0254 GMT - Macquarie downgrades Australian uranium companies Paladin Energy and Boss Energy after recent share-price gains. The bank shifts its rating on Paladin to neutral from outperform, saying it is "time for a pause." The stock is up sharply since a September equity raise, closing the gap on the bank's valuation estimate, Macquarie says. It keeps a A$11.10 target on the stock. Paladin rises 5.4% to A$11.25. For Boss, it is "back to the drawing board" after an underwhelming update on its Honeymoon mine, says Macquarie. While Boss will try to accelerate satellite deposits and lower costs, "this needs to be proven," the bank says. It downgrades Boss to underperform from neutral. Macquarie reiterates a A$1.25 target on the stock. Boss is up 1.0% at A$1.59. ([email protected]; @RhiannonHoyle)

0114 GMT - NRW Holdings is expected to deliver a solid 1H result, according to Citi analyst William Park. "We think 1H should be underpinned by all segments humming along nicely" and "would not be surprised if NRW upgrades it revenue and earnings guidance next month," Park says in a note. Citi upgrades its target on the stock to A$6.20 a share from A$5.95 and reiterates a buy rating. "Looking ahead, rain remains the biggest risk but precipitation and floods in North Queensland are well north of where NRW's Mining operations are situated," says Park. NRW is up 1.3% at A$5.61, taking year-to-date gains to 8.9%. ([email protected]; @RhiannonHoyle)

0036 GMT - Capstone Copper's softer-than-expected 4Q production shouldn't detract from the miner's watershed year, MA Financial analyst Paul Hissey says in a note. MA was expecting 4Q output of 60,600 metric tons of copper versus Capstone's reported--and record-high--output of 58,273 tons. "In setting record production run rates (and meeting guidance), the company has successfully transitioned to post-commissioning at the new Mantoverde project and realized the new steady state for the business," Hissey says. MA has a hold rating and A$15.50 target on Capstone's Australian shares. Hissey reckons "CSC should remain core exposure for investors seeking broader resources exposure, but without the desire to take on additional risk or deep dive into granular asset-level production and cost estimates." Share are up 6.4% at A$15.53. ([email protected]; @RhiannonHoyle)

2348 GMT - Reduced discounting at Optus looks like good news for rival Australian mobile providers Telstra and TPG Telecom, Macquarie analysts reckon. They tell clients in a note that they are seeing smaller discounts at Singapore Telecommunications-owned Optus despite highly publicized network issues that analysts have said could increase customer churn. At the same time, they say Telstra--the No. 1 player by size--appears to be aggressively discounting at its Belong budget brand and its own prepaid services. TPG continued to offer the largest discounts over the last quarter, they add. All of this suggests to the analysts that Optus is likely to lose market share. ([email protected])

2348 GMT - The prospects of a transitional year at L1 Group keeps Bell Potter neutral on the stock despite what analyst Marcus Barnard says is a fantastic track record of growth. Barnard writes in a note that funds brought to the business through L1's merger with Platinum Asset Management will continue to experience outflows in FY 2026, which supports his forecast of relatively flat funds under management across the year. He thinks that growth will resume in FY 2027. A multiple of 22 times forward earnings looks high for a mid-merger asset manager but investors are buying into management's strong track record, he says. Bell Potter raises its target price 11% to A$1.00 and keeps a hold rating on the stock, which is up 1.4% at A$1.09. ([email protected])

2335 GMT - Alcidion's bull at Bell Potter expects a big jump in the medical-tech provider's cash balance over its 2H FY. Analyst Thomas Wakim tells clients in a note that the Australian company's 2Q update shows contracted revenue for the current FY 2026 is already 6% higher than that across the whole of the previous FY. Although recorded a net operating cash outflow of A$1.9 million in the December quarter, Wakim points out that Alcidion's cash flow is typically lumpy and that it collected A$8.8 million in receipts across the first two weeks of January. This gives him confidence that it will end the FY significantly up on its current A$14.2 million balance. Bell Potter lifts its target price 13% to A$0.17 and maintains its buy rating. Shares are flat at A$0.135. ([email protected])

2326 GMT - Nine Entertainment may need to expand its cost-reduction ambitions if conditions in Australia's TV ad market don't improve soon, Macquarie analysts say. They think that the media conglomerate might need to add to its current target of A$100 million of cuts across fiscal 2026 and fiscal 2027. Pointing to indications that Australia's total TV market may have shrunk 9% in the December half, the investment bank's analysts tell clients in a note that cost-out is a priority if Nine is to protect its profitability. Macquarie trims its target price 4.0%, to A$1.20, and keeps a "neutral" rating on the stock, which is down 0.4%, at A$1.17. ([email protected])

Building materials supplier James Hardie's closure of two manufacturing facilities in the U.S. can be read two ways. A positive for investors is the opportunity for cost savings from closing the plants in Fontana, Calif., and Summerville, S.C., within 60 days, suggests RBC Capital Markets. "However, we wonder if some investors may have a negative read of James Hardie closing excess capacity on the basis of what they may believe it potentially implies for the timeline of a market recovery," analyst Matthew McKellar says. RBC has a sector perform call on James Hardie, which is up 2.1% at A$35.71 today. ([email protected]; @dwinningWSJ)

2311 GMT - Zip's bull at Citi sees the Australian buy-now-pay-later provider's net bad debts as a key focus point at next month's first-half result announcement. Analyst Siraj Ahmed tells clients in a note that bad debts probably rose over the December quarter, albeit at a lower sequential pace than in the prior three-month period. The key question in his mind is how much of the rise is due to new users--who typically default more than established users--and how much is because of deteriorating underlying consumer conditions in the U.S. December's record monthly app downloads and user numbers indicate continued positive momentum in the U.S., he adds. Citi keeps a "buy" rating on the stock and trims its target price 4.4%, to A$4.30. Shares are up 1.6%, at A$3.13. ([email protected])

2255 GMT - Catalyst Metals beat Bell Potter's expectations with its 2Q gold production, cementing the bank's bullish view of the stock. Catalyst reported record output of 28,16 oz. That was higher than analyst Todd Lewis's forecast of 26,439 oz. All-in sustaining costs of A$2,565/oz were slightly below Bell Potter's A$2,569.7/oz projection. "Commencement of production from K2 (1Q FY27) and Trident underground (1Q FY27) mines as well as reserve growth remain as near-term catalysts," Bell Potter says. Its price target lifts 45% to A$13.50/share, also due to a stronger outlook for gold prices. "Our valuation reflects the ramp-up to five operating mines, which are progressing consistent with our expectations," Bell Potter says. Catalyst ended Thursday at A$7.85. ([email protected]; @dwinningWSJ)

2251 GMT - Building materials supplier James Hardie's closure of two manufacturing facilities could boost FY 2027 net profit by 2%-3%, estimates Citi. James Hardie intends to close plants in Fontana, Calif., and Summerville, S.C., within 60 days. It expects annualized cost savings of $25 million from FY 2027. Analyst Samuel Seow says Fontana and Summerville together contribute 9% of nameplate capacity and 6% of volumes in FY 2026 so far. Looking at utilization, Citi notes year-to-date volumes are 13% lower than the peak achieved in FY 2022 while nameplate capacity is 8% higher. "Therefore, we note spare capacity is still 10-15% higher inclusive of this optimization," Citi says. It has a buy call on James Hardie. ([email protected]; @dwinningWSJ)

2207 GMT - Most issues that have weighed on engineering contractor NRW Holdings's stock look to be in the rear-view mirror, says Morgans. That leads analyst Nicholas Rawlinson to talk up the stock's potential to re-rate to 11x FY 2026/2027 Ebit in the near term. Morgans says NRW underperformed peers in FY 2025 due to cash collection issues, an unexpected CFO transition, material weather disruptions in Australia's Queensland state, and a weak metallurgical coal market. Of these, only weather seems an ongoing risk. "Our FY26 Ebita forecast has been upgraded to near the top of the guidance range of A$260 million-A$265 million, which translates to 26% EPS growth," Morgans says. "We view guidance as conservative, though we remain within the range given weather risk in 2H." ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires