Evening Wrap: ASX 200 slips on Trump tariff tumult, tumbling tech, as gold and silver stocks regain their shine – NEM +5% vs PME -9%

The S&P/ASX 200 closed 55.4 points lower, down 0.61%.

ASX 200 fell 55.4 points to 9026, as renewed US tariff tensions rattled global sentiment and triggered broad-based selling, with eight of eleven sectors finishing lower despite strength in gold-linked names.

Resources led the market, with Gold Sub-Index (XGD) (+4.1%) and Resources (XJR) (+1.2%) outperforming as investors rotated into safe-haven assets amid rising geopolitical and trade uncertainty. Silver Mines (SVL) (+10.0%), Regis Resources (RRL) (+5.1%) and Newmont Corp. (NEM) (+4.9%) drove the gains.

Growth sectors were hit hardest, with Information Technology (XIJ) (-4.5%) and Health Care (XHJ) (-2.4%) under pressure as the “tech wreck” extended amid valuation concerns and AI disruption fears. Megaport (MP1) (-17.5%), Pro Medicus (PME) (-8.9%), Wisetech Global (WTC) (-5.2%) and Technology One (TNE) (-5.2%) led the declines.

In stock specific news:

• Reece (REH) (+13.9%) — surged after beating EBIT expectations on strong cost control.

• Nuix (NXL) (+15.1%) — rallied after swinging to profit and beating expectations.

• Regis Healthcare (REG) (+7.6%) — gained on strong earnings supported by structural demand.

• Perenti (PRN) (-13.8%) — fell after trimming guidance and delivering a softer result.

• Austal (ASB) (-11.0%) — declined despite a beat, with concerns over earnings quality.

• Lendlease Group (LLC) (-7.2%) — dropped after reporting a loss driven by asset write-downs.

In commodities, precious metals surged with gold (+1.9%) and silver (+5.2%) rallying on safe-haven demand, while lithium stocks bounced, including Mineral Resources (MIN) (+5.0%) and PLS Group (PLS) (+4.5%), despite limited spot pricing signals due to China market closures.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

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Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 55.4 points lower at 9,026, 0.96% from its session high and just 0.17% from its low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by a rather pathetic 88 to 197.

Fund flows: It's getting hot in here... 🔥

100%

I.

Could.

Be.

Wrong. 🤔

You know my view on ASX tech stocks: Still too early! ⏰

Admittedly, I don’t have a clue what any of their individual valuations are… i.e., at what price the likes of Megaport (MP1) (-17.5%), Pro Medicus (PME) (-8.9%), Telix Pharmaceuticals (TLX) (-7.9%), Wisetech Global (WTC) (-5.2%), Technology One (TNE) (-5.2%), Life360 (360) (-4.6%), and Xero (XRO) (-2.9%) etc. become any of the synonyms below that experts have been bandying about in the financial media to assure us these stocks are somehow:

• “Good value”

• “Cheap”

• “Oversold”

• “Bargains”

• “Heavily discounted”

• “Rare opportunity to buy” 🧐

I haven’t done the work that I assume these experts have done to analyse each of those companies — and so, why would I argue with their assessments!?

I’m not.

All I know, is that the charts of these stocks continue to demonstrate an excess of supply in the short and long term. I’ve taught you my technical model and how to read charts = the study of how demand and supply are changing over time.

Some of you are beginning to incorporate it into your investing checklist, others are ambivalent, and others still, hate it = “Carl, you can take your trend ribbons and stick them where the charts don’t shine!” You can imagine! 😉

Please, make up your own mind — it’s critical you’re comfortable with your own investing values… comfortable in your own investing skin, so to speak.

Market Index have employed me to write their Evening Wrap. I could waffle on here each day about valuations and how this news item caused the market to do this, or how that company news item caused it to do that…

But I wouldn’t believe a pixel I'd put on the screen! Nope, I’d rather talk about stuff I’m passionate about, and hopefully, some love it — while others skip past it to the Broker Rec’s!

For everyone who's reading this bit, can I respectfully say, that today’s a reminder that ASX tech stocks remain arguably the most vulnerable when investors’ risk tolerance is tested. See a sample of their charts below — focus on today’s candle in each case = forget what you or the so-called experts think and consider what the FUND FLOWS are actually telling us!

Various tech stocks charts... 📉

For me, these charts mean that I can’t be invested in the Tech sector yet — and very likely, it’s a long road before the likes of MP1, PME, WTC, and XRO demonstrate the trends, price action, candles, and volume that deserve some of my risk allocation (i.e., +R!).

Tracking with the sector rotation away from high P/E tech and into lower P/E and cyclicals, today’s moves are also a reminder that Resources (XJR) (+1.2%) stocks somehow, for whatever reason, continue to draw in capital from those same risk-averse investors.

S&P-ASX 200 Resources Index chart

We are also reminded of just how influential our biggest sector by market capitalistion is — Financials (XFJ) (-1.2%) — which today acted as a dead weight on our benchmark index. The below heat map from TradingView is a picture that tells a thousand words:

TradingView ASX 200 heatmap. Click here for full size image.

I love this heatmap! I’m going to include it more often. It’s such a great visual tool to help us see where the funds are flowing within our little Tin Pot of a market!

Note:

• Financials are the largest sector.

• Resources are a close second.

• Financials and Resources combined account for well over half of our market capitalisation.

• Take out Resources today, and the vast majority of stocks were down! (consider the pathetic market breadth among ASX 300 stocks of 88:197 👎)

Today's best blue chip gainers

Today's worst blue chip losers

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ChartWatch

Nasdaq Composite Index

Analysis

We could analyse Friday’s candle… We could call it a modest but credible demand-side showing — noting that, most importantly, it supports the case for a hold of the dynamic demand at the long term uptrend ribbon…

But that means we’re taking the price action at face value!

Face value? You know — candles, price action, trends, volume, and volatility. 🤔

As we know, our technical analysis is no match against Trumpigans (“Trump” + “Shenanigans”)! 🤦

Trumpigans galore... and very likely, there's more to come! ⚠️

Friday’s demand-side candle was largely a result of news that the US Supreme Court had struck down President Trump’s so called reciprocal tariffs. I.e., a mostly de-risking event for markets.

But! Markets are now attempting to reprice after the President’s announcement on Sunday (via social media) of 15% blanket tariffs on all the US’s trading partners (note: this was bumped up from the 10% level set just a day earlier!).

Comp futures are down around 120 points at the time of writing — so it’s very likely that Monday’s candle at least begins in a supply-side controlled state.

This is what markets do: They respond to news (i.e., “new information”) and price risk accordingly.

Where Monday’s candle opens is largely irrelevant — we rarely learn much at the open!

Where Monday’s candle closes, however, is an entirely different ball game. This occurs after all of demand and all of supply have had their say for the day.

By then, the Big + Smart money, has worked out how risks have shifted and they've reflected this in stock prices.

But! Where Monday’s candle closes is anyone's guess… It’s not our job to try and predict it, because the future is unknown, and therefore prediction is futile! 🔮

Our job is merely to accept the outcome and then determine whether we can attach a MOTN (More Often Than Not) sticker to a subsequent rise / fall.

So, with this in mind, let’s remind ourselves that:

1. Long black-bodied candle and or long upward pointing shadow = Strong supply-side motivation = MOTN S > D = P ⬇️

2. Long white-bodied candle and or long downward pointing shadow = Strong demand-side motivation = MOTN D > S = P ⬆️

Volume remains patchy… There’s little desire among either side to really engage (they’re probably waiting for a clearer signal in the fundamentals to do so…)

So, if we see volume pick up — it will mean a decision has been made to engage… to commit to one path of action (e.g., to buy like crazy or sell like crazy!) Substantially above average volume will be an important signal, so we must watch this metric closely!

Plus! I expect that key levels are also going to be important tonight:

1. A close above the short term downtrend ribbon (presently 23025-23125) would be a significant win for the demand-side.

2. A close below the nearest point of demand 22256 — which likely sets a path towards a date with 21898 and the bottom of the long term uptrend ribbon (presently 21660-22480) — would be a significant win for the supply-side.

And that’s really it! All possibilities have been defined! ✅

So, what’s the practical application of all this analysis? Well, this always comes back to risk allocation = conservation of capital versus minimisation of opportunity cost.

My US stocks risk exposure heading into these Trumpigans is 50% invested + 50% cash = I'm perfectly placed for the present risk environment!

1. Stocks tank? 📉No problems… Hey could have been better (i.e., more cash) — but I’ll still beating the probably 90% of investors who simply hold forever (buy, hold, hope, pray! 🙏).

2. Stocks rocket? 📈 No problems… I still have some decent exposure… Sure, it could have been better (i.e., more risk) — but I can get that back in very quickly, because under this scenario, I’ll be presented with a bunch of great charts to allocate risk to! 🧐

So, Carl… How did you know to be so conservatively placed for the current uncertain risk environment? 🤷

I didn’t! I just followed D vs S! 😉

View

Given current, sorry state of affairs for the Comp's technicals — how can I possibly be anywhere else but 1/2RP with respect to my US portfolio risk limit!? (RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100% 🪣).

Key levels

22461 is the critical point of demand. 21898 is the key local go-no-go zone for the Comp — a close below 21898 implies the supply-side is control of the Comp's short term price. A close below the low of the long term uptrend ribbon (presently 21660-22480), implies the long term uptrend is likely under significant pressure = ⚠️. 23321 is the nearest critical static point supply, but the short term downtrend ribbon (presently 23025-23125) may also impede upside price action.

S&P/ASX 200 (XJO)

Analysis

You can see why I’ve just held back on my move to FRP (Full Risk Position = 100% invested / 0% cash).

9110-9116 has been such a tough nut to crack — so best we crack it first! 🥜

Best we clear the pesky latent supply that seems so comfortable dishing out stock in that zone… Even in the face of what has been some convincing price action to get there!

Today, like Thursday and Friday, saw prices reverse course from precisely within the 9110-9116 supply zone.

Clearly, today’s price action is substantially more supply-side controlled than that of the prior two candles…. But it’s not the smoking gun that 9110-9116 can’t be cracked.

Today’s insignificant volume suggests that black body/close near the low of the session is more likely a function of the demand-side withdrawing due to building risk factors… versus the supply-side experiencing greater motivation to shave some risk off…

Some risk… it’s only a modest supply-side showing… it’s not wholesale get the heck out. 🏃💨

Let’s do the standard checklist, well, because we should be doing it every day! 📋

• Short term trend = ⬆️

  • Short term trend ribbon (light green) is rising, growing in length and accelerating; Price is above the short term uptrend ribbon and the short term uptrend ribbon appears to be acting as a zone of dynamic demand. ✅

• Long term trend = ⬆️

  • Long term trend ribbon (dark green) is rising, recovering after a stint of equilibrium (amber), beginning to re-accelerate; Price is above the long term uptrend ribbon and the long term uptrend ribbon appears to be acting as a zone of dynamic demand. ✅

• Price Action = 📈

  • Rising peaks and rising troughs demonstrates supply removal and demand reinforcement respectively… it remains an environment of buy the dip and FOMO into new highs (albeit modest and capped by 9110-9116!) ✅

• Candles = ⬜

  • On balance since the drive out of the long term trend ribbon in December, yes… certainly since that ribbon’s retest and hold from 9-Feb. Hey — this item could be more convincing, though! ✅

• Volume = 🤔

  • Above average showings on 12-Feb and 19-Feb — i.e. the 2 clearest tests of the 9110-9116 supply zone suggests that there is indeed some size up there… lurking… waiting to feed the FOMOing in at each test! How much do they have? That is a question the technicals cannot answer! ⚖️

I can see: ✅✅✅✅⚖️

And that feels a lot like: MOTN the price should ⬆️ to me!

But there’s just enough doubt to not be FRP 🤏. And therefore, just like my Comp portfolio risk limit — I propose my ASX portfolio risk limit of 2/3RP is absolutely spot on! 🎯

View

I am 2/3 RP 🪣 (i.e., my personal allowable capital allocation limit for my investments in Australian stocks is 67%).

Key levels

The short term uptrend ribbon (presently 8091-8936) is the closest zone of demand, a close below it would neutralise the present short term uptrend. 9110-9116 is the key zone of supply. Celebrations (and a move to FRP) are on hold until the demand-side can consume the highly motivated supply that appears to be residing there! 🧱

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Economy

Today

• There weren't any major economic data releases in our time zone today

Later this week

Tuesday

• 12:00 CHN Peoples Bank of China (PBOC) Loan Prime Rates (LPR)

  • 1-year LPR: forecast no change at 3%

  • 5-year LPR: forecast no change at 3.5%

Wednesday

• 02:00 USA February Conference Board Consumer Confidence (87.6 forecast vs 84.5 previous)

• 11:30 AUS January Consumer Price Index (CPI)

  • Headline: +3.8% p.a. forecast vs +3.7% p.a. in December

  • Trimmed Mean: +0.3% m/m for +3.2% p.a. forecast vs +3.3% p.a. in December

• 13:00 *GLOBAL US President Donald Trump to deliver the State of the Union address*

• 19:40 AUS RBA Governor Michelle Bullock to speak at the Melbourne Foundation for Business and Economics Annual Dinner

Thursday

• 11:30 AUS December Quarter Private Capital Expenditure (-0.1% q/q forecast vs +6.4% q/q previous)

Friday

• 11:30 AUS January Private Sector Credit (+0.7% m/m forecast vs +0.8% m/m previous)

Saturday

• 12:30 USA January Core Producer Price Index (PPI) (+0.3% m/m forecast vs +0.7% m/m previous)

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Latest News

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Interesting Movers

Trading higher

• +26.2% Minerals 260 (MI6) – $220m Strategic Funding Agreement Signed with Franco Nevada and BMO Global Metals and Mining Conference Presentation, general strength across the broader Precious Metals sector today.

• +17.4% Manuka Resources (MKR) – No news, general strength across the broader Precious Metals sector today, today's move is consistent with recent volatility.

• +17.4% St George Mining (SGQ) – No news 🤔.

• +15.8% Andean Silver (ASL) – Leadership Appointments, general strength across the broader Silver sector today.

• +15.1% Nuix (NXL) – 1H26 Financial Results Investor Presentation.

• +13.9% Reece (REH) – HY26 Investor Presentation.

• +12.9% Sun Silver (SS1) – No news, general strength across the broader Silver sector today.

• +12.1% Unico Silver (USL) – No news, general strength across the broader Silver sector today.

• +11.0% Focus Minerals (FML) – No news, general strength across the broader Precious Metals sector today.

• +10.5% Adairs (ADH) – ADH 1H FY2026 Results Presentation.

• +10.0% Silver Mines (SVL) – No news, general strength across the broader Silver sector today.

• +8.9% Strickland Metals (STK) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.8% Clarity Pharmaceuticals (CU6) – SECuRE trial update.

• +8.8% Kingsgate Consolidated (KCN) – No news, general strength across the broader Precious Metals sector today.

• +8.6% Guzman Y Gomez (GYG) – No news, bounced in the wake of the recent sharp selloff.

• +8.6% Pantoro Gold (PNR) – On-Market Share Buy-Back, general strength across the broader Precious Metals sector today.

• +8.2% Ramelius Resources (RMS) – BMO Conference Presentation, general strength across the broader Precious Metals sector today.

• +5.0% Mineral Resources (MIN) – No news, general strength across the broader Lithium sector today, rebounded after Friday's sharp sell-off due to FY26 Half Year Results Presentation.

• +4.9% Newmont Corp. (NEM) – No news, general strength across the broader Precious Metals sector today.

• +4.5% PLS Group (PLS) – No news, general strength across the broader Lithium sector today.

Trading lower

• -17.5% (MP1) – Continued negative response to 20-Feb H1 FY26 Half Year Results Investor Presentation, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -17.4% G8 Education (GEM) – FY25 Investor Presentation, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -14.4% Data#3 (DTL) – Half Yearly Report and Accounts, general weakness across the broader Information Technology sector today.

• -13.8% Perenti (PRN) – 1H26 Results Presentation.

• -11.0% Appen (APX) – No news, general weakness across the broader Information Technology sector today.

• -11.0% Austal (ASB) – ASB H1 FY2026 Results Investor Presentation.

• -10.6% Qoria (QOR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.9% Pro Medicus (PME) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -8.0% Siteminder (SDR) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.9% Telix Pharmaceuticals (TLX) – No news, general weakness across the broader HealthCare sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.2% Lendlease Group (LLC) – HY26 - Results Announcement, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.1% Temple & Webster Group (TPW) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -6.0% Generation Development Group (GDG) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -5.8% Audinate Group (AD8) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Downtrends list 🔎📉

• -5.2% Wisetech Global (WTC) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -5.2% Technology One (TNE) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -5.0% Digico Infrastructure Reit (DGT) – Continued negative response to 20-Feb HY26 Results Presentation, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.6% Suncorp Group (SUN) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -4.6% Life360 (360) – No news, general weakness across the broader Information Technology sector today, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

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Broker Moves

Atlantic Lithium (A11)

• Retained at underperform at Macquarie; Price Target: $0.24

Aussie Broadband (ABB)

• Retained at buy at Citi; Price Target: $6.15

• Retained at buy at UBS; Price Target: $6.50

Adairs (ADH)

• Retained at neutral at UBS; Price Target: $2.05

AGL Energy (AGL)

• Downgraded to underweight from equal-weight at Morgan Stanley; Price Target: $9.66

Aristocrat Leisure (ALL)

• Retained at buy at Citi; Price Target: $65.00 from $71.00

• Retained at outperform at Macquarie; Price Target: $63.00 from $66.00

• Retained at buy at Ord Minnett; Price Target: $65.00 from $74.00

• Retained at buy at UBS; Price Target: $69.00 from $70.00

AMP (AMP)

• Retained at outperform at Macquarie; Price Target: $1.80

ANZ Group Holdings (ANZ)

• Retained at buy at Citi; Price Target: $40.30

• Retained at neutral at Macquarie; Price Target: $37.00

• Retained at overweight at Morgan Stanley; Price Target: $37.89

• Retained at sell at UBS; Price Target: $36.50

Eagers Automotive (APE)

• Retained at outperform at Macquarie; Price Target: $30.70

Alliance Aviation Services (AQZ)

• Retained at hold at Ord Minnett; Price Target: $0.85 from $1.50

Austal (ASB)

• Retained at neutral at Citi; Price Target: $6.90

ASX (ASX)

• Retained at underweight at Morgan Stanley; Price Target: $49.05

• Retained at neutral at UBS; Price Target: $58.40

Aurum Resource (AUE)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.50

Aurizon Holdings (AZJ)

• Retained at underweight at Morgan Stanley; Price Target: $3.50

Bendigo and Adelaide Bank (BEN)

• Retained at underperform at Macquarie; Price Target: $10.00

• Retained at underweight at Morgan Stanley; Price Target: $10.40

Beacon Lighting Group (BLX)

• Retained at overweight at Jarden; Price Target: $3.20 from $3.40

• Upgraded to buy from accumulate at Morgans; Price Target: $3.20 from $3.80

• Retained at buy at Ord Minnett; Price Target: $3.20 from $3.70

Bank of Queensland (BOQ)

• Retained at neutral at Macquarie; Price Target: $6.50

• Retained at buy at UBS; Price Target: $7.50

BlueScope Steel (BSL)

• Retained at equal-weight at Morgan Stanley; Price Target: $29.00

BWP Trust (BWP)

• Retained at equal-weight at Morgan Stanley; Price Target: $4.15

Brambles (BXB)

• Retained at neutral at Macquarie; Price Target: $24.70 from $24.85

• Upgraded to accumulate from hold at Morgans; Price Target: $27.00 from $25.70

CAR Group (CAR)

• Retained at buy at UBS; Price Target: $39.60

Commonwealth Bank of Australia (CBA)

• Retained at underperform at Macquarie; Price Target: $124.00

• Retained at underweight at Morgan Stanley; Price Target: $127.93

• Retained at sell at UBS; Price Target: $130.00

Cobram Estate Olives (CBO)

• Retained at buy at Ord Minnett; Price Target: $3.62 from $3.65

Cochlear (COH)

• Retained at underweight at Morgan Stanley; Price Target: $216.00

Digico Infrastructure REIT (DGT)

• Retained at buy at Bell Potter; Price Target: $3.30 from $3.25

• Retained at outperform at Macquarie; Price Target: $3.54 from $3.89

Elevra Lithium (ELV)

• Retained at outperform at Macquarie; Price Target: $9.00

EVT (EVT)

• Retained at buy at Citi; Price Target: $17.30

Gorilla Gold Mines (GG8)

• Retained at speculative buy at Canaccord Genuity; Price Target: $1.00

Global Lithium Resources (GL1)

• Retained at outperform at Macquarie; Price Target: $0.65

Genesis Minerals (GMD)

• Retained at buy at Bell Potter; Price Target: $9.90

• Retained at buy at Citi; Price Target: $10.20 from $10.10

• Retained at accumulate at Ord Minnett; Price Target: $8.15

Goodman Group (GMG)

• Retained at hold at Ord Minnett; Price Target: $31.25

GPT Group (GPT)

• Retained at overweight at Morgan Stanley; Price Target: $6.13

GQG Partners Inc. (GQG)

• Retained at neutral at Macquarie; Price Target: $1.55

Guzman Y Gomez (GYG)

• Retained at sell at Citi; Price Target: $16.55

• Retained at neutral at Jarden; Price Target: $19.30 from $25.40

• Retained at outperform at Macquarie; Price Target: $27.30

• Retained at overweight at Morgan Stanley; Price Target: $28.00 from $31.20

• Retained at buy at Morgans; Price Target: $24.00 from $32.30

• Upgraded to sector perform from underperform at RBC Capital Markets; Price Target: $19.00 from $21.00

• Upgraded to buy from neutral at UBS; Price Target: $21.00 from $24.00

HUB24 (HUB)

• Retained at neutral at Macquarie; Price Target: $106.10

• Retained at neutral at UBS; Price Target: $100.00 from $107.00

IGO (IGO)

• Retained at outperform at Macquarie; Price Target: $9.25

Intelligent Monitoring Group (IMB)

• Retained at speculative buy at Morgans; Price Target: $1.00

Imdex (IMD)

• Retained at neutral at UBS; Price Target: $3.50

Inghams Group (ING)

• Retained at buy at Bell Potter; Price Target: $2.75

• Retained at hold at CLSA; Price Target: $2.05 from $2.35

• Retained at neutral at Jarden; Price Target: $2.50 from $2.80

• Retained at underperform at Macquarie; Price Target: $1.80 from $2.20

• Upgraded to buy from hold at Morgans; Price Target: $2.90 from $3.03

• Retained at underperform at RBC Capital Markets; Price Target: $2.00 from $2.10

JB Hi-Fi (JBH)

• Retained at underweight at Morgan Stanley; Price Target: $75.40

Latitude Group Holdings (LFS)

• Retained at equal-weight at Morgan Stanley; Price Target: $1.20

LGI (LGI)

• Retained at buy at Bell Potter; Price Target: $4.64 from $4.70

Lifestyle Communities (LIC)

• Downgraded to neutral from buy at Citi; Price Target: $5.60 from $7.00

LendLease Group (LLC)

• Retained at buy at Citi; Price Target: $6.30

Light & Wonder Inc. (LNW)

• Retained at outperform at Macquarie; Price Target: $230.00

Lovisa Holdings (LOV)

• Retained at hold at Ord Minnett; Price Target: $30.65 from $29.00

Liontown (LTR)

• Retained at neutral at Macquarie; Price Target: $1.75

Magellan Financial Group (MFG)

• Retained at hold at Morgans; Price Target: $9.80 from $10.74

Mineral Resources (MIN)

• Retained at buy at Bell Potter; Price Target: $70.00

• Retained at sell at Jarden; Price Target: $22.00 from $21.70

• Retained at underperform at Jefferies; Price Target: $37.50

• Retained at outperform at Macquarie; Price Target: $76.00 from $75.00

• Retained at outperform at RBC Capital Markets; Price Target: $67.00

MoneyMe (MME)

• Retained at speculative buy at Morgans; Price Target: $0.21

Monadelphous Group (MND)

• Retained at buy at Citi; Price Target: $28.75

Megaport (MP1)

• Retained at outperform at CLSA; Price Target: $16.00

• Retained at buy at Jefferies; Price Target: $16.30 from $20.00

• Retained at overweight at JPMorgan; Price Target: $14.00 from $16.70

• Retained at buy at Morgans; Price Target: $15.50 from $17.00

• Retained at outperform at RBC Capital Markets; Price Target: $18.00

Macquarie Group (MQG)

• Retained at buy at UBS; Price Target: $235.00

MaxiPARTS (MXI)

• Retained at buy at Ord Minnett; Price Target: $2.85 from $2.95

MyState (MYS)

• Retained at buy at Ord Minnett; Price Target: $5.42 from $5.06

National Australia Bank (NAB)

• Retained at equal-weight at Morgan Stanley; Price Target: $41.83

Newmont Corporation (NEM)

• Retained at buy at Citi; Price Target: $177.00

• Retained at outperform at Macquarie; Price Target: $185.00

• Downgraded to accumulate from buy at Morgans; Price Target: $187.00 from $190.00

• Retained at buy at UBS; Price Target: $225.00 from $245.00

Navigator Global Investments (NGI)

• Retained at buy at UBS; Price Target: $3.85 from $3.40

NIB Holdings (NHF)

• Retained at buy at Citi; Price Target: $8.15

• Retained at neutral at UBS; Price Target: $7.60

NRW Holdings (NWH)

• Retained at outperform at Macquarie; Price Target: $6.60 from $6.05

Origin Energy (ORG)

• Retained at underweight at Morgan Stanley; Price Target: $12.21

Orica (ORI)

• Downgraded to neutral from positive at E&P; Price Target: $24.65 from $25.17

Paladin Energy (PDN)

• Retained at neutral at Macquarie; Price Target: $14.00

• Retained at sell at Ord Minnett; Price Target: $9.75

PLS Group (PLS)

• Retained at outperform at Macquarie; Price Target: $5.00

PMET Resources Inc (PMT)

• Retained at outperform at Macquarie; Price Target: $0.65

Pinnacle Investment Management Group (PNI)

• Retained at neutral at UBS; Price Target: $18.65

Polynovo (PNV)

• Retained at buy at Bell Potter; Price Target: $1.80 from $2.00

• Retained at outperform at Macquarie; Price Target: $1.75 from $1.90

Peoplein (PPE)

• Retained at buy at Ord Minnett; Price Target: $1.02 from $1.20

Perseus Mining (PRU)

• Retained at neutral at Citi; Price Target: $6.70 from $6.30

• Retained at outperform at Macquarie; Price Target: $6.50

• Upgraded to buy from neutral at UBS; Price Target: $7.15 from $7.10

PWR Holdings (PWH)

• Retained at hold at Bell Potter; Price Target: $9.25 from $7.75

Peter Warren Automotive Holdings (PWR)

• Retained at overweight at Morgan Stanley; Price Target: $2.30

• Upgraded to buy from hold at Ord Minnett; Price Target: $2.00

QBE Insurance Group (QBE)

• Retained at buy at Citi; Price Target: $23.80 from $23.70

• Retained at outperform at CLSA; Price Target: $23.80 from $21.90

• Retained at buy at Jefferies; Price Target: $25.00 from $23.75

• Retained at overweight at JPMorgan; Price Target: $24.00 from $23.00

• Retained at outperform at Macquarie; Price Target: $24.40 from $22.90

• Retained at overweight at Morgan Stanley; Price Target: $22.80

• Upgraded to buy from hold at Ord Minnett; Price Target: $26.00 from $22.00

QPM Energy (QPM)

• Retained at speculative buy at Bell Potter; Price Target: $0.06 from $0.08

Qube Holdings (QUB)

• Retained at equal-weight at Morgan Stanley; Price Target: $5.20

• Retained at hold at Ord Minnett; Price Target: $5.20

Reece (REH)

• Retained at sell at UBS; Price Target: $13.00

Rural Funds Group (RFF)

• Retained at buy at Bell Potter; Price Target: $2.50 from $2.45

• Retained at neutral at UBS; Price Target: $2.11

Rio Tinto (RIO)

• Downgraded to neutral from buy at Goldman Sachs; Price Target: $165.00 from $160.00

• Retained at neutral at Macquarie; Price Target: $155.00 from $156.00

• Retained at trim at Morgans; Price Target: $146.00 from $142.00

• Retained at neutral at UBS; Price Target: $160.00

Ramelius Resources (RMS)

• Retained at neutral at Macquarie; Price Target: $4.80

• Retained at buy at Ord Minnett; Price Target: $5.15 from $5.10

• Upgraded to buy from neutral at UBS; Price Target: $5.20

Steadfast Group (SDF)

• Retained at neutral at Macquarie; Price Target: $5.00

Sandfire Resources (SFR)

• Retained at accumulate at Ord Minnett; Price Target: $21.15 from $21.00

SGH (SGH)

• Retained at neutral at Macquarie; Price Target: $53.05

Transurban Group (TCL)

• Retained at neutral at Macquarie; Price Target: $14.29 from $14.46

• Retained at accumulate at Ord Minnett; Price Target: $14.10 from $14.60

Telix Pharmaceuticals (TLX)

• Retained at buy at Bell Potter; Price Target: $19.00 from $23.00

• Retained at outperform at CLSA; Price Target: $20.50 from $21.00

• Retained at buy at Jarden; Price Target: $21.00 from $25.10

• Retained at buy at Jefferies; Price Target: $23.40 from $24.50

• Retained at overweight at Morgan Stanley; Price Target: $25.60

• Retained at outperform at RBC Capital Markets; Price Target: $17.00

• Retained at buy at UBS; Price Target: $31.00

Universal Store Holdings (UNI)

• Retained at buy at Citi; Price Target: $11.40 from $11.35

• Downgraded to overweight from buy at Jarden; Price Target: $10.00 from $10.69

• Retained at outperform at Macquarie; Price Target: $10.30 from $10.20

• Retained at buy at Morgans; Price Target: $10.60 from $10.50

• Retained at buy at Ord Minnett; Price Target: $10.38

Westpac Banking Corporation (WBC)

• Retained at underperform at Macquarie; Price Target: $35.00

• Retained at underweight at Morgan Stanley; Price Target: $35.70

• Retained at neutral at UBS; Price Target: $40.00

Woodside Energy Group (WDS)

• Retained at neutral at Macquarie; Price Target: $25.00

Wesfarmers (WES)

• Retained at outperform at Macquarie; Price Target: $92.00

Whitehaven Coal (WHC)

• Retained at neutral at Macquarie; Price Target: $8.00 from $10.00

wrkr (WRK)

• Retained at speculative buy at Bell Potter; Price Target: $0.18

Zip Co (ZIP)

• Retained at outperform at Macquarie; Price Target: $3.35 from $4.85

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Scans