Broker Watch

ASX Broker Moves: Upgrades for Bluescope Steel, HMC Capital, Resmed, Sandfire Resources vs Downgrades for Capricorn Metals, Origin Energy

Mon 03 Feb 25, 2:36pm (AEDT)
asx boker moves
Source: Shutterstock, Market Index

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Key Points

  • Upgrades: Bluescope Steel (BSL), HMC Capital (HMC), James Hardie Industries (JHX), Resmed Inc (RMD), Sandfire Resources (SFR).
  • Downgrades: AUB Group (AUB), Capricorn Metals (CMM), Credit Corp (CCP), Gold Road Resources (GOR), Medadvisor (MDR), Magellan Financial Group (MFG), Origin Energy (ORG), Pointsbet (PBH), Strike Energy (STX), Suncorp Group (SUN).
  • Target price biggest increases: JB HI-FI (JBH), HMC Capital (HMC), Brambles (BXB), Premier Investments (PMV), Monadelphous Group (MND).
  • Target price biggest cuts: Peninsula Energy (PEN), Resolute Mining (RSG), Autosports Group (ASG), Michael Hill International (MHJ), Champion Iron (CIA), IDP Education (IEL), Mineral Resources (MIN).

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 2 trading session.

You will find the full list of broker moves in tonight's edition of Evening Wrap.


Broker Views Snippets

  • UBS on Resmed Inc (ASX: RMD) ⬆️: Broker notes the market is too conservative with respect to sales growth of devices in the US, with demand tracking back towards pre-COVID levels. Resmed trades at a discount to its US peers and the broker expects the market will soon re-rate the company. UPGRADE TO BUY.

  • Citi on Bluescope Steel (ASX: BSL) ⬆️: “We prefer BSL to iron ore driven miners. We expect China to look to curtail steel output, see potential for broad-based US steel import tariffs plus expanded US infra spend, and now see Australia’s RBA cutting rates in February.” UPGRADE TO BUY.

  • Macquarie on Capricorn Metals (ASX: CMM) ⬇️: “We downgrade...noting a 22% current year to date share price lift and fulfilment of positive catalysts that we had anticipated, mainly the Karlawinda expansion.” DOWNGRADE TO UNDERPERFORM.

  • Macquarie on Medadvisor (ASX: MDR) ⬇️: “While MDR retains a diverse US customer base with multiple avenues for growth in Australia (e.g. health programs, expanded scope of practice), the declining cash position is the key risk moving forward in our view. With no clear guidance for 2H FY25 profitability to improve upon 1H FY25, we downgrade...” DOWNGRADE TO HOLD.

  • Macquarie on JB HI-FI (ASX: JBH) ⬆️: “JBH is best-placed to benefit from structural elements of current Electronics spend...We are attracted to the higher exposure to Electronics and its store footprint.” PRICE TARGET RAISED TO $108 FROM $77.


Rating UPGRADED

Company

Broker

New Rating

Old Rating

Price Target

PT Upside%

Bluescope Steel (BSL)

Citi

Buy

Neutral

$24.00

12.8%

HMC Capital (HMC)

UBS

Buy

Neutral

$10.85

19.4%

James Hardie Industries (JHX)

Jefferies

Buy

Hold

$63.00

19.8%

Resmed Inc (RMD) (NYSE listing)

UBS

Buy

Neutral

US$290

22.7%

Sandfire Resources (SFR)

UBS

Neutral

Sell

$10.45

8.0%

Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on last prices as at 12pm Monday 3 February.

Rating DOWNGRADED

Company

Broker

New Rating

Old Rating

Price Target

PT Upside%

AUB Group (AUB)

UBS

Neutral

Buy

$33.30

7.4%

Capricorn Metals (CMM)

Bell Potter

Hold

 

$7.84

-0.7%

Capricorn Metals (CMM)

Macquarie

Underperform

Neutral

$7.30

-7.5%

Credit Corp (CCP)

Macquarie

Neutral

Outperform

$16.27

106.1%

Gold Road Resources (GOR)

Moelis Australia

Hold

Buy

$2.55

2.6%

Medadvisor (MDR)

Bell Potter

Hold

Buy

$0.21

31.3%

Magellan Financial Group (MFG)

Jarden

Underweight

Neutral

$9.35

-4.5%

Magellan Financial Group (MFG)

UBS

Sell

Neutral

$10.30

5.2%

Magellan Financial Group (MFG)

UBS

Sell

Neutral

$10.30

5.2%

Origin Energy (ORG)

Macquarie

Neutral

Outperform

$10.00

-2.3%

Pointsbet (PBH)

Jarden

Overweight

Buy

$0.95

15.2%

Resmed Inc (RMD)

Wilsons

Market-Weight

Overweight

$42.82

9.7%

Strike Energy (STX)

Bell Potter

Hold

Buy

$0.27

18.4%

Suncorp Group (SUN)

UBS

Neutral

Buy

$20.70

2.7%

Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on last prices as at 12pm Monday 3 February.

Rating INITIATED

Company

Broker

New Rating

Old Rating

Price Target

PT Upside%

DigiCo REIT (DGT)

Morgans

Add

 

$5.60

26.7%

Findi (FND)

Morgans

Add

 

$7.17

46.0%

Wagners Holding Company (WGN)

Unified Capital Partners

Buy

 

$2.02

32.9%

Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on last prices as at 12pm Monday 3 February.

Price Target BIGGEST CHANGE

Company

Broker

Rating

New PT

Old PT

PT Change%

PT Upside%

JB HI-FI (JBH)

Macquarie

Outperform

$108.00

$77.00

40.3%

7.4%

HMC Capital (HMC)

UBS

Buy

$10.85

$7.95

36.5%

19.2%

SG Fleet Group (SGH)

UBS

Buy

$56.00

$45.00

24.4%

17.4%

Bluebet (BBT)

Morgans

Add

$0.43

$0.36

19.4%

32.3%

Brambles (BXB)

Macquarie

Outperform

$21.20

$17.85

18.8%

9.1%

Capricorn Metals (CMM)

Jarden

Buy

$7.99

$6.96

14.8%

1.9%

Premier Investments (PMV)

Citi

Neutral

$26.00

$22.74

14.3%

9.4%

Bluescope Steel (BSL)

Citi

Buy

$24.00

$21.00

14.3%

12.3%

Strike Energy (STX)

Macquarie

Neutral

$0.24

$0.21

14.3%

5.3%

Resmed Inc (RMD)

Jarden

Overweight

$41.48

$36.60

13.3%

6.1%

James Hardie Industries (JHX)

Jefferies

Buy

$63.00

$56.00

12.5%

20.4%

Monadelphous Group (MND)

UBS

Neutral

$15.45

$14.00

10.4%

-0.8%

Resmed Inc (RMD)

Macquarie

Outperform

$45.10

$41.10

9.7%

15.3%

Judo Capital (JDO)

Macquarie

Neutral

$1.75

$1.60

9.4%

-10.1%

SG Fleet Group (SGH)

Bell Potter

Buy

$53.00

$48.50

9.3%

11.1%

Sandfire Resources (SFR)

Morgans

Hold

$10.55

$9.70

8.8%

9.2%

Resmed Inc (RMD)

Citi

Neutral

$41.00

$38.00

7.9%

4.8%

Perpetual (PPT)

Citi

Buy

$24.20

$22.50

7.6%

13.2%

Beach Energy (BPT)

Macquarie

Neutral

$1.45

$1.35

7.4%

-3.3%

Insurance Australia Group (IAG)

UBS

Neutral

$9.15

$8.55

7.0%

1.6%

Sandfire Resources (SFR)

UBS

Neutral

$10.45

$9.85

6.1%

8.1%

Capricorn Metals (CMM)

Argonaut Securities

Buy

$10.60

$10.00

6.0%

35.2%

Coles Group (COL)

Macquarie

Outperform

$20.60

$19.50

5.6%

6.4%

IGO (IGO)

Bell Potter

Sell

$4.20

$4.00

5.0%

-12.1%

Karoon Energy (KAR)

Macquarie

Outperform

$1.90

$2.00

-5.0%

23.0%

Lotus Resources (LOT)

Macquarie

Outperform

$0.38

$0.40

-5.0%

63.1%

Pointsbet (PBH)

Jarden

Overweight

$0.95

$1.00

-5.0%

18.8%

Karoon Energy (KAR)

RBC Capital Markets

Outperform

$1.80

$1.90

-5.3%

16.5%

Pointsbet (PBH)

Bell Potter

Hold

$0.90

$0.95

-5.3%

12.5%

Mineral Resources (MIN)

Jefferies

Hold

$36.00

$38.00

-5.3%

8.1%

Accent Group (AX1)

Bell Potter

Buy

$2.60

$2.75

-5.5%

22.4%

Magellan Financial Group (MFG)

UBS

Sell

$10.30

$10.90

-5.5%

5.5%

Magellan Financial Group (MFG)

UBS

Sell

$10.30

$10.90

-5.5%

5.5%

Kingsgate Consolidated (KCN)

Canaccord Genuity

Buy

$3.35

$3.55

-5.6%

171.3%

Endeavour Group (EDV)

Macquarie

Neutral

$4.20

$4.50

-6.7%

1.1%

Mineral Resources (MIN)

CLSA

Hold

$34.00

$36.50

-6.8%

2.1%

Strike Energy (STX)

Bell Potter

Hold

$0.27

$0.29

-6.9%

18.4%

Nickel Industries (NIC)

Macquarie

Neutral

$0.88

$0.95

-7.4%

19.7%

IGO (IGO)

Goldman Sachs

Buy

$5.60

$6.05

-7.4%

17.2%

Impedimed (IPD)

Ord Minnett

Buy

$0.12

$0.13

-7.7%

126.4%

Origin Energy (ORG)

Citi

Buy

$11.50

$12.50

-8.0%

12.9%

Zip Co. (ZIP)

UBS

Buy

$3.35

$3.65

-8.2%

44.4%

Magellan Financial Group (MFG)

Jarden

Underweight

$9.35

$10.25

-8.8%

-4.2%

Zip Co. (ZIP)

Citi

Buy

$3.00

$3.30

-9.1%

29.3%

Treasury Wine Estates (TWE)

Macquarie

Outperform

$12.60

$13.90

-9.4%

20.0%

AUB Group (AUB)

UBS

Neutral

$33.30

$36.80

-9.5%

7.4%

Lotus Resources (LOT)

Canaccord Genuity

Buy

$0.38

$0.42

-9.5%

63.1%

Mineral Resources (MIN)

Morgans

Hold

$35.00

$39.00

-10.3%

5.1%

Impedimed (IPD)

Morgans

Buy

$0.17

$0.19

-10.5%

220.8%

IDP Education (IEL)

UBS

Neutral

$14.70

$16.45

-10.6%

15.7%

Champion Iron (CIA)

Macquarie

Outperform

$6.70

$7.50

-10.7%

29.3%

Michael Hill International (MHJ)

Citi

Neutral

$0.50

$0.57

-12.3%

-1.0%

Aeris Resources (AIS)

Bell Potter

Buy

$0.29

$0.34

-14.7%

104.2%

RMA Global (RMY)

Bell Potter

Buy

$0.10

$0.12

-16.7%

150.0%

Autosports Group (ASG)

Citi

Neutral

$1.75

$2.10

-16.7%

3.2%

Credit Corp (CCP)

Macquarie

Neutral

$16.27

$19.62

-17.1%

-16.0%

Resolute Mining (RSG)

Canaccord Genuity

Buy

$0.70

$0.85

-17.6%

83.2%

Resolute Mining (RSG)

Macquarie

Outperform

$0.47

$0.60

-21.7%

23.0%

Peninsula Energy (PEN)

Canaccord Genuity

Buy

$2.50

$3.20

-21.9%

134.7%

Medadvisor (MDR)

Bell Potter

Hold

$0.21

$0.40

-47.5%

31.3%

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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