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