Weekly Reports | 10:30 AM
This story features QANTAS AIRWAYS LIMITED.
For more info SHARE ANALYSIS: QAN
The company is included in ASX50, 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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QANTAS AIRWAYS LIMITED ((QAN)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0
Jarden believes conditions in the Australian aviation market are the most favourable in two decades, citing stable market share, high load factors, and yield growth.
Ongoing cost benefits from fleet renewal and transformation programs are also noted as sector tailwinds.
Reflecting these factors, Jarden upgrades its rating for Qantas Airways to Buy from Overweight, maintaining its $12.90 target price.
The broker sees both Qantas Airways and Virgin Australia as attractive investments amid strong competitive and demand settings.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Upgrade | |||||
| 1 | QANTAS AIRWAYS LIMITED | Buy | Buy | Jarden | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| ADH | Adairs | $2.07 | Canaccord Genuity | 2.80 | 3.00 | -6.67% |
| Jarden | 2.68 | 2.96 | -9.46% | |||
| AMI | Aurelia Metals | $0.24 | Moelis | 0.37 | 0.35 | 5.71% |
| ATG | Articore Group | $0.30 | Canaccord Genuity | 0.75 | 1.00 | -25.00% |
| BKW | Brickworks | Jarden | N/A | 34.40 | -100.00% | |
| BMN | Bannerman Energy | $3.62 | Canaccord Genuity | 4.27 | 3.86 | 10.62% |
| CDA | Codan | $36.53 | Petra Capital | 32.70 | 25.44 | 28.54% |
| CSL | CSL | $179.56 | Canaccord Genuity | 230.00 | 227.50 | 1.10% |
| CY5 | Cygnus Metals | $0.14 | Canaccord Genuity | 0.35 | 0.30 | 16.67% |
| FFM | FireFly Metals | $1.76 | Canaccord Genuity | 2.15 | 1.95 | 10.26% |
| GDG | Generation Development | $7.25 | Moelis | 8.44 | 8.12 | 3.94% |
| GGP | Greatland Resources | $6.98 | Canaccord Genuity | 14.00 | 13.20 | 6.06% |
| Moelis | 8.10 | 7.90 | 2.53% | |||
| HUB | Hub24 | $116.77 | Canaccord Genuity | 114.95 | 104.30 | 10.21% |
| Moelis | 126.12 | 117.02 | 7.78% | |||
| IMD | Imdex | $3.43 | Canaccord Genuity | 3.98 | 3.18 | 25.16% |
| MEK | Meeka Metals | $0.20 | Petra Capital | 0.33 | 0.34 | -2.94% |
| MGH | Maas Group | $4.70 | Canaccord Genuity | 5.36 | 4.74 | 13.08% |
| NSR | National Storage REIT | $2.31 | Jarden | 2.90 | 2.80 | 3.57% |
| NWS | News Corp | $45.65 | Jarden | 53.00 | 54.70 | -3.11% |
| OBM | Ora Banda Mining | $1.17 | Canaccord Genuity | 1.55 | 1.30 | 19.23% |
| Moelis | 1.22 | 1.02 | 19.61% | |||
| ORE | Orezone Gold | $1.47 | Canaccord Genuity | 3.00 | 2.50 | 20.00% |
| PLS | Pilbara Minerals | $3.30 | Canaccord Genuity | 3.30 | 3.00 | 10.00% |
| PLT | Plenti Group | $1.45 | Canaccord Genuity | 1.64 | 1.44 | 13.89% |
| Moelis | 1.85 | 1.53 | 20.92% | |||
| PLY | Playside Studios | $0.25 | Canaccord Genuity | 0.60 | 0.50 | 20.00% |
| PNI | Pinnacle Investment Management | $20.10 | Canaccord Genuity | 29.00 | 26.12 | 11.03% |
| PNR | Pantoro Gold | $4.97 | Moelis | 5.85 | 5.25 | 11.43% |
| PPS | Praemium | $0.90 | Canaccord Genuity | 1.30 | 0.99 | 31.31% |
| Moelis | 1.07 | 1.03 | 3.88% | |||
| REA | REA Group | $213.79 | Jarden | 212.00 | 219.00 | -3.20% |
| SIG | Sigma Healthcare | $3.10 | Jarden | 3.60 | 3.40 | 5.88% |
| TOR | Torque Metals | $0.25 | Petra Capital | 0.53 | 0.57 | -7.02% |
| VAU | Vault Minerals | $0.69 | Canaccord Genuity | 0.96 | 0.83 | 15.66% |
| Moelis | 0.93 | 0.85 | 9.41% | |||
| WDS | Woodside Energy | $24.50 | Jarden | 24.20 | 26.10 | -7.28% |
| XRF | XRF Scientific | $2.16 | Canaccord Genuity | 2.35 | 2.26 | 3.98% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
BMN BANNERMAN ENERGY LIMITED
Uranium – Overnight Price: $3.22
Canaccord Genuity rates ((BMN)) as Speculative Buy (1) –
In the wake of Bannerman Energy’s 1Q operational report, Canaccord Genuity feels advanced early construction works at the Etango operations are progressing in line with plan.
The broker explains -$15.2m in net spending was incurred during the September quarter, with -$6.9m on plant and equipment and -$6.4m on exploration. Cash rose to $111.8m plus $13.1m in liquid assets following an $85m equity raise.
All key workstreams remain on time and on budget, with bulk earthworks 42% complete and detailed engineering for the dry and wet plants at 86% and 22%, respectively, observe the analysts.
Canaccord raises its target price to $4.27 from $3.86 and retains a Speculative Buy rating.
Initial offtake agreements with two of North America’s largest energy providers are seen as supportive of ongoing financing discussions and the company’s progression towards a final investment decision (FID).
This report was published on October 17, 2025.
Target price is $4.27 Current Price is $3.22 Difference: $1.05
If BMN meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.67 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 68.95.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 9.34 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 34.48.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IMR IMRICOR MEDICAL SYSTEMS INC
Medical Equipment & Devices – Overnight Price: $1.41
Taylor Collison rates ((IMR)) as Outperform (2) –
Taylor Collison’s industry checks at the Atrial Fibrillation Symposium in Adelaide reaffirmed strong clinical and commercial validation for Imricor Medical Systems’ real-time MRI-guided (iCMR) ablation platform.
Key opinion leaders highlighted the technology’s potential to expand from redo and VT ablations into first-line AF procedures, potentially doubling the addressable market to US$2bn.
The integration of Pulse Field Ablation (PFA) capabilities, supported by successful preclinical trials, underscores platform flexibility and positions Imricor Medical Systems ahead of the next ablation technology wave.
Clinician feedback continues to emphasise improved soft-tissue visualisation, lesion durability, and procedural safety as key differentiators driving adoption.
Outperform rating maintained with a $2.26 target price, rising to $3.76 under a higher AF market penetration scenario.
This report was published on October 21, 2025.
Target price is $2.26 Current Price is $1.41 Difference: $0.85
If IMR meets the Taylor Collison target it will return approximately 60% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY26:
Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.63.
Forecast for FY27:
Taylor Collison forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.77 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.05.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MGH MAAS GROUP HOLDINGS LIMITED
Building Products & Services – Overnight Price: $4.71
Canaccord Genuity rates ((MGH)) as Buy (1) –
Maas Group reaffirmed FY26 EBITDA guidance of $240–270m, supported by strength in Construction Materials and improving Civil and Hire activity.
Canaccord Genuity notes modest margin pressure in Civil and higher corporate costs offset by continued pricing stability and integration benefits in Construction Materials.
Residential demand is improving with stronger settlements, while asset sales of around $200m are expected to enhance balance sheet flexibility.
The analyst lowers its EPS estimates by -6% to -8% post update. Target lifted to $5.36 from $4.74. No change to Buy rating.
This report was published on October 22, 2025.
Target price is $5.36 Current Price is $4.71 Difference: $0.65
If MGH meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.12.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.27.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MYR MYER HOLDINGS LIMITED
Household & Personal Products – Overnight Price: $0.40
Canaccord Genuity rates ((MYR)) as Buy (1) –
Canaccord Genuity highlights Myer unveiled a major refresh of its loyalty program, the most significant since launch two decades ago, featuring faster rewards, expanded earn opportunities, and exclusive member benefits.
Canaccord Genuity observes membership continues to grow, now at 4.7m, with around 80% of department store sales tagged to loyalty members.
New initiatives include lower tier thresholds, faster reward redemption, expanded beauty offerings, personalised reward days, and point earning on fashion and everyday spend through partners such as Dan Murphy’s and DoorDash.
The broker views the update as a well-timed enhancement to strengthen brand engagement, following improving like-for-like sales and active member growth.
Buy rating retained with a $0.79 target price.
This report was published on October 20, 2025.
Target price is $0.79 Current Price is $0.40 Difference: $0.39
If MYR meets the Canaccord Genuity target it will return approximately 98% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 3.00 cents and EPS of 3.80 cents.
At the last closing share price the estimated dividend yield is 7.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.53.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 3.00 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 7.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.16.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PLT PLENTI GROUP LIMITED
Business & Consumer Credit – Overnight Price: $1.45
Canaccord Genuity rates ((PLT)) as Buy (1) –
Plenti Group announced a strong result with Cash PBT of $14.1m for 1H26 versus $13.8m for all of FY25, highlighting significant operating leverage as the business scales.
Revenue of $76.3m rose 20% y/y, and originations grew 47% to $475m, driven by strong Auto and Personal lending growth.
Loan losses remained stable at 0.94% of the book, while arrears improved by 15bps q/q to 35bps, outperforming expectations.
The Federal Government’s $2.3bn Cheaper Home Batteries Program is expected to materially support Renewable segment growth, with potential to add around $4m in peak annual Cash NPAT.
Hold rating retained with the target price raised to $1.64 from $1.44
This report was published on October 22, 2025.
Target price is $1.64 Current Price is $1.45 Difference: $0.19
If PLT meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PLY PLAYSIDE STUDIOS LIMITED
Gaming – Overnight Price: $0.23
Canaccord Genuity rates ((PLY)) as Buy (1) –
Playside Studios announced a qualitative AGM update with the key announcement that Mouse P.I. for Hire will now launch in early 2026, delayed from prior 2025 expectations, Canaccord Genuity observes.
Revenue contribution from the title will shift into 2H26 and 1H27, but FY26 revenue guidance of more than $49m is reiterated with lower opex of -$48m, down -19% y/y.
The broker highlights a stronger balance sheet with pro-forma net cash of $21m supported by recent equity raises and upcoming tax rebates of more than $6m under the Digital Games Tax Offset.
External Projects are showing signs of recovery, with new AAA scoping work underway and the Meta Horizon Worlds contract extension expected to underpin FY26 revenue.
Buy rating retained with the target price raised to $0.60 from $0.50.
This report was published on October 22, 2025.
Target price is $0.60 Current Price is $0.23 Difference: $0.37
If PLY meets the Canaccord Genuity target it will return approximately 161% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 53.49.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.69.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments – Overnight Price: $20.13
Canaccord Genuity rates ((PNI)) as Buy (1) –
Pinnacle Investment Management reported strong 1Q26 update with FUM of $197.4bn, ahead of Canaccord Genuity’s forecasts, driven by exceptional net inflows of $13.3bn versus expectations of $7.1bn.
Institutional inflows of $6.4bn were led by Life Cycle, while Retail inflows of $4bn were supported by Plato, Coolabah, and Metrics, with International also contributing $2.9bn.
The addition of Advantage Partners as Affiliate number 19 for $92m adds around $10bn of FUM and expands Pinnacle’s exposure to Japan and Asia, with EPS accretion expected from FY27.
The broker expects mid-single digit EPS upgrades to consensus, supported by operating leverage and strong affiliate momentum.
Buy rating maintained. Target lifts to $29 from $28.
This report was published on October 22, 2025.
Target price is $29.00 Current Price is $20.13 Difference: $8.87
If PNI meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $24.94, suggesting upside of 23.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 72.00 cents and EPS of 69.60 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 68.7, implying annual growth of 8.7%.
Current consensus DPS estimate is 61.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 29.3.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 85.00 cents and EPS of 87.20 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 82.0, implying annual growth of 19.4%.
Current consensus DPS estimate is 72.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.5.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PPS PRAEMIUM LIMITED
Wealth Management & Investments – Overnight Price: $0.92
Canaccord Genuity rates ((PPS)) as Buy (1) –
Canaccord Genuity describes Praemium’s positive September quarter update as positive, with platform net inflows of $550m ($667m excluding OneVue) and market movement of $0.8bn lifting platform FUA to $32bn.
Spectrum delivered net inflows of $299m with FUA rising to $3.3bn, while Powerwrap posted a $131m inflow as transitional outflows continued to ease.
SMA inflows rebounded strongly to $237m, supported by new partnerships including Morgans, and OneVue FUA declined to $1.1bn as assets transition to preferred platforms.
The company reported total First Guardian exposure of -$286m, though the broker notes ongoing cooperation with regulators and expects limited financial impact.
Buy rating retained with the target price raised to $1.30 from $1.21.
This report was published on October 22, 2025.
Target price is $1.30 Current Price is $0.92 Difference: $0.385
If PPS meets the Canaccord Genuity target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 2.25 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.30.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 2.50 cents and EPS of 6.00 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.25.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
VGN VIRGIN AUSTRALIA HOLDINGS LIMITED
Overnight Price: $3.42
Jarden rates ((VGN)) as Initiation of coverage with Overweight (2) –
Jarden believes conditions in the Australian aviation market are the most favourable in two decades, citing stable market share, high load factors, and yield growth.
Ongoing cost benefits from fleet renewal and transformation programs are also noted as sector tailwinds.
The broker sees both Qantas Airways and Virgin Australia as attractive investments amid strong competitive and demand settings.
Jarden initiates research coverage on Virgin Australia with an Overweight rating and $3.90 target price.
This report was published on October 20, 2025.
Target price is $3.90 Current Price is $3.42 Difference: $0.48
If VGN meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 17.0%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 48.5, implying annual growth of -25.8%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 7.1.
Forecast for FY27:
Current consensus EPS estimate is 52.0, implying annual growth of 7.2%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 6.6.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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