OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Citi rates BOE as Neutral

Citi believes Boss Energy's Honeymoon near-field study (NFS) has reset the operational baseline, supporting a wider-spaced wellfield design aimed at optimising production and costs.

The September quarter update is seen as an important catalyst, with the broker looking for validation of new wellfields through flow rates, hydraulic connectivity and early uranium recovery performance.

Commentary adds progress on water treatment and surface infrastructure will also be critical in determining how quickly improved wellfield performance translates into higher production.

Successful validation would support Honeymoon's nine-year mine life and provide a positive read-through for Gould's Dam and Jason's Deposit.

Neutral rating. Target $1.45.

Macquarie rates PNI as Outperform

Macquarie highlights continued growth at Pinnacle Investment Management affiliate Metrics Credit Partners, with funds under management (FUM) rising 5% year-on-year to $20.5bn at June 30.

Credit watchlist exposures increased across Metrics' three ASX-listed funds during the June quarter, although there were no reported loan losses, the analyst observes.

Metrics represents around 7% of Pinnacle's ownership-adjusted affiliate FUM, with Macquarie making only immaterial changes to its earnings forecasts following the update.

The broker retains its Outperform rating and $23.95 target, supported by FUM growth, net inflows, operating leverage and potential acquisitions.

Morgans rates TAH as Downgrade to Accumulate from Buy

Morgans updates its earnings forecasts for the acquisition of BetMakers Technology Group ((BET)) and the FY26 results.

The analyst tweaks FY27 EPS forecast down -2% and up 3% for FY28.

Digging into the FY26 results, the broker highlights Tabcorp navigated the soft operating environment with "disciplined" cost control, and lower D&A underpinned NPAT coming in 6% above market expectations.

Robust consumer retention and the rollout of next-generation terminals were positives.

The stock is downgraded to Accumulate from Buy due to the share price appreciating. Target price remains unchanged at $1.02.