0352 GMT - Australian uranium producer Paladin Energy and developers Bannerman Energy and Deep Yellow may benefit from a constructive uranium-price environment amid an artificial-intelligence boom, Macquarie says. Rising power use at AI data centers is boosting demand for uranium-fueled nuclear energy. The bank upgrades its rating on Paladin to outperform from neutral, saying its stock implies a uranium price of US$77 a pound versus the spot price at US$84 a pound. The stock is seen "as an excellent way to invest in uranium cycle/AI megatrend," Macquarie says. The bank also upgrades its rating on uranium producer Boss Energy to neutral from underperform. It says that while it still has concerns about the company's resource downgrades at the Honeymoon uranium project and its new feasibility study on the project, those have been better priced into shares. ([email protected]; @RhiannonHoyle)

0239 GMT - NetEase's gaming business is driven by a diversified portfolio, not hit games, which delivers consistently resilient financial performance, Morningstar analyst Ivan Su says. "Fantasy Westward Journey," a 20-year-old franchise, hit all-time high revenue on both mobile and PC in 1Q, the analyst says. "This should alleviate investor concerns about a cliff-edge decline in revenue from NetEase's older titles," he says. Meanwhile, iOS and Android app store commission reductions, as well as in-game purchases shifting to the PC version, where there are no app-store commissions, are two structural drivers for NetEase's margins, he adds. Shares last closed 5.7% higher at HK$181.50. ([email protected])

0117 GMT - Guzman y Gomez's bulls at UBS like the financial discipline displayed by the Australian fast-food franchiser's decision to exit the U.S. and focus closer to home. The investment bank's analysts think the Mexican-themed chain's efforts to expand in the U.S. were hampered by early decisions to avoid strip malls and to begin in Chicago, which they say is a high-cost market. Low brand awareness was a key challenge, they tell clients in a note. More positively, they expect lessons to be applied at GYG tries to grow in Singapore and Japan. The U.S. exit removes the prospect of multiyear losses, they add. UBS raises its target price 9.1% to A$24.00 and keeps a buy rating on the stock, which is up 2.7% at A$20.345. ([email protected])

0112 GMT - The likelihood of ongoing conflict in the Middle East keeping aluminum prices "stronger for longer" doesn't appear to be priced into Alcoa's Australian shares, UBS says. It upgrades the stock to buy from neutral, and raises its target to A$110/share from A$105. "We believe smelter outages due to the protracted conflict in the ME [Middle East] will more than offset near-term demand risks resulting in stronger for longer aluminum prices and premiums," says UBS. "This will more than offset lower for longer alumina prices, resulting in earnings resilience that is not priced in." Shares are up 7.1% at A$99.91. ([email protected]; @RhiannonHoyle)

0111 GMT - Guzman y Gomez's bull at Morgans makes what she calls material upgrades to earnings forecasts on the Australian fast-food franchiser's decision to quit the U.S. Analyst Keeley Walsh raises her underlying Ebitda forecasts for the next three fiscal years by 21%, 14% and 12%, respectively, on the removal of what she had expected to be gradually declining U.S. losses. She tells clients in a note that the capital previously allocated to the U.S. operation can now be redeployed into the higher-returning core Australian business. Capital management is also a possibility, she adds. Morgans raises its target price 10% to A$29.40 and keeps a buy rating on the stock, which is up 1.6% at A$20.12. ([email protected])

0033 GMT - Catapult Sports' strong organic growth leaves the athletic-tech provider's valuation looking undemanding to its bull at Morgans. With an unchanged buy rating on the stock, analyst Steven Sassine tells clients that 18% organic growth in annualized contract value over the 12 months through March confirms his thesis that underlying business momentum is continuing. He says operating leverage is emerging with strong margins on incremental revenue, with pro-team ACV validating Catapult's multi-solution upsell strategy. Morgans trims its target price 2.7% to A$5.40. Shares are down 4.8% at A$3.40. ([email protected])

0022 GMT - Charter Hall's latest upgrade of its FY 2026 operating earnings guidance brings it into line with consensus forecasts, so why is Citi speculating the market might raise them more? "Typically Charter Hall has been conservative in issuing guidance, potentially meaning there may be more upside to Charter Hall's FY26 EPS guidance," analyst Suraj Nebhani says. Charter Hall now expects operating earnings of 103 Australian cents per security, up 3% on its previous guidance. Citi had forecast 102.8 Australian cents/security before today's update, mirroring consensus forecasts. "We expect positive consensus revisions likely off the back of the announcement," Citi says. Charter Hall rises 4.2% to A$20.15 in early trading.([email protected]; @dwinningWSJ)

2342 GMT - UBS left Mineral Resources' Wodgina site visit "incrementally positive, at a time when the commodity is increasingly preferred," analysts at the bank say in a note. UBS integrates Bald Hill, Mt. Marion, and Wodgina production upgrades, leading it to raise its target on the stock to 83.00 Australian dollars from A$73.00. The bank retains a buy rating. Mineral Resources is stepping up lithium production at a time when UBS is increasingly positive on battery energy storage demand, electric-vehicle demand due to energy price concerns, and Chinese demand for electric trucks, the analysts say. Shares ended Friday up 0.6% at A$69.66. ([email protected]; @RhiannonHoyle)

2331 GMT - New Zealand stocks are up 0.3% in early trade, offering a clue about the likely direction of travel for Australian equities. ASX futures are down by 0.7% ahead of Monday's session, but have not traded since late Friday. Officials in the U.S. and Iran have since spoken positively about talks over an agreement to end their conflict. Australia's S&P/ASX 200 is coming off a 0.4% rise that clinched a 0.3% weekly gain. Ahead of the open, Charter Hall raised its annual earnings guidance, while Beach Energy said it has agreed to sell its 60% operated interest in the VIC/L35 block in the Otway Basin to Amplitude Energy. ([email protected])

2319 GMT - One person making positive noises about the changes to housing incentives by Australia's government? Charter Hall CEO David Harrison. Australia is ending negative gearing for residential property other than new builds, while also overhauling capital gains tax. "We expect these changes could drive a rotation of capital demand toward higher yielding commercial assets from low yielding residential investments," Harrison says. This is due to lower income returns in residential property and reduced tax benefits from negative gearing, he says. "Across the capital spectrum, we anticipate heightened demand for higher yielding retail, industrial, social infrastructure and office assets, particularly when secured on long lease contracts with fixed and inflation linked annual rental growth." Charter Hall today upgraded its operating earnings guidance by 3% to A$1.03/security. ([email protected]; @dwinningWSJ)

2304 GMT - Guzman y Gomez's exit from the U.S. lures a new bull to the Australian fast-food franchiser. Upgrading his recommendation to buy from hold, Bell Potter analyst Leo Armati raises his underlying Ebitda forecasts by 11% for fiscal 2027 and 6% for fiscal 2028 on the removal of projected U.S. losses. He tells clients in a note that the Australian company's increased focus on its core domestic opportunity will be more beneficial to shareholders. He is confident in the medium-term opportunity ahead of the Mexican-themed chain, which has a pipeline of 108 restaurants and successful master-franchising operations in Singapore and Japan. Bell Potter raises its target price by 11% to A$24.50. Shares are at A$19.81 ahead of the open. ([email protected])

2300 GMT - Citi hopes Santos offers more details about three key areas at its investor briefing day tomorrow. Citi wants more clarity about the timing of Santos's updated capital allocation framework. Santos should also run through the outcomes of its strategic review of Australian assets. This could see assets designated as core or non-core, analyst Tom Wallington says. Citi also seeks insight into opportunities that Santos thinks can generate value, and the sequence it plans to progress these. "We see this as an important catalyst to provide investors with greater certainty around higher shareholder returns, which we expect will drive a re-rating through CY26-27," Citi says. It forecasts an average dividend yield of 8%. "A higher, more visible dividend yield should support a return of the marginal buyer," Citi adds.([email protected]; @dwinningWSJ)

2256 GMT - Guzman y Gomez's long-term growth story looks intact to its bull at Macquarie despite short-term pressure on the Australian fast-food franchiser. Macquarie is positive on the Mexican-themed chain's exit from the U.S., pointing out that the removal of regional losses will give it additional flexibility when it comes to shareholder returns and expansion in Australia. It acknowledges that a short-term backdrop of falling consumer sentiment and rising inflation is unhelpful, but suggests its brand and scale in Australia means the company still has a significant opportunity. Macquarie cuts its target price by 4.9% to A$25.20 and keeps an outperform rating on the stock, which is at A$19.81 ahead of the open. ([email protected])

2245 GMT - Hometown Australia's move to raise its stake in Lifestyle Communities highlights the potential for the over-50s homebuilder's share price to pop, says Citi. Hometown has raised its stake in LIC to 13.2%, from 9.8%, this month. Analyst Suraj Nebhani says the market reacted positively to Hometown's announcement in March that it had built a significant stake in LIC, with the stock was up 17% on the day. "We see potential for a similar reaction on Monday, and expect the market to be positively skewed toward takeover potential for LIC," Citi says. It retains a neutral call on LIC with a new price target of A$5.40/share. LIC ended last week at A$4.88. ([email protected]; @dwinningWSJ)

2211 GMT - Global oil-price benchmarks are unlikely to return to pre-conflict levels this year even if the U.S. and Iran strike a deal, says Shane Oliver, chief economist at Australian wealth manager AMP. It will be some time before ships move through the Strait of Hormuz again, and markets are likely to price in a higher risk premium to account for potential supply disruptions in future, he says. West Texas Intermediate crude traded at around $67 a barrel before the conflict. Oliver estimates WTI could end the year at around $80 a barrel, reflecting the additional risk premium, while Brent could be at around $85 a barrel then. "And that will be higher if the nuclear issue isn't resolved," he says. WTI and Brent ended last week at $96.60 a barrel and $103.54 a barrel, respectively. ([email protected]; @dwinningWSJ)

2204 GMT - President Trump's statement that a deal is being finalized with Iran sounds more positive than his previous pronouncements about end-of-war talks, says Shane Oliver, chief economist at Australian wealth manager AMP. He expects the progress will trigger a knee-jerk reaction on markets. Oliver anticipates a likely fall of $5-10 per barrel in the oil price and a 1-2% rise in global share markets. U.S. equities might not increase as much, given leading indexes either closed at a record high last week or near one, he says. "Of course, a lot will depend on the quality of the deal," says Oliver. "If it doesn't include a resolution of the nuclear issue then some might worry that it will all flare up again." ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires