Australian Broker Call

Shaw and Partners rates ACF as Buy (1) -

Shaw and Partners estimates the total value of capex Acrow is associated with is over -$185bn, and revenue opportunity for the company would likely be in the range of $1.85-9.3bn over several years.

However, some projects are delayed, with the change in Queensland government one of the reasons behind it. The broker has incorporated delays into forecasts, resulting in earnings revisions.

Target price is unchanged and the rating remains at Buy. The broker highlights Acrow's EBITDA growth forecast is above the median of its peers while shares are trading at a relative discount.

Target price is $1.30 Current Price is $1.06 Difference: $0.24
If ACF meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates AGL as Outperform (1) -

Macquarie highlights strong growth in the grid-scale battery market and the emergence of virtual power plants (VPP) at a retail level are both positive developments for AGL Energy.

Rising storage and falling costs for grid-scale batteries in NSW, SA and Queensland deliver strong post-tax returns in the near term, the broker suggests.

The analyst believes VPPs have the potential to unlock up to $120m for AGL Energy over the next five years, assuming subsidy from the government/market.

The broker notes a media report about the company considering a sale of its 20% stake in Tilt, which it expects would initially add 6-9% to EPS forecasts if it eventuates.

The analyst marginally cut FY25 EPS forecast by -0.2% but raised FY26 by 0.6% on moderate capex around batteries and better earnings estimates. No change to $12.29 target price and Outperform rating.

Target price is $12.29 Current Price is $10.55 Difference: $1.74
If AGL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $11.92, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in June.

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 ALD as Outperform (1) -

Noting Ampol's sale of the entire 12.67% stake in Channel Infrastructure for NZ$95m, Macquarie highlights the holding wasn't strategically important and will help lower financing costs.

The broker notes petrol volumes were down -4% y/y in January and with additional drag from the Queensland cyclone, it now expects March quarter volumes to be slightly negative y/y.

The broker cut FY25 and FY26 EPS forecasts by -6% and -7% respectively, after also factoring in a minor decline in Lytton refinery utilisation.

Target price cut to $28.00 from $29.45. Outperform maintained.

Target price is $28.00 Current Price is $24.48 Difference: $3.52
If ALD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $30.85, suggesting upside of 28.1% (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

UBS rates ARF as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

Neutral rating for Arena REIT and $4.10 target price.

Target price is $4.10 Current Price is $3.52 Difference: $0.58
If ARF meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates BKW as Neutral (3) -

Brickworks' 1H25 revenue beat Macquarie's forecast, underlying EBIT missed and net profit came in higher. The broker notes profits in Australia were better than expected while North America disappointed.

Among the positives looking ahead is the scope for rental increases and a solid property development pipeline, but the soft near-term outlook for building products in Australia and North America is expected to be a drag.

The broker raised FY25 EPS forecast by 21% on tax benefits and property development potential. Target price cut to $26.00 from $26.90 on lower earnings forecasts. Neutral retained.

Target price is $26.00 Current Price is $24.03 Difference: $1.97
If BKW meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $29.33, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in July.

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 BKW as Hold (3) -

Morgans explains the 1H25 earnings from Brickworks were weak as pre-announced, with the Property division generating lower development profits and Building Materials impacted by softer demand. Investments saw a slight slowing in investment returns.

The broker highlights earnings (EBITDA) were below expectations by -7% and consensus by -23%. Underlying net profit after tax of $76m was higher than the previous year, which generated a significant loss, but still came in below consensus by -10%.

Target price lifts to $26.50 from $25. No change to Hold rating as Morgans highlights investment market uncertainty is most probably going to exceed any possible positive tailwinds from industrial real estate and rental income.

Target price is $26.50 Current Price is $24.03 Difference: $2.47
If BKW meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $29.33, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in July.

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

Ord Minnett rates BKW as Accumulate (2) -

Ord Minnett adopts an upbeat view of Brickworks' 1H25 results, pointing to an improvement in underlying profit without negative property revaluations and declining cap rates. The interim dividend rose 4% to 25c per share.

The broker notes the decline in Australian Building Products by -4% in earnings (EBITDA), while North America Building Products generated a small loss of -$3m against $21m a year earlier. Investment earnings were steady.

Ord Minnett expects construction markets to remain challenged in Australia and the US in 2025 before some improvement emerges in 2026, and the analyst flags an upturn in 2027.

The group's property portfolio remains the key generator of long-term growth, with rental income growth.

Target price slips to $30 from $31. No change to Accumulate rating.

Target price is $30.00 Current Price is $24.03 Difference: $5.97
If BKW meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $29.33, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in July.

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 BWP as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent meeting with investors, BWP Trust was discussed in the context of defensive exposures given recent market volatility.

Buy rating and $4.05 target price.

Target price is $4.05 Current Price is $3.39 Difference: $0.66
If BWP meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.78, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

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 CHC as Sell (5) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, Charter Hall was discussed in the context of fund manager momentum and risks.

Sell rating and $15.49 target price.

Target price is $15.49 Current Price is $16.78 Difference: minus $1.29 (current price is over target).
If CHC meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.23, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates CIP as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, Centuria Industrial REIT was discussed in the context of defensive exposures given recent market volatility.

Buy rating and $3.82 target price.

Target price is $3.82 Current Price is $2.92 Difference: $0.9
If CIP meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

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 CLW as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

Neutral rating for Charter Hall Long WALE REIT and $4.18 target price.

Target price is $4.18 Current Price is $3.78 Difference: $0.4
If CLW meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates CNI as Sell (5) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, Centuria Capital was discussed in the context of fund manager momentum and risks.

Sell rating and $1.74 target price.

Target price is $1.74 Current Price is $1.61 Difference: $0.135
If CNI meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

UBS rates COF as Sell (5) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

Sell rating for Centuria Office REIT and $1.14 target price.

Target price is $1.14 Current Price is $1.15 Difference: minus $0.005 (current price is over target).
If COF meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.19, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates COL as Buy (1) -

The ACCC has released its final report on the supermarkets inquiry and Citi analysts are quick in responding the content is pretty much as they expected beforehand.

In total, 20 recommendations have been provided including clearer pricing practices, communication of shrinkflation, greater transparency for suppliers (particularly in fresh) and reforms to planning and zoning laws to enable more competition.

Importantly, the broker highlights, there is no recommendation for the regulation of grocery pricing or the ways that promotions are conducted.

No material impact is anticipated on supermarket earnings.

As per the broker's commentary, the ACCC welcomes new merger reforms that will enhance its ability to scrutinise land acquisitions and new stores leases by the supermarkets subject to Ministerial Direction.

The new merger regime will come into effect from 1 January 2026. Buy rating and $21.00 target.

Target price is $21.00 Current Price is $18.56 Difference: $2.44
If COL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $21.44, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

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 CQR as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, Charter Hall Retail REIT was discussed in the context of defensive exposures given recent market volatility.

Buy rating and $3.69 target price.

Target price is $3.69 Current Price is $3.42 Difference: $0.27
If CQR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley highlights the US CDC has classified the 2024-25 season as a "high-severity" influenza season for all age groups, the first high-severity season since 2017-2018.

The broker notes cumulative hospitalisation rates in the last week of February are the highest since 2010-2011, with the percentage of deaths above previous years.

In contrast, CSL reported a -15% decline in influenza sales in 1H25, particularly in vaccination rates for the 15-64 age group.

The stock is rated Overweight with a $313 target. Industry View: In-Line.

Target price is $313.00 Current Price is $255.32 Difference: $57.68
If CSL meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $327.51, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

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: 1.0

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

Morgan Stanley rates CWY as Overweight (1) -

Morgan Stanley views Cleanaway Waste Management's acquisition of Contract Resources as a positive for the company's strategy.

Contract Resources focuses on technical services including catalyst handling, decontamination, and chemical cleaning, with 26% of revenue generated from the Middle East.

The broker estimates 2026 EPS accretion of 1%, and 6% post-synergies.

Target $3.18. Overweight. Industry View: In-Line.

Target price is $3.18 Current Price is $2.60 Difference: $0.58
If CWY meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates CWY as Accumulate (2) -

Ord Minnett notes the -$377m acquisition of Contract Resources by Cleanaway Waste Management, a company specialising in catalyst handling, decontamination, and chemical cleaning.

The acquired company has two-thirds of its business in Australia and exposure to the Middle East.

The acquisition is viewed as a positive strategic move and should be low risk and EPS accretive, with single-digit expansion.

The broker lifts EPS estimates by 7% for FY28, with synergies of $12m expected for the first full year.

Target price lifts to $3 from $2.90, and an Accumulate rating is retained.

Target price is $3.00 Current Price is $2.60 Difference: $0.4
If CWY meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 18.8% (ex-dividends)

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 DXS as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

The broker notes Dexus' net effective leasing spreads improved over the last six months and the potential for further improvement makes it the preferred office exposure.

Buy rating and $9.02 target price.

Target price is $9.02 Current Price is $7.26 Difference: $1.76
If DXS meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $7.98, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates FND as Buy (1) -

Findi has raised $45m, including a $40m placement and a $5m share purchase plan, Ord Minnett notes, to generate funds to exercise the call option and buy back Compulsory Convertible Debentures issued to Piramal, which will save around -$6m p.a. in interest costs.

The funds raised will also assist with the additional circa 2,300 ATMs for the State Bank of India and the rollout of white-label ATMs.

The broker also highlights the National Payments Corporation of India (NPCI) has approved an increase in ATM interchange fees to 19 Rupees from 17 Rupees, which is expected to generate in excess of $5.5m to over $10m in earnings accretion for FY26/FY27.

Ord Minnett lifts FY27 EPS by 42%, and the target price rises to $11.05 from $9.48. Buy rating unchanged.

Target price is $11.05 Current Price is $5.22 Difference: $5.83
If FND meets the Ord Minnett target it will return approximately 112% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 FSF as Outperform (1) -

Macquarie notes Fonterra Shareholders Fund's 1H25 EPS growth was more like 30% y/y vs the reported 10% after adjusting for tax changes, digital investments and divestment costs.

Free cash flow was negative at -NZ$2.1bn due mainly to seasonal factors and higher advances to farmers, pushing net debt higher but the broker expects this will unwind over time. 

The broker raised FY25 and FY26 EPS forecasts by 19% and 11% respectively. Target price rises to NZ$6.89 from NZ$5.96, and Outperform maintained.

Current Price is $4.57. Target price not assessed.

The company's fiscal year ends in July.

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: 1.0

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

UBS rates GMG as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the case of Goodman Group, UBS' recent discussions focused on the $4bn equity raise in February.

Neutral rating and $36.8 target price.

Target price is $36.80 Current Price is $31.59 Difference: $5.21
If GMG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $36.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

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 GPT as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent discussions with investors, GPT Group was discussed in the context of defensive exposures in the sector given recent market volatility.

Neutral rating and $5.29 target price.

Target price is $5.29 Current Price is $4.39 Difference: $0.9
If GPT meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in December.

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 HDN as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, HomeCo Daily Needs REIT was discussed in the context of defensive exposures given recent market volatility.

Buy rating and $1.35 target price.

Target price is $1.35 Current Price is $1.17 Difference: $0.18
If HDN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates HMC as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, HMC Capital was discussed in the context of fund manager momentum and risks.

Buy rating and $12.40 target price.

Target price is $12.40 Current Price is $7.32 Difference: $5.08
If HMC meets the UBS target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $11.38, suggesting upside of 56.8% (ex-dividends)

The company's fiscal year ends in June.

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 INA as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent meeting with investors, questions were asked about whether market expectations were too high for Ingenia Communities given its exposure to residential recovery.

Neutral rating and $6.30 target price.

Target price is $6.30 Current Price is $5.41 Difference: $0.89
If INA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.30, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgans rates JDO as Upgrade to Add from Hold (1) -

Morgans upgrades Judo Capital to Add from Hold with an unchanged target of $2.08.

The recent share price weakness from the sell-down in banking shares and the block trade sale of two pre-IPO investors has created a buying opportunity, according to the analyst.

The block trade represented 9.9% of shares on issue at $1.74, below yesterday’s closing price by around -6%.

Judo does not pay dividends, with excess capital used to fund loan growth. As such, the broker highlights investors are reliant on capital returns and the company carries higher risk than the major banks.

Morgans states if management can achieve its strategic targets, it will be Australia’s fastest-growing, most efficient bank and could be worth over $3 per share by the end of the decade.

Target price is $2.08 Current Price is $1.74 Difference: $0.34
If JDO meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates LIC as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

In the broker's recent meeting with investors, questions were asked about whether market expectations were too low for Lifestyle Communities given its exposure to residential recovery.

Buy rating and $10.20 target price.

Target price is $10.20 Current Price is $8.02 Difference: $2.18
If LIC meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $9.57, suggesting upside of 17.1% (ex-dividends)

The company's fiscal year ends in June.

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 LLC as Sell (5) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

Sell rating retained for Lendlease Group and $6.38 target price.

Target price is $6.38 Current Price is $6.12 Difference: $0.26
If LLC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates MGR as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent meeting with investors about residential exposures, the question was raised on whether market expectations for Mirvac Group were too high.

Neutral rating and $2.28 target price.

Target price is $2.28 Current Price is $2.11 Difference: $0.17
If MGR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

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

Morgans rates NAN as Add (1) -

With the much-anticipated approval for Nanosonics' flexible endoscope Coris received from the FDA, Morgans stresses the sizeable market opportunity for the flexible endoscope, given the company's advantages over the competition.

The analyst raises the target price to $5.50 from $4.50 with the de-risking of FDA approval.

Morgans believes Nanosonics remains a "key stock to watch" with an Add rating. Earnings forecasts from the broker are unchanged, as expectations for Coris had already been included.

Target price is $5.50 Current Price is $4.98 Difference: $0.52
If NAN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates NAN as Accumulate (2) -

The FDA has approved Nanosonics' Coris device, which is designed to automate the cleaning and reprocessing of flexible endoscopes, under what is referred to as De Novo clearance, Ord Minnett observes.

The analyst believes the approval will boost investor confidence and sentiment, with the launch scheduled for 1Q 2026 in Europe and North America in 2H 2026.

The target price is set at $4.55 with an Accumulate rating.

Target price is $4.55 Current Price is $4.98 Difference: minus $0.43 (current price is over target).
If NAN meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.67, suggesting downside of -7.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates NSR as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent meeting with investors, questions were asked about whether market expectations were too low for National Storage REIT given its exposure to residential recovery.

Neutral rating and $2.59 target price.

Target price is $2.59 Current Price is $2.14 Difference: $0.45
If NSR meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates NWH as Buy (1) -

Citi notes NRW Holdings' contract awards are not surprising given the active tender balance the company is pursuing.

The contractor announced a $100m contract for 12 months with Rio Tinto's ((RIO)) desalination plant at Parker Point, along with a number of other smaller additions.

As the smaller contracts come in below the disclosure thresholds, the broker believes revenue coverage of 96% against expectations could come in higher than anticipated.

Citi sees upside risks to revenue in FY25. Buy/High Risk rating and $3.85 target retained.

Target price is $3.85 Current Price is $2.88 Difference: $0.97
If NWH meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 21.1% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates PMV as Neutral (3) -

On Citi's early assessment, Premier Investments' H1 report proved in line with guidance provided in January. The broker does note there was a sharp deterioration in Smiggles trading while Peter Alexander was more positive.

Overall sales for the continuing businesses declined -1.8% on the previous period. Citi suggests investors will be "encouraged" though the focus will be on the outlook for Smiggles.

No dividend has been declared given the in-specie distribution that utilised Premier's franking account balance as part of the sale of the Apparel Brands to Myer ((MYR)), the broker explains.

Dividends are expected to resume at the FY25 result. Neutral rating and $26 target.

Target price is $26.00 Current Price is $21.04 Difference: $4.96
If PMV meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $27.63, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates REP as Buy (1) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

Buy rating for RAM Essential Services Property Fund and 75c target price.

Target price is $0.75 Current Price is $0.58 Difference: $0.17
If REP meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates RFF as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

Neutral rating for Rural Funds and $1.84 target price.

Target price is $1.84 Current Price is $1.79 Difference: $0.05
If RFF meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates RGN as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

Neutral rating and $2.30 target price.

Target price is $2.30 Current Price is $2.07 Difference: $0.23
If RGN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

UBS rates RIO as Neutral (3) -

Rio Tinto and Edify Energy have signed two new solar and battery hybrid services agreements and UBS analysts make a reference to the Australian Government having announced a $2bn green production credit to support the Australian aluminium industry to decarbonise.

Updated modeling by the broker now suggests repowering of Pacific Aluminium (PacAl) continues to be value accretive for the Anglo-Australian miner.

As per today's research update, repowering Pacific Aluminium involves replacing carbon intensive electricity at Boyne Island and Tomago smelters, and Yarwun/QAL refineries, with low/zero carbon power.

Neutral. Target $124. No changes made to forecasts.

Target price is $124.00 Current Price is $117.50 Difference: $6.5
If RIO meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $126.42, suggesting upside of 6.7% (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

Morgan Stanley rates SCG as Overweight (1) -

Morgan Stanley highlights the market's focus on leasing spreads and sales growth to gauge the performance of Scentre Group overlooks that, operationally, the business is strong.

The analyst notes foot traffic is up, and shoppers are spending more, with Australian foot traffic increasing 3.2% over the last year. The group has recorded a compound average growth rate of 4.9% in the two years to 2024.

Equally interesting, the report highlights, is that at the February results, 62% of Scentre's Australian malls by number saw an increase in spend per customer visit in 2024 compared to 2023.

Target is $4.34. Industry View: In-Line.

Target price is $4.34 Current Price is $3.31 Difference: $1.03
If SCG meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent discussions with investors, Scentre Group's recent underperformance was the focus and questions were raised about mall investments.

Neutral rating and $3.74 target price.

Target price is $3.74 Current Price is $3.31 Difference: $0.43
If SCG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates SDF as Buy (1) -

Steadfast Group is due to host its Investor Briefing on March 25. Ord Minnett notes consensus forecasts for the group have been conservative, which has resulted in the stock being ascribed a lower valuation multiple.

The company continues to trade at a discount to its global peers, the broker explains, despite the shares outperforming over the last six months.

Management is expected to make -$300m in acquisitions in 2025, with incremental EPS of 3%-4% added, and another -$200m in 2026, the broker highlights.

Ord Minnett believes there are significant US opportunities for the company. Buy rated with a $6.80 target price.

Target price is $6.80 Current Price is $5.82 Difference: $0.98
If SDF meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting upside of 13.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates SGP as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

Neutral rating and $5.37 target price for Stockland.

Target price is $5.37 Current Price is $4.96 Difference: $0.41
If SGP meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

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 SIG as Underperform (5) -

Macquarie notes Sigma Healthcare's FY25 normalised EBIT of $68m came at the higher end of the $64-70m guidance, but the focus now shifts to the June 2025 result (in August) which will reflect the merger with Chemist Warehouse.

The broker estimates 90% of the merged entity's EBIT will come from Chemist Warehouse.

The EPS and DPS forecasts are now provided for the merged company with the financial year ending June. For standalone Sigma Healthcare, the broker cut FY26 EPS estimate by -3% for FY26.

Target price based on the valuation of the combined business rises to $2.70 from $2.68. Underperform maintained.

Target price is $2.70 Current Price is $2.91 Difference: minus $0.21 (current price is over target).
If SIG meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.69, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates TPG as Accumulate (2) -

Ord Minnett notes the ACCC has approved the transaction between TPG Telecom and Vocus Group, with Foreign Investment Review Board and US approvals still required.

This implies to the analyst that completion of the sale will be in 2H 2025, which is in line with the company's statements.

The analyst explains that if the Vocus transaction is included for a full year, then TPG's net profit after tax could increase to $112m from $95m.

The stock is rated Accumulate with a $5.25 target price.

Target price is $5.25 Current Price is $4.82 Difference: $0.43
If TPG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting downside of -2.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

UBS rates URW as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive vs the local market and in a global context.

Neutral rating for Unibail-Rodamco-Westfield and $6.91 target price.

Target price is $6.91 Current Price is $6.53 Difference: $0.38
If URW meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

UBS rates VCX as Neutral (3) -

UBS notes results for office REITs improved in the February reporting season and leasing spreads could improve as lower post-Covid leases are replaced, assuming typical 5-year lease terms. 

The broker believes Australian REITs are looking more supportive both vs the local market and in a global context.

In the broker's recent meeting with investors, Vicinity Centres was discussed in the context of defensive exposures given recent market volatility.

Neutral rating and $2.27 target price.

Target price is $2.27 Current Price is $2.13 Difference: $0.14
If VCX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Ord Minnett rates WJL as Buy (1) -

Ord Minnett details the Webjet Group Investor Day announcements, with management planning to spend an additional -$15m in FY26, including -$6m on marketing, and -$10m in FY27 and FY28 on capex.

The company anticipates total transaction values to double to $3.2bn by FY30 from $1.6bn, with revenue margins of 8%-9% and earnings (EBITDA) margins of at least 27%, the broker notes.

Ord Minnett lowers EPS forecasts by -6% for FY26 and -11% for FY27 and stresses the market does not favour longer-dated growth strategies that produce near-term earnings downgrades.

Target price lifts to $1.59 from $1.32 due to an increase in the valuation multiple ascribed to the discounted cash flow model. Buy rating remains unchanged.

Target price is $1.59 Current Price is $0.56 Difference: $1.03
If WJL meets the Ord Minnett target it will return approximately 184% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates WOW as Neutral (3) -

The ACCC has released its final report on the supermarkets inquiry and Citi analysts are quick in responding the content is pretty much as they expected beforehand.

In total, 20 recommendations have been provided including clearer pricing practices, communication of shrinkflation, greater transparency for suppliers (particularly in fresh) and reforms to planning and zoning laws to enable more competition.

Importantly, the broker highlights, there is no recommendation for the regulation of grocery pricing or the ways that promotions are conducted.

No material impact is anticipated on supermarket earnings.

As per the broker's commentary, the ACCC welcomes new merger reforms that will enhance its ability to scrutinise land acquisitions and new stores leases by the supermarkets subject to Ministerial Direction.

Neutral rating and $33 target.

Target price is $33.00 Current Price is $28.15 Difference: $4.85
If WOW meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $32.15, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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