0219 GMT - The unexpected departure of Steadfast's chief operating officer is a negative for the Australian insurance underwriter, Goldman Sachs analysts say in a note. The U.S. bank analysts tell clients in a note that Nigel Fitzgerald was seen as a potential CEO candidate to eventually replace Robert Kelly, so his decision to quit to pursue a personal venture increases uncertainty over succession planning. The Goldman Sachs analysts also say that Fitzgerald was undertaking much of the work in forming an important strategic response to a moderating premium-rate cycle. However, they acknowledge that Kelly has agreed not to retire before the end of 2026 and will work until his successor is found. Goldman Sachs has a buy rating and A$6.50 target price on the stock, which is up 0.6% at A$5.875. ([email protected])

0206 GMT - Fineos's reduced cash balance increases the risk that the insurance-software provider will have to raise equity, says Citi analyst Siraj Ahmed. He says in a note to clients that an equity raise is not part of his base case, but that weaker-than-expected cash receipts or increased customer churn could force the company to act. That said, he says that cash receipts are typically stronger in the March quarter, while operating expenses are expected to fall across FY 2025. Citi raises its target price 4.4% to A$2.35 and keeps a buy rating on the stock, which is up 5.7% at A$1.96. ([email protected])

0103 GMT - Macquarie keeps its overweight recommendation at Morgan Stanley despite near-term capital-markets softness weighing on the group's earnings outlook. MS analysts trim their fiscal 2026 EPS forecast for Macquarie by 5% to reflect what they see as a delayed recovery in capital-markets activity, telling clients in a note that the near-term outlook for asset realizations is softer. They point out that some of the Australian financial giant's European peers have guided for lower performance fees in fiscal 2025. However, they say that they are growing more confident in Macquarie's medium-term growth prospects in Europe. MS lowers its target price on the stock by 11% to A$224.00. Shares are up 2.1% at A$203.61. ([email protected])

0006 GMT - Premier Investments' multiple growth levers and the potential for capital management keep its bulls at Morgan Stanley onside following the retail conglomerate's first-half result. MS analysts tell clients in a note that a valuation multiple of 15 times fiscal 2026 earnings is attractive given the company's high-profile consumer brands. They like the potential for growth from sleepwear chain Peter Alexander's overseas expansion and point to Premier's A$250 million net-cash position following the divestment of its apparel brands portfolio. Sales momentum is improving into Premier's fiscal 2H, thy say, and keep an overweight rating on the stock. They trim target price by 7.8% to A$29.50. Shares are down 0.75% at A$21.05. ([email protected])

2339 GMT - Helia Group is trading at a much more reasonable valuation following the 26% share-price dive that greeted the mortgage insurer's loss of a key contract with Commonwealth Bank, Macquarie analysts say. Raising their recommendation on the stock to neutral from underperform, they tell clients in a note that the market had failed to account for the risk that the contract would not be renewed. This is now reflected in the valuation, they say. They think that Helia will keep generating capital and anticipate further capital management, with buybacks able to be completed more quickly at a lower share price. Macquarie cuts its target price 15% to A$3.55. Shares are up 1.1% at A$3.65. ([email protected])

2251 GMT - Premier Investments' bull expects strong second-half sales growth from the retail conglomerate's Peter Alexander chain. Calling the sleepwear company the "heavy earnings lifter" at Premier, analyst Chami Ratnapala tells clients in a note that she anticipates 11% growth in sales for the six months through July. This should be supported by store metrics, above-category growth and easier comparisons with the prior-year period, she explains. Even so, challenges remain at Premier's Smiggle stationery chain, and Ratnapala says her forecasts factor in some conservatism. Bell Potter cuts its target price 3.3%, to A$29.00, and keeps a "buy" rating on the stock, which is at A$21.21 ahead of the open. ([email protected])

2235 GMT - Synlait Milk's better-than-expected first-half earnings do little to change Bell Potter analyst Jonathan Snape's view of the stock. He points out in a note to clients that the dairy company's adjusted Ebitda was ahead of guidance and about 11% stronger than he had forecast. However, he also flags the absence of any formal earnings guidance for the full year as well as the company's expectation that earnings progress will be slower in its fiscal second half. He continues to see Synlait's developing turnaround as impressive and likes its move to diversify its nutritional customer profile, but remains wary over a potential threat from The a2 Milk Company. Bell Potter raises its target price 2.2%, to A$0.92. Shares are at A$0.805 ahead of the open. ([email protected])

2229 GMT - Amplitude Energy's drilling program in southeastern Australia's Otway Basin gets a tick from Wilsons analyst James Karakatsanis. "Although the capex is relatively high for this quantum of gas volumes, they attract premium sales prices," Wilsons says. The 3-well approach comes with significant savings compared to a less ambitious program, the bank says. The targets are close to infrastructure, and are medium to low-risk opportunities, it contends. Also, Australia's east coast is short on gas supply. Any discoveries could fetch a price in the range of A$14-21/GJ, which Wilsons considers impressive. Wilsons downgrades Amplitude Energy to market weight, from overweight, as the stock rallies toward its A$0.24/share price target. ([email protected]; @dwinningWSJ)

2219 GMT - Goldman Sachs analysts are still waiting on a turnaround at Premier Investments' Smiggle stores. Keeping a neutral rating on the stock, the analysts says in a note that the stationery supplier's first-half sales were about 8% lower than they had anticipated, with the U.K. and Singapore dragging on performance. They lower their sales forecasts for the unit through fiscal 2027, but the Ebit impact is offset by the expectation of better China supplier support. Things look brighter at the retail conglomerate's Peter Alexander sleepwear chain, where the Goldman analysts raise their sales forecasts by 4%-5% on a better-than-expected first-half performance. Goldman raises its target price 2.5% to A$22.55. Shares are at A$21.21 ahead of the open. ([email protected])

2208 GMT - Barrenjoey thinks it will take the market some time to digest James Hardie's US$8.7 billion acquisition of Azek, and downgrades the stock to neutral from overweight as a result. "Azek appears to be a high-quality company but we see the following challenges with the deal," says analyst Brook Campbell-Crawford in a note. Those challenges include a 7% drag on James Hardie's EPS in FY 2026 and FY 2027, and an offer premium that exceeds the likely savings that can be made. It also raises James Hardie's pro-forma leverage to 2.5x in FY 2026, from 0.7x in FY 2024, going into a deteriorating new housing market in the U.S., Barrenjoey says.([email protected]; @dwinningWSJ)

2206 GMT - Gold Fields' decision to go public with its unsuccessful takeover proposal for Gold Road worth A$3.05/share signals more than just frustrated ambition, suggests Jefferies. Gold Fields owns 50% of the Gruyere gold project in Australia, with Gold Road owning the rest. "More than anything the announcement demonstrates the deterioration of the relationship to the point where grievances are now being aired publicly," analyst Mitch Ryan says. Jefferies says the bid's timing is highly opportunistic because a study into a potential underground expansion of Gruyere has not yet been released. "As such, we would prefer to see Gold Road as operators of the consolidated asset," it adds. ([email protected]; @dwinningWSJ)

2145 GMT - Ord Minnett trims its price target on uranium producer Boss Energy due to higher costs of drilling at its minority owned Alta Mesa project in Texas. Analyst Matthew Hope notes that drill rigs at the project have risen to 22, from 8, to achieve higher flow rates. The processing plant with two ion exchange circuits is running at 75% capacity on current flow rate constraints, and operator enCore Energy has delayed the start of the third IX circuit until 2026. "We adjust our Alta Mesa model for the delay in production and increase drilling costs by 35% to US$11/lb, from US$7.3/lb," Ord Minnett says. Its new price target is A$4.70/share, down 2.1% on before. Boss Energy ended Monday at A$2.78.([email protected]; @dwinningWSJ)

1156 GMT - A deal between Azek and James Hardie combines two of the biggest secular growth stories in the building products space, Truist's Keith Hughes says in a research note. James Hardie Industries, a fiber cement siding producer, agreed to buy Azek, a maker of composite decking, railing and pergolas, in a cash-and-stock deal worth $8.75 billion. Hughes notes that the products of both companies provide significant benefits over traditional options such as wood and vinyl and have seen above market growth versus their respective categories. Azek jumps 21% premarket, while Australia-listed shares of James Hardie were off 14%. ([email protected]; @pennedbyden)

(END) Dow Jones Newswires