0327 GMT - Catapult Sports keeps its bull at Bell Potter despite downgraded earnings forecasts. The Australia-listed athletic-tech provider beat analyst Chris Savage's 1H operating profit forecast by 2% on better-than-expected margins but a handful of items nonetheless move him to moderate his outlook. Savage lowers his statutory Ebitda forecasts on share-based payouts likely due to key staff at Catapult's Impect acquisition. He tells clients in a note that he is also cutting revenue multiples across the tech sector to reflect the recent market derating. Its target price falls 13% to A$6.50 but Bell Potter keeps a buy rating on the stock, which is down 7.3% at A$4.47. ([email protected])

0242 GMT - Technology One's outlook appears little changed to Bell Potter analyst Chris Savage despite the enterprise-software provider's softer-than-expected annual recurring revenue. Savage points out that the Australian company's FY 2025 annual recurring revenue of A$554.6 million fell only narrowly short of his A$558.4 million forecasts. With the stock falling 17% on the result, he reminds clients in a note that his forecast had been more conservative than consensus of A$568.3 million. He continues to forecast strong double-digit revenue growth over the medium term, but warns that a current FY 2026 earnings multiple of 60 is demanding. Bell Potter cuts its target price 14% to A$33.00 and maintains a hold recommendation. Shares are up 1.3% at A$29.64. ([email protected])

0200 GMT - UBS upgrades Lynas to buy from neutral following a visit to the rare-earths miner's Malaysian processing plant, as well as some associated meetings with magnet makers, government officials and others. "It served as a key reminder of the relative complexity of this flowsheet vs. our broader coverage, as well as LYC's first-mover advantage in the space," UBS analysts write in a note. They say they are increasingly positive on Lynas's expansion in heavy rare earths, particularly given the scarcity of supply of those materials globally. UBS raises its target on Lynas by 18% to A$17.80. "We think this is an attractive entry point," the analysts say. Lynas is up 5.7% at A$15.45. ([email protected]; @RhiannonHoyle)

0144 GMT - Telstra's move to reduce prices for its fixed-line internet services on Australia's national broadband network is seen by Macquarie analysts as offering an entry point to challenger provider Superloop. The analysts tell clients in a note that Telstra's price cut represents a headwind to growth, but one that is not structural. They think that Telstra is more focused on competing with Singapore Telecommunications-owned Optus rather than smaller rivals. They point out that its prices are still higher than Superloop's and therefore present a limited risk of revenue leakage. Macquarie keeps a buy rating on Superloop and lowers its target price by 7.0% to A$3.30. Shares are down 5.6% at A$2.285. ([email protected])

0116 GMT - BlueScope Steel's latest estimate of 1H EBIT at the bottom end of its guidance range is broadly in line with what equity analysts expected, Jefferies analysts say in a note. They say Jefferies expects 1H EBIT of A$559 million versus BlueScope's A$550 million-A$620 million guide. The steelmaker's 1H result will also "benefit from a one-off GST credit that was previously unknown," which helps offset weaker underlying trends in both Australia and New Zealand, the analysts say. They reckon the stock looks cheap given BlueScope's growth plans and reiterate a buy rating. Jefferies has a A$28.00 target on the stock. BlueScope is up 2.3% at A$22.60. ([email protected]; @RhiannonHoyle)

0112 GMT - Macquarie analysts stay cautious on Technology One due to what they perceive as a lack of near-term catalysts. They acknowledge that the stock's valuation has rebased around the enterprise-software provider's slowing net revenue retention, but a 17% one-day drop in share price isn't sufficient to turn them bullish. With growth slowing and costs higher, the Macquarie analysts warn that a valuation of 62 times earnings suggests further downside risk. Macquarie cuts its target price by 18% to A$28.20 and stays neutral. Shares are up 3.2% at A$30.205. ([email protected])

