** Jefferies expects ALS Ltd ALQ.AX to provide no material negative in its half-yearly report following a solid quarterly update and annual outlook

** Laboratory testing services provider to report 1H26 results on Tuesday

** Brokerage says ALS's minerals division is its biggest "delta", says there is clearly significant potential for earnings upside to forecasts and consensus if the resource exploration cycle ends up stronger than anticipated

** Adds ALS has benefited from record gold and copper prices and expanding critical minerals requirements among others over the half-year

** Nine out of 13 analysts rate the stock "buy" and above, 3 "hold" and 1 "sell"; their median PT is A$20.48 - LSEG data

** ALS up 39.4% so far this year, as of last close

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))