0158 GMT - Dalrymple Bay Infrastructure is midway through an accelerated maintenance investment cycle in which it's able to make an appealing return on invested capital, says UBS analyst Andre Fromyhr. "Looking forward, we see an attractive step-up in growth that's higher than consensus and not fully priced in," he says. UBS initiates coverage of DBI--which owns the Dalrymple Bay coal export terminal in Australia--with a buy rating and A$5.75 target. Fromyhr notes the strong performance of DBI shares already over the past three years. That can be partly attributed to growth but mostly reflects a re-rating of the stock, he says. "Investors have built confidence in the resilience of earnings, accretion from investment opportunities, and greater free float/liquidity," says Fromyhr. Shares are up 0.3% at A$5.205. ([email protected]; @RhiannonHoyle)

0133 GMT - Sandfire Resources bear Morgan Stanley says it is concerned about delayed access to production areas, after the copper miner reported 3Q output significantly below consensus. The miss was in big part due to a later-than-expected transition to higher-grade ore at the Motheo mine. MS says its underweight rating on Sandfire is also underpinned by a shorter mine life versus peers. "Significant valuation" is being attributed by the market to resource-to-reserve conversions, "which are yet to be proven and may not eventuate in the size expected," MS says. It has a target of A$16.20 on the stock. Shares are down 0.2% at A$17.38, adding to a 4.0% drop Thursday. ([email protected]; @RhiannonHoyle)

2259 GMT - Centaurus Metals's maiden supply deal for nickel concentrate from its Jaguar project in Brazil prompts Canaccord Genuity to raise its price target by 6.3% to A$0.85/share. Centaurus has agreed to supply 20,000 dry metric tons of high-grade nickel concentrate to Glencore per year. "The offtake agreement represents a major commercial milestone for the Jaguar Project, providing validation from a major global commodities trader while supporting Centaurus's pathway toward project financing and development," says analyst Paul Howard. Canaccord has a speculative buy call on Centaurus and notes that nickel prices are up 5% so far this year, keeping pace with gold and outperforming copper. "If this continues, we could see further positivity in the global nickel sector in 2026, in our view," Canaccord says. Centaurus ended Thursday at A$0.585. ([email protected]; @dwinningWSJ)

2254 GMT - Toll road owner Transurban's average daily traffic in 3Q rose a solid 3% on a year ago, says Jefferies. However, traffic volumes last month highlight pressure in Melbourne and Brisbane. They suggest "increased demand elasticity in the current cycle from higher fuel prices and a weakening consumer environment," analyst Anthony Moulder says. For March, Jefferies estimates underlying average daily traffic fell by 3.3% in Melbourne and by 0.3% in Brisbane. However, it notes heavy vehicle traffic growth continues to outpace cars, providing some cushion to revenue. "Ultimately, with an FY27 yield of 5.2%, there remains too small a difference to the 10-year government bond to be an attractive investment at this point," Jefferies says. It retains a hold call on Transurban. ([email protected]; @dwinningWSJ)

2247 GMT - Jefferies had expected soft conditions in glass manufacturing, with data pointing to weak demand for spirits. But the magnitude of deterioration in Orora's Saverglass division caught Jefferies by surprise. Orora reset its Ebit forecast for Saverglass to 63 million-68 million euros. That represented an 18% downgrade at the midpoint of the range, and marks the third downgrade since Orora acquired the business in 2023. "We cut EPS 14% in FY26, but more than 20% in FY27-28 reflecting annualization of 2H26 trends into next year and removal of buybacks from estimates," analyst Ramoun Lazar says. Data still look weak and the consumer is under pressure due to the Middle East conflict. "We see ongoing risks to near-term earnings and a stock lacking catalysts," says Jefferies. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires