0454 GMT - AMP's undemanding trading multiples and flow momentum mean it remains Morgan Stanley's pick among Australian wealth managers. While acknowledging that softer market returns have weighed on AMP's assets under management, the MS analysts tell clients in a note that wealth flows are improving. They also see potential for further cost-cutting within AMP's superannuation and investment division, which could support a re-rating of a stock that is trading at about 10 times fiscal 2026 earnings. They value AMP at 13 times fiscal 2026 earnings, suggesting a 30% upside for investors. Morgan Stanley lowers its target price by 8% to A$1.62 while staying overweight on the stock. Shares are up 0.4% at A$1.29. ([email protected])

0439 GMT - Healthcare software provider Mach7 Technologies looks well-positioned to meet its annual guidance, according to its bull at Wilsons. Analyst Shane Storey tells clients in a note that the Australia-listed company needs to sign more new accounts in its June quarter, but still forecasts 19% annual growth in full-year contracted annual recurring revenue. That's well within Mach7's guidance of 15%-25%. Mach7 is positioned to sustainably generate operating cashflow from hereon, with its cost-cutting initiatives completed in the March quarter, Storey adds. Wilsons cuts its target price by 15% to A$0.85 and keeps an overweight rating on the stock, which is up 7.8% at A$0.345. ([email protected])

0433 GMT - ANZ's integration of its Suncorp Bank acquisition and its progress toward planned targets will be the primary focal points for UBS analysts when the lender announces its first-half result next week. The UBS analysts tell clients in a note that they want information on the timing of the integration, as well as the eventual impact on ANZ's capital. Any detail on returns from better-than-expected cost or revenue synergies would also be useful, they say. Looking forward to the lender's post-announcement CEO change, they say that the incoming Nuno Matos is not well known locally but comes with a strong reputation. UBS has a neutral rating and A$31.00 target price on the stock, which is up 0.3% at A$29.63. ([email protected])

0430 GMT - Macquarie's full-year result announcement is likely to prompt further downgrades to market expectations for the Australian financial giant, UBS analysts warn. They tell clients in a note that it remains difficult to forecast Macquarie's results, but that they anticipate a 2.4% drop in annual net profit when the company reports next week. They think that the investment case partly hinges on asset realizations, which are lacking. However, they go into the result with a neutral rating on the stock following its tariff-driven declines of recent weeks. UBS has a target price of A$235.00 on the stock, which is down 1.3% at A$191.87. ([email protected])

0339 GMT - Better-than-expected revenue momentum at oOh!media keeps Macquarie analysts firmly bullish, despite the impending departure of the outdoor advertiser's CEO. A note from the investment bank says that the 13% revenue growth logged in the March quarter should continue through the rest of the first half, overriding prior caution about a potential slowdown linked to this week's federal election. They see revenue growth slowing to 10% in 2H, but highlight operating leverage stemming from prior cost initiatives. Macquarie raises its target price by 14% to A$2.00 and keeps an outperform rating on the stock, which is up 0.5% at A$1.5125. ([email protected])

0113 GMT - Aussie grocer Coles posted 3Q supermarket sales slightly ahead of what was expected by Jefferies' analysts Michael Simotas and Naveed Fazal Bawa. They describe it as a "solid outcome" given that it was a relatively demanding comparison that was being cycled from the prior year. Overall, 3Q supermarket sales of A$9.4 billion was 0.5% ahead of Jefferies estimates. And on a holiday adjusted basis, the Jefferies analysts say supermarket comparable sales grew 3.2%, above the 2.2% that they expected. They caution that the supermarket figures are unlikely to change consensus estimates moving forward, and that costs associated with a simplification program at Coles's liquor business could drive a small downgrade. Jefferies has a hold rating on Coles. ([email protected])

0046 GMT - Treasury Wine bull UBS remains upbeat on the Australia-based vintner after export data painted a somewhat mixed picture. Quarter-on-quarter growth to the key China market was mixed, with the December 2024 quarter up on the September 2024 quarter, but the March 2025 quarter was down on the December 2024 quarter. UBS says that reflects quarterly demand variations, with Chinese New Year volumes skewed to the December quarter. For now, UBS retains its buy rating, saying that Treasury's ability to deliver on growth guidance for its Penfolds luxury brand, for which China is an important market, will be a key driver of the stock price. UBS sees Treasury rising to A$14/share in the next year, compared to A$8.95/share in recent trade. ([email protected])

0045 GMT - The recent sell off in Sandfire Resources shares has unlocked a buying opportunity for investors, according to Morgans. Sandfire's stock fell more than 30% between March 24 and April 9, although it has recovered around half of those losses since then. Sandfire's copper operations in Spain and Botswana were both affected by weather in 3Q, although the company continued to generate cash that allowed its net debt to come down. "We previously rated Sandfire a Hold as we saw its share price has trading at full value," says analyst Annabelle Sleeman. "However the recent sell off created by potential tariff headwinds and macroeconomic uncertainty has created a buying opportunity." Morgans upgrades Sandifre to Add.([email protected]; @dwinningWSJ)

0040 GMT - Morgans says its confidence in Mineral Resources' ability to execute at its Onslow iron-ore project over the next six months has increased following its latest quarterly report. MinRes says the upgrade to the Onslow haul road remains on schedule to be completed in 1Q of FY 2026. It also expects the project to reach its nameplate capacity of 35 million tons/year in the same period. Analyst Annabelle Sleeman raises MinRes to add, from hold. "We caution that MinRes remains a high-risk investment with debt still elevated, combined with our bearish view of the lithium market and neutral view of the iron ore market," Morgans says. "However, we now see it as undervalued." ([email protected]; @dwinningWSJ)

0033 GMT - Jefferies is bullish about IGO as the investment thesis in the Australian mining company becomes increasingly clear. IGO's spending commitments on the first train of its Kwinana lithium hydroxide plant is tailing off and it has mothballed plans for an expansion. At the same time, production from IGO's Chemical Grade Plant 3 looms. IGO expects first concentrate from the CG3P in the three months through December. "This will deliver a clearer pathway for shareholder distributions," analyst Mitch Ryan says. "However, as IGO approaches Nova's end of life, ongoing soft lithium markets, and limited mandate for M&A, we expect IGO's strategy and value-accretive growth pathway to remain a focus." IGO today said production from the Nova nickel mine will cease at the end of 2026. ([email protected]; @dwinningWSJ)

0027 GMT - The departure of oOh!media CEO Cathy O'Connor after four years at the helm doesn't unsettle bull Jefferies much. "Whilst leadership change is rarely welcome, we see oOh!media with its suite of 35,000 assets as particularly well-placed to navigate the medium term," analyst John Campbell says. Advertising spending in Australia appears to be near a trough. Also, oOh!media is likely to expand its share of the outdoor advertising market from 2026, Jefferies says. O'Connor plans to remain with oOh!media until 2H of 2025 while the company searches for her successor. ([email protected]; @dwinningWSJ)

0026 GMT - Beach Energy's spending plan in the Otway basin of southeastern Australia has implications for its dividend, contends Barrenjoey. The bank forecasts group capex of A$843 million in FY 2026 and A$635 million in FY 2027. That's above consensus forecasts of A$650 million and A$530 million, respectively. "With Beach's dividend policy premised on 40-50% payout of pre-growth free cash flow, some but not all of this spend will be excluded from dividend calculations," analyst Dale Koenders says. Barrenjoey forecasts dividends of A$0.10/share and A$0.21/share in FY 2026 and FY 2027, reflecting a 9% and 18% dividend yield respectively. It says ongoing delays to the Waitsia natural-gas project and now a very large Otway capex program will delay capital being returned to shareholders. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires