In Case You Missed It – BC Extra Upgrades & Downgrades – 21-11-25

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This story features AVITA MEDICAL INC, and other companies.
For more info SHARE ANALYSIS: AVH

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

Broker Rating Changes (Post Thursday Last Week)

Upgrade

AVITA MEDICAL INC ((AVH)) Upgrade to Hold from Sell by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity upgrades Avita Medical to Hold from Sell, noting the business was affected by a change in reimbursement mechanics and the situation is now largely resolved.

The broker would still expect the balance sheet to be firmed up before becoming more constructive on the stock. The company has confirmed US$17.1m in commercial revenue for the third quarter, down -13% on the prior corresponding period.

FY25 revenue guidance range is revised down to US$70-74m. Target is steady at $1.25.

ENDEAVOUR GROUP LIMITED ((EDV)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0

Jarden believes Endeavour Group’s refreshed leadership team under CEO Jayne Hrdlicka is well placed to execute a strategy leveraging the company’s brands, retail network, digital platforms and pubs to reignite top-line growth.

The broker highlights new hires Benjamin Ward (ex-Supercheap Auto) ((SUL)) and Catriona Larritt, ex-Qantas Airways ((QAN)) as pivotal to strengthening brand adjacencies and integrating data to enhance customer loyalty.

It’s felt near-term pricing resets may pressure margins at the 1H26 result, though early signs point to improving momentum at Dan Murphy’s.

The analysts see long-term potential for multiple expansion if execution succeeds. Jarden retains a Neutral rating and $3.60 target.

READYTECH HOLDINGS LIMITED ((RDY)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden upgrades its rating for ReadyTech Holdings to Overweight from Neutral, citing reduced downside risk, refreshed leadership, and an attractive valuation.

Shares currently trade on 6.2x FY26 forecast earnings (EBITDA), which the broker views as a valuation floor given prior takeover interest and sector positioning.

The analysts expect recent senior hires in the Government segment to reinvigorate growth following years of underperformance, with new leadership bringing strong public-sector and technology credentials.

It’s thought the recent cyber incident involving the company’s hosted student management system, VETtrak, has minimal financial impact given insurance coverage.

Jarden retains a $2.60 target.

SUPERLOOP LIMITED ((SLC)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0

Jarden upgrades Superloop to Buy from Overweight with a higher target of $3.40 from $3.20 post FY26 guidance was offered for earnings (EBITDA) up between 18-27% on FY25.

The recent share price weakness is considered an attractive entry point as a high growth, high margin business which is providing fibre infrastructure to greenfield developments, student accommodation, build to rent and retirement living, or smart communities.

The analyst estimates active lots can achieve a CAGR of around 16% over the next five years through to FY30. Near term Jarden’s earnings forecast is tweaked lower by -1% for FY26 due to a lower wholesale price update and lower Origin Energy ((ORG)) subscribers past FY26.

Longer term the smart communities underpin EPS upgrades which generate a lift in longer term EPS estimates by 10%, hence the rise in target price.

Downgrade

ALLIANCE AVIATION SERVICES LIMITED ((AQZ)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity was disappointed with the update from Alliance Aviation Services as FY26 pre-tax profit guidance was materially below forecasts. Operating performance was still impressive, reflecting the strong demand for the services.

The issue is margins and returns, which remain under pressure from historically low cash conversion. If such issues can be addressed the broker envisages potential upside, but given the current uncertainty downgrades to Hold from Buy. Target is lowered to $1.49 from $2.58.

Price Target Changes (Post Thursday Last Week)

More Highlights

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.02 

Moelis rates ((ALK)) as Buy (1) –

Moelis believes Alkane Resources is well positioned for a re-rating as its key projects advance and production metrics improve.

The broker highlights rising cash generation, declining costs (AISC), and increased confidence in the Boda resource as catalysts for valuation upside.

It’s believed management’s disciplined capital approach and exploration success underpin medium-term growth and potential resource expansion.

Project execution remains the focus, notes the broker, with feasibility milestones expected to drive sentiment into FY26.

Moelis retains a Buy rating and target of $1.65.

This report was published on November 17, 2025.

Target price is $1.65 Current Price is $1.02 Difference: $0.63
If ALK meets the Moelis target it will return approximately 62% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.29.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.38.

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

CAT    CATAPULT SPORTS LIMITED

Medical Equipment & Devices – Overnight Price: $4.46 

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

Catapult Sports announced 1H26 numbers that were a slight ‘beat’ on largely pre-reported results.

Canaccord Genuity notes revenue rose 16% y/y in constant currency, with subscription revenue growth of 20% y/y which aligns with its 20% growth in annual contract value. Gross profit lifted 17% y/y with a 79% gross margin.

Management retained the positive outlook for FY26, flagging “strong annual contract growth and low churn”.

The analyst highlights the rotation out of growth stocks over the last month and views the sell down in the share price at over -35% as overdone.

Buy rating retained with an unchanged target of $8.

This report was published on November 18, 2025.

Target price is $8.00 Current Price is $4.46 Difference: $3.54
If CAT meets the Canaccord Genuity target it will return approximately 79% (excluding dividends, fees and charges).
Current consensus price target is $7.17, suggesting upside of 60.7%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.47 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 955.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.3, 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. 

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.05 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 110.15.

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. 

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

CCR    CREDIT CLEAR LIMITED

Diversified Financials – Overnight Price: $0.28 

Petra Capital rates ((CCR)) as Buy (1) –

The analyst at Petra Capital views Credit Clear’s first-quarter update and ARC Europe acquisition as reinforcing the company’s growth trajectory and transition to sustainable profitability.

Q1 revenue rose 10% year-on-year to $13.2m, with FY26 guidance maintained at $50-52m revenue and $9-10m underlying earnings (EBITDA).

The -$10.9m ARC Europe acquisition provides entry into the UK market, explains the analyst, and potential for future margin upside through integration of Credit Clear’s digital platform.

Petra Capital highlights strong cash of $25.7m, no debt, and accelerating earnings growth. Target trimmed to 46c from 48c. Buy retained.

This report was published on November 14, 2025.

Target price is $0.46 Current Price is $0.28 Difference: $0.18
If CCR meets the Petra Capital target it will return approximately 64% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.67.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.33.

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: $4.83 

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

Electro Optic Systems’ first commercial high-energy laser weapon (HELW) sale to the Netherlands positions the company as an early leader in directed-energy defence systems, suggests Canaccord Genuity.

The analysts highlight the company’s full intellectual property ownership across the HELW value chain, underpinned by growing global demand for cost-effective anti-drone and counter-projectile technologies.

HELWs offer a game-changing cost advantage at -US$1-10 per shot versus circa -US$1m for conventional interceptors, explains Canaccord, driving adoption across NATO and allied markets.

It’s thought EOS could capture up to 50% of non-US market share as new contracts materialise.

The broker retains a Buy rating and $10 target.

This report was published on November 12, 2025.

Target price is $10.00 Current Price is $4.83 Difference: $5.17
If EOS meets the Canaccord Genuity target it will return approximately 107% (excluding dividends, fees and charges).
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 minus 23.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.91.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 79.18.

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

INR    IONEER LIMITED

New Battery Elements – Overnight Price: $0.17 

Canaccord Genuity rates ((INR)) as Speculative Buy (1) –

Canaccord believes ioneer’s optimisation update on its 100%-owned Rhyolite Ridge project in Nevada points to enhanced efficiency and project value.

Reducing leach time to 1.5 days lifts life-of-mine (LOM) lithium output to 20.4ktpa, with the first 25 years averaging 27.8ktpa. This outcome is around 10ktpa above current offtake commitments, which may support upcoming partnership negotiations.

Costs have improved, with mining and processing down -3% and -8%, respectively, and all-in sustaining costs (AISC) reduced -6% to -US$6,712/t.

Canaccord raises its target to 50c from 40c and retains a Speculative Buy rating.

This report was published on November 11, 2025.

Target price is $0.50 Current Price is $0.17 Difference: $0.33
If INR meets the Canaccord Genuity target it will return approximately 194% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.17 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14.55.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.83 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.61.

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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $2.31 

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

Canaccord Genuity points to Telstra Group’s ((TLS)) Black Friday sale including -50% off all speeds for three months whereas last year’s was the same promotion but for two months.

Comparing between Telstra at $99/mth ex modem and $113/mth with modem with Superloop at $95/mth including a modem subject to a 24-month connection and Aussie Broadband ((ABB)) also $95/mth, the analyst believes “value” rarely chose Telstra, so the price change may have a limited impact on the competitive backdrop.

The broker suggests share price pullbacks offer a good opportunity for both Superloop and Aussie Broadband.

Superloop is rated Buy with a $3.74 target price.

This report was published on November 18, 2025.

Target price is $3.74 Current Price is $2.31 Difference: $1.43
If SLC meets the Canaccord Genuity target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $3.53, suggesting upside of 52.8%(ex-dividends)
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 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 288.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of 2733.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 34.0. 

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.3, implying annual growth of 22.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.8. 

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

TOR    TORQUE METALS LIMITED

Gold & Silver – Overnight Price: $0.26 

Canaccord Genuity rates ((TOR)) as Speculative Buy (1) –

Torque Metals posted step-out drill results from the HHH gold deposit, just north of the Paris deposit, which confirms mineralisation north-northwest and west of the existing resource, extending mineralisation by around 40m under and around 30m west.

Canaccord Genuity believes this demonstrates strong potential upside for the project. Speculative Buy rating and $0.55 target maintained.

The broker envisages potential for the broader Paris gold project to host around 1.6m ounces over time in addition to the existing 250,000 ounces resource base.

This report was published on November 13, 2025.

Target price is $0.55 Current Price is $0.26 Difference: $0.295
If TOR meets the Canaccord Genuity target it will return approximately 116% (excluding dividends, fees and charges).

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

XRO    XERO LIMITED

Accountancy – Overnight Price: $118.25 

Jarden rates ((XRO)) as Buy (1) –

Jarden notes, while operating momentum was strong in the first half, expectations for Xero were also high.

Yet given the share price underperformance leading into the result, the broker was surprised at the market reaction. Group revenue grew 20% with EBITDA up 13%.

Potential reasons behind the negative reaction in the share price include the possibility that product design and development capitalisation rates were unexpectedly high and subscriber momentum below expectations.

Disclosure of the Melio depreciation appears to have been a surprise to some which may have driven downgrades, the broker suggests.

Positive aspects of the company’s performance appear to be overlooked, in the broker’s opinion, and a Buy rating is maintained. Target is reduced to $183 from $196.

This report was published on November 14, 2025.

Target price is $183.00 Current Price is $118.25 Difference: $64.75
If XRO meets the Jarden target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $200.05, suggesting upside of 69.2%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 141.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 83.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 132.4, 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 89.3. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 158.18 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 74.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.5, implying annual growth of 6.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 83.6. 

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
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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