0332 GMT - Bellevue Gold's 2Q output may have missed market expectations, but the company is still well-positioned to meet FY 2026 production guidance, according to RBC Capital Markets analyst Alex Barkley. He expects output to be weighted toward 2H on higher grades from Deacon and Viago mining areas. Barkley also says that while hedge book pre-deliveries limited 2Q cash generation, they set Bellevue up well for the remainder of FY 2026. "It allows BGL more spot sales in a rising gold-price environment," he says. RBC has an outperform rating and A$2.00 target on Bellevue. The stock is down 6.6% at A$1.67. ([email protected]; @RhiannonHoyle)

0250 GMT - 3D Energi's second gas discovery in Australia's Otway Basin has boosted its appeal as a takeover target, says Euroz Hartleys. 3D Energi said the Charlemont-1 exploration well intersected natural gas in the Waarre-A reservoir, which was the primary target of its drilling campaign. Analyst Declan Bonnick says 3D Energi, which owns 20% of the discovery, is an affordable corporate target with a market value of around A$89 million. "Small market capitalization makes 3D Energi easily digestible acquisition target providing significant growth potential for incumbents or LNG exporters," Euroz Hartleys says. Its price target lifts 18% to A$0.40/share. 3D Energi is up 9.7% at A$0.17. ([email protected]; @dwinningWSJ)

0216 GMT - Gold miner Regis Resources continues to establish itself "as a standout for operating and cash flow consistency," RBC Capital Markets analyst Alex Barkley says in a note. Gold output in 2Q beats consensus by 5%, with Tropicana production 12% ahead of market expectations, he says. Regis also reports another solid rise in cash and bullion on-quarter, says Barkley. "We believe near-term valuation is partially dampened by some investor perceptions of a falling group production profile" from roughly FY 2029, he says. "Upcoming potential catalysts could help ease such concerns; with an exploration update and McPhillamys ruling expected." RBC has an outperform rating and A$9.60 target on Regis. The stock is up 1.2% at A$7.59 a share. ([email protected]; @RhiannonHoyle)

0007 GMT - Morgan Stanley analysts expect shares of Australia's four largest banks to derate over 2026 against a backdrop of persistent inflation and potential interest-rate hikes. The MS analysts observe that the lenders' price-to-earnings multiples have rerated by an average six basis points since late 2023, which they say reflects cuts to the cash rate by the Reserve Bank of Australia. They tell clients in a note that they see this momentum reversing in 2026. At the end of December, Commonwealth Bank had the highest multiple of the quartet on a one-year forward basis at 25.1 times earnings, they add. ANZ had the lowest, at 14.7. ([email protected])

2355 GMT - Judo Capital's share price should get support from the Australian business lender's reiteration of its annual guidance, Morgan Stanley analysts say. They tell clients in a note that Judo's recent confirmation that loan-book growth is on track to hit full-year guidance should reinforce consensus forecasts, with the December quarter's A$500 million increase in line with analysts' estimates. Noting that Judo's pre-tax profit is also on course to fall within the lender's guidance range, the MS analysts think that the company will meet its 1H margin guidance of 3.0%. MS has a last-published overweight rating and A$2.15 target price on the stock, which is up 0.6% at A$1.735. ([email protected])

2342 GMT - Accounting-software provider Xero could see some its ambitions curtailed by AI-driven competition, Jefferies analyst Roger Samuel warns. Broadly speaking, Samuel thinks that tech advances have lowered barriers to entry for AI-native operators. He sees potential for new entrants focused on specialized segments such as payroll and payments could undermine Xero in such areas. Australia-listed Xero has invested in its own AI-powered assistant, but Samuel writes in a note that its ambitions here could be thwarted by niche players building tailored workflows. Mainstream rival Intuit's own AI-driven offering could also make scaling in the U.S. challenging, he adds. ([email protected])

2319 GMT - Greatland Resources's 2Q gold output exceeds MA Financial's expectations, although its sales fall short. Analyst Paul Hissey says MA forecast 2Q production and sales of 76,400 oz, compared to Greatland's report of 86,273 oz of output and 72,212 oz of sales. Cash at A$948 million beats MA's A$903.2 million forecast. The stronger cash position is likely the result of either lower costs or capital expenditure, Hissey says. "Although we'll need to see the full quarterly production report for a deeper dive," he says. Greatland's stock is up 50% since the start of December. Hissey reckons its valuation is starting to look stretched "given the execution required for Havieron and missing detail at Telfer." MA has a hold rating and A$8.50 target on Greatland, which is up 5.2% in early trading at A$11.34/share. ([email protected]; @RhiannonHoyle)

2312 GMT - Nine Entertainment's publishing division, which generates a third of the Australian media conglomerate's annual earnings, faces several AI-related challenges, according to Jefferies analyst Roger Samuel. Among the risks that Samuel lists in a note to clients is the potential for AI-generated summaries in searches and apps to reduce traffic to Nine's various news sites. He also warns that independent journalists use AI tools to generate content quickly, although the perception of Nine as a trusted source offers some protection from this threat. The group could find its ability to charge premium advertising rates weakened if the industry diverts spending to AI-powered environments, Samuel adds. ([email protected])

2253 GMT - WiseTech Global, REA and CAR Group are seen by Jefferies analyst Roger Samuel as the Australian tech and media stocks best insulated from the threat of AI-driven competition. Samuel reckons that software developer WiseTech is protected by factors including the complexity of the logistics industry in which it operates. He writes in a note that News Corp-controlled property advertiser REA has a robust data moat, strong brand, and high loyalty from realtors. He thinks that any AI-driven vehicle advertiser seeking to challenge CAR would need to provide a superior user experience. However, he points out this is an area in which the incumbent consistently innovates. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. ([email protected])

2200 GMT - Harvey Norman loses a bull in Jefferies despite the Australian retailer appearing to take market share from its rivals during the key Christmas trading period. Jefferies downgrades Harvey Norman to hold, from buy, and lowers its price target by 9.5% to A$7.60/share. Analyst Michael Simotas notes Harvey Norman's stock is up nearly 50% over the past 12 months. It is now trading a price-to-earnings multiple of 18x. "We believe earnings upgrades will be needed to drive further upside, which seems unlikely, with the market now pricing rate hikes from February," Jefferies says. Harvey Norman ended Tuesday at A$6.90.([email protected]; @dwinningWSJ)

2151 GMT - Steel Dynamics and SGH aren't offering a big enough premium to acquire BlueScope Steel, says Jefferies. Steel Dynamics and SGH have teamed up on a US$8.8 billion bid, with SGH intending to sell BlueScope's North American assets to its partner if the A$30.00/share deal completes. Analyst Ramoun Lazar points out that BlueScope is exiting a heavy capex phase that would add some A$600 million of Ebit by FY 2030. That isn't reflected in consensus forecasts, Jefferies says. It estimates full value for the company at closer to A$40.00/share. "This does not include potential deal synergies or upside from property not captured in our estimates," Jefferies says. Its price target rises 32% to A$37.00/share. BlueScope ended Tuesday at A$29.54. ([email protected]; @dwinningWSJ)

0425 GMT - A takeover bid made by Steel Dynamics and SGH for BlueScope Steel doesn't surprise Citi analyst Alexander Hacking. "North American steel mills have eyed BlueScope's North Star mill in Ohio as an attractive asset for a while," he says in a note. "The challenge was separating the North American assets from the rest of the company." Hacking notes there is no detail on what Steel Dynamics intends to pay for the North American assets as part of the deal, which values BlueScope at roughly US$8.8 billion. He expects a premium given ongoing expansion work. Hacking reckons a deal would be roughly neutral for Steel Dynamics' valuation but that strategically "it would be positive to consolidate more market share." BlueScope is up 21% at A$29.53/share. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires