0044 GMT - Block's disclosure that 86% of monthly active accounts on its Cash App are connected to its identity verification program sets the record straight on the amount of fraudulent activity on the platform, Citi analysts say. They tell clients in a note that fraudulent activity is not as widespread as suggested by the short-seller report that sparked a 15% share-price fall. The proportion of verified accounts is significantly higher than the 35% of accounts that are linked to a debit card, the analysts say. Citi has a last-published buy rating and $90.00 target price on the stock, which last traded at $68.49. (stuart.condie@wsj.com; @StuartLCondie)

2250 GMT - The information released by Block on its active user numbers, unique customers, verification requirements and compliance programs should reassure investors following issues raised in a short-seller report, Morgan Stanley analysts say. They think that reported figures around verified accounts and unique users were probably better than many observers had anticipated. They tell clients in a note that gross profit at Block's Cash App is likely generated by legitimate accounts, although there are still questions over whether there is potentially illicit activity on the platform. MS has a last-published equal-weight rating and $70.00 target price on the stock. Shares closed up 3% at $68.49. (stuart.condie@wsj.com)

2251 GMT - Australian deposit pricing data from Goldman Sachs suggest that the rise in rates on online savings accounts is now matching the rise in cash rates this cycle, say the investment bank's analysts Andrew Lyons and John Li. GS expects that as the pace of central bank rate hikes slows or nears the peak, so too should the term deposit rates offered by the banks. Following from this, the investment bank expects to see term deposit repricing to be at a higher rate later in the cycle, and an acceleration in the shift from at-call deposits into term deposits. GS says it is watching its Product Pricing data base for any flow on changes to sector net interest margins. (alice.uribe@wsj.com)

2244 GMT - There are plenty of positives about HealthCo Healthcare & Wellness REIT's deal to acquire some of Healthscope's private hospitals, but also some concerns, Morgan Stanley says. HealthCo will buy hospitals valued at A$256 million outright and also contribute A$261 million of equity to a new unlisted healthcare fund. In a note, analyst Lauren Berry says the deal transforms HealthCo into a company with around A$1.5 billion of assets, making it more relevant to investors. It also boosts FY 2024 EPS by 7% on a pro forma basis, while a restructured rent agreement appeals. On the flip side, HealthCo's gearing rises to 36%, which is high for an Australian reit. "Going forward, we would prefer to see HealthCo lower its stake in the capex-heavy unlisted healthcare fund," MS says. (david.winning@wsj.com)

2230 GMT - While Australian regional banks' balance sheets look sound, the margin outlook for them is challenging, say Morgan Stanley analysts in a note. The investment bank reckons Bendigo and Adelaide Bank are better placed than Bank of Queensland when it comes to managing margin headwinds. This is partially because deposits make up a slightly higher proportion of funding at Bendigo, than BOQ. Pressure on wholesale funding costs means even more competition for stable deposits, notes MS. The investment bank's FY 2024 margin forecasts for FY 2024 are -4 basis points below consensus for Bendigo and -10bp below consensus for BOQ. (alice.uribe@wsj.com)

2226 GMT - Mincor Resources has shaken investors' faith at a time when Wyloo Metals is pressing to acquire the company for A$1.40/share. Mincor withdrew FY 2023 output guidance after a portion of ore delivered to BHP did not meet a minimum nickel-to-arsenic ratio, and BHP declined to amend the specifications. In a note, Bell Potter analyst Bradley Watson says it weakens the case that BHP might make a counteroffer for Mincor, assuming the issue is enduring and affects a significant quantity of production. "In our view, further unfavorable catalysts for Mincor could see selling into Wyloo's offer, compressing the time available for counteroffers," Bell Potter says. (david.winning@wsj.com)

2213 GMT - Australia's largest specialty baby goods retailer Baby Bunting is on track to continue with its store roll-out strategy, after more than doubling its store network in the around seven years since its 2015 IPO, say Wilsons analysts Tom Camilleri and John Hynd in a note. They add that Baby Bunting operates 70 stores today, averaging +7.1% year-on-year like for like sales growth since IPO. Wilsons' analysis of the company's plan to add more than 50 stores implies group revenue can exceed A$1 billion, which would be up around 98% versus FY 2022, after reaching the store target. Wilsons initiates Baby Bunting with an overweight rating and a A$2.70/share price target. The company was last up 1.8% to A$1.96.(alice.uribe@wsj.com)

2149 GMT - Fresh success by AIC Mines with the drillbit has deepened Jefferies's confidence in its buy call on the stock. AIC yesterday said positive exploration results had driven a 46% and 32% rise in contained copper and gold reserves, respectively. In a note, analyst Daniel Roden calls out AIC's Lens 6 discovery as better than expected. "The addition of a second exploration rig supports ongoing resource growth and conversion into reserves," Jefferies says. "However, we do expect future resource growth announcements to be more modest at this time." The bank increases its estimate of AIC's ore inventory by 662,000 tons, grading at 1.99% copper, which boosts net present value by A$0.12/share. It assumes mining can continue to FY31. (david.winning@wsj.com; @dwinningWSJ)

2136 GMT - A 16% share-price slide by NRW since the start of this year prompts Jefferies to call a buying opportunity in the engineering contractor's stock. In a note, analyst Nicholas Rawlinson says the stock's weakness reflects fading hopes that NRW will beat FY23 guidance and, more recently, a loss of confidence in the near-term development outlook because the macroeconomy looks less certain. "Conversely, news this week from Pilbara Minerals and Northern Star signals an intention to proceed with large development projects, increasing our confidence that meaningful contract awards for Primero are imminent," Jefferies says. "Value is compelling (7x Ebit) and the time to buy NRW is before work is awarded." (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires