OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Citi rates PMV as Neutral

Following a complete analysis of Premier Investments' FY25 result, Citi lifted FY26-27 Retail EBIT forecasts by around 3% each.

The broker notes the business is performing strongly, with continued opportunities for new store rollouts and expansion of existing stores. Improvement was seen in Smiggle in 2H25, but sales are still expected to decline in FY26, in the broker's view.

Neutral. Target unchanged at $24.

On early assessment, the broker wrote:

Premier Investments' FY25 release slightly beat forecasts by the broker and market consensus.

Sales for Peter Alexander have slightly underperformed but Smiggle has made up for it, even though momentum overall remains negative, the broker points out.

The 50c final dividend represents an upside surprise. While the gross margin surprised negatively, Citi lauds costs management (CODB).

Taking into account the weak share price performance leading into today's release, Citi thinks the share price should respond well.

Macquarie rates STX as Neutral

Following a period of restriction, Macquarie is Neutral rated on Strike Energy with a new target price of 10c. The price captures the Walyering resource downgrade and an additional 731m shares issued at 12c, raising an estimated $84m in equity capital.

Management has been re-basing reserves/resource estimates across its portfolio, including Walyering 2P gas reserves, down -55% and Ocean Hill, down -41%. The analyst has lowered its EP469 forecast gross production to 572PJ from 700PJ, including Erregulla Deep.

The 85MW gas peaker plant is expected to commence in late-2026, with the company contemplating an expansion of 15MW while paying for the connection and infrastructure, the analyst explains. Cost for the peaker plant is noted as up $47m.

Macquarie tweaks near-term EPS estimates with FY27/FY28 EPS forecasts lowered by -29% and -39%, respectively, on reduced production from Walyering.

Bell Potter rates TLX as Buy

Telix has received US Centers for Medicare and Medicaid Services approval for pass-through pricing of Gozellix from October 1.

This outcome is seen by Bell Potter as a competitive win in the prostate-specific membrane antigen (PSMA) imaging market and provides relief following a difficult year marked by two complete response letters.

FY25 revenue guidance remains intact, though the analysts expect third-quarter sales to soften.

Bell Potter highlights the Zircaix opportunity, one of Telix's radiopharmaceutical imaging agents, and maintains a Buy rating with a $23.00 target price.