0451 GMT - Bellevue Gold is on track to be free of gold hedges by the year's end or soon after, according to MA Moelis Australia's Paul Hissey and Luka Thorpe. A good operational performance and higher gold prices have given it the flexibility to pursue accelerated hedge deliveries aggressively, the analysts say. "As the hedge book is eliminated, the financial output of the business will look completely different, with full exposure to gold price upside generating significant FCF," or free cash flow, Hissey and Thorpe add. They think current prices give "an attractive entry point for investors willing to look through the next six to nine months." MA reiterates a buy rating and a target price of A$2.15. Bellevue is down 2.4% at roughly A$1.34. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0440 GMT - Australian supermarkets may not benefit from inflation quite as reliably as they have in the past, Jefferies analysts warn. They attribute the recent rise in packaged-goods prices revealed by the investment bank's proprietary supermarket survey to the Iran conflict, and think that elevated fertilizer and diesel prices will keep food prices growing in the medium term. They tell clients in a note that supermarkets have historically benefited from inflation, but current political and media scrutiny may hinder their ability to expand margins. The survey suggests that supermarkets are discounting a smaller range of items compared with a year earlier, but marking prices down by more. (stuart.condie@wsj.com)

0429 GMT - Qantas Airways generates cautious optimism at Morgans, where analyst Chris Creech sees fleet investment supporting multiyear earnings growth. Initiating coverage with an accumulate rating, Creech tells clients in a note that the Australian carrier's next fiscal year looks to be one of transition as the one-off costs of introducing new aircraft continue to move through the business. As each new plane type reaches scale, costs such as pilot training, engineer certification and spare-parts inventory build will begin to roll off, Creech notes. With post-Covid balance-sheet strengthening and cost discipline helping Qantas absorb this year's spike in fuel costs and consumer softness, Creech sees potential for upward revisions to his conservative forecasts. Morgans places a 11.50 Australian dollars target price on the stock, which rises 0.5% to A$10.62. (stuart.condie@wsj.com)

0212 GMT - Lynas's partnership deal with South Korean magnet producer JS Link highlights the strategic value of its separated rare-earth production, says Macquarie. The bank reiterates an outperform rating and target price of 22 Australian dollars on the ASX-listed Lynas. "We continue to see value in LYC, underpinned by its strategic position as the largest ex-China producer of separated rare earths and growing downstream integration opportunities," Macquarie says. Shares are down 2.6% at A$17.59 amid a broad fall in Australian mining stocks. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0207 GMT - Brambles probably needs to increase investment in new pallets to improve the quality of its rental pools in the U.S. and Europe, Jefferies analysts warn. They tell clients in a note that the average age of Brambles' CHEP-branded pallets is rising, which typically results in increased rates of damage and more need for repairs. The analysts think that higher plant and repair costs should be largely recovered from customers over the next few years, but see also see higher capital expenditure as necessary to reverse increases in pool age. Jefferies keeps a hold rating on the stock and lowers its target price 6.8% to 18.22 Australian dollars. Shares are down 1.9% at A$19.46. (stuart.condie@wsj.com)

0150 GMT - Ansell's new chief executive is likely to be conservative when she gives annual guidance for the first time next month, UBS analysts reckon. The investment bank's analysts tell clients in a note that the personal-protective equipment maker has executed well on pricing to offset U.S. tariff impacts and higher freight and input costs, but see the outlook for fiscal 2027 as more uncertain. With demand mixed and various cost trends diverging, they think that Chief Executive Nathalie Ahlstrom will provide a wide EPS guidance range. UBS lowers its target price on the stock by 3.5% to 34.35 Australian dollars and maintains a neutral rating. Shares are down 1.3% at A$32.13. (stuart.condie@wsj.com)

0142 GMT - Comments from Steel Dynamics on a recent earnings call and a share buyback from SGH suggest the pair are no longer actively pursuing a takeover of BlueScope Steel, according to Goldman Sachs. The bank reinstates BlueScope with a buy rating and A$37.70/share target. GS says BlueScope should benefit from positive tailwinds to near-term steel prices. The steelmaker has a strong balance sheet, improving free cash flow and trades at roughly 6x Ebitda versus global peers at 7x, it says. Shares in BlueScope are up 0.6% at 31.66 Australian dollars. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0138 GMT - WiseTech Global's replacement of Richard White as board chair is seen at RBC as no more than a step toward addressing alleged governance concerns at the logistics-software provider. Analyst Jackson Lee tells clients in a note that the elevation of Raelene Murphy to independent chair is positive, but warns that the market is likely to want ongoing evidence that the board, CEO Rubin Appoo and White are operating independently. Cofounder and major shareholder White is still an executive director and chief innovation officer. RBC has a last-published outperform rating on the stock and a target price of 70.00 Australian dollars. Shares are up 9.8% at A$38.83. (stuart.condie@wsj.com)

0108 GMT - Lynas's partnership agreement with South Korean magnet producer JS Link is "an incremental positive and a supportive sentiment driver," says Morgan Stanley. The arrangement helps lock in outside-China demand for future neodymium-praseodymium volumes, MS says. That is important for Lynas's ramp-up toward 10,500 metric tons of annual production, as ex-China demand likely remains a key constraint, says the bank. Yet it's unlikely to have a material impact on earnings estimates, given market consensus is already factoring in a rise in production to 11,400 tons in FY 2028 from roughly 7,600 tons in FY 2026, it says. MS has an equal-weight rating and A$20.45 target on Lynas. Shares are down 3.3% at A$17.47 amid a broad-based retreat in Australian mining stocks. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

July 07, 2026 01:00 ET (05:00 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.