0049 GMT - Fisher & Paykel Healthcare's 1H result prompts Morgan Stanley analyst Sean Laaman to upgrade his earnings forecasts for the next three years, but not by enough to shift his recommendation on the stock. He writes in a note that a stronger-than-expected 1H margin increases confidence that the medical-device supplier will hit its long-term target of 65% within three to four years. Yet the stock looks to be trading at 45 times forecast fiscal 2025 EPS, which Laaman points out is in line with long-term multiple averages. He raises his target price on the company's Australia-listed shares by 3.2% to A$22.19 and stays equal-weight on the stock, which is up 0.5% at A$22.32. (stuart.condie@wsj.com)

0032 GMT - Iress's upgraded 2023 earnings guidance is welcomed by E&P Capital analyst Olivier Coulon even through it stems in part from the financial software provider's non-core U.K. business. Coulon tells clients in a note that Iress's ANZ wealth unit appears to have returned to sequential revenue growth, with 1.5% 2H growth to date over 1H exceeding his forecast of a 0.4% contraction. He also thinks that Iress has increased its cost-reduction target, although there is no specific guidance in the latest company statement. E&P has a target price of A$8.56 on the stock, which is up 14% at A$6.98. (stuart.condie@wsj.com)

2156 GMT - Arvida's net debt is likely to remain elevated for the foreseeable future, says Forsyth Barr. Arvida's end-September net debt was up 36% on year, as a sluggish property market and an economic slowdown hurt settlement cash flows while operating costs edged higher. Gearing of 33.6% is near the top end of Arvida's 25-35% target. "On our forecasts Arvida is likely to remain at or slightly above the upper end of its target range," analyst Aaron Ibbotson says. Still, the bank is encouraged that future development would hinge on demand. "We see a tougher path for Arvida to meaningfully reduce debt versus Oceania Healthcare," says Forsyth Barr. "Arvida has NZ$100 million of available unsold new stock, 13% of its debt, compared to 60% for Oceania." (david.winning@wsj.com; @dwinningWSJ)

2149 GMT - Stride Property is unlikely to be able to hold its dividend for much longer, reckons Forsyth Barr. Stride kept its guidance for a FY 2024 dividend of 8.0 New Zealand cents/share unchanged at its 1H result. But Forsyth Barr expects a 9% decline in FY 2025, driven by a triple headwind of higher tax payable, lower management fee income, and reduced distributions received from co-investments. "We remain positive on the longer-term potential for Stride's transition to a capital light asset manager, albeit the near term remains challenging," analyst Rohan Koreman-Smit says in a note. "An eventual decline in interest rates will be needed to stimulate demand for exposure to direct property and support growth in assets under management." (david.winning@wsj.com; @dwinningWSJ)

2125 GMT - Harvey Norman's trading update offered some encouragement around recent performance, but Jefferies is skeptical that earnings will hit the recovery path any time soon. In a note, analyst Michael Simotas said trading has picked up a little on recent trends, but sales were flattered by Black Friday which is getting bigger every year. He also notes the data includes the Saturday following Black Friday this year, which wasn't in the prior corresponding period. "We expect conditions to remain challenging, particularly given interest rate hike in November, and forecast sharp earnings decline in FY 2024 and further declines in FY 2025," Simotas says. "However, property value has historically been a floor, and if the buyback is executed, the floor would move up." (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires