Weekly Reports | 10:45 AM
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
Upgrade
BENZ MINING CORP. ((BNZ)) Upgrade to Speculative Buy from Hold by Argonaut.B/H/S: 0/0/0
Argonaut has upgraded Benz Mining to Speculative Buy from Hold with a 3.40 price target following a high-grade gold discovery at the Mt Egerton project.
The broker highlights the Kilkenny discovery, which returned an intercept of 11m at 144g/t, supporting the company’s structural model.
While the company remains a pre-study development play, a cash position of 94m as of January 2026 provides funding for continued drilling and mine scoping at the Glenburgh system.
Commentary suggests exploration results remain the key driver, with future value dependent on defining the scale of a potential Glenburgh development.
SIMS LIMITED ((SGM)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0
Jarden has upgraded Sims Ltd to Overweight from Neutral and increased the price target to 23.00 following the second US investor day focused on Sims Lifecycle Services (SLS).
Commentary explains the upgrade is driven by incremental disclosures pointing to further near-term earnings upside in SLS, supported by strong pricing tailwinds in repurposed DDR4 memory modules.
Management expects this demand tail to persist for three to four years.
Additionally, improved outlooks for the Metals business and a valuation trading at the lower end of historical forward multiple ranges are seen providing a favourable entry point for investors.
Downgrade
SYRAH RESOURCES LIMITED ((SYR)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0
Jarden has downgraded Syrah Resources to Underweight from Neutral with a 0.10 price target following a recapitalisation that introduces uncertainty around the future share count.
The broker notes valuation is impacted by dilution from convertible loan notes and a fully underwritten $104m entitlement offer, with the base case assuming conversion of US$409m in debt into equity in 2029.
While Balama remains a high-quality asset, future value is dependent on achieving Vidalia qualification and scaling commercial sales, with free cash flow not expected until 2H 2030.
The full story is for FNArena subscribers only. To read the full story plus enjoy a free two-week trial to our service SIGN UP HERE
If you already had your free trial, why not join as a paying subscriber? CLICK HERE