0148 GMT - Wesfarmers' decision to push ahead with its Western Australia lithium mine expansion is positive but not enough to make Macquarie analysts more bullish on the stock. They warn clients that the project still faces long-term risk, not least from volatility in spodumene prices. The analysts write in a note that the Australian conglomerate's project investment represents a meaningful step-up in capital expenditure, and wonder what other projects the industry will now see as viable. Overall, Macquarie sees the stock as fairly priced and reflective of the quality of Wesfarmers' retail chains. Macquarie keeps a neutral rating on the stock and raises its target price by 2.3% to 88.00 Australian dollars. Shares are up 0.2% at A$88.285. (stuart.condie@wsj.com)

0102 GMT - Alcidion's recent acquisition of patient-flow business Kyra from Telstra looks good to its bull at Bell Potter following disclosure of the upfront cost. Medical-tech provider Alcidion paid 1.5 million Australian dollars in cash for Kyra after various adjustments, which Wakim says makes it a compelling tuck-in acquisition. He tells clients in a note that the price looks modest considering Kyra's underlying Ebitda of A$1.1 million. Bell Potter keeps a buy rating on the stock and trims its target price 6.3% to A$0.15. Shares are flat at A$0.092. (stuart.condie@wsj.com)

0048 GMT - Macquarie looks fairly valued to Morgans analyst Richard Coles given his expectation that favorable market volatility is likely to plateau at some point. Maintaining a hold rating on the stock, Coles acknowledges the Australian financial group's strong start to fiscal 2027, but points out that a substantial increase in first-quarter profit contribution from its commodities and global markets unit reflects subdued conditions in the year-earlier period. Coles tells clients in a note that Macquarie remains a quality franchise with exposure to structural growth, including in infrastructure, but that it looks fairly priced at 19X earnings. Morgans lifts its target price 3.0% to 255.80 Australian dollars. Shares are up 1.1% at A$256.58. (stuart.condie@wsj.com)

0038 GMT - Macquarie's good start to fiscal 2027 lifts confidence in the earnings outlook among its bulls at Morgan Stanley. The investment bank's analysts are unconcerned that the Australian financial group maintained rather than lifted its guidance, pointing out in a note to clients that there is a strong second-half earnings skew at both its commodity and investment banking units. They see improving operating conditions supporting the revenue for Macquarie's investment bank, asset-management and commodities units, adding that earnings risks are tilted toward the upside. MS keeps an overweight recommendation on the stock and lifts its target price 3.8% to 273.00 Australian dollars. Shares are up 1.3% at A$257.14. (stuart.condie@wsj.com)

2346 GMT - Macquarie's bulls at Jarden caution that the announcement of a new CEO could herald further executive changes at the Australian financial group. Jarden's analysts keep a buy rating on the stock, but warn clients that the promotion of bank head Greg Ward to replace longstanding CEO Shemara Wikramanayake could take some time to be digested by the market. Macquarie'sability to promote from within--to "grow its own timber," as the analysts call it--is seen as a strength at Jarden, but does mean Macquarie will need at least a new head of banking and financial services. Jarden has an unchanged target price of 250.00 Australian dollars on the stock. Shares are at A$253.75 ahead of the open. (stuart.condie@wsj.com)

2333 GMT - CSL keeps its bull at UBS despite analysts seeing little scope for profit growth in fiscal 2027. The analysts tell clients in a note that they don't think competitive conditions have improved in major markets since CSL cut its guidance for the most recent fiscal year ended June 30. They think this will inform a cautious approach to fiscal 2027 guidance, although they are hopeful that the Australian biopharma will have some new contract wins to report at next month's annual result announcement. UBS's current expectation is for a flat underlying profit in fiscal 2027. UBS has an unchanged buy rating on the stock and a target price of 158.00 Australian dollars. Shares are at A$115.75 ahead of the open. (stuart.condie@wsj.com)

2331 GMT - Macquarie's bull at Jefferies thinks the appointment of an internal candidate as CEO reduces risks of a material near-term strategy shift. Analyst Andrew Lyons tells clients in a note that the promotion of Greg Ward to CEO resolves longstanding succession uncertainty in the latter stages of Shemara Wikramanayake's eight-year tenure. Lyons thinks that Ward will be well received by investors due to his 30-year tenure at Macquarie, which has included leading its fast-growing retail banking business. His relationships with key regulators and tech experience are also positives, Lyons adds. Jefferies keeps a buy rating on the stock and raises its target price 12% to 284.03 Australian dollars. Shares are at A$253.75 ahead of the open. (stuart.condie@wsj.com)

2211 GMT - Euroz Hartleys is more optimistic than the market about Beach Energy's dividends in FY26. It expects Beach to pay out A$0.04/share, some 33% above consensus forecasts for A$0.03/share. Still, both projections represent a steep drop on the A$0.09/share of dividends declared in FY25. Beach says it is reviewing its dividend framework and will update investors next month. So, the dividend outlook is likely to dominate Beach's FY26 result. "Investors are increasingly looking for either a meaningful inorganic reserve/resource addition or a move back to improved distributions," says analyst Declan Bonnick. Euroz Hartleys has a hold call on Beach, and pared its price target by 8.9% to A$1.02/share following its 4Q report. Beach ended Thursday at A$0.885. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

July 24, 2026 01:00 ET (05:00 GMT)

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