0329 GMT - QBE Insurance's performance through a potentially tricky September quarter keeps alive the chances of a stock re-rate, UBS analysts reckon. With the U.S. hurricane season and crop harvest navigated, they see compelling value in the stock, which trades at 11.4 times earnings on a 12-month forward basis. They highlight the fact that QBE's 2H catastrophe budget remains intact despite the hurricanes that battered the U.S. east coast, which they tell clients in a note is evidence of improved risk exposure. UBS lifts its target price 4.9% to A$21.50 and keeps a buy rating on the stock, which is up 1.4% at A$19.61. ([email protected])

0319 GMT - ASX's bears at UBS think that the Australian exchange operator's capital expenditure is likely to remain elevated at least through fiscal 2028. The investment bank's analysts point to the investment in a new clearing and settlement platform, also noting that depreciation and amortization will almost triple by fiscal 2029 when the system is live. They currently see capex moderating to an annual A$110 million from fiscal 2029, but warn clients in a note that there is a risk that the investment cycle could be extended. UBS lifts its target price 13% to A$64.15 but keeps a sell rating on the stock. Shares are down 0.6% at A$65.77. ([email protected])

0134 GMT - Pro Medicus's latest contract announcement is positive but insufficient to shake the imaging-tech provider's bear at Citi. Analyst Mathieu Chevrier says the stock's elevated valuation keeps him on the sidelines even as Pro Medicus proves that customers are willing to extend contracts and take up other product modules. He expects the Australia-listed company to add A$30 million in new business across fiscal 2025 and to significantly grow market share, but keeps a sell rating on the stock. Citi has a last-published A$100.00 target price on shares, which are down 0.5% at A$228.79. ([email protected])

0134 GMT - Mining and construction services company NRW Holdings is ripe for a guidance upgrade after providing an upbeat outlook at its annual shareholder meeting, says Citi analyst William Park. NRW's A$7 billion order book effectively covers more than two years of revenue, its active tender balance is healthy at A$5.1 billion and its FY 2025 civil margin and METS revenue expectations are ahead of both Citi's and consensus forecasts, Park says. "We think NRW could be taking a prudent approach to assess potential weather-related impacts in December and January, particularly in QLD [Australia's Queensland state], before handing down an upgrade," he says. "The timing could very well be at the interim result in February." Citi has a buy rating and A$4.05 target on NRW. The stock is up 1.0% at A$3.89. ([email protected]; @RhiannonHoyle)

0122 GMT - A visit to the BHP-led Escondida copper mine in Chile has underscored the challenges the miner--and the broader copper industry--faces in sustaining output of the industrial metal as ore grades decline and costs rise, Citi analyst Paul McTaggart says in a note. Plans to expand the Laguna Seca concentrator, replace the ageing Los Colorados facility and explore leaching technologies will be key to maintaining production levels, says McTaggart. "These initiatives highlight not only the operational challenges at Escondida but also the broader implications for rising capital intensity across the [copper] industry as grades deteriorate globally," he says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.1% at A$39.84. ([email protected]; @RhiannonHoyle)

0105 GMT - Webjet's full-year earnings guidance might be conservative if bookings continue to improve, says Morgans analyst Belinda Moore in a note. She expects management's progress on strategic priorities to accelerate earnings growth from the travel booking provider's next fiscal year. With growth leveraged to Australia's economic recovery and rising domestic travel demand, Moore is positive on the company's strategy on customer acquisition and revenue optimization. Morgans raises its target price by 11% to A$1.05 and maintains an add rating on the stock. Shares are up 4.2% at A$0.87. ([email protected])

0032 GMT - Web Travel's 1H result is likely to lift expectations for the next fiscal year and beyond, Wilsons analyst Ben Wilson says. Only total transaction value at the corporate-travel booker's WebBeds unit disappointed Wilson, falling 1.0% short of his forecast. At a group level, normalized Ebitda beat Wilson's forecast by 6.3%. He tells clients in a note that fiscal 2H forecasts could rise on the back of the result. He sees upgrades to expectations for subsequent periods as more likely, given the Australian company's outlook commentary. Wilsons is reviewing its overweight rating and A$5.17 target price. Shares are up 14% at A$4.81. ([email protected])

0005 GMT - Macquarie analysts say that Australian interest rates probably need to start falling before they can get more positive on Brickworks. They tell clients in a note that building-materials trading conditions are soft in both the U.S. and Australia. The path for domestic rates remains unclear but support from monetary policy is key to lifting demand, they say. Low multi-residential and non-residential activity is the problem in the U.S., they add. More positively, they say that valuation pressures in Brickworks' property division have eased and long-term growth looks solid. Macquarie lifts its target price by 1.1% to A$27.70 and stays neutral on the stock, which is down 0.3% at A$26.52. ([email protected])

2348 GMT - Newmont appears likely to utilize its full US$3-billion buyback, as strong gold prices push the miner's proceeds from asset sales well above an initial target, Macquarie analysts say in a note. The company's noncore asset sales, which follow its acquisition of Newcrest, have been highly successful so far, they say. Four deals to date have a gross value of US$3.6 billion, well above Newmont's target to generate more than US$2 billion when it announced plans to offload assets. The miner still has two assets it is looking to sell, which Macquarie values at US$458 million combined, although the market values closer to $1 billion. Macquarie has an outperform rating on Newmont, and an A$82.00 target on its Australian stock. Newmont is 0.9% higher at A$64.99. ([email protected]; @RhiannonHoyle)

2325 GMT - Harvey Norman's latest trading update indicates that the Australian home appliance retailer has underperformed one of its major rivals, Citi analysts say. They point out that 3.1% on-year like-for-like sales growth at Australian franchisees for July through October compares with 5% for the September quarter at The Good Guys, the white-goods chain owned by JB Hi-Fi. However, they tell clients in a note that many customers are likely holding out for the key Black Friday sales period before committing to major purchases, so they don't draw too many conclusions. Citi keeps a "buy" rating and A$5.50 target price on Harvey Norman shares, which are up 0.7%, at A$4.825. ([email protected])

2321 GMT - A new opportunity just opened up for Scentre in northern Sydney. Its landholdings around the Westfield Hornsby mall have been rezoned by a program overseen by the New South Wales government. Morgan Stanley says this new scheme could lead to 2,300 apartments on the site. For Scentre, it could "could generate A$230 million+ value in air rights if sold to a third-party developer, even assuming a very conservative A$100,000/lot," analyst Simon Chan says. Scentre last provided a book value of A$977 million for the Hornsby site in June. It represents some 3% of Scentre's property portfolio. ([email protected]; @dwinningWSJ)

2312 GMT - Smartpay's valuation has dropped by around a third since mid-October on concerns about a potential ban of debit surcharging in Australia. That's brought Jefferies off the sidelines, upgrading Smartpay to "buy" from "hold." In a note, analyst Wei Sim says the stock looks attractive even if a full ban on debit surcharging is implemented in Australia. "Even on our conservative FY 2026 assumptions, SmartPay is trading at or close to trough valuations on all forward metrics," Jefferies says. Investors should be upbeat about Smartpay's transaction model in New Zealand. Jefferies says successful implementation of that model would more than double its current discounted cashflow valuation of the company. "Based on discussion with management this should be realized within the coming half year," Jefferies adds. ([email protected]; @dwinningWSJ)

2304 GMT - Jefferies now sees Lottery Corp. as a good bet for investors. Analyst Kai Erman upgrades Lottery Corp. to "buy," from "hold," highlighting several catalysts with the potential to drive earnings growth in the high single digit percent. "Clarity on Lottery Corp.'s balance sheet and capital management post Victoria licence renewal is an important catalyst for the stock in our view given curious gearing," Jefferies says. Other catalysts include delivery on digital penetration and efforts to lift margins, as well as continued 3%-5% revenue growth in Lotteries, the bank adds. ([email protected]; @dwinningWSJ)

2302 GMT - Private hospital operator Ramsay Health Care's detailed snapshot of current trading cements Macquarie's "neutral" call on the stock. "While our nearer-term Australian forecasts capture reasonable revenue growth and incremental underlying operating leverage, ongoing digital investments are expected to constrain margin improvement," Macquarie says. In other regions, Macquarie says future tariffs are somewhat uncertain. In the U.K., benefits from an increase in the NHS tariff have been partly offset by wage inflation and higher payroll taxes. In France, talks are continuing over a multi-year tariff agreement as well as more grants and subsidies. ([email protected]; @dwinningWSJ)

2250 GMT - Web Travel's full-year earnings outlook is broadly in line with analysts' expectations, Citi's Samuel Seow tells clients. The Citi analyst says that the midpoint of the corporate-travel booker's A$117 million-A$122 million Ebitda range is close enough to the average analyst forecast of A$118.5 million. Nonetheless he writes in a note that is interested to hear more detail on why management is so confident that revenue margin has stabilized after it fell steeply over the fiscal first half. Citi has a "neutral" rating and A$5.55 target price on the stock, which is at A$4.23 ahead of the open. ([email protected])

1319 GMT - Anglo American should be able to receive the two contingent cash considerations included in the coal unit sale to Peabody Energy, UBS analysts write in a research note. Firstly, Peabody's coal production lift to 21 million-22 million metric tons in 2026 from 7 million tons this year implies a quick restart of the suspended Grosvenor mine. A reopening of the Australian mine would garner Anglo $450 million. Secondly, the average metallurgical coal price since 2021 suggests that the $550 million contingent linked to Peabody earnouts looks achievable too. This would take the total disposal value to $3.775 billion, which is better than consensus had expected, UBS says. Shares are down 1.2% at 23.64 pounds. ([email protected])

0526 GMT - ASX's cost update for the second phase of its clearing and settlement platform overhaul disappoints Citi's analysts, who were already expecting capital expenditure to be near the top of guidance. The analysts tell clients in a note that the securities-exchange operator's cost outlook appears worse than the market had expected and excludes the A$10 million-A$12 million for the fit-out of its new office in each of fiscal 2025 and fiscal 2026. They warn that ASX is juggling three complex tech projects at the same time, which raises the risk of cost overruns and delays. Citi has a neutral rating and a A$62.30 target price on the stock, which closed 4.3% lower at A$66.18. ([email protected])

(END) Dow Jones Newswires