Pro Medicus stock: Morgans upgrades rating to Buy at AUD 230 target

Published on 10/30/2026 at 19:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Pro Medicus stock attracts a Buy upgrade after another US cloud contract win. Attention now turns to RSNA in late November and a busy go-live schedule.

Broker upgrade follows contract momentum

Morgans moved Pro Medicus from Accumulate to Buy after a further seven-year cloud contract.
The broker sees repeatable mid-market wins and points to RSNA in late November as a possible larger-deal catalyst.

Pro Medicus, AU000000PME8, Illustration mit AI erstellt.

Morgans upgraded Pro Medicus from Accumulate to Buy in a research note dated October 19, 2026, while retaining its AUD 230.00 price target. The broker's note followed the company's announcement of a seven-year, AUD 24 million full-stack cloud contract with Billings Clinic Logan Health.

Morgans said the contract was Pro Medicus's third new community health system win in fiscal 2027, taking total contract value from those wins to AUD 72 million and new annual recurring revenue to AUD 10.3 million. The broker described the contracts as modest individually but consistent in size, duration and scope.

Mid-market wins broaden pipeline

The research note said the pattern points to a repeatable mid-market sales model that broadens Pro Medicus's pipeline beyond large integrated delivery networks. It also shifts near-term attention to the Radiological Society of North America conference in late November, which Morgans identified as a possible window for a larger deal.

Morgans also highlighted execution on a busy first-quarter calendar-year 2027 go-live schedule as an input for fiscal 2028. The rating change is an analyst assessment rather than a guarantee of future share-price performance.

Pro Medicus stock traded at EUR 123.55 on Lang & Schwarz at 19:08 CET on Friday, October 30, 2026. See the real-time quote of Pro Medicus stock.