In Case You Missed It – BC Extra Upgrades & Downgrades – 05-06-26

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This story features ASX LIMITED, and other companies.
For more info SHARE ANALYSIS: ASX
The company is included in ASX50, ASX100, 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

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

Jarden upgrades ASX to Overweight from Neutral, with a $55.30 target price, following a significant share price dislocation.

Commentary suggests main concerns regarding the absence of a chief executive officer and cost transparency are resolved by Anthony Attia’s appointment and recent technology cost guidance.

Technology modernisation and cultural remediation operating expenses will be partly offset in outer years by participant cost-passing mechanisms.

Strong volume momentum remains evident as year-to-date operating revenue reached $1.03bn, an increase of 12.5% on the prior corresponding period.

Near-term dividend recovery faces constraints from a -$150m capital charge due by June 2027, potentially requiring a discounted dividend reinvestment plan.

GRAINCORP LIMITED ((GNC)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0

Jarden upgrades to a Neutral rating for GrainCorp with a $5.40 target price following the release of the first winter crop production estimates by ABARES for FY27.

The agency’s east coast winter crop estimate of 23.8mmt remains broadly in line with long-term averages, though emerging El Nino risks over June and July pose downside tracking visibility, the broker adds.

Higher raw procurement costs are modeled across the key nutrition and energy crushing facilities due to a -34% year-on-year drop in New South Wales canola production.

Long-term through-the-cycle earnings power assumptions reflect more scepticism than broader consensus expectations, Jarden explains, particularly across the FY28 financial horizon.

The report concludes solid fundamental balance sheet metrics persist, supported by the corporate securities currently trading at a -21% discount to accounting book value.

NICK SCALI LIMITED ((NCK)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity has upgraded Nick Scali to Buy from Hold with its price target lowered to $15.77 from $20.43.

Downgrade

ABACUS GROUP ((ABG)) Downgrade to Hold from Buy by Shaw and Partners.B/H/S: 0/0/0

Shaw and Partners downgrades Abacus Group to a Hold rating with its target price reduced to $1.05.

Following the internalisation of management by Abacus Storage King, the company will focus on a long-term commercial real estate investment strategy.

A wait-and-see approach is prudent while strategic options regarding the portfolio and capital structure are considered.

Financial models remain unchanged for now, though a potential sale of the 19.7% stake in Abacus Storage King could materially alter the financial profile in FY27.

Distributions could be reset to 6.5c per unit in FY27 from the reiterated FY26 guidance of 8.5c, softened by a potential increase in franking to 100%.

CHAMPION IRON LIMITED ((CIA)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden downgrades Champion Iron to a Neutral rating with its target price reduced to $5.00 following a lower-than-expected dividend outcome and apparent deteriorating business conditions.

A revised distribution framework based on trailing free cash flow metrics has been introduced to preserve liquidity amid rising operational costs.

Unit operating costs increased during the final quarter due to higher fuel and land transport dynamics, with seaborne freight inflation providing a further drag on earnings.

Imminent sales of high-grade product from the direct reduction pellet feed expansion project will begin in the upcoming quarter.

Forward EBITDA projections are lowered by -20% for FY27, though the underlying strategy of increasing premium iron ore product exposure remains intact, the broker highlights.

SUPERLOOP LIMITED ((SLC)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0

Jarden downgrades Superloop to Overweight, with a $3.60 target price, following management’s recent investor presentation.

Commentary highlights group baseline revenue trajectories expand sustainably under the new three-year strategic framework targeting significant compound earnings growth by FY29.

Near-term underlying group EBITDA allocations climb to a guided range of $118m to $122m, representing strong organic customer acceleration.

Broadening subscriber metrics display substantial volume additions across residential consumer and open-access wholesale infrastructure networks.

The report concludes accelerated contracted order book momentum within specialised communities further expands visibility to support long-term operational margin targets.

Price Target Changes (Post Thursday Last Week)

More Highlights

3DP    POINTERRA LIMITED

Cloud services – Overnight Price: $0.03

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

Pointerra has been awarded a $700,000 three-year contract with Origin Energy ((ORG)) for automated pipeline monitoring and analytics across 750,000 km of gas transmission pipelines in Queensland. Operations are to commence in July.

Research as a Service (RaaS) considers the contract an important validation of the company’s cloud-based solution, Pointerra3D, for remote monitoring in the natural resources sector. Valuation is maintained at $0.18.

Research as a Service doesn’t assign a rating. Investors can draw conclusions from valuations and commentary.

This report was published on June 1, 2026.

Target price is $0.18 Current Price is $0.03 Difference: $0.15
If 3DP meets the Research as a Service (RaaS) target it will return approximately 500% (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 22.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.14.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.16.

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

AEU    ATOMIC EAGLE LIMITED

Overnight Price: $0.41

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

Shaw and Partners initiates coverage on Atomic Eagle with a Buy rating and a $1.40 target price following the commencement of a 30,000m exploration drilling campaign at the Muntanga Uranium Project in Zambia.

The district-scale program targets four priority zones within a 1,126 km² licence package to expand the existing 58.8 Mlb uranium resource base.

Prodeo Consulting validated a historical feasibility study confirming commercial viability at a flat uranium price of US$90/lb.

A potential reconciliation with the Niger government regarding the revoked permit for the world-class Madaouela resource represents substantial upside option value but is assigned nil value under current models.

Financial projections indicate negative underlying earnings per share of -3.9c for FY26 and -4.0c for FY27, with dividend distributions expected to remain at zero.

This report was published on May 28, 2026.

Target price is $1.40 Current Price is $0.41 Difference: $0.99
If AEU meets the Shaw and Partners target it will return approximately 241% (excluding dividends, fees and charges).

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.51.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 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 10.25.

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

GHM    GOLDEN HORSE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.47

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

Shaw and Partners maintains a Buy rating for Golden Horse Minerals with a $1.50 target price following a significant exploration breakthrough at the Hopes Hill project in Western Australia.

Reverse circulation and diamond drilling confirmed high-grade gold mineralisation extending over 3km, with a standout intercept of 12m at 7.0g/t gold located 1,000m north of the existing pit.

Commentary explains the results validate the geological model beneath the historic workings and suggest the bulk of the endowment remains wide open at depth.

With four rigs deployed and a large batch of assays pending, the ongoing drill campaign aims to integrate data into a planned mineral resource estimate by the end of 2026.

The broker nominates the company as a preferred pick within the gold sector as it systematically unlocks a substantially larger mineralised system.

This report was published on May 29, 2026.

Target price is $1.50 Current Price is $0.47 Difference: $1.03
If GHM meets the Shaw and Partners target it will return approximately 219% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

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: $1.02

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

Canaccord Genuity maintains a Buy rating for ikeGPS Group with a $1.30 target price following the release of its full-year FY26 financial results.

Reported negative FY26 EBITDA of -NZ$5m exceeded expectations and confirmed the enterprise software provider reached a critical monthly breakeven operational run rate in March, Canaccord comments.

Group revenues increased 6% to NZ$26.6m despite an expected contract roll-off and a policy-driven transaction slowdown in United States rural fiber deployment networks.

Total subscription metrics climbed steadily across seat licenses and enterprise client acquisitions, while gross profit margin expanded significantly to 81%.

Elevated near-term research and development allocations marginally lower FY27 EBITDA forecasts to negative -NZ$2.4m as development pipelines expand into broader electricity management software verticals.

This report was published on June 1, 2026.

Target price is $1.30 Current Price is $1.02 Difference: $0.28
If IKE meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).

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

SDR    SITEMINDER LIMITED

Travel, Leisure & Tourism – Overnight Price: $3.50

Jarden rates ((SDR)) as Buy (1) –

Jarden maintains a Buy rating for SiteMinder with a $5.80 target price following the launch of its SiteMinder Powered distribution platform.

Mews has signed as the inaugural partner, enabling direct integration of channel management software within its hotel operating systems.

The agreement de-risks future competition by reinforcing how difficult replicating the core distribution product is for vertically integrated hotel technology players.

Zero customer acquisition costs and diminished churn are expected to secure highly attractive subscriber unit economics through the mutual partnership.

Near-term revenue impacts appear immaterial, but longer-term platform expansion and upsell opportunities for ancillary products are seen as supporting structural growth metrics.

This report was published on May 28, 2026.

Target price is $5.80 Current Price is $3.50 Difference: $2.3
If SDR meets the Jarden target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $6.49, suggesting upside of 85.3%(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 minus 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 233.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.9, 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:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 92.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, 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 120.7.

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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