In Case You Missed It – BC Extra Upgrades & Downgrades – 23-01-26

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This story features HUB24 LIMITED, and other companies.
For more info SHARE ANALYSIS: HUB
The company is included in 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

HUB24 LIMITED ((HUB)) Upgrade to Buy from Hold by Moelis and Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Hub24’s quarterly trading update surprised yet again to the upside, though costs are growing too and growth in advisors is slower. Moelis’ forecasts remain largely unchanged.

Rating is upgraded to Buy from Hold inspired by preceding share price weakness. The broker’s price target is now $118.04, which remains well above the share price.

Part of the broker’s enthusiasm is related to the upcoming launch of the company’s lifetime retirement solution with TAL, part of Dai-ichi Life (expected 2H of FY26).

Commentary explains this new product goes towards addressing Superannuation clients currently in pension phase, therefore aiming to retain FUA on the Hub platform.

Hub24 has yet again, albeit marginally this time, beaten expectations with its quarterly trading update. Canaccord Genuity has lifted its forecasts post FY26 in response (including higher costs).

As the analyst continues to believe Hub24’s long-term growth potential remains attractive, with the platform expected to continue increasing market share, in combination with recent share price weakness this sees the rating upgraded to Buy from Hold.

Canaccord Genuity’s price target has lifted to $115.15 from $114.95 with commentary explaining valuation is done on an equally weighted blend of DCF, SOTP and PER valuations.

IGO LIMITED ((IGO)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity has upgraded its lithium price forecasts, noting recent price increases on strong EV and storage demand and ongoing supply disruptions. Price forecasts for spodumene and chemicals are lifted by an average of 61% and 29% for 2026 and 2027, respectively.

The broker made sharp increases to IGO Ltd’s EBITDA forecasts for FY26-28. Target rises to $10.10 on higher lithium price forecasts and a lift in EBITDA multiple to 7x from 6x.

Rating upgraded to Buy from Hold.

LOVISA HOLDINGS LIMITED ((LOV)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Lovisa Holdings is upgraded to Buy from Hold by Canaccord Genuity with a new target of $36 from $37 due to a slight downward EPS forecast change for FY26.

The analyst believes the risk reward scenario for the stock has improved, with new store roll outs expected to improve FY27 earnings cadence, improved operating costs post a period of investment, and the share price retracement of around -30% over the last four months.

At the interim earnings report, the broker expects net profit after tax of $65m, which sits around -4% below consensus.

LIONTOWN LIMITED ((LTR)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity has upgraded its lithium price forecasts, noting recent price increases on strong EV and storage demand and ongoing supply disruptions. Price forecasts for spodumene and chemicals are lifted by an average of 61% and 29% for 2026 and 2027, respectively.

The broker made sharp increases to Liontown’s EBITDA forecasts for FY26-28. Target rises to $2.40 on higher lithium price forecasts, updated valuation methodology and a lower discount rate of 8% from 10%.

Rating upgraded to Buy from Hold.

MIRVAC GROUP ((MGR)) Upgrade to Buy from Neutral by Jarden.B/H/S: 0/0/0

Ahead of the February results season, sector analysts at Jarden have updated mark-to-market and valuations modeling, incorporating recent news flow and fresh insights.

Overall, sector earnings estimates have changed only slightly, and the same goes for valuations. The update has generated four changes in ratings for individual stocks in the sector.

Mirvac Group’s rating has improved to Buy from Neutral. Target price is now $2.55 (up from $2.50).

LOTTERY CORPORATION LIMITED ((TLC)) Upgrade to Overweight from Underweight by Jarden.B/H/S: 0/0/0

Jarden upgrades Lottery Corp to Overweight from Underweight with a higher target of $5.30 from $5.20, pre the company’s 1H26 result on February 18.

The recent weakness in the stock price infers to the analyst that likely earnings downgrades are already discounted in market expectations, with the current share price mirroring the theoretical jackpot activity over the near term.

This will be the new CEO’s first result and management is expected to look through the jackpot weakness and announce an interim dividend of 8.5cps, with the broker forecasting 17cps for FY26.

Jackpot weakness is already anticipated to impact the lotteries results, with turnover expected to be down -2% y/y due to unfavourable jackpot sequences rather than demand weakness.

Downgrade

AUSSIE BROADBAND LIMITED ((ABB)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Ahead of the interim results, Jarden downgrades Aussie Broadband to Neutral from Overweight with a lower target price of $5.35 from $5.80.

The analyst also lowers EPS forecasts by -1% for FY26 and -5% for FY27, with the major concern regarding challenges to growth in residential, with consensus estimating net adds of 58k in FY26.

The company also confirmed Symbio is likely to encounter significant margin pressure from the ACCC mandated voice connection rate cuts, which will be reduced to 26c/min from 86c/min.

Consensus earnings for Symbio are also viewed as too optimistic.

BEACH ENERGY LIMITED ((BPT)) Downgrade to Sell from Underweight by Jarden.B/H/S: 0/0/0

Jarden has downgraded Beach Energy to Sell from Underweight (the broker has a five-tiered rating methodology). Both ratings are on the negative side from Neutral.

The broker argues the combination of Waitsia project delays, cost increases and group-wide reserve downgrades has eroded the company’s future free cash flow generation, and this is forcing the board to reconsider its promised shareholder dividend policy.

Growth is likely being sought through M&A, but this increases the risk profile, the report concludes.

Jarden’s valuation has been reset at 90c, down from 95c prior. Forecasts have been slightly downgraded.

CAPRICORN METALS LIMITED ((CMM)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden marked to market commodity prices for the December quarter and lifted the near-term gold price forecast. 1H2026 price estimate raised to US$4,200/oz, with a taper to a long-term forecast of US$2,400/oz by FY31.

Acknowledging tighter copper markets and a concentrate-smelting imbalance, the broker also lifted the copper price forecast to US$5.45/lb in 1H2026, US$5.50/lb in FY27-29, and the long-term price to US$5.00/lb.

The broker believes Capricorn Metals’ acquisition of Warriedar Resources last year adds strategic tenure, infrastructure, and 1.3Moz of gold (plus antimony), creating a belt-scale consolidation opportunity. The broker sees upside skewed to stronger gold prices, while FY26 guidance implies solid production at low costs.

Rating downgraded to Neutral from Overweight on share price outperformance. Target price $11.

NATIONAL STORAGE REIT ((NSR)) Downgrade to Neutral from Buy by Jarden.B/H/S: 0/0/0

Ahead of the February results season, sector analysts at Jarden have updated mark-to-market and valuations modeling, incorporating recent news flow and fresh insights.

Overall, sector earnings estimates have changed only slightly, and the same goes for valuations. The update has generated four changes in ratings for individual stocks in the sector.

National Storage REIT’s rating is now Neutral (down from Buy) with unchanged price target of $2.90.

SCENTRE GROUP ((SCG)) Downgrade to Underweight from Overweight by Jarden.B/H/S: 0/0/0

Ahead of the February results season, sector analysts at Jarden have updated mark-to-market and valuations modeling, incorporating recent news flow and fresh insights.

Overall, sector earnings estimates have changed only slightly, and the same goes for valuations. The update has generated four changes in ratings for individual stocks in the sector.

Scentre Group is now rated Underweight (down from Overweight) with a price target of $4.40, down from $4.55 prior.

VICINITY CENTRES ((VCX)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Ahead of the February results season, sector analysts at Jarden have updated mark-to-market and valuations modeling, incorporating recent news flow and fresh insights.

Overall, sector earnings estimates have changed only slightly, and the same goes for valuations. The update has generated four changes in ratings for individual stocks in the sector.

Jarden’s rating for Vicinity Centres is now Neutral (was Overweight). Target price has fallen to $2.85 from $2.92.

Price Target Changes (Post Thursday Last Week)

More Highlights

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.12

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

Alcidion Group has upgraded its guidance for FY26 and Canaccord Genuity highlights management’s focus remains on execution of the Sussex (UHSx) contract, expected to be completed by the end of March.

In addition, with a growing cash position, the broker sees acquisition opportunities becoming increasingly tangible, and potentially reflecting an inflection point for revenue growth and further operating leverage.

Canaccord Genuity now awaits additional news flow on UHSx execution and any potential increases in TCV. Both represent further upside to guidance, the report stipulates.

Buy. Target 13c.

This report was published on January 15, 2026.

Target price is $0.13 Current Price is $0.12 Difference: $0.01
If ALC meets the Canaccord Genuity target it will return approximately 8% (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

ASL    ANDEAN SILVER LIMITED

Gold & Silver – Overnight Price: $2.31

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

Canaccord Genuity lifted its long-term gold price forecast by 3.5% to US$4,909/oz from 2029 and raised medium-term estimates by 2.1% (2026-28). The broker’s long-term forex forecasts are unchanged, leading to a 3.5% rise in gold price estimate in AUD terms to $7,013/oz.

The broker also increased the long-term silver price forecast by 36.6% to US$77.7/oz. Price targets for explorers/developers rise by 12% on average.

Target price for Andean Silver rises to $5.40 from $4.35. Speculative Buy retained.

This report was published on January 13, 2026.

Target price is $5.40 Current Price is $2.31 Difference: $3.09
If ASL meets the Canaccord Genuity target it will return approximately 134% (excluding dividends, fees and charges).

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

IMB    INTELLIGENT MONITORING GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.72

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

Intelligent Monitoring acquired NZ-based Bluesky Holdco in December for -$40m, which is a leading fire services company.

Canaccord Genuity believes the acquisition offers Intelligent Monitoring a profitable and cash flow positive platform in NZ, where it previously did not have exposure in the commercial sector.

A small contribution is expected post the close of the acquisition in February, with the broker flagging funding via an existing $35m debt facility with National Australia Bank ((NAB)) and existing cash of $5m.

A Buy rating is retained with a $1.10 target, up from $1.

This report was published on January 14, 2026.

Target price is $1.10 Current Price is $0.72 Difference: $0.38
If IMB meets the Canaccord Genuity target it will return approximately 53% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.29.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.00.

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

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.36

Taylor Collison rates ((IPG)) as Speculative Buy (1) –

IPD Group has acquired Platinum Cables Pty Ltd for -$37.5m up front, and a performance-based earn out of up to -$7.5m.

Taylor Collison notes Platinum adds around $45m of revenue and $7.2m of EBIT, achieving circa 10% annualised revenue growth over the past five years.

The broker finds the deal “attractive” for IPD shareholders but also adds investors should be re-assured that M&A is disciplined, earnings accretive and in line with a product-led strategy.

It is the broker’s view post-acquisition struggles for CMI created uncertainty that has weighed down the share price. Taylor Collison really likes this deal (their words).

As the deal is 11% EPS accretive on FY25 numbers, forecasts have been lifted by 6% and 12.5% for this year and next. Target increases to $5.40 from $4.70. Buy.

This report was published on January 16, 2026.

Target price is $5.40 Current Price is $4.36 Difference: $1.04
If IPG meets the Taylor Collison target it will return approximately 24% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 15.70 cents and EPS of 31.40 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.89.

Forecast for FY27:

Taylor Collison forecasts a full year FY27 dividend of 18.00 cents and EPS of 36.10 cents.
At the last closing share price the estimated dividend yield is 4.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.08.

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

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.37

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

Prospect Resources has discovered more gold during test drillings at its Nyungu Central deposit, at the Mumbezhi Project and is returning to historical data to find out whether it can potentially deliver a gold resource at the deposit.

Canaccord Genuity states the company will continue to test for gold as it drills and considers the above as an opportunity to significantly grow its gold resource.

The broker has now included gold in its production scenario with an average grade of 0.15g/t, 50% recovery and 90% payability. This increased its valuation of the Mumbezhi project by 187% to $1bn.

Target price lifts to 60c from 45c. Modeling also includes a long-term copper price of US$5.50/lb, AUDUSD of 0.75 and a discount rate of 10%.

This report was published on January 15, 2026.

Target price is $0.60 Current Price is $0.37 Difference: $0.23
If PSC meets the Canaccord Genuity target it will return approximately 62% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 12.33.

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 37.00.

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

SLC    SUPERLOOP LIMITED

Telecommunication – Overnight Price: $2.40

Jarden rates ((SLC)) as Buy (1) –

Jarden prefers Superloop over Aussie Broadband ((ABB)) ahead of the interim results, with both companies expected to encounter pressures from Telstra Group’s competitive actions in terms of unbundling modems and compressing price premiums.

The analyst lowers EPS forecasts by -10% for FY26 and -9% for FY27, resulting from the “law of smaller numbers” rather than actual erosion of fundamentals. The smart communities business is viewed as under-appreciated by the market, with a probable CAGR of 16% over the next five years.

Superloop is viewed as having less direct exposure to Telstra, which is expected to limit SIO losses relative to Aussie Broadband.

Target price is lowered to $3.25 from $3.40 with no change in Buy rating.

This report was published on January 14, 2026.

Target price is $3.25 Current Price is $2.40 Difference: $0.85
If SLC meets the Jarden target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting upside of 43.2%(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 7.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.8, implying annual growth of 2316.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.8, implying annual growth of 34.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.3.

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

SS1    SUN SILVER LIMITED

Gold & Silver – Overnight Price: $2.03

Canaccord Genuity rates ((SS1)) as Speculative Buy (1) –

Canaccord Genuity lifted its long-term gold price forecast by 3.5% to US$4,909/oz from 2029 and raised medium-term estimates by 2.1% (2026-28). The broker’s long-term forex forecasts are unchanged, leading to a 3.5% rise in gold price estimate in AUD terms to $7,013/oz.

The broker also increased the long-term silver price forecast by 36.6% to US$77.7/oz. Price targets for explorers/developers rise by 12% on average.

Target price for Sun Silver rises to $4.15 from $2.20. Speculative Buy stays.

This report was published on January 13, 2026.

Target price is $4.15 Current Price is $2.03 Difference: $2.12
If SS1 meets the Canaccord Genuity target it will return approximately 104% (excluding dividends, fees and charges).

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

USL    UNICO SILVER LIMITED

Gold & Silver – Overnight Price: $1.05

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

Canaccord Genuity lifted its long-term gold price forecast by 3.5% to US$4,909/oz from 2029 and raised medium-term estimates by 2.1% (2026-28). The broker’s long-term forex forecasts are unchanged, leading to a 3.5% rise in gold price estimate in AUD terms to $7,013/oz.

The broker also increased the long-term silver price forecast by 36.6% to US$77.7/oz. Price targets for explorers/developers rise by 12% on average.

Target price for Unico Silver rises to $1.85 from $1.30. Speculative Buy retained.

This report was published on January 13, 2026.

Target price is $1.85 Current Price is $1.05 Difference: $0.8
If USL meets the Canaccord Genuity target it will return approximately 76% (excluding dividends, fees and charges).

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

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