In Case You Missed It – BC Extra Upgrades & Downgrades – 25-07-25

This story features BELLEVUE GOLD LIMITED, and other companies.
For more info SHARE ANALYSIS: BGL
The company is included in 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)

Upgrade

BELLEVUE GOLD LIMITED ((BGL)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0

Jarden upgrades Bellevue Gold to Neutral from Underweight, with a higher target of 94c from 77c, supported by a lift in the long-term forecast gold price to US$2400/oz and recent underperformance of the stock providing valuation support.

Jarden also raises its gold price forecast in FY26 to US$3050/oz from US$2800/oz, and in FY27 to US$2800/oz from US$2500/oz, with an accompanying rise in estimates by the analyst for Bellevue’s EPS for FY26 and FY27 by 22% and 19%, respectively.

The miner has flagged to produce 150koz at all-in-sustaining costs of $2405/oz by Jarden, which is lower than the consensus forecast for costs.

SYRAH RESOURCES LIMITED ((SYR)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden upgrades Syrah Resources to Overweight from Neutral and lifts its target price to 40c from 28c. These changes follow imposition of minimum 105% anti-dumping and countervailing duties on Chinese active anode material (AAM) imports into the US.

These durable trade measures, which also apply to AAM within imported battery components, should significantly enhance the competitiveness of Syrah’s US-based Vidalia facility, explains the broker.

The facility produces AAM at unit costs of circa US$5,000–6,000/t versus Chinese landed AAM now priced at over US$8,300/t.

With the duties immediately effective and final determination due by December 2025, Jarden expects the development to rapidly accelerate Vidalia’s commercial momentum. It’s also expected to eliminate Syrah’s pricing disadvantage versus Chinese supply.

The broker sees strategic value in Vidalia’s scalable 45ktpa capacity and latent supply potential from Balama. It’s anticipated North American battery manufacturers will shift procurement away from China in response to cost and geopolitical pressures.

Downgrade

29METALS LIMITED ((29M)) Downgrade to Underweight from Overweight by Jarden.B/H/S: 0/0/0

Jarden has downgraded 29Metals to Underweight from Overweight with a reduced target price of 30c, citing ongoing operational setbacks at the compoany’s Golden Grove mine.

29Metals suffered another seismic event, further delaying access to its high-grade Xantho Extended orebody. As a result, Jarden now expects 2025 production for copper and zinc to miss guidance, with group EBITDA for the year slashed by -35%.

The analysts expressed concern over persistent free cash flow challenges and a negative cash outlook, though they noted any strength in base metals prices could act as a key upside risk.

AMPLITUDE ENERGY LIMITED ((AEL)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons Advisory has changed its stance on Amplitude Energy to Market Weight from Overweight, with a price target of 25c.

The broker highlights Amplitude Energy is transitioning from exploration to production, with its key gas project reaching final investment decision stage.

Farm-down discussions and securing financing are the next steps. The analysts are confident about demand fundamentals for gas in Asia, but highlight execution risks.

Order	Company	New Rating	Old Rating	Broker
Upgrade
1	BELLEVUE GOLD LIMITED	Neutral	Sell	Jarden
2	SYRAH RESOURCES LIMITED	Buy	Neutral	Jarden
Downgrade
3	29METALS LIMITED	Sell	Buy	Jarden
4	AMPLITUDE ENERGY LIMITED	Neutral	Buy	Wilsons

Price Target Changes (Post Thursday Last Week)

Company		Last Price	Broker	New Target	Old Target	Change
29M	29Metals	$0.35	Canaccord Genuity	0.16	0.12	33.33%
			Jarden	0.30	0.32	-6.25%
A1M	AIC Mines	$0.34	Moelis	0.40	0.43	-6.98%
ABB	Aussie Broadband	$4.25	Jarden	4.50	4.35	3.45%
AEL	Amplitude Energy	$0.25	Wilsons	0.25	0.24	4.17%
AMI	Aurelia Metals	$0.20	Moelis	0.31	0.32	-3.13%
AMP	AMP	$1.65	Jarden	1.55	1.40	10.71%
BGL	Bellevue Gold	$0.87	Jarden	0.94	0.77	22.08%
CMM	Capricorn Metals	$9.25	Jarden	9.75	9.04	7.85%
CU6	Clarity Pharmaceuticals	$4.20	Canaccord Genuity	9.00	6.74	33.53%
EVN	Evolution Mining	$7.41	Jarden	6.18	6.32	-2.22%
GMD	Genesis Minerals	$4.07	Canaccord Genuity	5.70	5.15	10.68%
HGO	Hillgrove Resources	$0.04	Moelis	0.06	0.07	-14.29%
NWS	News Corp	$50.93	Jarden	54.60	54.00	1.11%
PNR	Pantoro Gold	$3.87	Canaccord Genuity	3.75	3.82	-1.83%
			Moelis	4.00	3.44	16.28%
PPS	Praemium	$0.74	Canaccord Genuity	0.99	1.05	-5.71%
			Moelis	0.99	1.01	-1.98%
			Wilsons	0.75	0.71	5.63%
REA	REA Group	$233.36	Jarden	216.00	210.00	2.86%
RHC	Ramsay Health Care	$38.64	Jarden	44.58	44.05	1.20%
RMD	ResMed	$41.37	Jarden	40.55	40.54	0.02%
RRL	Regis Resources	$4.30	Canaccord Genuity	4.25	4.10	3.66%
RXL	Rox Resources	$0.32	Canaccord Genuity	0.67	0.61	9.84%
SHV	Select Harvests	$3.60	Wilsons	4.02	4.83	-16.77%
SLC	Superloop	$3.08	Jarden	3.10	3.00	3.33%
STK	Strickland Metals	$0.16	Canaccord Genuity	0.42	0.36	16.67%
SYR	Syrah Resources	$0.40	Jarden	0.40	0.29	37.93%
TLS	Telstra Group	$4.89	Jarden	4.90	4.70	4.26%
TPG	TPG Telecom	$5.53	Jarden	5.50	5.10	7.84%
Company		Last Price	Broker	New Target	Old Target	Change

More Highlights

29M    29METALS LIMITED

Copper – Overnight Price: $0.32 

Canaccord Genuity rates ((29M)) as Sell (5) –

29Metals announced a lift in copper production of 37% to 5.6kt in the June quarter update, which met Canaccord Genuity’s and consensus expectations.

Zinc volume declined by -28% on the prior quarter, which was below expectations for both the broker and consensus.

All-in-sustaining-costs rose 59% on the quarter at US$3.39/lb for copper against the broker’s estimate of US$3.64/lb. Cash rose to $187m post a final insurance payout of $54m from the rain event at Capricorn Copper.

Canaccord remains concerned Golden Grove continues to generate negative free cashflow post capex of -$1m and will not be able to support the business.

No change to Sell rating and 16c target.

This report was published on July 18, 2025.

Target price is $0.16 Current Price is $0.32 Difference: minus $0.16 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 50% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting downside of -21.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.9, 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 N/A. 

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, 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 N/A. 

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CRD    CONRAD ASIA ENERGY LIMITED

Crude Oil – Overnight Price: $0.77 

Wilsons rates ((CRD)) as Overweight (1) –

Conrad Asia Energy finalised a key Gas Sale Agreement with PLN in Indonesia, with Wilsons highlighting the deal paves the way for a strategic sell-down of its Mako asset.

Wilsons rates Conrad Asia Energy Overweight with a price target of $1.52, seeing this as a turning point for the company.

The Mako project is positioned to benefit from strong regional gas demand, but commentary suggests the focus now shifts to financing and farm-down execution.

This report was published on July 18, 2025.

Target price is $1.52 Current Price is $0.77 Difference: $0.75
If CRD meets the Wilsons target it will return approximately 97% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.60.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 13.92 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.53.

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

CU6    CLARITY PHARMACEUTICALS LIMITED

Medical Equipment & Devices – Overnight Price: $3.91 

Canaccord Genuity rates ((CU6)) as Buy (1) –

Following discussions with industry experts, Canaccord Genuity is more positive about the commercial potential of Clarity Pharmaceuticals’ 64Cu-SAR-bisPSMA ahead of the upcoming Co-PSMA head-to-head trial readout.

The broker notes current PSMA scans show only 38-53% detection rates in patients with PSA levels between 0.2–1.0 ng/mL, a significant limitation. This could materially improve with the company’s agent, and result in wider adoption, better outcomes, and larger addressable market share.

Buy. Target lifted to $9.00 from $6.74.

This report was published on July 21, 2025.

Target price is $9.00 Current Price is $3.91 Difference: $5.09
If CU6 meets the Canaccord Genuity target it will return approximately 130% (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 18.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.02.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 27.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.27.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.04 

Moelis rates ((HGO)) as Buy (1) –

Hillgrove Resources’ 2Q copper production of 2.59kt fell short of the forecast by Moelis for 3.01kt and tracks toward the lower end of 2025 guidance of 12-14kt.

Processed grades declined to 0.78% from 0.96% in the prior quarter due to the deferral of higher-grade stopes, explains the broker. This led to reduced sales and elevated costs (AISC) of $6.69/lb versus the analyst’s forecast of $5.41/lb.

The cash balance declined to $10.6m from $22.3m, impacted by both softer operational performance and unanticipated development spend at Nugent, explains the broker.

Moelis believes no specific cost items drove the miss and attributes the result to volume-related impacts, adding that cash flow is unlikely to improve materially before the Nugent development is completed.

Buy rating. Target 7c.

This report was published on July 18, 2025.

Target price is $0.07 Current Price is $0.04 Difference: $0.03
If HGO meets the Moelis target it will return approximately 75% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.81.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.30.

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: $0.95 

Wilsons rates ((PLT)) as Overweight (1) –

At first inspection, Wilsons highlights Plenti Group’s 1Q26 revenue of $73.3m, a rise of 20% on the prior year, which infers 2Q26 revenue of $76.3m is needed to reach the analyst’s 1H26 forecast of $150m.

The estimate is viewed as achievable, with momentum from the National Australia Bank ((NAB)) partnership increasing loan originations.

The broker also points to growth in personal and auto lending, while the Federal government’s $2.3bn Cheaper Home Batteries Program should be a further tailwind for loan origination growth.

Wilsons sees the quarterly update as validation of Plenti’s “profitable growth” trajectory. The analyst’s earnings forecasts are under review.

This report was published on July 23, 2025.

Target price is $1.32 Current Price is $0.95 Difference: $0.37
If PLT meets the Wilsons target it will return approximately 39% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents.

Forecast for FY27:

Wilsons 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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $3.12 

Jarden rates ((SLC)) as Buy (1) –

Ahead of August reporting season, Jarden lifts the target price on Superloop to $3.10 with no change to Overweight rating or earnings forecasts.

The company is due to report on August 20.

This report was published on July 17, 2025.

Target price is $3.10 Current Price is $3.12 Difference: minus $0.02 (current price is over target).
If SLC meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.50, suggesting upside of 12.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 56.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, 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 66.4. 

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of 46.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 45.2. 

Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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