0139 GMT - Northern Minerals' stock is too hot for Ord Minnett, which downgrades its recommendation to hold from speculative buy. Northern Minerals' valuation is up 90% in 2025 so far. But a definitive feasibility study into the Browns Range rare earths project in Australia wasn't as strong as Ord Minnett had hoped. In its base case, Northern Minerals forecasts a net present value of A$74 million after tax. That looks "soft relative to its market cap of A$326 million," analyst Matthew Hope says. The study suggests a payback of seven years from first production, with mining forecast to last 11 years. Ord Minnett says additional resources are needed. "These look likely given the Wolverine deposit remains open at depth, there are known satellite deposits, and Northern Minerals' tenement package is vast and largely unexplored," it says. ([email protected]; @dwinningWSJ)

0050 GMT - Seek's bull at Citi sees risks in both directions for the Australian job advertiser. Analyst Siraj Ahmed sees the country's current tight labor market as positive for the employment marketplace's pricing power. However, he points out in a note to clients that Citi economists believe that a tight labor market could also mean that the RBA cuts interest rates by less than expected. Ahmed adds that economic data continues to be mixed. The rate of on-year decline in Seek's ad volumes continued to narrow in August and December-half volumes are tracking slightly ahead of Ahmed's forecasts. Citi has a buy rating and A$31.65 target price on the stock, which is down 0.4% at A$28.77. ([email protected])

0040 GMT - Audinate loses its bulls at Morgan Stanley after the audio-visual tech provider's increased cash burn widened the range of possible outcomes. MS analysts cut their recommendation on the stock to equal-weight from overweight, telling clients in a note that they still like the company but don't expect positive catalysts over the next 6-12 months. With cash burn set to peak in fiscal 2026, they see top-line growth as key to share-price performance. They think that the revision of management's long-term incentive targets suggests an ambition to accelerate gross-profit growth in fiscal 2027. MS cuts the stock's target by 55% to A$5.00. Shares are down 2.8% at A$4.52. ([email protected])

0020 GMT - Australian property manager Charter Hall has two growth engines that look underappreciated to Morgan Stanley in terms of their potential contribution to fund-raising. Those assets--the Direct, and Listed Funds platforms--are small within Charter Hall's business. But analyst Simon Chan thinks they "could see a material ramp-up in fund flows over the next 1-3 years as property fundamentals become more positive." MS points out that Direct/Listed together brought in A$10.6 billion of the A$25.7 billion that Charter Hall raised in FY 2015-FY 2022. "Since July 2022, they have contributed less than A$1 billion, implying there is plenty of untapped potential for a ramp-up in inflows across Charter Hall," MS says. It retains an overweight call on Charter Hall. ([email protected]; @dwinningWSJ)

0013 GMT - A solid turnaround picture is emerging for department store chain Myer, Morgan Stanley says. It views FY 2025 as a transitional year, reflecting soft consumer sentiment and investments to reposition its brand. Myer reports its annual result on Sept. 23, with MS anticipating revenue of A$3.66 billion and A$149 million Ebit. "We expect the market to look through expected weakness in FY 2025 to updates on the strategy refresh," analyst Julia M. de Sterke says. They include early reads on the expansion of Myer's loyalty program to Apparel Brands. MS sees scope for improved sales in Myer's trading update, noting upbeat snapshots from retailers including Harvey Norman and JB Hi-Fi. Consensus forecasts are for Myer's sales to rise by 2.4% in 1H of FY 2026. ([email protected]; @dwinningWSJ)

0001 GMT - Australia's Adore Beauty has two key growth catalysts in the view of Bell Potter analyst Leo Armati. Initiating coverage of the beauty-product retailer with a hold rating, Armati tells clients in a note that store rollouts and expansion of its private-label offering could both help expand margins. He sees physical stores as important to customer acquisition and increasing average order value. This includes standalone stores under the recently acquired iKOU brand, he adds. Bell Potter places a A$1.25 target price on the stock which is up 0.4% at A$1.21. ([email protected])

2335 GMT - Dyno Nobel is expected by Jefferies to shutter its Phosphate Hill fertilizer plant following a review due to conclude by end-September. "Our base case is closure ahead of a major turnaround given [long-term] uncertainties around gas cost and sulphuric acid supply," Jefferies analysts say. Yet a big improvement in fertilizer prices complicates the decision. Diammonium phosphate prices are up 30% year to date. That signals much higher earnings than the market expected and implies significant dilution if Phosphate Hill is closed, say the analysts. "We estimate operating PH could add A$0.35/share through the next turnaround providing a major conundrum for management and shareholders." Jefferies has a hold rating on the stock and raises its target to A$3.15 from A$2.60. Dyno Nobel last traded at A$2.92. ([email protected]; @RhiannonHoyle)

2251 GMT -- Santos gets a new bear in Jarden after a consortium led by Abu Dhabi National Oil Co. unit XRG abandoned an $18.7 billion takeover offer. "We anticipate Santos share price weakness following the withdrawal of the US$5.626/share indicative offer (A$8.42/share)," analyst Nik Burns says. Santos ended Wednesday at A$7.65. That compares to Jarden's new A$7.05/share valuation of the stock, which removes any bid premium. Still, Jarden says it would expect investors to take advantage of any material selloff if they believe Santos's stock looks oversold. Jarden downgrades Santos to underweight, from overweight. ([email protected])

(END) Dow Jones Newswires