Daily Market Reports | 10:29 AM
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.
COMPANIES DISCUSSED IN THIS ISSUE
Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ACW AL3 APE ARB AUE AWJ BGD CMA CNI CSL EVO GG8 IMR JYC KAN (2) MPK MXI PDN PPS REG SLD SS1 STM SX2
SLD SALUDA MEDICAL INC
Medical Equipment & Devices - Overnight Price: $0.43
Canaccord Genuity rates ((SLD)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Saluda Medical with its target price increased to $2.02 from $2.00 following an FY26 earnings call highlighting improving sales productivity across key commercial territories.
Company guidance for FY27 projects revenue growth of 25% to 35% to between US$113m and US$122m, alongside an adjusted EBITDA loss of -US$95m to -US$101m.
The analyst notes operating expenditure guidance surprised positively due to the annualisation of prior cost adjustments and moderating overheads.
Canaccord Genuity expects gross margins to expand over the forecast period following the anticipated FY27 approval of a smaller next-generation implantable pulse generator and redesigned percutaneous leads.
With US$116m in cash and US$25m in undrawn facilities at the end of FY26, Canaccord Genuity views the business as well funded to improve salesforce productivity across its 180 viable market territories.
This report was published on August 31, 2026.
Target price is $2.02 Current Price is $0.43 Difference: $1.59
If SLD meets the Canaccord Genuity target it will return approximately 370% (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
SS1 SUN SILVER LIMITED
Gold & Silver - Overnight Price: $1.19
Canaccord Genuity rates ((SS1)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Sun Silver with a $2.85 target price following new drilling results showing antimony mineralisation extending well beyond the current 539m ounce silver equivalent Maverick resource boundaries.
Hole MV0004 intersected two broad antimony intervals, including 43.7m at 0.06% antimony from 70.6m, commencing 60m above the existing resource within material previously classified as waste.
Canaccord Genuity currently models 250m tonnes of pre-strip prior to accessing the main mineralised horizon, noting the potential recovery of antimony from this overlying material could materially offset stripping costs and improve project economics.
The company also completed a high-resolution airborne magnetic and radiometric survey over an expanded Nevada land package to generate further targets across the broader silver-antimony system.
The analyst anticipates a resource update during the December quarter of 2026, ahead of metallurgical studies supporting a scoping study scheduled for early 2027.
This report was published on September 3, 2026.
Target price is $2.85 Current Price is $1.19 Difference: $1.665
If SS1 meets the Canaccord Genuity target it will return approximately 141% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
STM SUNSTONE METALS LIMITED
Copper - Overnight Price: $0.20
Shaw and Partners rates ((STM)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Sunstone Metals with a $1.40 target price following two positive project updates encompassing metallurgical testwork and drilling results.
Revised metallurgical testing achieved materially higher recoveries compared to the April 2026 Scoping Study, reaching 80% for copper and 93% for gold.
The low levels of penalty elements including arsenic and antimony point to clean concentrates, which the analyst views as a meaningful positive read-through for future unit costs, payable metal forecasts and overall project net present value.
Recent drilling success at Melonal and a new Porotillo trench further extended mineralisation outside the existing 3.6m ounce gold equivalent Bramaderos resource.
These extensions will inform an upcoming resource update scheduled for the December quarter of 2026.
This report was published on September 4, 2026.
Target price is $1.40 Current Price is $0.20 Difference: $1.2
If STM meets the Shaw and Partners target it will return approximately 600% (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 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.00.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SX2 SOUTHERN CROSS GOLD CONSOLIDATED LIMITED CHEES DEPOSITORY INTEREST REPR 1
Gold & Silver - Overnight Price: $12.27
Shaw and Partners rates ((SX2)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Southern Cross Gold with its target price increased to $18.00 from $14.40 following the release of an upgraded Exploration Target for the Sunday Creek project.
The updated Exploration Target features a 41% increase in contained gold equivalent metal and an 11% improvement in grade.
Incorporating the expanded 1.5km strike length, the broker increases annual mining capacity forecasts to 800ktpa from 700ktpa, lifting peak production estimates to 207kozpa of gold equivalent over a 15-year mine life.
The analyst notes the deposit remains open at depth and laterally across a potential 11km mineralised corridor, providing significant upside for capacity expansion.
Shaw suggests ongoing drill results will inform a maiden resource estimate expected during the first half of 2027.
This report was published on September 3, 2026.
Target price is $18.00 Current Price is $12.27 Difference: $5.73
If SX2 meets the Shaw and Partners target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in May.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 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 818.00.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 511.25.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.