0135 GMT - Macquarie now expects gold miner St Barbara to miss its annual production target. St Barbara continues to forecast output of 55,000-65,000 oz of gold at an all-in sustaining cost of A$3,900-A$4,200/oz. This is despite nine-months production of 36,500 oz, representing 61% of the annual goal at the midpoint. "Achieving the midpoint of 60,000 oz will require a 67% (or 9,400 oz) lift in quarter-over-quarter production to 23,400 oz," says Macquarie. That's a stretch, with the bank projecting annual production of 52,000 oz at an AISC of A$4,493/oz. ([email protected]; @dwinningWSJ)

0134 GMT - Australian drinks-and-pubs company Endeavour no longer has enough fizz to keep Jefferies among its bulls. Analyst Michael Simotas says there remains significant value in Endeavour's assets that can be generated from improved performance or through a potential breakup. "There is additional value in property, but we cut to Hold given risk of a margin re-base has risen significantly," Jefferies says. The bank cites issues such as the long gap until new CEO Jayne Hrdlicka starts in January and the need to reinvigorate sales to stem a loss of retail-market share. Endeavour is down 3.1% today. ([email protected]; @dwinningWSJ)

0125 GMT - The price offered by South Africa's Gold Fields to acquire Australia's Gold Road Resources looks fair to Macquarie. The offer values Gold Road's equity at roughly A$3.7 billion, and implies an enterprise value of A$2.6 billion. The deal will see Gold Fields wholly own the Gruyère gold mine in Western Australia. Macquarie says the offer implies a gold price of A$3,878/oz, which represents a 21% premium to its forecast of long-term prices of the precious metal. "It also takes the risk out of Gold Road's execution of Gruyère's underground option, which we have included in our valuation for the first time, as well as offering a tax effective way of monetizing Gold Road's Northern Star holding, as opposed to a block sale," Macquarie says. ([email protected]; @dwinningWSJ)

0122 GMT - How much of the U.S. tariffs impact can plumbing fittings supplier Reliance Worldwide offset by raising prices? As much as US$70 million, according to Barrenjoey. Reliance on Monday estimated the tariffs would drag its FY 2026 operating earnings by US$25 million-US$35 million. Imports account for around 48% of Reliance's cost of goods sold in the Americas region. Reliance says it is working to overhaul its supply chain to reduce its exposure to Chinese-made products. "We estimate Reliance will incur a gross tariff impact of US$96 million in FY 2026, implying Reliance expects to mitigate US$60 million-US$70 million through price," analyst Brook Campbell-Crawford says. "This is equivalent to 7% price realization in the Americas." ([email protected]; @dwinningWSJ)

0112 GMT - Life360's valuation ahead of its 1Q result continues to look attractive for a company still in the early stages of its multi-year monetization journey, Goldman Sachs analysts write in a note. They tell clients that they think the stock is trading at about 44 times its fiscal 2025 free cashflow, compared with a multiple of 50 for its Australian peers. The tracking app provider's near-term guidance remains conservative, they say, and reckon that it could hit its 35% adjusted Ebitda margin target sooner than expected. They will be looking for 1Q management commentary on customer churn, advertising, and tariff impacts. GS keeps a buy rating and A$27.00 target price on Life360's Australia-listed shares, which are up 0.9% at A$22.60. ([email protected])

0106 GMT - The size of NextDC's new contract suggests that it is with Microsoft or Amazon, Barrenjoey analyst Eric Choi says. He thinks that Amazon is the most likely candidate given that Australian data-center operator NextDC has already signed a large capacity block for Microsoft. Choi writes in a note to clients that he sees potential for more contract wins across NextDC's Melbourne-based centers, while warning that the timing is still uncertain. Other hyperscale customers are ramping up but are unlikely to have signed this latest deal, he adds. Barrenjoey has an overweight rating and A$18.00 target price on the stock, which is up 8.5% at A$13.74. ([email protected])

0056 GMT - Macquarie analysts think that Westpac's softer-than-expected 1H performance will be the catalyst for observers elsewhere to cut their forecasts. They tell clients in a note that the small profit miss will likely see analysts elsewhere bring their forecasts for Australia's second largest bank closer to the more conservative outlook already in place at Macquarie. The Macquarie analysts lower their own net profit forecasts for the next three fiscal years by between 1% and 2%. They expect 6% cost growth in the current fiscal year, moderating to 2.5% in fiscal 2026. Macquarie cuts its target price 2% to A$27.50 and keeps an underperform rating on the stock, which is down 1.3% at A$32.04. ([email protected])

0041 GMT - NextDC's new contract wins should allay investor fears that economic uncertainty could dampen short-term data-center demand, E&P analyst Paul Mason reckons. He says expectations were low for NextDC and thinks that demand could be even stronger than indicated by the company's latest announcement. Mason points out in a note to clients that the contracted utilization referenced by NextDC was at March 31, more than a month ago. The number supplied by the company also excludes customer options and first rights of refusal or reservations, he adds. E&P has a last-published positive recommendation and A$27.76 target price on the stock, which is up 7.0% at A$13.55. ([email protected])

0008 GMT - President Trump's movie-tariff plan is sending shockwaves through the film industry in Australia, the location of movies such as "The Fall Guy," starring Ryan Gosling and Emily Blunt, and Baz Luhrmann's "Elvis" biopic. Australian officials will urge the Trump administration to consider the benefits of American and Australian filmmakers working together, says Penny Wong, the country's foreign minister. "It's a good thing for us to be working together on films, and on entertainment," says Wong. "So, we obviously will be pressing our view about this to the U.S. Administration." Having Hollywood make movies Down Under is a big earner for the country and its A$5 billion film industry, she says. Wong welcomes Trump's remarks that he plans to meet with American industry representatives on tariffs soon. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires