0228 GMT - Treasury Wine bull UBS is still optimistic even though the Australia-based vintner just cut its earnings guidance. UBS says Treasury Wine remains attractive because of recent underperformance, with the stock down 33% since July last year compared with a 9% gain in the broader market. UBS also still sees opportunities for Treasury in China, where its Penfolds brand is popular, and in the U.S., where luxury wine is still outperforming. Treasury yesterday cut its earnings guidance for FY 2025 to A$770 million from A$780 million, citing weakness in the U.S. UBS says the problem appears to be the mid-tier 19 Crimes brand, which is seeing revenue declines. ([email protected]; @Mike_Cherney)

0135 GMT - Judo Capital's expanded deposit ambitions appeal to its bull at UBS. The Australian business lender's plans to roll out two new deposit products by late in its next fiscal year will give it greater funding optionality, UBS analyst John Storey writes in a note. The lack of legacy systems is seen by Storey as a continuing growth enabler relative to longer-established peers. However, he warns that lending competition is stepping up. UBS keeps a buy rating and A$2.20 target price on the stock. Shares are up 7.5% at A$1.575. ([email protected])

0108 GMT - IDP Education's underlying quality and the market's low expectations for the student-placement provider earn the stock new bulls at UBS. The investment bank's analysts raise their rating to buy from neutral, saying they think the current operating environment is close to bottoming out. They expect a conservative recovery in fiscal 2027 and fiscal 2028, allowing for either minimal market growth or market-share gains for IDP. They understand investor caution but think expectations elsewhere are sufficiently low to justify a more adventurous view. UBS cuts its target price 59% to A$4.95. Shares are up 5.7% at A$4.10. ([email protected])

0101 GMT - IDP Education's bears at Jefferies are reviewing their model amid the global policy uncertainty facing the student-placement operator. The investment bank's analysts make no immediate change to their underperform rating and A$9.50 target price. However, they outline the factors prompting them to reassess how they will value IDP. They point to worse-than-anticipated guidance for fiscal 2025 earnings, global policy uncertainty stretching into fiscal 2026, and a larger-than-expected drop in placement volumes. Mooted changes to U.K. immigration rules could further worsen operating conditions, they add. The stock is up 5.7% at A$4.10. ([email protected])

0049 GMT - Morgan Stanley analysts slash their earnings forecasts for IDP Education, warning that the Australian student-placement operator faces an uncertain near-term outlook. The analysts cut their rating on the stock to equal-weight from overweight. MS highlights IDP's need to manage a wholesale cost reset while maintaining flexibility for a potential improvement in operating conditions. The nearly 50% share-price drop that followed IDP's trading update captures significant downside risk but catalysts for a re-rate look limited, the investment bank warns. MS cuts its target price 76% to A$4.25. Shares are up 6.2% at A$4.12. ([email protected])

0041 GMT - Insignia Financial gets a new bull in UBS after its stock price retreated far from the A$5.00/share takeover offer proposed by CC Capital. Insignia is up 1.7% at A$3.54 today. That means the stock price is closer to where Insignia was trading in mid-December when it became a bid target of Bain Capital, which has since dropped out of the running. Analyst Shreyas Patel says the gap to CC Capital's offer price is more than 40%. "We view this as a favorable risk-reward skew, even if the board were to walk back on the A$5.00 floor price in light of recent market volatility," UBS says. It upgrades Insignia to buy, from neutral. ([email protected]; @dwinningWSJ)

0031 GMT - GrainCorp loses a bull in UBS despite official forecasts pointing to another strong crop in FY 2026. Analyst Apoorv Sehgal says elevated global supply of grain and canola could keep a lid on GrainCorp's profit margins. UBS also thinks GrainCorp's valuation is fair when taking into account A$160 million-A$160 million of new capex. "On the flip side, the stock should be supported by capital management," UBS says. That includes a A$75 million share buyback. UBS downgrades GrainCorp to neutral from buy and lowers its price target by 7.6% to A$7.95/share. GrainCorp is up 1.7% at A$7.70. ([email protected]; @dwinningWSJ)

0010 GMT - IDP Education keeps its bull at Macquarie despite the student-placement operator's significant near-term challenges. An analyst at the investment bank says IDP's price growth is still in the low teens despite lower volumes. The analyst also flags potential catalysts for the stock to re-rate from cost reductions and improvements to volumes and sentiment. However, the Macquarie analyst cuts the fiscal 2026 EPS forecast by 44% and warns of low visibility on volumes, pricing trends and cost cuts. Macquarie lowers its target price 60% to A$6.40 but maintains an outperform rating on the stock. Shares are up 2.3% at A$3.97. ([email protected])

2335 GMT - Judo Capital's improved near-term margin outlook helps lure a new bull to the Australian business lender. Macquarie analysts raise their recommendation on the stock to outperform from neutral following Judo's investor day. They point to the improved funding costs that give them more comfort on Judo's margins. They raise their EPS forecasts by 4% for fiscal 2026 and by 3% for fiscal 2027 on funding mix shifts and improved term-deposit spreads. Macquarie lifts the stock's target price by 3% to A$1.75. Shares are at A$1.465 ahead of the open. ([email protected])

2321 GMT -- Bell Potter was pleasantly surprised by an official crop forecast for Australia's east coast. Its price target for GrainCorp rises by 5.4% to A$7.85/share in response. Government forecaster Abares projects an east coast winter crop of 27.2 million tons, up slightly on a year ago. Bell Potter analyst Jonathan Snape highlighted expectations for an 8% on-year rise in production from Victoria state. "This is somewhat surprising given Victoria had its driest May since 2005 (and seventh driest May on record) when the crop outcome was 24% below the current forecast," Bell Potter says. GrainCorp ended Tuesday at A$7.57. ([email protected])

2246 GMT -- No news about recent sales may be good news for Domino's Pizza Enterprises investors. Domino's didn't update on trading when announcing several leadership changes yesterday. That lack of a trading snapshot "suggests business is tracking broadly consistent with consensus," Jefferies analyst Michael Simotas says. The market expects Domino's same-store sales will rise by 1.8% in 2H of FY 2025. That would mark an acceleration on the 1.5% growth achieved in the first seven weeks of 2H. ([email protected])

2225 GMT - Citi thinks the market is too hot for costume jewelry retailer Lovisa. Its sell call reflects concerns about the quality of new Lovisa stores. It thinks that higher-than-normal rates of discounting may be driving strong like-for-like sales. "We also think the launch of Jewells may suggest the core Lovisa format is more mature than previously thought," analyst Sam Teeger says. Citi worries that start-up expenses for Jewells could be higher than expected. It's alert to stronger competition, noting Harli + Harpa now has 28 stores. "Further, we see a level of strategic uncertainty following this month's CEO change, that may not be factored into the stock's price-to-earnings multiple," Citi says. ([email protected]; @dwinningWSJ)

0651 GMT - ResMed's bull at Citi stays positive on the breathing-tech provider following its third-quarter update. Analyst Mathieu Chevrier raises his EPS forecasts by 3.1% for fiscal 2026 and by 3.6% for fiscal 2027 on higher gross-margin expectations. He points out in a note to clients that the company has yet to see any impact from the increasing use of weight-loss drugs. Chevrier acknowledges that there is still a live debate over whether the net impact of the drugs will turn out to be negative, but notes growth in awareness of conditions such as sleep apnea could be positive. Citi raises its target price on ResMed's Australia-listed stock by 2.3% to A$45.00. Shares closed 0.6% higher at A$37.93. ([email protected])

(END) Dow Jones Newswires