Triton Minerals receives buy recommendation, A$0.90 price target, page-41

In house broker means their firm provides corporate services such as capital raising advise etc. which GMP securities do for TON (refer last capital raising). Research departments of such firms meant to be arms length / chinese walls etc and have fiduciary and regulatory obligations to ensure research they provide is financial accurate etc etc.. It may color the appearance of independent research when the broking / corporate side is provide broking / corporate services.

You have big and mid cap broking firms which have research departments which provide "independent" (again many firms who cover stocks also may provide corporate services but again "meant" to be Chinese walls etc - arms length etc ) research which largely cover large caps, mid cap and small caps (smaller ones like Wilsons etc cover some speculative stocks) and then you have small tier broking firms which offer research services but are generally mix of independent or paid fee for services. They still have obligations under relevant code to ensure information factually accurate etc but does taint the recommendation somewhat in terms of independence.

Don't know what if any fee arrangements in terms of GMP research on TON.