0034 GMT - Expectations for Treasury Wine Estates' Americas business are already sufficiently low for Jefferies analyst Michael Simotas to be untroubled by the guidance cut at rival Duckhorn. Duckhorn lowered its annual sales and EPS guidance on softer consumer demand. Simotas tells clients in a note that Treasury is exposed to the same challenging conditions, but that regional expectations for the Australian producer are already very low. Also easing any worries is the fact that Treasury's 1H results were better than the market had expected. Simotas adds that Treasury should be helped by improved luxury wine availability and possibly the removal by China of tariffs on Australian wine. Jefferies has a buy rating and A$14.00 target price on the stock, which is up 0.6% at A$12.31. (stuart.condie@wsj.com)

2341 GMT - The potential for WA1 Resources' Luni prospect to become a globally significant source of a steel-strengthening ingredient secures the Australian miner a new bull at Bell Potter. Analyst Regan Burrows tells clients in a note that he expects WA1's maiden resource estimate, which is planned for the June quarter, will support his investment thesis. He thinks that Luni in northwestern Australia could become a globally significant source of niobium, which is used as a micro-alloy to strengthen steel. Luni could be attractive to U.S. and European customers currently constrained by highly concentrated supply, he says. Bell Potter places a buy rating and A$17.65 target price on the stock, which is up 3.3% at A$13.38. (stuart.condie@wsj.com)

2337 GMT - Non-dairy milk provider Noumi gets a new bull at Bell Potter, where analyst Jonathan Snape points to its leading market position and a capital structure that should increasingly benefit equity holders. Bell Potter initiates coverage of the Australian company, which was formerly known as Freedom Foods and sells plant-based milks under brands including Milklab, with a buy rating. Snape tells clients in a note that revenue has grown steadily over five years. While earnings growth has hitherto been absorbed by convertible notes comprising part of Noumi's complex capital structure, Snape reckons that any earnings uplift from FY 2025-2027 is likely to add more relative value for equity holders than for noteholders. Bell Potter puts a A$0.155 target price on the stock, which is flat at A$0.125. (stuart.condie@wsj.com)

2257 GMT - Genesis Minerals 1H FY2024 earnings were softer than anticipated, due to higher-than-expected operating costs, but the gold miner "remains well capitalized for growth" with healthy net cash balance at the end of period, Macquarie analysts say in a note. Genesis aims to raise its output to more than 300,000 ounces a year. It produced 69,361 ounces in 1H FY2024. The miner expects to provide a 5-year outlook in late March, "which will be a key catalyst for the stock," the Macquarie analysts say. Macquarie has an outperform rating and A$2.00 target on Genesis, which last traded at A$1.9175/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2241 GMT - Australian seed-tech provider Nufarm's discount relative to global peers isn't enough to keep Bell Potter analyst Jonathan Snape bullish on the stock. Snape cuts his recommendation to hold from buy after the stock put on close to 40% over four months to the start of this month. Still, Nufarm continues to trade at what Snape tells clients in a note is a reasonably large discount to global agriculture-tech peers, which have re-rated in recent months. Snape raises his FY 2024 net profit forecast by 2% on currency moves but leaves his target price unchanged at A$6.35. Shares are at A$5.82 ahead of Friday's open. (stuart.condie@wsj.com)

1301 ET - The short-term profitability of global shipping companies will benefit from increased freight rates, which exceed the costs of re-routing cargo due to attacks on commercial vessels in the Red Sea, Fitch Ratings says. "Red Sea disruptions have persisted beyond our initial expectations in December 2023, with no sign of abatement," the agency says. Almost half of all cargo ships and tankers have chosen to avoid the Suez Canal and follow alternate routes which take them around the Cape of Good Hope. "Container freight rates have surged as a result, with the World Container Index rising by 151% since early October 2023," according to Fitch. The agency also says "We do not expect structural shifts in the shipping sector as a result of these disruptions." (stephen.nakrosis@wsj.com)

(END) Dow Jones Newswires