0453 GMT - ResMed's bull at Goldman Sachs expects the breathing-tech manufacturer to use next week's 3Q result announcement to highlight its options to navigate U.S. tariff risks. Analyst Davin Thillainathan tells clients in a note that ResMed could use its Atlanta facility to supply the U.S. market. Its manufacturing is largely based in Australia and Singapore, both of which are subject to a 10% levy. Thillainathan estimates that tariffs will have a 4% negative impact on fiscal 2026 EPS. He thinks that ResMed's current share price discounts the company's growth potential and defensive attributes. MS keeps a buy rating and A$46.90 target price on the stock, which is up 0.85% at A$33.32. ([email protected])

0445 GMT - Select Harvests' over-optimism on volumes is seen by Ord Minnett analyst John Lawlor as another own-goal by the almond farmer. Lawlor maintains a buy rating on the stock, but tells clients in a note that the downgrade in the volume outlook echoes prior missteps by the Australia-listed company. He points out that Select Harvests reiterated its 2025 volume guidance just four weeks ago, only to downgrade it this week by almost 11% at the range midpoint. Rising almond prices help limit the impact and Lawlor lowers his annual Ebitda forecast by 9% to A$98 million. Target price falls 4.3% to A$5.60. Shares are up 8.7% at A$5.00. ([email protected])

0439 GMT - Zip's bull at Ord Minnett raises earnings forecasts for the Australian payments provider despite macro-economic worries having driven its recent share price decline. Analyst Phillip Chippindale tells clients that the installment platform operator's 3Q result contained almost all good news, with U.S. demand driving a 9% beat to his total-transaction value forecast. He continues to see a strong medium-term growth outlook, with U.S. consumers' use of buy-now-pay-later services still relatively low. Ord Minnett trims its target price by 17% to A$3.00 amid the deteriorating U.S. economic outlook, but keeps a buy rating on the stock. Shares are down 2.6% at A$1.675. ([email protected])

0428 GMT - Bank of Queensland shakes its bear at Morgan Stanley after cutting costs and holding its margin while managing to improve business loan growth. Analyst Richard E. Wiles raises his recommendation on the stock to equal-weight from underweight following the Australian regional lender's first-half result. He tells clients in a note that the improvement in annualized commercial lending growth is encouraging, with an increase in business bankers helping support the outlook. Wiles expects underlying revenue growth in the fiscal second half if the bank can deliver on its margin guidance. MS raises its target price by 6.5% to A$6.50. Shares are up 4.2% at A$7.15. ([email protected])

0426 GMT - Zip's bulls at UBS think the Australian payment provider is oversold, given its momentum in the world's largest consumer economy. UBS analysts view U.S. customer growth as the highlight of the installment platform's 3Q result, backed by improving trends in credit performance indicators. In summary, the company's growth story remains intact for UBS, albeit with investors fretting about how U.S. performance will hold up in a more volatile economic environment. The analysts tell clients in a note that Zip's upgraded earnings guidance still looks conservative. UBS trims its target price by 4.5% to A$3.20 and keeps a buy rating on the stock, which is down 3.2% at A$1.665. ([email protected])

0032 GMT - South32's 3Q production was in line with market expectations with the exception of its Cannington mine, Jefferies analyst Mitch Ryan says in a note. "While we expect pricing for sales to remain somewhat volatile with the overhang of tariffs and shifting global supply chains, FX tailwinds and stable operating conditions suggest H2 margins should remain relatively robust," Ryan says. Jefferies has a hold rating and A$3.20 target on the stock, which is down 0.8% at A$2.65. ([email protected]; @RhiannonHoyle)

0026 GMT - BHP reported robust 3Q output and, importantly, has been able to find a way to avoid the sharp reduction in Escondida output beyond FY27, says Citi analyst Paul McTaggart. "We don't have details but it includes extending the life of the oldest concentrator beyond FY29," he says in a note. That's "a good outcome for Escondida following the disappointments of the November site visit last year," McTaggart adds. Citi has a buy rating and A$45.00 target on BHP, which is up 0.5% at A$36.24. ([email protected]; @RhiannonHoyle)

2334 GMT - Australia's S&P/ASX 200 looks set for an opening fall after U.S. equities retreated and Fed Chair Jerome Powell warned that the central bank has limited flexibility to mitigate the impact of the Trump administration's trade war. ASX futures are down 0.3% ahead of Thursday's session, the last of the week ahead of a public holiday on Friday. Ahead of the open, BHP reported a 10% rise in 3Q copper output and flat iron-ore production. Woodside Energy announced an LNG sale and purchase agreement with Uniper. Falls in shares of chip companies sent U.S. indices lower. The S&P 500 lost 2.2%, the DJIA shed 1.7%, and the Nasdaq Composite fell 3.1%. ([email protected])

0925 GMT - Rio Tinto's 1Q copper production was 6% above consensus expectations due to higher grades at its Escondida mine, while bauxite production was 5% above due to a strong performance in Guinea, Barclays analysts write. Overall, the miner delivered a soft quarter as Australian shipments of iron ore were weak due to losses sustained from four cyclones, they write. Its London-listed shares trade down 1.2% at 4,299 pence. ([email protected])

(END) Dow Jones Newswires