0221 GMT - Magellan Financial's bear at Macquarie reiterates an underperform rating on the Australian investment manager following its disappointing June quarter. The analyst tells clients in a note that funds under management of A$36.7 billion fell short of their forecast and consensus by about 4%. This was mostly driven by weaker flows but also by fund underperformance, the analyst writes. They lower their adjusted EPS forecasts by 2.9% for the current fiscal year, by 6.8% for fiscal 2027 and by 5.6% for fiscal 2028. Macquarie cuts its target price on the stock by 5.4% to 7.00 Australian dollars. Shares are down 3.5% at A$10.165. (stuart.condie@wsj.com)

0159 GMT - Jefferies views the departure of co-founder Richard White as WiseTech Global's board chair as a step in the right direction for corporate governance. Analyst Roger Samuel sounds comfortable with White's decision to continue as an executive director, pointing out that it isn't unusual for a major shareholder to have a board seat. Samuel tells clients in a note that he is comfortable with consensus expectation of US$744 million in fiscal 2027 Ebitda, even if the logistics-software developer reports fiscal 2026 Ebitda at the lower end of its guidance range. Maintaining a buy rating on the stock, Samuel says he still sees WiseTech as a high-quality company at a discount. Jefferies cuts its target price by 17% to 60.00 Australian dollars. Shares are up 0.1% at A$34.68. (stuart.condie@wsj.com)

0152 GMT - Pro Medicus loses its bull at Jefferies, where analysts think the market is being overly optimistic about the imaging-tech provider's prospects for U.S. market-share growth. The investment bank's analysts tell clients in a note that they think the market is pricing in a 51% share of the U.S. picture-archiving and communication system market by fiscal 2035. This is too aggressive, they say. However, they are more positive about Pro Medicus's resilience to AI threats and think the technology is more likely to enhance the value proposition of the company's Visage product suite. Jefferies lowers its recommendation on the stock to hold from buy but lifts its target price by 13% to 192.60 Australian dollars. Shares are down 2.1% at A$207.62. (stuart.condie@wsj.com)

0115 GMT - WiseTech Global's bull at Citi expects weakness in the logistics-software provider's share price to persist until its annual result announcement next month. Analyst Siraj Ahmed lowers his annual profit forecasts through FY 2028 on freight forwarder DSV's decision to move its volumes in house. He tells clients in a note that he sees downside risk to consensus revenue expectations for FY 2027, which began July 1. Ahmed says he continues to see WiseTech as well placed as an enabler of AI across logistics, but warns of uncertainty from its new commercial model. Citi lowers its target price 21% to 52.00 Australian dollars. Shares are down 1.7% at A$34.06. (stuart.condie@wsj.com)

0106 GMT - ResMed's bulls at Jarden see the divestment of its MatrixCare business as a good example of the breath-tech supplier's willingness to recycle capital from business units that have not performed to expectations. With an unchanged overweight rating on ResMed's Australia-listed stock, the Jarden analysts write in a note that using proceeds from the US$490 million divestment to implement an accretive buyback shows good capital management. They trim their target price by 5.8% to 40.20 Australian dollars on earnings revisions and currency updates, but anticipate upside to EPS forecasts from a potential increase to the buyback. Shares are down 3.3% at A$30.17. (stuart.condie@wsj.com)

0105 GMT - Australian gold miners' recent updates have largely focused on FY 2026 production and cash results, with outcomes generally stronger than UBS's forecasts, the bank says in a note. "However, we are yet to see FY27 guidance and believe market expectations remain too low on costs, given the impact of high prices, the Middle East conflict and ongoing industry inflation," UBS says. It forecasts the Australian gold industry's all-in sustaining costs to increase by roughly A$150/oz in FY 2027 and for cost inflation to be a key theme of upcoming annual guidance. The bank says it continues to favor "quality, defensive exposure, with higher-margin producers" such as Newmont and Capricorn Metals. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0054 GMT - ResMed's $490 million sale of its MatrixCare business looks strategically sound to its bull at Macquarie. One of the investment bank's analysts writes in a note that the divestment will allow the dual-listed breath-tech maker to sharpen its focus and to reallocate capital toward faster-growing core growth areas. Offloading a structurally challenged business and improving the company's growth profile makes sense to the analyst, who keeps an outperform rating on the stock. Stock catalysts include potential M&A activity and new product launches, the analyst adds. Macquarie lifts its target price on ResMed's ASX-listed stock by 0.2% to 46.60 Australian dollars. Shares are down 3.8% at A$29.995. (stuart.condie@wsj.com)

0801 GMT - The merits of ESR-REIT's Australian acquisition are likely to outweigh the deal's associated funding risks, say DBS Group Research analysts in a note. The real-estate investment trust is buying five logistics assets in Melbourne for 276.8 million Australian dollars, they note. DBS says the deal will be funded in Singapore dollars, rather than Australian dollars, which reduces the natural hedge of the REIT's Australian portfolio to around 32% from 55%. The acquisition also increases ESR-REIT's exposure to foreign-exchange fluctuations. Still, the deal's funding structure should boost its initial distribution-per-unit accretion, they note. The assets likely provide attractive organic growth prospects as their leases have built-in rent-increase clauses, they add. DBS maintains its buy rating and S$3.20 target price. Units trade flat at S$2.34. (megan.cheah@wsj.com)

0500 GMT - Netwealth is enduring short-term earnings pain for long-term gain, according to its bull at Macquarie. One of the investment bank's analysts cuts their EPS forecast by 5.6% for fiscal 2027, and by 33% for fiscal 2028 on company guidance, but raises expectations for the next two years to reflect the Australian wealth platform's long-term ambitions for funds under administration growth. Reiterating an outperform rating on the stock, the analyst tells clients in a note that they also see benefits from Netwealth's expansion in the broker market through its new agreement with Morgan Stanley. Macquarie lifts its target price by 6.2% to A$32.40. Shares are down 4.0% at A$23.46. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

July 09, 2026 01:00 ET (05:00 GMT)

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