In Case You Missed It – BC Extra Upgrades & Downgrades – 27-03-26

Array
(
    [0] => Array
        (
            [0] => ((PME))
            [1] => ((PMV))
            [2] => ((SGM))
        )

    [1] => Array
        (
            [0] => PME
            [1] => PMV
            [2] => SGM
        )

)

This story features PRO MEDICUS LIMITED, and other companies.
For more info SHARE ANALYSIS: PME
The company is included in ASX50, ASX100, ASX200, ASX300, ALL-ORDS and ALL-TECH

A summary of the highlights from Broker Call Extra updates throughout the week past.

Broker Rating Changes (Post Thursday Last Week)

Upgrade

PRO MEDICUS LIMITED ((PME)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Moelis upgrades Pro Medicus to Buy from Hold although acknowledges macro risks will overhang the stock in the near term while the long-term outlook is unchanged with strong growth rates likely continuing for a number of years.

The broker points out the share price since the first half result has fallen a further -6%, largely related to macro events that are beyond management’s control.

The report also states it is important to note this is not a cyclical business and customers are largely insulated from the impacts of higher oil prices. Target is $145.03.

PREMIER INVESTMENTS LIMITED ((PMV)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Premier Investments delivered a first half result that was in line with expectations. The main issue for Jarden is whether FY26 EBIT guidance is achievable when provided so early in the half and whether Smiggle can recover.

With a new CEO for Smiggle having been announced and a renewed focus on product, the broker concludes the company can stabilise the business.

Market expectations appear low yet, while headwinds are building in terms of interest-rate hikes and petrol prices, Jarden assesses the stock is insulated with an active buyback, management alignment and net cash.

Rating is upgraded to Overweight from Neutral. Target is reduced to $15.50 from $16.90.

SIMS LIMITED ((SGM)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0

Sims materially upgraded FY26 guidance with group earnings (EBIT) of $350-400m now expected, around 23% above prior consensus.

Jarden highlights a stronger Metals performance driven by North America and pricing tailwinds, alongside Sims Lifecycle Services (SLS) benefiting from elevated dynamic random access memory (DRAM) pricing.

The FY26 earnings forecasts is lifted by 50% with further increases across FY27-28, reflecting improved operating momentum.

Jarden raises its target price to $21.50 from $19.50 and upgrades to Neutral from Underweight.

Price Target Changes (Post Thursday Last Week)

More Highlights

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $45.61 

Jarden rates ((ALL)) as Buy (1) –

Jarden highlights a growing North American legislative pipeline supporting multi-year earnings upside for Aristocrat Leisure. It’s felt expanding addressable markets and regulatory complexity reinforce structural barriers to entry, benefiting incumbent operators.

The broker notes progress across land-based gaming, iGaming and iLottery, with new state openings and capacity additions underpinning growth opportunities.

Competitive positioning remains strong, in the analysts’ view, given proprietary content and regulatory moats, limiting disruption risks and supporting long-term earnings visibility.

The $68 target and Buy rating are maintained.

This report was published on March 24, 2026.

Target price is $68.00 Current Price is $45.61 Difference: $22.39
If ALL meets the Jarden target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $67.31, suggesting upside of 44.9%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 105.00 cents and EPS of 260.30 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 260.4, implying annual growth of 13.6%.
Current consensus DPS estimate is 95.4, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 17.8. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 115.00 cents and EPS of 286.50 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 292.1, implying annual growth of 12.2%.
Current consensus DPS estimate is 106.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 15.9. 

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

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.53 

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

Perseus Mining ((PRU)) has invested -$23.7m in Aurum Resources for a 9.9% stake.

Canaccord Genuity considers the investment strategically significant as it highlights potential synergies between Perseus’ Sissingue operation and Bagoe tenure with the Boundiali gold project in northern Cote d’Ivoire.

The company has secured $28.8m in a strategic placement of 48m shares at $0.60 each, strengthening its balance sheet to over $60m in cash.

Overall, the broker believes the capital raising endorses the project and the Perseus investment materially de-risks the development pathway. Speculative Buy rating and $1.55 target.

This report was published on March 23, 2026.

Target price is $1.55 Current Price is $0.53 Difference: $1.025
If AUE meets the Canaccord Genuity target it will return approximately 195% (excluding dividends, fees and charges).

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

BTL    BEETALOO ENERGY AUSTRALIA LIMITED

Energy – Overnight Price: $0.25 

Research as a Service (RaaS) rates ((BTL)) as No Rating (-1) –

Beetaloo Energy Australia explores for gas in the Northhern Territory and with the end of the wet season approaching is scheduled to return to the field to complete testing and validation works to enable the mobilisation and construction of the Carpentaria gas plant.

Research as a Service (RaaS) would not be surprised if the production opportunity accelerates once field performance is better defined. While acknowledging that “not everything moves in a straight line” first gas by late 2026 appears possible.

The broker welcomes the impending completion of the Tamboran Resources ((TBN)) farm-out process, delivering an initial resource price benchmark.

Valuation ranges are $0.81-1.16 with the midpoint at $0.89.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on March 19, 2026.

Target price is $0.89 Current Price is $0.25 Difference: $0.64
If BTL meets the Research as a Service (RaaS) target it will return approximately 256% (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

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $26.03 

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

Jarden highlights AI and replacement cycles as potential upside drivers for IT and consumer electronics demand, despite a challenging macro backdrop. Replacement activity is expected to add 6%-9% to sales, with peak demand expected across FY26–FY27.

The broker believes OEM price increases, particularly from memory cost inflation, may support sales growth, though volume risks remain from higher prices.

Upside potential is strongest for JB Hi-Fi and Harvey Norman, according to Jarden, with AI adoption and device proliferation supporting multi-year demand growth.

The broker also expects Wesfarmers, via Officeworks, and Breville Group to benefit.

Target of $34.90 and Overweight rating are kept for Breville Group.

This report was published on March 23, 2026.

Target price is $34.90 Current Price is $26.03 Difference: $8.87
If BRG meets the Jarden target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $38.67, suggesting upside of 43.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 38.00 cents and EPS of 94.80 cents.
At the last closing share price the estimated dividend yield is 1.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.7, implying annual growth of 3.4%.
Current consensus DPS estimate is 38.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 27.7. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 44.00 cents and EPS of 106.60 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.0, implying annual growth of 13.6%.
Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.4. 

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.36 

Moelis rates ((CNB)) as Buy (1) –

Moelis highlights new drilling at Carnaby Resources’ Trekelano deposit, confirming continuity of high-grade mineralisation and potential extension at depth.

These results support the prospect of expanding the resource and adding underground development potential below the current open pit, the analyst explains.

Commentary notes the breccia shoot is now defined over a 600m down-plunge extent, reinforcing confidence in the broader Greater Duchess project.

Management’s development focus remains on advancing the feasibility study, the final investment decision (FID) and near-term production pathway supported by low capital intensity. explains Moelis.

Unchanged Buy rating and 90c target.

This report was published on March 25, 2026.

Target price is $0.90 Current Price is $0.36 Difference: $0.535
If CNB meets the Moelis target it will return approximately 147% (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 minus 3.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.06.

Forecast for FY27:

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

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

DUR    DURATEC LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.33 

Shaw and Partners rates ((DUR)) as Buy (1) –

Shaw and Partners sees Duratec as an attractive way to gain Energy exposure, with a high-growth, high-margin platform targeting Australia’s circa $5bn infrastructure services market.

The Energy segment is a key earnings driver for Duratec, highlights the analyst, delivering 77% of FY25 revenue growth and sustaining a gross margin near 29% into 1H26.

Commentary posits strategic acquisitions have expanded capabilities across fabrication, remediation and decommissioning, increasing share of client spend and supporting integrated service delivery.

Shaw retains a Buy rating and target of $2.40. Strong Tier 1 contracts and rising MSA exposure are noted, improving earnings visibility and margin stability.

This report was published on March 23, 2026.

Target price is $2.40 Current Price is $2.33 Difference: $0.07
If DUR meets the Shaw and Partners target it will return approximately 3% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 4.30 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.84.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 4.90 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.38.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FCL    FINEOS CORPORATION HOLDINGS PLC

Cloud services – Overnight Price: $2.40 

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

Fineos Corp has reiterated a focus on embedded AI implementation within its products, noting a substantial pipeline within existing customers as a key growth driver and emphasising improved admin productivity and reduced human error.

A medium-size contract win with an existing customer for the AdminSuite policy, billing & claims has been confirmed. Guidance is unchanged.

Canaccord Genuity notes the company’s extensive industry experience in encoded industry rules, providing mission-critical software to insurance customers that are hypersensitive to reliability, strength and safety and retains a Buy rating and $3.50 target.

This report was published on March 25, 2026.

Target price is $3.50 Current Price is $2.40 Difference: $1.1
If FCL meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 EPS of 3.16 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 76.02.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 EPS of 4.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.74.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Moelis rates ((FCL)) as Buy (1) –

Following a platform update by Fineos Corp, Moelis notes ongoing growth in subscription revenue, with services revenue declining as the mix shifts.

The analyst observes the revenue model scales with customer volumes, while AI adoption should drive insurers toward modern platforms.

Margin expansion is seen as a key driver, supported by cost control. Management targets 25% earnings margins by 2027 and 40% by 2029.

Currency headwinds are expected in 1H26 before easing, with ongoing client wins supporting growth momentum.

Target $3.16. Buy.

This report was published on March 26, 2026.

Target price is $3.16 Current Price is $2.40 Difference: $0.76
If FCL meets the Moelis target it will return approximately 32% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.11 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 114.01.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.33 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 72.03.

This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $12.74 

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

Canaccord Genuity assesses Ricegrowers’ FY26 outlook remains broadly unchanged, noting softer revenue guidance while profit growth expectations were maintained.

The broker highlights freight and distribution cost pressures, alongside currency headwinds and Middle East logistics disruption weighing on near-term performance.

It’s believed longer-term growth will be supported by product innovation, market expansion and potential inorganic opportunities under the 2030 strategy.

Canaccord lowers its target price to $18.70 from $19.40 and retains a Buy rating.

This report was published on March 19, 2026.

Target price is $18.70 Current Price is $12.74 Difference: $5.96
If SGLLV meets the Canaccord Genuity target it will return approximately 47% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 67.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.37.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 69.00 cents and EPS of 107.00 cents.
At the last closing share price the estimated dividend yield is 5.42%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.91.

Market Sentiment: 1.0
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