0425 GMT - Newmont could have roughly US$7 billion available for buybacks this year under the company's new capital allocation framework, says Canaccord Genuity analyst Carey MacRury. The gold miner ended 2025 with net cash of US$2.1 billion versus US$5.4 billion in net debt 12 months earlier. Now, it has "plenty of firepower for buybacks," says MacRury. Newmont bought US$2.3 billion in shares in 2025 and has US$2.4 billion remaining under its current share-buyback authorization, he says. The broker raises its target on Newmont to US$150/share from US$140 previously. It reiterates a buy rating. In Sydney, where shares in the miner also trade, Newmont is up 2.3% at A$159.88. ([email protected]; @RhiannonHoyle)

0346 GMT - Macquarie Technology's bulls at Morgan Stanley think the market is still underestimating the demand for data centers over the next five years, including those operated by the Australian company. They tell clients in a note that they are more bullish than other analysts on structural growth in demand for cloud services, computing power and AI models. They see this driving the demand for data-center capacity, which supports their unchanged overweight rating on the stock. Their base-case scenario is for Australia's data-center market to grow annually at an average 18% through 2030. Macquarie lowers its target price 1.2% to A$82.00. Shares are up 4.1% at A$70.41. ([email protected])

0218 GMT - South32 is likely to report misses in 3Q manganese and copper output versus market expectations, according to Macquarie. The bank expects aluminum output to be broadly in line with consensus estimates. Manganese "is likely the key negative surprise, with our forecasts sitting circa 10% below consensus due to weather impacts at Gemco," says Macquarie. "Silver also appears to be a miss with our expected production 5% below" consensus, the bank adds. It has an outperform rating on the stock. It raises its target price to A$5.80 from A$5.60 after increasing its earnings valuation multiple to 7x from 6.5x "to better align with spot pricing." Shares are down 3.3% at A$4.38. ([email protected]; @RhiannonHoyle)

0203 GMT - Whitehaven Coal gains a bull after recent share-price losses. The stock is down by roughly 17% month to date, reflecting concerns the miner will miss 3Q production and cost estimates. However, Macquarie has already factored in a miss into its estimates. It adds that a recent--and long-awaited--refinancing was pleasing to see, lowering the miner's cost of debt. The bank raises its target price on Whitehaven's stock to A$9.50 from A$9.25 and upgrades the stock to outperform from neutral. "Margin outlook/cost control measures will be a focus" in Whitehaven's 3Q result, says the bank. Shares are down 4.3% at A$7.66. ([email protected]; @RhiannonHoyle)

0149 GMT - Recent gains in Paladin Energy's share price prompt Macquarie to downgrade the stock to neutral from outperform. Its target rises a tad to A$13.55 from A$13.50. Shares are up 25% month to date and are now looking "onerous," according to the bank. "With FY27 consensus downgrade risks likely [and] potential downside risk to spot prices, we believe it is time for a pause," says Macquarie. Bannerman Energy and Deep Yellow are now the bank's preferred Australian uranium picks. Paladin shares are down 5.0% at A$13.81. ([email protected]; @RhiannonHoyle)

0142 GMT - Zip's strong March-quarter performance supports upgraded earnings forecasts from its bull at Macquarie. A note from one of the investment bank's analysts highlights the Australian payment provider's ability to balance top-line U.S. growth with tight credit-quality control. U.S. net bad debts are trending lower, with losses from Zip's eight-installment payment product having peaked. Macquarie's cash earnings forecasts rise by 4.6% for fiscal 2026, by 5.3% for fiscal 2027, and by 5.2% for fiscal 2028. The analyst also writes approvingly of Zip's positioning to refinance its US$300 million U.S. facility some time in the June quarter, which will further optimize its portfolio. Macquarie raises its target price 1.5% to A$3.40 and keeps an outperform rating on the stock, which is up 9.4% at A$2.55. ([email protected])

0123 GMT - 29Metals's delay in accessing its Xantho Extended orebody puts the miner's balance sheet at risk again, says Canaccord Genuity. 29Metals expects to complete remediation works in the December quarter, compared with its initial expectation of April. Analyst Timothy Hoff thinks 29Metals will end the year with net debt of A$138 million. He sees stress emerging in 2028, with debt payments due. "If the operation is able to generate cash in 2027, we see a good chance of refinancing," Canaccord says. "If not, we see the balance sheet again at risk." If 29Metals is only able to meet the low end of 2026 production guidance then it will need additional cash before the year-end, Canaccord suggests. It retains a sell call on 29Metals. ([email protected]; @dwinningWSJ)

