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

0709 GMT - Commerzbank doesn't have enough share price upside to compensate for higher risks and less visibility from UniCredit's plans for the German bank, RBC Capital Markets' Anke Reingen and Sherry Lin write. The acquisition of UniCredit's German unit HVB by Commerzbank would be a "sensible move", RBC says, with a potential return on investment of 11% by 2030. Commerzbank's CEO has said the lender could potentially buy HVB in shares as one of several options to increase UC's holding in Commerzbank. However, execution risks in this complex setup are heavily concentrated in Commerzbank. As a result, lower earnings visibility and higher cost of equity have led RBC to cut its price target on Commerzbank stock to 40 euros from 43 euros. RBC lowers its recommendation to sector perform from outperform. Commerzbank shares closed at 39.40 euros on Thursday. (michael.hennessey@wsj.com)

0644 GMT - China's policy stimulus package is still a positive step despite its limited scale, according to BofA Securities in a research note. The package offers "targeted support to boost investment and stabilize the property market, while falling short of sending a strong easing signal on meaningful policy pivot to lift public expectation," the bank says. It thinks the move implies that policymakers are taking the first steps to stabilize growth, while still remaining "relatively comfortable" with aggregate demand given strong exports, they say. "Unless we see meaningful correction in export growth and/or fiscal deterioration, the probability of launching a more aggressive policy stimulus package will remain low," the bank says. (tracy.qu@wsj.com)

0638 GMT - BofA Securities turns bullish on BHP, citing an improved outlook for copper prices. It raises its share-price target on BHP to 68 Australian dollars from A$65 and upgrades the stock to buy from neutral. That follows a 20% lift in its long-term copper price forecast to US$13,577/metric ton. BofA views a site visit to BHP's Australian copper operations in November as a key catalyst. "We expect the site visit to give the market greater confidence in the ramp-up of mined volumes," it says. Shares ended up 1.6% at A$61.21. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0624 GMT - Telkom Indonesia (Persero) may benefit from the completion of phase two of its spinoff of the wholesale fibre connectivity business into Telkom InfraCo, UOB Kay Hian analysts say in a research report. The completion will further consolidate this business into Telkom InfraCo, strengthening its scale ahead of a potential strategic stake sale, the analysts say. Also, management is evaluating whether to consolidate additional fiber assets before proceeding with the strategic investor process, which could further increase Telkom InfraCo's scale. The brokerage maintains the stock's buy rating, but lowers the target price to 3,300.00 rupiah from IDR3,600.00 to partly reflect a potentially longer timeline for value-unlocking of Telkom InfraCo. Shares are 0.4% lower at IDR2,240.00. (ronnie.harui@wsj.com)

0542 GMT - Tocalo stands to benefit from strong inquiries from semiconductor production equipment manufacturers, SMBC Nikko Securities' Hiroharu Watanabe says in a research report. The Japanese company is highly competitive because it can provide SPE makers with leading-edge technologies, the analyst says. Thermal-spraying coatings, in which the company specializes, need redoing after a certain period, giving this business a consumables-like element. The brokerage lifts its net profit forecasts for Tocalo to 12.2 billion yen from Y10.5 billion for the current fiscal year ending March 2027 and to Y14.6 billion from Y11.9 billion for next fiscal year. It raises the stock's target price to Y4,200 from Y4,000 and keeps its outperform rating. Shares last 0.8% higher at Y2,978. (ronnie.harui@wsj.com)

0508 GMT - Japanese stocks look attractive, especially when the dollar is trading above 152 yen, T. Rowe Price's David Clewell says in a note. The 152 yen level is significant because it is broadly in line with the foreign-exchange assumption found in the Bank of Japan's tankan quarterly survey for Japanese companies, says Clewell, a portfolio manager. He says when the yen is weaker than that level, that can support upward earnings revisions for Japanese exporters. The Nikkei Stock Average is 1.0% lower at 68263.54. The dollar is at Y157.82. (kosaku.narioka@wsj.com; @kosakunarioka)

0453 GMT - Lynas's planned acquisition of Meteoric Resources appears to be at least initially about securing heavy rare-earths supply for its expanding Malaysia refining plant, says UBS. The bank says the deal demonstrates the increased interest in Brazil for rare earths. It says it's "mindful the potential (risk and/or opportunity) for further LYC investment in the region, particularly around refining capacity." UBS trims its share-price target on Lynas to A$21.00 from A$22.50. That reflects the deal and capex required to develop Meteoric's Caldeira project, it says. The bank keeps a buy rating. Shares in Lynas are up 0.6% at A$12.72, after falling by 8.6% Thursday on the takeover news. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) 0022 GMT - The economics of Liontown's Kathleen Valley--the first global large-scale, bulk underground lithium operation--don't look great, according to Jarden. It says that while "the cost base is still being established...it is much higher than consensus estimates reflect." The remarks follow updated project numbers alongside a final investment decision by Liontown. "While we hold the Kathleen Valley orebody in high regard (and equally LTR management for building a high-quality underground mine and processing plant), we have long questioned the economics of this highly capital-intensive extraction method for what is ultimately a low-grade, high-volume commodity," Jarden says. The bank has an underweight rating on the stock. It cuts its stock target to A$0.75 from A$0.88. Shares are up 5.1% at A$0.83, after losing 15% Thursday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) 0001 GMT - Rio Tinto is the cleanest way to be long iron ore and cautious on copper while keeping exposure to growth in the base metal, Macquarie says. It upgrades the stock to outperform from neutral. "Rio is still iron-ore anchored (circa 50% of segment earnings for CY27), so it captures our view on a near-term recovery in the commodity, but it also has genuine, growing copper exposure," says the bank. Copper accounted for roughly 27% of group Ebitda in 2025, and could rise to about 36% by the end of the decade, it says. "Critically, it [Rio] has lagged BHP by circa 20% year to date, so investors buy iron ore leverage plus copper growth without paying BHP's copper 'tourist' premium," Macquarie says. It keeps a neutral rating on BHP. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) 2348 GMT - Greatland Resources gains a bull in Macquarie, which says the stock is now one of its key mid-cap picks in the Australian gold sector. The upgrade--to outperform from neutral--follows a weak share-price performance in recent months. "We think now could be an opportune time to revisit the investment thesis," says the bank, citing potential catalysts such as the possible sale of the O'Callaghans project and exploration updates at West Dome Underground. Still, Macquarie lowers its target to A$12.30/share from A$13.00/share. The bank cuts its 2027 gold-price forecasts, by 3% in U.S. dollar terms and 8% in Australian dollars. "Gold faces a less supportive macro backdrop, as higher real yields, sticky inflation and a stronger U.S. [dollar] increasingly challenge the rally," it says. Greatland ended Thursday at A$10.28. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) 2307 GMT -- Macquarie thinks the earnings goals underpinning Ampol's A$225 million acquisition of Evie Networks are achievable. Evie operates more than 1,030 charging bays for electric vehicles in Australia. Ampol is targeting annualized Ebitda of A$30 million from combining Evie with its existing AmpCharge business within three years of the deal completing. Macquarie suggests a shift from less than 10% utilization of each charging bay to around 15%, coupled with A$10 million in cost savings, would ensure this goal is met. "Given the strong fleet growth currently under way, we expect this should be achievable in an Australian context (taking into account home charging, high solar penetration, etc)," Macquarie says. It has an outperform call and A$50.00/share price target on Ampol, which ended Thursday at A$43.51. (david.winning@wsj.com; @dwinningWSJ) 2306 GMT -- Australian stocks are set to rise in early trade after slight gains on Wall Street earlier. Local stock futures are up by 0.5% ahead of Friday's open, suggesting that the S&P/ASX 200 will reverse some of Thursday's losses. The benchmark index tumbled by 2.0% last session, hitting its lowest level since June. There is little stock-specific news ahead of the bell to drive shares. In the U.S., S&P 500 rose 0.19% while the Dow Jones Industrial Average and the Nasdaq both edged up 0.04%. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) 2258 GMT -- One of the best starts to a hurricane season in North America prompts Macquarie to upgrade QBE Insurance to outperform, from neutral. Macquarie is also upbeat about the prospect of another share buyback when QBE updates on trading update in November. "QBE is currently trading at a 4.0% discount to weighted international peers on a 2-year forward PE," Macquarie says. That compares with a 3.7% three-year average premium. Macquarie raises its price target on QBE by 12% to A$26.20/share. QBE ended Thursday at A$22.85. (david.winning@wsj.com; @dwinningWSJ) 2235 GMT -- Near-term catalysts for Transurban remain muted despite the toll-road owner's expansion in Sydney via M&A, says Citi. Transurban has agreed to buy Canada Pension Plan Investment Board's stake in companies that own the Westlink M7, NorthConnex and WestConnex highways for A$4.5 billion. Analyst Suraj Nebhani says the deal represents an attractive