0419 GMT - The share-price reaction to Flight Centre's guidance downgrade suggests that the move was widely anticipated by investors, according to its bulls at Morgan Stanley. The MS analysts had already lowered their estimates below the Australian travel agent's prior profit guidance, and see the 1% share-price lift that followed the company's downgrade as evidence that their outlook was mirrored elsewhere. They see the downgrade as having re-based market expectations. MS has a last-published overweight rating and A$16.60 target price on the stock, which is down 0.7% at A$12.50. ([email protected])

0353 GMT - Brambles may have already locked in the majority of the new business wins the pallet provider needs to achieve its annual earnings guidance, Citi analyst Samuel Seow says. With economic uncertainty keeping a lid on like-for-like volumes, Seow reckons that the Australia-listed company's guidance implies material 4%-5% growth in net new wins for the June quarter. He acknowledges in a note to clients that this might seem optimistic, but explains that the ramp-up time between conversion and transacting for new customers suggests that Brambles should have much of the increase already in the bag. Citi keeps a neutral rating and A$20.15 target price on the stock, which is up 1.1% at A$20.04. ([email protected])

0351 GMT - Demand for data centers such as those operated by Australia's NextDC appears to be holding up amid recent economic uncertainty, Citi analyst Siraj Ahmed says. He points out that Alphabet's March-quarter results indicated that Google Cloud remains constrained by capacity, with the tech giant making no mention of any changes to demand due to macro shifts. Writing in a note to clients, Ahmed adds that Google also reiterated its capital-expenditure guidance, as expected. Citi has a buy rating and a target price of A$18.70 on NextDC's shares, which are up 2.4% at A$1167. ([email protected])

0337 GMT - Flight Centre's bull at Citi remains cautiously optimistic on the Australian travel agent despite its guidance downgrade. Analyst Samuel Seow tells clients in a note that the challenges that forced Flight Centre to lower its annual profit outlook look short term to him. He says it is under-earning amid macroeconomic uncertainty, with companies freezing corporate travel. Looking past this, the size of the potential medium-term shareholder returns on offer persuade him to maintain a buy rating on the stock. Valuation is attractive on a historic basis, he adds. Target price is lowered 13% to A$16.10. Shares are down 1.0% at A$12.46. ([email protected])

0336 GMT - ResMed's expanded U.S. manufacturing footprint is seen by Goldman Sachs analysts as likely to further assist strong gross margin accretion at the breath-tech manufacturer. A 70bp expansion in 3Q gross margin was key to ResMed's stronger-than-expected profit for the period, they say. Keeping a buy rating on the stock, the analysts tell clients in a note that margin accretion to date reflects operating leverage from manufacturing capacity expansion, discipline on labor costs, and the optimization of raw materials. GS lifts its target price by 5.1% to A$49.30. Shares are down 0.7% at A$36.68. ([email protected])

0112 GMT - Australian bank stocks' perceived status as safe havens from tariff-driven turmoil may not protect valuations if margins and earnings disappoint, Macquarie analysts warn in a note. They think that offshore investors have stepped up buying since the Trump administration unveiled U.S. tariff plans, but point out that Australia generally is exposed to only limited direct tariff impacts. The Macquarie analysts see downside risk to earnings from lower interest rates in fiscal 2026. With the market pricing in 150 basis points of cuts in the 2025 calendar year, they see material downside to current margin expectations. ([email protected])

0102 GMT - Fortescue's 3Q hematite production and shipments are largely in-line with expectations, although Iron Bridge production and sales fell short of market estimates due to weather-related disruptions, Jefferies analyst Mitch Ryan says in a note. Operating costs are better than anticipated, he says. No material operational updates are provided and guidance remains unchanged, Ryan notes. "Focus on the iron ore market remains the key near-term catalyst," he says, adding that Jefferies expects prices "to continue a downward trajectory." Jefferies has a hold rating and A$17.00/share target on Fortescue, which is up 2.3% at A$15.82. ([email protected]; @RhiannonHoyle)

0101 GMT - Brambles analyst Alexander Lu expects annual sales and earnings to come in at the lower end of the global pallet provider's guidance ranges. Lu lowers his sales and earnings forecasts for the three years through fiscal 2027 on the back of what he says was a softer-than-expected March-quarter trading update. He tells clients in a note that Brambles' year-to-date sales growth implies a slowdown from 5% in 2Q to 1% in 3Q. He acknowledges that adverse U.S. weather was a factor, but also sees tariffs weighing on demand. Lu now forecasts 4% annual sales growth and 8% underlying EBIT growth for fiscal 2025. Morgans trims its target price by 3.7% to A$19.75 and keeps a hold rating on the stock, which is up 1.0% at A$20.025. ([email protected])

0051 GMT - Brambles' softer-than-expected 3Q leaves the global pallet provider with a lot to do if it is to meet its annual sales and earnings guidance, Morgan Stanley analyst Andrew G. Scott writes in a note. He tells clients that softer like-for-like volumes on adverse U.S. weather and macro-economic headwinds mean that Brambles requires a June-quarter improvement in order to hit its narrowed guidance range for 4%-5% sales growth. With economic conditions apparently worsening, Scott thinks that investors are likely to see risks tilted toward the downside. MS has a last-published overweight rating and A$22.00 target price on the stock, which is up 1.1% at A$20.045. ([email protected])

0044 GMT - Brambles' ability to win new business against a backdrop of slowing economic growth keeps its bull at Macquarie interested. An analyst note from the investment bank highlights the global pallet giant's acceleration in new wins as a key positive amid volume softness from existing customers. Cost and capital efficiencies also help support Macquarie's continued outperform rating on the stock. Macquarie's analyst is untroubled by Brambles' move to lower the top end of its annual sales guidance range, and still sees the stock's valuation as attractive. Macquarie keeps a A$21.85 target price on the stock, which is up 1.6% at A$20.15. ([email protected])

0037 GMT - Pantoro's A$930 million enterprise value leads Euroz Hartleys to speculate that the Australian gold miner is at significant risk of becoming an M&A target. Unlike many mid-sized or large gold producers, Pantoro has a burgeoning growth pipeline among assets that it already owns, analyst Michael Scantlebury says. Pantoro had A$13 million of positive cash flow in the March quarter, strengthening its balance sheet to A$132.4 million in cash. That's enough to fund the developments it has planned, says Euroz Hartleys, which is also heartened by Managing Director Paul Cmrlec buying some 10,000 shares. ([email protected]; @dwinningWSJ)

0032 GMT - Strike Energy's low equity valuation baffles Euroz Hartleys, which sees a "compelling value opportunity" for investors. Strike Energy is down 3% today at A$0.16, trading near multi-year lows and at a deep discount to Euroz Hartleys's A$0.36/share price target. "Upcoming catalysts, including the appointment of a new CEO and the outcomes of the strategic review, are expected to provide much-needed clarity and could drive a near-term re-rating," says analyst Declan Bonnick. Strike aims to complete the strategic review in 2Q and appoint a new CEO in mid-May. ([email protected]; @dwinningWSJ)

0026 GMT - Woodside Energy's share of construction costs of its newly approved Louisiana LNG project in the U.S. is some $2 billion higher than Citi expected. Announcing a final investment decision on Louisiana LNG, Woodside said its share of the $17.5 billion project costs is some $11.8 billion. Analyst Paul McTaggart says the higher cost can partly be explained by capex coming in at $960/ton of LNG. That is at the top end of Woodside's previously stated $900-$960/ton range. McTaggart also points to higher contingency costs and a management reserve component that contains allowances for tariffs and business unit costs. Still, Woodside is pursuing deals to reduce its equity in the project, which would reduce the burden on its balance sheet and cut risks. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires