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

This story features FLIGHT CENTRE TRAVEL GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: FLT
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

FLIGHT CENTRE TRAVEL GROUP LIMITED ((FLT)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0

Jarden upgrades Flight Centre Travel to Buy from Overweight with its target price decreased to $15.90 following a profit warning.

Near-term leisure earnings and touring activity faced headwinds from the Middle East conflict, dragging down full-year underlying pre-tax profit expectations to a revised range of $275m to $295m.

The analyst highlights a planned $200m share buyback and the easing of travel restrictions to the Middle East as positive demand catalysts heading into the next period.

Commentary identifies Corporate travel sectors having delivered standout outperformance, securing $1.2bn in contract wins year-to-date to cushion the wider group revenue margin.

Long-term corporate re-rating potential remains structurally sound, the report concludes, as capital-light initiatives and normalised operational tailwinds drive return on invested capital above 18%.

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

Canaccord Genuity upgrades its rating for Iluka Resources to Buy with its target price increased to $8.45 following a milestone maiden magnet rare earth oxide supply agreement at Eneabba.

The binding multi-year take-or-pay arrangement secures an unnamed automotive major to purchase 90% of a 1,200 tonnes output block starting in 2028, establishing structural ex-China market pricing floors.

The analyst notes a -11% share price retraction post-announcement likely reflects localised market misread complexities surrounding intermediate production volume guidance boundaries.

Sovereign execution risk drops significantly after the Australian government satisfied all conditions precedent to clear a $400m second tranche loan drawdown.

Upgraded forward models integrate higher rare earth oxide pricing premiums, driving significant long-dated EBITDA expansions across 2027 and 2028.

Downgrade

CENTURIA CAPITAL GROUP ((CNI)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0

Moelis downgrades Centuria Capital to a Hold rating with its target price reduced to $2.18 from $2.23 following a $292m equity raise to fund data centre expansion and additional real estate investment opportunities.

The capital raising increases shares on issue by 18% and is expected to create near-term EPS dilution, although it provides funding capacity to accelerate Centuria’s data centre rollout strategy and seed new property funds.

The analyst notes the medium-term data centre opportunity could be significant, with a potential 23MW rollout and more than 200MW of identified pipeline capacity, though timing, funding structure and economics remain uncertain.

Forecast EPS has been revised to 13.6c, 13.7c and 14.6c for FY26, FY27 and FY28 respectively, while DPS forecasts remain unchanged at 10.4c, 10.6c and 10.8c.

The analyst expects the equity raise to initially weigh on earnings but sees potential upside if Centuria successfully executes its data centre strategy and continues growing funds under management.

REGIS HEALTHCARE LIMITED ((REG)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden downgrades Regis Healthcare to Neutral from Overweight with its target price decreased to $7.50 following a regulatory review of recent sector legislative shifts.

Industry channel checks reveal that initial adoption rates for the Higher Everyday Living Fee voluntary package remain less robust than previously modeled, as macro cost-of-living pressures prompt incoming residents to opt out.

The analyst notes this operational headwind is further compounded by a delayed implementation timeline for federal accommodation supplement increases, which are deferred to March 2027 due to government software bottlenecks.

Revisions drive a -11.3% reduction to FY27 diluted EPS forecasts and a -14.3% drop for FY28 to encapsulate the slowed funding transitions.

Commentary concludes long-term corporate value remains supported by severe macro bed supply deficits, which will eventually catalyse structural accommodation pricing power once immediate legislative head-winds clear.

SIMS LIMITED ((SGM)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden downgrades Sims to Neutral from Overweight with its target price increased to $30.50 following a strong second-half trading update.

Improved ferrous trading metrics and persistent non-ferrous strength carry the underlying EBIT guidance upgrade to a narrowed band of $420m to $435m.

The analyst attributes notable operational earnings acceleration to the North American Metals division and global data center recycling channels under Sims Lifecycle Services.

While strong benchmark pricing continues to bolster intermediate margins, subdued regional performance persists across the Australia and New Zealand scrap metals sector due to elevated Chinese steel export volumes.

