h/h in 2H25, with the margin up 12bp to 1.69%, which is in line with guidance, the analyst notes.

Margin in FY26 is expected to be flagged lower by Bank of Queensland, and there are potential downside risks to consensus revenue forecasts as mortgage runoffs continue. Additionally, below-system business loan growth and competition around lending are expected to weigh.

Target set at $6.70. Equal-weight. Industry View: In-Line.

Target price is $6.70 Current Price is $7.27 Difference: minus $0.57 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.38, suggesting downside of -11.6% (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

UBS rates BPT as Neutral (3) -

UBS marked-to-market September quarter oil prices, noting more resilience than expected in Brent oil price as geopolitical risks and China's stockpiling offset the impact of OPEC-plus capacity unwinds.

Forecast for December quarter (4Q2025) lifted by US$1/bbl to US$63/bbl due to higher starting point, but 2026 forecast trimmed by -US$1/bbl to average US$64/bbl. Forecasts for 2027-28 are unchanged.

The broker expects Beach Energy to report higher sales revenue in 1Q26 after selling two additional LNG swap cargoes in the September quarter.

However, the overall update could be soft, with further delays to Waitsia Gas Plant start-up implied by the lack of commissioning news.

FY26 EPS forecast upgraded by 4% but FY27 trimmed by -5%.

Neutral. Target unchanged at $1.20.

Target price is $1.20 Current Price is $1.16 Difference: $0.045
If BPT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting downside of -0.1% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Brazilian Rare Earths has entered into a strategic partnership with French rare earth specialist Carester, which will provide technical assistance for the design and commissioning of a rare earth refinery in Brazil.

The agreement includes a binding 10-year offtake for heavy rare earth concentrate, priced at market-linked rates.

Ord Minnett sees the partnership as a major step forward for Brazilian Rare Earths’ development plans, noting its dual exposure to rare earth and direct shipping bauxite (DSO) assets.

The analysts anticipate multiple upcoming catalysts, including metallurgical results, rare earth separation trials, and scoping studies for both Monte Alto and the bauxite project.

Ord Minnett maintains its $6.30 target price and Speculative Buy rating.

Shares have surged 145% since August 20, yet the analysts believe significant upside remains as plans to monetise rare earth discoveries and bauxite assets take hold.

Target price is $6.30 Current Price is $4.93 Difference: $1.37
If BRE meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 CAR as Buy (1) -

Brazilian used vehicle sales rose 26% year-on-year in September, Citi notes, accelerating from 20% y/y rise in August, supported by easing used car prices. On a m/m basis, sales were down, repeating the trend seen last year.

The broker highlights 1H26 used vehicle sales rose 21% y/y, indicating a strong start to the year. It points to growth exceeding the broker's 23% y/y cc growth forecast for CAR Group's majority-owned business unit Webmotors in FY26.

There is potential seen for growth to accelerate further in Q4 due to easier year-ago comparisons (10% in 4Q2024 vs 12% in 3Q2024).

No change to CAR Group's $42.55 target price and Buy rating.

Target price is $42.55 Current Price is $36.43 Difference: $6.12
If CAR meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $42.15, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates CBA as Underperform (5) -

While remaining Underweight on the ASX Banking sector, Macquarie upgrades earnings per share forecasts for the major banks by 1-2% over the next two years, reflecting stronger expected credit growth.

Housing credit growth has accelerated following RBA cuts, while business credit growth remains resilient despite heightened uncertainty, explains the analyst.

The broker keeps dividend forecasts unchanged, noting payout ratios are already elevated and higher lending growth will constrain capital generation.

It is felt consensus forecasts are not fully capturing the impact of lower interest rates on bank margins.

CommBank's target of $106 and Underperform rating remain.

Target price is $106.00 Current Price is $167.31 Difference: minus $61.31 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 37% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $118.43, suggesting downside of -29.7% (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 COG as Downgrade to Hold from Accumulate (3) -

COG Financial Services has agreed to purchase for -$23.9m an incremental 12.1% stake in the novated leasing and salary packaging provider FleetNetwork, lifting ownership to 92.4%.

The purchase will be funded via a $20m equity raising at $2.00 per share and existing debt facilities.

Ord Minnett says the investment aligns with management's strategy to expand its exposure to salary packaging and novated leasing, with the deal expected to be around 6% earnings per share accretive in FY26.

The purchase price implies a trailing 6.1x earnings (EBITDA) multiple, viewed by the analyst as reasonable versus peers.

Ord Minnett lifts its target to $2.40 from $2.04. Given the recent share price rally, the broker's rating is downgraded rating to Hold from Accumulate.

Target price is $2.40 Current Price is $2.38 Difference: $0.02
If COG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.26, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates CSC as Buy (1) -

Citi notes Capstone Copper hosted a sell-side roundtable highlighting Mantoverde belt potential and the Santo Domingo sell-down process.

The company noted the updated Mantoverde resource is due in 1H2026 and could support Phase II expansion (45 ktpd mill) through higher grades and lower strip ratios. The Phase 2 development is seen 5 years away.

On Santo Domingo, the company stated sell-down is progressing, with JV structure negotiations ongoing. Sanctioning could occur in 2H2026 with peak capex seen nine months after FID.

The broker remains bullish on copper on supply disruptions, strong demand, and macro tailwinds.

Buy maintained for Capstone Copper. Target unchanged at $11.

Target price is $11.00 Current Price is $14.74 Difference: minus $3.74 (current price is over target).
If CSC meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.43, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

Morgans downgrades Capstone Copper to Accumulate from Buy with a lift in the target to $16 from $12.10.

The stock remains one of the preferred leveraged plays to a higher copper price, with the broker raising its copper price forecasts by 3% for 2025 and 5% each for 2026-27. This is on the back of supply challenges and an improved demand backdrop.

Capstone is expected to lift production in 2025 by 28% despite issues at both Mantoverde and Pinto Valley in 3Q, as previously announced. Management has guided to a decline in unit costs of -15% for 2025.

A partial sell down of Santo Domingo is anticipated before the end of 2026.

Target price is $16.00 Current Price is $14.74 Difference: $1.26
If CSC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $13.43, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates DBI as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage on Dalrymple Bay Infrastructure with a $4.91 target and Outperform rating, citing predictable base income and stable yield growth.

Base terminal infrastructure charges (TIC) combined with the agreed new capital (NECAP) program are expected to drive earnings per share growth of around 8% and dividend growth of 5-6% over the next five years.

Commenting on the proposed 8X expansion (an additional berth and associated infrastructure at the Dalrymple Bay Coal Terminal), the broker sees a $0.5-1.5bn opportunity which could add 16-48cps if approved within 24 months.

Future re-contracting in 2031 may also allow pricing flexibility versus other ports, highlights Macquarie.

Target price is $4.91 Current Price is $4.38 Difference: $0.53
If DBI meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates DVP as Buy (1) -

Develop Global's updated definitive feasibility study (DFS) for the Sulphur Springs zinc-copper project exceeded Bell Potter’s expectations.

The project’s net present value (NPV) has improved compared to previous assessments, even when calculated at a higher discount rate, note the analysts.

The broker cites higher life-of-mine commodity prices, a 1.50mtpa processing plant, and a -19% fall in costs (AISC) from lower treatment and refining charges as key drivers.

Upfront capital of -$329m was below Bell Potter’s -$370m forecast, while the broker's mine life forecast shortens to 9.5 years (from 11.5) versus the updated DFS estimate of 7.6 years (from 9.3).

Bell Potter raises its target price to $5.40 from $5.10 and retains a Buy rating.

Target price is $5.40 Current Price is $4.57 Difference: $0.83
If DVP meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ELD as Buy (1) -

Elders provided an update on the Delta acquisition, which Bell Potter expects will be around 10% earnings per share (EPS) accretive in FY25 and mid-single-digit accretive in FY26-27. A trading updated was also provided.

The Australian Competition and Consumer Commission (ACCC) has cleared the Delta transaction, subject to divesting six branches in Western Australia, which will have an immaterial earnings impact, notes the broker.

Bell Potter notes the trading update was softer than expected, with FY25 earnings (EBIT) of $142-146m versus the broker's $158.5m forecast, due to weaker crop protection margins offsetting stronger agency performance.

The $9.45 target price and Buy rating are maintained.

Target price is $9.45 Current Price is $7.26 Difference: $2.19
If ELD meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

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 ELD as Buy (1) -

Elders Limited received a favourable ruling on the Delta acquisition, subject to divestment of six branches in Western Australia. Citi  reckons the path is now clear for Delta to make earnings contribution from November.

On the trading update ahead of FY25 result on November 17, the broker is encouraged by the improvement seen in 4Q following dry conditions in SA in 3Q. Expectation is for $144m underlying EBIT in FY25, a downgrade of -16%, vs guidance of $142-146m.

On FY26, the broker is taking a cautious view due to weather uncertainty while acknowledging the risk is to the upside.

Buy. Target trimmed to $8.45 from $8.60.

Target price is $8.45 Current Price is $7.26 Difference: $1.19
If ELD meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

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 ELD as No Rating (-1) -

The Australian Competition and Consumer Commission (ACCC) has approved Elders’ acquisition of Delta Ag. Six Western Australian branches need to be divested for an immaterial EBIT impact, notes Macquarie. Completion is set for November 3.

The broker highlights Elders’ FY25 earnings (EBIT) guidance of $142-146m is -9-11% below its and consensus forecasts. This reflects weaker crop protection demand from dry conditions in SA and western Victoria, partly offset by stronger fourth quarter recovery.

Macquarie cuts its FY25 and FY26 earnings forecasts by -12% each, and FY27-29 forecasts by -7% to -10%, citing weaker agchem margins and a one-month delay in Delta Ag’s inclusion.

Research restrictions apply to Macquarie's rating and target price.

Current Price is $7.26. Target price not assessed.

Current consensus price target is $8.80, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

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 ELD as Buy (1) -

Morgans notes the ACCC has approved the acquisition of Delta Agribusiness, subject to Elders selling six Delta branches, which has no meaningful impact on earnings.

The company also offered disappointing FY25 guidance, which came in below consensus forecasts at the midpoint by -9.3% at earnings (EBIT) of $142-$146m.

The update suggests a soft 2H25, attributed to the dry conditions which continued to impact the Retail and Wholesale businesses, notably in SA and western Victoria. 3Q25 was highlighted as particularly challenging, with improved conditions not evident until 4Q.

Morgans lowers its FY25 earnings (EBIT) forecast by -9.2% and FY26 by -4.6% as Delta will only contribute 11 months due to the ACCC delay.

Buy rating retained. Target lifts to $8.50 from $8.45, with FY26 expected to be a better year for Elders.

Target price is $8.50 Current Price is $7.26 Difference: $1.24
If ELD meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 16.6% (ex-dividends)

The company's fiscal year ends in September.

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 FMG as Underperform (5) -

At the September quarterly (1Q26), Macquarie expects Fortescue Metals Group’s shipments to come in line with consensus at 50Mt. The broker's forecast for C1 cost is -4% lower vs consensus, and realised price is 2% higher at US$87/t.

On a q/q basis, the broker estimates -10% lower shipments, despite 3% higher processed volumes. The broker notes the company finished FY25 on a strong note and lower volumes in the first quarter are in line with seasonal heavy maintenance period.

No change to forecasts.

Underperform. Target unchanged at $16.50.

Target price is $16.50 Current Price is $19.46 Difference: minus $2.96 (current price is over target).
If FMG 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 $18.55, suggesting downside of -3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.2

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

Ord Minnett rates GMG as Hold (3) -

Ord Minnett has adopted a more conservative outlook on Goodman Group's data centre margins due to uncertainty over rent levels that major hyperscaler clients are prepared to pay.

The analyst has downgraded the estimated margin on cost for the project pipeline to 50% from 60% previously. The margin could decline further to 40% alongside the sell-down of Goodman's stakes to its investment partners.

The sell-downs would positively de-risk the projects, the broker highlights.

Ord Minnett estimates work in progress to more than double to $32bn in FY28 from $13bn currently, on an assumed 320MW coming on stream in FY26 and 475MW annually post FY26.

The analyst tweaks FFO forecasts slightly down by -0.1% to -0.3% and expects hyperscalers to commit to leases 12-15 months in advance.

No change to Hold rating on valuation grounds despite a positive outlook on the group's ability to execute on the data centre strategy. Target price set at $33.70 from $32.50.

Target price is $33.70 Current Price is $33.40 Difference: $0.3
If GMG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $37.82, suggesting upside of 13.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Shaw and Partners rates GTK as Buy (1) -

Shaw and Partners highlights Gentrack Group is about to release Genesis, which will be the first large-scale deployment of the group's g2.0 cloud-native billing and CRM platform.

Management stated the $145m program budget remains with a FY27 completion, although the analyst points to slight timing issues which could delay around $1-$2m in revenue from implementation.

Digital spend is anticipated to lift around 60% in FY26, and post a NZ tech tour, Shaw and Partners believes both Gentrack and Genesis efficiency targets will be achieved.

No change to Buy rating and $11.80 target.

Target price is $11.80 Current Price is $8.28 Difference: $3.52
If GTK meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $12.83, suggesting upside of 51.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Morgan Stanley rates GYG as Overweight (1) -

A 1Q trading update by Guzman y Gomez revealed Australian same-store sales growth of 4%, slightly ahead of the first seven weeks of 1H26 and broadly in line with consensus expectations for 5%, observes Morgan Stanley.

Network sales rose 18.6% y/y, also in line with the broker's forecasts.

The launch of a new Caesar-inspired menu in October, supported by marketing investment, has already boosted sales momentum into the second quarter, according to management.

Despite cycling a strong 10.2% growth in the 2Q last year, the broker expects the new products to support further gains.

Earnings guidance for FY26 remains unchanged. Management also announced a $100m buyback, supported by a $280m cash position and ongoing expansion capacity.

Overweight. Target $31.20. Industry View: In-Line.

Target price is $31.20 Current Price is $26.39 Difference: $4.81
If GYG meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $30.27, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates GYG as Buy (1) -

Guzman y Gomez reported a 1Q26 update which largely met expectations according to Morgans. Three new stores were opened in Australia, one in the US and one in Singapore, with network sales up 19% to $330.6m.

Australian comparable sales over the period rose 4%, an increase from 3.7% at the seven-week trading update and compared to growth of 7.4% a year earlier. Extension of trading hours has 23 stores now operating 24/7, up from 18 at June 30.

Sales for Australia, including Singapore and Japan, rose 18% to $326.3m, in line with consensus for 1H26 growth. US network sales rose to $4.3m from $2.6m, up 65% on the year before. Comparable US sales growth was 6.7%, the same as the seven-week update.

Management reiterated FY26 underlying earnings (EBITDA) margin guidance at 5.9%-6.3%, and Morgans believes the company is erring on the conservative side.

No change in the broker's earnings estimates. Buy rating retained, target lifts to $32.60 from $30.60.

Target price is $32.60 Current Price is $26.39 Difference: $6.21
If GYG meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $30.27, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates GYG as Neutral (3) -

Guzman y Gomez's 1Q26 network sales grew 18.6% y/y but Australian same-store sales growth of 4% y/y was below UBS' and consensus forecasts for 6% and 5% growth, respectively.

The company reaffirmed FY26 guidance for 32 new store openings and underlying EBITDA margin of 5.9-6.3%.

The broker lowered FY26 EBITDA forecast by -1.9% and FY27 by -0.4% on lower Australian same-store sales growth and slightly higher US EBITDA losses.

A 3.4% share buyback announcement was a surprise and the broker takes it as a sign of confidence, given the company's strong net cash position of $282m in FY25.

Neutral. Target rises to $27 from $26.50 as earnings downgrade is offset by positive signal from the share buyback.

Target price is $27.00 Current Price is $26.39 Difference: $0.61
If GYG meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $30.27, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates JHX as Neutral (3) -

James Hardie Industries' second-quarter earnings are tracking above guidance, notes UBS, helped by lower distributor de-stocking and reduced non-operating costs.

Management now expects earnings (EBITDA) to be about 19% higher, with earnings per share of 26-27c, roughly 77% above initial guidance. The broker lifts its FY26 earnings (EBITDA) forecast by 5% to $1.14bn, at the top of the company’s range.

FY26 EPS guidance remains unchanged for now.

UBS expects housing softness to continue, with new construction and renovation activity still weak.

The broker raises its target price to $37.50 from $36.00 and maintains a Neutral rating.

This summary relates to UBS research released on Thursday 9 October.

Target price is $37.50 Current Price is $32.63 Difference: $4.87
If JHX meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $36.20, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates MAF as Buy (1) -

MA Financial has acquired Sydney’s Top Ryde Shopping Centre for -$525m alongside Singapore-based Keppel REIT, which will hold a 75% stake.

The move reflects a stronger push into retail real estate following the IP Generation acquisition, highlights UBS, and adds a further 4% to the group's total funds under management (FUM) of $12.7bn.

The broker highlights an implied 7.2% yield and -45% discount to replacement cost, with a targeted 13% total return over five years.

While UBS expects the deal to deliver management and performance fees, forecasts are unchanged. The broker maintains a Buy rating and $10.55 target price.

This summary relates to UBS research released on Thursday 9 October.

Target price is $10.55 Current Price is $9.27 Difference: $1.28
If MAF meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates MFG as Neutral (3) -

Magellan Financial’s September quarter funds under management (FUM) rose 4.6% to $40.2bn, ahead of UBS’s $38.4bn forecast, driven by strong institutional inflows.

Net inflows of $0.5bn contrasted with the broker's expected outflows, with $0.9bn from Airlie and Infrastructure offset by -$0.4bn retail outflows. UBS believes redemption risks in Infrastructure have eased.

Weaker investment performance across all key funds, including a -6% result for Global, reduces near-term performance fee prospects, in the broker's view.

UBS maintains a $10.70 target price with a Neutral rating.

This summary relates to UBS research released on Thursday 9 October.

Target price is $10.70 Current Price is $10.42 Difference: $0.28
If MFG meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $9.44, suggesting downside of -9.3% (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 MIN as Underperform (5) -

Macquarie's forecasts for Mineral Resources' September quarter (1Q25) update are largely positive, with its Onslow sales estimate 11% higher vs the consensus.

Pilbara Hub shipments forecast is in line with consensus at 2.4Mt, and lithium volumes also match consensus.

On a q/q basis, iron ore shipments are expected to be up strongly (up 44%) driven by the continued Onslow ramp-up, marginally offset by weaker production from the Pilbara Hub (-6%). Net iron ore shipment is estimated to be up 29%.

FY26 EPS forecast upgraded by 3%.

Underperform. Target unchanged at $35.

Target price is $35.00 Current Price is $44.67 Difference: minus $9.67 (current price is over target).
If MIN meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.03, suggesting downside of -7.0% (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

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

Morgan Stanley continues to hold a cautious outlook for Macquarie Group's commodities and global markets (CGM) unit, given 1Q26 commodities fell y/y despite the US index being up 61% in the June quarter.

The analyst notes CGM commodity revenues came in around 20% of FY25 group revenues, with EMEA at circa 25%-30% of total CGM revenues over the last few years.

Morgan Stanley forecasts 1H26 commodity revenues to be flat on the prior year and up 4% in 2H26. The overall FY26 commodity revenue growth estimate is around 2%, which stands below consensus at 6%.

Equal-weight rating and $226 target unchanged. Industry View: In-Line. No change to the analyst's earnings estimates.

Target price is $226.00 Current Price is $222.68 Difference: $3.32
If MQG meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $223.77, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in March.

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 NAB as Neutral (3) -

While remaining Underweight on the ASX Banking sector, Macquarie upgrades earnings per share forecasts for the major banks by 1-2% over the next two years, reflecting stronger expected credit growth.

Housing credit growth has accelerated following RBA cuts, while business credit growth remains resilient despite heightened uncertainty, explains the analyst.

The broker keeps dividend forecasts unchanged, noting payout ratios are already elevated and higher lending growth will constrain capital generation.

It is felt consensus forecasts are not fully capturing the impact of lower interest rates on bank margins.

The target for National Australia Bank rises to $38 from $37.50. Neutral rating unchanged.

Target price is $38.00 Current Price is $43.77 Difference: minus $5.77 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.53, suggesting downside of -17.0% (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

UBS rates NWH as Buy (1) -

Following the completion of the Fredon acquisition, NRW Holdings lifted FY26 revenue guidance to over $4bn from over 3.4bn previously. EBITA guidance was raised to $255-265m from $218-228m.

Backing out Fredon’s 9-month contribution of around $30m implies a $7m upgrade for the legacy business, in UBS' view. This is supported by mining margins returning to 9% after weather impacts in FY25.

The broker lifted FY26 EBITA forecast to $263m from $255m, after factoring in higher mining margin of 8.7% from 8.3% previously.

The broker reminds Fredon, with 2,500 staff, operates in data centres, health, and defence, offering a solid growth pipeline and cash-generative profile.

Buy. Target rises to $5.15 from $4.50.

Target price is $5.15 Current Price is $4.84 Difference: $0.31
If NWH meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.90, suggesting downside of -1.4% (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 NWL as Hold (3) -

Netwealth Group's September quarter update contained more positives than negatives, according to Bell Potter, with results broadly in line with expectations and outlook guidance unchanged.

First quarter FY26 net inflows of $4.1bn were consistent with the analysts' forecast but slightly below consensus. Total funds under administration (FUA) rose 7.1% to $120.8bn, driven by 3.6% inflows and 3.5% market gains, explains the broker.

Bell Potter highlights continued adviser platform improvements and expanded earnings drivers, including new wholesale bond trading services, steady cash balances, and over 5,000 new accounts.

The broker lifts its FY26 earnings forecast by 2%, keeps its -$190m expense outlook and free cash flow (FCF) margins near 30%, and retains a Hold rating. The target is reduced to $30 from $34.

Target price is $30.00 Current Price is $30.87 Difference: minus $0.87 (current price is over target).
If NWL meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.58, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates NWL as Neutral (3) -

Netwealth Group's 1Q26 custodial net flow of $4.0bn was 2% above Citi forecasts, but indicated a slower finish to the quarter after a strong start.

The broker notes 1Q typically represents 25% of annual flows, implying FY26 net flows of $16bn, ahead of its $15.8bn forecast.

Higher average cash balances of 6.5% (vs 5.8% estimate) and managed account growth, up 33% y/y, supported a revenue margin beat, while market gains also lifted funds under management (FUM) to $119.8bn. 

Retail FUM share dipped slightly, and net new accounts declined q/q but remained strong y/y (+14%).

Opex guidance was maintained, easing cost concerns. Overall, the broker sees potential for 1% upgrade to FY26 consensus net profit forecasts, assuming no change to market movement assumptions and rise in cash balance to 6%.

Neutral. Target unchanged at $35.50.

Target price is $35.50 Current Price is $30.87 Difference: $4.63
If NWL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $32.58, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates NWL as Neutral (3) -

Netwealth Group’s September quarter update revealed funds under administration (FUA) net inflows of $4.08bn, slightly below Macquarie's $4.50bn forecast but in line with consensus at $4.19bn.

Total FUA reached $120.8bn, marginally ahead of the broker's expectations, supported by stronger markets and elevated cash balances at 6%.

FY26 guidance is unchanged, with FUA flows and total operating expenditure expected to track FY25 levels, alongside higher capitalised software investment, notes the analyst.

Following minor earnings adjustments, Macquarie lowers its target price to $33.75 from $33.85 and retains a Neutral rating.

Target price is $33.75 Current Price is $30.87 Difference: $2.88
If NWL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.58, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates NWL as Overweight (1) -

Netwealth Group's 1Q update showed funds under administration (FUA) rising 26.6% year-on-year to $120.8bn, in line with consensus expectations, highlights Morgan Stanley.

 Net inflows of $4.1bn were steady versus the prior period but slightly below consensus, while market gains added $3.9bn, notes the broker. Cash represented 6.5% of FUA, and total accounts increased 14% to 167,400.

The analysts point to strong managed account growth of 33% year-on-year to $25.7bn, with $1.6bn of inflows, now representing 21% of total FUA.

Management also announced a partnership with FinClear to enable individual HIN data for brokers and reaffirmed cooperation with regulators on the First Guardian matter, describing it as a case of fraud.

FY26 guidance is unchanged, with FUA expected to be broadly in line with FY25, operating expense growth steady, and capitalised software investment rising by around $1m. 

The Overweight rating and $41.50 target are retained. Industry View: In-Line. 

Target price is $41.50 Current Price is $30.87 Difference: $10.63
If NWL meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $32.58, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates NWL as Neutral (3) -

Netwealth Group's September quarter (1Q26) custodial funds under management (FUA) was up 7.1% q/q to $119.8bn, with net flow of $4.0bn, slightly below consensus of $4.2bn.

UBS notes revenue impact was minimal thanks to higher average cash allocations of 6.5% and quarter-exit at 6.0%.

Fee-paying FUA drifted -70 bps q/q to 59.5% due to strong equity markets. Account growth was 13.7% y/y, FUA per account  was up 11%, and Managed Account penetration rose to 21.3%, reflecting stronger adviser productivity.

No material update was provided on First Guardian, though the company reaffirmed that it believes it has met all legal obligations.

No change to FY26-27 EPS forecasts.

Neutral. Target unchanged at $33.50.

Target price is $33.50 Current Price is $30.87 Difference: $2.63
If NWL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $32.58, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates ORG as Buy (1) -

UBS marked-to-market September quarter oil prices, noting more resilience than expected in Brent oil price as geopolitical risks and China's stockpiling offset the impact of OPEC-plus capacity unwinds.

Forecast for December quarter (4Q2025) lifted by US$1/bbl to US$63/bbl due to higher starting point, but 2026 forecast trimmed by -US$1/bbl to average US$64/bbl. Forecasts for 2027-28 are unchanged.

FY26 EPS forecast for Origin Energy upgraded by 4% but FY26 trimmed by -5%.

Buy. Target unchanged at $13.90.

Target price is $13.90 Current Price is $12.26 Difference: $1.64
If ORG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.27, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates REA as Neutral (3) -

REA Group is shutting down its Housing Edge business in India due to regulatory changes.

While this will impact FY26 EBITDA, Citi views increased focus on Housing.com as a positive strategic move, given the Indian market is highly.competitive.

The broker notes Housing Edge generated $60m revenue and $12m EBITDA in FY25, and the exit would have -0.7% EBITDA impact on FY26 forecasts.

Neutral. Target unchanged at $279.25.

Target price is $279.25 Current Price is $222.50 Difference: $56.75
If REA meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 23.4% (ex-dividends)

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

Macquarie rates REA as Neutral (3) -

Australian residential listings fell -4% y/y in September, taking 1Q26 volumes down -8%, observes Macquarie. Sydney was flat and Melbourne rose 4% for the month, but the quarter saw declines of -6% and -4%, respectively.

At yesterday's AGM, REA Group reaffirmed guidance for broadly flat FY26 volumes, noting easier comparables in the second half. The broker expects a -4% fall in H1 and a 6% rise in H2.

Management commented, "Strong underlying fundamentals and the potential for further interest-rate cuts should continue to support buyer demand."

Target $255. Neutral.

Target price is $255.00 Current Price is $222.50 Difference: $32.5
If REA meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $275.04, suggesting upside of 23.4% (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

Macquarie rates RIO as Neutral (3) -

At the 3Q25 update, Macquarie expects Rio Tinto's production to be broadly in line with consensus, with a slight shortfall in copper output at 200kt vs 206kt consensus. Near-term attention remains on the commissioning of Simandou.

Pilbara iron ore production is expected to be 1% higher q/q and production up 6%. The broker forecasts total iron ore shipments of 323mt at Pilbara in FY25, at the lower end of 323-338mt guidance range.

FY25 EPS and DPS forecasts trimmed by -1%, but no change to FY26 estimates.

Neutral. Target unchanged at $115.

The broker's preference remains for Rio Tinto vs BHP Group.

Target price is $115.00 Current Price is $127.27 Difference: minus $12.27 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $120.08, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Macquarie rates S32 as Neutral (3) -

Ahead of September quarter (1Q26) update from South32, Macquarie is forecasting silver production -5% below the consensus but manganese to be 6% higher. Forecasts are other commodities broadly match consensus.

Portfolio simplification remains a near-term catalyst. On a q/q basis, the broker expects flat production across all commodities, except silver which is impacted by mining complexity (-21% q/q) while manganese production is estimated to be 22% q/q higher.

No change to forecasts.

Neutral. Target unchanged at $2.80.

Target price is $2.80 Current Price is $3.18 Difference: minus $0.38 (current price is over target).
If S32 meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.24, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Macquarie rates SLC as Outperform (1) -

In a review of challenger telcos Superloop and Aussie Broadband, Macquarie highlights underutilised balance sheets for both could enable either capital returns or acquisitions in FY26.

In the analyst's opinion, Aussie Broadband is more likely to return capital and Superloop more likely to pursue mergers and acquisitions. 

It's felt Superloop offers more long-term upside across both Consumer and Wholesale divisions, while Aussie is better placed to benefit from customers churning to higher NBN speed tiers, given its strong premium brand positioning.

Also preferred for its long-term capital deployment potential and valuation discount, Superloop's Outperform rating is kept by Macquarie. The target is raised to $3.65 from $3.60.

Target price is $3.65 Current Price is $3.10 Difference: $0.55
If SLC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 17.7% (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

UBS rates STO as Buy (1) -

UBS marked-to-market September quarter oil prices, noting more resilience than expected in Brent oil price as geopolitical risks and China's stockpiling offset the impact of OPEC-plus capacity unwinds.

Forecast for December quarter (4Q2025) lifted by US$1/bbl to US$63/bbl due to higher starting point, but 2026 forecast trimmed by -US$1/bbl to average US$64/bbl. Forecasts for 2027-28 are unchanged.

Across the Australian energy coverage, Santos remains the broker's most preferred stock. For the September quarter (3Q25), the broker expects flooding in the Cooper Basin and weaker GLNG output to result in softer 3Q25 production vs consensus.

The broker expects the company to update on the Barossa pipeline commissioning and LNG plant, with first LNG cargo targeted for late Oct/early Nov, a potential positive catalyst for the stock.

Buy. Target trimmed to $8.20 from $8.30.

Target price is $8.20 Current Price is $6.61 Difference: $1.59
If STO meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

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

Morgans upgrades Transurban Group to Hold from Trim and lifts the target to $13.39 from $12.88. This follows the September quarter traffic data and USD bond issue at 4.92%pa, replacing Feb 2026 maturing bonds at 4.1% coupon.

Average daily traffic for September was up 2.4%, with the ramp-up of WestConnex up 8.2%, CityLink up 3.2%, and ongoing Brisbane growth of 2.6%. North America rose 6.8%, while Sydney roads were impacted by rain in 1Q25, lowering traffic growth by around -1%.

Morgans anticipates mid-single digit DPS growth from FY25-FY28, which aligns with management's targets. The troublesome West Gate Tunnel Project is due to be completed by the end-2025, with both cost and timing overruns already noted at the FY25 result.

Target price is $13.39 Current Price is $14.06 Difference: minus $0.67 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.50, suggesting upside of 2.9% (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

UBS rates TNE as Buy (1) -

TechnologyOne yesterday launched its new artificial intelligence (AI) product suite at a customer showcase event.

The new stand-alone AI product, Plus, is positioned as a personalised enterprise AI partner which integrates across the company's ERP suite to deliver insights, perform analytics, and automate tasks.

UBS believes the new capabilities enhance the company's ERP offering and strengthens the broker's confidence management will achieve its 115%-plus per annum net revenue retention (NRR) target.

The analyst believes PBT growth will accelerate to 18% in FY25, 19% in FY26, and 20% in FY27.

Management expects rapid adoption of Plus, targeting 10-15% customer uptake in FY26 and around 80% by FY29.

Existing products will also be upgraded with AI-enabled features from early 2026, designed to improve efficiency across HR, budgeting, property, and asset management modules.

Target lifted to $44.50 from $42.40, with the broker maintaining confidence in TechnologyOne's long-term growth outlook despite a high (now higher) valuation multiple.

The broker's earnings forecasts are unchanged. Buy rating maintained.

Target price is $44.50 Current Price is $38.85 Difference: $5.65
If TNE meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $38.42, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates WBC as Underperform (5) -

While remaining Underweight on the ASX Banking sector, Macquarie upgrades earnings per share forecasts for the major banks by 1-2% over the next two years, reflecting stronger expected credit growth.

Housing credit growth has accelerated following RBA cuts, while business credit growth remains resilient despite heightened uncertainty, explains the analyst.

The broker keeps dividend forecasts unchanged, noting payout ratios are already elevated and higher lending growth will constrain capital generation.

It is felt consensus forecasts are not fully capturing the impact of lower interest rates on bank margins.

The target for Westpac rises to $31.50 from $31. Underperform rating unchanged.

Target price is $31.50 Current Price is $39.10 Difference: minus $7.6 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.09, suggesting downside of -15.6% (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

UBS rates WDS as Neutral (3) -

UBS marked-to-market September quarter oil prices, noting more resilience than expected in Brent oil price as geopolitical risks and China's stockpiling offset the impact of OPEC-plus capacity unwinds.

Forecast for December quarter (4Q2025) lifted by US$1/bbl to US$63/bbl due to higher starting point, but 2026 forecast trimmed by -US$1/bbl to average US$64/bbl. Forecasts for 2027-28 are unchanged.

For Woodside Energy, the broker expects 3Q25 production to be in line with market estimates. If Sangomar oil field continues its strong year-to-date performance, the broker expects FY25 production to move towards the upper end of guidance.

FY25 EPS forecast upgraded by 4% but FY26 trimmed by -5%.

Neutral. Target trimmed to $22.50 from $22.70.

Target price is $22.50 Current Price is $22.82 Difference: minus $0.32 (current price is over target).
If WDS meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.60, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Macquarie rates WHC as Neutral (3) -

At the September quarterly (1Q26), Macquarie's forecast for Whitehaven Coal's sales is 4% higher vs consensus at 7.8Mt. Forecasts for other operational metrics largely match the consensus.

Estimate for purchased coal volume is 250kt, up 25% vs consensus. On a q/q basis, forecast for Run-of-Mine coal is -12% lower and saleable coal is down -3%, but total sales is up 5%.

No change to forecasts.

Neutral. Target unchanged at $7.25.

Target price is $7.25 Current Price is $6.51 Difference: $0.74
If WHC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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