0347 GMT - Zip Co.'s 22% share-price decline since August means there is little downside risk for investors looking at the Australian buy-now-pay-later provider, UBS analyst Lucy Huang says. She upgrades her recommendation to neutral from sell, writing in a note that the market is adequately pricing in risks including the potential for weakening consumer sentiment to weigh on platform volumes. She thinks Zip will break even later than previously anticipated but doesn't rule out the potential for further cost-cutting initiatives. UBS cuts its target price 11% to A$0.32. Shares are up 7.1% at A$0.30. (stuart.condie@wsj.com)

0158 GMT - Newcrest Mining posted a weak 1Q result, recording a substantial miss on gold output and all-in sustaining costs, RBC Capital Markets analysts say in a note. "Key sites Cadia and Lihir both missed our expectations," with Lihir's production an especially wide miss, they say. "Underestimating the degree of planned maintenance likely contributed," say the analysts. Still, the weak result is overshadowed by the planned Newmont takeover, which is due to complete next month. Newcrest is up 0.4% in Sydney at A$26.96, while a broader metals and mining index is 0.7% higher. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0019 GMT - SiteMinder's newest products should secure strong customer adoption over time, Jefferies analyst Roger Samuel says. The accommodation-software provider plans to roll out two products, including a price-recommendation service, and Samuel tells clients in a note that he thinks the products are unique in the hotel industry. He reckons that the products will contribute to medium-term average-revenue-per-user growth, pointing to the revenue opportunity from existing customers. He adds that SiteMinder's industry penetration remains low, so subscriber growth should remain strong. Jefferies raises its target price 4.0% to A$5.20 and maintains a buy rating on the stock, which is down 1.4% at A$4.435. (stuart.condie@wsj.com)

0006 GMT - Treasury Wine Estates' short-to-medium term earnings benefit from China's potential removal of tariffs on Australian wine may not be as significant as some investors expect, Citi analysts say. They point out in a note to clients that while Treasury aims to phase shipments of its premium Penfolds brand to accommodate possible tariff changes, the Australia-listed producer may not be willing to divert wine from other Asian markets where it is investing in brand building. Consumer demand is also relatively subdued at the moment, they add. Citi has a sell rating and A$10.50 target price on the stock, which is up 0.8% at A$11.685. (stuart.condie@wsj.com)

2352 GMT - Citi analyst Paul McTaggart asks whether Rio Tinto might have regained its mojo. The miner's 3Q production report shows a continuing improved operational performance, with Pilbara iron-ore shipments up 5% year to date, McTaggart says. Mined copper and aluminum output are also higher. "We are buy rated given attractive valuation metrics versus iron-ore peers," says McTaggart, who keeps a A$124.00 target on the stock. Rio Tinto is up 2.5% in Sydney at A$118.60/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2344 GMT - The world copper market remains balanced year to date, even as new mining projects in South America and Africa have started to deliver volumes, Rio Tinto says in a quarterly production report. The miner, a large producer of the metal globally, says that although demand in some parts of the world has weakened as rocketing interest rates hit construction activity, demand in China has remained resilient. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2231 GMT -- Life360's success in maintaining U.S. growth while raising prices leads Morgan Stanley analysts to anticipate a similar pricing strategy in other regions. They point out in a note to subscribers that the Australia-listed family safety app developer's U.S. base grew by 10% in 2022 despite a 72% increase in revenue. In short, a material increase in prices went to plan, they say. They lift their U.S. long-term assumptions to reflect higher numbers of new users on higher-tariff plans, and increase their international forecasts in anticipation of price rises that should improve margins. MS lifts target price 9.5% to A$11.50 and keeps a buy rating on the stock, which was at A$8.15 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 17, 2023 00:13 ET (04:13 GMT)