In Case You Missed It – BC Extra Upgrades & Downgrades – 02-04-26

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This story features BENZ MINING CORP., and other companies.
For more info SHARE ANALYSIS: BNZ
The company is included in ALL-ORDS

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

Broker Rating Changes (Post Thursday Last Week)

Upgrade

BENZ MINING CORP. ((BNZ)) Upgrade to Speculative Buy from Hold by Argonaut.B/H/S: 0/0/0

Argonaut has upgraded Benz Mining to Speculative Buy from Hold with a 3.40 price target following a high-grade gold discovery at the Mt Egerton project.

The broker highlights the Kilkenny discovery, which returned an intercept of 11m at 144g/t, supporting the company’s structural model.

While the company remains a pre-study development play, a cash position of 94m as of January 2026 provides funding for continued drilling and mine scoping at the Glenburgh system.

Commentary suggests exploration results remain the key driver, with future value dependent on defining the scale of a potential Glenburgh development.

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

Jarden has upgraded Sims Ltd to Overweight from Neutral and increased the price target to 23.00 following the second US investor day focused on Sims Lifecycle Services (SLS).

Commentary explains the upgrade is driven by incremental disclosures pointing to further near-term earnings upside in SLS, supported by strong pricing tailwinds in repurposed DDR4 memory modules.

Management expects this demand tail to persist for three to four years.

Additionally, improved outlooks for the Metals business and a valuation trading at the lower end of historical forward multiple ranges are seen providing a favourable entry point for investors.

Downgrade

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

Jarden has downgraded Syrah Resources to Underweight from Neutral with a 0.10 price target following a recapitalisation that introduces uncertainty around the future share count.

The broker notes valuation is impacted by dilution from convertible loan notes and a fully underwritten $104m entitlement offer, with the base case assuming conversion of US$409m in debt into equity in 2029.

While Balama remains a high-quality asset, future value is dependent on achieving Vidalia qualification and scaling commercial sales, with free cash flow not expected until 2H 2030.

Price Target Changes (Post Thursday Last Week)

More Highlights

AFP    AFT PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.73

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

Jarden highlights AFT Pharmaceuticals’ partnership model is delivering, with strong royalty growth from key products expected to support international revenue expansion.

Recent results from partner Hyloris point to accelerating royalty income, underpinning the broker’s forecasts for significant growth in AFT’s international and royalty revenues.

The analyst estimates international and royalty revenue will rise sharply through FY26 and FY27, supporting progress toward the company’s NZ$300m revenue target.

Jarden retains an Overweight rating and target of NZ$4.10.

This report was published on March 30, 2026.

Current Price is $2.73. Target price not assessed.

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

AEL    AMPLITUDE ENERGY LIMITED

Crude Oil – Overnight Price: $1.59 

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

Canaccord Genuity maintains a Speculative Buy rating for Amplitude Energy following an FY25 result that slightly exceeded expectations, driven by higher production at Two Wells.

The broker notes the company is well-funded for its upcoming Cooper Basin drilling program, which serves as the primary near-term catalyst. The price target is held at $1.15.

This report was published on March 26, 2026.

Target price is $1.15 Current Price is $1.59 Difference: minus $0.44 (current price is over target).
If AEL meets the Canaccord Genuity target it will return approximately minus 28% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.93, suggesting upside of 84.4%(ex-dividends)
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 2.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, 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 7.5. 

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 10.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.3, implying annual growth of 23.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.0. 

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BUB    BUBS AUSTRALIA LIMITED

Dairy – Overnight Price: $0.10 

Shaw and Partners rates ((BUB)) as Buy, High Risk (1) –

Bubs Australia’s Strategy Day reinforced the value of a large addressable market and strong global growth trajectory, particularly in the US, Shaw and Partners reports.

US expansion is seen as a key driver, with distribution expected to double to around 10,000 stores by end-2026 and regulatory approval likely to follow.

The broker notes strong revenue momentum and improving profitability, supported by premium positioning, brand strength and a scalable, capital-light supply chain.

Execution against a clear five-year strategy underpins expansion across core and emerging markets, in the analyst’s view.

Shaw and Partners retains a Buy, High Risk rating and 18c target.

This report was published on March 27, 2026.

Target price is $0.18 Current Price is $0.10 Difference: $0.08
If BUB meets the Shaw and Partners target it will return approximately 80% (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 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.33.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.33.

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

CYM    CYPRIUM METALS LIMITED

Copper – Overnight Price: $0.38

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

Canaccord Genuity initiates coverage on Cyprium Metals with a Speculative Buy rating and a 0.65 price target following a strategic review and planned restart of the Nifty Copper Project in Western Australia.

The broker notes development will commence with a fully funded oxide leach operation, followed by a sulphide flotation restart supporting a projected 20-year mine life, with first cash flow from cathode production expected in 2026.

While initial production is secured, execution of the sulphide expansion and associated financing remain key to longer-term value, commentary concludes.

This report was published on March 26, 2026.

Target price is $0.65 Current Price is $0.38 Difference: $0.27
If CYM meets the Canaccord Genuity target it will return approximately 71% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.50.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.00.

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

IFT    INFRATIL LIMITED

Wealth Management & Investments – Overnight Price: $9.81 

Jarden rates ((IFT)) as Buy (1) –

Jarden maintains a Buy rating on Infratil and has lowered its price target to NZ$14.56 following the company’s Investor Day.

The target revision is primarily driven by currency movements and updated capital expenditure programs.

The broker highlights strong momentum at CDC Data Centres, which has upgraded its FY27 EBITDA guidance due to increased visibility on contracted capacity.

While FY26 guidance for CDC is at the lower end of the range due to contract timing, commentary suggests the long-term demand outlook remains robust, supported by global hyperscaler investment and significant capacity expansion opportunities through 2030.

This report was published on March 26, 2026.

Current Price is $9.81. Target price not assessed.
Current consensus price target is $11.82, suggesting upside of 20.5%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 19.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 49.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.2, implying annual growth of N/A.
Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 38.9. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.87 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 525.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.0, implying annual growth of -64.3%.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 109.0. 

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

LOV    LOVISA HOLDINGS LIMITED

Retailing – Overnight Price: $21.16

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

Jarden’s preferences in the Retail sector from among stocks under research coverage are Lovisa Holdings, Universal Store ((UNI)), Breville Group ((BRG)) and JB Hi-Fi ((JBH)).

These selections broadly align with the preferences of 31 buy-side fund managers, with the broker’s survey indicating bearish positioning in the sector, as around 74% of managers are underweight.

When positioning becomes deeply negative, the analysts see an opportunity for investors to reassess, particularly given Consumer Discretionary accounts for around 10% and 7% of the ASX Small Ordinaries and ASX300 indices, respectively.

Fund managers surveyed identified Nick Scali ((NCK)), Temple & Webster ((TPW), Breville, Lovisa and Universal Store as preferred stocks once sentiment toward the retail sector improves.

Common attributes across these names include structural or offshore growth, strong balance sheets and aligned management teams, highlights Jarden.

Target of $30 and Overweight for Lovisa Holdings.

This report was published on March 30, 2026.

Target price is $30.00 Current Price is $21.16 Difference: $8.84
If LOV meets the Jarden target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $32.14, suggesting upside of 45.4%(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 92.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.0, implying annual growth of 8.8%.
Current consensus DPS estimate is 76.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 26.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 108.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.5, implying annual growth of 25.3%.
Current consensus DPS estimate is 96.6, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 20.8.

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

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $5.29

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

Canaccord Genuity maintains a Speculative Buy rating on Silex Systems and a 10.48 price target following news that 51% owned JV Global Laser Enrichment secured a US$98.9m incentive package from Kentucky authorities.

The broker notes while GLE was recently unable to secure a specific Task Order 2 award, this funding adds to a recent US$28.5m Department of Energy award, highlighting increasing government support for third-generation enrichment technology.

Despite a -50% share price retracement from November 2025 highs, commentary states fundamentals are supported by a potential Western supply gap as Russian import caps approach in 2028.

While commercialisation risks remain, the company’s position as a potential supplier to US enrichment demand remains a key driver of future value, the broker assures.

This report was published on March 26, 2026.

Target price is $10.48 Current Price is $5.29 Difference: $5.19
If SLX meets the Canaccord Genuity target it will return approximately 98% (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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