0343 GMT - Redbubble's positive 1Q underlying cashflow shows the online art marketplace moving in the right direction despite a softer revenue environment, Morgans analyst Steven Sassine says in a note to clients. He is pleased to see the Australia-listed company's cost-out initiatives and marketing-spend optimization helping mitigate the impact of challenging conditions including elevated inflation, higher interest rates and lower consumer demand. He nonetheless is waiting on more evidence before becoming more positive on the stock and trims its target price 2.7% to A$0.71 citing a softer revenue outlook. Morgans maintains a hold rating on the stock, which is down 3.3% at A$0.58. (stuart.condie@wsj.com)

0327 GMT - Bega Cheese's 15% share-price decline since the Australian food company's FY 2023 results announcement has helped earn the stock a fresh buy rating from Bell Potter. Analyst Jonathan Snape raises his recommendation from hold, pointing out in a note that Bega's annual result and FY 2024 guidance were largely in line with expectations. He thinks subsequent news on milk supply and ingredient prices have been encouraging. He also reckons that investors are ascribing limited value to Bega's five-year targets, which are ambitious but attainable. Bell Potter keeps a A$2.80 target price on the stock, which is up 3.9% at A$2.91. (stuart.condie@wsj.com)

The productivity benefits of Bank of Queensland's slow and costly transformation program are expected to offset cost inflation over the three fiscal years through FY 2026, J.P. Morgan analyst Andrew Triggs warns. He writes in a note that the regional lender's cost base will probably still rise over the period due to higher expensed investment and increased amortization. He adds that BOQ's 50% cost-to-income and 9.25% return-on-equity targets look aspirational, "to say the least." JPM cuts target price on the stock 7.4% to A$5.35 and reiterates its underweight recommendation on the stock, which is at A$5.56 ahead of the open. (stuart.condie@wsj.com)

2245 GMT -- Seek's recent share-price decline secures the Australian jobs platform a new bull at J.P. Morgan despite facing what analyst Don Carducci says are the most obvious headwinds across the classifieds sector. Carducci upgrades the stock to overweight from neutral given its distance from his unchanged A$27.00 target price. He calls out an on-year ad-volume decline of 19% so far in 1H of fiscal 2024, and also notes persistent cost growth. These worries have led to the stock underperforming relative to the broader classifieds sector and now appears to be offering some value, he tells clients in a note. Shares are at A$23.47 ahead of the open. (stuart.condie@wsj.com)

2214 GMT -- ANZ's differentiated institutional and offshore deposit base gives it a strong advantage over Australian banking peers when it comes to generating funding, Citi analysts say. They reiterate their buy rating on the stock, flagging its lower funding risk and volume growth potential. By contrast, NAB and Commonwealth appear to Citi to have the most significant funding challenges following a period in which they used Covid-era cheap funding to accelerate volume growth. The analysts write in a note that the need to refinance this funding in a higher-rate environment is a significant challenge. ANZ is alone among Australia's big banks in earning a buy rating from Citi. Its shares last traded at A$25.86, compared with Citi's A$27.00 target. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 13, 2023 00:00 ET (04:00 GMT)