In Case You Missed It – BC Extra Upgrades & Downgrades – 28-11-25

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This story features INSURANCE AUSTRALIA GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: IAG
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)

Upgrade

INSURANCE AUSTRALIA GROUP LIMITED ((IAG)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

A change of analyst at Jarden results in a reordering of domestic general insurance preferences, upgrading Insurance Australia Group to Overweight from Neutral and downgrading Suncorp ((SUN)) to Neutral from Overweight.

The broker mentions better risk reward in Insurance Australia Group as organic tailwinds fade.

The new analyst argues the premium rate momentum is contracting across commercial, personal lines and NZ, making Suncorp’s push for organic commercial growth harder despite its favourable consumer mix.

While Suncorp is seen as better positioned for organic consumer driven growth, the broker expects both majors to face market share pressure and trims gross written premium forecasts by about -1%.

Insurance Australia Group is viewed as having a catalyst rich outlook, including potential RACWA approval, FY27 cost out upside, commercial capital optimisation, and quota share reinsurance commission benefits.

EPS forecasts are downgraded around -1% for each insurer. Insurance Australia Group target is lowered to $8.20 from $8.30.

Downgrade

ACCENT GROUP LIMITED ((AX1)) Downgrade to Hold from Buy by Petra Capital.B/H/S: 0/0/0

Accent Group delivered a weak AGM trading update, assesses Petra Capital, with financial year-to-date like-for-like sales slipping to -0.4% after an early improvement. The broker lowers its target to $1.08 from $1.65 and downgrades to Hold from Buy.

The gross margin contracted -160bps as the group increased promotional activity to manage inventory, driven largely by underperformance in lifestyle footwear, explains the analyst. It’s noted sports categories continued to trade well.

Earnings (EBIT) guidance was materially downgraded to $55m-$60m from around $80m for 1H26 and $85m-$95m from circa $118m for FY26.

Petra Capital believes category-specific issues, including a lack of new lifestyle product amid intense competition, are the primary drag rather than macro factors alone.

SUNCORP GROUP LIMITED ((SUN)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

A change of analyst at Jarden results in a reordering of domestic general insurance preference, upgrading Insurance Australia Group ((IAG)) to Overweight from Neutral and downgrading Suncorp to Neutral from Overweight.

The motivation given is a better risk reward in Insurance Australia Group as organic tailwinds fade.

The new analyst argues the premium rate momentum is contracting across commercial, personal lines and NZ, making Suncorp’s push for organic commercial growth harder despite its favourable consumer mix.

While Suncorp is seen as better positioned for organic consumer driven growth, the broker expects both majors to face market share pressure and trims gross written premium forecasts by about -1%.

Insurance Australia Group is viewed as having a catalyst rich outlook, including potential RACWA approval, FY27 cost out upside, commercial capital optimisation, and quota share reinsurance commission benefits.

EPS forecasts are downgraded around -1% for each insurer. Suncorp’s target is lowered to $19.50 from $21.60.

Price Target Changes (Post Thursday Last Week)

More Highlights

ACW    ACTINOGEN MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.05 

Canaccord Genuity rates ((ACW)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiates coverage of Actinogen Medical with an 8c target and Speculative Buy rating.

The company holds meaningful un-risked value in its Xanamem program for Alzheimer’s disease, explains the broker, with the phase 2b/3 XanaMIA trial approaching an interim read in 1Q26.

The analysts see strong scientific rationale after earlier recut data identified a clear efficacy signal in patients with elevated pTau181 (a protein that helps stabilise neurons).

Elevated pTau181 levels in blood or cerebrospinal fluid correlate strongly with Alzheimer’s disease activity, progression, and tau pathology.

The analysts highlight deep target engagement in the brain and a well-defined responder phenotype as key reasons the program may succeed.

This report was published on November 20, 2025.

Target price is $0.08 Current Price is $0.05 Difference: $0.026
If ACW meets the Canaccord Genuity target it will return approximately 48% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.40.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

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

BWN    BHAGWAN MARINE LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.48 

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

Petra Capital continues to believe Bhagwan Marine’s FY26 revenue can grow at 8-10% excluding Thevenard Island, with a margin around 18%.

The analyst views the company’s growth strategy since IPO as achieving results, but the changes in cyclical momentum have yet to be experienced.

A Buy rating is reiterated with a target price of 68c.

This report was published on November 19, 2025.

Target price is $0.68 Current Price is $0.48 Difference: $0.2
If BWN meets the Petra Capital target it will return approximately 42% (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 1.00 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.21.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 1.00 cents and EPS of 5.50 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.73.

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

CMA    CARMA LIMITED

Automobiles & Components – Overnight Price: $1.70 

Canaccord Genuity initiates coverage on Carma ((CMA)) with a $3.50 target and Buy rating.

The company operates a vertically integrated digital platform for buying and selling used cars in Australia, offering a higher-quality and more reliable alternative to the traditional dealership experience

Carma’s FY25 performance reflects rapid early-stage scaling, observes the broker, with revenue of $71m expected to rise to $128m in FY26 on the path to $700m by FY30.

The analysts expect strong growth in retail, wholesale and ancillary revenue streams as supporting the company’s emerging position in the fragmented used-car market.

It’s thought improving unit economics will be driven by rising Sell-to-Carma sourcing, higher utilisation of the reconditioning centre and stronger finance attachment rates.

This report was published on November 19, 2025.

Target price is $3.50 Current Price is $1.70 Difference: $1.8
If CMA meets the Canaccord Genuity target it will return approximately 106% (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 25.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.64.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 20.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.37.

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.75 

Jarden rates ((HLO)) as Overweight (2) –

Helloworld Travel has made a non-binding proposal to acquire Webjet ((WJL)) by way of a scheme of arrangement at $0.90 a share.

Jarden assesses the offer represents around 10x FY26 EBITDA and expects it to be more than 2% accretive for FY26 before synergies.

The broker envisages merit in the deal because having scale in travel is increasingly important to drive buying and selling synergies at a time when global operators such as Google are investing in the market. Overweight. Target is $3.20.

This report was published on November 19, 2025.

Target price is $3.20 Current Price is $1.75 Difference: $1.455
If HLO meets the Jarden target it will return approximately 83% (excluding dividends, fees and charges).
Current consensus price target is $2.39, suggesting upside of 37.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 22.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.5, implying annual growth of 18.9%.
Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 8.1. 

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 22.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 6.0%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 7.7. 

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GTK    GENTRACK GROUP LIMITED

Software & Services – Overnight Price: $8.49 

Moelis rates ((GTK)) as Buy (1) –

Gentrack Group achieved inline FY25 results according to Moelis, with management describing it as a transition year.

The results met the company’s baseline guidance, with Veovo (airports) the positive surprise and standout.

Investors continue to be focused on the conversion of the group’s pipeline, with wins anticipated in 2H26. Management’s outlook for FY26 is more modest, as customer wins are deferred until later in 2026. On a positive note, Genesis (customer) is now live with g2.0, the latest platform.

Management’s mid-term guidance is for more than 15% CAGR for revenue and an earnings (EBITDA) margin of 15-20%. The analyst lowers their EPS forecasts by -17.9% for FY26 and -3.3% for FY27.

The stock is Buy rated with a $9.47 target price.

This report was published on November 24, 2025.

Target price is $9.47 Current Price is $8.49 Difference: $0.98
If GTK meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $10.00, suggesting upside of 17.8%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, 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 51.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 28.26 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 42.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.0.

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

IPH    IPH LIMITED

Legal – Overnight Price: $3.47 

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

IPH Ltd offered a trading update at its AGM for the four months to October 31 with revenue up 7% year-to-date and underlying earnings (EBITDA) up 13%.

In constant currency terms, revenue slipped -3% but earnings (EBITDA) rose 3.5%, Petra Capital highlights, pointing to the impact of lower costs.

A&NZ remained weak with filings, revenue fell -7% and earnings (EBITDA) by -10% which broadly aligns with consensus.

Canada served up a “solid” result as well as a recovery in workflow post a disruption from CIPO systems in FY25. Asia managed positive organic growth which met the analyst’s expectations.

Target price remains at $6 with a Buy rating.

This report was published on November 21, 2025.

Target price is $6.00 Current Price is $3.47 Difference: $2.53
If IPH meets the Petra Capital target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $5.97, suggesting upside of 72.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 36.40 cents and EPS of 48.60 cents.
At the last closing share price the estimated dividend yield is 10.49%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.3, implying annual growth of 86.8%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 10.9%.
Current consensus EPS estimate suggests the PER is 7.2.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 37.00 cents and EPS of 51.10 cents.
At the last closing share price the estimated dividend yield is 10.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.2, implying annual growth of 3.9%.
Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 11.0%.
Current consensus EPS estimate suggests the PER is 6.9.

Market Sentiment: 1.0
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: $1.27 

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

Canaccord Genuity sees Plenti Group’s 1H26 result as demonstrating strong operating leverage after cash profit (PBT) reached $14.1m, exceeding last year’s total.

The broker highlights revenue of around $150m, robust origination growth and improving net interest margin (NIM) as supporting its view of continued profitable expansion.

It is thought credit performance remained solid, with lower loan losses and reduced arrears reinforcing expectations for sustained growth.

Canaccord retains a Buy rating and sets a target of $1.69, up from $1.64.

This report was published on November 19, 2025.

Target price is $1.69 Current Price is $1.27 Difference: $0.415
If PLT meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

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

Moelis rates ((PLT)) as Buy (1) –

Plenti Group reported an inline 1H26 result with most key items pre-announced at the 2Q trading update, Moelis notes.

Revenue over the 1H grew 20% y/y with cash net profit after tax of $12.8m up 133% y/y. The auto loan book, including the National Australia Bank ((NAB)) relationship, grew 24% y/y and renewables up 24% y/y also.

Loan expense of 0.94% was lower than the long-term average of around 1.1%.

The broker views the outlook for Plenti as positive with the next growth coming from Horizon 2.

Target set at $1.87 with a Buy rating.

This report was published on November 18, 2025.

Target price is $1.87 Current Price is $1.27 Difference: $0.595
If PLT meets the Moelis target it will return approximately 47% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.66.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.67.

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

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $1.49 

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

PYC Therapeutics has reported encouraging progress in two of its drug programs, one for a genetic kidney disease (ADPKD) and one for an inherited eye disease (RP11), Canaccord Genuity notes.

In the eye study, early phase results for VP-001 show patients’ vision measures have improved and those gains have held up over longer follow-up, which is a good sign because the disease normally worsens with time.

In the kidney study, the new drug PYC-003 has so far looked safe, letting the company move to a higher dose in the next patient group, with the first indications of whether it helps patients expected in early to mid 2026 and more complete repeat dose results by late 2026.

The kidney program is viewed as the biggest driver of the biotech’s valuation.  Buy rating and a $2.85 target price retained.

This report was published on November 24, 2025.

Target price is $2.85 Current Price is $1.49 Difference: $1.365
If PYC meets the Canaccord Genuity target it will return approximately 92% (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 13.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.92.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 18.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.90.

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

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