0352 GMT - Commonwealth Bank of Australia's rising costs and CET1 capital decline raise question marks for the lender's bears at UBS. The investment bank's analysts acknowledge that quarterly results have historically been unpredictable and caution against drawing too many conclusions from Commonwealth's September-quarter update, which included unaudited figures. However, they tell clients in a note that a 6.1% on-quarter jump in operating costs and the decline in CET1 capital are surprising. They point out that Commonwealth shares have outperformed those of NAB and Westpac over the past month, suggesting that investors may have expected a better result. UBS has a last-published sell rating and A$125.00 target price on the stock, which is down 6.2% at A$164.02. ([email protected])

0339 GMT - Improving revenue momentum is ANZ CEO Nuno Matos's next challenge, Jefferies analyst Andrew Lyons says. Lyons tells clients in a note that Matos has achieved much in his six months as CEO, including closing the gap to its Australian banking peers on several balance-sheet measures. However, he reckons it will be challenging for Matos to engineer improved revenue growth by the end of fiscal 2026 while overseeing a contraction in staff numbers. On balance, ANZ's longer-term return-on-tangible-equity targets look optimistic to Lyons. Jefferies keeps a hold rating on the stock and raises its target price 5.0% to A$33.19. Shares are flat at A$37.99. ([email protected])

0331 GMT - Iress's bull at Canaccord Genuity sees little reason for shares in the financial-tech provider to be so cheap. Analyst Cameron Halkett reminds clients that the Australia-listed company has acknowledged talks with potential suitors for parts of its business, and adds that new cost-efficiency efforts exceed his expectations. He writes in a note that it would be reasonable to see the stock trading at the upper end of its historical price-to-earnings range, especially given it has logged a recent rebound by Australian small-caps. Canaccord Genuity lifts its target price on the stock by 15% to A$11.52 and maintains a buy rating. Shares are up 1.7% at A$9.505. ([email protected])

0330 GMT - ANZ is now a better bet for investors than Australian banking rival NAB in the view of Morgan Stanley analysts. They see some support for ANZ's share price emerging from factors including its margin management, confidence in the cost outlook and credit quality. There's also stock's price-to-earnings discount relative to its peers, Morgan Stanley adds in a note to clients. The analysts maintain an equal-weight rating on the ANZ's stock but reckon that confidence in revenue trends is needed to drive material upgrades to forecasts and a further multiple re-rate. MS lifts its target price for ANZ by 5.9% to A$36.00. Shares are up 0.3% at A$38.11.([email protected])

0329 GMT - ANZ's bears at UBS think that the Australian bank's valuation is pricing in substantial financial improvements that are far from certain. Maintaining a sell rating on the stock, UBS analysts tell clients in a note that ANZ's stock has run ahead of its fundamentals following a 30% rally in recent months. They say that ANZ's new management team has addressed investor concerns on capital, provisioning, non-financial risks and retail performance. The analysts acknowledge that a strategic plan has been established and communicated, but remain worried over what they call a revenue gap to achieve return-on-tangible-equity targets. UBS keeps its A$30.00 target price on the stock, which is up 0.3% at A$38.11. ([email protected])

0155 GMT - Monadelphous is optimistic about its revenue outlook, thanks to strong operating conditions, including outsized growth in engineering construction, Macquarie analysts say in a note. "Focus is now on extent of margin uplift on higher revenue and further contract wins to maintain the positive momentum into FY27," say the analysts. Macquarie raises its target on the stock to A$26.36 from A$22.17, as it lifts EPS estimates for FY26-28 by up to 20%. It reiterates an outperform rating. Monadelphous is up 4.0% at A$26.01, adding to Monday's 11% jump. ([email protected]; @RhiannonHoyle)

0108 GMT - For South32, the approval of state funds for Alaska's Ambler road project "marks another sign that the Ambler corridor will proceed," RBC Capital Markets analyst Kaan Peker says in a note. "While it doesn't eliminate federal or environmental opposition, it materially improves visibility toward road construction," says Peker. That positions South32's mining joint venture there as a "credible long-term growth option," alongside its Hermosa development, currently under construction in Arizona, he says. South32 is up 0.6% at A$3.21. ([email protected]; @RhiannonHoyle)

0026 GMT - A deepening shortfall of aluminum globally should be beneficial for producer South32, Morgan Stanley analyst Rahul Anand says in a note. MS predicts a widening supply deficit in the market from 2026. It reckons that could push prices of the metal even higher. Anand notes that MS is overweight South32. The company has roughly 65% of its revenue exposed to the aluminum value chain, he says. Anand reckons South32's Mozal smelter will continue to operate beyond March 2026 given its economic importance to Mozambique. The company has flagged a possible closure at that time because of difficulties agreeing future electricity supply. South32 is up 0.3% at A$3.20. ([email protected]; @RhiannonHoyle)

2305 GMT - Dyno Nobel has transformed into a pure explosives business "with a much clearer road ahead," says Citi analyst William Park. Citi upgrades the stock to buy from neutral. It raises its target to A$4.00 from A$3.50. Dyno Nobel's growth trajectory is underpinned by its "innovative suite of offerings, transformation program and the industry's structural tailwinds," Park says. Key growth regions are showing early encouraging signs and margins are expected to continue to expand, he says. The company's focus on blasting follows material inroads carving off fertilizers businesses. Dyno Nobel Monday jumped 7.8% to A$3.46, its highest level since January 2023.([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires