0218 GMT - CAR Group keeps its status as Citi's top pick of Australian internet classifieds stocks amid strong trading conditions for its Brazilian business. Analyst Siraj Ahmed tells clients in a note that while annual growth in used-car sales declined in November for a second straight month, they were still up 17% from a year earlier. December-half used-car sales in Brazil, where CAR Group operates the Webmotors business, are so far up 20% on year, he adds. Ahmed thinks that this represents upside risk to his forecast for 23% half-year constant-currency revenue growth at Webmotors. Citi has a buy rating and A$42.55 target price on the stock, which is down 0.5% at A$32.70. ([email protected])

0037 GMT - Bendigo & Adelaide Bank shakes its bear at Citi, but only on its recent share-price pullback rather than an improved outlook. Analyst Thomas Strong raises his recommendation to neutral from sell after the stock shed about 20% of its value in November. He warns that about half the lender's excess capital is being spent on the acquisition of RACQ's banking book. While the deal is attractive, he points out that the cash could have been spent on improving compliance following issues regarding money-laundering worries. Still, Strong tells clients in a note that the post-selloff price adequately captures risks. Citi cuts its target price 8.2% to A$10.10. Shares are up 1.3% at A$10.26. ([email protected])

0014 GMT - WiseTech Global gets a new bull at Macquarie as the logistics-software developer prioritizes long-term value creation over short-term economics. The investment bank's analysts tell clients in a note that execution risk remains elevated, but that the size of the challenge is commensurate with the size of the opportunity. They believe that WiseTech will fundamentally reshape the logistics industry, but warn that the path will not be easy. Macquarie keeps a A$108.50 target price on the stock, but raises its recommendation to outperform from neutral. Shares are up 0.4% at A$74.07. ([email protected])

2308 GMT - Macquarie softens its outlook for liquefied natural gas prices, as the addition of new output capacity loosens gas markets globally. Macquarie now sees spot LNG at US$10.50/mmBtu in 1Q of 2026, down from a prior forecast of US$12.00/mmBtu. It also pares forecasts for spot LNG prices by between 8.5% and 13% over subsequent quarters of next year. "We believe an underweight position in oil & gas is warranted, given our still bearish oil and LNG outlooks," says Macquarie. Its price target on Santos falls 1.8%, to A$8.00/share, noting higher output should more than offset lower spot LNG pricing. Macquarie raises its price target on Woodside by 4.2%, to A$25.00/share, as it factors in an expansion of the Sangomar oil project in Senegal. ([email protected]; @dwinningWSJ)

2257 GMT - Macquarie says Monash IVF's share price appears close to fair value, as the in vitro fertilization specialist waits to see if Genesis Capital and Washington H. Soul Pattinson bid again. Monash IVF ended Thursday at A$0.865, above the consortium's A$0.80/share offer that was rejected. Monash IVF said the bid materially undervalues the company. However, Macquarie points out that while the consortium's offer is lower relative to past deals in the sector, the outlook for IVF has changed since 2022. "Incidents have potentially weighed on customer acquisition and triggered greater regulatory scrutiny, likely increasing compliance costs as additional safeguards are implemented," Macquarie says. Aggressive competition from unlisted peers, especially in Victoria state, adds pressure. ([email protected]; @dwinningWSJ)

2204 GMT - Bendigo and Adelaide Bank's 2030 targets continue to look optimistic to Jefferies. At its annual strategy day this week, Bendigo reiterated a 2030 target for its return on equity rising above 10%. "Achieving this will depend on returning the housing book to growth, which will require a sustainable uplift in deposit growth (given its deposit-led strategy)," says analyst Andrew Lyons. Bendigo said recent upgrades to its app had driven an increase in new customers. It was also constructive on the trajectory of costs longer term, citing the rollout of AI among its reasons. Jefferies retains an underperform call and A$9.53/share price target on Bendigo, which ended Thursday at A$10.13. ([email protected]; @dwinningWSJ)

2154 GMT - Warehouse's plan for a 3% operating profit margin looks simple on paper, but is likely hard to achieve, suggests Forsyth Barr. Warehouse needs to improve gross margins to at least 34% and reduce cost of doing business as a percentage of sales below 31%. "To do that, however, Warehouse needs to improve its gross-margin profile in Red Sheds, with the success of its FMCG offering being a structural headwind to gross margin," says analyst Paul Laxton Koraua. FCMG is short for fast-moving consumer goods. Forsyth Barr notes Warehouse has lost share to Kmart in the home and apparel categories. It's also facing competition from Ikea, newly arrived in New Zealand. "We suspect the strategy to improve gross margins through these categories will be easier to say than to execute," Forsyth Barr says. ([email protected]; @dwinningWSJ)

2147 GMT - Forsyth Barr says Scales's maiden FY 2026 earnings guidance is exactly what it was looking for to support its bullish call. Scales signaled 16% pretax profit growth in its Shelby division, which supplies pet food ingredients in the U.S. This "essentially squashes the bear case that Shelby has struggled to grow over recent years," analyst Matt Montgomerie says. Scales's Horticulture business is also set to continue performing solidly. "While there is plenty of water to go under the bridge, we discern that the Horticulture guidance in particular appears slightly conservative in light of our recent positive harvest and pricing channel checks," Forsyth Barr says. Scales has forecast FY 2026 Ebitda of NZ$129 million-NZ$136 million, and a net profit of NZ$50 million-NZ$55 million at the group level. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires