0215 GMT - Australian telecommunications providers' near-term operating expenses could be lower than expected as they cut costs in customer support and lay off more staff, Macquarie analysts say. They wouldn't be surprised if Telstra makes more job cuts on top of its 550 recent redundancies, listing lay-offs as one of four potential catalysts for the stock. Mobile price rises, M&A activity and capital management are the other things they are looking out for ahead of Telstra's annual result announcement later this month. Macquarie has an outperform rating and A$5.19 target price on Telstra shares, which are down 0.5% at A$4.945. ([email protected])

0154 GMT - Productivity and simplification are key for Rio Tinto's next CEO, Simon Trott, to "return Rio to its former glory," Macquarie analysts say in a note. The analysts say Rio Tinto's minerals arm, which includes commodities such as titanium dioxide, borates and diamonds, undid all the good work of its copper division in 1H. "We think a portfolio simplification mantra could deliver value via reducing earnings volatility and risk." Macquarie raises its target on Rio's Australian shares by 3% to A$109/share. The stock is up 0.6% at A$112.32. ([email protected]; @RhiannonHoyle)

0143 GMT - A rebased commodity-price graph in Rio Tinto's 1H result shows copper and aluminum trading around long-term averages, but iron ore and lithium trading below. That prompts Macquarie analysts to contemplate the possible price risks it could face in those industries. "For those with long memories, they may recall when iron ore struggled to exceed $40/ton (nominal) prior to 2005 and lump VIU's [value-in-use] drove slim producer profits," say the analysts. At that time, the iron-ore market was experiencing oversupply from new basins, volume-based industry rivalry and strong customer buying power, they say. "We hope history does not repeat itself." ([email protected]; @RhiannonHoyle)

0127 GMT - Origin Energy's near-term spending will probably be larger when its part-owned Reedy Creek and Iron Bark gas projects are approved, according to Macquarie analysts. They flag that costs will be structurally higher in the coming three years as the Australia Pacific LNG venture starts replacing production. They tell clients in a note that they anticipate negative cash-flow impacts from fiscal 2027 onwards. Macquarie keeps a neutral rating and A$10.94 target price on the stock, which is up 0.5% at A$11.725. ([email protected])

0117 GMT - Efforts to better Mineral Resources' disclosure and capital allocation "have certainly improved MIN's investment proposition," Macquarie says in a note. The miner also appears poised to benefit from lower lithium production costs in the future, according to the bank. Macquarie raises its target on the stock by 32% to A$29/share. Yet, a 40% surge in the miner's shares since the start of July has already pushed its value past that target. Macquarie downgrades the stock to underperform from neutral, citing valuation and the potential for weaker iron-ore prices over the next couple of years. Mineral Resources is up 5.1% at A$30.04. ([email protected]; @RhiannonHoyle)

0112 GMT - Droneshield's bull at Shaw & Partners is starting to think about the potential for the Australian defense-tech provider to be included in the country's major stock indexes. The stock has increased more than fourfold in value in 2025, prompting analyst Abraham Akra to list potential entry into the S&P/ASX 100--and the additional exposure that would bring--among several catalysts. He also sees conversion opportunities in Droneshield's existing pipeline, a further shift toward SaaS revenues, and an Australian Army program award. Shaw & Partners lifts its target price 80% to A$3.60 and keeps a buy rating on the stock, which is down 4.9% at A$3.605. ([email protected])

0053 GMT - IGO's lowered liquidity threshold, focus on productivity and planned impairment of the Kwinana refinery "all pave the way for a focus on shareholder returns while it navigates market volatility," Macquarie says. The bank raises its target on the stock by 11% to A$5.00/share. It reiterates an outperform rating. IGO's 4Q result is mixed, with a production miss offset by a sales beat, Macquarie says. IGO is up 1.7% at A$4.505, erasing a small part of this week's more-than-10% loss. ([email protected]; @RhiannonHoyle)

0052 GMT - Airtasker's bull at Morgans keeps a buy rating on the stock despite the risk from current market volatility. Analyst Steven Sassine sees the task-marketplace provider's 4Q update providing evidence of accelerating momentum, particularly in the U.K., where revenue growth more than doubled compared with a year earlier. He lowers his top-line group forecasts for the next two fiscal years to accommodate some additional conservatism, but still assumes what he calls robust mid-teens revenue growth. Morgans' keeps a A$0.55 target price on the stock, rolling forward its valuation. Shares are flat at A$0.36. ([email protected])

0042 GMT - Judo Capital's achievement in hitting its annual gross-loan target elicits a sigh of relief from Morgans analyst Nathan Lead. He tells clients in a note that the Australian business lender's A$12.465 billion gross-loan balance at June 30 should give investors increased confidence. Judo had guided for A$12.4 billion-A$12.6 billion. He points out that Judo recorded its largest-ever monthly rise in loan growth in June, but cautions against reading too much into it due to the seasonality of drawdowns. It's also positive that term deposits grew by more than loans, even if the balance fell short of expectations. Morgans keeps an accumulate rating and A$1.75 target price on the stock. Shares are down 0.5% at A$1.5075. ([email protected])

0033 GMT - Now could be a good time for Kingsgate Consolidated to sell its Nueva Esperanza silver project in Chile, Canaccord Genuity suggests. That's because silver prices have surged 30% so far this year. Nueva Esperanza has a resource of 134 million oz of silver, grading at 106 grams per ton of ore. "Should the project be divested, we think this could be a windfall and valuation catalyst for Kingsgate," analyst Reg Spencer says. It points to Andean Silver as a potential benchmark for valuing the project. Andean Silver, with a market value of A$232 million, owns the Cerro Bayo project in Chile that has a resource of 120 million oz of silver. "While Cerro Bayo is more advanced with established infrastructure, we think it could provide a valuation yardstick for any divestment by Kingsgate," Canaccord says. ([email protected]; @dwinningWSJ)

0023 GMT - Morgans sticks with a buy call on Flight Centre even though it anticipates recent challenges will extend into 1H of FY 2026. Flight Centre cut profit forecasts again this week, lowering expectations for FY 2025 underlying pretax profit by 5%-12% to A$285 million-A$295 million. Flight Centre said the conflict in the Middle East had affected U.K. and Europe bookings, while leisure bookings to the U.S. remain weak. Analyst Belinda Moore says Flight Centre is trading on extremely depressed earnings multiples. "There may be a lack of near-term catalysts," Morgans says. "However we think patient investors will be well rewarded when a travel industry rebound eventuates." It forecasts solid earnings growth to resume from 2H of FY 2026. ([email protected]; @dwinningWSJ)

2352 GMT - Life360's new bull at Citi sees the tracking-app developer expanding into financial services and wearables as it reaches beyond its core customer base. Initiating coverage of the stock with a buy rating, analyst Siraj Ahmed sees a partnership with other providers as the route for this expansion. He also anticipates increased customer engagement from the generation of member-specific discounts and offers, which will help its nascent ad-revenue venture. Ahmed tells clients in a note that Life360 should pass its target of 150 million active users in 2028. He puts a US$90 target price on Life360's U.S.-listed stock, and a A$46.20 target price on the Australia-listed stock, which is at A$40.16 ahead of the open. ([email protected])

2348 GMT - Mall owner Scentre is a strong candidate to beat its annual earnings goal, according to Macquarie. Scentre has forecast funds from operations per security of 22.75 Australian cents in 2025. Macquarie is tipping an outcome of 23.0 cents. Its bullish view has three drivers: total portfolio comparable income growth of 3.6%, limited corporate cost growth, and a lower weighted average cost of debt. Still, Macquarie retains an underperform call and A$3.18/share price target on Scentre, which ended Thursday at A$3.75.([email protected]; @dwinningWSJ)

2252 GMT - Beach Energy's quarterly update had a sting in its tail for Euroz Hartleys. While Beach achieved FY 2025 guidance, it also signaled several negative developments. Among them: Faster-than-anticipated field decline in the Otway Basin, prolonged flooding impacts in the Cooper Basin, and a delay to first gas from the second stage of its Waitsia project. Euroz Hartleys cuts a forecast for annual production to 19.7 million BOE, from 23.0 million BOE. It also pares expectations for Ebitda, operating cash flow and dividends. Euroz Hartleys lowers its price target by 13%, to A$1.32/share, noting that drilling of the Beharra Springs Deep 3 gas well suggests the field in the Perth Basin has lower accessible reserves than previously thought. Beach fell 9.3% yesterday, to A$1.17. ([email protected]; @dwinningWSJ)

2242 GMT - Gentrack loses a bull in Jefferies after a few recent contract tenders didn't go the software company's way. "In our view, the industry outlook remains a tailwind for Gentrack's outlook, but we also see increased competition," analyst Wei Sim says. Gentrack last week said it's no longer part of a process to replace an Australian customer's platform. Jefferies says the customer could well be Red Energy. But the bank says the gap created by the Australian customer loss "is likely to be more than offset over the medium term by new contract wins, similar to the situation with the loss of U.K. insolvent businesses in prior years." Jefferies downgrades Gentrack to hold, from buy, and cuts its price target by 21% to A$11.00/share. Gentrack ended Thursday at A$9.75. ([email protected])

(END) Dow Jones Newswires