0241 GMT - Cochlear's share price doesn't seem to reflect risks, including from the potential launch of a vaccine against newborn hearing impairment, Morgan Stanley analyst Sean Laaman says. He thinks that the hearing-implant manufacturer's current valuation multiple of 53X FY 2025 EPS overlooks downside risk from a potential future launch of Moderna's vaccine against CMV, an in-utero virus that causes about 20% of childhood deafness. The stock price also assumes the multi-year continuation of implant unit growth in the mid teens, he adds. MS cuts the stock's target 7.2% to A$256.00 and keeps its underweight rating. Shares are trading ex-dividend and down 1.3% at A$325.22. (stuart.condie@wsj.com)

2347 GMT - Sonic Healthcare's acquisition of lab group Dr Risch will help broaden the suite of tests it offers in Switzerland and expand its patient-oriented services, Morgans analyst Derek Jellinek says. He writes in a note to clients that the acquisition is not material at a group level, but that it represents a strategic expansion of its Swiss division, which will enjoy a 30% bump to revenue. He sees low risk from both a regulatory and integration perspective, with integration being led by Sonic's existing local leadership team and Dr Risch management. Morgans raises target price 2.6% to A$34.94 and keeps an add rating on the stock, which is up 0.9% at A$27.54. (stuart.condie@wsj.com)

2333 GMT - Technology One is likely to provide investors with conservative full-year profit guidance when it announces its 1H results in May, Bell Potter analyst Chris Savage says. He tells clients in a note that the 1H result announcement looks like a potential share-price catalyst, with net revenue retention set to remain above 115% despite a weakening software-as-a-service tailwind. He expects the Australian software provider to flag annual pre-tax profit growth of 10%-15%, in line with its usual practice. Savage thinks the company prefers to be conservative and he forecasts 18% growth. Bell Potter has a buy rating and an A$18.50 target price on the stock, which is up 0.4% at A$16.96. (stuart.condie@wsj.com)

2307 GMT - Regis Resources and Gold Road Resources are now likely to achieve only the lower end of their production guidance, reckons UBS, which attempts to unpack the effect of heavy rainfall in Western Australia on local gold miners. Both miners say they have been affected by the deluge. Regis, for example, said mining at the Tropicana operation was suspended due to heavy rain and its plant is processing ore from stockpiles and its underground mine. "Underground operations of Bellevue Gold and Genesis Minerals may have escaped interruption," analyst Levi Spry says in a note. "While Northern Star has not reported any weather related impacts, we note Northern Star's almost exclusive WA footprint would likely have had some exposure and it does have 2H weighted production." (david.winning@wsj.com; @dwinningWSJ)

2257 GMT - Evolution Mining gets a new bull in Morgan Stanley, which thinks risks associated with the miner's acquisition of the Northparkes copper-gold mine are now priced in. Evolution's valuation has fallen by more than A$1 billion since the deal for Northparkes was announced in early December, despite gold prices rising to record highs. "While risks remain around capex increases, we see Evolution more than able to afford the development on our base case with Evolution generating north of A$400 million free cash flow from FY 2027 onwards," Morgan Stanley says. Should prices of Evolution's key commodities stay at current levels then its free cash flow could be more than A$1 billion, the bank says. It also thinks Evolution's gearing could decline to 21% in FY 2026, from 30% in FY 2024. (david.winning@wsj.com; @dwinningWSJ)

2240 GMT - Jupiter Mines looks likely to benefit from South32's suspension of its Gemco operations due to damage and flooding caused by Tropical Cyclone Megan, Macquarie says. Gemco supplies around 10% of the global manganese market, and Macquarie speculates its temporary suspension could lead to a tighter market as port stocks unwind. The bank raises its near-term manganese price forecasts by 16% and 5% in 2024 and 2025, respectively. "Jupiter Mines's free cash flow yields remain attractive at more than 10% from FY 2024 onward, which now has upside given tailwinds in the manganese market," Macquarie says. It retains an outperform call on Jupiter Mines. (david.winning@wsj.com; @dwinningWSJ)

2233 GMT - Macquarie assumes South32's Australian manganese operations are offline for three months after a tropical cyclone caused significant damage to infrastructure and flooded mining pits. In a note, the bank says it assumes production at South32's Gemco business is curtailed from 3Q of FY 2024 through to 1Q of FY 2025. "We believe the resumption of ship loading would only occur after significant remediation work (we estimate US$100 million) and expect no sales until 2Q FY 2025," Macquarie says. Its price target falls by 3% to A$3.80/share. South32 ended Wednesday at A$2.99. (david.winning@wsj.com; @dwinningWSJ)

2226 GMT - It's likely to get worse before it gets better for Warehouse, suggests Macquarie, after the New Zealand-based retailer reported a sobering 1H result. In a note, Macquarie says it expects further pressure on margins given sales have continued to drop in 2H so far. Warehouse said sales in February declined in the low teens and while March sales aren't as soft, they are still down on a year earlier. "Our confidence that Warehouse can stabilize the operating model has reduced," says Macquarie, which has a neutral call on the stock. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires