In Case You Missed It – BC Extra Upgrades & Downgrades – 06-02-26

Array
(
    [0] => Array
        (
            [0] => ((DVP))
            [1] => ((EMR))
            [2] => ((GGP))
            [3] => ((CMM))
            [4] => ((BGL))
            [5] => ((KCN))
        )

    [1] => Array
        (
            [0] => DVP
            [1] => EMR
            [2] => GGP
            [3] => CMM
            [4] => BGL
            [5] => KCN
        )

)

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

DEVELOP GLOBAL LIMITED ((DVP)) Upgrade to Speculative Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Commissioning at Woodlawn continues, with Develop Global reiterating it is on track to reach nameplate capacity of 850ktpa this quarter. Dec Q Revenue of $55.5m was in line with Canaccord Genuity and steady quarter on quarter.

During the quarter, Develop Global was awarded a five-year, $200m underground development contract to establish the Waihi North Gold Project owned by OceanaGold. 

Management highlighted it was assessing and progressing a substantial volume of tenders, reflecting favourable market conditions. Target rises to $5.70 from $5.05, upgrade to Speculative Buy from Hold.

Downgrade

EMERALD RESOURCES NL ((EMR)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity has downgraded Emerald Resources to Hold from Buy on valuation grounds while lifting its target to $7.35 from $7.10 following the full December quarter report.

Gold production of 25koz missed the broker’s estimate, although costs were better than expected, supported by record recoveries, while cash and bullion rose to $370m with the company remaining debt free and unhedged.

FY26 guidance of 105–120koz at AISC of US$966/oz was reiterated, though Canaccord notes delivery of the midpoint requires a step up to record quarterly production levels in the second half.

GREATLAND RESOURCES LIMITED ((GGP)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden has downgraded Greatland Resources to Underweight from Neutral post the stock’s re-rating while lifting its target to $5.50 from $5.20.

The broker argues the current share price implies a long term gold price of roughly US$4,600/oz, which it views as unsustainable for the high cost Telfer operation and the technically challenging Havieron development.

The analyst lifts FY26 earnings (EBITDA) by 12% as production expectations move above guidance to 321koz, but FY27 and FY28 forecasts are trimmed on higher mining costs as open pit ore increases.

From FY27, Telfer is expected to face rising AISC of around $3,300 per oz, which Jarden says will again highlight the asset’s structurally high cost base.

While the balance sheet remains strong with net cash of $948m, Jarden sees limited valuation support at current gold prices and re-iterates a preference for Capricorn Metals ((CMM)) and Bellevue Gold ((BGL)).

KINGSGATE CONSOLIDATED LIMITED ((KCN)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0

Kingsgate Consolidated’s “relaunch” is now complete, Moelis notes. Production and costs were in line with forecasts in the second quarter buoyed by strong price momentum for both gold and silver.

The stock is now considered fairly valued and the broker observes the market has now “accepted” the business back into the “institutional equity playing field”.

Buying the stock at current levels requires two things, Moelis asserts, of which there is little visibility; the gold price or the next development in the corporate strategy.

Rating is downgraded to Hold from Buy pending either a lower share price or a higher price target. Target is $6.50, increased slightly from $6.45.

Price Target Changes (Post Thursday Last Week)

More Highlights

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $1.40

Moelis rates ((BC8)) as Buy (1) –

Moelis reiterates a Buy rating and maintains its $1.80 target on Black Cat Syndicate, pointing December to a more complex 2Q26 update than headline numbers suggest, arguing this should not distract from a much cleaner FY27 outlook.

Production of 25.5koz included significant third-party material. The analyst estimates underlying gold sales attributable to Black Cat were closer to 17.5koz, with a similar outcome likely in the March quarter due to legacy toll treatment arrangements.

The broker stresses this complexity is short-lived, with most agreements set to unwind by June and the business expected to transition to a conventional, wholly owned mining and processing structure from July.

Cash was steady at $54m after completing the remaining $25m Lakewood acquisition payment, which Moelis views as a strong signal of balance sheet strength.

This report was published on January 30, 2026.

Target price is $1.80 Current Price is $1.40 Difference: $0.4
If BC8 meets the Moelis target it will return approximately 29% (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 20.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.97.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.36.

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

CMA    CARMA LIMITED

Automobiles & Components – Overnight Price: $1.76

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

Momentum continued through the 2Q26 with Carma delivering in-line results as revenue rose 48% y/y to $27m and first-half revenue of around $51m met expectations, notes Canaccord Genuity.

Retail revenue increased 12% q/q while wholesale accelerated 35% q/q, lifting gross profit 88% y/y to $2.5m, with margins steady at 9% and scope for expansion as reconditioning utilisation improves.

Operating cash outflow of -$14m in 1H26, excluding IPO costs, left cash of $58m and total liquidity of circa $78m including the bailment facility, which the broker views as adequate to support growth.

Buy and the $3.50 target are retained, with forecasts unchanged.

This report was published on January 30, 2026.

Target price is $3.50 Current Price is $1.76 Difference: $1.74
If CMA meets the Canaccord Genuity target it will return approximately 99% (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 25.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.98.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 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 6.88.

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

DUG    DUG TECHNOLOGY LIMITED

Cloud services – Overnight Price: $1.79

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

Dug Technology’s share price weakness following the quarterly update combined with the sell-off over the past week offers a compelling opportunity, in Canaccord Genuity’s view.

With the launch of Elastic MP-FWI and recent expansion into Brazil and the Middle East, Dug now has the most comprehensive product and geographic footprint in its history, the broker notes, positioning it for sustained Services awards over the next 12–24 months.

With the upcoming first half result likely to demonstrate growing contract momentum and margin leverage, Canaccord believes now is the time to revisit the name. Buy and $2.90 target retained.

This report was published on February 2, 2026.

Target price is $2.90 Current Price is $1.79 Difference: $1.11
If DUG 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 FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.08 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 58.17.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.69 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.27.

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

LRK    LARK DISTILLING CO. LIMITED

Food, Beverages & Tobacco – Overnight Price: $0.61

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

Six consecutive quarters of net sales growth were confirmed in Lark Distilling Co’s 2Q26 update, with revenue of $5.0m up 11% y/y and ahead of Canaccord Genuity expectations.

The broker highlights strong direct-to-consumer momentum alongside progress on export activations.

Direct Export and global travel retail continue to build from a low base, while softer domestic business-to-business reflected shipment timing rather than underlying demand.

Cash of $18.3m and no debt underpin execution of the re-staged brand strategy, with South East Asia distribution now complete and further market launches imminent.

Speculative Buy and $1.34 target are retained, with forecasts unchanged ahead of the 1H26 result.

This report was published on January 29, 2026.

Target price is $1.34 Current Price is $0.61 Difference: $0.73
If LRK meets the Canaccord Genuity target it will return approximately 120% (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 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.17.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.25.

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

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation – Overnight Price: $11.67

Jarden rates ((TPW)) as Buy (1) –

Jarden is more cautious on discretionary stocks on higher interest rate prospects, though reckons much of this is priced in, particularly across household goods.

The broker continues to favour names with structural tailwinds like Breville Group ((BRG)) and Sigma Healthcare ((SIG)), and share gains like Temple & Webster while remaining cautious on more cyclical stocks.

Buy rating and $19.90 target for Temple & Webster.

This report was published on January 30, 2026.

Target price is $19.90 Current Price is $11.67 Difference: $8.23
If TPW meets the Jarden target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $20.37, suggesting upside of 74.4%(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 11.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 98.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.3, implying annual growth of 18.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 103.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 19.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 88.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 54.8.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Click to view our Glossary of Financial Terms