Broker Watch

ASX Broker Moves: Upgrades for 29Metals, Netwealth, The Lottery Corp vs Downgrades for Calix, Evolution Mining, Iluka Resources, Paladin Energy

Thu 23 Jan 25, 3:06pm (AEDT)
asx boker moves
Source: Shutterstock, Market Index

Stocks in article

29m
MktCap:
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ael
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ann
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bpt
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c79
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csc
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cvn
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cxl
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emr
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evn
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gdg
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ilu
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ltr
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nwl
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pdn
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pnr
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tlc
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vmm
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waf
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wds
MktCap:
-

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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.

Written By

Carl Capolingua

Content Editor

Carl has over 30-year's investing experience, helping investors navigate several bull and bear markets over this time. He is a well respected markets commentator who specialises in how the global macro impacts Australian and US equities. Carl has a passion for technical analysis and has taught his unique brand of price-action trend following to thousands of Aussie investors.

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