0438 GMT - AMP's settlement of a superannuation class action could allow the Australian wealth manager to restart capital management, Citi analyst Nigel Pittaway says. He sees AMP's decision to settle for A$120 million as a pragmatic decision by management given the class action was probably the legacy issue with the widest potential scope. Pittaway reminds clients in a note that AMP previously promised to revisit capital management as it started to resolve its legacy issues. He expects detail on this no later than February, when AMP is scheduled to release its annual results. Citi has a buy rating and A$2.00 target price on the stock, which is down 0.7% at A$1.7875. ([email protected])

0405 GMT - ANZ's bears at UBS reckon that the lender's transformation under its new CEO probably requires a significant reset of its operational capabilities, especially in retail banking. The UBS analysts see CEO Nuno Matos's key task being to balance regulator reforms, shareholder hopes of improved returns, and financial performance. Execution is key, they write in a note to clients. They also wonder what the requirements of the operational reset and potential adjustments to credit provisioning mean for the capital base and dividend. UBS has a sell rating and A$26.50 target price on the stock, which is down 0.6% at A$32.80. ([email protected])

0349 GMT - WEB Travel's bull at Wilsons still expects 19% Ebitda growth in across its current fiscal year despite the hit to demand from June's conflict between Israel and Iran. Analyst Ben Wilson trims his forecast for total transaction value for the six months through April 2025 by 5%, but keeps an overweight recommendation on the stock. He tells clients in a note that he forecasts compound annual Ebitda growth of 17% through fiscal 2030, which means the stock offers considerable value at current levels. Wilsons trims its target price by 2.2% to A$6.25. Shares are up 1.2% at A$4.19. ([email protected])

0308 GMT - ANZ may have alleviated lingering market concerns by paying to settle several issues with regulators, but the process hasn't been a major recent share-price driver, Morgan Stanley analysts say. The bank's A$240 million settlement with the securities regulator resolves five matters at cost of 5 bps of its tier-one capital ratio, the MS analysts write in a note. They tell clients that ANZ's big issues remain pending announcements on its productivity agenda, its retail bank strategy and capital management. MS keeps an equal-weight rating and A$29.70 target price on the stock, which is down 0.8% at A$32.725. ([email protected])

0116 GMT - ANZ's A$240 million regulatory settlement is seen by Citi analyst Thomas Strong as further evidence that its new CEO is moving at pace to implement change. Strong tells clients in a note that non-financial risk has been an overhang on ANZ's stock, and that Nuno Matos's efforts to address this and improve relationships with regulators will be viewed positively by the market. He reckons that the Australian bank wants to have a clean slate for the announcement of a more optimistic and forward-looking agenda at next month's strategy day. Citi has a last-published neutral rating and a A$32.50 target price on the stock, which is down 0.7% at A$32.76. ([email protected])

0043 GMT - Super Retail Group's bull at Citi thinks it will at least consider an external hire for its next CEO. Analyst Adrian Lemme acknowledges the Australian retailer's history of promoting from within, but reckons that it is likely to also look further afield. There are several internal candidates, he tells clients in a note. Lemme flags CFO David Burns, Supercheap Auto MD Benjamin Ward, Rebel MD Gary Williams, and BCF MD Paul Bradshaw as contenders. For now, Lemme sees Super Retail's appointment of Burns as interim CEO as prudent given his long tenure, and the wisdom of keeping the divisional MDs focused on operations. Citi has a last-published buy rating and A$20.50 target price on the stock, which is 2.6% down at A$16.81. ([email protected])

2351 GMT - Super Retail Group's move to fire its CEO was unexpected, according to E&P analyst Kade Madigan. Given that the market first became aware of issues regarding Anthony Heraghty's personal relationships in April 2024, Madigan is surprised by the timing of his dismissal. Madigan points out in a note to clients that the Australian retailer had previously investigated allegations related to the issue and allowed Heraghty to keep working. New information must have come to light, he concludes. Madigan still expects Super Retail Group to hold an investor day in 2025, but warns that the timing is now unclear. ([email protected])

2316 GMT - The rally by silver prices prompts Shaw & Partners to raise its price target on Boab Metals by 50%, to A$0.60/share. Silver is advancing toward US$50/oz as it catches up with gold and gets tailwinds from industrial demand. "We recently upgraded our gold price forecast to US$4,000/oz in early 2026, and we maintain our forecast that silver returns to its long-run ratio to the gold price of 70x," analyst Andrew Hines says. Shaw expects silver prices to exceed US$50/oz next year. Boab Metals has one of the most advanced silver-mining projects on Australia's ASX. While Boab Metals's share price recently hit a two-year high, Shaw thinks it will gain more when its Sorby Hills project starts production. Boab Metals ended Monday at A$0.28. ([email protected]; @dwinningWSJ)

2307 GMT -- Investors appear to underestimate the scale and significance of drilling efforts in southeastern Australia's Otway Basin, Euroz Hartleys says. The exploration campaign has the potential to add natural-gas supply to the east coast market where concerns remain around potential shortfalls. Analyst Declan Bonnick says the Otway Basin also has a proven track record in terms of discoveries. Euroz Hartleys says more than A$1 billion of investment is likely in the basin in the next two years. That makes it one of the largest offshore exploration and development programs in Australia's history. It has buy calls on Beach Energy and Amplitude Energy, and a speculative buy call on 3D Energi. "For Beach Energy exploration success would be incremental but meaningful, for Amplitude Energy and 3D Energi it could be transformational," Euroz Hartleys says. ([email protected])

2312 GMT - Macquarie analysts wonder whether ANZ CEO Nuno Matos will be able to substantially change the Australian bank's culture without hitting revenues. They observe that Matos is already overseeing a restructure and see potential difficulties in also trying to address risk-management and other shortcomings in a short space of time. That said, they point out in a note to clients that ANZ's A$240 million penalty for various misconduct issues means Matos can focus on the transformation. The Macquarie analysts see scope for positive news at a strategy day next month and think the stock is trading at a 20% discount to rivals NAB and Westpac. Macquarie keeps a "neutral" rating and A$31.00 target price on the stock. Shares are at A$32.99 ahead of the open. ([email protected])

2258 GMT -- The potential for Wesfarmers's Bunnings DIY chain to move up the gears in auto parts has Jefferies pondering what the impact on retail competitors could be. Wesfarmers wants to expand the products that it offers in Bunnings. Analyst Michael Simotas says it's likely to have a more limited range than Super Retail's Supercheap Auto business. "But our analysis suggests it can get critical mass in vehicle-specific categories like filters, with a narrow range of SKUs," Jefferies says. It thinks Super Retail could defend its market share through M&A. Another rival, Bapcor, could consider asset sales. Still, Jefferies says Bapcor is unlikely to sell its desirable Burson trade business and SCA & Autobarn have too much geographic overlap. ([email protected])

Infant-formula maker Bubs Australia's latest boardroom changes unnerve Ord Minnett. In late July, Bubs Australia removed its CEO who led the company's turnaround in FY25. Now, Bubs Australia said Chair Katrina Rathie has resigned. "While both Chair and CEO replacements are well credentialed and positive for the future of Bubs Australia, we find the current board and management turbulence unsettling from a governance perspective," analyst John Lawlor says. Ord Minnett downgrades the stock to "accumulate," from "buy," and lowers its price target by 10%, to A$10.18/share. Bubs Australia ended Monday at A$0.155. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires