** Shares of Australia's Brambles BXB.AX trim early losses, last down 0.4% at A$19.75

** Stock falls as much as 1.7% to A$19.49 earlier in the session

** Losses narrow after analysts at Macquarie lift PT to A$21.20 from A$17.85; maintain "outperform" rating

** Brokerage says the pallets maker is on a path that should secure continued improvement in returns and that BXB's valuation looks attractive

** Sees FY25 EBIT growth of 8%-11% on a constant currency basis

** Says thinks business is positioned to grow, with a renewed operational and capital discipline

** Stock up 2.7% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))