In Case You Missed It – BC Extra Upgrades & Downgrades – 17-04-26

Array
(
    [0] => Array
        (
            [0] => ((APZ))
            [1] => ((ASK))
            [2] => ((EMR))
            [3] => ((ORA))
        )

    [1] => Array
        (
            [0] => APZ
            [1] => ASK
            [2] => EMR
            [3] => ORA
        )

)

This story features ASPEN GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: APZ
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

ASPEN GROUP LIMITED ((APZ)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Moelis upgrades its rating on Aspen Group to Buy from Hold while maintaining a $5.98 price target following the recent share price decline.

The broker considers the -20% retreat since February an attractive entry point as the company delivers strong operational results.

Operating earnings per share for the first nine months reached 17.6c, representing 82% of the unchanged full-year guidance of 21.5c.

While macro uncertainty following conflict in the Middle East presents a risk to interest rates, the broker expects resilient rental income and development settlements to underpin the operational performance.

Estimates were slightly adjusted to account for higher funding costs, partially offset by more optimistic leasing assumptions.

ABACUS STORAGE KING ((ASK)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Moelis upgrades Abacus Storage King to Buy from Hold with an unchanged $1.59 target price.

The broker observes the current share price appears attractive following a recent sell-off, offering an implied cap rate of 6.4%.

Earnings estimates were slightly adjusted to account for a higher cost of debt, though dividend forecasts remain unchanged across the forecast period.

Yield is expected to grow as the company delivers on its $620m development pipeline and stabilises previously completed assets.

Commentary suggests potential internalisation of management functions could lead to corporate cost savings, though these are not yet incorporated into estimates.

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

Canaccord Genuity maintains a Buy rating on Emerald Resources with an unchanged $8.20 price target following March quarter production at the Okvau mine.

The broker observes production was below expectations, although costs were better than forecast, supported by reduced reliance on diesel through grid power usage.

Achieving the low end of full-year guidance will require a strong final quarter, the broker notes.

Forecasts have been updated to reflect recent production trends.

Downgrade

ORORA LIMITED ((ORA)) Downgrade to Neutral from Buy by Jarden.B/H/S: 0/0/0

Jarden downgrades its rating on Orora to Neutral from Buy and lowers the target price to $1.80 from $2.60 following a significant downgrade to earnings guidance.

The broker reset its earnings assumptions across the board, with core earnings per share forecasts cut by -14% for FY26 and -28% for FY27.

This shift reflects a trading update for the Saverglass business, which is facing direct and indirect impacts from conflict in the Middle East alongside softening demand.

An additional concern is noted regarding the pause in the on-market share buyback program, which previously underpinned the growth outlook.

The broker observes that visibility for Saverglass demand remains limited and expects no near-term acceleration in earnings dynamics.

Price Target Changes (Post Thursday Last Week)

More Highlights

3DA    AMAERO LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.32 

Research as a Service (RaaS) rates ((3DA)) as No Rating (-1) –

Amaero has secured a $7.8m titanium powder order under a Master Purchasing Agreement, with scope for additional orders as customer demand grows, Research as a Service (RaaS) highlights.

Management expects further orders in FY27 and plans to double titanium powder production over FY26, supported by a pipeline of opportunities that could exceed 100 tonnes annually, the analyst explains.

RaaS forecasts strong revenue growth, up 128% in FY26, as production ramps across its first three EIGA units.

A valuation of 72c is maintained.

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

This report was published on April 13, 2026.

Target price is $0.72 Current Price is $0.32 Difference: $0.4
If 3DA meets the Research as a Service (RaaS) target it will return approximately 125% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.03.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.82.

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

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.17 

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

Shaw and Partners resumes research coverage on Austin Engineering with a Buy rating and a $0.40 price target.

The broker reduces the target price to $0.40 from $0.60 following significant operational challenges in Chile and North America which led to a material decline in EBITDA margins.

While management has taken remedial actions including restructuring and leadership changes, visibility for the margin recovery remains a key focus.

The broker observes industry long-term fundamentals remain intact, supported by current commodity prices and a material discount to peers.

Financial forecasts have been downgraded by -54% for FY26 and -34% for FY27 to reflect recent guidance and a medium-term focus on restoring profitability.

This report was published on April 13, 2026.

Target price is $0.40 Current Price is $0.17 Difference: $0.225
If ANG meets the Shaw and Partners target it will return approximately 129% (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 0.50 cents and EPS of 1.60 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.94.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.90 cents and EPS of 3.10 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.65.

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

CGS    COGSTATE LIMITED

Medical Equipment & Devices – Overnight Price: $2.30 

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

Canaccord Genuity maintains a Buy rating on Cogstate with a $3.15 price target following a third-quarter trading update.

The broker observes that sales orders and contracted revenue are tracking in line with full-year forecasts, which supports earnings visibility.

Growing contributions from mood, sleep and rare disease programs are highlighted by the broker alongside the core Alzheimer’s business.

Valuation is supported by continued pipeline expansion and expected earnings growth over the forecast period, in the broker’s view.

Financial forecasts remain unchanged in this update.

This report was published on April 8, 2026.

Target price is $3.15 Current Price is $2.30 Difference: $0.85
If CGS meets the Canaccord Genuity target it will return approximately 37% (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 3.01 cents and EPS of 10.54 cents.
At the last closing share price the estimated dividend yield is 1.31%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.82.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.52 cents and EPS of 12.05 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.09.

This company reports in USD. 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

CIA    CHAMPION IRON LIMITED

Iron Ore – Overnight Price: $5.23 

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

Jarden previews the March quarter production report from Champion Iron, increasing near-term cost assumptions to reflect disruptions to the fuel supply. The stock remains its preferred pick among iron ore producers.

The broker notes the ceasefire between the US and Iran is fragile, conditional and temporary, and even when the Strait of Hormuz fully opens the disruption will have already drawn down reserves, repriced supply chains and embedded future cost inflation across the mining sector that may never unwind.

Overweight retained. Target is reduced to $5.50 from $5.70.

This report was published on April 9, 2026.

Target price is $5.50 Current Price is $5.23 Difference: $0.27
If CIA meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.81 cents and EPS of 37.07 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.11.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 11.99 cents and EPS of 39.25 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.32.

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
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: $2.84 

Moelis rates ((DUR)) as Buy (1) –

Moelis maintains its Buy rating on Duratec and increases the target price to $3.08 following a major contract award and strategic acquisition.

The company secured a $281m contract for infrastructure upgrades at HMAS Stirling through its joint venture to support future submarine capabilities.

Additionally, the acquisition of Pacific Welding Australia is seen as strengthening its self-perform capability and presence in the Hunter Region.

Earnings estimates for FY27 and FY28 have been upgraded by 7% and 11% respectively to reflect both events.

Moelis views continued contract conversions in the defence and energy sectors as significant near-term catalysts for the stock.

This report was published on April 15, 2026.

Target price is $3.08 Current Price is $2.84 Difference: $0.24
If DUR meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

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

LIC    LIFESTYLE COMMUNITIES LIMITED

Aged Care & Seniors – Overnight Price: $4.56 

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

Canaccord Genuity maintains its Buy rating on Lifestyle Communities but lowers the price target to $5.90 from $6.05 following a “solid” third-quarter update.

The broker observes the company remains on track to meet estimated full-year settlement of 230 new homes, supported by 190 settlements completed year-to-date.

Ongoing de-leveraging has seen net debt reduce to $296.4m, driven by a continued unwind of completed inventory.

However, the broker has tempered settlement expectations for FY27 to reflect consumer caution surrounding inflation and potential future interest rate increases.

Forecasts have been updated to include a -5% reduction to FY27 EBITDA estimate to account for these potential headwinds.

This report was published on April 15, 2026.

Target price is $5.90 Current Price is $4.56 Difference: $1.34
If LIC meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.54, suggesting upside of 20.1%(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 21.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, 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 21.0. 

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 20.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.3, implying annual growth of 19.5%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 17.5. 

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

STM    SUNSTONE METALS LIMITED

Copper – Overnight Price: $0.35 

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

Shaw and Partners maintains a Buy rating and $2.10 price target on Sunstone Metals as early hits from the 2026 Bramaderos drill program confirm system scale.

The broker highlights mineralised intersections of 200m and 162m, which underscore the potential for substantial resource growth.

An imminent scoping study is expected to outline project economics and assist in assessing value relative to peers.

Ongoing partner discussions are currently taking place against a backdrop of record gold prices and high M&A activity in Ecuador.

Financial estimates have been updated to reflect the ramp-up in drilling activity and adjusted capital requirements.

This report was published on April 15, 2026.

Target price is $2.10 Current Price is $0.35 Difference: $1.75
If STM meets the Shaw and Partners target it will return approximately 500% (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 minus 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.17.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.89.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $14.80 

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

The analysts at Canaccord Genuity now see potential for prostate-specific membrane antigen positron emission tomography (PSMA PET) beyond simply selecting patients for radioligand therapies (RLTs).

The broker explains a European Urology paper has provided randomised evidence that PSMA PET/CT is a strong prognostic biomarker for overall survival in patients with metastatic castrate-resistant prostate cancer.

Canaccord highlights ‘treatment monitoring’ as a new potential indication could increase annualised PSMA PET total addressable market volumes in the US by more than 10%.

The analysts expect to see earlier switching to RLTs such as Telix Pharmaceuticals’ TLX591.

Unchanged Buy rating and $30 target.

This report was published on April 13, 2026.

Target price is $30.00 Current Price is $14.80 Difference: $15.2
If TLX meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).
Current consensus price target is $25.84, suggesting upside of 72.5%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.7, 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 N/A. 

Forecast for FY27:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.3, 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 41.3. 

This company reports in USD. 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

XRO    XERO LIMITED

Accountancy – Overnight Price: $75.10 

Jarden rates ((XRO)) as Buy (1) –

Jarden maintains its Buy rating on Xero with a $120.00 price target, reduced from $150.00, following revisions to long-term forecasts and the inclusion of the Melio acquisition.

The broker expects revenue growth will remain strong, supported by contributions from Melio, although subscriber growth has softened in key markets.

Near-term earnings forecasts are modestly upgraded, supported by favourable currency movements.

Longer-term estimates have been reduced to reflect slower market penetration. The valuation reset is a result of the updated outlook.

This report was published on April 13, 2026.

Target price is $120.00 Current Price is $75.10 Difference: $44.9
If XRO meets the Jarden target it will return approximately 60% (excluding dividends, fees and charges).
Current consensus price target is $149.08, suggesting upside of 87.3%(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 141.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.7, 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 75.3. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 138.29 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.6, implying annual growth of -0.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 75.4. 

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
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