Near-term market outperformance captures much of the immediate macro upgrade cycle, the report concludes, limiting the scope for further consensus valuation revisions.

Order	Company	New Rating	Old Rating	Broker
Upgrade
1	FLIGHT CENTRE TRAVEL GROUP LIMITED	Buy	Buy	Jarden
2	ILUKA RESOURCES LIMITED	Buy	Neutral	Canaccord Genuity
Downgrade
3	CENTURIA CAPITAL GROUP	Neutral	Buy	Moelis
4	REGIS HEALTHCARE LIMITED	Neutral	Buy	Jarden
5	SIMS LIMITED	Neutral	Buy	Jarden

Price Target Changes (Post Thursday Last Week)

Company		Last Price	Broker	New Target	Old Target	Change
AMP	AMP	$1.59	Jarden	1.65	1.75	-5.71%
CGF	Challenger	$9.82	Jarden	9.20	8.70	5.75%
CNI	Centuria Capital	$2.03	Moelis	2.18	2.23	-2.24%
EHL	Emeco Holdings	$0.96	Canaccord Genuity	1.40	1.23	13.82%
EOS	Electro Optic Systems	$9.60	Canaccord Genuity	14.20	14.00	1.43%
EQT	EQT Holdings	$16.20	Canaccord Genuity	22.05	34.57	-36.22%
FBU	Fletcher Building	$2.74	Jarden	N/A	4.01	-100.00%
FLT	Flight Centre Travel	$12.06	Canaccord Genuity	14.00	14.60	-4.11%
			Jarden	15.90	16.80	-5.36%
FWD	Fleetwood	$1.69	Moelis	2.20	3.07	-28.34%
GL1	Global Lithium Resources	$0.43	Shaw and Partners	1.75	1.50	16.67%
ILU	Iluka Resources	$7.18	Canaccord Genuity	8.45	8.10	4.32%
IPX	IperionX	$3.83	Canaccord Genuity	9.20	8.90	3.37%
LIC	Lifestyle Communities	$5.00	Canaccord Genuity	5.80	5.90	-1.69%
			Moelis	6.60	6.70	-1.49%
MPK	Many Peaks Minerals	$0.80	Canaccord Genuity	1.90	1.85	2.70%
MTS	Metcash	$3.05	Jarden	3.70	3.90	-5.13%
PMT	PMET Resources	$0.60	Shaw and Partners	1.50	1.20	25.00%
REG	Regis Healthcare	$6.72	Jarden	7.50	8.20	-8.54%
RWC	Reliance Worldwide	$3.77	Jarden	4.10	4.00	2.50%
SGM	Sims	$28.04	Jarden	30.50	23.00	32.61%
TCG	Turaco Gold	$0.47	Canaccord Genuity	1.80	1.75	2.86%
WA1	WA1 Resources	$11.69	Canaccord Genuity	34.00	32.00	6.25%
WC8	Wildcat Resources	$0.51	Shaw and Partners	1.60	1.20	33.33%
Company		Last Price	Broker	New Target	Old Target	Change

More Highlights

3DA    AMAERO LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.30 

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

Research as a Service (RaaS) highlights Amaero has commissioned its third electrode induction melting gas atomiser ahead of schedule at its Tennessee facility.

The analyst notes this will expand annual production capacity to around 200 tonnes of refractory alloy powders and 480 tonnes of titanium alloy powders.

The completion of the company’s three-year $72m capital investment program is seen as positioning Amaero as the largest domestic US producer of spherical refractory and titanium alloy powders.

The company has also completed its re-domicile to the US, paving the way for a potential US listing in late 2026 or early 2027.

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 June 23, 2026.

Target price is $0.72 Current Price is $0.30 Difference: $0.415
If 3DA meets the Research as a Service (RaaS) target it will return approximately 136% (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 10.52.

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 17.94.

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

BCI    BCI MINERALS LIMITED

Mining – Overnight Price: $0.36 

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

Shaw and Partners initiates coverage on BCI Minerals with a Buy recommendation and $0.75 price target.

The group’s 100% owned flagship Mardie Salt and Potash Project on the Pilbara coast stands at 81% construction completion, positioning it to become Australia’s largest solar salt operation.

The analyst notes the asset is fully funded through a syndicated debt package, with key near-term valuation re-ratings tied to the delivery of first salt shipments by early calendar year 2027.

A secondary structural value modifier centers on extracting Sulphate of Potash from residual waste bitterns, adding a high-margin premium agricultural fertiliser stream.

Predictive infrastructure-like cash flows are projected to scale significantly over a multi-decade operational mine life once full steady-state commercial output thresholds are achieved.

This report was published on June 22, 2026.

Target price is $0.75 Current Price is $0.36 Difference: $0.385
If BCI meets the Shaw and Partners target it will return approximately 105% (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 3.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.86.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.79.

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

BXB    BRAMBLES LIMITED

Transportation & Logistics – Overnight Price: $19.07 

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

Jarden maintains an Overweight rating for Brambles with a $23.50 target price following the release of the latest monthly industrial pallets tracker metrics.

Domestic softwood lumber input costs reaccelerated by 4.8% in May, running ahead of firm wood pallet pricing growth of 3.4% to turn the monthly operating spread negative for the first time since August 2025.

Macroeconomic headwinds continue to build across the broader freight distribution chain as on-road diesel outlays surged by 59.7% over the month.

The analyst highlights food and beverage retailer inventory growth decelerating to 2.5% in April, slipping back below its long-run 10-year average baseline of 3.0%.

Management revised its full-year revenue growth guidance to a range of 2% to 3% following a strategic -US$60m supply chain operational efficiency investment across North American networks.

This report was published on June 23, 2026.

Target price is $23.50 Current Price is $19.07 Difference: $4.43
If BXB meets the Jarden target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $21.23, suggesting upside of 9.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 42.60 cents and EPS of 99.06 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.1, implying annual growth of N/A.
Current consensus DPS estimate is 60.6, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.8. 

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 63.97 cents and EPS of 107.16 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.2, implying annual growth of 10.3%.
Current consensus DPS estimate is 64.8, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 17.9. 

This company reports in USD. 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

EIQ    ECHOIQ LIMITED

Medical Equipment & Devices – Overnight Price: $1.23 

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

Shaw and Partners retains a Buy rating for EchoIQ with a $1.50 target price following proposed rule adjustments by the US Centers for Medicare and Medicaid Services regarding transcatheter aortic valve replacement coverage.

Commentary suggests the planned regulatory expansion to include certain asymptomatic patients will drive increased echocardiography volumes in a heavily underdiagnosed market.

The analyst notes this policy shift could accelerate clinical demand for the company’s EchoSolv AS platform, lifting its total addressable aortic stenosis market by roughly 40% to US$1.26bn.

Commercial deployment remains on track within the Mount Sinai Health System following initial FDA clearance protocols.

Standing financial year forecasts remain unadjusted ahead of a final regulatory insurance coverage decision scheduled for mid-September 2026.

This report was published on June 18, 2026.

Target price is $1.50 Current Price is $1.23 Difference: $0.275
If EIQ meets the Shaw and Partners target it will return approximately 22% (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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.33.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 87.50.

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

EXR    ELIXIR ENERGY LIMITED

NatGas – Overnight Price: $0.12 

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

Canaccord Genuity initiates coverage of Elixir Energy with a Speculative Buy rating and a $0.25 price target to reflect exploration progress within the Taroom Trough.

The company holds a 550,000 acre position in this liquids-rich, overpressured tight gas play located in close proximity to the Wallumbilla Gas Hub.

The analyst highlights the Lorelle-3H horizontal well as a key value driver, noting high-quality reservoir parameters capable of meeting or exceeding flow rates observed at adjacent commercial wells.

Exploration upside is supported by geological comparisons to Canada’s Montney basin, combined with strong political backing from the Queensland government to accelerate appraisal and commercial development activities.

SOTP valuation modeling utilises a 10% WACC discount rate to single-well type curve economics extrapolated across the net acreage portfolio.

This report was published on June 24, 2026.

Target price is $0.25 Current Price is $0.12 Difference: $0.125
If EXR meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).

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

FWD    FLEETWOOD LIMITED

Infra & Property Developers – Overnight Price: $1.58 

Moelis rates ((FWD)) as Buy (1) –

Moelis maintains a Buy rating on Fleetwood with its $2.20 target price following the company’s streamlined focus on Community Solutions and Building Solutions after exiting the RV business and closing the underperforming Smithfield manufacturing facility.

FY26-FY28 EPS estimates have been revised by negative -2%, and positive 46% and 10% respectively to 27.4c, 24.6c and 16.9c, with FY26 impacted by a delayed return to profitability in Building Solutions while FY27 benefits from higher contracted occupancy and improved operating assumptions.

Community Solutions remains the key earnings contributor, with 1H27 contracted occupancy at 98% and FY27 occupancy forecast at 71%, supported by potential conversion of the Searipple Rio contract extension.

Restructuring costs are expected at -$12m-$14m in FY26 for Smithfield and -$8m-$10m for the RV exit, while annualised cost savings of $8m-$9m are expected from Q2 FY27 onwards.

The analyst views the balance sheet as strong with forecast June-end cash of $45m and sees the removal of recent business detractors as supportive of the investment outlook.

This report was published on June 23, 2026.

Target price is $2.20 Current Price is $1.58 Difference: $0.62
If FWD meets the Moelis target it will return approximately 39% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 9.50 cents and EPS of 27.40 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.77.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 24.60 cents and EPS of 24.60 cents.
At the last closing share price the estimated dividend yield is 15.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.42.

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

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $16.89 

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

Canaccord Genuity maintains a Buy rating for Pinnacle Investment Management with a $24.53 price target ahead of an anticipated strategic expansion into multi-asset SMAs.

Executive hiring initiatives alongside the recent appointment of a high-profile industry chief investment officer suggest to the broker the product launch rollout leveraging PAM technology could accelerate in FY27.

The analyst notes entering the retail-focused SMA market enables the monetisation of an expanding $200bn industry segment growing at 20% annually to secure a highly accretive margin revenue stream.

Commentary suggests potential structural conflicts regarding vertical integration can be managed by targeting smaller advice practices to capture portfolio share from established mass-market providers.

Canaccord adds distribution support for the start-up wholesale platform FinCap further underpins expanding long-term commercial optionality across private asset management channels.

This report was published on June 24, 2026.

Target price is $24.53 Current Price is $16.89 Difference: $7.64
If PNI meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $22.17, suggesting upside of 31.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 67.1, implying annual growth of 6.2%.
Current consensus DPS estimate is 61.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY27:

Current consensus EPS estimate is 86.8, implying annual growth of 29.4%.
Current consensus DPS estimate is 77.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 19.5.

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

TCG    TURACO GOLD LIMITED

Gold & Silver – Overnight Price: $0.55 

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

Canaccord Genuity maintains a Speculative Buy rating for Turaco Gold with a 1.75 target price following the release of a pre-feasibility study for the Afema Gold Project in Cote d’Ivoire.

The detailed study outlines a large-scale, conventional open-pit mining operation centered on a 6.0Mtpa hybrid processing plant targeting an average annual gold production profile of 196koz over a ten-year mine life.

A multi-deposit extraction strategy operates with a modest life of mine strip ratio of 4.8:1 to deliver a front-end loaded production schedule averaging 215kozpa during the initial seven years.

Capital intensity metrics outline a total pre-production capital expenditure requirement of -US$442m alongside a life of mine all-in sustaining cost estimate of US$1,508 per ounce.

The analyst anticipates a definitive feasibility study within twelve months, noting significant intermediate upside options from unmodeled nearby deposits and future underground exploration targets.

This report was published on June 19, 2026.

Target price is $1.75 Current Price is $0.55 Difference: $1.205
If TCG meets the Canaccord Genuity target it will return approximately 221% (excluding dividends, fees and charges).

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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