0046 GMT - The market reaction to Technology One's moderating recurring revenue growth attracts new bulls at Morgan Stanley. MS analysts raise their recommendation to overweight from equal-weight, telling clients that the 17% drop on the day Technology One released its annual result has helped reset the stock's valuation to attractive levels. Despite the slowdown in annual recurring revenue in the second half of its last fiscal year, the Australian enterprise-software provider remains highly profitable and free cash flow generative. MS analysts see this as an attractive entry point to a company with a strong rule-of-40 profile and defensive characteristics. MS lifts its target price 25% to A$36.50. Shares are up 3.5% at A$30.28. ([email protected])

0041 GMT - Nufarm's encouraging outlook and pathway to growth are likely driving shares higher Wednesday, according to Citi analyst William Park. "NUF appears upbeat on being able to deliver on earnings growth for Hybrid Seeds while delivering circa A$30 million of earnings improvement across Emerging Platforms," which recorded a A$53 million Ebitda loss in FY25, Park says. Nufarm's FY25 earnings beat market forecasts, helped by better-than-expected margins, Park says. Underlying Ebita of A$302.5 million compares with consensus of around A$297 million. A margin of 8.8% beats consensus of 8.5%. A forecast drop in leverage should also alleviate concerns around Nufarm's balance sheet, Park adds. Citi has a sell rating and A$2.35 target on the stock. Nufarm is up 6.5% at A$2.28. ([email protected]; @RhiannonHoyle)

0010 GMT - Catapult Sport's bulls at Morgan Stanley see only support for their positive thesis in the athletic-tech provider's first-half result. The MS analysts list 17% revenue growth, 57% earnings growth, and 70% free cash flow growth as key takeaways from the Australia-listed company's result, and flag low rates of customer churn once its exit from Russia is stripped out. They tell clients in a note that the recent acquisition of talent-identification platform Impect has the potential to increase growth and to accelerate cross-selling opportunities. MS keeps a buy rating on the stock and trims its target price by 18% to A$6.50 on the impact of a recent equity raise and management incentives. Shares are down 4.6% at A$4.60. ([email protected])

2346 GMT - Catapult Sports' bull at Canaccord Genuity reckons that the recent pullback in the athletic-tech provider's stock is overdone given the strength of its revenue growth. Analyst Owen Humphries acknowledges there has been a broad rotation by investors out of growth stocks in recent weeks, but tells clients in a note that the Australia-listed company is in its best financial and operating position since inception. He says that its debt-free balance sheet can support ongoing strategic acquisitions and thinks it is well placed to acquire more pro-team customers and cross-sell products. Canaccord Genuity keeps a buy rating and A$8.00 target price on the stock, which is down 4.6% at A$4.60.([email protected])

2336 GMT - Australian vehicle refurbisher and reseller Carma gets a new bull at Canaccord Genuity, where analyst Owen Humphries highlights its attractive unit economics. Initiating coverage with a buy rating, Humphries tells clients in a note that the company's sub-scale status presents a misleading picture of what is currently a loss-making enterprise. He thinks gross profit per retail unit will increase from A$3,600 in the current fiscal year to A$5,400 in FY 2028. This is driven by increased in-house sourcing, higher vehicle turnover at its reconditioning center and lower financing costs. Canaccord Genuity puts a A$3.50 target price on the stock, which is flat at A$1.81. ([email protected])

2301 GMT - Investors seeking ALS's leverage to the exploration cycle and strong gold price would have been encouraged by the lab-testing company's 1H result, Macquarie says. ALS raised a forecast for revenue growth in FY 2026, benefiting from tailwinds in its Commodities division. ALS now expects organic revenue growth of 12%-14% from the division in FY 2026. Previously, the company had projected growth of 5%-7%. "Pricing is now starting to improve with prices on recent contracts +4-5% as market tightens and consistent with procyclical nature," Macquarie says. "This bodes well for FY 2027 and we factor 20% Commodities Ebit growth on a 14% revenue lift (FY 2027 estimate)." ([email protected]; @dwinningWSJ)

2259 GMT - FireFly Metals' resource estimate for its Green Bay copper-gold project in Canada suggests it could become a bigger operation than Macquarie initially thought. FireFly Metals said an estimate of total tons at Green Bay rose by 35%, with contained copper increasing by 43%. Macquarie had previously forecast production of 32,000 tons/year across 15 years of mining. Now, it forecasts annual throughput of 3.5 million tons of ore from the fourth year of operation, from a prior estimate of 2 million tons. "Our upsized throughput assumption drives an increase in copper production to 59,000 tons per annum and results in a mine life of 17 years," Macquarie says. Its price target on FireFly Metals rises by 35% to A$2.30/share. FireFly Metals ended Tuesday at A$1.70. ([email protected]; @dwinningWSJ)

2208 GMT - Sandfire Resources's agreement with Australian small-cap Havilah Resources to advance the Kalkaroo copper-gold project impresses Ord Minnett. "This adds to the recent M&A surge in the copper space which we deem positive for the longer-term commodity price," analyst Paul Kaner says. The deal with Havilah provides Sandfire with option value that Ord Minnett estimates at A$307 million. That compares to a "modest" initial payment of A$105 million, the bank says. As a result, Ord Minnett raises its price target on Sandfire by 4.8% to A$17.30/share. Sandfire ended Tuesday at A$15.70. ([email protected]; @dwinningWSJ)

2203 GMT - Enterprise-software provider Technology One's 17% share price drop following its FY 2025 result on Tuesday wiped out all of this year's gains. Jefferies thinks this pullback is too sharp. Analyst Wei Sim points to 19% annual pretax profit growth and the launch of an AI product strategy. "Even after factoring in a higher discount rate, we think the share price sell-off has been overdone off a great result and unchanged outlook," Jefferies says. It retains a buy call on Technology One, while paring its share price by 18% to A$41.00/share. Technology One ended Tuesday at A$29.26. ([email protected]; @dwinningWSJ)

0915 GMT - The trend of emerging markets outperforming developed markets is likely to continue in 2026, says Nordea Asset Management portfolio manager Pierre-Henri Cloarec in a presentation to media. He expects the Federal Reserve to cut rates three to four more times by end-2026, which would pressure the dollar and support emerging market assets, given the strong link between dollar weakness and their performance. Lower U.S. rates would also give emerging-market central banks room to cut rates, helping to lift consumption and domestic growth. With emerging market valuations still about 30% below those in developed markets and global allocations relatively low, Cloarec suggests there is significant room for greater investor inflows.([email protected])

0532 GMT - Rio Tinto's plan to reduce its annual alumina output at its Yarwun refinery by 1.2 million metric tons from next October is a material shift for the seaborne, smelter-grade alumina market outside of China, tightening it by roughly 3%, says RBC Capital Markets analyst Kaan Peker. "More importantly for regional balances, Australia will have removed 3.4 [million tons per annum] of alumina refining capacity between 2023 and 2026," Peker says, noting that this is equal to roughly 20% of Australia's total capacity. Peker notes tailings storage has emerged "as the critical constraint in Western alumina," with the investment needed to expand storage unlikely to provide a sufficient return at spot alumina prices. ([email protected]; @RhiannonHoyle)

0501 GMT - The Samarco dam failure could cost BHP roughly US$1.3 billion more than previously expected, says Macquarie, as it "conservatively" raises its provision assumption related to the 2015 disaster. That follows an English High Court ruling that the miner is liable for damages. Still, Macquarie makes no changes to its EPS estimates or target prices for the miner's stock. It keeps a neutral rating and targets of A$44.00 and GBP21.50 on the ASX and LSE, respectively. "Whilst press reporting will be adverse, BHP impact quantification and our assessment only reduce NAVs by 1%," Macquarie analysts say in a note. That said, Macquarie recently switched its preference to Rio Tinto from BHP, saying the former has more potential tailwinds from a coming capital markets day and into 2026. BHP is down 3.6% in Sydney at A$40.94. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires