Weekly Reports | 11:10 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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BRAMBLES LIMITED ((BXB)) Upgrade to Neutral from Sell by Jarden.B/H/S: 0/0/0
Brambles goes into the 1H26 result (Feb 19) with Jarden expecting resilient earnings delivery, supported by ongoing pricing discipline and pallet availability initiatives, despite softer volumes in some end markets.
The broker believes margin momentum should remain intact, underpinned by cost control, network optimisation and carry-over pricing benefits, with US demand trends seen as stable relative to other industrial exposures.
Jarden expects Brambles to reaffirm FY26 guidance, with free cash flow generation and capital discipline remaining key focus areas for investors at the result and lifts EPS forecasts by 1.3% for FY26 and 1.2% for FY27.
The stock is upgraded to Neutral from Sell due to the share price underperformance. Target price lifted to $23.10 from $22.10.
SUPPLY NETWORK LIMITED ((SNL)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
Supply Network’s 1H26 preliminary result reinforces the view that operating leverage and capacity investment continue to drive earnings momentum, Moelis argues
Revenue of $200m rose 17% y/y and was 2% ahead of expectations, while NPAT of $22.9m beat forecasts by 3.3% and margins expanded to 11.5%, with ERP disruption proving minimal.
Strong returns are evident from recent network expansion, commentary suggests, including contributions from new WA stores and distribution centre upgrades, with further capacity investments expected to underpin future growth.
The analyst lifts EPS estimates by 1–3% across Rating is upgraded to Buy from Hold and the target price lifts to $42.90 from $40.10.
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NETWEALTH GROUP LIMITED ((NWL)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
Jarden downgrades Netwealth Group to Neutral from Overweight noting slowing net flow momentum.
Total net inflows of $4.16bn for 2Q26 were broadly in line with expectations, although the annualised custodial net flow rate eased to 13.6%, continuing to lag key peer Hub24 ((HUB)).
The broker sees rising investment requirements to close the capability gap, trimming medium term growth assumptions while keeping near term earnings largely unchanged.
EPS forecasts are little changed in FY26 but trimmed in FY27–28 to reflect higher costs. Target price is cut to $27.15 from $31.30, driven by lower growth assumptions and a reduced valuation multiple.
VAULT MINERALS LIMITED ((VAU)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0
Vault Minerals reported weaker DecQ2025 production and higher costs, with group gold sales of 78koz missing expectations and all-in-sustaining-costs (AISCs) rising to $3,160/oz, driven by lower grades, maintenance downtime and operational disruptions across Mt Monger, Deflector and Leonora.
Canaccord Genuity notes FY26 guidance remains unchanged, but has downgraded earnings forecasts and moved to Hold from Buy, citing the stock’s 126% share price rally over the past six months and more limited valuation upside at current levels.
The $6.45 target price remains unchanged.
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