0220 GMT - A rise in the number of pregnancy ultrasound scans in Australia's public-health system gives Wilsons analyst Tom Camilleri extra conviction in his bullish view of baby-goods retailer Baby Bunting. Camilleri writes in a note that current data suggests an 8.8% on-year rise in 12-week scans and a 0.3% on-year rise in 20-week scans, further supporting a medium-term recovery in births following the Covid-19 pandemic. He modestly upgrades his revenue forecasts for FY 2025 onward and an expansion in peers' valuation multiple to 15Xearnings, from 14.8X. Target price rises 20% to A$2.40 and Wilsons stays overweight on the stock, which is down 3.6% at A$1.88. (stuart.condie@wsj.com)

0057 GMT - Hub24 is likely to lead the other wealth management platforms on net fund flows in the March quarter, says Jarden analysts in a note. According to its forecasts, Jarden sees Netwealth and will see flow increases, but traditional players, AMP and Insignia, are expected to remain in net outflow despite more supportive markets. More generally, with the S&P/ASX 200 up 4.0% over the March quarter and the MSCI World up 8.5%, FY 2024 assets under management revisions for Jarden's wealth management platform universe average around 3%. (alice.uribe@wsj.com)

0040 GMT - Suncorp is getting closer to its transition to being a pure play general insurance offering, with the announcement of the sale of its New Zealand life insurance operation, says Jarden analysts in note. They regard the move as "strategically sensible," and see that it could provide incrementally greater leverage to a strong general insurance pricing cycle with minimal EPS impact assuming proceeds are deployed into capital management initiatives. Jarden says it prefers IAG over Suncorp across the domestic general insurers from here due to EPS upside risks. But keeps Suncorp's overweight rating, amid upside risks to consensus general insurance forecasts for Suncorp over FY 2025 -2026.(alice.uribe@wsj.com)

0019 GMT - Stanmore Resources's move to take full control of the Eagle Downs metallurgical coal mine in eastern Australia gets a tick from Ord Minnett. Stanmore is buying the remaining 50% stake in Eagle Downs, along with nearby land and assets, from China Baowu Steel for up to US$17 million upfront and as much as US$30 million later if production milestones are achieved. Ord Minnett has a positive view of Stanmore's acquisition of Eagle Downs, citing the low upfront cost of the deal with Baowu and an earlier transaction with South32. Eagle Downs has a large resource, it says, and is ready for immediate development of a 4-6 million tons/year hard coking coal underground operation. Stanmore would be able to use nearby processing plants to ensure mining can continue for decades, Ord Minnett adds. (david.winning@wsj.com; @dwinningWSJ)

0018 GMT - Suncorp's sale of its New Zealand life insurance business further simplifies the company and affirms its focus on being a pure-play general insurer following the sale of its banking unit, Jefferies analysts Simon Fitzgerald and William Richardson say in a note. The sale includes NZ$250 million upfront with the remainder due 18 months post-completion. "We estimate the sale of the NZ life insurance business equates to 1.8 times book value," says Jefferies, adding it plans to update its forecasts post the sale reaching regulatory approval. Suncorp's life unit sale adds to its plans to return capital to shareholders, adds Jefferies. (alice.uribe@wsj.com)

0012 GMT - Suncorp's sale of its small New Zealand life insurance business to Resolution life simplifies its group structure, says Morgan Stanley in a note. It also thinks the sale means Suncorp holds even more capital to return to shareholders to manage its EPS. Still, MS says the sale has marginal impact on other aspects of its Suncorp investment thesis. Suncorp's bank sale is delivering A$4.1 billion of net proceeds with the return of this capital to shareholders expected in late 2024 or early 2025. "We think it makes sense for Suncorp to return the A$230 million life proceeds at the same time, in order to manage the impact on EPS from lower group earnings," says MS.(alice.uribe@wsj.com)

0003 GMT - PointsBet's elimination of its loss-making U.S. operation leaves the Australian betting-tech provider clear to focus on taking local market share, Jarden analysts tell clients in a note. They reckon that domestic players including PointsBet have a real opportunity to take share while major competitors are distracted by internal issues or other markets. They say that a softer overall market, higher taxes and increased regulatory costs should shift the competitive landscape toward tech and innovation, which should suit PointsBet. Jarden keeps an overweight rating and A$1.05 target price on the stock, which is down 1.2% at A$0.81. (stuart.condie@wsj.com)

2337 GMT - Australia's Elders secures a new bull at Macquarie as improved seasonal growing conditions and livestock price assumptions drive higher earnings forecasts. Macquarie's analysts lift their recommendation on the agricultural product and financial-services provider to outperform from neutral, citing recent above-average rainfall across Australia's east coast. They point out in a note to clients that livestock prices have also rebounded from depressed levels, and say that strong demand for local beef, particularly from the U.S., should underpin prices through FY 2024 and FY 2025. Macquarie lifts its target price on the stock 47% to A$10.45. Shares are up 2.0% at A$9.80. (stuart.condie@wsj.com)

2326 GMT - Cooper Energy's net debt could make some investors' eyes water, but Jarden thinks the company will be able to bring it down quite fast. In a note, analyst Nik Burns forecasts Cooper having A$274 million of net debt at the end of June. Although gearing of 39.7% is high for a company of Cooper's size, Jarden expects Cooper's Ebitda to total A$176 million in FY 2025. That implies net debt-to-Ebitda of 1.6x "providing capacity for Cooper to degear relatively rapidly (depending on the level of capex ahead)," Jarden says. It estimates the company would have access to A$140 million in liquidity at end-June 2024, and expects the market will rapidly to turn its attention to planned drilling activity in the Otway Basin in FY 2026. (david.winning@wsj.com; @dwinningWSJ)

2316 GMT - Champion Iron is facing a tough 4Q, says Citi, which cuts its price target on the miner by 10%, to A$8.60/share. "Winter effects, increased maintenance downtime and constrained rail capacity will be evident in 4Q," analyst Paul McTaggart says in a note. Citi forecasts quarterly production of 3.7 million tons of iron ore, and sales of 3.1 million tons. In addition, Champion Iron is grappling with higher sea freight and cash costs, prompting Citi to cut its FY 2024 and FY 2025 Ebitda forecasts by 25% and 14%, respectively. Champion Iron is down 3.6%, at A$6.88, early on Friday. (david.winning@wsj.com; @dwinningWSJ)

2311 GMT - Suncorp's sale of its small NZ life insurance business to Resolution life looks to be an attractive deal in both strategic and financial terms, says UBS analyst Scott Russell in a note. He reckons that Suncorp's NZ Life unit is not core to the wider group, viewing its disposal as "strategically attractive," allowing Suncorp to focus on its general insurance operations. "Assuming Suncorp Bank is sold to ANZ later this year, likely in our view, this transaction focuses Suncorp exclusively on general insurance in Australia and NZ," says UBS. It keeps its buy call and A$16.80 target price. Suncorp was last up 0.2%, to A$16.38. (alice.uribe@wsj.com)

2303 GMT - Uncertainty over Endeavour Group's hotels business and the potential for further gaming regulation spark caution with Citi analysts. Initiating coverage with a neutral rating, Citi's analysts forecast FY 2028 hotel earnings to be A$82 million higher than in FY 2024, missing Endeavour's target of A$150 million. The analysts tell clients in a note that new developments could help but that the underlying hotels business may be affected by inflation. They also see potential for regulatory changes to hit Endeavour's gaming business. Elsewhere, they anticipate average annual earnings growth of 5% through FY 2028 at Endeavour's retail drinks business. Citi puts a A$5.94 target price on the stock, which is at A$5.37 ahead of the open. (stuart.condie@wsj.com)

2302 GMT - Suncorp's sale of its small NZ life insurance business to Resolution life is positive, say Citi analyst Nigel Pittaway in a note, adding that it frees up capital, further sharpening its focus on general insurance. The price of A$375 million, is viewed by Citi as seeming "broadly reasonable," but said it could also be slightly soft if Citi's forecast earnings recovery in the NZ business eventuates. Citi keeps its neutral call and A$16.60 target price, viewing Suncorp's earnings outlook continuing to look positive. For now, the investment bank reckons, the stock is fairly valued. (alice.uribe@wsj.com)

2207 GMT - The strong increase in new vehicle sales in Australia in the three months through March should bode well for car parts retailer ARB's revenue growth in 2H, Ord Minnett says. New vehicle sales increased 12.7% in March, representing another record month for the industry. Sales rose 13.2% in the March quarter overall. "For ARB, the continued strength in new vehicle sales combined with ARB's strong order book should ensure a strong 2H profit result for its Australian Aftermarket operations," says analyst James Casey in a note. Ord Minnett retains its accumulate call on the stock, and lifts its price target by 3.7% to A$42.50/share. ARB's shares ended trading on Thursday up slightly at A$40.43. (david.winning@wsj.com; @dwinningWSJ)

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157 GMT - Novonix's decision to combine high-grade graphite deposits in Queensland with neighboring tenements owned by Lithium Energy and create a newly listed entity known as Axon Graphite is a mild positive, Jefferies says. "Under our base case scenario, we estimate the IPO could result in a A$6.6 million revaluation gain for Novonix," equivalent to A$0.014/share, analyst Wei Sim says in a note. Jefferies has a buy call on Novonix and A$1.10/share price target. Novonix ended Thursday at A$1.035. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires