0427 GMT - Euroz Hartleys downgrades Lynas Rare Earths to hold from buy, saying its market value looks stretched. The broker also raises its target on the stock to A$13.00/share from A$12.00. "At current levels, LYC is already pricing in materially higher RE [rare earths] prices than both Chinese benchmarks" and a $110/kilogram neodymium-praseodymium floor price set under the Pentagon's deal with MP Materials, the broker says. Still, Euroz Hartleys says that the stock could continue to gain, fueled by unprecedented Western government support and improving rare earths prices. Lynas is up 0.4% at A$14.40/share. It has more than doubled in value year to date. ([email protected]; @RhiannonHoyle)

0425 GMT - WiseTech's bull at Citi moderates earnings forecasts for the Australian logistics software provider on slower revenue growth from its core CargoWise platform. Analyst Siraj Ahmed maintains a buy rating on the stock, but trims his forecasts to reflect the slowdown in CargoWise revenue growth that WiseTech experienced over the six months through June. He anticipates 10% on-year revenue growth in 1H FY 2026, accelerating to 24% in 2H. This aligns with company guidance, which he acknowledges might be conservative. Citi cuts its target price 9.4% to A$121.35. Shares are down 3.5% at A$95.91. ([email protected])

0309 GMT - NRW Holdings gains a bull from Macquarie after striking a deal worth up to A$200 million to acquire closely held Fredon Industries. Analysts at the bank say it is a highly accretive acquisition at an attractive multiple and upgrade the stock to outperform from neutral. Macquarie's target on NRW is raised by 13% to A$4.45 a share. "Fredon adds a fourth pillar, opening up new addressable markets buoyed by strong tailwinds," say the analysts. NRW is up 0.3% at A$4.05, adding to a 6.3% gain Tuesday. ([email protected]; @RhiannonHoyle)

0233 GMT - Westpac continues to look expensive to its bears at Macquarie despite the lender's recent success in growing its business and wealth operations. Macquarie's analysts tell clients in a note that all local banks are now focused on winning business lending and deposits, suggesting that intense competition will continue to weigh on margins and returns. They reckon that Westpac shares are trading at 20X FY 2026 earnings, which represents a premium compared with closest peers ANZ and NAB. Macquarie keeps a A$30.00 target price and underperform rating on the stock, which is down 2.3% at A$37.67. ([email protected])

0221 GMT - UBS likes NRW Holdings' plans to buy closely held Fredon Industries for up to A$200 million. "Execution and cash backed delivery of earnings targets will clearly be key and a focus, but we do highlight NRW as having a solid track record in M&A," analysts at the bank say in a note. They say the deal drives 14% EPS accretion to consensus forecasts. It also exposes NRW to growing markets related to the energy transition and digital infrastructure, they say. UBS lifts its target on NRW to A$4.50 from A$4.00. "Overall we are constructive on the deal and reiterate our buy rating," the analysts say. NRW is up 0.6% at A$4.065, building on a 6.3% gain on Tuesday. ([email protected]; @RhiannonHoyle)

0146 GMT - DUG Technology's three-year contract with Petronas is seen by its bulls at Wilsons as evidence of the quality of its software offering. Wilsons analysts tell clients in a note that the high-margin US$18.2 million contract provides meaningful upside to the Australian resources-tech provider's Ebitda, which stood at US$15 million in its last fiscal year. They anticipate US$4.8 million in annualized Ebitda, and see a decent chance that the contract grows further in value as Petronas gets familiar with DUG's capabilities. Wilsons lifts its target price by 36% to A$2.35 and stays overweight on the stock, which is down 0.8% at A$1.965. ([email protected])

0129 GMT - Collins Foods' continuation of positive sales momentum into its new fiscal year further bolsters the confidence of its bulls at Wilsons. The broker's analysts tell clients in a note that the Australian fast-food franchiser's management is delivering tangible benefits through improved rostering, reduced wastage and stronger execution of promotions. They point to the success of Collins's Christmas in July campaign at its Australian KFC stores. Deflation in some input costs is also helping, they add. Wilsons lifts its target price 20% to A$12.23 and keeps an overweight recommendation on the stock, which is up 2.1% at A$10.47. ([email protected])

0128 GMT - Capstone Copper presents a unique opportunity for Australian small-cap investors, according to Moelis Australia analysts Paul Hissey and Nic McRostie. "While the company itself has all the hallmarks of a large-cap, globally diversified mining house, its presence on the local bourse as a secondary listing provides investors exposure that would otherwise be difficult to replicate," the analysts say. They reckon Capstone is significantly lower risk than smaller ASX-listed peers Hillgrove Resources, AIC Mines and Aurelia Metals. To be sure, Capstone may be difficult to champion to generalist small-cap investors with a focus on stock-specific catalysts. Yet, its biggest appeal for investors may be simply as "exposure to copper," they say. Moelis reiterates a buy rating and A$12.50 target. The stock is down 2.5% at A$10.475. ([email protected]; @RhiannonHoyle)

0116 GMT - Nine Entertainment's bulls at Jarden remain positive about underlying momentum despite management's warnings about a lack of visibility over advertising markets. With Nine having divested its majority stake in real-estate advertiser Domain, Jarden's analysts remind clients in a note that the Australian media conglomerate's fiscal 2025 result beat expectations at every line. Assuming that the total TV ad market is flat in fiscal 2026, they anticipate a 7% fall in annual Ebitda on a pro forma basis. However, they reckon that every additional percentage point in ad revenues at group level would drive a 3.5% Ebitda improvement. Jarden lifts its target price 2.8% to A$1.85 and stays overweight on the stock, which is down 0.6% at A$1.69. ([email protected])

2258 GMT -- Morgan Stanley suggests investors bulk up on property owners Scentre and GPT now that the cycle of asset devaluations has turned. Scentre and GPT collect rent on the properties that they own, rather than solely manage them on behalf of others. This means their prospects are closely linked to the macro environment. MS highlights that Scentre generates an around 5% cash earnings yield with a steady 5% compound annual growth rate through 2028. It estimates GPT can achieve a compound annual growth rate of some 6% over the same period. "These two stocks traded up to 1.5x/1.3x price-to-net tangible assets at their peak and have a good likelihood of trending toward those levels, given their fundamental earnings momentum," analyst Simon Chan says. ([email protected])

2248 GMT - Companies talking about "new pillars" usually causes alarm, says Jefferies. But there's reason to be sanguine about NRW Holdings' acquisition of closely held Fredon Industries for up to A$200 million, analyst John Campbell says. "Both businesses involve engineering, design, installation, maintenance, tendering, bonding etc," Jefferies says. "The customer segments vary (much more government for Fredon), but the core skills are consistent." The deal represents a multiple of 5x enterprise value-to-Ebit. That looks reasonable to Jefferies. It expects the deal to boost EPS by some 15% if it's fully funded with debt. ([email protected]; @dwinningWSJ)

2235 GMT -- Boss Energy's valuation is more than half what it was at the end of June after the uranium miner put a key production target in doubt and reported materially lower FY 2025 earnings. Still, Shaw & Partners says Boss can reach nameplate capacity through the plant at its Honeymoon operation. The key question is how many additional wells will be required, and what the additional cost to get there will be, analyst Andrew Hines says. Shaw retains a buy call on Boss, but recognizes investor confidence is on a long road to recovery. "In our view, the FY 2026 and future guidance was poorly communicated to the market," says Hines. "Nonetheless, we view the 50% pull back in the share price as overdone." Boss ended Tuesday at A$1.975. ([email protected])

2239 GMT - Expectations of a bigger crop along Australia's east coast are fueling Ord Minnett's confidence of a strong FY26 for GrainCorp. Government forecaster ABARES expects a winter crop of 30.0 million tons, up from an earlier estimate of 27.2 million tons made in June. Ord Minnett raises its FY26 Ebitda forecast by 5% to A$328 million in response, with its price target rising 2%, to A$9.95/share. Analyst John Lawlor's "buy" call on GrainCorp is also supported by continuing and further capital-management activities. He notes GrainCorp has A$35 million of its current share-buyback program outstanding. GrainCorp ended Tuesday at A$8.15. ([email protected]; @dwinningWSJ)

2219 GMT -- The latest crop forecast for Australia's east coast adds ballast to Bell Potter's bullish call on GrainCorp's stock. Government forecaster ABARES expects a winter crop of 30.0 million tons, up from an earlier estimate of 27.2 million tons made in June. "Indicators for the 2025-26 winter crop remain positive and the prospects of a summer La Nina have been lifting," says analyst Jonathan Snape. "In addition, unlike this time a year ago canola crush margins have been strengthening rather than weakening." Bell Potter raises its price target on GrainCorp by 7.7% to A$9.10/share. GrainCorp ended Tuesday at A$8.15. ([email protected])

(END) Dow Jones Newswires