Daily Market Reports | 10:30 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)
AMP AR1 CAR CBE DOW EGH IDX LMG LRV RMD WBC
LRV LARVOTTO RESOURCES LIMITED
Mining - Overnight Price: $0.76
Moelis rates ((LRV)) as Buy (1) -
Moelis maintains a Buy rating for Larvotto Resources with its target price decreased to $1.30 from $1.40 after incorporating the September quarter cash burn of approximately $57m resulting in a lower cash position of $31.1m at quarter-end.
The Hillgrove antimony-gold project transitioned from development to operation with the first concentrate produced in September and an initial 68t antimony concentrate shipment executed post-quarter.
Moelis notes encouraging exploration results at Clarks Gully and the Metz Mining Centre highlight further resource growth potential.
The analyst expects total outflows to moderate to approximately $27m in the December quarter aided by approximately $20m inflows from pre-production concentrate sales.
Moelis highlights the next few months are critical for the transition to steady-state operations.
This report was published on November 2, 2026.
Target price is $1.30 Current Price is $0.76 Difference: $0.545
If LRV meets the Moelis target it will return approximately 72% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.73.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.14.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RMD RESMED INC
Medical Equipment & Devices - Overnight Price: $33.32
Canaccord Genuity rates ((RMD)) as Downgrade to Hold from Buy (3) -
Canaccord Genuity downgrades its rating for ResMed to Hold from Buy with its target price decreased to $35.61 from $40.00 following a first-quarter result signalling that FY27 EPS guidance is overly dependent on "below-the-line engineering".
ResMed maintained FY27 reported revenue guidance of US$5.75bn to US$5.85bn and core constant-currency revenue growth of 5% to 7%.
The analyst expects the company may be layering additional SG&A and R&D into the business to reinforce its competitive position ahead of a potential Philips US market re-entry, downgrading FY28 and FY29 EPS forecasts by -4% to -6% after revising these cost assumptions.
This report was published on November 2, 2026.
Target price is $35.61 Current Price is $33.32 Difference: $2.29
If RMD meets the Canaccord Genuity target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $40.88, suggesting upside of 22.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 38.46 cents and EPS of 172.19 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.35.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 188.8, implying annual growth of N/A.
Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 17.6.
Forecast for FY28:
Canaccord Genuity forecasts a full year FY28 dividend of 41.61 cents and EPS of 184.96 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 208.0, implying annual growth of 10.2%.
Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 16.0.
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
WBC WESTPAC BANKING CORPORATION
Banks - Overnight Price: $36.82
Jarden rates ((WBC)) as Sell (5) -
Jarden maintains a Sell rating for Westpac with its target price decreased to $30.00 from $31.00 following results broadly in line with expectations, featuring a 2.7% half-on-half increase in core profit and FY26 cash earnings of $7.0bn.
The bank projects 3.8% home loan growth and 7% institutional and business banking growth in FY27.
Jarden cuts FY27 and FY28 cash earnings estimates by -2% to -3% to account for higher bad and doubtful debts and lower net interest margins.
This report was published on November 3, 2026.
Target price is $30.00 Current Price is $36.82 Difference: minus $6.82 (current price is over target).
If WBC meets the Jarden target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $33.60, suggesting downside of -8.7%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 206.8, implying annual growth of 3.8%.
Current consensus DPS estimate is 155.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 17.8.
Forecast for FY28:
Current consensus EPS estimate is 214.3, implying annual growth of 3.6%.
Current consensus DPS estimate is 157.8, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.2.
Market Sentiment: -0.5
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.