0347 GMT - Australian fast-food franchiser Retail Food Group keeps its bull at Bell Potter despite a challenging trading environment. Analyst Chami Ratnapala tells clients in a note that RFG's net new outlet growth was weak, but that the company has improved the quality of its domestic portfolio and looks better placed for future growth. She thinks the outlook will start improving in the June quarter, and flags the potential impact of possible interest-rate cuts on consumer demand. Bell Potter trims its target price 4.5% to A$0.105 and keeps a buy rating on the stock, which is up 1.4% at A$0.073. ([email protected])

0331 GMT - Select Harvests' improved balance sheet makes the Australia-listed almond farmer even more appetizing to its bull at Bell Potter. Analyst Jonathan Snape tells clients in a note that the company's fiscal year-end net debt would have been lower than its A$230 million-A$245 million guidance even without the proceeds of its recent capital raise. He points out that almond prices are heading toward levels not seen for at least four years, and flags management's positive outlook commentary heading into fiscal 2025. He raises his net profit forecasts by 4% for fiscal 2025 and 9% for fiscal 2026. Bell Potter lifts its target price 8.7% to A$5.00 and maintains a buy rating. Shares are up 9.8% at A$4.05. ([email protected])

0309 GMT - City Chic Collective's weak start to its fiscal year turns Bell Potter analyst Chami Ratnapala bearish on the stock. In a note to clients, she says she doubts City Chic can meet its annual revenue guidance, despite management optimism about reaching the lower end of its A$142 million-A$160 million range. She pushes back her expectation for a return to positive Ebitda to fiscal 2026, warning that mass apparel is currently one of the most challenging retail categories. Ratnapala adds that conditions could improve for City Chic when the trading environment becomes more favorable. Bell Potter cuts its target price by 50% to A$0.07 and lowers its rating to sell from hold. Shares are up 2.15% at A$0.095. ([email protected])

0236 GMT - Australian banks' historically high price-to-earnings ratios and downside earnings risks keep Citi analysts bearish on all four major lenders heading into 2025. They tell clients in a note that this year's total investor returns from banks were the highest since 2009, outperforming the ASX 200 benchmark index by 26%. The analysts cite excess inflation driving incremental cash into what investors perceive as low-risk equities, rather than fundamentals. They warn that major bank stocks are now trading at an unprecedented 18.6 times earnings, while risks appear to be stacked to the downside whatever happens to local interest rates. Citi keeps a sell rating on ANZ, Commonwealth, NAB, and Westpac. ([email protected])

0220 GMT - Hub24's investor day boosts Citi analyst Siraj Ahmed's confidence on the wealth-management platform provider's long-term outlook. Ahmed notes that the Australian company's focus on expanding its addressable market and enhancing advisors' efficiency remains broadly unchanged from a year ago. He raises his Ebitda forecasts for the three years through fiscal 2027 by 3-5%, reflecting stronger flows, market share gains and funds-under-management upgrades. However, he raises his target price by 33% to A$75.50, driven by higher peer multiples and a valuation roll forward by a year. Citi maintains a neutral raiting on the stock, which is down 1.1% at A$74.47. ([email protected])

0121 GMT - Humm Group gets a new bull at Shaw & Partners, where analyst Larry Gandler likes the look of the Australian credit provider as it emerges from a period of restructuring. Initiating coverage of the stock with a buy rating, Gandler highlights Humm's streamlined cost profile and tighter post-Covid focus on commercial asset lending and unsecured consumer finance. He tells clients in a note that Humm's international operations could break even in fiscal 2025, and he anticipates double-digit earnings-per-share growth in fiscal 2027. He says that the stock is trading at about 3.3X fiscal 2027 EPS, which he calls undemanding. Shaw & Partners has a A$1.00 target price on the stock, which is up 1.5% at A$0.66. ([email protected])

0112 GMT - Expectations for Metcash's full fiscal year are unlikely to change materially on the supermarket supplier's first-half result, E&P analyst Phillip Kimber tells clients in a note. Kimber doesn't see anything to shift average analyst forecasts, although he acknowledges that the Australian company's first-half EBIT fell slightly short of his expectations. EBIT from liquor and hardware were both softer than he had expected. However, he reckons that hardware sales' improving trajectory and recent share-price weakness should see the stock gain some support. Shares are up 2.7% at A$3.205. ([email protected])

0052 GMT - While Metcash's first-half results are broadly in line with Citi analysts' expectations, the composition is a surprise. The supermarket supplier's underlying net profit is in line with guidance and underlying Ebit about 2% stronger than Citi's forecast. The analysts tell clients in a note that earnings from Metcash's food business are stronger than they had anticipated, but that hardware earnings are much weaker on lower trade activity and higher competition. They think investors may welcome signs of improvement early in Metcash's fiscal second half. Citi has a neutral rating and A$3.40 target price on the stock, which is up 3.5% at A$$3.23. ([email protected])

2341 GMT - Northern Star has agreed to pay a sizable premium to buy De Grey, says Citi analyst Kate McCutcheon. Although, on Citi's estimates, Northern Star might be able to consider a larger project than previously envisaged at De Grey's Hemi site, she says. Northern Star should be able to comfortably fund the Hemi project, which will help address issues in its aging and increasingly costly portfolio, says McCutcheon. Still, "the timing comes as a surprise given NST's late Oct comments that 'greatest returns right now are in organic delivery'," she says. De Grey's Hemi project is also "a deviation from NST's typical 'old asset turnaround' playbook," she says. The premium gives McCutcheon confidence De Grey shareholders will agree to the deal. Citi has a buy rating on Northern Star, which is down 6.1%. De Grey is 28% higher. ([email protected]; @RhiannonHoyle)

2259 GMT -- Select Harvests' receipt of delayed crop proceeds coupled with an ongoing improvement in almond prices turn Shaw & Partners analysts bullish on the stock. They lift their recommendation on the Australia-listed almond farmer to overweight from market-weight. In a client note, they say they see further potential upside to their forecasts from higher sustainable crop yields and post farm-gate income. A recent equity raise has left the company's balance sheet looking much more comfortable and the Shaw analysts expect dividends to resume with its full-year results announcement. Target price falls 2.4% to A$4.46. Shares are at A$3.69 ahead of the open. ([email protected])

(END) Dow Jones Newswires