0437 GMT - Mineral Resources' US$700 million debt refinancing should give earnings a small boost and signals the potential for more savings ahead, says Morgan Stanley analyst Rahul Anand. The latest notes have a rate of 7.000%, compared with 8.125% on the notes it is refinancing. Anand expects the rate cut to lift FY 2026 and FY 2027 underlying EPS by 2.2% to A$0.93/share and 2.1% to A$2.06/share, respectively. "The note issue reinforces our view that MIN faced a debt optics issue; however, serviceability and refinancing remained manageable," he says. Mineral Resources has another US$2.35 billion of notes, due between November 2027 and May 2030, on which it could also save cash by refinancing, Anand says. MS has an overweight rating and a A$41.50 target on the stock. It is up 3.9% at A$40.32. ([email protected]; @RhiannonHoyle)

0104 GMT - Tuas's bull at Citi thinks the telecommunications provider's fiscal 2025 Ebitda margin would have been higher than 43.5% without acquisition costs incurred in the period. Analyst William Park tells clients in a note that an investor call with the Australia-listed company's management confirmed that its reported margin included acquisition costs, although no breakdown was given. Gross margins appear to have taken a step down due to elevated levels of investment in continued growth, he adds. Citi has a last-published buy rating and A$9.95 target price on the stock, which is down 2.6% at A$7.16. ([email protected])

0046 GMT - A slow turnaround at Woolworths could raise the risk of irrational pricing by Australia's supermarkets, Jarden analysts warn. They stress that this isn't their base case, but tell clients in a note that they are monitoring for warning signs. They say the danger is that Woolworths could react to a slower-than-expected improvement in performance by aggressively cutting prices, which would put pressure on its rivals to respond in kind. This would have an impact on sector earnings and increase the risk that stocks could de-rate, they say. ([email protected])

0028 GMT - Myer's bulls at Morgan Stanley believe the company has the building blocks in place for a turnaround, albeit one that will take longer than previously anticipated. MS analysts assume that the Australian department-store operator's positive sales momentum will continue through FY 2026, but also forecast costs at the top end of company guidance. As a result, they cut their FY 2026 earnings forecast by about 35%. They don't expect any meaningful improvement in costs as a percentage of sales until at least the second half of the fiscal year. MS cuts its target price 23% to A$0.77. Shares are flat at A$0.48. ([email protected])

0005 GMT - Platinum Asset Management's merger with L1 isn't enough to turn UBS analysts bullish on the stock. With shareholder approval for the transaction secured, the UBS analysts incorporate L1's earnings into their outlook for the Australian wealth manager, driving EPS forecast increases of 11% for fiscal 2026, 16% for fiscal 2027, and 61% for fiscal 2028. They tell clients in a note that L1 should achieve strong organic earnings growth, and forecast A$12.5 million in fiscal 2026 cost reductions across the whole group. UBS lifts its target price 49% to A$0.79 but stays neutral on the stock. Shares are up 1.4% at A$0.735. ([email protected])

0001 GMT - ANZ remains Citi's preferred pick among major Australian bank stocks despite facing an increasingly difficult revenue environment. Analyst Thomas Strong says that the stock recently outperformed amid expectations of cost-cuts and a refreshed strategy, but that he thinks we are close to what he calls peak optimism. ANZ has cut its workforce by 8% and Strong reckons investors are now wondering how the lender can grow revenues. U.S. interest-rate cuts and soft New Zealand economic data are headwinds, he adds. Nonetheless, he sees a compelling cost outlook and superior valuation relative to peers. Citi keeps a neutral rating and A$32.50 target price on the stock, which is at A$33.27 ahead of the open. ([email protected])

2353 GMT - Amplitude Energy's decision to expand its East Coast Supply Project in southeastern Australia gets a tick from Jarden. Amplitude is raising A$150 million to support that effort. Analyst Nik Burns likes the inclusion of a fourth well in the ECSP, specifically to target the Nestor deposit. "We are bullish on east coast gas market prices (given our forecast of declining gas supplies from 2028) and Nestor adds another potential gas supply option," Jarden says. The addition of Nestor also reduces the reliance on success at one or both of the first two wells in the ECSP program--Elanora and Isabella. Jarden retains a buy call on Amplitude. ([email protected]; @dwinningWSJ)

2342 GMT - Telix Pharmaceuticals's revenue guidance of US$770 million-US$800 million looks achievable to UBS, especially after it secured transitional pass through, or TPT, status for its Gozellix imaging agent for prostate cancer in the U.S. Analyst David Dai suggests Telix could upgrade this guidance if Gozellix has a strong launch in 4Q 2025. "We believe TPT should give Gozellix significant reimbursement advantage over lower priced competitor F-18 PET agents (Pylarify and Posluma)," UBS says. "Additionally, Gozellix's longer shelf-life should also improve hospital experience, giving physicians more flexibility for scheduling." It expects Gozellix to gain significant market share in 4Q. Telix's shares rose 9.2% on Tuesday following the TPT approval by the U.S. Centers for Medicare & Medicaid Services. ([email protected]; @dwinningWSJ)

2333 GMT - Transurban's bull at Citi is excited by the toll road owner's A$10 billion pipeline of opportunities. Citi says the pipeline includes 25% stakes in two new toll road developments in the U.S. states of Georgia and Tennessee in partnership with Ferrovial. There are opportunities on Transurban's existing network in Brisbane--namely, Logan Widening and Gateway Widening. There's also potential to make the I-95 toll road in the U.S. bi-directional, Citi says. "While these new development may take 5+ years to contribute to free cash, we believe winning these projects could highlight solid medium-term growth pipeline for Transurbuan," analyst Suraj Nebhani says. Citi has a A$16.10/share price target on Transurban, which ended Tuesday at A$14.09. ([email protected]; @dwinningWSJ)

2327 GMT - With an acquisition by the XRG consortium off the table, investors in Santos must focus again on the Australian energy company's fundamentals. Citi finds lots to like. It forecasts solid production growth supported by the Barossa natural-gas project in Australia and Pikka Phase 1 project in the U.S. The startup of these new projects should see capex moderate. Santos is also likely to generate strong free cash flow, analyst Tom Wallington says. "On our numbers, investors are effectively paying for Base Business and Committed Growth while getting Speculative Growth (Papua LNG, Dorado, and Narrabri), for free," Citi says. It keeps a "buy" call on Santos, but lowers its price target by 14%, to A$7.50/share. Santos ended Tuesday at A$6.74. ([email protected]; @dwinningWSJ)

2321 GMT -- Charter Hall Long WALE REIT loses a bull in Citi after its shares rose by 28% off its April low. "We see a more muted growth outlook for Charter Hall Long WALE REIT with operational earnings growth at 3% over the next few years as CPI has decreased to more normal levels," analyst Suraj Nebhani says. Also, the company may struggle to do more deals in the near term. Acquisitions announced in August have pushed pro forma gearing closer to 40%. That's higher than most peers, Citi says. "We do see some scope for cap rate compression and asset value upside over the next 12 months, but we currently believe this is likely to be slower for Charter Hall Long WALE REIT," Citi says. It downgrades the stock to neutral, from buy. ([email protected])

(END) Dow Jones Newswires