Daily Market Reports | 1:31 PM
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)
29M ALC ATG BOE BPT CYL HGO IGO LOT LTR PDN PEN PLS PSC SFR SYR
HGO HILLGROVE RESOURCES LIMITED
Copper - Overnight Price: $0.06
Moelis rates ((HGO)) as Buy (1) -
A quick response to Hillgrove Resources' Q2 update by Moelis suggests production volumes are in line, but higher costs are a disappointment and so is the softer cash position.
4Q Cost (AISC) of $6.30/lb compares with Moelis' $5.40/lb forecast. Guidance for $5.75-6.25/lb AISC compares with the broker's $5.30/lb forecast.
Today's commentary highlights Hillgrove Resources provides the most leveraged copper exposure within Moelis' research coverage and should benefit significantly from record pricing, but some questions have arisen post the overall disappointing quarterly update.
Buy. Target 7c.
This report was published on January 22, 2026.
Target price is $0.07 Current Price is $0.06 Difference: $0.01
If HGO meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.38 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.79.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.84 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.14.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IGO IGO LIMITED
Nickel - Overnight Price: $9.21
Jarden rates ((IGO)) as Neutral (3) -
A general sector update has seen Jarden analysts lift their pricing projections for copper and lithium. The view is that improving pricing will trigger a supply response in lithium.
A sceptical Jarden has progressively been downgrading its ratings over the past six months on the view that equity prices are increasingly challenging fundamental DCF-derived valuations for lithium companies.
Specifically regarding IGO Ltd, the broker states: "Nova's near closure leaves us questioning the IGO investment proposition".
Neutral. Target $5.15.
This report was published on January 18, 2026.
Target price is $5.15 Current Price is $9.21 Difference: minus $4.06 (current price is over target).
If IGO meets the Jarden target it will return approximately minus 44% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.43, suggesting downside of -8.2%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 9.7, implying annual growth of N/A.
Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.0%.
Current consensus EPS estimate suggests the PER is 94.6.
Forecast for FY27:
Current consensus EPS estimate is 59.9, implying annual growth of 517.5%.
Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.3.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LOT LOTUS RESOURCES LIMITED
Uranium - Overnight Price: $0.23
Canaccord Genuity rates ((LOT)) as Buy (1) -
A general sector update on ASX-listed uranium companies by Canaccord Genuity has seen Lotus Resources' price target remain unaffected despite small negative revisions to forecasts.
The broker's Speculative Buy rating was retained, alongside the 31c price target.
This report was published on January 15, 2026.
Target price is $0.31 Current Price is $0.23 Difference: $0.08
If LOT meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 39.1%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is -1.2, 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:
Current consensus EPS estimate is 2.3, 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 10.0.
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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