The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
2044 ET - National Australia Bank gets a new bear at Morgan Stanley, where it is seen as the local lender with most to lose from a broader economic slowdown. Lowering his recommendation to underweight from equal-weight, analyst Richard E. Wiles tells clients in a note that the probability of both earnings downgrades and trading multiple de-ratings across the sector is rising. The investment bank's macro team sees tightening fiscal policy and a global energy shock as threats to economic growth. Wiles says that NAB's larger exposure to small- and medium-sized enterprises makes it the most vulnerable. Target price falls 8.5% to A$39.80. Shares are up 1.6% at A$43.45. (stuart.condie@wsj.com)
2029 ET - Telstra's move to raise prices earlier than UBS analysts had expected is seen at the investment bank as offsetting the impact of a likely slowdown in subscriber growth. The analysts had been expecting Telstra to lift its mobile prices in July, but Australia's largest telco is pushing through changes in May. The benefit to average revenue per user "continues to offer us comfort for the sector to continue to extract meaningful price growth," they write in a note. The analysts are watching underlying subscriber trends following a material slowdown in postpaid services over the December half. The price rises could drive elevated churn rates, they add. UBS lifts its target price by 1.9% to A$5.30 and keeps a neutral rating on the stock, which is up 0.1% at A$5.345. (stuart.condie@wsj.com)
2020 ET - Japanese stocks are broadly higher due to continued hopes for possible negotiations between the U.S. and Iran to end the war. Metals and chip-related stocks are leading gains. Mitsui Kinzoku is up 7.9% and Tokyo Electron Ltd. is 4.3% higher. The dollar is at 158.70 yen, compared with Y158.67 as of Tuesday's Tokyo stock market close. Investors are closely watching developments in the Middle East as well as any Japanese government responses to the shortage of energy and petrochemical products. The Nikkei Stock Average is up 3.0% at 53811.99. (kosaku.narioka@wsj.com; @kosakunarioka)
2018 ET - Cochlear's bulls at UBS reassure investors that any impact on demand from gene therapies for congenital hearing loss remains many years away. Analysts at the investment bank acknowledge that therapy efficacy data is encouraging but stress that there will be no near-term material impact on the Australia-listed hearing-implant maker. For now, they tell clients in a note that they expect Cochlear's new Nexa implant to boost the company's market share. A recent sell-off in the stock is just an opportunity, they add. UBS keeps a buy rating and A$302.00 target price on the stock, which is up 1.5% at A$163.77. (stuart.condie@wsj.com)
1948 ET - Japanese stocks may rise thanks to continued hopes for U.S.-Iran talks to end the war. Nikkei futures are up 1.6% at 53220 on the SGX. The dollar is at 158.69 yen, little changed from Y158.67 as of Tuesday's Tokyo stock market close. Investors are focusing on developments in Iran as well as any Japanese government responses to a shortage of energy and petrochemical products. The Nikkei Stock Average rose 1.4% to 52252.28 on Tuesday.(kosaku.narioka@wsj.com)
1916 ET - Venezuelan opposition leader María Corina Machado says the South American country could produce more than 5 million barrels a day of oil, but would need investment of $150 billion over 10 years. The country currently produces about 1 million b/d. Her movement would offer investors the right institutional, fiscal and contractual conditions in a fully private oil and gas sector, offering "the most competitive government take in the Western Hemisphere," Machado says at the S&P Global CERAWeek conference. The state would have only a regulatory role, and state oil company PdVSA would be downsized and eventually privatized. Venezuela has yet to set elections following the January ouster of former president Nicolás Maduro, and the Trump administration is working closely with acting president Delcy Rodríguez, who was Maduro's vice president. (anthony.harrup@wsj.com)
1825 ET [Dow Jones]--Veem's share price is down nearly 70% since the start of October after the company slugged investors with two major downgrades and a A$24.8 million gyrostabiliser related writedown. Still, Ord Minnett believes Veem has turned a corner on the road to recovery. It upgrades Veem to accumulate, from hold, even as it cuts earnings forecasts for FY 2026-2028 by 40-67%. Analyst John Lawlor says it will take until FY 2027 for Veem's recovery to be reflected in its financial results. "We remain of the view that Veem has significant submarine, propeller, and defence capabilities which will be highly sought after as global defence budgets increase dramatically over the next decade," Ord Minnett says. Veem ended Tuesday at A$0.58, below Ord Minnett's new A$0.90/share price target. (david.winning@wsj.com; @dwinningWSJ)
1803 ET [Dow Jones]--Risks to Treasury Wine Estates's earnings and balance sheet are becoming more concerning, says Jefferies. They overshadow a very low multiple, given the value of Treasury Wine's land, inventory and its high-end Penfolds wine brand. Jefferies reduces its price target on Treasury Wine by 20% to A$4.00/share. "We cut our estimates for Treasury Americas and Collective from FY27 onwards by 6-8% to reflect our view that U.S. distributor disruption will be ongoing," analyst Michael Simotas says. It highlights RNDC's sale of 11 markets to Reyes Beverage Group. RNDC distributes for Treasury Wine in nine of these markets. Jefferies sees potential for significant disruption risk and reduced focus on wine, particularly in the seven markets Reyes already operates in. Treasury Wine ended Tuesday at A$3.55. (david.winning@wsj.com; @dwinningWSJ)
1808 ET - Among Australia-listed uranium miners, Lotus Resources has been hardest hit by concerns about raw materials supply due to the Iran conflict. Lotus's share price has almost halved since the start of March. Ord Minnett says Lotus's supplies of acid and sulphur look secure at present, but fuel is more precarious. "Lotus's diesel forward orders and stocks should see it through to early July, but supply is refined in the Middle East where the duration of the transport blockages and extent of refinery damage are uncertain," analyst Matthew Hope says. Lotus is standing still on July orders to see how volatility plays out. "Disruption cannot be ruled out as it depends on the conflict," Ord Minnett says. Lotus ended Tuesday at A$1.205, below Ord Minnett's A$3.90/share target. (david.winning@wsj.com; @dwinningWSJ)
1753 ET - Jefferies upgrades Imdex to buy from hold, after the mining services company's stock drops 18% over the past two weeks as investors assess the impact of the Iran conflict on the resources sector. "On the assumption that the war ends in the near future and energy prices normalize, we continue to view exploration bullishly," says analyst John Campbell. It notes that small-cap miners raised some US$25 billion prior to the conflict. That cash pile is likely to be deployed across FY 2027/2028. Imdex ended Tuesday at A$3.34, below Jefferies's A$4.25/share price target. (david.winning@wsj.com; @dwinningWSJ)
1744 ET - Sandfire Resources gets a new bull as buzz builds around its Kalkaroo and gold project in South Australia. Jefferies upgrades Sandfire to buy, from hold, citing Kalkaroo as a material growth opportunity for Sandfire. It sees potential for a mine producing between 74,000 and 90,000 tons of copper equivalent annually by 2031. Construction costs, including for a plant capable of processing up to 15 million tons of ore, would be between US$1.47 billion and US$1.77 billion. Jefferies raises its price target by 5.6% to A$19.00/share. It currently includes a A$618 million valuation of Kalkaroo. Sandfire ended Tuesday at A$15.21. (david.winning@wsj.com; @dwinningWSJ)
1731 ET - Australian stock futures are pointing to an opening advance despite a soft lead from U.S. equities and a rebound in oil prices. ASX futures are up by 0.6% ahead of Wednesday's session, suggesting that the S&P/ASX 200 will add to Tuesday's 0.2% rise. The benchmark index faded after rising by as much as 1.7% in early trade, but still snapped a three-day losing streak that had pushed it to a 10-month low. Ahead of the open, Rio Tinto said it had reached a A$2 billion deal with lawmakers to keep open its Boyne aluminum smelter in eastern Australia. In the U.S., the DJIA lost 0.2%, the S&P 500 slipped 0.4%, and the Nasdaq Composite gave up 0.8%. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 20:44 ET (00:44 GMT)
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