Daily Market Reports | Jul 20 2026
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 (2) A1M (2) ABB AEL AMP BC8 BTR CTM D3E EVN (2) GHM GL1 HGO KCN NWL OBM ORE PDI PEB POL REA RYM TLC VAU
29M 29METALS LIMITED
Copper - Overnight Price: $0.22
Canaccord Genuity rates ((29M)) as Hold (3) -
Canaccord Genuity maintains a Hold rating for 29Metals with an unchanged target price of $0.25 following the release of the June quarter results.
Copper production fell -25% quarter-on-quarter to 4.8kt due to lower feed grades, whilst zinc and gold production exceeded expectations driven by higher-grade ore sequencing and stockpile processing.
Cash reserves declined -16% over the quarter to $188m as Golden Grove cash generation remained constrained by ongoing capital investments, corporate overheads, and debt servicing.
Canaccord has revised the full-year EBITDA forecast higher to $86m on improved revenue performance and lower operating costs.
Management continues to evaluate a potential restart of the Capricorn Copper operations as de-watering and rehabilitation progress towards a potential final investment decision.
This report was published on July 15, 2026.
Target price is $0.25 Current Price is $0.22 Difference: $0.03
If 29M meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 47.0%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY26:
Canaccord Genuity 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 22.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -5.8, 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:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.7, 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 5.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((29M)) as Underweight (4) -
Jarden maintains an Underweight rating for 29Metals with an unchanged target price of $0.30 following a June quarter production update.
The analyst highlights that operational and financial performance beat expectations due to the unexpected processing of gold stockpiles.
Previously downgraded calendar year guidance remained unchanged while liquidity declined further by -$36m to $202m.
The analyst refines financial forecasts and expects the company to report first half revenue of $320m alongside an underlying EBITDA of $39m.
Greater operating consistency at Golden Grove, positive free cash flow generation, and a credible pathway to restart Capricorn Copper are required before taking a more constructive view, Jarden comments.
This report was published on July 16, 2026.
Target price is $0.30 Current Price is $0.22 Difference: $0.08
If 29M meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 47.0%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -5.8, 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:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.7, 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 5.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.60
Moelis rates ((A1M)) as Buy (1) -
Moelis maintains a Buy rating for AIC Mines with a $0.88 target price following the release of the 4QFY26 production results.
Copper concentrate production reached 13.1kt, allowing the company to meet the top end of its full-year guidance range despite a softer relative final quarter.
Headline all-in sustaining costs rose 47% sequentially to $6.15/lb copper sold due to lower feed grades, elevated diesel costs, and adverse weather conditions delaying shipments.
The analyst notes the closing cash position of $41.7m includes a -$30.1m debt drawdown, with the remaining prepayment facility expected to be utilised in the upcoming quarter.
Commentary suggests future project re-ratings remain tied to the successful delivery and ramp-up at Jericho alongside the execution of the processing plant expansion to 1.1Mtpa.
This report was published on July 16, 2026.
Target price is $0.88 Current Price is $0.60 Difference: $0.275
If A1M meets the Moelis target it will return approximately 45% (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
Shaw and Partners rates ((A1M)) as Buy (1) -
Shaw and Partners maintains a Buy recommendation for AIC Mines with a $1.10 price target following the release of June quarter results.
While production and costs remained within annual guidance for the third consecutive year, the June quarter was softer due to elevated diesel prices, unseasonal rain, and the earlier-than-planned start of lower-grade Jericho sales.
These factors pushed Eloise unit costs above the FY26 guidance range, although the analyst views these as short-term issues that have been alleviated.
The company continues to advance the Eloise plant expansion toward a December 2026 commissioning target and successful metallurgical trials at Jericho provide confidence in the ramp-up profile.
The investment thesis remains supported by consistent operational performance and the ongoing progression of growth projects.
This report was published on July 17, 2026.
Target price is $1.10 Current Price is $0.60 Difference: $0.495
If A1M meets the Shaw and Partners target it will return approximately 82% (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 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.47.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.23.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ABB AUSSIE BROADBAND LIMITED
Telecommunication - Overnight Price: $4.75
Jarden rates ((ABB)) as Upgrade to Overweight from Neutral (2) -
Jarden upgrades Aussie Broadband to Overweight from Neutral, maintaining its $5.50 target price, as market concerns regarding residential subscriber slowdowns are deemed fully priced in.
The analyst expects that cost efficiencies from replatforming will drive organic earnings growth and provide operating leverage, helping to offset the residential subscriber slowdown.
Despite fears of satellite disruption from Starlink, the broker views the threat as limited for the FY28 outlook and emphasises the company's strong track record in gaining market share.
With the stock trading some two standard deviations below its historical average at approximately 14x 1-year forward earnings, the risk/reward profile is considered compelling.
The company is forecast to compound underlying EBITDA and earnings per share by approximately 21% and 28% respectively over the FY25 to FY28 period.
This report was published on July 14, 2026.
Target price is $5.50 Current Price is $4.75 Difference: $0.75
If ABB meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 26.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 5.40 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.9, implying annual growth of 86.8%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.7.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 7.00 cents and EPS of 32.90 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.4, implying annual growth of 35.9%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 16.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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