0426 GMT - There is reasonable potential for the offer price for recreational-vehicle supplier Tourism Holdings to go higher, Wilsons analyst Ben Wilson reckons. He thinks Tourism Holdings is likely to rebuff the BGH Capital-led consortium's initial non-binding approach and sees a chance that a competing offer could emerge. The offer price is well short of the stock's trading range prior to mid-2024 and the company is progressing on strategic initiatives to lift its value, he writes in a note to clients. Wilsons lifts its target price of the Sydney-listed shares 75% to A$2.18 and stays market-weight on the stock, which is flat at A$2.13. ([email protected])

0418 GMT - Cochlear's new product launches may not be totally positive for the hearing-tech developer, Morgans analyst Derek Jellinek says. He acknowledges that new cochlear-implant launches do typically precede stock re-rates, but points out in a note to clients that the launch does come with risk. He observes that Cochlear's latest sound processor is being launched out of cycle. He also thinks that its new Nexa system is based more on refining user experience than offering the usual technological advancements. Morgans trims its target price 1.5% to A$281.36 and keeps a hold rating on the stock. Shares are up 1.3% at A$285.26. ([email protected])

0101 GMT - ANZ is the Australian bank most at risk from the continued growth of New Zealand's state-backed lender, Macquarie analysts reckon. They write in a note that government-backed challenger Kiwibank has recently been taking between 15% and 20% of new mortgage lending in the country. They think that the strong growth of Kiwibank, which has a lower return on equity than major lenders, hints at downside risk for banks' New Zealand returns in a soft housing market. Macquarie contends that the relative proportion of earnings that ANZ derives from New Zealand means it is most exposed of Australian lenders, followed by National Australia Bank. ([email protected])

0054 GMT - Outdoor advertiser oOh!media's stabilizing market share and discount relative to Australia's broader stock market earn it an upgraded buy rating at UBS. The investment bank's analysts lift their recommendation from neutral, telling clients in a note that oOh!media's solid market share positions it to benefit from the incoming tailwind of increased advertising spending. They think a 9% rise in annual revenue for 2025 should drive EPS growth of 20%. This reflects the company's natural leverage and cost cuts, they add. UBS raises its target price 21% to A$2.00. Shares are up 5.4% at A$1.77. ([email protected])

2327 GMT -- Cochlear's lineup of new products turns UBS analysts bullish on the stock. They upgrade their recommendation on the hearing-tech manufacturer to buy from neutral, telling clients in a note that they expect its new implant portfolio to deliver global market share gains and 10% compound annual revenue growth from implants over the next three years. They also see services revenue rising 40% over three years from a higher installed base and as customers replace processors. UBS raises its target price 14% to A$325.00. Shares are at A$281.66 ahead of the open. ([email protected])

2305 GMT - Fletcher Building's investor day next week is likely to give its share price a boost, Jefferies says. It thinks any risk to earnings guidance is already factored into market expectations and the economic backdrop isn't getting worse. Management may outline a strategy focused on improving shareholder returns, analyst Ramoun Lazar says. "This could see more capital-intensive, higher-risk and lower-return businesses, e.g. Construction/Residential Development, either put up for sale or gradually wound down," Jefferies says. The bank upgrades Fletcher Building to buy from hold. Price target raised 35% to NZ$4.20. Fletcher Building is down 0.9% at NZ$3.20 today. ([email protected]; @dwinningWSJ)

2256 GMT - Metcash gets a new bull in Jefferies on signs that Australia's housing market is in the early stages of recovery. Metcash's Hardware business represents some 35%-40% of earnings. Analyst Michael Simotas thinks this share could be higher. Metcash's Hardware business has expanded since the last housing boom. "So a strong cyclical recovery has the potential to make Hardware an even more meaningful contributor to group earnings," Jefferies says. It notes that Metcash's decision to merge its IHG and Total Tools businesses into one unit could be an opportunity to drive private-label sales more effectively. Jefferies raises Metcash to "buy," from "hold." ([email protected]; @dwinningWSJ)

2255 GMT - XRG has a good argument to convince Australian regulators to clear its $18.7 billion takeover of Santos. XRG is aggressively building a global energy business and says it would accelerate Santos's growth projects. That is in contrast to Santos's stated strategy, which is to pivot toward channelling more cash into shareholder returns after its Barossa and Pikka projects are online. UBS analyst Tom Allen highlights that Santos's capital management framework would restrict production to 100 million-120 million BOE from 2026-30. XRG's focus on driving Santos's growth projects "could help mitigate long-term gas supply risks to Australia's domestic gas markets," UBS says. That's a lever it thinks might be material to securing regulatory approval. ([email protected]; @dwinningWSJ)

0655 GMT - Conversations with mid-cap gold companies continue to be focused on growth, cash returns and dealmaking--although not necessarily in that order, say RBC Capital Markets analysts. Their remarks follow RBC's annual mining conference in New York. Buybacks came up in every conversation, say the analysts. And for miners that lack organic growth options, M&A was a key focus, they add. The analysts reckon more gold deals might be coming following Newmont's recent string of asset sales and the positive market response to some other acquisitions. "Management teams continue to broadly preach conservatism on acquisitions, cost containment and gold price assumptions for reserves and project evaluation," they say. "But decisions could be coming on trade-offs between margins and higher/longer production at existing assets." ([email protected]; @RhiannonHoyle)

0609 GMT - Aurizon's newly inked contracts for BHP's Copper South Australia supply chain are a positive for the ASX-listed rail-freight company, Macquarie analysts say. They estimate it will add roughly 1% to Aurizon's annual earnings. However, "we still struggle to see enough evidence the bulk strategy is delivering," they say of Aurizon's campaign to boost its bulk business. The analysts are also concerned that a repricing of its contract with Karara Mining and the potential Phosphate Hill closure may more than offset the gains from the new BHP contracts. Macquarie raises its target price on Aurizon to A$3.39 from A$3.32 and keeps a neutral call. Aurizon trades unchanged at A$3.10. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires