0140 GMT - Profit margins of Australian retailers look increasingly exposed to Morgan Stanley. The appreciation in the Australian dollar against the greenback so far this year has been a tailwind. But it's unlikely to fully offset cost pressures building through the supply chain. Analyst Mac Ross says industry feedback suggests apparel and footwear sourcing costs are rising by 3%-5%, with freight adding pressure. "In a heavily promotional market with limited pricing power, this leaves downside risk to FY 2027 gross margin expectations of 30-70bps, unless the Australian dollar strengthens further or cost inflation moderates," MS says. This is a challenge for Super Retail, Accent Group, Myer Holdings and Premier Investments, it says. ([email protected]; @dwinningWSJ)

0136 GMT - Hastings Technology Metals' planned acquisition of a mixed rare-earth chloride processing facility in Thailand provides a pathway to production that, at least initially, bypasses capex requirements at Yangibana, says Canaccord Genuity. The broker says it needs to undertake a more detailed analysis of the acquisition and Kabin Buri plant, but that at first glance it appears to be a positive for Hastings. CG has a hold rating on the stock, with a target of A$0.55. Shares are up 8.8% at A$0.495. ([email protected]; @RhiannonHoyle)

0102 GMT - Greatland Resources' West Dome Underground project offers a potentially quick and low-cost way to get a second high-grade underground mine at its Telfer operation, says Canaccord Genuity. The gold miner can leverage existing infrastructure from the Main Dome Underground that has historically supported mining rates above 5 metric tons per annum, the broker says. "We note we do not currently model any production from WDU, but highlight the rapidly evolving prospectivity of the area," CG says. "We see WDU as an exciting growth opportunity for GGP, which could in the medium term bolster the production profile at Telfer," it adds. The broker has a buy rating on Greatland. It raises its target to A$15.45 from A$14.60. Shares are up 11% at A$12.58. ([email protected]; @RhiannonHoyle)

0026 GMT - Aurelia Metals' new A$150-million finance package "is an additive step" in the evolution of its business, says MA Financial analyst Paul Hissey. He says that securing the new facility further improves the miner's ability to advance growth plans at its Cobar site. "The ability to attract a replacement facility of this nature from reputable lenders suggests further validation of the outlook for the company, while the release of previously restricted cash increases overall flexibility," says Hissey. MA has a buy rating and A$0.43 target on the stock. Shares are up 5.0% at A$0.26. ([email protected]; @RhiannonHoyle)

2314 GMT - Upgrades to West African Resources' 10-year production plan are outweighed by the company's higher cost outlook, according to Macquarie. The bank cuts its target on the stock by 10% to A$4.50/share. It reiterates an outperform rating. The gold miner's production estimate for the coming decade is 12% higher than prior Visible Alpha consensus, says Macquarie. "Kiaka is the key source of the upgrade," it says. However, "higher overall production over the next 10 years is offset by the impact of higher re-profiled costs," says Macquarie. West African Resources' 2026 all-in sustaining cost guidance is 10% higher than expected, it says. Shares are up 5% at A$3.36. ([email protected]; @RhiannonHoyle)

2310 GMT - Aurelia Metals's new A$150 million financing commitment highlights the strength of its cash flow outlook, says Ord Minnett analyst Paul Kaner. That's illustrated by the due diligence required by tier-one financial institutions, which are backing Aurelia Metals with new debt. Typically they require hedging or cash backing for any loans. "Importantly, there is no cash backing or hedging requirements for the Rehab Bond Facility and therefore A$38 million of restricted cash under the prior facility will be released to the balance sheet," Ord Minnett says. It retains a buy call and A$0.50/share price target on Aurelia Metals, which is up 6% at A$0.265 early. ([email protected]; @dwinningWSJ)

2217 GMT - For investors in stocks exposed to Australia's agriculture sector, now is not a repeat of 2022/2023 when the Ukraine war upended markets and Chinese farm chemical production faced setbacks, Macquarie says. Back then, the industry benefited from higher prices and margins across nitrogen products, crop chemicals and grains. It also coincided with a highly favorable growing season across Australia. "The key difference in 2026 is the risk of supply shortages in key inputs (e.g. urea)," Macquarie says. "Supply shortages were not a material factor in 2022/2023." Macquarie retains an outperform call on Elders. It has neutral calls on GrainCorp and Nufarm. ([email protected]; @dwinningWSJ)

2154 GMT - Changes to the way that fees are charged on credit and debit card purchases in Australia are negative for Flight Centre but manageable, says Jefferies. The changes remove surcharging on debit, prepaid and credit cards on designated Mastercard and Visa card networks. Jefferies says travel agents are disproportionately hurt by the changes. That's because the agency model means they effectively collect money on behalf of suppliers. "This makes the impost challenging to recover, but analysis suggests it will be relatively modest," analyst Michael Simotas says. Jefferies retains a buy call and A$17.50/share price target on Flight Centre, which ended Tuesday at A$10.66. It expects the stock will remain weak until the Middle East conflict is resolved. ([email protected]; @dwinningWSJ)

2145 GMT - Jefferies pares its price target on Qantas Airways by 4.7% to A$12.80/share after the conflict in Iran extended into a fifth week. Analyst Anthony Moulder points to a significant escalation in jet fuel prices. Jefferies lowers its EPS forecasts by 21% and 2% in 2026 and 2027, respectively. The revisions reflect an updated refinery margin for April jet-fuel deliveries, an increase in ticket prices, and some changes to capacity. Qantas could incur an additional fuel cost of A$293.4 million in April, Jefferies suggests. While a higher fuel cost presents a significant near-term headwind, Jefferies sees Qantas's share price "as capitalizing an ongoing earnings impact beyond FY27, which is less likely." Jefferies retains a buy call on Qantas, which ended Tuesday at A$8.37. ([email protected]; @dwinningWSJ)

2136 GMT - West African Resources faces higher costs this year than Euroz Hartleys initially thought. West African Resources has forecast all-in sustaining costs of up to US$1,900/oz. That represents a 31% increase on its costs in 2025. Analyst Mike Millikan highlights a key cost variable at the Kiaka mine in Burkina Faso. The mine relies on diesel backâ?'up generation in place of available grid power. Under current conditions, this is estimated to add US$300/oz to AISC, driving the higher-than-expected costs. "West African Resources plans to purchase heavy fuel oil back-up power generators for Kiaka, with targeted commissioning of early 2027," Euroz Hartleys says. "Reflecting this, we revise our AISC forecast from US$1,549/oz to US$1,786/oz AISC for 2026." ([email protected]; @dwinningWSJ)

2126 GMT - Australian property companies with conservative balance sheets, well-positioned hedge books and inflation-protected income streams should be rewarded in the current environment, says Jefferies. Arena REIT ticks all 3 of these boxes, analyst Andrew Dodds says. "Gearing of 23% is one of the lowest across the A-REIT sector and hedging of 93% (at a low fixed rate of 2.7%) limits downside risk to future earnings growth," Jefferies says. Also, Arena REIT has 88% of income linked to the Consumer Price Index, which is set to benefit in a higher inflation environment. Jefferies retains a buy call and A$3.86/share price target on Arena REIT, which ended Tuesday at A$3.27. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires