Weekly Reports | 10:30 AM
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
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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.
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