0150 GMT - Northern Star bull Macquarie is intrigued by the timing of managing director Stuart Tonkin's resignation. "While there is never a good time for an MD transition, we think the timing is interesting in the context of the reserve and resource update, which was originally slated for May," Macquarie says. It wonders if there is some downside to reserves at the Hemi project as it is incorporated into Northern Star's reserves and resources for the first time. In terms of Tonkin's potential successor, Macquarie notes that both Northern Star's chief financial officer and chief operating officer have significant experience and have been with the miner for an extended period of time. The bank has an outperform rating and A$25.00 target on Northern Star, which trades down 1.4% at A$19.08. ([email protected]; @RhiannonHoyle)

0124 GMT - Catapult Sports' bull at Bell Potter upgrades his margin forecasts on the sports-tech provider's strong FY 2026 performance. Maintaining a buy rating on the stock, analyst Chris Savage flags the Australia-listed company's 10% earnings beat relative to consensus, which was driven by both stronger-than-expected revenue and margin. He acknowledges a lack of short-term catalysts and observes that annualized contract value growth becomes harder as the company gets larger but still sees value ahead of what should be another year of strong growth. Bell Potter raises its target price 3.3% to A$4.65. Shares are up 5.0% at A$3.56. ([email protected])

0123 GMT - Macro conditions are a headwind for building materials supplier James Hardie but its business fundamentals and valuation remain attractive, Macquarie says. The merger integration appears to be progressing well and expenses related to the Middle East conflict are expected to be offset by other cost savings and pricing measures, says the bank. Macquarie reiterates an outperform rating, although trims its price target to A$39.60 from A$41.10. Shares are up 5.6% at A$28.03. ([email protected]; @RhiannonHoyle)

0106 GMT - Catapult Sports' bulls at Morgan Stanley say that the athletic-tech provider's acquisition strategy looks lower risk after it integrated and grew two businesses in its last fiscal year. They point to Catapult's success with its Impect and Perch units, telling clients in a note that they particularly like the potential for cross-sell opportunities across the Australia-listed company's installed base of professional teams. They say both units are growing well even as Catapult delivers organic growth in its core business. Strong growth, expanding margins and free cash flow generation all support a continued overweight rating on the stock. MS raises its target price by 4% to 5.20 Australian dollars. Shares are up 3.2% at A$3.50. ([email protected])

0038 GMT - Brambles loses its bulls at Morgan Stanley on near-term uncertainty generated by the unexpected constraints at the pallet supplier's U.S. service centers. Lowering their recommendation on the stock to equal-weight from overweight, MS analysts tell clients that they still like Brambles' long-term structural growth story and market position. However, they see worries over costs, capital expenditure and pricing recovery limiting the potential for the stock to re-rate. They think that operational conditions need to stabilize and they will wait for August's annual result announcement in the hope of some clarity. MS cuts its target price 32% to A$19.00. Shares are up 1.4% at A$16.63. ([email protected])

2348 GMT - Growth in Dalrymple Bay Infrastructure's dividend should accelerate with higher inflation and bond rates, says Macquarie, which reckons there could be upside to the expected 2027 payout. Non-expansion capital expenditure is expected to step up by about A$300 million in terminal infrastructure charge year 2027-28, the bank says. "This should enable dividend growth materially above the 3-7% range," it says. Macquarie expects the company will bring its payout back to 75% to provide some flexibility. "Upside is if it stays at 80%," Macquarie says. The bank keeps an outperform rating on the stock and raises its target to A$5.48/share from A$5.39. Shares ended Wednesday at A$5.49. ([email protected]; @RhiannonHoyle)

2340 GMT - Catapult Sports' increased sales of higher-margin products helps keep Ord Minnett analyst Amelia Hamer bullish on the athletic-tech provider. Pointing to Catapult's 40% on year growth in annualized contract revenue from tactics and coaching software, Hamer cites continued margin expansion in incremental revenues as a factor in her maintaining a buy rating on the stock. She tells clients in a note that she expects a maiden annual net profit in FY 2029. Revenue growth shows no sign of slowing and earnings margins look set to keep expanding amid further market penetration, she adds. Ord Minnett trims its target price 4.7% to A$3.97. Shares are at A$3.39 ahead of the open. ([email protected])

2324 GMT -- Property owner Goodman Group looks well-placed to upgrade its annual earnings guidance next week, suggests Jefferies. Goodman has signaled 9% growth in operating EPS in FY26. Consensus forecasts are more bullish, anticipating a 10% increase. "We believe development profits realized through European and North American capital partnering in 2Q and 3Q will be enough to unlock an upgrade, likely supporting a partial re-rating," analyst Andrew Dodds says. For Goodman's shares to jump more, management could detail leasing success at some of its data centers, including those in Los Angeles and Paris. "We don't expect any contract announcements next week, although would expect outsized share price performance if any emerged," Jefferies says. It retains a buy call and A$36.45/share price target on Goodman, which ended Wednesday at A$30.00. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires