** Shares of Bellevue Gold BGL.AX rise as much as 5.3% to A$1.043, their highest levels since Oct 21, 2024

** Stock rises in line with the gold sub-index .AXGD, which is up 1.4%

** The miner on Monday downgraded its FY25 production outlook to 150,000-165,000 ounces from 165,000-180,000 ounces

** Analysts at Bell Potter on Wednesday reduce the target price for the gold explorer's stock to A$1.90 from A$1.95, maintain "buy"

** Bell Potter sees no deterioration in the cash balance during the second half, however, "another weak quarterly production result like that of 2Q would likely create speculation about the need for additional funding"

** Brokerage says current share price more focused on the production underperformance relative to guidance

(Reporting by Shivangi Lahiri in Bengaluru)

((shivangi.lahiri@thomsonreuters.com))