0447 GMT - BetMakers Technology turns Ord Minnett analyst Lindsay Bettiol even more bullish on the basis that its stock is simply too cheap. Bettiol points out in a note to clients that the stock implies an enterprise value for the wagering-tech provider of just 1.0 times revenue. He tells readers that the company's capital raise puts it in an unquestionably strong position, bolstering its balance sheet following a recent return to topline growth. It is also generating positive free cash flow, he adds. Ord Minnett raises its recommendation to buy from speculative buy. Target price lifts by 9.5% to A$0.23. Shares are up 2.4% at A$0.1075. ([email protected])

0335 GMT - CAR Group's bull at Citi sees little risk to their 2H forecasts for the Australian vehicle advertiser's U.S. unit. Analyst Siraj Ahmed draws clients' attention to recreational-vehicle maker Thor's 3Q result, which was stronger than market expectations. He writes in a note that this supports his view that RV demand in the U.S. remains steady, which is good news for CAR's Trader Interactive unit. Citi keeps a buy rating and A$42.00 on the stock, which is up 0.4% at A$36.07. ([email protected])

0316 GMT - An improvement in sales of the top 11 models fitted with ARB Corp. equipment is linked almost entirely to a single vehicle, Canaccord Genuity analysts point out. They tell clients in a note that while the 6.3% on-year rise is positive for the Australian accessory manufacturer, it mostly relates to an unusual jump in sales of the Toyota Prado. This stems from strong current sales of a new model comparing with low year-earlier sales as buyers waited on its release, they observe. However, they add that the Prado is a high-fitment rate vehicle, so the surge will be helpful to ARB. Canaccord Genuity has a hold rating and A$34.70 target price on the stock, which is down 0.3% at A$31.77. ([email protected])

0034 GMT - Dundee Precious Metals may not be the only party interested in Adriatic Metals, says Canaccord Genuity. Adriatic recently confirmed it's in talks with Dundee about a potential takeover bid. That led to Adriatic's share price rising some 40%. Canaccord says Dundee has always looked like a potential bidder for Adriatic given similarities between their European assets. "However, we suspect other parties may also be interested in Adriatic's high-grade, low-cost operation," analyst Paul Howard says. Canaccord lifts its price target for Adriatic by 21% to A$5.50/share. That values its equity at US$1.25 billion. Adriatic is unchanged today at A$5.28. ([email protected]; @dwinningWSJ)

2353 GMT - A visit to Whitehaven Coal's Daunia and Blackwater operations in Australia cements Morgan Stanley's overweight call on its stock. The mines are on track for A$100 million a year in cost savings by the end of FY2025, MS analysts say in a note. They reckon there is also plenty of potential for growth at the sites. However, approvals for the nearby Winchester South development are likely two years away. Morgan Stanley has an A$6.20/share target price on Whitehaven. The stock ended Thursday at A$5.59. ([email protected]; @RhiannonHoyle)

2314 GMT - Morgans pares its earnings view for rural-services provider Elders because it no longer expects the acquisition of Delta Agribusiness will happen in FY 2025. The deal has been held up competition concerns. The Australian Competition & Consumer Commission wants more time to assess the transaction's effects. Morgans analyst Belinda Moore says there's a risk that the regulator will require Elders to sell some stores to secure approval. Morgans had assumed Delta would contribute A$5 million to Elders's Ebit in FY 2025. That has now been removed. "This has resulted in our FY 2025 Ebit and net profit forecasts falling by 6.6% and 8.8% respectively," Morgans says. ([email protected]; @dwinningWSJ)

2302 GMT - Ord Minnett analyst Milo Ferris is shrugging off Cosol's disappointing FY 2025 earnings guidance. The enterprise asset management software company forecast revenue of A$118 million to A$121 million and Ebitda of A$16.3 million to A$16.7 million. At the midpoint, the guidance was 3.3% and 6.4% below Ord Minnett's forecasts, respectively. Still, Ferris says Cosol's momentum entering the fiscal year appears positive. Revenue growth is expected to be in the high-single-digit percentage range as higher value contracts are locked in. "This appears conservative in our view," Ferris says. The bank retains a buy call on Cosol, which ended Thursday at A$0.655/share. ([email protected]; @dwinningWSJ)

2245 GMT - The four-month delay to the Australian government's Aged Care Act will likely dent the FY 2026 earnings of Regis Healthcare, signals Jefferies. Still, the bank raises its price target by 16%, to A$8.80/share, because other tailwinds are strengthening. "Aged care regulatory reform is increasingly supportive of the sector with a better aligned funding mechanism at the same time as baby boomers have begun entering an under-supplied residential aged care sector," analyst Vanessa Thomson says. Jefferies lowers its FY 2026 Ebitda forecast by 4%, while keeping its FY 2027 outlook unchanged. It retains a "buy" call on Regis Healthcare, which ended Thursday at A$7.61. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires