An organic growth in Australian healthcare services is likely due to improving availability of bulk-billing general practitioners, offset by ongoing wage pressures, Jefferies said in a Monday report.

In the December 2025 quarter, there was a 240 basis points increase in the general practitioner bulk-billing rate quarter-over-quarter. In the December 2025 quarter, the Australian general practitioner bulk-billing rate was 80%, up from 77.6% in the September 2025 quarter.

The growth of Australia's health insurance industry is likely to moderate in the second half of fiscal 2026.

The investment firm upgraded the rating on Healius (ASX:HLS) to hold from underperform and placed a price target of AU$0.81 per share. It slashed the price target on Ansell (ASX:ANN) to AU$38 per share from AU$40 per share and retained its buy rating.

The price targets for Cochlear (ASX:COH), CSL (ASX:CSL), Clinuvel (ASX:CUV), Immutep (ASX:IMM), Mesoblast (ASX:MSB), and Telix (ASX:TLX) were also reduced to AU$304 per share from AU$345 per share, to AU$235 from AU$240, to AU$40.50 from AU$42.60, to AU$2.20 from AU$2.30, to AU$3.20 from AU$3.50, and to AU$23.40 from AU$24.50, respectively, while retaining the buy rating.

On the other hand, the price targets for Clarity (ASX:CU6), Integral Diagnostics (ASX:IDX), Monash IVF (ASX:MVF), Neuren (ASX:NEU), and Regis Healthcare (ASX:REG) were raised to AU$5.20 from AU$5.15, to AU$3.50 from AU$3.40, to AU$1 from AU$0.95, to AU$28 from AU$27, and to AU$9 from AU$8.75 respectively, while keeping the buy rating. Meanwhile, that for Fisher & Paykel Healthcare (ASX:FPH, NZE:FPH) was raised to NZ$47 from NZ$46, while also maintaining the buy rating.

The price targets for Ramsay Health Care (ASX:RHC), Sonic Healthcare (ASX:SHL), and Sigma Healthcare (ASX:SIG) were raised to AU$40.50 from AU$34.20, to AU$25.60 from AU$25.20, and to AU$3.05 from AU$2.90, respectively, while retaining the hold rating. While the price targets for Medibank (ASX:MPL) and nib holdings (ASX:NHF) were cut to AU$4.90 from AU$5.10 and to AU$7.15 from AU$7.30, respectively, while maintaining the hold rating.