0242 GMT - Rio Tinto's lithium strategy continues to take shape, says RBC Capital Markets analyst Kaan Peker, as the miner approves US$2.5 billion for its Rincon project. Still, RBC is yet to include Rincon in its valuation of Rio Tinto. "Given the novel nature of technology, we will wait for the starter plant to achieve nameplate production sustainably and achieve battery-grade production," Peker says. RBC has a sector perform rating and a target price of A$123.00 on the stock, which is down 2.9% in Sydney at A$120.56. ([email protected]; @RhiannonHoyle)

0212 GMT - For two years Aurizon's bulk-division earnings have disappointed against UBS's expectations and analyst Andre Fromyhr reckons the much-hyped unit will remain a drag on the rail company's volumes and earnings for now. "It would seem the November trading update (bulk volume down 20% for four months to October) means we're unlikely to see an improvement by the February half-year results, notwithstanding Aurizon's guidance that 2H25 volumes will be better than 1H25," says Fromyhr. He trims UBS's target on the stock to A$3.35 from A$3.40, citing weakness in bulks as well as higher depreciation and amortization, among other factors. A neutral call is retained. Aurizon is down 0.3% at A$3.34. ([email protected]; @RhiannonHoyle)

0033 GMT - Uncertainty generated by cartel allegations against Ventia costs the infrastructure-services prover a bull at Morgans. Analyst Liam Schofield factors in a A$500 million loss of Australian defense earnings and a A$70 million impairment, but warns clients that there is sufficient detail available to make firm quantitative judgments about the likely impact. He points out in a note that 75% of Ventia's revenue comes from the public sector, and that any questions of corporate probity could affect Ventia's contract renewal rate. Morgans cuts its target price 31% to A$3.30 and lowers its recommendation to hold from add. Shares are down 0.6% at A$3.31. ([email protected])

0030 GMT - Enterprise-software provider ReadyTech gets a new bull at Morgans, where analyst James Filius sees the stock trading at a 20% discount to its historic average Ebitda multiple. Filius initiates coverage with an add rating, telling clients in a note that ReadyTech's recent organic growth trajectory supports his forecast of 14.5% average Ebitda growth over the coming years. He says that the Australia-listed company is still in the early stages of trying to capitalize on moves in the education sector to modernize legacy software systems, and on local governments' on-site conversion of planning solutions. Morgans puts an A$3.74 target price on the stock, which is down 0.3% at A$2.94. ([email protected])

0006 GMT - Investors holding short positions in Boss Energy need to be certain that the uranium explorer's costs or production will disappoint, or risk being squeezed, according to its bull at Bell Potter. Analyst Regan Burrows writes in a note that Boss's current share price implies a US$70/pound uranium price in perpetuity. This scenario sees Boss trading at 6.7 times Ebitda, which Burrows says looks incredibly cheap next to U.S. peers. Boss should update on costs and production in January. Bell Potter cuts its target price by 18% to A$4.70 but keeps a buy rating on the stock, which is down 1.6% at A$2.47. ([email protected])

2355 GMT - Ventia's bulls at Macquarie say the share-price slump on cartel allegations against the infrastructure-services provider appears to price in the unlikely loss of all its defense-related work. The investment bank's analysts point out that Australia's defense department has awarded two contracts worth A$175 million a year even while the competition regulator was investigating Ventia. Ventia has a 30-year relationship with Australian defense and has years left on current contracts, they write in a note. Macquarie lowers its target price by 8.6% to A$4.26 on risks around the legal proceedings but keeps an outperform rating on the stock. Shares are down 3.3% at A$3.22. ([email protected])

2255 GMT - Iress's expectation that its annual earnings will be toward the top end of its guidance range should prompt a relief rally in the financial-tech provider's shares, E&P analyst Olivier Coulon says. He tells clients in a note that he doesn't expect forecasts to change meaningfully on the update but thinks that the news will be positively received by investors given the stock's recent underperformance. Coulon also thinks that Bain Capital's approach for ASX-listed Insignia Financial could help Iress shares find support. ([email protected])

2155 GMT - A worthwhile bet in gold could be Genesis Minerals, which is expected to raise production and lower costs at a time of strong gold prices, Citi analyst Alexander Papaioanou says in a note. Citi initiates coverage on Genesis with a buy rating and a A$3.20 target. Papaioanou says the buy call is based on clarity provided by Genesis in a detailed 10-year outlook, which suggests the miner will move down the industry cost curve due to planned structural changes. He says there's also the potential for mine-life extensions and additional ore sources being brought into its mine plan. At the same time, Papaioanou reckons earnings could surprise positively based on Citi's 12-month gold-price forecast of US$2,900/oz, above consensus around US$2,700/oz. Genesis ended Thursday at A$2.74. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires