0046 GMT - The departure of Magellan's head of investments lures a new bear on the risk of near-term outflows at the Australian funds manager. UBS analyst Shreyas Patel tells clients in a note that the reasons for 18-year veteran Gerald Stack's exit are unclear, but notes that Magellan's flagship infrastructure strategy has underperformed industry benchmarks. Patel reckons that ratings agencies and consultants will likely review their forecasts, raising the risk of outflows. UBS trims its target price 5.5% to A$10.30 on the assumption of elevated outflows, and cuts its recommendation to sell from neutral. Shares are down 6.1% at A$9.87. (stuart.condie@wsj.com)

0022 GMT - The idea that fitness wearables or weight-loss drugs could create a step-change in demand for ResMed is too underdeveloped to incorporate into earnings forecasts, Wilsons analyst Shane Storey says. Cutting his recommendation on the breath-tech provider to market weight from overweight, Storey concedes that the growing use of GLP-1 drugs is a potential tailwind to the sleep industry, but thinks its impact can't yet be predicted. He writes in a note that ResMed's manufacturing and procurement initiatives, and scale benefits, will materialize in fiscal 2026 and fiscal 2027. Wilsons lifts its target price by 1.5% to A$42.82. Shares are down 3.2% at A$38.90. (stuart.condie@wsj.com)

2334 GMT - Austin Engineering took Trump's tariff threats seriously and that should help it navigate the impact of the new 25% levy on U.S. imports from Canada, Euroz Hartleys says. Austin Engineering long manufactured all trays for Canadian customers in the U.S., generating some A$32 million in revenue from Canada in FY 2024. Analyst Trent Barnett says that would have exposed it to potential retribution tariffs by Canada. However, Austin Engineering in recent months began manufacturing in Canada, which it expects will enable it to meet customer orders and demand there. Euroz Hartleys highlights another benefit to this strategy: moving some manufacturing into Canada frees up capacity to manufacture for U.S. clients. Austin Engineering is down 2% at A$0.49 today. (david.winning@wsj.com; @dwinningWSJ)

2323 GMT - Ord Minnett had expected Westgold to cut its annual gold-production guidance--but not by this much. Westgold now expects top produce 330,000-350,000 oz of gold in FY 2025, down from a prior projection of 400,000-420,000 oz. It also expects to dig up gold at a higher cost, forecasting all-in sustaining costs of A$2,400-A$2,600/oz. "This is a larger downgrade than we had anticipated and significantly higher than consensus," analyst Paul Kaner says. Ord Minnett's buy call on the stock is under review as it digests the latest report. Westgold's share price is down 12% at A$2.27 today. "There could be a cheaper entry point in the near term for some that can get comfort on the ramp-up at Beta Hunt/Bluebird," Kaner says, referring to Westgold's projects. "However, for the majority of investors delivery at Beta Hunt will need to be seen first." (david.winning@wsj.com; @dwinningWSJ)

2308 GMT - Australian Vanadium's bulls at Shaw & Partners see the Western Australian government's A$150 million battery project as evidence of the huge opportunity open to the ASX-listed explorer and flow battery developer. Shaw thinks that Australian Vanadium is the leading candidate to win the contract at tender, pointing out its Murchison project is just 27 miles away from the site of a potential vanadium supply highlighted by the government. They write in a note that significant vanadium-flow storage capacity is being installed in Japan, China and Europe. Shaw maintains a buy rating and A$0.08 target price on the stock, which is at A$0.013 ahead of the open. (stuart.condie@wsj.com)

2306 GMT - ResMed's 12% on-year growth in December-quarter U.S. device sales is early evidence of the positive impact that tech wearables and weight-loss drugs are having on awareness of sleep apnea, Goldman Sachs analyst Davin Thillainathan says. He tells clients in a note that this awareness is translating into demand for ResMed's breathing-tech products. Thillainathan sees the result highlighting the defensiveness of ResMed's existing patient cohort against a backdrop of rising GLP-1 drug usage. GS lifts its target price by 0.2% to A$49.00 and keeps a buy rating on the stock. Shares are at A$40.18 ahead of the open. (stuart.condie@wsj.com)

2230 GMT - Tariffs are the latest tailwind for BlueScope Steel, prompting Citi to turn bullish on the Australian company's stock. U.S. steelmakers were already upbeat about the outlook for construction activity in the U.S. this year, supported by public spending, including on infrastructure. BlueScope owns the North Star steel mill in Ohio, so would benefit from better local conditions. Citi, upgrading BlueScope to buy from neutral, notes that U.S. tariffs on downstream steel products would be bullish for U.S. steel pricing. "We think the market will soon shift its focus to FY 2027 and steel tailwinds should enable BlueScope's Ebit to meet consensus (and Citi) expectations of A$1.3 billion," analyst Paul McTaggart says.(david.winning@wsj.com; @dwinningWSJ)

2118 GMT - Beneficiaries of President Trump's tariff moves could include Australia's BlueScope Steel, says Jefferies. That's because BlueScope owns the North Star steel mill in Ohio. Analyst Ramoun Lazar notes that U.S. steel spreads have been rangebound over the past six months. High service center inventories and sluggish macro data have been pushing out a restocking-led recovery in prices, Jefferies says. But the bank expects North Star's spreads to recover to $400/ton by FY 2026 as activity rebounds. Tariffs mean the rebound could be even stronger, Jefferies suggests. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires