In Case You Missed It – BC Extra Upgrades & Downgrades – 12-06-26

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This story features EAGERS AUTOMOTIVE LIMITED, and other companies.
For more info SHARE ANALYSIS: APE
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

A summary of the highlights from Broker Call Extra updates throughout the week past

Broker Rating Changes (Post Thursday Last Week)

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EAGERS AUTOMOTIVE LIMITED ((APE)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Moelis has upgraded Eagers Automotive to Buy from a Hold rating with a $26.35 target following a weaker-than-expected 1H26 result, largely attributed to timing impacts from the CanadaOne acquisition delay, a weaker Canadian dollar, and constrained supply from BYD and Toyota limiting deliveries despite record order intake.

The broker notes the A&NZ order bank has surged 70% since December 2025, supporting a stronger 2H26 as supply conditions improve, though higher interest costs provide a partial offset.

CanadaOne continues to outperform in a weak Canadian market, with significant industry consolidation opportunities seen supporting medium-term double-digit growth.

FY26-FY28 EPS estimates have been trimmed -3-8% to reflect the CanadaOne settlement delay, higher interest costs, and the closure of underperforming operations.

EPS forecasts are revised to 106.0c for FY26 and 126.2c for FY27, with DPS at 80.2c and 93.6c.

TREASURY WINE ESTATES LIMITED ((TWE)) Overweight by Jarden.B/H/S: 0/0/0

Jarden maintains an Overweight rating for Treasury Wine Estates with a $5.00 target price following incremental strategic disclosures at the 2026 Strategy Day.

Structural portfolio optimization will consolidate the current line-up from 76 brands down to fewer than 30 priority brands within five years.

Near-term projections point to FY26 earnings before interest, tax, and SGARA (EBITS) arriving between $480m and $490m, representing a stabilizing floor for the business.

Extended inventory rebalancing timelines across Americas distribution channels prompt a -9% to -10% reduction to FY27 and FY28 earnings estimates.

The report concludes decisive cost-out execution and streamlined logistics structures position the business to safely peak net leverage at 2.9x before returning below target thresholds by FY28.

Price Target Changes (Post Thursday Last Week)

More Highlights

AIS    AERIS RESOURCES LIMITED

Industrial Metals – Overnight Price: $0.41 

Canaccord Genuity rates ((AIS)) as Initiation of coverage with Buy (1) –

Canaccord Genuity initiates coverage on Aeris Resources with a Buy rating and a $0.70 target price, highlighting diversified base and precious metal exposure through the Tritton copper operations in New South Wales and Cracow gold mine in Queensland.

Combined copper equivalent output is forecast to expand from 42kt in FY25 to 50kt in FY29, peaking at 76kt in FY32.

Core mine life extensions are targeted organically through an active 80,000m drilling campaign alongside the recent regional asset acquisition of Peel Mining.

The broker anticipates strong localized financial flexibility, projecting the gold division to generate $53m in free cash flow during FY26 to fund deep development steps at Golden Plateau.

The analyst framework incorporates further optionality and latent growth upside from regional landholdings at Jaguar and Stockman, finding the stock highly attractive at 0.63x price to net asset value.

This report was published on June 6, 2026.

Target price is $0.70 Current Price is $0.41 Difference: $0.285
If AIS meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $0.77, suggesting upside of 82.7%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 13.4, implying annual growth of 186.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.1.

Forecast for FY27:

Current consensus EPS estimate is 16.1, implying annual growth of 20.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.6.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AR1    AUSTRAL RESOURCES AUSTRALIA LIMITED

Copper – Overnight Price: $0.09 

Shaw and Partners rates ((AR1)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Austral Resources Australia with a $0.42 target price as the company systematically de-risks its multi-stage copper production pipeline.

Refurbishment and engineering schedules at the 3mtpa Rocklands processing facility progress on-time and on-budget ahead of an anticipated mid-2027 operational restart.

Procurement uncertainties have been mitigated following the strategic purchase of an unused SAG mill for site integration by late July.

Strong balance sheet parameters showcase $83m in net cash, marking a significant corporate turnaround after a multi-year listing suspension.

Shaw posits concurrent development of wholly owned oxide and sulphide assets positions the entity as a unique copper consolidation vehicle to capture structural deficits in global seaborne markets.

This report was published on June 5, 2026.

Target price is $0.42 Current Price is $0.09 Difference: $0.333
If AR1 meets the Shaw and Partners target it will return approximately 383% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.81.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.44.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.60 

Moelis rates ((CNB)) as Buy (1) –

Carnaby Resources has released the results of follow-up drilling to test the width of its recent discovery called Miniboom.

Additional drilling at a less acute angle to mineralisation has revealed 26m at 3% copper and 0.3g/t gold and 50m at 2.5% copper and 0.3g/t gold.

Follow-up drilling at Trek 1 has also been accomplished with 85m at 1.4% copper and 0.4g/t gold.

Moelis notes the additional drilling at Miniboom could support meaningful additional tonnage and continued success at Trek 1 underscores its view on the prospectivity of the region. Buy rating and $0.95 target.

This report was published on June 9, 2026.

Target price is $0.95 Current Price is $0.60 Difference: $0.345
If CNB meets the Moelis target it will return approximately 57% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CTE    CRYOSITE LIMITED

Medical Equipment & Devices – Overnight Price: $1.06 

Research as a Service (RaaS) rates ((CTE)) as No Rating (-1) –

Cryosite has published a trading update for the year to April 30 that shows strong revenue and earnings growth. Revenue was up 22% while EBITDA was up 28%.

Research as a Service (RaaS) notes operating leverage is starting to show and growth in underlying demand, particularly in the ultra-frozen and cryogenic segment, was a highlight.

The company has refinanced its debt facility, extending to 2030 to provide greater certainty.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on June 9, 2026.

Current Price is $1.06. Target price not assessed.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PFP    PROPEL FUNERAL PARTNERS LIMITED

Consumer Products & Services – Overnight Price: $3.19 

Jarden rates ((PFP)) as Overweight (2) –

Jarden maintains an Overweight rating for Propel Funeral Partners with its target price reduced to $4.25 from $5.00 following an update to near-term earnings parameters.

Full-year operational EBITDA is guided to a revised range of $54.5m to $56.5m, reflecting soft like-for-like funeral volume contractions across metropolitan markets.

Incremental margin pressure stems from a structural -$0.7m foreign exchange headwind within the group’s New Zealand business division.

Partially offsetting the volume softness is newly announced regional acquisition activity totaling $9m, which is modeled to be 1% earnings per share accretive.

Financial year projections encompass -10% to -12% downward revisions to normalised earnings estimates, though the long-term investment thesis remains supported by a defensive property portfolio and industry consolidation optionality, the report concludes.

This report was published on June 4, 2026.

Target price is $4.25 Current Price is $3.19 Difference: $1.06
If PFP meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 72.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 12.90 cents and EPS of 14.90 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 9.5%.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 13.40 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 11.7%.
Current consensus DPS estimate is 14.9, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.24 

Canaccord Genuity rates ((PYC)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for PYC Therapeutics with a $2.84 target price following the disclosure of Novartis’ Phase III trial design metrics for competitor asset farabursen.

The newly detailed global regulatory protocol incorporates an expanded sample size of approximately 950 patients alongside dual active dosing configurations to systematically de-risk clinical effect size assumptions.

Prolonged competitor commercialization timelines are considered highly beneficial by the broker, potentially allowing an accelerated opportunity to narrow the operational timing gap.

If early clinical candidate PYC-003 delivers clean biomarker data from early 2027 onwards, the structural investment thesis suggests a leaner, more precise development pathway.

Underlying financial modeling remains completely intact, driven by long-term peak US sales projection of US$3bn by FY35.

This report was published on June 6, 2026.

Target price is $2.84 Current Price is $1.24 Difference: $1.605
If PYC meets the Canaccord Genuity target it will return approximately 130% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.07 

Research as a Service (RaaS) rates ((RCL)) as No Rating (-1) –

ReadCloud has delivered its first half results with sales and fee revenue of $8.5m and EBITDA from continuing operations of $2.1m. Research as a Service (RaaS) notes this covers the seasonal peak period of the Australian school curriculum, being the start of the year.

Growth is being led by the VET-in-schools business. E-books delivered a flat result albeit well-positioned for resuming growth amid new school signings and the reinvigoration of the domestic reseller model as well as international sales, the analyst points out.

The CEO, Andrew Skelton, has resigned and the CFO, Luke Murphy, will stand in on an interim basis. The valuation is slightly reduced, being derived from organic earnings growth, to $0.34 from $0.36. Forecasts are now considered more stable and predictable after the exit of the industry training business.

Research as a Service (RaaS) research standard doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on June 10, 2026.

Target price is $0.34 Current Price is $0.07 Difference: $0.275
If RCL meets the Research as a Service (RaaS) target it will return approximately 423% (excluding dividends, fees and charges).
The company’s fiscal year ends in September.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.00.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.91.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SEK    SEEK LIMITED

Jobs & Skilled Labour Services – Overnight Price: $12.95 

Jarden rates ((SEK)) as Buy (1) –

Jarden maintains a Buy rating for Seek with its target price reduced to $23.25 following modeling adjustments across regional recruitment indicators.

A proprietary tracker highlights persistent annual pricing strength across standard domestic ads, signaling potential upside risk to short-term entry yield guidance.

Revisions incorporate expanded baseline pricing power parameters, though this benefit is partially offset by a downgrade to financial year FY27 volume assumptions from flat to a contraction of -2.5%.

The localized volume reduction reflects macroeconomic indicators suggesting the Australian labor market is past its peak, the broker observes, pushing projected national unemployment to 4.8% by June 2027.

A forecast two-year normalized earnings per share compound annual growth rate of 21% through to FY29 underpins the positive structural investment thesis.

This report was published on June 4, 2026.

Target price is $23.25 Current Price is $12.95 Difference: $10.3
If SEK meets the Jarden target it will return approximately 80% (excluding dividends, fees and charges).
Current consensus price target is $21.81, suggesting upside of 68.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 51.40 cents and EPS of 55.50 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.3, implying annual growth of -19.5%.
Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 23.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 63.40 cents and EPS of 66.40 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of 23.0%.
Current consensus DPS estimate is 61.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 19.0.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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