0347 GMT - Incremental progress on toll reform in Australia's New South Wales state is positive for Transurban but uncertainty could weigh on its shares until all issues are resolved, Jarden analysts write in a note. They see the draft in-principle agreement provided to the road operator and its partners as a sign of genuine progress, telling clients that there don't seem to be any sticking points from the company's side. They say it's good that the NSW government has committed to respecting existing contracts, but investors may stay cautious for now. Jarden keeps a neutral rating and A$12.30 target price on the stock, which is up 1.4% at A$12.905. ([email protected])

0342 GMT - Cobram Estate Olives' bull at Shaw & Partners urges investors not to be deterred by earnings volatility, highlighting the potential for expanding cashflows over the next decade. Analyst Larry Gandler reminds clients that the Australian company is poised to benefit from what he describes as the structural growth of olive oil consumption in non-European countries and consumers' preference for superior-quality, local products. He points out that Cobram has steadily grown operating cash flow despite volatile earnings and emphasizes recent strong price increases that are expected to benefit its fiscal 2025 performance. Shaw raises its target price by 2.4% to A$2.10 and maintains a buy rating on the stock, which is down 0.1% at A$1.9975. ([email protected])

0322 GMT - GPT's bull at Citi sees the Australian property group's new partnership with Perron Group as part of a strategy that has already delivered strong growth. Analyst Howard Penny tells clients in a note that the partnership, under which GPT will buy a 50% stake in two shopping centers for A$482 million, is part of its continued drive toward retail real-estate investment. Penny expects incremental announcements from GPT through 2025 on its shift toward greater earnings contributions from funds management. Citi has a buy rating and a A$4.90 target price on the stock, which is down 1.5% at A$4.415. ([email protected])

0245 GMT - Bain Capital's cash offer for Insignia Financial might be tasty enough to tempt the Australian company's shareholders, Morgan Stanley analyst Andrei Stadnik reckons. He thinks the premium represented by the A$4.00/share offer is sufficient for the financial-services provider's equity holders to give it serious consideration. Stadnik tells clients in a note that the offer also places Insignia on almost the same trading multiples as larger Australian investment manager AMP, which has a stronger balance sheet, better flows and a track record of cost reduction. MS has a last-published underweight recommendation and A$2.68 target price on Insignia shares, which are down 0.1% at A$3.605. ([email protected])

0224 GMT - Lithium prices have bottomed, Morgan Stanley analysts Rahul Anand and Shannon J. Sinha say. They reckon the accelerating supply cuts into 2025 have improved the balance between lithium production and demand. While there needs to be a demand signal to pull prices higher again, they think "equities have corrected enough for patient investors to reenter." Anand and Sinha upgrade their rating for Pilbara Minerals to overweight from equal-weight, but maintain their overweight rating on lithium producer Mineral Resources, which remains their top pick among all Australian miners they cover. ([email protected]; @RhiannonHoyle)

0103 GMT - Rio Tinto PLCRio Tinto's planned three-year ramp-up at its Rincon lithium project in Argentina is slower than expected and similar to a conventional evaporation process timeline, say Macquarie analysts. "It does not appear DLE (direct lithium extraction) has led to a drastic production acceleration, as some DLE proponents have touted in the past," they say. The US$2.5 billion project is bigger than the Macquarie analysts expected, with a higher implied capital intensity than they envisaged, too. The project's capital intensity is comparable to the miner's planned all-cash takeover of Arcadium Lithium, though, the analysts say. Macquarie's target on Rio Tinto's ASX stock is trimmed by 1% to A$120.00. The bank retains a neutral rating. Rio Tinto is down 1.3% at A$119.15. ([email protected]; @RhiannonHoyle)

0021 GMT - Anglo American, Glencore and Alcoa stand out among mining stocks as having the best potential for an upside breakout, Jefferies analyst Christopher LaFemina says in a note. According to LaFemina, stock-specific factors--such as restructuring--will likely be the driving force behind mining shares over the coming year. The broader backdrop isn't bright. "Mining share prices have underperformed since the Trump win, as the prospect of trade wars, a stronger dollar, and continued weakness in China have been a dark cloud over the sector," he says. ([email protected]; @RhiannonHoyle)

2353 GMT - Australian retail real-estate stocks look relatively cheap given the sector's strong underlying fundamentals, Citi analysts write in a note. They point to low development supply coming up against strong underlying consumer demand and immigration-driven population growth, boosting landlords' negotiating power over tenants. The Citi analysts tell clients in a note that companies are trading at close to the value of their net-tangible assets but appear cheap in price-to-earnings terms. They anticipate increased corporate activity in the sector in 2025. ([email protected])

2331 GMT - Iress gets a new bull at Wilsons despite failing to deliver the upgraded guidance that the broker's analysts had been expecting. The analysts tell clients in a note that the Australian financial software provider's momentum is clear and improving, supported by equity market conditions and regulatory tailwinds. They reckon that Iress would have raised its outlook but was hit by fees and other expenses related to a legal issue. Wilsons keeps a target price of A$11.00 on the stock but raises its recommendation to overweight from market-weight. Shares are up 0.75% at A$9.45. ([email protected])

(END) Dow Jones Newswires