The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1939 ET - Negative U.S. retail sales volumes seem consistent with Brambles's fiscal 2026 volume guidance, UBS analysts say. They tell clients in a note that U.S. retailers' inventory levels continued to rise over the September quarter, with U.S. sales of food and home-and-personal-care items both down on a year earlier. They warn that continuing sales softness could lead to further inventory growth. This would slow demand for Brambles's pallets, and the speed with which they circulate through supply chains. The analysts say data tally with company guidance for slow like-for-like fiscal 2026 volume momentum, particularly in the first half. UBS has a neutral rating and A$25.65 target price on the stock, which is up 1.2% at A$23.53. (stuart.condie@wsj.com)

1924 ET - Orion's earnings could be pressured by higher raw-material costs, Daiwa Capital analysts Youngho Jang and Mike Oh write in a note. They trim their 2025-2027 earnings-per-share forecasts for the South Korean snack and beverage company by 3%-6%. The increased prices of palm oil, cocoa and starch dragged down the company's 3Q profit margins and may continue to weigh through 1H 2026, they say. Still, they forecast Orion's overseas revenue to rise in 4Q 2025, as they see China breaking through its consumption slowdown via new brick-and-mortar snack shops and e‑commerce channels. They also see demand remaining strong in Russia. (kwanwoo.jun@wsj.com)

1924 ET - Technology One keeps its bulls at UBS despite a cut to the enterprise-software provider's earnings multiple on local tech stocks' recent derating. The investment bank's analysts slash their cash Ebitda multiple to 50X from 66X, pointing to what they say is a correction in Australia-listed tech and software stocks. Outside of that, little changes following the company's annual result announcement. The UBS analysts trim their annualized recurring revenue forecasts through fiscal 2028 but their pretax profit forecasts are unchanged. They say in a note that their conviction in Technology One's growth story has been reaffirmed. UBS cuts its target price 13% to A$38.70. (stuart.condie@wsj.com)

1912 ET - Reece's stronger-than-expected U.S. revenue allows the Australian plumbing-supplies provider to shake its bears at Macquarie. The investment bank's analysts raise their recommendation on the stock to neutral from underperform, telling clients in a note that the U.S. appears to be the driver of Reece's 8% revenue growth in 1Q, which beat their forecast of zero growth. They think that stabilizing sales and store openings are supporting performance. The U.S. expansion points to management's confidence in the business model, they add. Macquarie raises its target price by 8.9% to A$11.00. Shares are up 9.3% at A$12.00. (stuart.condie@wsj.com)

1835 ET - Qube's bull at Ord Minnett wouldn't be surprised to see Macquarie Asset Management face rival interest for control of the Australian logistics operator. Pointing to recent corporate activity by global shipping lines and increased interest in transport assets from global infrastructure funds, analyst Ian Munro sees some probability of interest from a third party. He tells clients in a note that MAM's A$5.20-a-share proposal, which implies an enterprise value for Qube of about A$11.6 billion, implies premium valuation multiples relative to sector peers. Ord Minnett's buy rating and A$4.52 target price are under review. Shares are up 19% at A$4.835. (stuart.condie@wsj.com)

1822 ET - UBS cuts its price target on Coronado Global Resources by 27% and retains a sell call as it waits for metallurgical coal markets to improve, which would ease pressure on the miner's balance sheet. Analyst Lachlan Shaw says the bearish stock call rests on the subdued near-term outlook for coal used in steelmaking. It also reflects heightened caution around more near-term cost reduction measures. "The recent agreements with Stanwell are expected to provide adequate liquidity to mitigate liquidation risks, but a much sought after improvement in met coal markets is needed to preserve longer-term equity value," UBS says. Where met coal prices improve significantly, fair value could rise by up to A$0.40/share, it says. Coronado ended last week at A$0.25, above UBS's new A$0.19/share price target. (david.winning@wsj.com; @dwinningWSJ)

1748 ET - Costume jewelry retailer Lovisa retains Citi as a bull heading into the Christmas trading season. Analyst Sam Teeger says part of his bullish thesis is an assumption that Lovisa's sales performance will improve compared to a year ago. "We still think this will occur but the benefits we anticipated from Claire's disruption and the Lovisa store refurbishments may take longer than expected," Citi says. Some Claire's stores are closing in the U.S., creating a short-term headwind due to clearance activity, but Citi thinks this will progressively ease. Also, Lovisa's Series 5 store refurbishment program seems to be tracking slower than expected. "But it seems like the speed will increase from here," Citi says. Citi cuts its price target by 9.5% to A$38.45/Share. Lovisa ended last week at A$30.02.(david.winning@wsj.com; @dwinningWSJ)

1740 ET - Morgan Stanley switches from being a bull to a bear on footwear retailer Accent following a trading update that signaled worsening retail trends and margin pressure. Like-for-like sales have turned negative, and heightened promotional activity is weighing on margins. MS notes the demand in the lifestyle category remains fragile. Accent on Friday said it now expects 1H Ebit of A$55 million-A$60 million. That compares with prior guidance for a result roughly in line with the A$80.7 million achieved a year ago. "The meaningful downgrade shortly after August and ahead of the key sales season is cause for concern," analyst Mac Ross says. MS downgrades Accent to underweight, from overweight, and cuts its price target by 47% to A$0.95/share. Accent ended last week at A$1.015. (david.winning@wsj.com; @dwinningWSJ)

1726 ET - Citi had highlighted risks of a weak trading snapshot from Accent alongside its annual shareholder meeting. But it wasn't expected one this bad. "In our view, Accent has a lot of work to do to regain institutional investor interest," analyst Sam Teeger says. Accent on Friday said it now expects 1H Ebit of A$55 million-A$60 million. That compares with prior guidance for a result roughly in line with the A$80.7 million achieved a year ago. Accent's guidance also assumes sales and margins improve in 2H. But that seems difficult to bank on, Citi says. "There's some evidence of greenshoots with October like-for-like sales improving to +0.4%, but we don't think the market is going to place any weight on this," Citi adds. (david.winning@wsj.com; @dwinningWSJ)

1715 ET - Costume jewelry retailer Lovisa's latest snapshot of trading has Jefferies assessing the impact of U.S. tariffs on sales. Lovisa said same-store sales rose by 3.5% in the first 20 weeks of FY 2026. Analyst John Campbell estimates the U.S. represents 24% of Lovisa's sales. Most of Lovisa's product into the U.S. is sourced from Asia, especially from China. "If we assume an average tariff rate imposed on 100% of U.S. sales of 15%, this suggests FY 2026 same-store sales would have to be 3.5% just for the impact of tariffs," Jefferies says. "On this basis, it suggests first 20 weeks of FY 2026 have seen 0% same-store sales and weeks 9-20 low-single-digit negative same-store sales." (david.winning@wsj.com; @dwinningWSJ)

1628 ET - Australia's S&P/ASX 200 looks set to bounce at the start of the week after U.S. equities rallied on hopes of a December interest-rate cut by the Federal Reserve. The benchmark index is coming off a fourth straight weekly loss, and its heaviest weekly fall since April. However, ASX futures are up by 1.1% ahead of Monday's session after all three major U.S. indices rose on Friday. The DJIA gained 1.1% after New York Fed President John Williams, a top ally of Powell, said a rate reduction "in the near term" could be warranted. The S&P 500 added 1.0%, and the Nasdaq Composite rose 0.9%. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 23, 2025 19:39 ET (00:39 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.