0306 GMT - Challenger's bulls at Macquarie keep an outperform rating on the Australian wealth manager. The investment bank's analysts still see value even though the stock is trading at a 12-month forward earnings multiple of 13.8, 18% above its three-year average. They tell clients in a note that December-quarter visits to Challenger's online adviser portal were up 81% from a year earlier. With a positive correlation between visits and retail fixed-term sales, they hope for improved first-half retail sales that would benefit margins. Macquarie raises its target price 7.5% to A$10.00. Shares are down 1.3% at A$9.195. ([email protected])

0252 GMT - The gold sector appears fundamentally stronger than in prior cycles, according to SG Hiscock & Co. portfolio manager Phillip Li. "What underpins our continued overweight to gold miners is the market's under-appreciation of how current gold prices are translating into materially stronger free cash flow," says Li. Miners are also being careful in how they allocate capital, "shaped by lessons from prior boom-bust cycles and a mismatch between fundamentals and market valuations." Gold prices have surged to record highs. The rally is fueled by continuing central-bank reserve diversification, heightened demand for assets outside fiat monetary systems and a supportive real-rate environment, says Li. He acknowledges corrections are possible given recent strong gains. The S&P/ASX All Ordinaries Gold adds 0.2%, taking year-to-date gains to more than 5%. ([email protected]; @RhiannonHoyle)

0249 GMT - Endeavour Group's bears at Macquarie see the liquor retailer's coming strategy day as key to expectations for the long-term trajectory of its earnings recovery. The investment bank's analysts tell clients in a note that they expect further investment in accelerating sales as the Australian company's Dan Murphy's chain reestablishes its position in the market. For now, the analysts expect both proactive and reactive pricing moves, including those to competitors' offers, to keep weighing on gross margins. They are waiting on details from management. Macquarie cuts its target price 2.9% to A$3.40 and keeps an underweight recommendation on the stock, which is up 2.4% at A$3.79. ([email protected])

0240 GMT - Jarden turns increasingly bullish about Australia's homebuilders, which have underperformed recently as investors speculate about an interest-rate rise as soon as next month. It upgrades Mirvac to buy from neutral, while continuing to rate Stockland at overweight. Analyst Tom Bodor says residential stocks look attractive "given recent underperformance, structural undersupply, government policy support, pipeline restocking measures and strong volume momentum." Also, it considers the hurdle for an interest-rate hike to be high. Explaining the Mirvac upgrade, Jarden says the company has recently won significant projects, including a redevelopment of the old Sydney Fish Market, that provide visibility to its earnings beyond its current lineup of major developments. This supports a three-year compound annual growth of 9% in its adjusted funds from operations, Jarden adds. ([email protected]; @dwinningWSJ)

0141 GMT - Macquarie analysts reckon that customer wins at Origin Energy's part-owned Kraken platform should lift its valuation closer to their estimate. The analysts cut their target price on the Australian power retailer Origin by 6.8% to A$11.00, partly due to the lower-than-expected valuation of Kraken in a recently announced capital raising by parent entity Octopus Energy. However, they write in a note that Octopus--through which Origin owns its stake in Kraken--is now well capitalized and the de-risking of Kraken through its pre-IPO period should result in a strong asset price. Macquarie stays neutral on Origin Energy shares, which are down 0.3% at A$11.02. ([email protected])

0049 GMT - AGL Energy keeps its bull at Macquarie despite a softer outlook for Australian power prices. A note from one of the investment bank's analysts points out that prices in Australia's most populous state have been weakening over the past three months, perhaps due to improved grid confidence during periods of heat-driven demand. The impact on the current FY is negligible, but this is emerging as a headwind for earnings in FY 2027 and FY 2028, the note says. However, the analyst reckons that AGL's A$3 billion battery investment over the next four years should offset lost earnings from legacy gas and coal contracts. Its target price falls 5.5% to A$10.40 but Macquarie keeps an outperform rating on the stock, which is down 1.9% at A$8.71. ([email protected])

2341 GMT - Computershare gets a new bull at Citi with the outlook for its key business activities appearing increasingly positive. Raising his recommendation to buy from neutral, analyst Nigel Pittaway tells clients in a note that the Australian share-registry provider remains positively exposed to a pick-up in M&A, IPOs and debt issuance. He says that activity in these areas seems to be rising, albeit still a little mixed. He trims his EPS forecasts to reflect a further downward move in the interest rate curve but thinks that material downside from here seems relatively unlikely. Citi trims its target price 2.0% to A$39.60. Shares are down 0.5% at A$33.80. ([email protected])

2303 GMT - RBC Capital Markets is upbeat about Woodside Energy's long-term outlook, but thinks the company hit a speed bump in 4Q. It forecasts a 13% decline in Woodside's sales revenue compared to 3Q. That reflects lower sales and production volumes, along with weaker energy prices. "We see Sangomar performing relatively strongly over 4Q, but its sales volumes adversely affected by shipment timing," says analyst Gordon Ramsay, referring to Woodside's oil project in Senegal. RBC also expects lower combined LNG sales from the North West Shelf and Pluto projects in Australia compared to 3Q. "Woodside gas hub exposure guidance implies a significant increase in 4Q," RBC adds. "Over 70% of Woodside annual LNG sales remain oil price indexed." It has an outperform call on Woodside's stock.([email protected]; @dwinningWSJ)

2258 GMT - Citi analyst Sam Teeger acknowledges that trying to buy a stock on its last downgrade is risky, but he thinks it's worth it with Endeavour Group. Raising his recommendation to buy from neutral, Teeger tells clients in a note that the Australian liquor retailer's disappointing profit guidance had been somewhat expected. He reckons there's a good chance that the downgrade is the group's last, at least in the near term, and sees potential for improved performance including from increased collaboration with suppliers. An investor day scheduled for March looms as a likely positive catalyst, he adds. Citi raises its target price 4.6% to A$4.10. Shares are at A$3.70 ahead of the open. ([email protected])

2156 GMT - In vitro fertilization specialist Monash IVF may no longer be a bid target of a group including Washington H. Soul Pattinson, but Jefferies thinks its takeover appeal remains. Monash IVF last month said Soul Patts and Genesis Capital Investment Management had withdrawn their A$0.80/share offer. "We continue to believe that Monash IVF is a potentially attractive asset, and would not be surprised to see further potential corporate actions over time," analyst David Stanton says. Private equity has previously been interested in IVF specialists. Jefferies says that reflects the industry's high barriers to entry and supportive demographics. IVF is also a high cash flow business. Jefferies raises its price target on Monash IVF by 19% to A$0.95/share. Monash IVF ended Tuesday at A$0.745. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires