Daily Market Reports | 10:50 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)
ALC APX BET BGD BOE BUB CIA CMM CSC DNL DTL (2) DYL ELS EQR FFM HRN IDX IFT IGO ILU JBH KAN LTR MSB PLS (2) SDR SUL SUN SYR TLS WAF WES WOW
EQR EQ RESOURCES LIMITED
Industrial Metals - Overnight Price: $0.29
Canaccord Genuity rates ((EQR)) as Buy (1) -
Canaccord Genuity reiterates its Buy rating for EQ Resources with a $0.55 target price following the September quarter 2026 report.
Group production of 51,233mtu was pre-reported, up 81% on the previous quarter, with EBITDA of $123m beating the broker's $114m estimate and closing cash rising to $82m.
FY27 guidance of 240,000mtu-280,000mtu is in line with Canaccord Genuity's 259,077mtu estimate, though cash cost estimates are increased to US$422/mtu and capex guidance of $80m-$100m exceeds Canaccord Genuity's $55m.
Canaccord Genuity sees its FY27 EBITDA forecast of $664m as achievable, against Factset consensus of $554m, but expects free cashflow to drop slightly on the higher capex.
Canaccord Genuity considers the shares undervalued, with catalysts including Mt Carbine drilling in the December quarter of 2026 and Resource and Reserve updates in the March quarter of 2027.
This report was published on October 29, 2026.
Target price is $0.55 Current Price is $0.29 Difference: $0.26
If EQR meets the Canaccord Genuity target it will return approximately 90% (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
FFM FIREFLY METALS LIMITED
Gold & Silver - Overnight Price: $1.35
Moelis rates ((FFM)) as Upgrade to Buy from Hold (1) -
Moelis upgrades its rating for FireFly Metals to Buy from Hold with a $1.70 target price following a quarterly activities report detailing the progress of the Green Bay project.
Moelis updates models to account for a recent equity raising, resulting in a September quarter closing cash position of $337m to support the delivery of a definitive feasibility study in early 2027 and a subsequent final investment decision.
The analyst highlights that the recent pullback in the share price appears overdone, creating an attractive entry point that diverges from strong underlying copper market fundamentals and the continued de-risking of the asset from an aggressive exploration phase into early development.
While noting execution risks shift towards permitting and construction, the potential for further camp-scale exploration upside and vulnerability to corporate activity at current valuation levels reinforce the positive investment view.
This report was published on October 30, 2026.
Target price is $1.70 Current Price is $1.35 Difference: $0.345
If FFM meets the Moelis target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $2.32, suggesting upside of 70.3%(ex-dividends)
Forecast for FY27:
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 FY28:
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
Gold & Silver - Overnight Price: $1.15
Moelis rates ((HRN)) as Buy (1) -
Moelis maintains a Buy rating for Horizon Gold with a $3.15 target price following a September quarter activities report highlighting encouraging exploration results across multiple prospects at the Gum Creek gold project.
Moelis incorporates the issuance of options into its model, noting the company concluded the quarter with $16.9m in cash after investing $6.6m in exploration.
The analyst highlights that the current share price materially undervalues the scale of the Gum Creek resource and its straightforward development pathway, trading at less than half of the assessed intrinsic value.
While near-term share price performance may lag existing producers benefitting immediately from high gold prices, Moelis anticipates investor attention will rotate towards undervalued developers as producer valuations expand.
Opportunities to accelerate cash flow through early mining, toll treatment, or monetising the refractory Wilson's deposit provide additional upside ahead of planned early 2027 resource updates.
This report was published on October 30, 2026.
Target price is $3.15 Current Price is $1.15 Difference: $2
If HRN meets the Moelis target it will return approximately 174% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.83.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 25.56.
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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