In Case You Missed It – BC Extra Upgrades & Downgrades – 24-04-26

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This story features ABACUS STORAGE KING, and other companies.
For more info SHARE ANALYSIS: ASK

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

Broker Rating Changes (Post Thursday Last Week)

Upgrade

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

The broker upgrades Abacus Storage King to Buy from Hold with a $1.65 target price following recent share price weakness.

The analysts examine the growth outlook ahead of the potential transfer of management to Abacus Storage King from Abacus Group, which could lead to a divestment of the latter’s 19.7% stake in the storage REIT.

Following the expected takeover of National Storage REIT ((NSR)) in May, commentary highlights the REIT will offer the only pure-play listed exposure to the Australian self-storage sector.

Internal portfolio mapping indicates an incremental $40-45m in EBITDA growth through FY32, representing a 35% increase.

The stock trades at a -22% discount to FY27 NTA, significantly wider than the -15% discount for the broader A-REIT index, on the broker’s assessment.

EVOLUTION MINING LIMITED ((EVN)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Following the MarQ’26 report, the broker maintains a Buy rating on Evolution Mining with a raised price target of $15.75.

Management expects production to remain on track for the remainder of 2026, supported by high-grade material at Cowal and Red Lake.

Commentary points out cost control measures are successfully offsetting broader inflationary pressures in the sector.

In a follow-up report, two days later, the broker maintained its Buy rating and $15.75 target price.

Financial forecasts have been updated to account for the stronger production outlook and current spot prices.

Downgrade

TECHNOLOGY ONE LIMITED ((TNE)) Downgrade to Neutral from Buy by Jarden.B/H/S: 0/0/0

Jarden downgrades TechnologyOne to Neutral from Buy while maintaining a $30.00 target price following recent share price strength.

The broker observes the 30% rally since mid-February leaves the stock trading at 62.4x FY26 earnings, suggesting future growth is largely priced in.

Jarden expects a strong 1H26 result with revenue growth of 13% to $323m, although higher showcase event costs of -$8m-$9m will limit profit before tax growth to a high single digit percentage.

Medium-term estimates for FY27 and FY28 see upgrades due to a higher annual recurring revenue outlook of $1.13bn by FY30.

Strategic risks include increased AI-led competition and the potential rationalisation of technology spend due to local council mergers.

Price Target Changes (Post Thursday Last Week)

More Highlights

29M    29METALS LIMITED

Copper – Overnight Price: $0.23 

Canaccord Genuity rates ((29M)) as Sell (5) –

The broker maintains a Sell rating and lowers the target price to $0.25 after delayed access to the Xantho Extended orebody was pushed back to the final quarter of 2026.

Remediation works on the decline were expected to finish by April 2026, but an updated understanding of the stress regime required additional access in lower mining zones.

These developments caused a downgrade in production guidance for zinc, gold and silver for the current calendar year.

Stress is expected to emerge on the business in 2028 when debt payments fall due, with the company forecast to finish the current year with net debt of $138m.

The analysts remain cautious as the mine plan still faces risks from production or cost shocks.

This report was published on April 17, 2026.

Target price is $0.25 Current Price is $0.23 Difference: $0.02
If 29M meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $0.42, suggesting upside of 90.9%(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 minus 4.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.4, implying annual growth of -75.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 55.0. 

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.6, implying annual growth of 50.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 36.7. 

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.44 

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

Shaw and Partners upgrades Abacus Storage King to Buy from Hold with a $1.65 target price following recent share price weakness.

The analysts identify potential catalysts including the internalisation of the management function and the delisting of National Storage REIT ((NSR)) leaving Abacus Storage as the only pure-play listed self-storage exposure.

Mapping of the existing portfolio indicates an incremental $40-45m in EBITDA growth through FY32, representing a 35% increase from current levels.

Profit expansion across the 105 established stores will be driven by price optimisation using the newly implemented revenue management system.

The broker observes the stock trades at a -22% discount to FY27 NTA, significantly wider than the -15% discount for the broader A-REIT index.

This report was published on April 20, 2026.

Target price is $1.65 Current Price is $1.44 Difference: $0.215
If ASK meets the Shaw and Partners target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 7.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 6.20 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.8, implying annual growth of -69.1%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 21.2.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 6.40 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 4.4%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.61 

Moelis rates ((A1M)) as Buy (1) –

Moelis maintains its Buy rating and $0.75 price target for AIC Mines following the March quarter production report.

Mined grades jumped as activity shifted to higher-grade stopes in the Deeps and Lens 6 orebodies, helping the company track toward the top end of FY26 guidance.

Higher copper grade anticipated in the June quarter and marginally elevated mining unit rates for diesel costs led to upgraded earnings forecasts for the coming financial year.

Commissioning of the 1.1Mtpa Eloise plant expansion remains on schedule for the Dec-26 quarter.

The meaningful copper concentrate stockpile worth approximately $8.3m built up during the period is expected to clear next quarter, leading the broker to conclude this is setting up the company for strong sales and cash flow.

This report was published on April 16, 2026.

Target price is $0.75 Current Price is $0.61 Difference: $0.135
If A1M meets the Moelis target it will return approximately 22% (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 6.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.04.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.15.

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

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $1.43 

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

The broker maintains an Overweight rating and increases the target price to $1.65 following solid first-quarter platform flows and revised fee structures.

North platform net flows reached $1.1bn, marking a sixth consecutive quarter of positive momentum despite market headwinds.

Revisions to cash margin pricing are expected to deliver a 30bps net uplift, helping to support revenue margins for the wealth management division.

Jarden analysts suggest a total bank sale or loan book divestment remains a more attractive strategic option than current plans to achieve competitive returns.

Management reaffirmed FY26 revenue margin guidance while bank loan growth remained subdued during the period.

This report was published on April 16, 2026.

Target price is $1.65 Current Price is $1.43 Difference: $0.225
If AMP meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.79, suggesting upside of 24.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 4.00 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of 122.4%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 12.3. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 4.00 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.8, implying annual growth of 9.4%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 11.3. 

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: $2.91 

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

Shaw and Partners maintains a Buy rating and $3.10 price target for Duratec following its 50:50 joint venture being awarded a $281m contract at HMAS Stirling.

The broker observes the win reinforces the company’s ability to grow market share in high-growth sectors such as defence and energy.

Earnings per share forecasts were increased by 4.3% for FY27 and 4.6% for FY28 to reflect the contract award.

Management confirms defence sector growth is expected to accelerate through FY27 and FY28.

The company is well-positioned to benefit from significant committed defence infrastructure investment cycles.

This report was published on April 16, 2026.

Target price is $3.10 Current Price is $2.91 Difference: $0.19
If DUR meets the Shaw and Partners target it will return approximately 7% (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 1.48%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.53.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 5.20 cents and EPS of 11.60 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.09.

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

FBU    FLETCHER BUILDING LIMITED

Building Products & Services – Overnight Price: $2.36 

Jarden rates ((FBU)) as Buy (1) –

Jarden maintains a Buy rating and NZ$4.16 target price following the release of 3QFY26 volumes showing early signs of stabilisation.

Trading conditions remain highly competitive with ongoing margin pressure across most divisions, particularly in Distribution, Concrete, and Steel.

Commentary posits the recovery appears uneven and primarily supported by alterations and additions project activity, as demand for new-builds remains weak.

The observation is made that company management is cautious regarding the final quarter due to rising fuel and input costs expected to weigh on margins.

Jarden analysts continue to expect a meaningful recovery in construction activity is unlikely before 2027.

This report was published on April 16, 2026.

Target price is $3.67 Current Price is $2.36 Difference: $1.31458705061
If FBU meets the Jarden target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $2.76, suggesting upside of 16.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.53 cents and EPS of 10.06 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.6, 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 20.5. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 3.53 cents and EPS of 10.15 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.4, implying annual growth of 32.8%.
Current consensus DPS estimate is 1.1, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 15.5. 

This company reports in NZD. 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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $6.68 

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

Shaw and Partners maintains a Buy rating and $10.00 price target for Genesis Minerals after March quarter production fell slightly below expectations.

The broker observes lower third-party ore purchases drove the headline weakness, while company-owned mines continue ramping up.

Commentary highlights operations at the Ulysses and Leonora sites are performing well, with higher stope grades and increased production expected from the final quarter of FY26.

The company remains debt-free with a strong $600m cash balance to fund its aspirational growth toward a 500kozpa production base.

Management intends to provide an updated multi-year outlook during the September quarter of 2026.

This report was published on April 20, 2026.

Target price is $10.00 Current Price is $6.68 Difference: $3.32
If GMD meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $9.33, suggesting upside of 39.7%(ex-dividends)
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 67.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.5, implying annual growth of 154.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 116.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.4, implying annual growth of 21.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.7.

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

JHX    JAMES HARDIE INDUSTRIES PLC

Building Products & Services – Overnight Price: $30.65 

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

Jarden maintains an Overweight rating and $34.90 target price for James Hardie Industries following a preview of the upcoming Q4 results.

The broker suggests the -18% share price sell-off since late February is an overreaction to geopolitical conflict not supported by fundamental earnings analysis.

Jarden expects a quarterly beat driven by strong Siding and Trim performance alongside lower pulp costs.

While FY27 guidance should align with consensus, freight cost inflation remains a near-term headwind.

The stock currently trades at a -20% discount to its 10-year average valuation multiple, the broker points out.

This report was published on April 18, 2026.

Target price is $34.90 Current Price is $30.65 Difference: $4.25
If JHX meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $41.16, suggesting upside of 34.3%(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 170.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 153.8, 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 19.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 188.56 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 176.1, implying annual growth of 14.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
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: $0.90 

Moelis rates ((LRK)) as Buy (1) –

Lark Distilling delivered net sales in the third quarter of $4.3m. Direct exports of $400,000 were lighter than expected.

Operating cash outflow of -$2.1m was larger than anticipated by Moelis because of the timing of cash receipts.

The broker notes global spirits sector multiples have de-rated significantly since covid, yet at the current share price the downside should be supported by asset backing, while export market growth provides re-rating potential into FY27.

Moelis retains a Buy rating and raises its target to $1.00 from $0.88.

This report was published on April 21, 2026.

Target price is $1.00 Current Price is $0.90 Difference: $0.1
If LRK meets the Moelis target it will return approximately 11% (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 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.03.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 23.68.

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

MAF    MA FINANCIAL GROUP LIMITED

Wealth Management & Investments – Overnight Price: $7.53 

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

Canaccord Genuity maintains a Buy rating and $11.30 price target for MA Financial following a Q126 update highlighting strong momentum in the Priority Income Fund.

The broker expects net inflows of $430m, excluding the Marion mandate loss and MA Aged Care fund wind-up. Managed assets are targeting an ending balance of $15.1bn, while the Redcape property fund delivered 2.93% quarterly performance to support possible 2H26 performance fees.

Strategic expansion into commercial lending targets average monthly settlements of $1bn, coimmentary highlights, which would provide a significant contribution relative to historical levels.

Management remains cautious of consumer strain impacts on MA Money loan losses, but anticipates credit quality concerns will abate as offshore markets stabilise.

This report was published on April 20, 2026.

Target price is $11.30 Current Price is $7.53 Difference: $3.77
If MAF meets the Canaccord Genuity target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $10.71, suggesting upside of 42.3%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 20.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.1, implying annual growth of 670.8%.
Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 20.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of 21.2%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.9.

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

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.07 

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

ReadCloud revealed in its March quarter update that schools business delivered record quarterly cash receipts of $5.2m, up 28% on the prior corresponding period while operating cash flow was $2.3m.

Growth is being led by the VET-in-schools and eBooks businesses. The Southern Solutions Industry Training business is being wound down.

Research as a Service (RaaS) notes time and capital can now be directed solely towards schools, meeting there is now a simplified structure and clearer strategic direction.

The report highlights the significant gap between share price and the valuation of $0.36 a share.

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 15, 2026.

Target price is $0.36 Current Price is $0.07 Difference: $0.285
If RCL meets the Research as a Service (RaaS) target it will return approximately 380% (excluding dividends, fees and charges).
The company’s fiscal year ends in September.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.82.

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

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