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

2002 ET - Coal port owner Dalrymple Bay Infrastructure is upgraded by Morgans to accumulate from hold, after its stock fell around 15% from the June high. Analyst Nathan Lead expects DBI to pay out a dividend of 28.6 Australian cents per share in FY27, in quarterly installments. Morgans also notes that DBI's Ebitda growth is underpinned by CPI-linked base charges and incremental earnings on commissioned NECAP projects--categorized as non-expansionary capital expenditure. "DBI may appeal to investors seeking dependable and growing yield and defensive elements for their portfolio," Morgans says. DBI ended Tuesday at A$5.13, below Morgans' A$5.47/share price target. (david.winning@wsj.com; @dwinningWSJ)

1951 ET - The latest crop report by Australian government forecaster Abares is positive and likely to lead to consensus upgrades for GrainCorp, says Bell Potter. Abares raised its east-coast forecast by 2.8 million tons, or 12%. It cited improved conditions, especially in the southeast. Analyst Jonathan Snape highlights GrainCorp's margin backdrop. He says grain and oilseed crush margins look to be the strongest in three years. "To us this is key, as consensus FY27 expectations (which this crop estimate underwrites) looks to be carrying forward the margin environment of FY25-26, which was materially weaker," Bell Potter says. "This implies that there is both volume and margin upside potential within consensus FY27e expectations." Bell Potter raises its price target by 21% to A$7.15/share. GrainCorp was last A$6.26. (david.winning@wsj.com; @dwinningWSJ)

1941 ET - Japanese stocks may fall as concerns over the Iran conflict and higher energy costs persist. Nikkei futures are down 2.0% at 64830 on the SGX. The dollar is at 160.20 yen, compared with Y159.94 as of Tuesday's Tokyo stock market close. Investors are focusing on developments in the Middle East and crude oil prices after the U.S. and Iran exchanged fire Tuesday. The Nikkei Stock Average declined 0.1% to 66215.34 on Tuesday. (kosaku.narioka@wsj.com)

1917 ET - Australian mining and metals companies on the whole reported solid earnings--their highest in five years, says RBC Capital Markets. Gold and lithium producers posted record profits while higher copper prices increased earnings for Sandfire and diversified miners BHP, Rio Tinto and South32, the broker says following the recent reporting season. It says dividends for the sector came in 13% above expectations, underpinned by dividend reinstatements. "However, the sting in the tail for the metals and mining sector is higher FY27 cost guidance particularly for the gold and iron ore producers," it says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1839 ET [Dow Jones]--Vista Group International's bull at Ord Minnett is upbeat about the improving health of the movie-theater industry and names four longer-term potential revenue drivers beyond the rollout of the company's Vista Cloud product. "Vista's reliance on cinema industry health will increase materially as its cloud transition rolls out," says analyst Paul Graham. "This is turning from a headwind to potentially a growth driver going forward for Vista." The movie slate for 2026 looks good and the industry is investing. Ord Minnett says the quartet of drivers after Vista Cloud could deliver double-digit revenue growth and greater earnings growth from 2030. It lists them as Vista Payments, monetization of its data pool in advertising and media, agentic AI booking, and family entertainment centers. (david.winning@wsj.com; @dwinningWSJ)

MongoDB says it's maintaining its prudent approach to guidance after an analyst on its earnings call points out that its forecast for the rest of the year implies a slowdown in growth for its Atlas offering in the fourth quarter. "We are always going to be prudent about it," CEO CJ Desai says. "For Q4 specifically, it is still in consumption dynamics. That is still ways away from our perspective," he says, noting the company needs to see how things play out in the rest of the third quarter. "I am optimistic on what I'm seeing, both from the core cohort perspective on Atlas, as well as what we are seeing on the AI native side," he says. CFO Mike Berry also says that the recent strength of Atlas has been widespread across industries, and not concentrated in a single customer. Additionally, the growth of the company's enterprise advanced business is not coming at the expense of Atlas, Berry says. (kelly.cloonan@wsj.com)

1836 ET - NRW Holdings's contract extension for the Karara iron ore mine helps to reduce risk around the stock, although not by enough for Jefferies to turn bullish. The contract will now run for five more years to February 2032. It's valued at A$960 million. Jefferies estimates this represents a step-up in annual average revenue to A$192 million, from A$160 million. "This is one of two large mining contracts on which we have been awaiting some form of extension, the other being Curragh," says analyst John Campbell. "Whilst we were confident on roll-over for Karara, nonetheless, we see this as a de-risking event." NRW ended Tuesday at A$7.82, just above Jefferies's A$7.60/share price target. It retains a "hold" call on the stock. (david.winning@wsj.com; @dwinningWSJ)

1826 ET - Ampol has plenty of tailwinds right now and management is doing well to capitalize on supportive conditions. But the stock is up roughly 1/3 in two months, and Jefferies believes now is the right time to take a breather. "After sharp outperformance, stock is on 16.5x mid-cycle price-to-earnings, making it harder to chase," says analyst Michael Simotas, downgrading Ampol to hold from buy. Jefferies finds all of Ampol's businesses are performing strongly. Geopolitical factors are difficult to predict, but it expects refined product markets to remain tight, supporting continued out-sized cash generation for the foreseeable future. Ampol ended Tuesday at A$43.80, just below Jefferies's A$45.00/share price target. (david.winning@wsj.com; @dwinningWSJ)

1823 ET - Australian stocks look set to follow U.S. equities lower after military strikes around the Strait of Hormuz caused a spike in oil futures and bond yields. ASX futures are down by 0.9% ahead of Wednesday's session, suggesting that the S&P/ASX 200 is on course for a third consecutive decline. The benchmark index has lost 0.4% so far this week amid growing expectations that the country's central bank will resume interest-rate rises later this month. Shares including in Origin Energy, Seek, PLS and Downer EDI will trade ex-dividend Wednesday. In the U.S., the DJIA fell 0.8%, the S&P 500 shed 0.7%, and the tech-heavy Nasdaq Composite dropped 1%. (stuart.condie@wsj.com)

1812 ET - MongoDB raised its full-year outlook and reported a 30% jump in second-quarter sales, marking its highest level of growth in years. However, in a note published last month, Morgan Stanley analysts say investors had high expectations heading into the report. While the infrastructure services industry is experiencing its best demand environment since 2022, "the challenge heading into results is that the market has picked up on the improving demand trends and shares have rallied significantly over the last 3 months," the analysts say. Shares of MongoDB slide 13%, to $375.82, in late trading. (kelly.cloonan@wsj.com)

1626 ET - Dell Technologies shares trade higher after-hours, as the company reports revenue reaching a record high of $46.97 billion and lifts its full-year revenue outlook by $25 billion at the midpoint. The results were driven by demand for both traditional servers and networking and servers optimized for artificial-intelligence. Dell now forecasts AI-optimized server revenue hitting $74 billion in the current fiscal year, up from a previous view of $60 billion. Shares gain 10% to $468 after the close of regular trading. (elias.schisgall@wsj.com)

1456 ET - Bombardier's agreement to acquire MHI Canada Aerospace's Mississauga footprint eliminates tier-1 supply chain friction across its flagship Global and Challenger lines. By absorbing 340,000 square feet of manufacturing and logistics capabilities alongside their roughly 750 specialized workers, Bombardier is bringing in-house wing and fuselage production, taking some of the pressure off multi-year assembly schedules and lead times that constrain the broader aerospace sector. The move positions Bombardier to more efficiently convert its $21.8 billion backlog into deliveries, capitalizing on steady business jet demand and an expanding defense segment without relying on overstretched external suppliers.