0354 GMT - Bapcor looks cheap to its bulls at Jefferies, not least given the strong credentials of the Australian autoparts supplier's new CEO. Analysts John Campbell and William Richardson sound relieved that Bapcor has appointed someone with deep after-market industry experience in both retail and trade. They tell clients that Angus McKay's departure is no surprise given his failure to deliver a turnaround, with Chris Wilesmith apparently a good fit as Bapcor's fourth CEO in four years. Jefferies has a buy rating and A$2.50 target price on the stock, which is up 15% at A$2.05. ([email protected])

0250 GMT - Zip's bulls at Macquarie believe that the Australian buy-now-pay-later provider can keep its net transaction margin in line with FY 2026 guidance despite elevated loss rates. The investment bank's analysts tell clients in a note that losses are rising due to the pace of total transaction value growth, but that they still see a net transaction margin within the 3.8%-4.2% guidance range. While new customers have higher loss rates than existing users, they observe that structure of Zip's products--which include an eight-instalment offering--allows Zip to quickly remove customers that don't miss payments. Macquarie keeps an outperform rating and A$4.85 target price on the stock, which is up 0.9% at A$2.965. ([email protected])

0232 GMT - Treasury Wine Estates' moves to reduce distributor inventory and debt leverage are unlikely to meaningfully reduce the medium-term risks faced by the Australian producer, Macquarie analysts warn. They back the new CEO's conservative approach to inventory management in the key China and U.S. markets, while noting that change will take time. They tell clients that elevated leverage over the next two years will limit Treasury Wine's ability to respond to any unforeseen shocks. This will likely keep a discount on the stock, they add. Macquarie cuts its target price 22% to A$5.00 and maintains a neutral rating. Shares are down 3.1% at A$4.825. ([email protected])

0211 GMT - Treasury Wine Estates' stock is lacking any near-term catalysts for a re-rate despite what Morgan Stanley analysts say looks like an undemanding valuation. The MS analysts tell clients in a note that shares are trading in line with the Australian producer's post-writedown adjusted net asset value at 14 times fiscal 2026 earnings. They say that management's pivot to inventory management looks necessary, but that the need to address both excess distributor inventory and internal costs probably rule out any near-term improvement. MS cuts its target price 21% to A$5.10 and stays equal-weight on the stock, which is down 4.5% at A$4.755. ([email protected])

2247 GMT - Morgan Stanley is cautious on Sandfire Resources's copper-production pipeline. A new study on Sandfire Resources America's Black Butte project shows a lower return than what was estimated five years ago, Morgan Stanley analysts say in a note. That is despite higher copper-price assumptions, illustrating how expected capital and operating costs have risen since then, say the analysts. Sandfire Resources has an 87% stake in Sandfire Resources America, which owns the Black Butte project. "Our key view remains that the market is more than generous on mine life extensions for SFR and that these may not eventuate despite higher copper prices." Morgan Stanley has an underweight rating and A$11.45 target on Sandfire Resources. The stock ended at A$16.82 Wednesday. ([email protected]; @RhiannonHoyle)

0453 GMT - Treasury Wine Estates' bear at Citi says the Australian producer's weak demand and elevated inventory are exactly what he was looking at when he slapped a sell rating on the stock. Analyst Sam Teeger tells clients in a note that the new CEO's strategy to reduce customer inventory holdings is sensible, but warns that this will put pressure on the balance sheet. He sees the key unknown being how the company is going to drive sustainable revenue growth in China and the U.S. Teeger reckons this is going to be challenging given industrywide demand dynamics. Citi has a last-published sell rating and A$5.11 target price on the stock, which is down 9.8% at A$4.95. ([email protected])

(END) Dow Jones Newswires