0307 GMT - The biggest question that Bell Potter analyst Marcus Barnard has over L1 Group is whether the Australian investment manager's growth in funds under management can compensate for outflows at funds operated by its merger partner. He wonders whether the combined group will see its funds under management grow or track sideways due to the outflows at funds from the former Platinum Asset Management. Barnard tells clients in a note that strong investment returns are helping L1, and he raises his medium-term growth assumptions to 4.0% from 2.5%. Bell Potter raises its target price by 29% to A$0.90 and keeps a hold rating on the stock, which is up 8.7% at A$1.13. ([email protected])

0212 GMT - COG Financial's bull at Bell Potter is starting to feel a little cautious following the stock's recent ascent. Shares have more than doubled in value in 2025, and analyst Hayden Nicholson tells clients in a note that they are close to reflecting the insurance broker's capital efficiency. COG's latest acquisition looks strategically low risk to Nicholson, who expects the Australian company to continue benefiting from industry consolidation. Bell Potter raises its target price on the stock by 20% to A$2.70 and maintains a buy rating. Shares are down 1.25% at A$2.37. ([email protected])

0147 GMT - It is clear to Citi analyst Thomas Strong that simply being a smaller version of Australia's major banks is no longer a viable option for the country's smaller lenders. Strong expects to see a raft of specialization and innovation from these smaller lenders as they focus on their respective competitive advantages. He tells clients in a note that this is already emerging with AMP's new digital bank, digital deposits at Bendigo and Bank of Queensland, and whole loan sales at Pepper Money and Bank of Queensland. Among the smaller lenders, Citi has a buy rating on Judo, Pepper and AMP. ([email protected])

0043 GMT - China's expanded rare-earths export restrictions are positive for Australia's Iluka Resources, says Morgan Stanley analyst Rahul Anand. Iluka's planned Eneabba refinery will produce a relatively high proportion of heavy rare earths, especially dysprosium and terbium, Anand says in a note. Those are the rare earths for which "China's export controls have been most strict," he says. Iluka is sourcing nearly all its equipment for the refinery project outside of China, says Anand. MS consequently doesn't expect Eneabba's development timeline to be affected by new Chinese restrictions, which include production equipment, he says. Iluka is up 4.7% at A$7.86. ([email protected]; @RhiannonHoyle)

2304 GMT - Pantoro Gold delivers a strong set of drilling results from the Bullen Decline at its Norseman gold project, say Moelis Australia analyst Paul Hissey and Nic McRostie. "While the numerous mineralized zones and trends across this part of Pantoro's portfolio can be complex to follow, the key takeaway is the continued demonstration of a high-grade gold system," the analysts say in a note. Yet they highlight Pantoro's share-price outperformance over the past three months, with a doubling in its stock price outpacing many Australian peers. The analysts say they are cautious heading into Pantoro's quarterly results, "given a prior track record of delivery falling just short of expectations." Moelis Australia has a hold rating and A$5.25 target on Pantoro. The stock is up 2.0% at A$5.99. ([email protected]; @RhiannonHoyle)

2235 GMT - Qube Holdings gets a new bull in Morgan Stanley, which thinks the market is underestimating the logistics group's earnings growth. MS upgrades Qube to overweight, from equal-weight. It forecasts 12% EPS growth in FY 2026, driven by its Logistics & Infrastructure division which is benefiting from tailwinds in containers, autos, agribusiness and energy. This can offset short-term challenges in Qube's Ports & Bulk division, analyst Samantha R. Edie says. "Patrick's earnings growth was flat in FY 2025 (FY 2024 +24%) on market share normalization, and so in FY 2026, we estimate earnings growth of 4%, which we think is conservative," MS says. Patrick is Qube's ports business. ([email protected]; @dwinningWSJ)

2232 GMT - Copper and U.S. thermal coal are Jefferies' top picks among mined commodities for now. Still, the U.S. bank expects broad gains for metals and bulk commodities prices, forecasting "the rising tide to lift all boats." In a note, Jefferies analysts say the macro factors driving gold prices to record highs--such as expectations of a weakening U.S. dollar--are bullish for other commodities as well. The analysts say those macro tailwinds are strengthening. "Best idea is to be long," they say. ([email protected]; @RhiannonHoyle)

2202 GMT - Wealth-management platform provider Netwealth adds Citi as a bull after the bank upgrades its FY 2026 flows forecast to A$16 billion. Citi thinks medium-term flows could be stronger than expected, driven by Netwealth's expansion into new segments such as brokers. "Further, Netwealth's reiteration of opex guidance provides confidence that increased compliance requirements do not require a material step up in opex," analyst Siraj Ahmed says. Leveraging AI can also boost margins over the medium term. Still, there are risks. One is any weakness in equity markets as this could impact funds under administration as well as flows. First Guardian is another risk, although Citi estimates Netwealth's maximum exposure at A$100 million. ([email protected]; @dwinningWSJ)

2122 GMT - PlaySide Studios's 12-month extension of its Work for Hire contract with Meta Platforms bolsters Shaw & Partners's bullish call. "This extension de-risks our thesis, builds visibility on the WFH order book and allows investors to take a more confident view on its original IP portfolio," analyst Jules Cooper says. PlaySide's stock gained 13% on the contract extension and Shaw thinks the rally has just begun. It points to several catalysts over 6-9 months. They include the launch of MOUSE in 1H of FY 2026 and reveal trailers for Game of Thrones and Dumb Ways in FY 2026. "We also see 'green shoots' in WFH and feel we are now at the bottom of the cycle for the industry which bodes well for outsourcing moving forward," Shaw says. ([email protected]; @dwinningWSJ)

2111 GMT - Eagers Automotive is upgraded to hold, from underperform, by Jefferies even though it considers the car dealership's trading multiple to be unsustainable over the medium term. Jefferies is upbeat about Eagers's A$1.04 billion investment for a 65% stake in CanadaOne Auto, which owns 42 vehicle dealerships across five Canadian provinces. Analyst John Campbell says Eagers trades on an FY 2026 price-to-earnings multiple of 26x once the deal for CanadaOne is included. That's higher than other North American dealers that are growing via M&A, such as AutoNation on 10x and Penske on 12x. "Whilst this 150% PE premium is not sustainable medium-term, for now, Eagers's range of transformational options is material," Jefferies says. Its price target lifts 64% to A$29.50/share. Eagers ended last week at A$34.15. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires