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

Macquarie rates 360 as Outperform

Macquarie highlights strong 1Q Paying Circles growth for Life360 despite softer monthly active user (MAU) trends, with conversion improving even amid Android-related onboarding issues.

Resolution of these issues is expected to support growth through FY26, while advertising presents upside, supported by Nativo integration and improving customer spend, the analyst explains.

The broker's earnings forecasts are modestly upgraded, reflecting stronger subscription growth and operating leverage.

Macquarie lifts its target by 2.8% to $33.10 and retains an Outperform rating, citing an attractive valuation and asymmetric risk profile with upside to FY26 guidance.

Bell Potter rates EBR as Buy

EBR Systems' 1Q26 showed strong commercial progress, according to Bell Potter, with sales doubling quarter-on-quarter and key operating metrics, including unit volumes and hospital contracts, trending positively.

Gross margins remain low due to early-stage commercialisation and legacy inventory, the analysts explain. Improvement is expected from 3Q26 with a new manufacturing facility and scaling benefits.

Cash burn increased, leaving around two quarters of funding, though some outflows were one-off, the broker observes.

Bell Potter retains a Buy rating and $2.00 target, expecting operating losses to peak and sentiment to improve once funding uncertainty is resolved.

Citi rates SGP as Neutral

Citi expects the proposed tax changes in the Federal Budget to support residential developers over the medium term, as incentives for new housing are likely to shift investor demand toward new builds.

New builds are defined as properties constructed on vacant land or where an existing property is demolished and replaced with more dwellings. Knockdown rebuilds and major renovations are excluded as they do not increase housing supply.

On the flipside, near-term headwinds are anticipated, including weaker investor sentiment from changes to negative gearing, softer house prices affecting volumes and pricing, and ongoing cost pressures.

Higher construction costs combined with weaker pricing are expected to compress margins in the short term.

Citi remains Neutral-rated on Stockland with an unchanged $4.30 target.