0346 GMT - Appen still generates cautious optimism at Canaccord Genuity despite the machine-training provider's apparent loss of market share outside China. Analyst Conor O'Prey keeps a speculative buy rating on the stock, saying that the Australia-listed company's June-quarter result was mixed. Its China performance looks really strong, and both costs and cash are good, he writes in a note. His concern is that revenues from the U.S., where it is increasingly challenging to win government work, are volatile and uncertain. O'Prey lowers his earnings forecasts and discounts his profit multiple, driving a 32% cut in target price to A$1.60. Shares are down 3.9% at A$0.9175. ([email protected])

0129 GMT - Citi analyst Mathieu Chevrier moderates his earnings outlook for personal-protective-equipment maker Ansell after one of its rivals warned on the negative impact of U.S. tariffs. Chevrier calls clients' attention to comments by Investor AB-owned Molnlycke, which warned of softening demand in subsectors including consumer and automotive. He keeps his fiscal 2025 forecasts unchanged and trims his fiscal 2026 core EPS forecast by just 0.1%, but makes more substantial changes thereafter. His fiscal 2027 core EPS forecast falls 2.6% to US$1.424. Citi cuts its target price 12% to A$33.50 and stays neutral on the stock. Shares are flat at A$30.27. ([email protected])

0108 GMT - National Australia Bank's new lending platform shows the lender making technological progress but doesn't fundamentally change Macquarie analysts' view of the stock. The investment bank's analysts tell clients in a note that business banking, which is the cornerstone of NAB's operations, iS under pressure from competition. NAB's rivals are all investing in their own capabilities, so they see NAB's effectively running to stand still with its own spending. That said, they reckon that the new lending platform is delivering substantially improved turnaround times. Macquarie keeps a neutral rating and A$35.00 target price on the stock, which is 0.1% at A$38.52. ([email protected])

0037 GMT - The recent pullback in Droneshield's share price lures a pair of new bulls to the Australian defense-tech provider. With the stock having retraced 18% since hitting a record this month, Bell Potter analysts Daniel Laing and Baxter Kirk raise their recommendation to buy from hold. They tell clients in a note that 1H revenue was slightly ahead of their forecast, with both operating and investing cashflows stronger than they had anticipated. Customer receipts were higher than they had expected, and Droneshield's pipeline looks strong to them. Bell Potter keeps a A$3.80 target price on the stock, which is up 9.3% at A$3.465. ([email protected])

2347 GMT - Mineral Resources' share price has more than doubled from a low reached in April. That rally prompts Jefferies to turn bearish on the stock. Analyst Mitch Ryan says pressure remains on Mineral Resources' balance sheet, although the miner has passed a peak of heavy capex and its Onslow project is performing well. "We see continued headwinds in lithium unless further supply comes out, and iron ore with Simandou coming online," says Jefferies. Simandou, owned by Rio Tinto and Chinese companies, is the world's biggest new iron-ore development in Guinea. Jefferies downgrades Mineral Resources to underperform, from hold, but raises its price target by 14% to A$25.00/share. Mineral Resources ended Wednesday at A$30.78. ([email protected]; @dwinningWSJ)

2344 GMT - It's only a matter of time before IGO mothballs both processing units at its Kwinana battery-grade lithium hydroxide refinery, reckons Jefferies. Activity has already stopped on the second unit, or train, at the facility that IGO operates with China's Tianqi under the TLEA joint venture. IGO this week forecast a further impairment of A$70 million-A$90 million on the refinery's assets. "Based on current market conditions and throughput, Train I is not viable as a standalone operation," analyst Mitch Ryan says. "We therefore expect both trains to be placed into care and maintenance within the next 12 months." That would enable investors to have a more direct and transparent exposure to earnings from IGO's Greenbushes lithium operation, Jefferies says. ([email protected]; @dwinningWSJ)

2317 GMT -- Barrenjoey shrugs off Greatland Resources's disappointing guidance. Greatland signaled production in FY 2026 would be some 11% below forecasts in the prospectus for its initial public offering. Analyst Daniel Morgan said the drivers of this downgrade are confined to ore sources at Greatland's Telfer gold mine. "Telfer ore is not the main game for the Greatland investment thesis," Barrenjoey says. Instead, it's ore from the Havieron deposit, which can transform Telfer from a high-cost mine with a short life to an operation with low costs that can sustain mining for much longer. Barrenjoey said the 24% share price fall that followed Greatland's FY 2026 downgrade is more than the 5% reduction in its net present value. It retains an overweight call on Greatland. ([email protected])

2318 GMT - The more time that Life360's bull at Jefferies spends looking at its advertising business, the more confident they get about its prospects. Analyst Wei Sim tells clients in a note that the tracking-app developer's unique data insights give advertisers a chance to effectively target consumers. He sees no reason why ad revenues shouldn't eclipse subscription income over time. Sim reckons that the market is also underestimating the rate at which users of the free product are upgrading to the paid version, with the new pet-tracker product capable of delivering a 22% rise in paid users. Jefferies raises its target price on the company's Australia-listed stock 67% to A$50.00 and maintains a "buy" rating. Shares are at A$38.90 ahead of the open. ([email protected])

2308 GMT -- Lithium miner Liontown Resources is delivering well but Barrenjoey remains bearish on its stock. That's because it has concerns about Liontown's cash flow. Liontown's FY 2026 guidance implies a cash burn of some A$185 million over the next 12 months. That is higher than the company's cash on hand of A$156 million. "Extensions to loan repayments, a further US$100 million of indebtedness and prepayments are levers Liontown is yet to pull, if necessary," analyst Glyn Lawcock says. Barrenjoey has an underweight call on Liontown and A$0.50/share price target. Liontown ended Wednesday at A$0.82. ([email protected])

0944 GMT - Rio Tinto looks set to ramp up capital expenditure in the second half of the year, Barclays analysts write. Its first-half capex of $4.5 billion was well below the $5.5 billion the market had expected, they write. Rio Tinto kept its full-year capex guidance of $11 billion unchanged, which implies a significant acceleration in the second half of the year. Its London shares trade down 0.7% at 4,614.5 pence.([email protected])

0812 GMT - Rio Tinto's 1H profit result is "a modest negative" versus market expectations, according to Citi analyst Paul McTaggart. Underlying profit is weaker than expected because of higher finance expenses, tax, and depreciation and amortization, he says. Rio's interim dividend also falls short of consensus, although underlying Ebitda beats, he says. McTaggart highlights Pilbara iron-ore costs at the high end of Rio's 2025 guidance range, while copper C1 costs are well below even new, lowered FY guidance, he notes. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires