In Case You Missed It – BC Extra Upgrades & Downgrades – 01-05-26

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            [7] => ((STO))
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This story features CENTURIA CAPITAL GROUP, and other companies.
For more info SHARE ANALYSIS: CNI
The company is included in ASX200, 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

CENTURIA CAPITAL GROUP ((CNI)) Upgrade to Buy from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Centuria Capital is upgraded to Neutral from Buy after a period of underperformance, and the target is reduced to $1.95 from $2.18.

CHARTER HALL SOCIAL INFRASTRUCTURE REIT ((CQE)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is upgraded to Overweight from Neutral for Charter Hall Social Infrastructure REIT, while the target is reduced to $3.30 from $3.50.

DEXUS ((DXS)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is upgraded to Neutral from Underweight for Dexus, while the target is reduced to $6.94 from $7.55.

GPT GROUP ((GPT)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

GPT Group’s rating is upgraded to Overweight from Neutral and the target edges down to $5.68 from $5.90.

REGIS RESOURCES LIMITED ((RRL)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity upgrades Regis Resources to a Buy rating from Hold and lowers its price target to $8.70 following a mixed March quarter production report.

Group gold output of 90.6koz edged back -6% sequentially, with the Duketon operations performing in line with expectations while the Tropicana joint venture delivered an “impressive” cost beat driven by a $287 per ounce non-cash stockpile credit.

Management reiterated full-year volume guidance, though the broker observed an expansion in growth capital expenditure requirements across various minor projects, prompting a slight upward revision to near-term outlay projections.

Canaccord Genuity subsequently downgraded net profit estimates across the forecast horizon to reflect these elevated capital commitments.

Despite near-term cost hurdles, the overarching investment thesis remains constructive, the report concludes, as the company leverages the elevated spot gold pricing environment to advance its broader development pipeline, including the McPhillamys project in New South Wales.

SCENTRE GROUP ((SCG)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Scentre Group’s rating is upgraded to Overweight from Neutral and the target is reduced to $3.92 from $4.15.

STOCKLAND ((SGP)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Stockland is upgraded to Buy from Overweight, given substantial underperformance observed in the share price, and the target is reduced to $5.60 from $6.40.

SANTOS LIMITED ((STO)) Upgrade to Overweight from Underweight by Jarden.B/H/S: 0/0/0

Jarden upgrades Santos to an Overweight rating from Underweight and lowers its target price to $8.80 following a solid quarterly production update clouded by ongoing commissioning issues.

Operations delivered 22.5m barrels of oil equivalent, reflecting a 1% sequential increase, though management was forced to procure four spot LNG cargoes to meet contracted commitments amid delays at the Barossa project.

Slower ramp-up profiles at both Barossa and the Pikka oil development prompt Jarden to anticipate an impending downgrade to 2026 production guidance.

Despite these near-term operational hurdles, the company is anticipated to transition from a prolonged capital investment phase into a period of robust free cash flow generation by the second half of 2026.

The conclusion drawn is valuation remains compelling, further supported by an elevated global energy pricing environment driven by persistent Middle Eastern supply risks.

Downgrade

ABACUS STORAGE KING ((ASK)) Downgrade to Underweight from Overweight by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is downgraded to Underweight from Overweight for Abacus Storage King, while the target is reduced to $1.39 from $1.60.

BWP TRUST ((BWP)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is downgraded to Underweight from Neutral for BWP Trust, while the target is reduced to $3.45 from $3.95.

CHARTER HALL GROUP ((CHC)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Charter Hall’s rating is downgraded to Neutral from Overweight, as the broker now finds less relative value compared to peers, and the target is reduced to $22.59 from $28.30.

CENTURIA INDUSTRIAL REIT ((CIP)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Centuria Industrial REIT’s rating is downgraded to Neutral from Overweight, as the broker envisages more sensitivity to higher interest rates compared with peers, and the target is reduced to $3.23 from $3.75.

CHARTER HALL RETAIL REIT ((CQR)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is downgraded to Neutral from Overweight for Charter Hall Retail REIT, while the target is reduced to $4.09 from $4.50.

ILUKA RESOURCES LIMITED ((ILU)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity downgrades Iluka Resources to a Hold rating and sets an $8.10 price target following the March quarter production update.

Zircon, rutile, and synthetic rutile output missed expectations, weighed down by softer Jacinth Ambrosia volumes and uneven shipment timing.

Management preserved FY26 production and cost guidance, though escalating diesel prices present lingering margin risks.

Forward contracts indicate structural improvements across mineral sands and rare earth markets, prompting the broker to lift long-term commodity pricing assumptions.

The analysts upgraded near-term earnings forecasts to reflect these favourable supply dynamics but pulled back the recommendation strictly on valuation grounds after a recent share price rally.

LIFESTYLE COMMUNITIES LIMITED ((LIC)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is downgraded to Underweight from Neutral for Lifestyle Communities, while the target is reduced to $5.27 from $6.25.

MIRVAC GROUP ((MGR)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0

Jarden downgrades Mirvac Group to an Overweight rating from Buy and maintains a $2.24 target price following a third-quarter update aligning with expectations.

Management reaffirmed FY26 earnings guidance, supported by robust 12% year-on-year growth in residential sales and encouraging momentum across the investment portfolio, where industrial incentives increased alongside improving moving annual turnover.

Despite securing roughly 96% of targeted lots for the current financial year, the analysts observe softening enquiry conversion in April as higher interest rates and escalating civil works costs begin weighing on customer sentiment.

The broker consequently reduced FY27 earnings forecasts by -9% to account for these anticipated margin compressions and a potentially lower settlement profile across slower regions like Victoria and select New South Wales projects.

Valuation remains compelling, with the analysts viewing the risk-to-reward dynamic as increasingly attractive despite near-term macroeconomic volatility.

PLS GROUP LIMITED ((PLS)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden downgrades PLS Group to an Underweight rating from Neutral on strict valuation discipline, while lifting its target price to $2.60 from $2.50.

Management alluded to elevated capital expenditure extending through FY27 and beyond, prompting the analysts to bring forward the P2,000 expansion project timeline by two years.

Operations delivered a strong March quarter result, driving a 2% upgrade to near-term earnings forecasts.

Despite robust underlying asset quality, commentary highlights the current share price implies an overly optimistic long-term spodumene concentrate price of $2,000 per tonne, far exceeding the broker’s $1,200 per tonne assumption.

The analysts consequently view the near-term risk-to-reward dynamic as unfavourable following a period of significant stock outperformance within the broader lithium sector.

VICINITY CENTRES ((VCX)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden updates forecasts and valuations for the A-REIT sector amid significant volatility in interest rates, which is expected to continue over the course of 2026.

The broker takes a more conservative approach to forecasts now, based on higher interest rates and revised operating and valuation assumptions.

Although investors may be reluctant to “stand in front of increasing interest rates” sufficient conservatism has been priced into the sector, Jarden asserts.

Rating is downgraded to Underweight from Neutral for Vicinity Centres on performance and valuation, while the target is reduced to $2.65 from $2.75.

Price Target Changes (Post Thursday Last Week)

More Highlights

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $0.58

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

Canaccord Genuity maintains a Buy rating and $1.20 price target for AMA Group following a favourable third-quarter trading update.

Management maintained FY26 underlying earnings guidance of $70m to $75m after delivering $48.4m in the year to date.

The broker expects the company to easily achieve the bottom end of this target, requiring just $21.6m in the final quarter.

Despite this operational momentum, near-term revenue and earnings forecasts have been slightly downgraded to reflect softer division mix revisions.

Canaccord Genuity argues valuation remains compelling as underlying profitability continues to improve across the broader collision repair network.

This report was published on April 22, 2026.

Target price is $1.20 Current Price is $0.58 Difference: $0.62
If AMA meets the Canaccord Genuity target it will return approximately 107% (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 2.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.48.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.55.

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

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.30

Moelis rates ((AMI)) as Buy (1) –

Moelis maintains a Buy rating for Aurelia Metals and reduces its target price to $0.42 from $0.44 after the March quarter production report demonstrated a strategic prioritisation of higher-value gold stopes.

Management subsequently upgraded FY26 gold guidance to a range of 45-50koz while reducing copper expectations to reflect individual commodity output and prevailing metal prices.

The report highlights record plant throughput alongside improving recoveries for both zinc and gold, supported by strong operational momentum at the Federation mine where mining rates reached an annualised 400ktpa.

The executing of a new $150m senior secured financing package and a $94.7m unrestricted cash balance are viewed as providing the flexibiity needed to fund the Peak plant expansion program and Great Cobar development.

The broker slightly increased cost assumptions to reflect the trajectory of actuals, resulting in minor downward revisions to near-term earnings estimates.

This report was published on April 28, 2026.

Target price is $0.42 Current Price is $0.30 Difference: $0.115
If AMI meets the Moelis target it will return approximately 38% (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 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.63.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.35.

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

CBE    COBRE LIMITED

Overnight Price: $0.20

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

Canaccord Genuity initiates coverage on Cobre with a Speculative Buy rating and a $0.25 price target.

The broker observes the company holds two distinct copper assets, anchored by the operational Sierra Atacama mine in Chile, which currently produces 400 tonnes of cathode per month.

The analysts view a production turnaround at this brownfield site as a crucial near-term catalyst, with a capital-light $28.6m optimisation program targeting an eventual run rate of 12,000 tonnes per annum.

Concurrently, management is advancing a pilot program at the pre-production Ngami project in Botswana, strategically testing an in-situ copper recovery method across the highly prospective Kalahari Copper Belt.

Valuation reflects a risk-adjusted methodology, with the broker commenting this leaves substantial upside potential if the company successfully de-risks broader expansion scenarios across both core assets.

This report was published on April 24, 2026.

Target price is $0.25 Current Price is $0.20 Difference: $0.05
If CBE meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).

Forecast for FY26:

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

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.

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

CXO    CORE LITHIUM LIMITED

New Battery Elements – Overnight Price: $0.33

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

Canaccord Genuity expects persistent lithium market deficits to 2035, supported by stronger battery energy storage system (BESS) demand, supply disruptions and an oil-price shock accelerating electric vehicle (EV) adoption.

BESS growth underpins the analysts’ positive long-term demand outlook.

The broker cuts its 2026-2028 EV sales forecasts by -4%, but lifts longer-term forecasts by 5%. New long-term lithium price forecasts rise by up to 20%, reflecting higher incentive pricing required amid rising capital intensity.

Near-term lithium price forecasts are tempered, due to expected supply responses into 2027, the broker explains.

On average, Canaccord lifts its producer/developer targets by 15% and 8%, respectively.

The target for producer Core Lithium remains at 40c. Speculative Buy rating retained.

This report was published on April 22, 2026.

Target price is $0.40 Current Price is $0.33 Difference: $0.075
If CXO meets the Canaccord Genuity target it will return approximately 23% (excluding dividends, fees and charges).

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $5.50

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

Develop Global had a strong March quarter, according to Canaccord Genuity, with Woodlawn achieving commercial production after exceeding steady-state run rates.

Operational momentum improved, the analyst highlights, with higher mined and processed tonnes, rising grades and strong copper and zinc production. It’s also noted reported revenue understated performance due to shipment timing.

The broker expects a materially stronger June quarter, supported by improved recoveries and revenue catch-up, while forecasting solid free cash flow (FCF) generation.

Canaccord also points to upside from mine life extension drilling, imminent final investment decision (FID) at Sulphur Springs and near-term lithium exposure via Pioneer Dome.

Canaccord maintains a Speculative Buy rating and raises its target by $1.00 to $7.00.

This report was published on April 29, 2026.

Target price is $7.00 Current Price is $5.50 Difference: $1.5
If DVP meets the Canaccord Genuity target it will return approximately 27% (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.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend 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

GT1    GREEN TECHNOLOGY METALS LIMITED

New Battery Elements – Overnight Price: $0.03

Canaccord Genuity rates ((GT1)) as Speculative Buy (1) –

Canaccord Genuity expects persistent lithium market deficits to 2035, supported by stronger battery energy storage system (BESS) demand, supply disruptions and an oil-price shock accelerating electric vehicle (EV) adoption.

BESS growth underpins the analysts’ positive long-term demand outlook.

The broker cuts its 2026-2028 EV sales forecasts by -4%, but lifts longer-term forecasts by 5%. New long-term lithium price forecasts rise by up to 20%, reflecting higher incentive pricing required amid rising capital intensity.

Near-term lithium price forecasts are tempered, due to expected supply responses into 2027, the broker explains.

On average, Canaccord lifts its producer/developer targets by 15% and 8%, respectively.

The target for developer Green Technology Metals falls to 16c from 18c. Speculative Buy rating maintained.

This report was published on April 22, 2026.

Target price is $0.16 Current Price is $0.03 Difference: $0.13
If GT1 meets the Canaccord Genuity target it will return approximately 433% (excluding dividends, fees and charges).

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

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $0.94

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

Shaw and Partners maintains a Buy rating and a $1.40 target price for ikeGPS Group following a solid fourth-quarter trading update.

Management broadly achieved the FY26 subscription revenue guidance, recording an impressive 33% year-on-year growth trajectory driven by strong adoption of the PoleForeman product and a favourable revenue mix shift.

The exit run-rate of annual platform subscriptions landed at $20.7m, slightly undershooting expectations as an accelerated project completion from a large long-term customer and minor foreign exchange headwinds masked underlying momentum.

Operations successfully achieved positive underlying cash generation in the final month of the year, marking a critical milestone in the transition toward sustainable profitability.

The broker subsequently revised near-term revenue estimates slightly downwards to account for softer transactional sales, but remains highly constructive on the medium-term outlook as the launch of the PolePilot artificial intelligence module drives deeper customer integration and enhanced pricing power across the Office Pro user base.

This report was published on April 24, 2026.

Target price is $1.40 Current Price is $0.94 Difference: $0.46
If IKE meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.79 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.82.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 48.53.

This company reports in NZD. 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

MYG    MAYFIELD GROUP HOLDINGS LIMITED

Overnight Price: $2.48

Moelis rates ((MYG)) as Initiation of coverage with Buy (1) –

Moelis initiates coverage on Mayfield Group with a Buy rating and $2.65 price target, highlighting its strong position in critical electrical infrastructure.

Record work in hand of $135m and a significant manufacturing footprint expansion should underpin near-term growth within the electrification and data centre markets.

Successful execution in addressable utility and industrial sectors, alongside the recent acquisition of SMEC Power & Technology, contributes to robust earnings momentum.

Favourable industry tailwinds from the AI infrastructure build-out and ongoing energy transition are projected to drive a 24% two-year earnings per share compound annual growth rate.

The broker introduces underlying earnings per share forecasts of 8.6 cents for FY26 and 11.2 cents for FY27, with dividend projections set at 3.1 cents and 4.1 cents, respectively.

This report was published on April 29, 2026.

Target price is $2.65 Current Price is $2.48 Difference: $0.17
If MYG meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 3.10 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.84.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 4.10 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.14.

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

MPW    METAL POWDER WORKS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.59

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

Canaccord Genuity maintains a Speculative Buy rating for Metal Powder Works and lowers the price target to $3.90 following a promising third-quarter update.

Management reported robust momentum as core titanium and bronze alloy powder revenues nearly doubled quarter-on-quarter, supported by a growing 117-deal active pipeline.

Leveraging a solid $13.0m net cash balance, the report highlights the company is actively commissioning additional Alpha DirectPowder units alongside a Next-gen system, expanding capacity towards 130 tonnes per annum to service additive manufacturing and defence markets.

Commentary suggests ongoing cold-spray application testing with the University of Dayton Research Institute could further unlock direct procurement orders across the wider US Department of Defense supply chain.

Despite these operational milestones, the broker edges back near-term earnings forecasts to account for a -25% revision to FY26 revenue projections, driven by a slower sales ramp and margin headwinds from an elevated AUD/USD cross-rate.

This report was published on April 22, 2026.

Target price is $3.90 Current Price is $2.59 Difference: $1.31
If MPW meets the Canaccord Genuity target it will return approximately 51% (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 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.86.

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 129.50.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.90

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

Canaccord Genuity maintains a Buy rating and a $1.51 price target for Plenti Group following a resilient quarterly operating update.

Total loan originations of $476m comfortably beat expectations, driven largely by a 34% sequential acceleration in the newly launched National Australia Bank ((NAB))-powered automotive finance product.

While elevated bond yields placed temporary pressure on net interest margins due to a lag in repricing funding costs, the broker expects competitive loan pricing to progressively catch up over the coming months.

The analysts downgraded near-term net profit estimates as previous tax rate assumptions proved too low, yet highlight the current valuation remains highly attractive compared to broader non-bank lending peers.

This report was published on April 22, 2026.

Target price is $1.51 Current Price is $0.90 Difference: $0.615
If PLT meets the Canaccord Genuity target it will return approximately 69% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 13.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.44.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.53.

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

POL    POLYMETALS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.88

Shaw and Partners rates ((POL)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage on Polymetals Resources with a Buy rating and a $1.62 target price.

The analysts anticipate the newly restarted Endeavor mine will rapidly approach a free cash flow inflection point during 2026, driven by a restructured royalty agreement unlocking the ultra-high-grade Upper North Lode.

By utilising efficient long-hole open stoping techniques, management aims to accelerate early silver output and maintain a highly disciplined unit operating cost structure.

The operation stands as a direct beneficiary of the current structural silver rally, commentary suggests, heavily supported by inelastic global mine supply and soaring industrial demand from the solar photovoltaic sector.

The broker introduces formal earnings models reflecting these robust production dynamics, projecting 18.0 cents of earnings per share for FY26 alongside zero dividends.

This report was published on April 28, 2026.

Target price is $1.62 Current Price is $0.88 Difference: $0.74
If POL meets the Shaw and Partners target it will return approximately 84% (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 18.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.89.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 76.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.14.

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

UNI    UNIVERSAL STORE HOLDINGS LIMITED

Apparel & Footwear – Overnight Price: $7.35

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

Jarden observes like-for-like sales growth has started to slow for retailers amid cost pressures that are building.

The broker attempts to quantify the FY27 outlook for sales, gross margins and the cost of doing business as well as to assess just how much negativity is already priced into small-cap retail valuations.

Jarden concludes that valuations are now discounting a meaningful FY27 downturn and higher costs growth, so the risk/reward has improved and investors should start to become less bearish about the sector.

The broker remains cautious, as prior cycles have signalled like-for-like sales could fall more than currently priced in, and for a longer duration than 12 months. Overweight rating and $10 target maintained for Universal Store.

This report was published on April 21, 2026.

Target price is $10.00 Current Price is $7.35 Difference: $2.65
If UNI meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $10.28, suggesting upside of 38.7%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 43.00 cents and EPS of 51.80 cents.
At the last closing share price the estimated dividend yield is 5.85%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.9, implying annual growth of 70.9%.
Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 5.5%.
Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 48.20 cents and EPS of 57.40 cents.
At the last closing share price the estimated dividend yield is 6.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.3, implying annual growth of 10.4%.
Current consensus DPS estimate is 46.2, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.9.

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

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