0426 GMT - PLS Group's plan to expand the P2000 project appear to be speeding up, says Macquarie. The bank highlights progress on the project as a key positive in the miner's recent quarterly result. PLS says it expects to update the market on its plans in 4Q 2026. "We see early signs of acceleration, with PLS flagging potential pre-FID [final investment decision] spend in FY27," Macquarie says. Macquarie's base case now includes A$120 million of pre-FID capex in FY27 and total capex of A$1.32 billion, roughly 10% higher than the miner's 2024 study. It reiterates an outperform rating on PLS and raises its target by 13%, to A$6.20/share, to reflect the inclusion of a P2000 project. Shares are up 3.2% at A$6.12. ([email protected]; @RhiannonHoyle)

0317 GMT - AML3D's third-quarter update shows the additive-manufacturing company building momentum across its installed capacity, system sales and parts manufacturing, Bell Potter analyst Stuart Howe writes in a note. Maintaining a speculative buy rating on the stock, Howe says AML3D's technology is particularly well-suited to maritime applications and calls the Australian company "a steady ship." He expects increased deployment of its systems in both the U.S. and Europe, ultimately progressing to commercial-scale component production. Bell Potter keeps a A$0.40 target price on the stock, which is down 4.9% at A$0.195. ([email protected])

0251 GMT - AML3D's investment in expanding its Ohio facility bolsters confidence in the additive-manufacturer's chances of booking significant orders from the U.S. Navy, Shaw & Partners analyst Larry Gandler says. Maintaining a buy rating on the stock, Gandler tells clients in a note that a recent market filing showed the Australian company deployed A$500,000 of capital expenditure toward the expansion. He continues to think that AML3D will report positive 2H Ebitda. The company is hitting this milestone ahead of its peers, he adds. Shaw & Partners keeps a A$0.40 target price on the stock, which is down 4.9% at A$0.195. ([email protected])

0245 GMT - West African Resources bull Macquarie says it will be watching closely for a maiden dividend or buybacks, or both, in the second half of 2026. "Kiaka ownership uncertainty has been resolved, and WAF finally has some clean air," says Macquarie in a note. "Moving forward, capital management key to watch." The company could also look for M&A opportunities elsewhere in West Africa now that its balance sheet is in a robust position, Macquarie says. The bank has an outperform rating and A$4.00 target on the stock. Shares are down 3.8% at A$3.08. ([email protected]; @RhiannonHoyle)

0237 GMT - Lovisa's bull at Macquarie is heartened by a recent move by its cofounder to increase his holding. A note from one of the investment bank's analysts informs clients that Chairman Brett Blundy bought A$14 million worth of stock on March 26, which the analyst posits is a positive signal. The analyst acknowledges concern that rising Australian interest rates could hit consumer sentiment but suggests that the fashion jewelry retailer could benefit if buyers trade down from more expensive rivals. Macquarie keeps an outperform rating an A$30.50 target price on the stock, which is down 1.7% at A$23.38. ([email protected])

0103 GMT - Whitehaven's 3Q drop in managed saleable coal output to 8.4 million metric tons is still 9% better than market expectations, says Ord Minnett analyst Tim Elder. Equity sales of 6.8 million tons are also above expectations, Elder says. "This was offset by lower realized pricing," with a higher proportion of thermal sales, he says. "We expect WHC to trade ahead of peers today with this outperformance to consensus estimates," says Elder. The broker has a buy rating and A$10.10 target on the stock. Shares are up 2.6% at A$7.90. ([email protected]; @RhiannonHoyle)

0043 GMT - Suncorp's bulls at UBS like the insurer's move to reduce volatility in its earnings. The investment bank's analysts keep a buy rating on the stock, telling clients in a note that the Australian company has successfully taken advantage of improving reinsurance pricing to better insulate earnings and capital. They reckon that the moderate EPS headwind from the new reinsurance arrangements materially reduces potential earnings downside. This is a significant positive for them. UBS raises its target price by 1.8% to A$19.60. Shares are up 0.3% at A$16.825. ([email protected])

0026 GMT - The share-price drop that followed Judo Capital's most recent trading update only makes Morgans analyst Nathan Lead more bullish. Lead sees the recent weakness as an opportunity for investors to gain entry to a stock with high growth potential. Raising his recommendation to buy from accumulate, Lead tells clients in a note that the Australian business lender's third-quarter volume growth looked solid. He anticipates a A$7 million-A$15 million profit headwind from Judo's increased credit impairment, but still sees annual earnings hitting the bottom end of the lender's guidance range. Morgans keeps a A$2.09 target price on the stock, which is down 0.7% at A$1.42. ([email protected])

0007 GMT - The outcome of Santos's strategic review could make any future effort to acquire the energy company easier. Macquarie expects Santos's investor day on May 26 to highlight that its domestic assets have become less of a priority. It expects management will chart a path to those assets being sold. "This has ability to remove any possible takeover impediment (i.e. FIRB concerns) and enable a full market valuation of the long duration assets," Macquarie says. FIRB is Australia's Foreign Investment Review Board. Santos was last year a takeover target of a consortium led by Abu Dhabi National Oil Co. unit XRG. The deal foundered on disagreements over terms given the length of time it could take for a transaction to complete. ([email protected]; @dwinningWSJ)

2358 GMT - Investors in Stockland and Mirvac appear to be underestimating the impact of higher-for-longer interest rates on residential volumes, pricing, and margins, says Macquarie. Industry feedback suggests 2-3 increases in mortgage rates of 25 basis points each would dent residential sales some 6-9 months later, it says. Macquarie highlights Stockland's suggestion that every movement of 50 basis points in rates drives a 10% change in residential volumes and a 2% shift in price. "As a result, we are 3% and 4% below Visible Alpha consensus earnings in FY 2027 for Mirvac and Stockland, respectively," Macquarie says. ([email protected]; @dwinningWSJ)

2352 GMT - Terms of IFM's offer for Atlas Arteria suggest it is not a negotiation to acquire the company outright, says Macquarie. Instead, it's a means to get more than the 3% allowed under so-called 'creep' provisions in the Australian takeover code, the bank contends. IFM is offering A$4.75/security in cash. But this could rise to A$5.10/security if IFM secures a relevant interest of 45% or more before the offer closes. "The bid appears opportunistic with IFM having a best and final statement included," Macquarie says. It doesn't see a counter-bidder emerging, given IFM already owns some 35% of Atlas Arteria's stock. ([email protected]; @dwinningWSJ)

Polymetals Resources's revenue outlook is "extraordinary for a company with a current market capitalization of A$280 million," Shaw & Partners says. The bank starts Polymetals at buy, with a A$1.62/share price target. Polymetals owns the Endeavor silver, lead, and zinc mine. Once a stalled asset, it has become a high-margin silver-zinc producer. "By successfully restructuring an onerous 100% silver royalty that had hamstrung the project for 20 years, Polymetals has unlocked the economic value of its high-grade silver ore," analyst Peter Kormendy says. At current prices, silver from the mine could generate more than A$700 million in gross revenue over the next three years, Shaw says. "And that is before counting the zinc and lead credits that come with the ore," it adds. Polymetals ended Monday at A$0.895. ([email protected]; @dwinningWSJ)

The weather outlook and talk of El Niño sets up a potentially ugly scenario for GrainCorp's FY 2027 crop volumes, says Ord Minnett. GrainCorp is facing materially higher fertiliser, energy, and chemical input costs as a result of the Middle East conflict. Together, they are likely to reduce winter crop plantings and lower FY 2027 grain production volumes, analyst John Lawlor says. "While near-term price-led grain movements support 2HFY26 throughput volumes, we believe the risk profile is asymmetric particularly when the possibility of El Niño is considered," Ord Minnett says. Its FY 2026 Ebitda forecast rises 11% to A$244 million, reflecting price movements. But its FY 2027 and FY 2028 Ebitda expectations fall 25% and 23%, respectively, due to lower volumes. Ord Minnett downgrades GrainCorp to accumulate, from buy. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires