Evening Wrap: ASX 200 closes out massively strong week as big banks & BHP, RIO, FMG hoover up safe-haven buying
Thu 24 Apr 25, 5:49pm (AEST)
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Broker Watch
/ASX Broker Moves: Upgrades for ANZ, CSL LTR, PLS, MIN, WBC vs Downgrades for A2M, AD8, CRN, NAB, WHC
Broker Watch
ASX Broker Moves: Upgrades for ANZ, CSL LTR, PLS, MIN, WBC vs Downgrades for A2M, AD8, CRN, NAB, WHC
Tue 18 Mar 25, 12:57pm (AEST)
Source: Shutterstock, Market Index
Stocks in article
Key Points
- Upgrades: ANZ (ANZ), Brickworks (BKW), Car (CAR), Coles Group (COL), CSL (CSL), Fortescue (FMG), Lifestyle Communities (LIC), Lovisa (LOV), Liontown Resources (LTR), Mineral Resources (MIN), Pilbara Minerals (PLS), Ramsay Health Care (RHC), Westpac (WBC).
- Downgrades: A2 Milk Company (A2M), Audinate Group (AD8), Austal (ASB), Coronado Global Resources (CRN), James Hardie (JHX), National Australia Bank (NAB), New Hope Corp (NHC), Ramelius Resources (RMS), Whitehaven Coal (WHC).
- Target price biggest increases: Prospect Resources (PSC), Evolution Mining (EVN), Genesis Minerals (GMD), Wesfarmers (WES), Northern Star Resources (NST).
- Target price biggest cuts: Polynovo (PNV), Clarity Pharmaceuticals (CU6), Premier Investments (PMV), Neuren Pharmaceuticals (NEU), Ramelius Resources (RMS), IDP Education (IEL).
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 since the last update on Monday 10 March.
You will find the full list of broker moves in tonight's edition of our Evening Wrap.
Broker Views Snippets
Morgan Stanley on Coles Group (ASX: COL): UPGRADE TO OVERWEIGHT FROM EQUAL-WEIGHT ⬆️
"We adjust our P/E multiple assumptions, noting we remove the previous discount we applied to COL (improved performance across a more streamlined portfolio)...highlighting top line momentum (ecommerce share gains), margin trajectory (benefiting from the removal of transitional supply chain costs) and improved execution as underpinning."
Price Target increased to $21.70 from $18.40 ⬆️ (+16.7% upside)
Citi on Lifestyle Communities (ASX: LIC): UPGRADE TO BUY FROM NEUTRAL ⬆️
"While we understand the uncertain sales and earnings outlook for FY26, we see the ~20% sell-off since 24th February as being excessive. The steps taken by the company in February highlighted a firm commitment to balance sheet strength, which along with an improving environment (rate cuts), and a new CEO is a positive, in our view. We also believe LIC remains a potential takeover target."
Price Target unchanged at $9.70 ↔️ (+13.7% upside)
Macquarie on Audinate Group (ASX: AD8): DOWNGRADE TO UNDERPERFORM FROM NEUTRAL ⬇️
"Trading on 242x MRE FY27 FCF (ex-interest), our affinity for the longterm story and Director upside is outweighed by cyclical exposure to a weak market. Cost-out is likely at the expense of future growth, and EPS support from interest income may be eroded by M&A plans."
Price target cut to $6.30 from $8.70 ⬇️ (-4.1% downside)
Macquarie on Coronado Global Resources (ASX: CRN) & Whitehaven Coal (ASX: WHC): DOWNGRADE TO UNDERPERFORM/NEUTRAL FROM OUTPERFORM RESPECTIVELY ⬇️
"Our hard coking coal forecasts have seen double-digit downgrades in the next two years while thermal coal prices have also been significantly downgraded by 16-19% over CY25-27. These have translated lower earnings changes in coal names WHC, NHC, and CRN."
Price target for CRN cut to $0.40 from $0.80 ⬇️ (-21.6% downside) and for WHC cut to $6.50 from $8.50 ⬇️ (+14.4% upside)
Bell Potter on Seek (ASX: SEK): INITIATED AT BUY 🆕
"SEK’s largest marketplace (Aus) can potentially see ad volumes increase from macro tailwinds driven by an RBA cutting cycle, while also driving Group yield and margin improvements through its unified platform."
Price target $27.00 (+17.0% upside)
Canaccord Genuity on Prospect Resources (ASX: PSC): PRICE TARGET RAISED TO $0.40 FROM $0.30 ⬆️ (+300% upside)
"We continue to value PSC using our 5Mtpa production scenario; however, on account of the deposit scale increase, we increase our nominal exploration value from A$5m to A$50m which has led to a 33% increase in our price target to A$0.40/sh (from A $0.30/sh). We currently 60% risk weight our production scenario; if we were to increase risking to 100%, our price target would increase to A$0.60/sh."
Rating retained at speculative buy ↔️
UBS on Mineral Resources (ASX: MIN): PRICE TARGET CUT TO $28.60 FROM $33.00 ⬇️ (+16.8% upside)
"Our previous Sell rating was based on MIN’s high operational and financial leverage to its underlying commodities (iron ore and lithium) at a time when the outlook for both had deteriorated, and the company was levering up to complete its Onslow Iron project. The emergence of governance issues in Dec-Q 24 further complicated matters. While those concerns haven’t fully resolved yet, we have reassessed funding and operational scenarios with resultant EPS upgrades of 6%/45% in FY26/27E; and after recent stock weakness (-67% LTM), we see enough upside to upgrade."
Rating upgraded to buy from sell ⬆️
Rating UPGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Amplitude Energy (AEL) | RBC Capital Markets | Outperform | Sector Perform | $0.28 | 36.6% |
ANZ Group (ANZ) | Morgans | Hold | Reduce | $26.66 | -7.1% |
Arena Reit. (ARF) | Macquarie | Outperform | Neutral | $3.96 | 12.5% |
ASX (ASX) | JP Morgan | Overweight | Neutral | $68.00 | 5.1% |
Bega Cheese (BGA) | E&P | Positive | Neutral | $6.00 | 17.6% |
Brickworks (BKW) | CLSA | Outperform | Hold | $30.00 | 28.9% |
Brickworks (BKW) | Jarden | Overweight | Negative | $25.60 | 10.0% |
Car Group (CAR) | Ord Minnett | Buy | Hold | $39.00 | 17.1% |
Car Group (CAR) | Jarden | Neutral | Underweight | $33.00 | -0.9% |
Charter Hall Group (CHC) | Citi | Buy | Neutral | $18.50 | 13.2% |
Capricorn Metals (CMM) | Macquarie | Neutral | Underperform | $8.10 | -1.5% |
Centuria Capital Group (CNI) | Macquarie | Outperform | Neutral | $1.78 | 13.7% |
Coles Group (COL) | Morgan Stanley | Overweight | Equal-Weight | $21.70 | 16.7% |
CSL (CSL) | CLSA | Outperform | Hold | $290.00 | 17.0% |
Evolution Mining (EVN) | Macquarie | Neutral | Underperform | $6.20 | -8.0% |
Fortescue (FMG) | Macquarie | Neutral | Underperform | $15.00 | -11.5% |
Genesis Minerals (GMD) | Macquarie | Outperform | Neutral | $3.80 | 9.8% |
Goodman Group (GMG) | Macquarie | Outperform | Neutral | $36.31 | 17.5% |
HMC Capital (HMC) | Jarden | Overweight | Underweight | $8.65 | 20.0% |
Lifestyle Communities (LIC) | Citi | Buy | Neutral | $9.70 | 13.7% |
Lovisa (LOV) | E&P | Positive | Neutral | $28.36 | 12.9% |
Liontown Resources (LTR) | Macquarie | Neutral | Underperform | $0.65 | -5.1% |
Mineral Resources (MIN) | Macquarie | Outperform | Neutral | $39.00 | 59.2% |
Mineral Resources (MIN) | UBS | Buy | Sell | $28.60 | 16.8% |
Nickel Industries (NIC) | Macquarie | Outperform | Neutral | $0.85 | 25.9% |
Pilbara Minerals (PLS) | Macquarie | Outperform | Neutral | $2.40 | 23.1% |
Ramsay Health Care (RHC) | Macquarie | Outperform | Neutral | $37.70 | 8.9% |
Scentre Group (SCG) | Macquarie | Neutral | Underperform | $3.24 | -1.2% |
Seek (SEK) | Goldman Sachs | Neutral | Sell | $25.00 | 8.4% |
Westpac Banking Corporation (WBC) | Morgans | Hold | Reduce | $27.85 | -6.8% |
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 DOWNGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
The A2 Milk Company (A2M) | E&P | Neutral | Positive | $7.99 | -9.7% |
Audinate Group (AD8) | Macquarie | Underperform | Neutral | $6.30 | -4.1% |
Austal (ASB) | Argonaut Securities | Hold | Buy | $4.40 | 14.9% |
Coronado Global Resources (CRN) | Macquarie | Underperform | Outperform | $0.40 | -21.6% |
Fletcher Building (FBU) | Goldman Sachs | Sell | Neutral | $2.85 | -4.7% |
Helia Group (HLI) | Macquarie | Underperform | Neutral | $4.20 | -25.3% |
James Hardie Industries (JHX) | Jarden | Neutral | Overweight | $53.50 | 6.2% |
National Australia Bank (NAB) | Jarden | Underweight | Overweight | $30.00 | -9.7% |
New Hope Corporation (NHC) | Macquarie | Neutral | Outperform | $4.25 | 14.9% |
Pantoro (PNR) | Moelis Australia | Hold | Buy | $0.15 | -9.1% |
Polynovo (PNV) | Morgans | Hold | Add | $1.37 | 8.7% |
Ramelius Resources (RMS) | Argonaut Securities | Hold | Buy | $2.60 | 19.3% |
Ramelius Resources (RMS) | Ord Minnett | Accumulate | Buy | $2.35 | 7.8% |
Whitehaven Coal (WHC) | Macquarie | Neutral | Outperform | $6.50 | 14.4% |
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% |
|---|---|---|---|---|---|
Ora Banda Mining (OBM) | Macquarie | Neutral |
| $1.00 | -10.3% |
Seek (SEK) | Bell Potter | Buy |
| $27.00 | 17.0% |
Sigma Healthcare (SIG) | Goldman Sachs | Neutral |
| $2.70 | -8.8% |
Webjet (WJL) | Wilsons | Overweight |
| $0.97 | 45.9% |
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% |
|---|---|---|---|---|---|---|
Atlantic Lithium (A11) | Macquarie | Overweight | $0.40 | $0.30 | 33.3% | 116.2% |
Prospect Resources (PSC) | Canaccord Genuity | Buy | $0.40 | $0.30 | 33.3% | 300.0% |
Evolution Mining (EVN) | RBC Capital Markets | Underperform | $5.40 | $4.30 | 25.6% | -19.9% |
Resolute Mining (RSG) | Macquarie | Outperform | $0.55 | $0.45 | 22.2% | 20.9% |
Amplitude Energy (AEL) | RBC Capital Markets | Outperform | $0.28 | $0.23 | 21.7% | 36.6% |
Aurelia Metals (AMI) | Macquarie | Outperform | $0.30 | $0.25 | 20.0% | 25.0% |
Westgold Resources (WGX) | Macquarie | Outperform | $3.70 | $3.10 | 19.4% | 25.9% |
Piedmont Lithium (PLL) | Macquarie | Outperform | $0.25 | $0.21 | 19.0% | 127.3% |
Bank of Queensland (BOQ) | Morgans | Hold | $7.14 | $6.03 | 18.4% | 10.5% |
Coles Group (COL) | Morgan Stanley | Overweight | $21.70 | $18.40 | 17.9% | 16.7% |
West African Resources (WAF) | Macquarie | Outperform | $2.70 | $2.30 | 17.4% | 20.5% |
De Grey Mining (DEG) | Macquarie | Outperform | $2.10 | $1.80 | 16.7% | 0.0% |
Genesis Minerals (GMD) | Macquarie | Outperform | $3.80 | $3.30 | 15.2% | 9.8% |
Gold Road Resources (GOR) | RBC Capital Markets | Sector Perform | $2.40 | $2.10 | 14.3% | -9.1% |
Regis Resources (RRL) | Macquarie | Outperform | $4.10 | $3.60 | 13.9% | 14.8% |
Evolution Mining (EVN) | Macquarie | Neutral | $6.20 | $5.50 | 12.7% | -8.0% |
Ramelius Resources (RMS) | RBC Capital Markets | Sector Perform | $2.80 | $2.50 | 12.0% | 28.4% |
Bellevue Gold (BGL) | Macquarie | Outperform | $1.90 | $1.70 | 11.8% | 42.3% |
Bellevue Gold (BGL) | RBC Capital Markets | Outperform | $1.90 | $1.70 | 11.8% | 42.3% |
Newmont Corporation (NEM) | Macquarie | Outperform | $95.00 | $85.00 | 11.8% | 30.1% |
Westgold Resources (WGX) | RBC Capital Markets | Outperform | $3.80 | $3.40 | 11.8% | 29.3% |
Vault Minerals (VAU) | RBC Capital Markets | Sector Perform | $0.50 | $0.45 | 11.1% | 13.6% |
Capricorn Metals (CMM) | Macquarie | Neutral | $8.10 | $7.30 | 11.0% | -1.5% |
Regis Resources (RRL) | RBC Capital Markets | Outperform | $4.30 | $3.90 | 10.3% | 20.4% |
Wesfarmers (WES) | Morgan Stanley | Underweight | $66.70 | $60.80 | 9.7% | -4.3% |
Ramelius Resources (RMS) | Macquarie | Neutral | $2.30 | $2.10 | 9.5% | 5.5% |
Pilbara Minerals (PLS) | Macquarie | Outperform | $2.40 | $2.20 | 9.1% | 23.1% |
AGL Energy (AGL) | Ord Minnett | Hold | $12.00 | $11.00 | 9.1% | 13.0% |
Vault Minerals (VAU) | Macquarie | Outperform | $0.60 | $0.55 | 9.1% | 36.4% |
Insignia Financial (IFL) | UBS | Neutral | $5.00 | $4.60 | 8.7% | 12.9% |
Liontown Resources (LTR) | Macquarie | Neutral | $0.65 | $0.60 | 8.3% | -5.1% |
Mineral Resources (MIN) | Macquarie | Outperform | $39.00 | $36.00 | 8.3% | 59.2% |
Capstone Copper Corp. (CSC) | Macquarie | Overweight | $12.50 | $11.60 | 7.8% | 40.4% |
Northern Star Resources (NST) | RBC Capital Markets | Sector Perform | $21.50 | $20.00 | 7.5% | 20.9% |
Price Target Increases (>7.5%) ⬆️ |
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Price Target Cuts (>-7.5%) ⬇️ |
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Champion Iron (CIA) | Macquarie | Outperform | $6.20 | $6.70 | -7.5% | 14.0% |
Orica (ORI) | RBC Capital Markets | Outperform | $21.25 | $23.00 | -7.6% | 20.1% |
Lotus Resources (LOT) | Canaccord Genuity | Buy | $0.34 | $0.37 | -8.1% | 94.3% |
Northern Minerals (NTU) | Ord Minnett | Buy | $0.03 | $0.03 | -9.1% | 50.0% |
Ramelius Resources (RMS) | Canaccord Genuity | Buy | $2.90 | $3.20 | -9.4% | 33.0% |
Goodman Group (GMG) | Ord Minnett | Accumulate | $33.50 | $37.00 | -9.5% | 8.4% |
Endeavour Group (EDV) | Morgan Stanley | Overweight | $5.30 | $5.90 | -10.2% | 28.6% |
Liontown Resources (LTR) | Bell Potter | Buy | $1.25 | $1.40 | -10.7% | 82.5% |
Ramelius Resources (RMS) | RBC Capital Markets | Sector Perform | $2.50 | $2.80 | -10.7% | 14.7% |
Suncorp Group (SUN) | Goldman Sachs | Buy | $22.00 | $24.67 | -10.8% | 19.6% |
Brickworks (BKW) | Citi | Buy | $32.50 | $36.60 | -11.2% | 39.6% |
Peninsula Energy (PEN) | Canaccord Genuity | Buy | $2.18 | $2.46 | -11.4% | 235.4% |
Treasury Wine Estates (TWE) | Morgan Stanley | Overweight | $12.90 | $14.60 | -11.6% | 27.1% |
Mineral Resources (MIN) | RBC Capital Markets | Outperform | $44.00 | $50.00 | -12.0% | 79.7% |
IDP Education (IEL) | Morgan Stanley | Overweight | $17.95 | $20.40 | -12.0% | 77.9% |
Brickworks (BKW) | Jarden | Overweight | $25.60 | $29.10 | -12.0% | 10.0% |
Brickworks (BKW) | Morgans | Hold | $25.00 | $28.75 | -13.0% | 7.4% |
HMC Capital (HMC) | Jarden | Overweight | $8.65 | $9.95 | -13.1% | 20.0% |
Mineral Resources (MIN) | UBS | Buy | $28.60 | $33.00 | -13.3% | 16.8% |
Reece (REH) | Goldman Sachs | Sell | $16.80 | $19.50 | -13.8% | 5.6% |
Conrad Asia Energy. (CRD) | Bell Potter | Buy | $1.60 | $1.90 | -15.8% | 113.3% |
Collins Foods (CKF) | Goldman Sachs | Buy | $8.25 | $10.00 | -17.5% | -2.0% |
Ramelius Resources (RMS) | Ord Minnett | Accumulate | $2.35 | $2.90 | -19.0% | 7.8% |
Ramelius Resources (RMS) | Macquarie | Neutral | $2.10 | $2.60 | -19.2% | -3.7% |
Neuren Pharmaceuticals (NEU) | Bell Potter | Buy | $20.00 | $25.00 | -20.0% | 65.8% |
Premier Investments (PMV) | Goldman Sachs | Neutral | $22.00 | $27.85 | -21.0% | 6.0% |
National Australia Bank (NAB) | Jarden | Underweight | $30.00 | $38.00 | -21.1% | -9.7% |
Carnaby Resources (CNB) | Macquarie | Outperform | $0.70 | $0.90 | -22.2% | 125.8% |
New Hope Corporation (NHC) | Macquarie | Neutral | $4.25 | $5.50 | -22.7% | 14.9% |
Whitehaven Coal (WHC) | Macquarie | Neutral | $6.50 | $8.50 | -23.5% | 14.4% |
St Barbara (SBM) | RBC Capital Markets | Sector Perform | $0.30 | $0.40 | -25.0% | 33.3% |
Premier Investments (PMV) | Macquarie | Neutral | $21.60 | $29.00 | -25.5% | 4.1% |
Ramelius Resources (RMS) | Argonaut Securities | Hold | $2.60 | $3.50 | -25.7% | 19.3% |
Audinate Group (AD8) | Macquarie | Underperform | $6.30 | $8.70 | -27.6% | -4.1% |
St Barbara (SBM) | Macquarie | Outperform | $0.39 | $0.54 | -27.8% | 73.3% |
Global Lithium Resources (GL1) | Macquarie | Underperform | $0.13 | $0.21 | -38.1% | -25.7% |
Clarity Pharmaceuticals (CU6) | Bell Potter | Buy | $5.20 | $10.00 | -48.0% | 104.7% |
Coronado Global Resources (CRN) | Macquarie | Underperform | $0.40 | $0.80 | -50.0% | -21.6% |
Polynovo (PNV) | Morgans | Hold | $1.37 | $2.85 | -51.9% | 8.7% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices 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.
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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