0320 GMT - BHP's 1H result "was a significant milestone in the evolution of the company," Macquarie says in a note. The world's biggest miner laid out a pathway for copper growth after several acquisitions, says the bank. The more-detailed plans came three months after another failed bid for Anglo American. "The longer-term growth trajectory and funding pathways are apparent, with yield investor's needs also met via a higher payout ratio," Macquarie says. The bank raises its target on BHP by 2% to A$52/share. It keeps a neutral rating. The stock is down 1.7% at A$51.86 after jumping by 4.7% Tuesday on the miner's latest update. ([email protected]; @RhiannonHoyle)

0231 GMT - The latest bid for BlueScope Steel by SGH and Steel Dynamics better recognizes the value of the steelmaker's property portfolio, Macquarie says in a note. "North Star's strong outlook, aided by spread economics, likely also supports the NAM [North America] portion of the deal," Macquarie says. The bank calls the latest statement from SGH and Steel Dynamics "friendly." The suitors say they are seeking productive engagement with BlueScope. "The bid is now in the hands of BSL shareholders," Macquarie says. The bank has an outperform rating and a A$33.80 target on BlueScope. The stock is up 2.2% at A$28.61. ([email protected]; @RhiannonHoyle)

0155 GMT - A sweetened takeover bid for BlueScope Steel by SGH and Steel Dynamics is unlikely to be successful, according to RBC Capital Markets. At A$34/share pre-dividends, "it serves more as a tool to put pressure on the BSL Board to engage and to allow SGH/STDL to conduct due diligence, rather than a 'knock-out' offer," RBC says in a note. The broker estimates BlueScope's midcycle value in the mid-A$30s and reckons an offer needs to be "at least" at that level to be successful. "We do not expect that a 13% increase is sufficient to bridge the prior gap to the board's view of fundamental value," says RBC. The pair offered A$30/share for BlueScope in December. BlueScope is up 2.5% in Sydney at A$28.71. ([email protected]; @RhiannonHoyle)

0050 GMT - National Australia Bank can't shake its bears at Jarden despite better-than-expected December-quarter earnings. NAB's A$2.02 billion first-quarter cash profit is equivalent to 58% of the total that Jarden's analysts had expected over its fiscal first half, prompting them to raise their full-year forecast by 5%. They raise their cash profit forecast for fiscal 2027 by 5% and for fiscal 2028 by 3%, pointing to better markets and fee income, as well as a stronger net interest margin. However, they say NAB's leadership of business banking looks rocky at best due to competition from Commonwealth Bank and Westpac. It also needs to match Macquarie's simple proposition on deposits, they add. Jarden raises its target price 3.4% to A$30.00 but keeps a sell rating on the stock, which is up 4.4% at A$47.34. ([email protected])

0046 GMT - Mirvac's residential business looks strong to Citi. Mirvac exchanged 1,304 residential lots in 1H, up 38% on year. Based on previously reported 1Q exchanges of 619, this implies 2Q sales of 685 and suggests a pick-up in pace, analyst Suraj Nebhani says. Mirvac's 1H EPS beat consensus hopes by 8% and Citi's estimate by 12%. "While residential capital partnering contributed a significant portion of today's beat, we believe Mirvac is on a strong path here with a larger restocked pipeline, and project activation in residential and land lease likely to deliver earnings growth into future years," says Citi. Mirvac recently secured two development projects, including one for 800 apartments at Blackwattle Bay in Sydney. Mirvac is up 5.2% at A$2.03 today. ([email protected]; @dwinningWSJ)

0038 GMT - Australian banks' share prices are being driven higher by disappointment elsewhere rather than lenders' performance and outlook, Jarden analysts write in a note. They reckon that machine-driven flows are behind a recent resurgence that has driven shares of the country's four largest lenders up by between 6.5% and 19% so far this month. The Jarden analysts point out that the sector's valuation multiples now sit between 20 and 28 times earnings, which is far in excess of a very long-term average 12 times earnings. This presents large risks, they add. ([email protected])

0013 GMT - Judo Capital's bull at Macquarie thinks further upside to the Australian business lender's upgraded margin guidance should drive a better-than-flagged full-year profit. A note from one of Macquarie's analysts says that Judo's improved guidance for a second-half net interest margin of 3.15% supports a long-held view at the investment bank that favorable term-deposit spreads would begin to support improved funding costs. They add that deposit spreads remain favorable and forecast a A$193 million full-year pre-tax profit, compared with Judo's A$180 million-A$190 million guidance range. Macquarie lifts its target price 2.5% to A$2.05 and keeps an outperform rating on the stock, which is down 4.0% at A$1.82. ([email protected])

0006 GMT - Seek's bull at Macquarie says the way in which the Australian employment marketplace has embedded artificial intelligence over the past decade could mean it is better placed than other classifieds providers to withstand disruption. A note from one of the investment bank's analysts observes that Seek has embedded AI in its end-to-end process across both candidates and hirers, through its credential verification and reference checking services. Vehicle and real-estate advertisers are more transactional and inventory driven, the analyst adds. Macquarie cuts its target price 40% to A$19.50 on a change in valuation methodology and cuts to earnings forecasts, but keeps an outperform rating on the stock. Shares are flat at A$16.54. ([email protected])

2359 GMT - Vicinity Centres' bear at Jefferies was impressed with the mall owner's 1H result. Vicinity beat the bank's expectations for funds from operations by 3%. Vicinity now expects funds from operations per security near the top end of its 15.0-15.2 Australian cents guidance range. Jefferies says that moves it in line with its own expectations. "Vicinity delivered a strong operational result for the half, with higher leasing spreads, improved tenant retention and strong sales performance supporting occupancy and leasing," analyst Andrew Dodds says. Jefferies had an underperform call and A$2.20/share price target on Vicinity heading into the 1H result. "We remain cautious on the outlook for discretionary retail, given consumer headwinds." Vicinity is down 1.8% at A$2.525.([email protected]; @dwinningWSJ)

2346 GMT - Dexus shares gain after Australia's largest office landlord slightly beats expectations for its 1H earnings and readies a share buyback. Jarden says investors had low expectations ahead of the result, which topped market hopes for adjusted funds from operations by 1% due to stronger trading profits. "Buyback of up to 10% should be well received given a proven ability to sell assets around current valuations," analyst Tom Bodor says. Jarden highlights a stark disconnect between Dexus's net tangible assets of A$8.95/security and its stock price. Still, Dexus has balance sheet constraints that need to be managed. Jarden had an underweight call on Dexus and A$7.45/share price target ahead of the 1H result. The stock is up 5.1% at A$6.63. ([email protected]; @dwinningWSJ)

2345 GMT - The recent outperformance of Suncorp's stock relative to Australian insurance rival IAG could be hard to sustain over the June half, Jarden analysts say. They tell clients that Suncorp's soft December-half revenue was largely expected, with margins held thanks to better control of costs. Full-year guidance for gross written premium at the bottom of a single mid-digit range is seen at Jarden as implying 4% growth, which they observe is lower than consensus for 4.2%. The analysts think that Suncorp's June-half trajectory could be more difficult than the one facing IAG, which has the benefit of its September acquisition of RACQ Insurance. Jarden has a last-published neutral rating and A$18.40 target price on the stock, which is down 0.9% at A$15.83. ([email protected])

2318 GMT - National Australia Bank's bear at Citi says much of its 1Q earnings beat stemmed from its lower bad debts, and markets and treasury. Analyst Thomas Strong says that underlying revenue growth of 4% compared with the average of the prior two quarters implies that markets and treasury revenue was up by 30%. The lender's A$170 million charge for bad and doubtful debts is a better result than Strong's forecast of A$249 million. Stripping out those factors, he reckons that NAB's 1Q net profit beat consensus by about 4% to 5%. Citi has a last-published sell rating and A$38.00 target price on the stock, which is up 5.7% at A$47.93. ([email protected])

(END) Dow Jones Newswires