0345 GMT - Capstone Copper is one stock where the devil isn't in the detail, say MA Moelis Australia analysts. "Obviously individual asset level performance is important, but if/when the business broadly meets its production promises, we think the stock is a close proxy for the copper price," the analysts write in a note. While Capstone's 2Q production is a tad lower than MA's estimates, and costs slightly higher, Ebitda appears a beat to consensus, they say. Record Ebitda of US$354 million in 2Q compares with consensus of US$339 million. Output totals 51,759 metric tons of copper. MA was expecting about 53,300 tons. MA has a buy rating and A$15.90 target on the stock. Shares rise 8.5% in Sydney to A$13.87. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0325 GMT - Perseus Mining's balance sheet continues to strengthen, giving it flexibility to increase shareholder returns and invest in growth simultaneously, Macquarie says. The gold miner reported over US$1 billion in net cash at June 30. "We anticipate outsized returns, above the current buy-back program," Macquarie says. And the miner "should still leave plenty of capacity in the balance sheet to finalize Nyanzaga and progress organic and/or inorganic growth opportunities," it says. The bank has a outperform rating and target price of 5.50 Australian dollars on Perseus. Shares are up 0.4% at A$4.88. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0151 GMT - Risks to Cochlear's earnings have increased since the April trading update that sparked a 41% one-day drop in the hearing-implant supplier's share price, Macquarie analysts warn. They point out that weaker U.S. consumer sentiment was a key factor in cochlear implant demand across the Australian company's 2026 fiscal year, which ended June 30. They observe that sentiment has further deteriorated since April's guidance cut, citing a recent escalation of U.S.-Iran tensions that generates further instability and potentially sticky consumer pessimism into fiscal 2027. Currency moves are also a significant headwind for revenues and gross margins, they add. Macquarie keeps a neutral rating on the stock and cuts its target price 3.4% to 115.00 Australian dollars. Shares are down 1.9% at A$119.85. (stuart.condie@wsj.com)

0141 GMT - Ampol's bull at Macquarie reiterates an outperform rating on the stock as Australian refiners experience multiple benefits from the U.S.-Iran conflict. One of the investment bank's analysts writes in a note that local refiners are key beneficiaries from the ensuing volatility, pointing to the impact on refining margins, trading opportunities and government policy. They say that strong June-quarter operation at Ampol's Lytton refinery is capturing this industry upcycle, and the ASX-listed company's in-house trading platform is contributing materially to earnings. Macquarie lifts its September-quarter refining margin forecast on the ongoing conflict. Its target price is raised 3% to 48.00 Australian dollars. Shares are flat at A$39.49. (stuart.condie@wsj.com)

0139 GMT - Fortescue's FY27 guidance for iron-ore shipments is "a touch light," while the miner's projections for annual unit costs and capital expenditure are each 6% higher than market consensus, says RBC Capital Markets analyst James Redfern. Fortescue forecasts FY27 shipments between 197 million and 207 million metric tons, versus consensus of 205 million tons, he says. The miner's hematite C1 cost guidance of US$20.50-US$21.75/wet ton compares with consensus of US$19.86/ton, while metals capex guidance of US$3.7 billion-US$4.7 billion compares with consensus of US$4.0 billion, says Redfern. FY26 shipments, costs and prices are in line with expectations, he says. RBC has a sector-perform rating and target price of 21.00 Australian dollars on Fortescue. Shares are down 2.3% at A$18.43. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0127 GMT - Domino's Pizza Enterprises will need to return to meaningful same-store sales growth in order to turn Bell Potter analyst Leo Armati more positive on the stock. With an unchanged hold rating on the stock, Armati is pleased to see improved profitability at the Australian company's franchisees. However, he warns clients in a note that cost cuts underpinning the shift are only a temporary lever that management can pull to improve earnings. Same-store sales are still falling amid extreme competition and the focus on margins, he says. Armati thinks that the structural headwind from food-delivery companies could be stronger than thought. Bell Potter raises its target price on the stock 2.8% to 18.50 Australian dollars. Shares are down 5.3% at A$18.55. (stuart.condie@wsj.com)

0120 GMT - The strength of National Australia Bank's market-leading business-banking franchise isn't enough to turn Macquarie analysts more positive on the stock. They tell clients that NAB continues to look like a better bet than its major peers based on its return profile, even though its stock has outperformed those of its rivals since May. However, they warn that the revenue outlook across the sector is becoming more challenging and macro conditions are deteriorating. In this environment, competition will likely weigh on NAB's margins, they add. Macquarie keeps a neutral rating on the stock with a target price of 39.00 Australian dollars. Shares are up 0.2% at A$41.635. (stuart.condie@wsj.com)

0105 GMT - WiseTech Global's bull at Macquarie thinks the logistics-software provider's fiscal 2027 guidance might be stronger than consensus forecasts. With an unchanged outperform rating on the stock, one of the investment bank's analysts tells clients in a note that industry participants have told them that the transitional pricing arrangement that WiseTech installed as a bridge to its new commercial model is rolling off. The analyst reminds clients that the arrangement was effectively a rebate to customers. On this basis there could be minor upside to current market revenue expectations. The analyst adds that industry sources also suggest there could be additional cost savings in areas including sales and marketing. Macquarie cuts its target price 52% to 47.10 Australian dollars, reflecting more caution on the U.S. rollout of its container optimization product. Shares are down 4.7% at A$36.11. (stuart.condie@wsj.com)

2245 GMT - Australian stocks look set for a strong opening rise after U.S. indices rallied. Local futures are up by 1.1% ahead of Friday's open, suggesting that the S&P/ASX 200 will recover from a 0.8% pullback in the prior session and round out what is already on course to be its best week since early April. The benchmark index is up by 2.2% since Monday, buoyed by economic data suggesting that the Reserve Bank has room to resist raising the cash rate next week. Ahead of the open, iron-ore miner Fortescue reported a 5% on-year drop in June-quarter shipments. In the U.S., Microsoft's robust earnings report restored momentum to the artificial-intelligence boom. The DJIA rose 1.2%, the S&P 500 gained 1.7%, and the Nasdaq Composite jumped 2.8%. (stuart.condie@wsj.com)

0501 GMT - PolyNovo keeps its bulls at Morgans despite the medical-device maker's 2H revenue slowdown. Maintaining a buy rating on the stock, the Australian broker's analysts tell clients in a note that, while sales disappointed, cash generation is strong. They think this indicates the wound-treatment specialist is in a good position to deliver material Ebitda growth in each of its next two fiscal years. Morgans analysts say they remain confident that revenue growth can return above-20% levels in fiscal 2027, pointing out that 15.5% U.S. sales growth in fiscal 2026 was said by management to reflect some seasonality and shifts in insurance reimbursements. Morgans cuts its target price by 5.1% to 1.48 Australian dollars. Shares are down 3.4% at A$0.85.