0509 GMT - Vehicle accessory manufacturer ARB Corp.'s total addressable market in the U.S. is smaller than some observers think, Macquarie analysts say in a note to clients. They estimate that just 7% of the key 4x4 vehicle models in the U.S. are fitted with combined bull/nudge bars, compared with 45% in Australia. They don't expect U.S. fitment rates to trend towards those in Australia due to market differences and consumer trends. The U.S. market is skewed to different products and has a fragmented distribution network, and they reckon that competition leaves ARB positioned as an enthusiast-focused brand. Rising consumer headwinds are also a concern, they add. Macquarie trims ARB's target price by 20% to A$25.70 and downgrades the stock to underperform from neutral. The stock is 4.6% lower at A$28.72. (stuart.condie@wsj.com; @StuartLCondie)

0453 GMT - AUB screens the best versus Australian and international insurance broker peers on a valuation basis, say Macquarie analysts in a note. Premium rate increases for small to medium enterprises accelerated in the June 2023 quarter to 14.4% on average versus 14.3% in the prior quarter with business pack insurance being the strongest line, Macquarie says following its latest quarterly review of Australian insurance brokers. Macquarie's order of preference in the sector is AUB and PSC Insurance, followed by Steadfast. It keeps its outperform call on AUB and PSC, and neutral call on Steadfast.(alice.uribe@wsj.com)

0041 GMT - Seek's two recent price hikes improve Macquarie analysts' confidence in their yield assumptions and help the Australian jobs advertiser keep its outperform rating from the investment bank. They tell clients in a note that Seek has raised prices in Australia and New Zealand twice in the last two months, supporting yield but contributing to lower listings growth. The Macquarie analysts say that lower listings were expected and note that rival Recruit Holdings' Indeed has been growing its market share of listings faster than Seek for two years. Macquarie trims target price by 6.6% to A$31.10 after lowering its earnings multiple to factor in lower growth at globally listed online marketplaces. Seek's stock is 1.0% lower at A$22.43. (stuart.condie@wsj.com; @StuartLCondie)

2333 GMT - Lovisa CEO Victor Herrero's announcement via LinkedIn that the retail company had opened its 800th store on June 30 looks to support the view that its openings are in line with consensus, say Wilsons analysts John Hynd and Tom Camilleri in a note. They note the 800th opening is in Spain, a region Lovisa exited previously after having opened nine stores."Long-term we believe Spain could support 30-40 stores," says Wilsons. The 800th opening, Wilsons says, is reflective of 85 stores opened in 2H FY 2023 and a weekly run-rate of 3.3/week which the broker describes as "strong," noting they're in line with consensus but 3.6% below Wilson's forecasts. (alice.uribe@wsj.com)

2314 GMT -- The announcement that Australia's Federal Court had ruled in favor of financial advisers challenging AMP with respect to its buyer-of-last-resort program, adds a further, potentially material, hurdle to an already cloudy investment case for the Australian financial company, says Citi analyst Nigel Pittaway in a note. "The issue appears complex and very difficult to quantify but, at this stage, we cannot rule out material implications and it certainly increases risk." he adds. More positively, Citi expects details of AMP's cost reduction and capital usage plans to be announced alongside its 1H FY 2023 result. The investment bank keeps its neutral call and A$1.15/share price target, but flags elevated risk. AMP was last down 6.1%, to A$1.07/share. (alice.uribe@wsj.com)

2313 GMT - Weak trading conditions could mean that Wesfarmers's FY 2024 earnings guidance falls short of market expectations, Citi analysts say in a note. They place a downside catalyst watch on the sell-rated stock ahead of the retail and industrial conglomerate's FY 2023 results announcement. They reckon that management commentary should reflect weak retail conditions, leading to downgrades in analysts' expectations. Citi's FY 2024 Ebit forecast is already 9% lower than the analyst average. Citi has a last published A$40 target price on the stock, which recently traded at A$49.80. (stuart.condie@wsj.com; @StuartLCondie)

0831 GMT - South32's potential Khoemacau acquisition would address the issue of having a high number of assets with limited mine life, Citi analysts write in a research note. The Australian-based miner faces continuing pressure to find long life asset opportunities, and the Botswana copper mine would be a 20-year mine life asset with the potential to generate around 130 kilo-tonnes copper per year, bringing South32's total copper output to around 200,000 tons per year in 2028, the analysts say. The price would need to be right however and based on Citi's modelling, "to generate an internal rate of return 15%, the acquisition price would need to be around $1.2 billion," they say. (christian.moess@wsj.com)

0611 GMT - Ramelius Resources' move for Musgrave Minerals surprised Macquarie analysts, but they see a clear rationale for the acquisition. The analysts tell clients in a note that the acquisition of the gold, silver, copper and nickel explorer will bring clear regional synergies and enhance operations in Western Australia's Mount Magnet region, particularly beyond FY 2025. They assume that the transaction is effectively a done deal, given prebid agreements from directors and a major shareholder. Macquarie maintains an outperform rating on the stock and trims the target price by 3.0% to A$1.60 on near-term EPS reductions. Shares are 1.1% lower at A$1.315. (stuart.condie@wsj.com; @StuartLCondie)

0556 GMT - Rising asset values at Ingenia Communities' land-lease and holidays portfolios helps the developer maintain its buy rating with Citi analysts despite the potential for persistent weakness in settlements. Citi's analysts say that Ingenia's June 2023 valuations were stronger than they had anticipated. They acknowledge there is some scope for weaker settlements in 1H FY 2024 given current softness in the residential property environment, but say they anticipate a strong ramp-up in settlements and earnings beyond that. Citi lowers the stock's target price 1.3% to A$4.64 on modest cuts to EPS forecasts. Shares are down 0.5% at A$4.02. (stuart.condie@wsj.com; @StuartLCondie)

(END) Dow Jones Newswires