Australian Broker Call

Morgans rates ACF as Buy (1) -

Morgans believes the outlook for Acrow continues to look positive post the latest trading update which showed improving activity levels across Australia, with particular strength emerging in the QLD formwork division, where conditions appear to be turning after a softer period.

Management reaffirmed FY26 guidance and introduced initial FY27 guidance broadly in line with consensus, which the broker believes as conservative and achievable, implying improving earnings (EBITDA) margins driven by a favourable mix shift toward higher-margin formwork.

A record $14.3m in new hire contracts and a 34% increase in the sales pipeline to $256m underpin a strong trajectory into 4Q26 and FY27, the analyst notes. 

Buy rating is maintained with a $1.28 target, supported by improving momentum, Brisbane Olympics-related tailwinds, and an attractive dividend yield around 6%.

Target price is $1.28 Current Price is $0.87 Difference: $0.41
If ACF meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates ACF as Buy (1) -

Acrow has reaffirmed FY26 guidance and delivered initial FY27 guidance, reflecting strong operational momentum and improving market conditions, supported by record contract wins and a materially expanded sales pipeline, Ord Minnett details.

A $14.3m record in new hire contracts and a 34% increase in the pipeline to $256m underpin the analyst's confidence in revenue and earnings into 4Q26 and beyond.

FY26 guidance is maintained, with revenue of $315-325m and earnings (EBITDA) of $80-84m, with 4Q26 expected to be the strongest quarter as Queensland activity improves.

Initial FY27 guidance of $335-350m revenue and $88-98m earnings (EBITDA) reflects strengthening conditions, particularly in the QLD formwork segment where activity is recovering.

Buy rating is maintained. Target price slips to $1.20 from $1.25.

Target price is $1.20 Current Price is $0.87 Difference: $0.33
If ACF meets the Ord Minnett target it will return approximately 38% (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 AEL as Outperform (1) -

Amplitude Energy’s Otway drilling program has been disappointing, Macquarie suggests, with recent wells reducing the expected upside from the campaign.

While the final investment decision (FID) for the East Coast Supply Project has been deferred, the company still targets first gas in 2028, with remaining wells offering lower-risk potential, notes the analyst.

The broker sees the Annie 2C resource as a fallback, though higher CO2 content may require additional capex.

Despite lowering its target by -7.1% to $3.25, Macquarie believes the negative share price reaction to drilling results is overdone. An Outperform rating is retained given ongoing earnings and cash flow growth potential.

Target price is $3.25 Current Price is $1.78 Difference: $1.475
If AEL meets the Macquarie target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 61.6% (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 AEL as Initiation of coverage with Buy (1) -

Ord Minnett has brought coverage of Amplitude Energy inhouse, from previously whitelabeled coverage from Barrenjoey, with a Buy rating and $2.75 target price.

The analyst highlights strong production growth of 46% by FY30 and expanding margins by 14%, supported by development in the Otway Basin.

The recent -44% share price decline following exploration setbacks is viewed as an overreaction, with improved confidence in upcoming drilling prospects and development opportunities.

Amplitude is seen as a leveraged exposure to East Coast gas markets with 96% revenue exposure versus the average of around 35% for gas peers.

Victorian gas prices have risen 12% p.a. since 2015 and the trend is anticipated to continue, up 30% by FY28, over ongoing supply concerns.

Forecasts are underpinned by low-cost production, expected to fall below $2/GJ, and increasing utilisation of existing infrastructure. 

Target price is $2.75 Current Price is $1.78 Difference: $0.975
If AEL meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $2.93, suggesting upside of 61.6% (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 BPT as Underperform (5) -

Macquarie revises forecast earnings for Oil & Gas exposures under coverage to reflect higher oil and LNG prices, aligning with the forward curve and a long-term Brent Oil assumption of US$70/bbl.

The Middle East outlook is seen as highly unpredictable, with a meaningful probability of further oil price rallies, while LNG repairs and restarts in Qatar are expected to take time.

FY26-FY28 EPS forecasts for Beach Energy are increased by 17.8%, 29.8% and 6.2%, respectively, driven primarily by higher Brent oil price assumptions. Upgraded production estimates for Waitsia and Otway to reflect AEMO data also impact.

The target price rises to 77c from 70c. Underperform rating unchanged.

Target price is $0.77 Current Price is $1.29 Difference: minus $0.52 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.09, suggesting downside of -16.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Morgans rates BTL as Speculative Buy (1) -

Morgans highlights the Inpex/Fomentera/Beetaloo Energy Australia joint venture with implied pricing of US$3,059/acre at base earn-in, and up to US$5,480/acre on option exercise, represents a 20-37 times valuation uplift on the Tamboran/DWE benchmark.

The broker highlights Beetaloo trades at an implied circa $140/acre, a -97% discount to the Inpex deal, suggesting considerable upside even after adjusting for acreage quality differences.

The Inpex deal, supported by up to -US$619m in committed capital, is viewed as strong external validation of the Beetaloo as an LNG-grade resource and materially enhances its farm-out leverage.

The analyst raises the unrisked in-situ valuation multiple to $1.00/GJ, which lifts the valuation to $0.90 from $0.70.

Speculative Buy rating retained with a 90c target, up from 70c previously.

Target price is $0.90 Current Price is $0.34 Difference: $0.565
If BTL meets the Morgans target it will return approximately 169% (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

Morgan Stanley rates COL as Overweight (1) -

Morgan Stanley outlines how food inflation only supports supermarkets when real volumes are sustained and discounting/promotional activity remains "disciplined".

The higher ticket sizes (shopping baskets) can assist with nominal sales but there is no automatic flow through to improved margins as retailers need to reinves to protect volumes or absorb part of the cost rises, the analyst explains.

The sales growth forecasts for Woolworths Group and Coles Group for FY27 rise by around 50bps and lower gross profit margin by around -15bps to flat y/y which equates to a stable gross profit in dollar terms against previous forecasts.

Coles Group is the preferred stock on valuation grounds. Overweight retained with a $24 price target. Industry View: In-Line.

Target price is $24.00 Current Price is $22.05 Difference: $1.95
If COL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.21, suggesting upside of 2.9% (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

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

Citi lifts its target to $16.00 from $15.30 for Greatland Resources and upgrades to Buy from Neutral, citing further positive drilling results at Telfer.

A significant increase in the West Dome open-pit resource is noted, extending mine life beyond consensus expectations. A higher-than-expected grade from the maiden Main Dome underground resource was also revealed.

The broker assesses these updates lift net asset value (NAV) by around 4% compared to consensus, and enhance confidence in ongoing exploration upside.

Citi also incorporates the O’Callaghans deposit into its valuation at around $1.25bn, noting additional upside potential not yet reflected in market expectations.

Target price is $16.00 Current Price is $13.03 Difference: $2.97
If GGP meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $16.17, suggesting upside of 25.2% (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

Bell Potter rates GNC as Hold (3) -

Bell Potter highlights oilseed crush margins have strengthened materially since February, driven by higher vegetable oil prices linked to the Iran conflict and biofuel demand.

A sharp rally in soybean oil prices has not been mirrored in canola seed pricing. The analysts explain this likely is reflecting expanded acreage in the EU and Canada, alongside expectations of a significant rotation towards soybeans in the US.

The broker sees recent commodity price moves as a modest tailwind for GrainCorp in FY26 and potentially more meaningful for FY27 if current conditions persist. Scope is seen for a $15m-20m uplift to earnings.

Forecasts have been upgraded for FY26, partly offset by higher diesel costs. Risks remain around seasonal conditions and planting outcomes, cautions Bell Potter.

The Hold rating and $6.80 target are maintained.

Target price is $6.80 Current Price is $6.57 Difference: $0.23
If GNC meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in September.

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 GQG as Neutral (3) -

Macquarie provides a March mark-to-market update across wealth and asset managers under coverage. Recent Australian dollar weakness has supported upgrades to offshore funds under management and funds under administration.

Macquarie retains Outperform ratings on Netwealth Group, Perpetual, and Hub24, with Netwealth the preferred pick, while maintaining a Neutral rating on GQG Partners and an Underperform on Magellan Financial.

The target for GQG Partners rises to $1.60 from $1.55.

Target price is $1.60 Current Price is $1.80 Difference: minus $0.2 (current price is over target).
If GQG meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting upside of 8.8% (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 Outperform (1) -

Macquarie provides a March mark-to-market update across wealth and asset managers under coverage. Recent Australian dollar weakness has supported upgrades to offshore funds under management and funds under administration.

Macquarie retains Outperform ratings on Netwealth Group, Perpetual, and Hub24, with Netwealth the preferred pick, while maintaining a Neutral rating on GQG Partners and an Underperform on Magellan Financial.

The target for Hub24 rises by 50c to $92.75.

Target price is $92.75 Current Price is $85.52 Difference: $7.23
If HUB meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $109.99, suggesting upside of 39.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates HVN as Buy (1) -

Back in February, Harvey Norman’s 1H26 result was broadly in line with Bell Potter's expectations, with solid system sales growth supported by resilient franchising margins. However, it's noted trading softened toward the end of the half.

Early second-half trends now show modest improvement, the broker observes, but tougher comparables and weaker consumer sentiment are expected to weigh on growth.

Some categories such as furniture and bedding are seen as facing increased risk.

The analysts' earnings forecasts have been downgraded across FY26-FY28, reflecting a more cautious outlook. The target is lowered to $6.70 from $8.30.

A  Buy rating is retained with Bell Potter citing attractive valuation following the recent share price decline.

Target price is $6.70 Current Price is $4.87 Difference: $1.83
If HVN meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 32.7% (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

Macquarie rates IPH as Neutral (3) -

IPH Ltd's March 2026 filing data show subdued performance, Macquarie observes, with volumes down -0.6% y/y, lagging overall market growth of up 28.6%, resulting in a decline in market share to 22.3% from 24.7% for FY26 year-to-date.

The broker notes weakness in patent filings, down -2.0% yy in March and -5.6% 2H26, while highlighting around 70% of IPH's income remains recurring.

Global lead indicators remain soft, with US patent activity declining -1.3% on a quarterly rolling basis and -3.9% annually, pointing to continued pressure on Australian filings over the next 12-18 months.

The broker attributes current domestic weakness to this lag effect from softer US activity, despite some positive seasoning adjustments across recent months.

Overall, the data reinforce a challenging near-term outlook for filing volumes, Macquarie believes. No change to Neutral rating and $3.74 target price.

Target price is $3.74 Current Price is $3.38 Difference: $0.36
If IPH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates KAR as Upgrade to Neutral from Underperform (3) -

Macquarie revises forecast earnings for Oil & Gas exposures under coverage to reflect higher oil and LNG prices, aligning with the forward curve and a long-term Brent Oil assumption of US$70/bbl.

The Middle East outlook is seen as highly unpredictable, with a meaningful probability of further oil price rallies, while LNG repairs and restarts in Qatar are expected to take time.

Macquarie raises its target for Karoon Energy by 25% to $2.00 and upgrades to Neutral from Underperform. 2026-2028 EPS forecasts are raised by 109%, 52%, and 25%, respectively, on higher oil pricing at Bauna and Who Dat.

Target price is $2.00 Current Price is $1.99 Difference: $0.01
If KAR meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.99, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.4

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

Macquarie rates MFG as Underperform (5) -

Macquarie provides a March mark-to-market update across wealth and asset managers under coverage. Recent Australian dollar weakness has supported upgrades to offshore funds under management and funds under administration.

Macquarie retains Outperform ratings on Netwealth Group, Perpetual, and Hub24, with Netwealth the preferred pick, while maintaining a Neutral rating on GQG Partners and an Underperform on Magellan Financial.

The target for Magellan Financial rises to $8.65 from $8.55.

Target price is $8.65 Current Price is $10.02 Difference: minus $1.37 (current price is over target).
If MFG meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.05, suggesting upside of 5.4% (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 MPL as Neutral (3) -

Macquarie explains hospital claims subject to risk equalisation reached a 36-year high in FY25, increasing 73bps and accounting for 48.8% of private health insurance hospital claims, highlighting structural pressure within the system. 

The broker notes this trend reinforces concerns younger customers are receiving declining value from health insurance products, impacting participation dynamics. 

Despite this, improved participation has supported the risk equalisation pool, with implications for insurers depending on policyholder age mix.  

Medibank Private is expected to continue benefiting from risk equalisation flows, while nib Holdings ((NHF)) is seen as outperforming in risk selection by attracting relatively younger or lower-risk members. 

Diverging demographic trends between insurers are expected to drive relative earnings outcomes across the sector.

Medibank Private is rated Neutral with a $4.80 target.

Target price is $4.80 Current Price is $4.41 Difference: $0.39
If MPL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 15.9% (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

Macquarie rates NEC as Outperform (1) -

Macquarie notes Australian advertising spend declined -5% year-on-year in February, broadly in line with recent trends, reflecting a softer near-term market backdrop.

Out-of-home advertising showed relative resilience, rising 2% year-on-year, while free-to-air TV remained weak, falling -7%.

The broker remains cautious on the Media sector in the near term, but expects out-of-home to outperform.

Attractive valuations for both oOh!media and Nine Entertainment offer potential upside should the market recover, suggests the analyst. Valuations are at multi-year lows, and there is seen to be significant operating leverage when the ad market improves.

The $1.15 target and Outperform rating for Nine Entertainment are maintained.

Target price is $1.15 Current Price is $0.97 Difference: $0.18
If NEC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 26.5% (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

Macquarie rates NHF as Underperform (5) -

Macquarie explains hospital claims subject to risk equalisation reached a 36-year high in FY25, increasing 73bps and accounting for 48.8% of private health insurance hospital claims, highlighting structural pressure within the system.

The broker notes this trend reinforces concerns younger customers are receiving declining value from health insurance products, impacting participation dynamics.

Despite this, improved participation has supported the risk equalisation pool, with implications for insurers depending on policyholder age mix.  

Medibank Private ((MPL)) is expected to continue benefiting from risk equalisation flows, while nib Holdings is seen as outperforming in risk selection by attracting relatively younger or lower-risk members.

Diverging demographic trends between insurers are expected to drive relative earnings outcomes across the sector

nib Holdings is rated Underperform. Target $6.05.

Target price is $6.05 Current Price is $6.39 Difference: minus $0.34 (current price is over target).
If NHF 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 $7.32, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates NWL as Outperform (1) -

Macquarie provides a March mark-to-market update across wealth and asset managers under coverage. Recent Australian dollar weakness has supported upgrades to offshore funds under management and funds under administration.

Macquarie retains Outperform ratings on Netwealth Group, Perpetual, and Hub24, with Netwealth the preferred pick, while maintaining a Neutral rating on GQG Partners and an Underperform on Magellan Financial.

The target for Netwealth rises to $27.80 from $27.55.

Target price is $27.80 Current Price is $22.66 Difference: $5.14
If NWL meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $29.51, suggesting upside of 39.4% (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 OML as Outperform (1) -

Macquarie notes Australian advertising spend declined -5% year-on-year in February, broadly in line with recent trends, reflecting a softer near-term market backdrop.

Out-of-home advertising showed relative resilience, rising 2% year-on-year, while free-to-air TV remained weak, falling -7%.

The broker remains cautious on the Media sector in the near term, but expects out-of-home to outperform.

Attractive valuations for both oOh!media and Nine Entertainment offer potential upside should the market recover, suggests the analyst. Valuations are at multi-year lows, and there is seen to be significant operating leverage when the ad market improves.

The $1.40 target and Outperform rating for oOh!media are maintained.

Target price is $1.40 Current Price is $0.95 Difference: $0.45
If OML meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 57.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates PPT as Outperform (1) -

Macquarie provides a March mark-to-market update across wealth and asset managers under coverage. Recent Australian dollar weakness has supported upgrades to offshore funds under management and funds under administration.

Macquarie retains Outperform ratings on Netwealth Group, Perpetual, and Hub24, with Netwealth the preferred pick, while maintaining a Neutral rating on GQG Partners and an Underperform on Magellan Financial.

The target for Perpetual rises to $20.15 from $20.05.

Target price is $20.15 Current Price is $16.04 Difference: $4.11
If PPT meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $20.14, suggesting upside of 27.3% (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

Morgans rates PXA as Accumulate (2) -

Morgans explains Ipart’s methodology paper signals a more structured and potentially restrictive pricing framework for Electronic Lodgment Network Operators (ELNOs), with implications for Pexa Group's future returns and pricing flexibility.

The broker highlights downside risk from the proposed exclusion of goodwill in the initial asset base calculation, noting this could materially reduce allowable pricing, while acknowledging some offset from first-mover costs and uncapitalised expenditure.

The consultation process introduces near-term uncertainty, which is expected by the analyst as possibly impacting on sentiment until further clarity emerges.

EPS forecasts are tweaked lower while the assumption of a -15% discount to the valuation for potential regulatory risk results in a downgrade in the target price to $14.31 from $17.01. Accumulate rating retained.

Target price is $14.31 Current Price is $12.97 Difference: $1.34
If PXA meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.78, suggesting upside of 38.4% (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 STO as Outperform (1) -

Macquarie revises forecast earnings for Oil & Gas exposures under coverage to reflect higher oil and LNG prices, aligning with the forward curve and a long-term Brent Oil assumption of US$70/bbl.

The Middle East outlook is seen as highly unpredictable, with a meaningful probability of further oil price rallies, while LNG repairs and restarts in Qatar are expected to take time.

For Santos, the broker's EPS forecasts across 2026-2028 rise by 67%, 60% and 22%, respectively.

Target rises by 8% to $8.75. Outperform retained.

Target price is $8.75 Current Price is $7.97 Difference: $0.78
If STO meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.91, suggesting downside of -1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.7

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

Macquarie rates STX as Neutral (3) -

Macquarie revises forecast earnings for Oil & Gas exposures under coverage to reflect higher oil and LNG prices, aligning with the forward curve and a long-term Brent Oil assumption of US$70/bbl.

The Middle East outlook is seen as highly unpredictable, with a meaningful probability of further oil price rallies, while LNG repairs and restarts in Qatar are expected to take time.

Macquarie raises its target for Strike Energy by 10% to 11c and maintains a Neutral rating.

The FY26 EPS forecast is raised by 2.7%, driven by higher Walyering production reflecting AEMO data. FY27-FY28 estimates fall by -15.5% and -8.9%, respectively, due to increased interest expenses.

Target price is $0.11 Current Price is $0.11 Difference: $0.005
If STX meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.15, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates TBN as Buy, High Risk (1) -

Citi views two recent transactions in the Beetaloo Basin, one adjacent and one direct to Tamboran Resources, as positive incremental steps.

In particular, the entrance of a top global LNG producer such as Inpex Corp into the Basin is seen as resetting the valuation benchmark.

It's felt the deals offer greater clarity on strategy and positioning ahead of a larger anticipated farm-down for Phase 2 of the company's Beetaloo Basin development.

These transactions are seen as partially validating the project, supporting investor interest and helping to accelerate the development timeline.

Citi lifts Tamboran Resources' target price to US$65 from US$37 (NYSE listing). Buy, High Risk maintained. Execution risks remain, the analysts caution.

Current Price is $0.34. Target price not assessed.

Market Sentiment: 1.0

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

Macquarie rates TCL as Neutral (3) -

Macquarie views the impact of higher fuel prices on Transurban Group as relatively modest, noting low demand elasticity implies only a short-term traffic reduction of around -4%. Minimal impact is expected on cash flow and dividends.

While fuel rationing would pose a greater risk, the broker sees any effect as manageable, with weekend traffic most exposed.

Inflation-linked toll pricing is seen as a key positive, benefiting around 75% of roads and supporting revenue growth.

Macquarie lowers its target to $14.05 from $14.29 and retains a Neutral rating.

Target price is $14.05 Current Price is $13.84 Difference: $0.21
If TCL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $14.40, suggesting upside of 3.4% (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 TLS as Outperform (1) -

Macquarie notes Optus has raised postpaid plan prices by $5, following similar increases by Telstra, while Vodafone Australia (part of TPG Telecom) has lifted prepaid pricing.

The broker highlights Optus’ larger price increase narrows Telstra’s postpaid premium, supporting industry average revenue per user (ARPU) trends.

The analyst notes this round of pricing is larger than the previous cycle, which is viewed as positive for revenue, though risks remain around customer downgrades and Mobile Virtual Network Operator (MVNO) churn.

The $5.64 target and Outperform rating are unchanged for Telstra Group.

Target price is $5.64 Current Price is $5.34 Difference: $0.3
If TLS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.36, suggesting downside of -1.0% (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 TPG as Outperform (1) -

Macquarie notes Optus has raised postpaid plan prices by $5, following similar increases by Telstra, while Vodafone Australia (part of TPG Telecom) has lifted prepaid pricing.

The broker highlights Optus’ larger price increase narrows Telstra’s postpaid premium, supporting industry average revenue per user (ARPU) trends.

The analyst notes this round of pricing is larger than the previous cycle, which is viewed as positive for revenue, though risks remain around customer downgrades and Mobile Virtual Network Operator (MVNO) churn.

The $4.40 target and Outperform rating are unchanged for TPG Telecom.

Target price is $4.40 Current Price is $4.03 Difference: $0.37
If TPG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.08, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates VMM as Speculative Buy (1) -

Bell Potter maintains a Speculative Buy rating for Viridis Mining and Minerals and raises its target to $4.30 from $2.65.

The company is advancing toward a final investment decision (FID) for its Colossus rare earths project, targeting first production in 2028.

Progress on offtake agreements is being supported by US and EU governments, the analysts highlight.

Key near-term catalysts are thought to include demonstration plant commissioning, offtake agreements, permitting and financing. Funding is expected to comprise predominantly debt alongside a smaller equity component.

Bell Potter sees strong relative value versus peers, supported by high margins and competitive costs, with strategic positioning across both light and heavy rare earths.

Target price is $4.30 Current Price is $2.01 Difference: $2.29
If VMM meets the Bell Potter target it will return approximately 114% (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 WDS as Neutral (3) -

Macquarie revises forecast earnings for Oil & Gas exposures under coverage to reflect higher oil and LNG prices, aligning with the forward curve and a long-term Brent Oil assumption of US$70/bbl.

The Middle East outlook is seen as highly unpredictable, with a meaningful probability of further oil price rallies, while LNG repairs and restarts in Qatar are expected to take time.

Woodside Energy's earnings forecasts have been materially upgraded, with 2026-2028 EPS increasing by 61%, 102% and 56%, respectively.

The target price is raised by 16.7% to $35.00. Neutral rating maintained.

Target price is $35.00 Current Price is $35.09 Difference: minus $0.09 (current price is over target).
If WDS 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 $29.92, suggesting downside of -14.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

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

Morgan Stanley outlines how food inflation only supports supermarkets when real volumes are sustained and discounting/promotional activity remains "disciplined".

The higher ticket sizes (shopping baskets) can assist with nominal sales but there is no automatic flow through to improved margins as retailers need to reinves to protect volumes or absorb part of the cost rises, the analyst explains.

The sales growth forecasts for Woolworths Group and Coles Group for FY27 rise by around 50bps and lower gross profit margin by around -15bps to flat y/y which equates to a stable gross profit in dollar terms againts previous forecasts.

 Morgan Stanley retains an Equal-weight rating, $34.40 target for Woolworths. Industry View: In-Line.

Coles Group is the preferred stock on valuation grounds.

Target price is $34.40 Current Price is $36.55 Difference: minus $2.15 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.26, suggesting downside of -2.2% (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