0123 GMT - Paladin Energy's FY27 production outlook now appears weaker than market forecasts, according to Jefferies. The uranium miner's recent FY 2026 production-guidance upgrade was largely anticipated following stronger-than-expected execution to date, says the bank. However, guidance implies an 18% on-quarter drop in 4Q output, reflecting depletion of the MG3 medium-grade stockpile, Jefferies says. As a result, the bank lowers its FY 2027 production forecast to 5.4 million pounds from 5.75 million pounds. Visible Alpha consensus sits at 5.67 million pounds. Jefferies downgrades the stock to hold from buy, citing its valuation. It reiterates its A$14.00 target. Shares are down 4.5% at A$13.88. ([email protected]; @RhiannonHoyle)

0122 GMT - Collins Foods keeps its bull at Morgans despite moderated expectations around the economics of the Australian fast-food franchiser's expansion in Germany. Analyst Keeley Walsh lowers her Ebitda assumptions for the Bavarian stores Collins has recently acquired, bringing them in line with existing store economics. She points out that the acquired portfolio is probably mostly outside Munich, and therefore warrants more conservatism for now. More positively, she raises her same-store sales forecasts for Australia, telling clients in a note that Collins' KFC stores have likely maintained strong momentum despite a weaker consumer backdrop. Morgans cuts its target price 1.6% to A$12.50 but keeps a buy rating on the stock, which is down 0.4% at A$8.55. ([email protected])

0109 GMT - Pro Medicus keeps its bull at Morgans despite the broker shifting its valuation model to one that prioritizes achievability over optimism. Maintaining a buy rating on Australian imaging-tech provider, analyst Iain Wilkie says that he is simply rebasing expectations to levels he is confident it can meet or beat. He tells clients in a note that the new model is more sensitive to the timing of contract implementations and reflects a materially stronger Australian dollar. Wilkie says recent contract announcements have confirmed demand and pricing power. Morgans cuts its target price 24% to A$210.00. Shares are down 1.3% at A$146.74. ([email protected])

0102 GMT - Technology One's share-price rally costs the enterprise-software provider a bull at Bell Potter, where analyst Chris Savage is looking elsewhere for better value. Cutting his rating from buy to hold, Savage tells clients that he still sees Technology One as well placed to withstand AI-related disruption but that the stock is now expensive relative to tech-related peers. Making his case, he points to Technology One's share-price performance relative to WiseTech, Pro Medicus, and Life360. Savage makes no changes to his forecasts, but Bell Potter raises its target price 6.9% to A$31.00 on higher multiples. Shares are up 0.2% at A$30.88. ([email protected])

0102 GMT - BlueScope Steel would be sensible to be discussing the possible sale of its North American assets, says Jefferies analyst Ramoun Lazar. He cites the "unique attraction of North Star, the opportunity for value realization, and ability for BSL shareholders to retain any upside in the [non-North American] assets via spreads and recent growth capex spend." Jefferies has an undisturbed valuation on the North American assets of roughly US$7 billion. Lazar's remarks follow a media report in the Australian Financial Review that BlueScope is preparing to auction the North American operations. Jefferies has a buy rating and A$35 target on BlueScope. Shares are up 1.0% at A$28.87. ([email protected]; @RhiannonHoyle)

0052 GMT - Food inflation in Australia will peak for Coles and Woolworths in 2Q FY 2027, reckons UBS. Inflation is accelerating due to the Middle East conflict. For consumers, this is initially manifesting itself as higher fuel costs, which could worsen after a fire at Viva Energy's Geelong refinery. UBS expects food inflation to increase steadily. It will be led by fresh produce in 4Q of FY 2026, due to fuel surcharges and reduced availability. In FY 2027, inflation will be driven by fresh produce and so-called dry grocery items. UBS forecasts an inflation peak of 5.5% in 2Q of FY 2027, below the highest level during Covid of 7.7%. "A full reversal (is) not expected as cost of goods pressure is expected to remain elevated," says analyst Shaun Cousins. ([email protected]; @dwinningWSJ)

0035 GMT - Net debt was the positive standout in Amplitude Energy's 3Q report. Ord Minnett says net debt of A$39.2 million at end-March was less than the A$68 million it had forecast. Analyst Tim Elder said inspections of Amplitude's Sole and Patricia Baleen assets were under budget and the company made lower restoration payments than assumed. Ord Minnett had a buy rating and A$2.75/share price target on Amplitude ahead of the 3Q update. It is bullish about the growth outlook, forecasting a 51% rise in Ebitda by FY 2028. "We expect the stock to re-rate with upcoming exploration success in the Otway Basin," Ord Minnett says. Amplitude is down 2.6% at A$1.70, with weakness across the energy sector reflecting weekend developments in the Middle East conflict. ([email protected]; @dwinningWSJ)