Codan Ltd (ASX: CDA) has upgraded its profit and revenue outlook yet again, with strong demand for drone technology driving the increases.

Upgrade just a month after last update

The company last upgraded its profit outlook in late September, saying it would generate net profit of $160 million on revenue of $400 million to $410 million in the first half of this financial year.

Chief Executive Officer Alf Ianniello told the company’s annual general meeting on Tuesday that they now expected to do slightly better than this, with revenue expected to be $410 million to $420 million, and net profit expected to be not less than $162 million for the first half.

This profit level compares to $71.2 million in the first half the previous year, and a full year result for FY26 of $175.2 million.

Mr Ianniello said Codan was experiencing, “unprecedented levels and pace of demand for unmanned systems in conflict areas”, while outside of conflict areas the company’s communications division is expected to grow by about 20%.

The company’s Minelab metal detector business is tracking to book revenue for the first half which is slightly above that booked in the second half of FY26.

Mr Ianniello said of the outlook for the second half:

Regarding the full-year FY27 outlook for the Communications segment, while current indications are that the elevated sales order momentum may continue into the second half, order visibility in conflict regions is low and it is too early to determine whether the elevated demand and margin experienced in first-half FY27 will continue in second-half FY27. Balancing these factors, Codan is currently targeting full-year FY27 revenue growth for the Communications segment to be at the upper end of the previously announced 30% to 40% range compared to full-year FY26.

Shares performing strongly

Codan shares are currently up 86.8% over a one-year period and are changing hands for $62.69.

They recently hit a record high of $70.14.

Mr Ianniello said Codan was continuing to invest in the business, with $78 million spent on engineering over FY26, representing about 9% of group revenues.

He said:

This investment ensures the Group remains at the forefront of innovation and product development, supports our competitive positioning and drives our organic growth strategy. Our investment continues to be focused on future technologies including multi-waveform radios, AI-enabled dismounted soldier ecosystems, next-generation cloud-based command and control capabilities, and new detection products across recreational, gold and military markets. In FY26, ongoing innovation across our BluSDR range led to DTC securing its first orders for the sale of radios into multiple programs of record (PORs) for US military initiatives to drive sovereignty.

Codan is valued at $11.43 billion.

The post Codan has issued yet another profit upgrade appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are down 1% to 8,757 points on Tuesday.

Let’s take a look at some new ratings from the experts this week (courtesy The Bull).

Ramelius Resources Ltd (ASX: RMS)

The Ramelius Resources share price is $3.54, down 2.4% today and down 9% over 12 months. 

Michael Gable from Fairmont Equities has a buy rating on this ASX 200 gold mining share. 

Gable said: 

Gold prices appear to have bottomed after trading much higher in early 2026.

The share prices of various gold mining stocks have held up well, and this sign of strength is bullish.

I’m expecting gold mining stock prices to rally higher from here as they follow potentially higher gold prices.

RMS is an Australian gold producer with no debt and strong free cash flow.

It pays a fully franked dividend and has been buying back shares.

RMS is highly leveraged to an increasing gold price and the company’s outlook is bright.

Medibank Private Ltd (ASX: MPL)

The Medibank Private share price is $4.73, down 0.4% today and up 1% over 12 months. 

Andrew Wielandt from DP Wealth Advisory has a hold rating on this ASX 200 financial share. 

Wielandt said: 

Medibank remains one of Australia’s highest quality defensive businesses. The company benefits from a dominant position in private health insurance, recurring premium income and a strong balance sheet.

Population growth and an ageing demographic continue to provide long term support for the sector.

However, MPL now trades on a premium valuation relative to many other defensive businesses.

While the company remains well positioned, much of the good news is factored into the share price, leaving MPL a hold.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL)

Washington H. Soul Pattinson and Co shares are $45.93, down 0.7% today and up 22% over 12 months. 

Toby Grimm from Baker Young has a sell rating on Soul Patts shares.

Grimm said: 

SOL merged with Brickworks in September 2025, a move that was strategically and financially beneficial, as shown by its strong net asset value and earnings and dividend growth in full year 2026.

SOL has a historic track record of solid returns, but we struggle to justify a recent premium without ascribing strong upside expectations for SOL’s unlisted investments.

SOL has significant exposure to private credit and data centre development, which has experienced diminishing market sentiment in recent months.

Following merger benefits and a stock trading above our $38.50 valuation, investors can consider taking profits at current levels.

The post Buy, hold, sell: Ramelius Resources, Medibank, Soul Patts shares appeared first on The Motley Fool Australia.

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Fetching Disclosure…

S&P/ASX 300 Metal & Mining Index (ASX: XMM) shares are up 7% in 2026 amid resilient commodity prices this year.

ASX mining shares are benefiting from greater demand for the metals and minerals essential to the green energy transition.

The energy transition will likely be a multi-decade driver for Australian mining.

Here are 3 mining shares with buy recommendations from Bell Potter.

Liontown Ltd (ASX: LTR)

The Liontown share price is 70 cents, up 1.8% today and down 57% in 2026.

Bell Potter has a buy rating on this ASX lithium mining share with a 12-month price target of $1.60.

That implies a 129% potential upside ahead.

Analyst Stuart Howe said: 

LTR is our preferred lithium exposure. We expect a value re-rate as the Kathleen Valley ramp-up and expansion are progressively derisked over the forecast period.

On recent share price weakness, LTR is trading on an EV last seen in mid-2025 when SC6 prices were around US$650/t and the company’s balance sheet was materially weaker.

Spot prices are now over 2.5x this level and LTR is in a net cash position.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is $12.15, down 2.9% today and down 4% in 2026.

Bell Potter has a buy rating on this ASX gold share with a $15.85 target.

That suggests a 30% potential upside ahead.

Analyst David Coates said: 

EVN has reported a softer September quarter 2026 result. Group production was 153.6koz gold and 17.9kt copper (vs BPe 165.1koz gold and 16.9kt copper). All-In-Sustaining-Costs (AISC) for continuing operations were A$1,653/oz (vs BPe A$1,687/oz).

Production was below our forecasts, while costs were lower than our forecasts and below the low end of FY27 guidance

EVN offers fully unhedged gold and copper exposure via a portfolio of high quality, long-life assets in Tier 1 jurisdictions, overseen
by a high-quality management team.

EVN has delivered on its promise to increase shareholder returns and gold price exposure.

PLS Group Ltd (ASX: PLS)

The PLS share price is $2.91, up 0.2% today and down 33% in 2026.

Bell Potter has a buy call on the ASX’s largest lithium mining company with a target of $4.10 per share.

That implies a 41% potential upside ahead.

He said: 

PLS has approved a Final Investment Decision to double Pilgangoora nameplate Spodumene Concentrate capacity to 2Mtpa.

Separately, PLS will spend $600-650m to upgrade infrastructure including: Sealing the Wodgina Road East; a new 1,200 bed accommodation village; and construction of services facilities.

The P2000 and site enhancement capex of ~$2.5b will be spent across FY27-29 and excludes annual sustaining and mine development capital of ~$350m.

While P2000 introduces medium-term execution risk, completion will meaningfully strengthen PLS’ long-term position as a large, low-cost hard-rock lithium producer.

The post 3 ASX mining shares to buy with 30% to 129% upside ahead: experts appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.