0302 GMT - The composition of Westpac's otherwise solid 2H result disappoints its bears at Macquarie. Macquarie's analysts tell clients in a note that the lender's 4Q was weaker than its strong 3Q, and expect the loss of momentum to drive a stock derating. That would unwind the multiple rerating following Westpac's 3Q trading update, they say. More positively, they think Westpac's stronger-than-expected capital position removes the risk of a dividend cut in fiscal 2027. They remove this cut from their forecasts. Macquarie raises its target price by 1.6% to A$32.00 and keeps an underperform rating on the stock. Shares are up 0.3% at A$39.93. ([email protected])

0243 GMT - Life360's slowing headcount growth hints at potential for annual Ebitda to beat consensus forecasts, Citi analyst Siraj Ahmed says. From parsing LinkedIn, Ahmed reckons that the tracking-app developer's headcount was up 13% on year in October. This compares with 15% on year growth in September, he writes in a note. Ahmed cautions that elevated marketing spend is likely across the December half due to the start of the northern hemisphere's school year, the holiday period, and the launch of Life360's new pet tracker, but he still thinks this hiring slowdown could support better-than-expected earnings for 2026. Life360's Australia-listed stock is down 0.8% at A$50.94. ([email protected])

0108 GMT - A reported proposal urging Rio Tinto to make a counterbid for Teck Resources is "unlikely to materialize," according to JPMorgan analyst Dominic O'Kane. The proposal by activist investor Palliser Capital was reported by Reuters. It also includes a unification of Rio Tinto's dual-listed structure and breakup to separate base metals from iron ore. O'Kane says that while he has not reviewed the proposal, he views such a plan as unlikely to gain board support. "We do not expect the proposed Teck takeover, or break-up structure as proposed by Palliser, will be pursued or outlined by Rio management" either prior to or at its coming capital markets day on Dec. 4, O'Kane says. ([email protected]; @RhiannonHoyle)

2338 GMT - Student-placement provider IDP Education keeps its bulls at Jefferies amid signs of improved supply sentiment. Australia granted 14% fewer higher-education visas in the September quarter than a year earlier, but analysts Jennifer Xu and Wei Sim look past this near-term weakness. They point out in a note to clients that the number of visa applications lodged in the same period increased by 7%. They add that government policy has turned positive with an increase to international student allocations for 2026. Jefferies keeps an A$8.60 target price on the stock, which is down 1.9% at A$5.365. ([email protected])

2313 GMT - A new CEO at Deterra Royalties could bring a fresh strategy that potentially accelerates dealmaking, according to Macquarie analysts. Deterra is looking for its next CEO after announcing last month that Julian Andrews plans to step down by the end of 2025. "The time to strike may be now to diversify exposure away from iron ore," say the Macquarie analysts. They highlight that Deterra's royalty at Thacker Pass "is a medium term growth proposition," and say that falling rates may "see valuations run away from management." Deterra's 1Q result is largely in line with market expectations, although realized prices did miss consensus, say the analysts. Macquarie has a neutral rating on the stock. It raises its target to A$4.40 from A$4.20. Deterra is down 1.0% at A$4.00. ([email protected]; @RhiannonHoyle)

2224 GMT - Xero's bulls at UBS expect the cloud-accounting software provider's first-half result to show improving U.S. and U.K. momentum. UBS analysts tell clients in a note that app-download data for the past six months shows an acceleration in both markets. Confirmation of an acceleration in U.S. net subscriber growth could prompt the stock to re-rate, they reckon. Improved momentum would increase confidence at UBS in the Australia-listed company's market penetration and the strategic value of Xero's recently acquired Melio unit. They are currently conservative on the potential for revenue synergies relative to management forecasts. UBS trims its target price 5.6% to A$203.00 and maintains a buy rating on the stock, which is at A$148.30 ahead of the open. ([email protected])

2154 GMT - Concerns over Westpac's technology overhaul help keep Jefferies analyst Andrew Lyons cautious despite the bank's better-than-expected annual profit. The lender's asset quality, capital position and business-lending momentum all look fine to Lyons, who says that better-than-expected bad and doubtful debts benefited its fiscal 2025 bottom line. However, he points out in a note to clients that the timing for completion of Westpac's tech overhaul has been pushed back to fiscal 2029. This is an issue since productivity benefits are back-ended, he says. Lyons reckons that execution risk on the project is high. Jefferies raises its target price 0.2% to A$34.08 and keeps a hold rating on the stock, which is at A$39.82 ahead of the open. ([email protected])

(END) Dow Jones Newswires