ASX Broker Moves: Upgrades for ANZ, CSL, Lynas Rare Earths, Woodside Energy vs Downgrades for Computershare, Corporate Travel, Origin 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: Life360 (360), ANZ Group (ANZ), CSL (CSL), HMC Capital (HMC), Lynas Rare Earths (LYC), Megaport (MP1), National Australia Bank (NAB), Pexa Group (PXA), Ventia Services Group (VNT), Woodside Energy Group (WDS).
- Downgrades: Computershare (CPU), Corporate Travel Management (CTD), Origin Energy (ORG).
- Target price biggest increases: Mesoblast (MSB), HMC Capital (HMC), Gold Road Resources (GOR), Computershare (CPU), Generation Development Group (GDG).
- Target price biggest cuts: Calix (CXL), NIB (NHF), Platinum Asset Management (PTM), Medadvisor (MDR), Paladin Energy (PDN), Megaport (MP1).
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
Macquarie on ANZ Group (ASX: ANZ) & National Australia Bank (ASX: NAB) ⬆️: "We upgrade ANZ and NAB...recognising near-term upside to earnings for the sector and relative valuation appeal for these two banks" UPGRADE TO NEUTRAL.
Ord Minnett on CSL (ASX: CSL) ⬆️: "ResMed and CSL remain our top choices in the healthcare sector. We view them as attractively priced given our expectations of double-digit EPS growth across the forecast horizon." UPGRADE TO BUY.
Canaccord Genuity on Lynas Rare Earths (ASX: LYC) ⬆️: "LYC's fortunes are obviously pinned to rare earth pricing, which for now remains under pressure....our rating lifted on valuation upside. " UPGRADE TO BUY.
Citi on Computershare (ASX: CPU) ⬇️: "Consensus seems to be moving Computershare from Buy to Neutral and, for the moment we, somewhat reluctantly, join the chorus. The stock has rallied strongly and although we see sources of potential further upside, these are currently uncertain enough to prevent us from confidently predicting material further advance." DOWNGRADE TO NEUTRAL.
Macquarie on Deep Yellow (ASX: DYL) 🆕: "DYL stock currently implies a US$60/lb uranium price and can re-rate as it clears the path to 7Mlb/yr dual asset production, and/or as uranium contract price structures improve. Tumas progress is key (MRE first shipment late-2026, nameplate 2028), as is revised DFS for Mulga Rock (2025)" INITIATED AT OUTPERFORM.
Citi on Megaport (ASX: MP1) ⬇️: "A key concern on Megaport has been the lack of answers as to why net-revenue retention (NRR) has slowed. Recent price cuts do suggest that competition could be a factor...We lower our EBITDA forecasts by -15% to -44%...[but] with the stock trading on 20x FY26e EBITDA (Citi estimates) we reiterate our Buy" PRICE TARGET CUT TO $9.00 FROM $16.05.
Rating UPGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Life360 (360) | UBS | Buy | Neutral | US$55 | #VALUE! |
ANZ Group (ANZ) | Macquarie | Neutral | Underperform | $28.00 | -5.3% |
CSL (CSL) | Ord Minnett | Buy | Accumulate | $318.00 | 15.8% |
HMC Capital (HMC) | Bell Potter | Buy | Hold | $13.50 | 48.8% |
Lynas Rare Earths (LYC) | Canaccord Genuity | Buy | Hold | $7.50 | 8.7% |
Megaport (MP1) | Ord Minnett | Buy | Hold | $8.00 | 2.6% |
National Australia Bank (NAB) | Macquarie | Neutral | Underperform | $36.00 | -5.5% |
Pexa Group (PXA) | Morgans | Add | Hold | $14.61 | 11.4% |
Ventia Services Group (VNT) | CLSA | Outperform | Hold | $3.90 | 4.0% |
Woodside Energy Group (WDS) | Jarden | Overweight | Neutral | $27.00 | 5.5% |
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% |
|---|---|---|---|---|---|
Computershare (CPU) | Citi | Neutral | Buy | $35.00 | 2.4% |
Computershare (CPU) | Jarden | Neutral | Overweight | $34.00 | -0.6% |
Computershare (CPU) | Morgans | Hold | Add | $34.43 | 0.7% |
Corporate Travel Management (CTD) | Jefferies | Hold | Buy | $14.20 | -0.6% |
Origin Energy (ORG) | Jarden | Underweight | Neutral | $10.65 | -4.9% |
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.
Rating INITIATED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Duratec (DUR) | Argonaut Securities | Buy | $1.75 | 10.8% | |
Deep Yellow (DYL) | Macquarie | Outperform | $2.00 | 53.3% | |
QPM Energy (QPM) | Ord Minnett | Buy | $0.12 | 90.5% | |
Smart Parking (SPZ) | E&P | Positive | $1.30 | 36.8% |
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.
Price Target BIGGEST CHANGE
Company | Broker | Rating | New PT | Old PT | PT Change% | PT Upside% |
|---|---|---|---|---|---|---|
Mesoblast (MSB) | Bell Potter | Buy | $3.90 | $1.40 | 178.6% | 40.3% |
HMC Capital (HMC) | Bell Potter | Buy | $13.50 | $9.05 | 49.2% | 48.8% |
Gold Road Resources (GOR) | Argonaut Securities | Buy | $2.80 | $2.40 | 16.7% | 14.8% |
Computershare (CPU) | Citi | Neutral | $35.00 | $30.00 | 16.7% | 2.4% |
Generation Development Group (GDG) | Morgans | Hold | $4.01 | $3.51 | 14.2% | -1.2% |
QBE Insurance Group (QBE) | Citi | Buy | $22.00 | $19.30 | 14.0% | 11.4% |
Insignia Financial (IFL) | Ord Minnett | Hold | $3.70 | $3.25 | 13.8% | -16.5% |
Kina Securities (KSL) | Morgans | Add | $1.45 | $1.28 | 13.3% | 31.2% |
Gold Road Resources (GOR) | UBS | Buy | $2.60 | $2.30 | 13.0% | 6.6% |
Beach Energy (BPT) | Morgan Stanley | Underweight | $1.46 | $1.30 | 12.3% | -1.0% |
Computershare (CPU) | Jarden | Neutral | $34.00 | $30.50 | 11.5% | -0.6% |
Suncorp Group (SUN) | Morgans | Add | $21.01 | $18.92 | 11.0% | 6.8% |
National Australia Bank (NAB) | Macquarie | Neutral | $36.00 | $32.50 | 10.8% | -5.5% |
QBE Insurance Group (QBE) | Morgan Stanley | Overweight | $23.50 | $21.25 | 10.6% | 19.0% |
Bendigo and Adelaide Bank (BEN) | Macquarie | Underperform | $10.50 | $9.50 | 10.5% | -20.3% |
Gold Road Resources (GOR) | Jefferies | Buy | $2.75 | $2.50 | 10.0% | 12.7% |
Iress (IRE) | Jefferies | Hold | $10.15 | $9.25 | 9.7% | 5.3% |
Commonwealth Bank of Australia (CBA) | Macquarie | Underperform | $105.00 | $97.00 | 8.2% | -32.3% |
Suncorp Group (SUN) | Morgan Stanley | Overweight | $22.10 | $20.50 | 7.8% | 12.3% |
Origin Energy (ORG) | Jarden | Underweight | $10.65 | $9.90 | 7.6% | -4.9% |
Findi (FND) | Ord Minnett | Buy | $8.32 | $7.76 | 7.2% | 77.0% |
Ampol (ALD) | Morgan Stanley | Equal-Weight | $32.00 | $30.00 | 6.7% | 8.3% |
Insurance Australia Group (IAG) | Morgan Stanley | Equal-Weight | $8.00 | $7.55 | 6.0% | -7.5% |
ANZ Group (ANZ) | Macquarie | Neutral | $28.00 | $26.50 | 5.7% | -5.3% |
Westpac Banking Corporation (WBC) | Macquarie | Underperform | $28.00 | $26.50 | 5.7% | -13.3% |
Suncorp Group (SUN) | Citi | Neutral | $19.50 | $18.55 | 5.1% | -0.9% |
Wesfarmers (WES) | Ord Minnett | Lighten | $62.00 | $59.00 | 5.1% | -13.6% |
Mader Group (MAD) | Bell Potter | Hold | $6.80 | $7.20 | -5.6% | 10.7% |
Lynas Rare Earths (LYC) | Bell Potter | Hold | $7.20 | $7.70 | -6.5% | 4.3% |
GQG Partners (GQG) | Ord Minnett | Buy | $2.80 | $3.00 | -6.7% | 42.5% |
Patriot Battery Metals (PMT) | Bell Potter | Buy | $0.70 | $0.75 | -6.7% | 79.5% |
NIB (NHF) | Citi | Neutral | $6.00 | $6.45 | -7.0% | 8.5% |
COG Financial Services (COG) | Morgans | Buy | $1.16 | $1.25 | -7.2% | 20.8% |
Tyro Payments (TYR) | Morgans | Add | $1.51 | $1.63 | -7.4% | 79.8% |
Deep Yellow (DYL) | Bell Potter | Buy | $1.70 | $1.90 | -10.5% | 30.3% |
Ventia Services Group (VNT) | CLSA | Outperform | $3.90 | $4.45 | -12.4% | 4.0% |
Calix (CXL) | Shaw and Partners | Buy | $1.70 | $2.00 | -15.0% | 132.9% |
NIB (NHF) | Morgans | Add | $6.10 | $7.31 | -16.6% | 10.3% |
Platinum Asset Management (PTM) | Bell Potter | Sell | $0.59 | $0.74 | -20.3% | -13.9% |
Medadvisor (MDR) | Bell Potter | Buy | $0.40 | $0.55 | -27.3% | 95.1% |
Paladin Energy (PDN) | Macquarie | Neutral | $9.10 | $15.00 | -39.3% | 9.5% |
Megaport (MP1) | Citi | Buy | $9.00 | $16.05 | -43.9% | 15.4% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices 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). If a rating is initiated, it is the first time the broker has covered the stock in question.
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.
