In Case You Missed It – BC Extra Upgrades & Downgrades – 03-07-26

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This story features SPARK NEW ZEALAND LIMITED.
For more info SHARE ANALYSIS: SPK
The company is included in 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

SPARK NEW ZEALAND LIMITED ((SPK)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden upgrades its rating for Spark New Zealand to Overweight with a NZ$2.27 target price following recent share price underperformance.

The analyst notes a compelling valuation entry level has emerged after shares dropped -14% compared to a 2% rise across the broader market index.

Jarden comments that growing overall earnings looks difficult given legacy pressures across the business, particularly concerning broadband gross margins.

In addition, future dividend growth appears unlikely unless capital expenditure is meaningfully reduced.

Mobile divisions remain a constructive earnings lever, the broker concludes, leaving group profitability highly dependent on continued benign regulatory conditions.

Price Target Changes (Post Thursday Last Week)

More Highlights

AFG    AUSTRALIAN FINANCE GROUP LIMITED

Banks – Overnight Price: $1.64

Jarden rates ((AFG)) as Initiation of coverage with Overweight (2) –

Jarden initiates coverage on Australian Finance Group with an Overweight rating and a $2.30 target price following a steep recent valuation de-rating.

The analyst considers the -40% share price drop over the past year an attractive cyclical entry point rather than a signal of structural decline.

The core distribution segment generates steady annuity-style earnings via trail commissions and recurring subscription revenues, supported by a record 81% broker market share of domestic mortgage settlements.

The internal manufacturing division continues building balance sheet scale towards a $9bn loan book aspiration, while managing near-term net interest margin pressures from elevated wholesale funding costs.

Valuation modelling utilises a blended discounted cash flow and price-to-book methodology incorporating minor macro risk overlays surrounding domestic interest rate trajectories.

This report was published on June 24, 2026.

Target price is $2.30 Current Price is $1.64 Difference: $0.66
If AFG meets the Jarden target it will return approximately 40% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 11.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 6.71%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.11.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 12.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 7.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.81.

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

BM1    BALLARD MINING LIMITED

Gold & Silver – Overnight Price: $0.65

Moelis rates ((BM1)) as Initiation of coverage with Buy (1) –

Moelis commences coverage on Ballard Mining with a Buy rating and a $0.90 target price.

The pre-developer is actively advancing the fully permitted Mt Ida gold project in the Western Australian Goldfields.

Project development workstreams and metallurgical plant studies position the firm to reach a formal final investment decision by the conclusion of FY27.

The analyst highlights a strategic, cornerstone-backed register as a key mechanism to alleviate long-dated development funding constraints.

Blended valuation models apply equal weights to a conceptual project development net present value framework and regional enterprise-to-resource metrics.

This report was published on June 29, 2026.

Target price is $0.90 Current Price is $0.65 Difference: $0.255
If BM1 meets the Moelis target it will return approximately 40% (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 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.71.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 49.62.

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

D3E    D3 ENERGY LIMITED

NatGas – Overnight Price: $0.30

Research as a Service (RaaS) rates ((D3E)) as No Rating (-1) –

Research as a Service (RaaS) is this time looking to the Nasdaq to yet again highlight D3 Energy as a compelling niche opportunity in the global energy landscape.

The development in case is an asset deal announcement by Nasdaq-listed ASP Isotopes on its South African helium assets, which the analyst highlights as providing a transactional benchmark with direct look-through, positive implications for D3 Energy.

As the analyst highlights, the ASX-listed minnow is a highly leveraged play on natural gas and helium projects in South Africa and Australia.

Commentary highlights the production case is heading towards project approval and validation over the next 12-plus months with commercial options now better defined.

Research as a Service doesn’t assign a rating. Investors can draw conclusions from valuations and commentary. RaaS’ net asset value is $2.78.

This report was published on July 2, 2026.

Target price is $2.78 Current Price is $0.30 Difference: $2.475
If D3E meets the Research as a Service (RaaS) target it will return approximately 811% (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 1.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.53.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.56 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.55.

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: $1.59

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

Shaw and Partners maintains a Buy rating for EchoIQ with its target price increased to $2.00 following a binding strategic partnership agreement with Pro Medicus ((PME)).

The US-focused arrangement includes up to $20m in potential investment alongside a reseller agreement designed to accelerate adoption of EchoSolv artificial intelligence diagnostics across an extensive hospital network.

The analyst notes 11 of the top 20 United States hospitals currently utilise Pro Medicus imaging software, implying a total addressable market approaching 165,000 echocardiograms annually.

Recent senior executive and clinical advisor appointments further strengthen operational capabilities ahead of anticipated FDA clearance for the heart failure product during the first half of 2026.

Upgraded discounted cash flow valuation models incorporate a higher 6.5% medium-term penetration rate assumption for the core heart failure diagnostic tool.

This report was published on June 29, 2026.

Target price is $2.00 Current Price is $1.59 Difference: $0.41
If EIQ meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.58, suggesting downside of -0.4%(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 minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.3, 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:

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 113.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.0, 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.

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

HRN    HORIZON GOLD LIMITED

Overnight Price: $1.06

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

Moelis commences coverage on Horizon Gold with a Buy rating and a $2.70 target price.

The asset developer is focusing on advanced evaluation and exploration activities at the Gum Creek gold project in Western Australia.

The analyst expects a pending feasibility study later in 2026 to provide significant clarity regarding commercial processing configurations and economic returns.

Commentary highlights current cash reserves of $28m remain sufficient to fully fund near-term study pathways through to a final investment decision in mid-2027.

Broader market consolidation trends and potential toll treatment avenues for refractory material offer substantial longer-term valuation upside.

This report was published on June 29, 2026.

Target price is $2.70 Current Price is $1.06 Difference: $1.64
If HRN meets the Moelis target it will return approximately 155% (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 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 81.54.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.85.

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

JYC    JOYCE CORPORATION LIMITED

Furniture & Renovation – Overnight Price: $6.05

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

Canaccord Genuity initiates coverage on Joyce with a Buy rating and a $6.67 target price, highlighting the strong growth profile of its core renovation and furniture operations.

The analyst notes the kitchen and wardrobe showroom division, KWB Group, contributes 85% of group earnings and maintains a market-leading position within the fragmented do-it-for-me renovation segment.

An outsourced manufacturing and installation model supports operating margins exceeding 20% while luxury customer payment schedules ensure high cash conversion.

The report suggests network expansion plans targeting new showrooms across Victoria and Western Australia should drive long-term earnings growth despite potential near-term cyclical softness in written sales orders.

The broker values the business using an 18.0x multiple applied to FY27 earnings estimates, viewing a potential future move to full ownership of KWB as a major positive catalyst.

This report was published on June 17, 2026.

Target price is $6.67 Current Price is $6.05 Difference: $0.62
If JYC meets the Canaccord Genuity target it will return approximately 10% (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 27.00 cents and EPS of 36.00 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 16.81.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 28.00 cents and EPS of 37.10 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.31.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $16.60

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

Canaccord Genuity maintains a Buy rating on Neuren Pharmaceuticals with an unchanged $24.00 target price following a positive CHMP opinion supporting European approval of Daybue for Rett syndrome.

The analyst expects European Medicines Agency approval within the coming months, with the EU label covering patients aged five years and older compared with the US label, while Neuren continues to receive royalty streams from Daybue sales through its partnership structure.

The analyst maintains a positive outlook on the commercial pathway, noting the company’s royalty agreement with Acadia Pharmaceuticals for Daybue and the potential for further value creation from NNZ-2591 development.

Phase III trials for Phelan McDermid syndrome remain on track, with patient recruitment progressing and potential catalysts including Daybue Japan approval, NNZ-2591 trial updates and ongoing clinical development milestones.

Canaccord’s valuation remains unchanged at $24.00 per share based on a sum-of-the-parts methodology including Daybue, NNZ-2591 and ROV-based opportunities.

This report was published on June 29, 2026.

Target price is $24.00 Current Price is $16.60 Difference: $7.4
If NEU meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $24.37, suggesting upside of 46.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 39.4, implying annual growth of 66.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.1.

Forecast for FY27:

Current consensus EPS estimate is 37.7, implying annual growth of -4.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 44.0.

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

QAL    QUALITAS LIMITED

Wealth Management & Investments – Overnight Price: $3.01

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

Canaccord Genuity maintains a Buy rating for Qualitas with a $4.45 target price following an operational overview outlining the development of internal artificial intelligence platforms.

The technology deployment aims to drive procedural efficiencies across commercial credit approval channels and underpins an upgrade to the company’s long-term Australian funds management EBITDA margin target to over 60%.

Capital development costs have been absorbed quietly above the line, keeping 1H26 and full-year FY26 profitability results lower than they would have been in the absence of this investment.

The analyst notes the initiative functions as a near-term cost burden providing minimal operational benefit in FY27, though larger average credit sizes should structurally support margin expansion over time.

Institutional funds management flows remain insulated relative to retail peer disruption, Canaccord comments, while the company retains an attractive multi-year growth runway across local and European private credit markets.

This report was published on June 28, 2026.

Target price is $4.45 Current Price is $3.01 Difference: $1.44
If QAL meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $3.88, suggesting upside of 29.0%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 14.5, implying annual growth of 26.7%.
Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY27:

Current consensus EPS estimate is 17.1, implying annual growth of 17.9%.
Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 17.6.

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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