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

Weekly Reports | 10:30 AM

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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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.

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