0448 GMT - The market looks beyond Lynas's 3Q operational miss to its comments on pricing, which are "a sign that supply anxiety could result in LYC getting paid a non-China price" for new heavy rare earths products, says Barrenjoey analyst Daniel Morgan. He notes light rare earths neodymium and praseodymium account for more than 90% of company revenue, versus dysprosium and terbium at less than 5%. Still, the company appears to be arguing for a non-China price on its core products, too, says Morgan. "This is the crux of the investment dilemma for LYC," he says. "They have a strategic position in being the only non-China integrated rare earth producer but shareholders are not getting paid for that." Barrenjoey has an overweight rating and a target price of A$9.50 on Lynas, which is up 3.8% at A$8.605. ([email protected]; @RhiannonHoyle)

0354 GMT - ResMed's exemption from U.S. tariffs supports the breath-tech provider's already strong competitive position, according to Morgans analyst Derek Jellinek. He tells clients in a note that the exemption is important, but that he already liked ResMed for its expanding U.S. manufacturing footprint, the emergence of new technologies driving adoption, and favorable trends in wearables and weight-loss drugs. Jellinek observes that growth in ResMed's U.S. mask sales continues to outpace that of the broader industry, with rest-of-world sales growth poised to eventually catch up. Morgans keeps an add rating on the stock and raises its target price 1.1% to A$44.07. Shares are up 2.6% at A$37.005.([email protected])

0348 GMT - Citi analysts struggle to see obvious buyers for Australian bank stocks at current prices. The analysts tell clients in a note that the investor cohorts behind bank stocks' historic outperformance in 2024 look tapped out. With Citi economists tipping four more interest-rate cuts in 2025 and no more share buybacks on the horizon, the analysts don't see any catalysts for momentum buyers. Superannuation funds have also exhausted their market weights, they add. Citi sees upcoming bank earnings looming with downside risk. ([email protected])

0131 GMT - ANZ shakes its bear at Citi following recent underperformance by shares in the Australian bank. Raising their recommendation on the stock to neutral from sell, Citi analysts think that risks around the lender's change in CEO are now reflected in the share price. They tell clients in a note that ANZ's new management will have to stick to a prescribed strategic path while the lender completes its tech overhaul and integration of its recent Suncorp Bank acquisition. Consequently, they see any strategic change as iterative rather than transformative. Citi raises its target price 8.9% to A$27.50 and makes ANZ its preferred sector pick. Shares are up 2.15% at A$29.46. ([email protected])

0120 GMT - ResMed's bull at Macquarie expects its U.S. tariff exemption to help reverse the stock's recent compression in valuation multiples. The investment bank's analysts don't think the breath-tech manufacturer will feel any material impact from U.S. tariffs, and reiterate their outperform rating on the stock. New products, margin expansion, cash flow and capital deployment should also help grow multiples back toward previous levels, they add. In a note to clients, the analysts point out that stronger-than-expected mask sales and softer-than-expected device sales meant that 3Q U.S. revenue was in line with expectations. Macquarie trims its target price 1.6% to A$48.00. Shares are up 2.8% at A$37.075. ([email protected])

0108 GMT - When assessing the prospects of Imdex, Citi says all eyes are on April and beyond. Trump's tariffs have stoked uncertainty in the global economy, and this could rattle sentiment toward the global commodity demand outlook. Analyst William Park says industry participants who have previously expressed a glass half-full view on near-term exploration trends now concede that tariffs could be unsettling. "With flat activity levels forecast for 2025 versus the prior corresponding period, we are concerned that this view would now need to be revisited and revised lower," Citi says. Still, the bank has no doubt that Imdex can continue to outperform the industry and retains a neutral call on Imdex's stock. ([email protected]; @dwinningWSJ)

0051 GMT - Iluka's Balranald project in New South Wales state is likely to be in the spotlight when the Australian mineral sands producer hosts its strategy day on May 5, Macquarie says. Iluka plans to deploy a remotely operated underground mining technology at commercial scale for the first time at Balranald, targeting rutile that was previously considered uneconomic to develop. "We believe the market has concerns due to the novelty of this mining method," Macquarie says. "Therefore, further clarity and information on the proposed technique and trial results could be positively received by the market during the strategy day." Macquarie notes that in-situ extraction methods are commonly used to recover bitumen located at depths, a method adopted by 80% of oil sand companies. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires