In Case You Missed It – BC Extra Upgrades & Downgrades – 22-05-26

Array
(
    [0] => Array
        (
            [0] => ((TNE))
            [1] => ((ELD))
        )

    [1] => Array
        (
            [0] => TNE
            [1] => ELD
        )

)

This story features TECHNOLOGY ONE LIMITED, and other companies.
For more info SHARE ANALYSIS: TNE
The company is included in ASX100, ASX200, ASX300, ALL-ORDS and ALL-TECH

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

Broker Rating Changes (Post Thursday Last Week)

Upgrade

TECHNOLOGY ONE LIMITED ((TNE)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden upgrades TechnologyOne to an Overweight rating from Neutral with its target price increased to $31.00 from $30.00 following the release of half-year results.

First-half revenue grew 12% to $318m, missing consensus estimates by -4% due to the timing of contract wins.

Earnings before interest, tax, depreciation and amortisation met expectations, rising 12% to $131m, alongside a 9% increase in profit before tax to $89m.

Full-year guidance was maintained in anticipation of a strong second-half skew, leaving FY26 earnings per share estimates virtually unchanged.

The broker expects profit before tax growth could accelerate from the guided 18% to 20% range in FY26 to approximately 30% in FY27, underpinning the rating upgrade.

Downgrade

ELDERS LIMITED ((ELD)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity downgrades Elders to a Hold rating from Buy and lowers its target price to $5.34 from $8.64 following a disappointing first-half result.

While group gross profit of $397m beat estimates by 7%, operating costs surged 25% on the prior corresponding period to -$276m.

The significant cost escalation is primarily attributed to the ongoing information technology system modernisation program, entirely overshadowing improved cash conversion and an initial five-month contribution from the Delta Agribusiness acquisition.

Sudden trajectory changes in operating expenses reduce forecasting confidence, prompting the broker to lower earnings per share estimates by -11% to -16% over the next three years.

The revised valuation reflects a lower 8.0x enterprise value to earnings multiple to account for reduced near-term predictability.

Price Target Changes (Post Thursday Last Week)

More Highlights

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.47 

Moelis rates ((ALK)) as Buy (1) –

Moelis Australia retains a Buy rating on Alkane Resources and an unchanged target price of $2.30 following the release of the March quarter earnings report.

Commentary states the integration of Mandalay’s assets has led to the emergence of a high margin, cash-generating mid-tier producer.

FY26 net profit after tax estimates have increased modestly on lower depreciation and amortisation, while FY26-FY28 projections are effectively unchanged.

Operationally, the assets are executing on internal production and cost targets while enjoying a macro tailwind, the broker suggests, adding the market is likely underappreciating the scale of the company’s transformation.

This report was published on May 18, 2026.

Target price is $2.30 Current Price is $1.47 Difference: $0.83
If ALK meets the Moelis target it will return approximately 56% (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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.59 

Moelis rates ((CNB)) as Buy (1) –

Moelis reiterates a Buy rating for Carnaby Resources with a $0.95 price target following significant high-grade copper discoveries at the Trekelano deposit.

Recent drilling confirmed a new Footwall Lode discovery and a 400m extension of the Main Lode outside the current mineral resource.

The broker expects results to be incorporated into an updated resource estimate and feasibility study by mid-2026 prior to a final investment decision.

Near-term development is supported by a toll treatment agreement with Glencore, which avoids large capital expenditure on a new processing plant, the report states.

First ore production remains targeted for the second half of 2026.

This report was published on May 14, 2026.

Target price is $0.95 Current Price is $0.59 Difference: $0.36
If CNB meets the Moelis target it will return approximately 61% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

EOS    ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED

Hardware & Equipment – Overnight Price: $8.82 

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

Canaccord Genuity retains a Buy rating for Electro Optic Systems with its target price increased to $14.00 from $12.50 following an update on the Marss group acquisition terms.

The maximum earnout rises to EUR140m, contingent on achieving EUR700m in new order intake within twelve months of closing.

Demand for counter-drone solutions in the Middle East drove EUR102m worth of orders in May, lifting the combined group backlog to $726m.

The transaction is funded by drawing -$70m from an existing debt facility, leaving pro-forma net cash at $45m.

The broker considers the integration of these proprietary solutions a transformational step for the business, upgrading revenue forecasts by 15% in FY26 and 28% in FY27.

This report was published on May 18, 2026.

Target price is $14.00 Current Price is $8.82 Difference: $5.18
If EOS meets the Canaccord Genuity target it will return approximately 59% (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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.44 

Jarden rates ((FBU)) as Buy (1) –

Jarden retains a Buy rating for Fletcher Building with a reduced target price of NZ$4.01 from NZ$4.16.

Commentary suggests a strategic shift toward a simpler, more focused business model has resulted in a refreshed board and the initiation of several non-core asset divestments.

A recent capital raise was materially dilutive but created a defensive balance sheet, with the broker arguing this positions the business better to navigate an extended downturn.

A potential sale of the Residential and Development division could close the valuation gap and accelerate value unlock, the broker notes.

Underlying earnings per share forecasts have been reduced to -14.3c for FY26 and -19.9c for FY27 due to a deteriorating volume backdrop and lower mid-cycle house build assumptions.

This report was published on May 17, 2026.

Target price is $4.01 Current Price is $2.44 Difference: $1.57
If FBU meets the Jarden target it will return approximately 64% (excluding dividends, fees and charges).
Current consensus price target is $2.76, suggesting upside of 13.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 12.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.8. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 34.8%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 16.2. 

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $9.95 

Moelis rates ((GNP)) as Buy (1) –

Moelis maintains a Buy rating for GenusPlus Group with its target price increased to $12.33 from $9.49 following a trading update and acquisition announcement.

The company agreed to acquire MPC Kinetic Holdings, a move expected to provide complementary pipeline and civil capabilities alongside sector diversification.

Management upgraded FY26 guidance, now expecting earnings before interest, tax, depreciation and amortisation between $96m and $100m.

Commentary explains the revised outlook implies annual earnings growth of up to 48%, driven by a strong recurring revenue element.

Earnings per share estimates are lifted by 47% in FY27 and 49% in FY28 to reflect the integration of the newly acquired entity, the broker notes.

This report was published on May 20, 2026.

Target price is $12.33 Current Price is $9.95 Difference: $2.38
If GNP meets the Moelis target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.60 cents and EPS of 26.70 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.27.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 10.10 cents and EPS of 44.70 cents.
At the last closing share price the estimated dividend yield is 1.02%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.26.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $12.42 

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

Canaccord Genuity retains a Buy rating for Neuren Pharmaceutical with an unchanged target price of $24.00 following a review of the upcoming European regulatory re-examination.

The European Medicines Agency published grounds for refusal of Daybue regarding efficacy interpretability and long-term benefit evaluation, requiring the sponsor to neutralise these criticisms with additional analyses for a successful resubmission.

A US-only valuation model implies the company’s share of the drug is worth $11.17 per share, increasing to $13.09 when incorporating the Japanese market.

Adding a risk-adjusted $8.40 per share for the NNZ-2591 asset yields an overall valuation range between $19.57 and $21.49 should the European approval fail.

The rollout of the new Daybue Stix formulation is expected to drive incremental uptake among treatment-naive patients and prior discontinuations by addressing key administration limitations, the broker notes.

This report was published on May 20, 2026.

Target price is $24.00 Current Price is $12.42 Difference: $11.58
If NEU meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).
Current consensus price target is $23.87, suggesting upside of 92.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 9.6, implying annual growth of -59.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 129.4.

Forecast for FY27:

Current consensus EPS estimate is 33.4, implying annual growth of 247.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 37.2.

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

ORE    OREZONE GOLD CORPORATION CDI

Gold & Silver – Overnight Price: $2.48 

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

Canaccord Genuity maintains a Buy rating for Orezone Gold Corp CDI with an unchanged $5.00 target price following in-line first-quarter financial results.

All-in sustaining costs of $2,245 per ounce fell -14% below previous estimates due to tight cost control at the Bombore operation, the report highlights.

The broker notes jurisdictional risk has materially decreased following the acquisition of the Casa Berardi mine in Canada, which has reduced reliance on Burkina Faso.

Adjusted earnings per share of 7c matched consensus while record quarterly revenue was driven by strong gold prices.

Production guidance for 2026 is maintained at 160koz to 180koz with mining rates expected to be weighted toward the second half of the year.

This report was published on May 14, 2026.

Target price is $5.00 Current Price is $2.48 Difference: $2.52
If ORE meets the Canaccord Genuity target it will return approximately 102% (excluding dividends, fees and charges).

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

SX2    SOUTHERN CROSS GOLD CONSOLIDATED LIMITED CHEES DEPOSITORY INTEREST REPR 1

Gold & Silver – Overnight Price: $9.45 

Shaw and Partners rates ((SX2)) as Buy (1) –

Shaw and Partners retains a Buy rating for Southern Cross Gold with its price target increased to $14.40 from $6.03 following the transfer of company coverage to a new senior analyst.

Valuation methodologies have shifted to a discounted cash flow approach, which, commentary suggests, highlights substantial project upside potential at the flagship Sunday Creek asset.

Ongoing drilling results and geological extension potential could extend the overall mine life or facilitate a larger mining capacity.

Exceptional site grades averaging 9g/t gold equivalent are expected to supercharge future project expansion returns.

Earnings per share projections are revised to -0.6c for FY26 and -0.2c for FY27, with a maiden mineral resource estimate anticipated in early 2027.

This report was published on May 19, 2026.

Target price is $14.40 Current Price is $9.45 Difference: $4.95
If SX2 meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
The company’s fiscal year ends in May.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1575.00.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4725.00.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.46 

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

Canaccord Genuity retains a Buy rating for Symal Group with an unchanged target price of $3.50 following a detailed investor day.

The broker reports management demonstrated a proactive pivot away from slowing Victorian government infrastructure spending toward structural growth anchors including data centres, defence, and the energy transition.

The interstate opportunity pipeline builds significantly toward calendar year 2027, driven by a $30bn defence package in South Australia and Olympics-related infrastructure procurement in Queensland.

Emerging in-house electrical capabilities through the Searo division are expected to deepen customer wallet share across a $122bn grid-scale renewable investment market.

Canaccord Genuity concludes the valuation remains compelling at 6.5x FY27 enterprise value to earnings ratios against a median industry multiple of 10x.

This report was published on May 20, 2026.

Target price is $3.50 Current Price is $2.46 Difference: $1.04
If SYL 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 8.50 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.66.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 9.40 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.65.

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

WZR    WISR LIMITED

Business & Consumer Credit – Overnight Price: $0.02 

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

Shaw and Partners maintains a Buy rating for Wisr with an unchanged target price of $0.07 following a presentation at an emerging companies conference.

The loan book reached $1bn in the March quarter as the business continues to take market share from major lenders retreating from personal and vehicle finance.

Improved credit quality and a reduction in net losses are offsetting higher funding costs to maintain a stable risk-adjusted net interest margin.

Operating leverage is anticipated as headcount remains flat despite 68% growth in loan originations.

Earnings forecasts are unchanged, with management upgrading revenue guidance and targeting a cash net profit in the second half of FY26.

This report was published on May 14, 2026.

Target price is $0.07 Current Price is $0.02 Difference: $0.049
If WZR meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 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 4.20.

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

Click to view our Glossary of Financial Terms