0334 GMT - Rio Tinto's 2Q production result is "encouraging" given the miner's mixed record over the past five years, UBS analysts say in a note. "We see this as a solid base for incoming CEO Simon Trott to pursue his mandate to lift operational efficiency, streamline functions and simplify the business," they say. That said, they reckon "it won't be easy." The miner faces challenges in Mongolia, where it runs a giant copper mine, and in ramping up the huge Simandou iron-ore project in Guinea, which risks impacting the global iron-ore market. Rio Tinto also faces questions on its lithium strategy and overall portfolio mix, the analysts say. UBS trims its 2025 EPS estimate by 5%, citing the impact of tariffs. It keeps a neutral rating and A$115/share target. Rio Tinto is up 1.3% at A$111.92. ([email protected]; @RhiannonHoyle)

0239 GMT - RBC Capital Markets reckons 29Metals posted "an OK result" for 2Q, with zinc output missing expectations but copper production in line. The miner's 2Q costs miss consensus estimates but matched RBC's expectations, the broker says in a note. "Importantly, costs are winding down at Capricorn, and cash balances went up." RBC has a sector perform rating and a A$0.30 target on the stock. "We await better cash flow generation from Golden Grove on grade and higher copper prices while remaining cognizant of the debt and upcoming capex," it says. 29Metals is down 10% at A$0.31. ([email protected]; @RhiannonHoyle)

0227 GMT - Morgans analyst Belinda Moore wonders what Helloworld's intentions are regarding its stake in rival travel agent Webjet. Helloworld has built a 15% stake in its larger rival, and Moore is looking forward to hearing from management about what they plan to do with it. She points out that consumer-focused Webjet is in play after it received a A$0.80-per-share proposal from BGH Capital. Webjet rejected the proposal as undervaluing the company, but Moore tells clients in a note that Helloworld appears to have paid about A$0.90 a share for its stake. Morgans has a hold rating and a A$1.76 target price on Helloworld shares, which are down 2.3% at A$1.50. ([email protected])

0203 GMT - Nick Scali's bull at Macquarie is cheered by the performance of the furniture retailer's refurbished U.K. stores. Although the Australia-listed company's 11 refurbishments in fiscal 2025 are one fewer than it had targeted, a note from one of the investment bank's analysts points out that its three best-performing stores in January were all rebranded U.K. sites. That suggests there could be further upside potential from U.K. store rollouts, although this isn't included in current Macquarie forecasts. Macquarie keeps an outperform rating and a A$19.90 target price on the stock, which is up 1.8% at A$18.84. ([email protected])

0118 GMT - A path is clearing for Amplitude Energy to become a company worth at least A$1 billion, says Macquarie. Amplitude is raising utilization rates at its two natural-gas plants in Australia's Victoria state. That's happening at a time when the local gas market is tight. Amplitude is currently worth some A$623 million, with its shares up 2.2% at A$0.235 today. Macquarie says Amplitude needs to be trading at A$0.38/share to join the ranks of companies with a market value of A$1 billion. And that's exactly where the bank's 12-month price target sits. ([email protected]; @dwinningWSJ)

0113 GMT - Amplitude Energy's latest update should reassure investors about its growth plans, says Euroz Hartleys. Amplitude aims to develop the East Coast Supply Project at an estimated cost of A$380 million-A$455 million over FY 2026-FY 2028. Analyst Declan Bonnick says "the significantly improved Orbost production, now consistently operating at nameplate, should demonstrate to the market and provide belief that the company can fund" the ECSP project without needing new funds. Euroz Hartleys points to cash on hand of A$62.4 million, annual free cash flow generation of A$150 million, and existing debt facilities. "We argue there is little value for ECSP in the current share price, with the project set to double group revenue and triple earnings from FY 2024 levels," Euroz Hartleys says. ([email protected]; @dwinningWSJ)

0104 GMT - Jefferies continues to worry about 29Metals's balance sheet following its 2Q update. 29Metals's output missed the bank's expectations by some 16%, although this was partly offset by stronger revenue from its Golden Grove operation. 29Metals's share price is down 8.7% at A$0.315 because of the miss. "Operational earnings volatility continues to accentuate balance sheet uncertainty," analyst Daniel Roden says. Jefferies thinks positive pathways for improving operations are emerging. Still, the bank says "ongoing uncertainty on the timing and quantum of Capricorn Copper suspension and restart costs, debt servicing, and Gossan Hill capex obfuscates medium-term funding requirements." Jefferies retains a hold call on 29Metals. ([email protected]; @dwinningWSJ)

0055 GMT - UBS's bullish pivot toward appliance maker Breville partly reflects its Asia expansion opportunity. UBS upgrades Breville to buy from neutral, and lifts its price target 7.3% to A$35.50/share. It notes Breville's shift to direct distribution in Asia began in Korea in mid-2022. Analyst Apoorv Sehgal says this has been a major success, with Breville's market share in Korea rising to 7% in FY 2024, from 4% in FY 2022. "Breville is now beginning to go direct in China, which we think presents a big opportunity," UBS says. That's because it is a fast growing market with a much lower rate of spend on coffee machines per person compared to Korea. There's also a solid acceptance of Western brands and mid-high price points in China, UBS says. Breville is up 1.9% at A$30.355.([email protected]; @dwinningWSJ)

0046 GMT - Citi says its timeline for first natural gas from Santos's Barossa project still looks plausible. It made the remarks after Santos said Barossa is now 97% complete, with the project undergoing final commissioning activities and progressing to plan. "Darwin LNG life extension activities seem on track and first gas from the asset unchanged, due this quarter, with our August start-up time looking likely," says analyst Paul McTaggart. Santos is up 0.1% at A$7.74. ([email protected]; @dwinningWSJ)

0043 GMT - The question of how much value there is in REA Group shares hinges on how fierce a rival Domain turns out to be under its new owner, says Jefferies analyst Roger Samuel. He thinks there could be as much as 20% upside to the News Corp-controlled property advertiser's shares if competitive risks are more benign than feared. Conversely, he sees 11% downside if new owner CoStar can restore Domain's market position. He tells clients in a note that an investigation by competition regulators into alleged price gouging by REA is a non issue. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. Jefferies lifts its target price by 1.7% to A$250.00 and keeps a hold rating on REA. Shares are up 0.9% at A$238.30. ([email protected])

0031 GMT - The risks to Tyro Payments from the Reserve Bank of Australia's proposal to scrap card-payment surcharges have been overstated, Morgans analyst Richard Coles reckons. He tells clients that the payment provider's management is adamant that the proposal won't have any short- or medium-term impact on its profit or margins. Coles writes in a note that Tyro is clearly better positioned than some other providers to handle the shifting regulations, and continues to have a large addressable market to grow into. Morgans keeps a buy rating and A$1.55 target price on the stock, which is up 1.8% A$0.9775. ([email protected])

0009 GMT - CAR Group's CEO transition appears to have been well planned and executed, according to RBC Capital Markets analyst Wei-Weng Chen. Chen tells clients in a note that William Elliott, who will step up from the CFO role next month, is a good fit given his long tenure with the vehicle-classifieds provider and involvement with its expansion to the U.S. and Brazil. He is also familiar to investors, Chen adds. The Australian company's unaudited FY 2025 results and initial FY 2026 outlook commentary supports his view that the transition is coming from a position of strength. RBC has a sector-perform rating and A$39.00 target price on the stock, which is down 2.1% at A$36.64. ([email protected])

0004 GMT - CAR Group's CEO-elect is a very capable executive and well liked by investors, E&P analyst Entcho Raykovski says. As such, the announcement of CEO Cameron McIntyre's impending replacement by Chief Financial Officer William Elliott isn't likely to generate a notable negative market response, Raykovski writes in a note to clients. The Australia-listed vehicle advertiser's unaudited FY 2025 earnings are in line with consensus expectations, he adds. E&P has a neutral rating and A$36.00 target price on the stock, which is at A$37.44 ahead of the open. ([email protected])

2359 GMT - The departure of CAR Group's CEO is seen by its bull at Citi as an indication that large-scale M&A activity is unlikely in the near term. Analyst Siraj Ahmed thinks that the board is potentially comfortable with the vehicle-advertiser's set-up for fiscal 2026. He does wonder why the leadership is changing now, but points out that Cameron McIntyre's long spell in charge and recent acceptance of a board role at pallet provider Brambles means that the move isn't totally unexpected. Ahmed tells clients in a note that CAR's decision to promote McIntyre's successor from within chimes with its history. Citi has a buy rating and A$42.60 target price on the stock, which is at A$37.44 ahead of the open. ([email protected])

(MORE TO FOLLOW) Dow Jones Newswires

0811 GMT - Miners Rio Tinto and Antofagasta are among the FTSE 100's biggest gainers in morning European trade after their production updates. Rio Tinto trades 2% higher at 4437.5 pence a share after it reported the highest second-quarter output from its Australian iron-ore mines since 2018. However, it flagged that it expects round $300 million of gross costs from U.S. tariffs on its Canadian aluminum exports. Antofagasta's shares rise 2.5% at 1886 pence after the Copper miner stuck to its full-year guidance after costs fell and production rose at its Los Pelambres and Centinela mines in the second quarter.([email protected])

(END) Dow Jones Newswires