0327 GMT - The takeaway for Jefferies from miners' latest results: Mining is hard. "Geological problems, geopolitical issues, engineering challenges, and weather events are common, and earnings revisions during results season are typically to the downside," analyst Christopher LaFemina says in a note. While that is not particularly attractive to generalist fund managers, there is still real value to be found in the sector for those willing to take a chance, he says. ([email protected]; @RhiannonHoyle)

0207 GMT - Uranium miner Boss Energy disappoints with its FY 2026 cost guidance and by identifying potential challenges reaching nameplate capacity in FY 2027 and beyond, Citi analyst Samuel Schubert says in a note. Boss's FY 2026 all-in sustaining cost guidance of A$64/pound to A$70/pound compares with Citi's forecast of A$48/pound. Shares plunge by 43% to A$1.96. Citi has a buy rating and a A$4.60 target on the stock. The company's 4Q production beats market expectations, Schubert says. ([email protected]; @RhiannonHoyle)

0202 GMT - Seek's bull at Citi sees the latest job ad data supporting the bank's second-half forecasts for the Australia-listed employment marketplace. Analyst Siraj Ahmed tells clients in a note that the on-year decline in Seek's Australian volumes slowed to 5.3% in June, which he says is consistent with his forecast of an 8% fall in the second half for Australia and New Zealand combined. Forward indicators for Seek's volumes are mixed in his view, with improving consumer and business confidence set against delayed interest-rate cuts. Citi keeps a buy rating and its target price at A$28.50 on the stock. Shares are up 0.6% at A$24.18. ([email protected])

0132 GMT - a2 Milk keeps its bull at Macquarie despite a number of uncertainties. Ongoing growth in Chinese sales of English-labeled infant formula, potential benefits from strategic supply chain investment, and the chance of additional capital returns are among the factors sustaining the stock's continued outperform rating from Macquarie analysts. They acknowledge worries including on softening export data and modest ingredient cost pressure, but still see value. They write in a note that they are more conservative than consensus on fiscal 2026 revenue growth forecasts, but slightly more optimistic on earnings margins. Macquarie lifts its target price 5.7% to A$8.30. Shares are up 1.2% at A$8.015. ([email protected])

0122 GMT - Citi analyst Thomas Strong is waiting to see whether what he calls the mother of all dams is the catalyst for a sustained rotation by investors out of Australian bank stocks. Strong tells clients in a note that China's announcement of a dam on the Yarlung Tsangpo river was the spark for last week's shift by investors from banks into resources, but that it remains to be seen whether this move can be sustained. Shares of iron-ore miners have gained amid optimism about steel demand for construction of the dam and in China's broader economy. Strong had been wondering for some time what the catalyst might be for a pivot by investors between Australia's heavyweight market sectors. ANZ is his preferred play among the banks. ([email protected])

0105 GMT - EVT's bulls at Citi reckon that the Australian company's guidance for its entertainment business could turn out to be conservative. Citi's analysts tell clients in a note that they expect 14% on year growth in second-half entertainment Ebitda, compared with EVT's guidance for only modest growth. They point to their analysis of cinema box-office data, which indicates that recent movie releases have been successful. Consumers appear willing to spend on tickets when quality movies are available, the analysts add. Citi lifts its target price 13% to A$18.15 and keeps a buy rating on the stock, which is up 1.6% at A$16.21. ([email protected])

0042 GMT - Step One Clothing's latest trading update encapsulates perfectly the current environment for Australian retailers, according to its bulls at Bell Potter. The underwear maker sacrificed gross margins to sustain modest sales growth, missing earnings forecasts from analysts Leo Armati and Chami Ratnapala. They tell clients in a note that Step One probably kept a lid on marketing costs, leaving elevated levels of discounting as the likely driver of the miss. However, they are comforted by the company's resilient profitability and keep a buy rating on the stock. Its target price is trimmed 3.8% to A$1.25. Shares are up 2.1% at A$0.715. ([email protected])

0040 GMT - Imdex's acquisition of Earth Science Analytics is in line with its strategy, "and management are clearly enthused," Euroz Hartleys says in a note. The objective for the Australian mining technology company is significant growth in digital revenue, earnings from which can be sticky, scalable, dependable and high margin, says the broker. "Proof, as always, will be in delivery," it says. Imdex is up 2.1% at A$2.97/share. Euroz Hartleys has a buy rating and A$3.14 target on the stock. ([email protected]; @RhiannonHoyle)

0021 GMT - Perseus Mining reports another solid quarter to finish FY 2025 largely in line with expectations, Euroz Hartleys says in a note. Excess cash is being invested in growth and shareholder returns, says the broker. "FY26 guidance has a larger range now, but is still expected to generate good cash margins," it says. The broker keeps a buy rating and A$4.20 target on the stock. Perseus is down 0.3% at A$3.55. ([email protected]; @RhiannonHoyle)

2342 GMT - Newmont has reported a strong start to the year, with robust earnings, lower-than-expected net debt and a doubling of its share buyback, says Macquarie. The bank raises its target on Newmont's Australian shares by 3% to A$109, and its U.S. stock by 4% to US$72. It reiterates an outperform rating. "Importantly, the buyback remains at the company's full discretion with no time limit flagged," Macquarie says. The bank expects the full US$6 billion buyback will happen by the end of 2027. Newmont closed at A$95.38/share in Sydney Friday. ([email protected]; @RhiannonHoyle)

2326 GMT - Ampol's 2Q update helps to build confidence in the Australian refiner and fuel marketer's resilience to tough operating conditions, says UBS. A quarterly Lytton Refiner Margin of US$8.71/bbl was above consensus forecasts for US$7.9/bbl. It was achieved despite a volatile period in crude-oil pricing. Ampol signaled a 1H replacement-cost Ebit of A$400 million, which is broadly in line with market hopes. "We retain a Buy rating and lift our 2025 EPS from higher refining margins over 1H and lower net interest expenses," analyst Tom Allen says. UBS is upbeat about 2H. It thinks Ampol can grow EPS by cutting costs and by strengthening Ebitda through converting more gas stations to its unstaffed U-GO sites. ([email protected]; @dwinningWSJ)

2318 GMT - Coal miner Whitehaven's production outlook is stronger than Macquarie expected. That combined with capital expenditure delays lead Macquarie to raise its target on the stock by 27% to A$7.00/share. It reiterates a neutral rating. Macquarie says it has raised its run-of-mine production forecasts at several of Whitehaven's assets, raising group production by 2% from FY 2026-2030. It also pushes out its expectation for the next Narrabri longwall move by three months to FY 2028. The bank is disappointed by Whitehaven's 4Q realized prices. Still, the miner generated some positive free cash flow and owed BHP little in contingency payments because of the low prices, Macquarie says. Whitehaven fell by 1.1% Friday to A$6.95. ([email protected]; @RhiannonHoyle)

2311 GMT - Insurance Australia Group could beat consensus expectations slightly when it reports FY 2025 earnings on Aug. 13, Citi says. The bank expects IAG to achieve a reported insurance margin of 17.4%. That would be around the top of its 15.5%-17.5% guidance and slightly ahead of consensus hopes for 17.3%. IAG has signaled gross written premium growth of 4.0-4.5% in FY 2025. Citi says that's slightly disappointing and likely reflects a slowdown in some New Zealand lines and slowing Australia intermediated gross written premium. "Australia retail direct should, however, demonstrate growing market share and new business," analyst Nigel Pittaway says. "We forecast double-digit GWP growth in FY 2026 and FY 2027 factoring recent acquisitions, one of which still requires Australian Competition & Consumer Commission approval." ([email protected]; @dwinningWSJ)

2257 GMT - Margins are likely to be a key focus of investors when AMP unveils its 1H result on Aug. 7, says Citi. "Investors will likely seek assurance that its recent flow improvement in both platforms and Superannuation & Investment has not come at the expense of margins," analyst Nigel Pittaway says. The market also wants to be sure that the promised stability in bank margins is coming through. AMP has signaled an interim dividend of A$0.02/share. Achieving that will gladden the market, given the legacy issues that AMP continues to face, Citi says. "We also expect to hear more on the new digital bank and cost savings progress," the bank adds. ([email protected]; @dwinningWSJ)

2213 GMT - A lack of improvement in U.S. spirits volumes leads Jefferies to pare expectations for packaging company Orora. Jefferies cuts its FY 2026 Ebit forecast by 6%, citing continued weakness in the Saverglass business that Orora acquired in 2023. "With no clear evidence of a bottom in demand, and ongoing trade-related noise there continues to be a lack of confidence in Saverglass earnings recovery near term," says analyst Ramoun Lazar. Jefferies sees better value in other cyclical industrials stocks and retains a hold call on Orora. A free cash yield of 4% in FY 2026 doesn't provide sufficient margin for error, Jefferies says. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires