0124 GMT - Kogan.com's trading update is weaker than expected by its bull at RBC Capital Markets, where analyst Wei-Weng Chen sees the Australian online retailer laboring with ongoing technical challenges. Chen tells clients in a note that the biggest driver of the sales and revenue softness appears to be problems with Kogan's Mighty Ape unit. That said, sales through April at its eponymous portal also appear to be tracking below market expectations for the fiscal second half. If trading follows the cadence seen in the prior corresponding period, Kogan could miss second-half revenue expectations by 13%, he adds. RBC has a last-published outperform rating and A$6.50 target price on the stock, which is down 6.2% at A$4.24. ([email protected])

0033 GMT - In vitro fertilization specialist Monash IVF's profit warning today didn't surprise Ord Minnett much. Monash IVF today said it now expects an FY 2025 underlying net profit of some A$27.5 million, down from guidance of A$30.0 million-A$31.0 million given to investors in late February. Analyst Tom Godfrey said Monash IVF had signaled a subdued outlook at its 1H result and recent Medicare data have been weak. "While we expect medium-term consensus downgrades and a weaker share price today, we note that the updated FY 2025 P/E is 12x suggesting some of this had already been priced in," Ord Minnett says. Monash IVF falls 11% to A$0.76. ([email protected]; @dwinningWSJ)

0005 GMT - Gentrack keeps its bull at Bell Potter despite the enterprise-software provider's 1H revenue miss. Gentrack's NZ$112 million fell short of analyst Michael Ardrey's NZ$117 million forecast, but he remains bullish on the dual-listed company's ability to maintain momentum in winning new customers. Ardrey uses a note to clients to flag Gentrack's expectation of 2H contract announcements. A ramp-up in spending on sales, development and deployment will start to have an impact in fiscal 2026, he adds. Bell Potter trims its target price on Gentrack's Australia-listed stock by 2.2% to A$13.20 and maintains a buy rating. Shares are at A$10.85 ahead of the open. ([email protected])

2346 GMT - Lendlease's bull at Macquarie thinks the Australian real-estate developer could be inching closer to a buyback of up to A$500 million. An analyst note from the investment bank highlights Lendlease's successful execution of its capital recycling strategy, pointing out that the company is just A$300 million short of its A$2.8 billion target. Macquarie's analyst would have preferred Lendlease to completely exit the U.K. assets that it has contributed to a joint venture with The Crown Estate, but is positive on valuation and the flexibility it has with regard to capital allocation. Macquarie raises its target price 7.6% to A$7.79 and keeps an outperform rating on the stock, which is at A$5.51 ahead of the open. ([email protected])

2320 GMT -- The impact of Telstra's latest price rises for its post-paid mobile services are hard to predict but Barrenjoey analyst Eric Choi thinks it looks positive. Choi warns clients in a note that it is difficult to account for any potential churn and to know exactly how many users the increases will apply to. There are a lot of moving parts, but he anticipates an increase in average revenue per postpaid user of close to A$2.40. This compares with what he reckons is the market's expectation of A$1.40. Barrenjoey has a last-published overweight rating and A$4.50 target price on the stock. Shares are at A$4.56 ahead of the open. ([email protected])

2311 GMT -- Boss Energy loses a bull in Barrenjoey after its share price rallied harder than the uranium price. Analyst Glyn Lawcock highlights that Boss Energy's stock is up some 50% over the past month, outpacing a 9% rise in the spot price of the nuclear fuel. "Boss is now trading in line with our A$3.40/share price target, which assumes a 35% expansion to 3.3 million lbs per annum and a life extension of seven years through resource development at Honeymoon," says Barrenjoey, referring to the company's uranium mine in South Australia. Barrenjoey drops to neutral, from overweight, but says it continues to favor Boss over Australia-listed rival Paladin Energy because of its higher operating margin. ([email protected])

2305 GMT - Lendlease is likely to undertake a A$500 million share buyback from 2H of FY 2026, says Barrenjoey, which stays underweight because it is cautious about the earnings property company's outlook. Lendlease is running sales processes for its TRX project in Malaysia, its Ardor Gardens project in China, and its Retirement Living business in Australia. Analyst Ben Brayshaw thinks Lendlease will commit to the share buyback if one of those is sold. That's because Lendlease wants to have comfort in meeting its target gearing range for FY 2026 of 5%-15%. Barrenjoey was disappointed that Lendlease didn't provide guidance for FY 2025 on a conference call with analysts yesterday. Lendlease had gearing of 27% at the end of 1H. ([email protected]; @dwinningWSJ)

2245 GMT -- Barrenjoey remains hungry for shares of Mexican food chain Guzman y Gomez, pushing back on concerns of some investors that its valuation is too rich. Analyst Tom Kierath sees scope for Guzman y Gomez to open more stores in Australia, which would support future profits. "Current levels of profitability are relatively low compared with steady state levels," Barrenjoey says. It thinks margins from franchised and corporate store operations are understated, and that general and administrative costs should fall as a percentage of sales over time. "U.S. losses are not deductible in Australia," Barrenjoey adds. That means the tax rate is high at some 55% in FY 2025 compared to the 30% corporate tax rate, the bank says. It retains an overweight call on Guzman y Gomez, which ended Monday at A$32.38. ([email protected])

2233 GMT - Uranium buyers could accelerate efforts to rebuild their stockpiles over the next few months, Jefferies says. Future sanctions on Russian supply could stoke demand for the nuclear fuel, along with heightened uncertainty over tariffs and imports. "U.S. confirmation that uranium and energy minerals are excluded from tariffs has restored some confidence and liquidity to the spot market, easing the wait-and-see stance of nuclear utilities," says Daniel Roden. However, Washington's ongoing Section 232 investigation into critical minerals imports, notably for uranium, is feeding uncertainty over medium-term policy and procurement, Jefferies says. It's unclear whether U.S. allies such as Australia and Canada can fill any supply gap or "if 232 tariffs prompt domestic sourcing," Jefferies says. The bank stays bullish on Australian producer Boss Energy. ([email protected]; @dwinningWSJ)

0605 GMT - While Macquarie reckons SGH might do better than its current FY25 earnings guidance, it doesn't expect an upgrade just yet, analysts at the bank say ahead of the company's investor day on Wednesday. "We do not expect much from the day itself, although there is a lot of interest in SGH's next strategic move," the Macquarie analysts say in a note. SGH restated its outlook for high single-digit Ebit growth in FY25 earlier this month. The analysts say SGH's medium-term growth outlook and "unique exposures" are attractive. They also reckon SGH is preparing for another acquisition. Macquarie reiterates an outperform rating on SGH with a target of A$56.10. SGH is down 0.4% at A$52.56. ([email protected]; @RhiannonHoyle)

0541 GMT - Resolute Mining's acquisition of the Doropo and ABC projects from AngloGold Ashanti for $150 million diversifies the company away from Mali and gives it "a relatively near-term and value accretive option" to grow annual production above 300,000 ounces, Macquarie analysts say. "It also provides regional presence and scale that can be expanded over time, which we believe RSG will continue to pursue given the recent political instability in Mali," they say. The bank's target price on Resolute rises by 18% to A$0.65/share after incorporating Doropo. It keeps an outperform rating on the stock. Resolute is up 0.9% at A$0.585/share. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires