ASX Broker Moves: Upgrades for 29Metals, Netwealth, The Lottery Corp vs Downgrades for Calix, Evolution Mining, Iluka Resources, Paladin Energy
The ASX stocks enjoying the biggest upgrades, downgrades, and price target changes. What the major brokers loved, hated, and why.
Source: Shutterstock, Market Index
Mentioned
KEY POINTS
- Upgrades: 29METALS (29M), Generation Development Group (GDG), Netwealth Group (NWL), The Lottery Corporation (TLC), Viridis Mining and Minerals (VMM).
- Downgrades: Carnarvon Energy (CVN), Calix (CXL), Evolution Mining (EVN), Iluka Resources (ILU), Paladin Energy (PDN).
- Target price biggest increases: Generation Development Group (GDG), Ansell (ANN), Evolution Mining (EVN), Beach Energy (BPT), Liontown Resources (LTR), Netwealth Group (NWL).
- Target price biggest cuts: Iluka Resources (ILU), Carnarvon Energy (CVN), 29METALS (29M), Calix (CXL).
Welcome to today’s ASX Broker Moves – your most comprehensive source for recent changes in major broker ratings and price targets for the Australian stock market.
The tables below contain data on ratings upgrades, downgrades, and initiations, as well as the biggest price target changes among the broker research reports we’ve received in the last 24-hours.
You will find the full list of broker moves in tonight's edition of Evening Wrap.
Broker Views Snippets
Bell Potter on Calix (ASX: CXL) ⬇️: “We downgrade our recommendation...which takes into consideration negative short-term sentiment in CXL brought about by an uncertain outlook for USA policies that promote decarbonisation and the mid-stream JV. Our Speculative risk rating recognises this higher level of risk and volatility of returns.” DOWNGRADE TO HOLD.
Citi on Evolution Mining (ASX: EVN) ⬇️: “We downgrade EVN...while our TP lifts...Positives: investor sentiment towards gold remains positive; 1H25 has been a year of delivering on expectations, organic production upside...We would look to revisit our call into a pullback” DOWNGRADE TO NEUTRAL.
Citi on Iluka Resources (ASX: ILU) ⬇️: “We downgrade our rating...due to a deteriorating Mineral Sands business and valuation uncertainty around the Rare Earths Refinery, which together make investing in ILU difficult.” DOWNGRADE TO NEUTRAL.
UBS on Paladin Energy (ASX: PDN) ⬇️: “with the stock now up ~32% since Nov-24, we think the stock has outperformed, and together with our conservative Uranium outlook, we downgrade to Neutral” DOWNGRADE TO NEUTRAL.
Bell Potter on Beach Energy (ASX: BPT) ⬆️: “Waitsia Stage 2 is expected to ramp-up from mid-2025 and the new Otway well connections should offset Western Flank decline. Capex is now trending lower and production growth will see earnings and free cash flow lift from FY26...We have a positive view on Australian east coast gas and LNG markets.” PRICE TARGET RAISED TO $1.65 FROM $1.50.
Rating UPGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
29METALS (29M) | Macquarie | Outperform | Neutral | $0.30 | 36.4% |
Generation Development Group (GDG) | Morgans | Add | Hold | $4.75 | 11.2% |
Netwealth Group (NWL) | Citi | Neutral | Sell | $30.70 | 4.4% |
The Lottery Corporation (TLC) | Jarden | Overweight | Neutral | $5.05 | 2.9% |
Viridis Mining and Minerals (VMM) | Ord Minnett | Buy | Hold | $1.00 | 132.6% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices on most recent session's close.
Rating DOWNGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Carnarvon Energy (CVN) | Ord Minnett | Hold | Buy | $0.14 | 21.7% |
Calix (CXL) | Bell Potter | Hold | Buy | $0.80 | 11.1% |
Evolution Mining (EVN) | Argonaut Securities | Hold | Buy | $6.00 | 1.9% |
Evolution Mining (EVN) | Citi | Neutral | Buy | $5.80 | -1.5% |
Evolution Mining (EVN) | Macquarie | Underweight | Neutral | $5.50 | -6.6% |
Iluka Resources (ILU) | Citi | Neutral | Buy | $5.60 | 13.1% |
Paladin Energy (PDN) | UBS | Neutral | Buy | $10.00 | 8.8% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices on most recent session's close.
Rating INITIATED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Emerald Resources (EMR) | Argonaut Securities | Buy | $4.80 | 29.7% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices on most recent session's close.
Price Target BIGGEST CHANGE
Company | Broker | Rating | New PT | Old PT | PT Change% | PT Upside% |
|---|---|---|---|---|---|---|
Generation Development Group (GDG) | Morgans | Add | $4.75 | $4.01 | 18.5% | 11.2% |
Generation Development Group (GDG) | Ord Minnett | Buy | $4.50 | $3.90 | 15.4% | 5.4% |
Ansell (ANN) | Ord Minnett | Hold | $31.60 | $28.50 | 10.9% | -8.1% |
Evolution Mining (EVN) | Jefferies | Hold | $5.50 | $5.00 | 10.0% | -6.6% |
Beach Energy (BPT) | Bell Potter | Buy | $1.65 | $1.50 | 10.0% | 11.5% |
Liontown Resources (LTR) | Ord Minnett | Hold | $0.68 | $0.62 | 9.7% | -3.5% |
Evolution Mining (EVN) | Canaccord Genuity | Buy | $6.15 | $5.75 | 7.0% | 4.4% |
Netwealth Group (NWL) | Citi | Neutral | $30.70 | $28.90 | 6.2% | 4.4% |
Evolution Mining (EVN) | Macquarie | Underweight | $5.50 | $5.20 | 5.8% | -6.6% |
Evolution Mining (EVN) | Citi | Neutral | $5.80 | $5.50 | 5.5% | -1.5% |
West African Resources (WAF) | Argonaut Securities | Buy | $4.10 | $3.90 | 5.1% | 146.2% |
Chrysos Corporation (C79) | Ord Minnett | Accumulate | $6.40 | $6.09 | 5.1% | 22.8% |
Evolution Mining (EVN) | Ord Minnett | Hold | $5.35 | $5.10 | 4.9% | -9.2% |
Chrysos Corporation (C79) | Bell Potter | Hold | $5.70 | $5.50 | 3.6% | 9.4% |
Beach Energy (BPT) | JP Morgan | Overweight | $1.60 | $1.55 | 3.2% | 8.1% |
Beach Energy (BPT) | UBS | Buy | $1.60 | $1.55 | 3.2% | 8.1% |
Woodside Energy Group (WDS) | Ord Minnett | Hold | $26.00 | $26.50 | -1.9% | 3.0% |
Woodside Energy Group (WDS) | Citi | Sell | $23.00 | $23.50 | -2.1% | -8.9% |
Chrysos Corporation (C79) | Shaw and Partners | Buy | $7.00 | $7.20 | -2.8% | 34.4% |
Woodside Energy Group (WDS) | Goldman Sachs | Neutral | $25.00 | $25.90 | -3.5% | -1.0% |
Capstone Copper Corp. (CSC) | Macquarie | Outperform | $11.50 | $12.00 | -4.2% | 18.6% |
Iluka Resources (ILU) | Ord Minnett | Buy | $5.75 | $6.00 | -4.2% | 16.2% |
Iluka Resources (ILU) | Macquarie | Outperform | $6.80 | $7.10 | -4.2% | 37.4% |
Amplitude Energy (AEL) | Bell Potter | Hold | $0.22 | $0.23 | -4.3% | 10.0% |
Iluka Resources (ILU) | Goldman Sachs | Buy | $7.40 | $7.80 | -5.1% | 49.5% |
Pantoro (PNR) | Ord Minnett | Buy | $0.15 | $0.16 | -6.3% | 50.0% |
Iluka Resources (ILU) | Citi | Neutral | $5.60 | $6.10 | -8.2% | 13.1% |
Iluka Resources (ILU) | JP Morgan | Neutral | $5.50 | $6.00 | -8.3% | 11.1% |
Iluka Resources (ILU) | Canaccord Genuity | Hold | $5.40 | $6.30 | -14.3% | 9.1% |
Carnarvon Energy (CVN) | Ord Minnett | Hold | $0.14 | $0.21 | -33.3% | 21.7% |
29METALS (29M) | Macquarie | Outperform | $0.30 | $0.46 | -34.8% | 36.4% |
Calix (CXL) | Bell Potter | Hold | $0.80 | $1.55 | -48.4% | 11.1% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices as on most recent session's close.
How to read broker recommendations 🔎
Typically, there are two major components of a broker’s view:
Rating: A call to action, usually along the lines of buy, hold, or sell, but depending on the broker’s ratings system, can be somewhere in between (e.g., accumulate or add is typically between a hold and a buy).
Price target (PT): The price at which the broker expects the stock will be trading at some point in the future, generally within the next 12 months.
