ASX Broker Moves: Upgrades for Breville, Liontown Resources, News Corp vs Downgrades for Ansell, Evolution Mining, Qantas
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: Breville (BRG), Bravura Solutions (BVS), Car Group (CAR), Computershare (CPU), Cleanaway Waste (CWY), Dicker Data (DDR), Domino's Pizza (DMP), Imdex (IMD), JB HI-FI (JBH), Liontown Resources (LTR), News Corp (NWS), Scentre (SCG), SG Fleet (SGH).
- Downgrades: Ansell (ANN), Austal (ASB), Bravura Solutions (BVS), Brambles (BXB), Car Group (CAR), Computershare (CPU), Evolution Mining (EVN), Genesis Minerals (GMD), Ingenia (INA), Nick Scali (NCK), Qantas Airways (QAN), Select Harvests (SHV).
- Target price biggest increases: Boss Energy (BOE), Bigtincan (BTH), Liontown Resources (LTR), Seven West Media (SWM).
- Target price biggest cuts: 29METALS (29M), Audinate Group (AD8), Johns Lyng Group (JLG), Pilbara Minerals (PLS).
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 since the last update on Friday, 7-Feb.
You will find the full list of broker moves in tonight's edition of Evening Wrap.
Broker Views Snippets
Macquarie on Bravura Solutions (ASX: BVS) ⬆️: “The outlook is supported by ongoing revenue upgrades and operating leverage supported by cost efficiency. Further upside is possible from delivering on revenue growth opportunities.” UPGRADE TO OUTPERFORM, PRICE TARGET RAISED TO $3.17 FROM $2.05.
Citi on Imdex (ASX: IMD) ⬆️: “Resilience amid steady yet subdued environment best reflects IMD’s interim result. With this, IMD has effectively addressed our skepticism around FY25 earnings Expectations. There’s increased optimism of recovery in FY26.” UPGRADE TO NEUTRAL, PRICE TARGET RAISED TO $2.85 FROM $1.95.
Macquarie on Qantas Airways (ASX: QAN) ⬇️: “QAN FY25 outlook is strong. Reports of falling domestic prices, competitive capacity on larger routes like US and Europe clouding the FY26 outlook. EV/EBITDA multiple is now at a 10-year peak (ex COVID) which captures the structural changes to the cost base.” DOWNGRADE TO NEUTRAL.
UBS on JB HI-FI (ASX: JBH) ⬆️: “We revise FY25E/26E EPS +3.2%/+3.8% due to higher JB Aust (higher sales, flattish EBIT margins) and lower net interest. Retain Sell despite another JBH result that drove upgrades to mkt EPS as earnings multiples are too elevated relative to history and peers making the relative risk reward unattractive.” PRICE TARGET RAISED TO $90 FROM $72.
Macquarie on Pilbara Minerals (ASX: PLS) ⬇️: “After a period of restriction, we resume coverage of PLS with a Neutral rating. We evaluate PLS in the context of its Lithium sector peers, noting its underlying asset quality and lowrisk profile. However, we acknowledge its valuation is driven heavily by long-term fundamentals and short-term valuation metrics screen as expensive.” RESUME AT NEUTRAL, PRICE TARGET $2.30 FROM $3.25.
Rating UPGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Breville Group (BRG) | CLSA | Hold | Underperform | $38.45 | 5.8% |
Bravura Solutions (BVS) | Macquarie | Outperform | Neutral | $3.17 | 15.7% |
Car Group (CAR) | Morgans | Add | Hold | $41.40 | 10.3% |
Computershare (CPU) | CLSA | Outperform | Hold | $38.70 | -6.8% |
Cleanaway Waste Management (CWY) | Jarden | Overweight | Neutral | $3.10 | 15.2% |
Dicker Data (DDR) | Morgan Stanley | Overweight | Equal-Weight | $10.10 | 10.0% |
Domino's Pizza Enterprises (DMP) | Macquarie | Neutral | Underperform | $35.10 | 5.2% |
Imdex (IMD) | Citi | Neutral | Sell | $2.85 | 0.0% |
JB HI-FI (JBH) | Ord Minnett | Hold | Lighten | $89.00 | -12.7% |
Liontown Resources (LTR) | UBS | Neutral | Sell | $0.75 | 26.1% |
News Corporation (NWS) | Ord Minnett | Accumulate | Hold | $61.00 | 12.2% |
Scentre Group (SCG) | UBS | Neutral | Sell | $3.74 | 0.3% |
SG Fleet Group (SGH) | Jefferies | Buy | Hold | $61.00 | 14.9% |
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 DOWNGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Ansell (ANN) | CLSA | Hold | Outperform | $39.20 | 7.9% |
Ansell (ANN) | JP Morgan | Neutral | Overweight | $40.00 | 10.1% |
Ansell (ANN) | Jefferies | Hold | Buy | $42.00 | 15.6% |
Austal (ASB) | JP Morgan | Neutral | Overweight | $3.75 | -3.4% |
Bravura Solutions (BVS) | JP Morgan | Underweight | Neutral | $2.15 | -21.5% |
Brambles (BXB) | Jarden | Neutral | Overweight | $19.45 | 0.8% |
Car Group (CAR) | RBC Capital Markets | Sector Perform | Outperform | $39.00 | 3.9% |
Computershare (CPU) | Jefferies | Hold | Buy | $39.50 | -4.9% |
Computershare (CPU) | Ord Minnett | Hold | Accumulate | $42.00 | 1.1% |
Domino's Pizza Enterprises (DMP) | RBC Capital Markets | Sector Perform | Outperform | $36.00 | 7.9% |
Evolution Mining (EVN) | Canaccord Genuity | Hold | Buy | $6.15 | -2.2% |
Evolution Mining (EVN) | JP Morgan | Underweight | Neutral | $4.90 | -22.1% |
Evolution Mining (EVN) | Ord Minnett | Lighten | Hold | $5.30 | -15.7% |
Genesis Minerals (GMD) | Citi | Neutral | Buy | $3.40 | 7.6% |
Ingenia Communities Group (INA) | UBS | Neutral | Buy | $6.15 | 8.8% |
JB HI-FI (JBH) | Bell Potter | Hold | Buy | $99.00 | -2.9% |
Nick Scali (NCK) | CLSA | Hold | Outperform | $16.40 | -2.7% |
Nick Scali (NCK) | Jarden | Overweight | Buy | $18.50 | 9.7% |
Nick Scali (NCK) | Ord Minnett | Sell | Accumulate | $14.50 | -14.0% |
Qantas Airways (QAN) | Macquarie | Neutral | Outperform | $9.30 | -2.2% |
Region Group (RGN) | Jarden | Overweight | Buy | $2.40 | 15.4% |
Select Harvests (SHV) | Wilsons | Market-Weight | Overweight | $4.70 | 0.9% |
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% |
|---|---|---|---|---|---|
Aristocrat Leisure (ALL) | Bell Potter | Buy | $83.00 | 11.2% | |
DigiCo REIT (DGT) | JP Morgan | Overweight | $5.20 | 12.8% | |
Evolution Mining (EVN) | Bell Potter | Buy | $6.65 | 5.7% | |
Kinatico (KYP) | Shaw and Partners | Buy | $0.28 | 64.7% | |
QPM Energy (QPM) | Bell Potter | Buy | $0.11 | 83.3% | |
WEB Travel Group (WEB) | Canaccord Genuity | Buy | $6.30 | 24.3% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices on most recent session's close.
Price Target BIGGEST CHANGE
Company | Broker | Rating | New PT | Old PT | PT Change% | PT Upside% |
|---|---|---|---|---|---|---|
Bigtincan (BTH) | Morgan Stanley | Equal-Weight | $0.22 | $0.10 | 120.0% | 4.8% |
Bravura Solutions (BVS) | Macquarie | Outperform | $3.17 | $2.05 | 54.6% | 15.7% |
Bravura Solutions (BVS) | Wilsons | Positive | $3.17 | $2.06 | 53.9% | 15.7% |
News Corporation (NWS) | Ord Minnett | Accumulate | $61.00 | $40.00 | 52.5% | 12.2% |
Liontown Resources (LTR) | UBS | Neutral | $0.75 | $0.50 | 50.0% | 26.1% |
SG Fleet Group (SGH) | Jefferies | Buy | $61.00 | $41.30 | 47.7% | 14.9% |
Imdex (IMD) | Citi | Neutral | $2.85 | $1.95 | 46.2% | 0.0% |
Nick Scali (NCK) | Citi | Buy | $20.64 | $15.31 | 34.8% | 22.4% |
Imdex (IMD) | Morgans | Add | $3.20 | $2.40 | 33.3% | 12.3% |
Imdex (IMD) | Macquarie | Neutral | $2.90 | $2.20 | 31.8% | 1.8% |
Seven West Media (SWM) | Macquarie | Neutral | $0.18 | $0.14 | 28.6% | 0.0% |
Nick Scali (NCK) | Macquarie | Outperform | $19.90 | $15.60 | 27.6% | 18.0% |
Computershare (CPU) | CLSA | Outperform | $38.70 | $30.70 | 26.1% | -6.8% |
Ansell (ANN) | Macquarie | Outperform | $40.30 | $32.00 | 25.9% | 10.9% |
JB HI-FI (JBH) | UBS | Sell | $90.00 | $72.00 | 25.0% | -11.8% |
Domino's Pizza Enterprises (DMP) | Macquarie | Neutral | $35.10 | $28.20 | 24.5% | 5.2% |
Ansell (ANN) | Morgans | Hold | $33.38 | $27.10 | 23.2% | -8.1% |
Ansell (ANN) | JP Morgan | Neutral | $40.00 | $33.00 | 21.2% | 10.1% |
Boss Energy (BOE) | Morgan Stanley | Equal-Weight | $3.25 | $2.70 | 20.4% | -0.6% |
Imdex (IMD) | Bell Potter | Hold | $2.70 | $2.25 | 20.0% | -5.3% |
Breville Group (BRG) | Macquarie | Outperform | $41.10 | $35.10 | 17.1% | 13.1% |
Ansell (ANN) | Citi | Neutral | $38.00 | $32.50 | 16.9% | 4.6% |
Computershare (CPU) | Citi | Neutral | $40.90 | $35.00 | 16.9% | -1.5% |
Nick Scali (NCK) | Jarden | Overweight | $18.50 | $15.88 | 16.5% | 9.7% |
Computershare (CPU) | Jefferies | Hold | $39.50 | $34.00 | 16.2% | -4.9% |
Sigma Healthcare (SIG) | Citi | Neutral | $2.90 | $2.50 | 16.0% | 5.1% |
Sigma Healthcare (SIG) | Citi | Neutral | $2.90 | $2.50 | 16.0% | 5.1% |
Computershare (CPU) | Ord Minnett | Hold | $42.00 | $36.25 | 15.9% | 1.1% |
REA Group (REA) | Morgans | Hold | $248.00 | $215.00 | 15.3% | -10.0% |
Ansell (ANN) | Ord Minnett | Hold | $36.20 | $31.60 | 14.6% | -0.4% |
Breville Group (BRG) | UBS | Neutral | $37.40 | $32.70 | 14.4% | 2.9% |
Breville Group (BRG) | Morgan Stanley | Overweight | $40.00 | $35.00 | 14.3% | 10.1% |
Domino's Pizza Enterprises (DMP) | UBS | Neutral | $36.00 | $31.50 | 14.3% | 7.9% |
JB HI-FI (JBH) | Jarden | Neutral | $95.80 | $84.00 | 14.0% | -6.1% |
Imdex (IMD) | UBS | Neutral | $2.95 | $2.60 | 13.5% | 3.5% |
Bravura Solutions (BVS) | JP Morgan | Underweight | $2.15 | $1.90 | 13.2% | -21.5% |
Evolution Mining (EVN) | Morgan Stanley | Equal-Weight | $5.55 | $4.95 | 12.1% | -11.8% |
Amotiv (AOV) | Citi | Buy | $14.13 | $12.65 | 11.7% | 43.2% |
Vulcan Steel (VSL) | RBC Capital Markets | Sector Perform | $7.25 | $6.50 | 11.5% | -4.6% |
Breville Group (BRG) | Morgans | Hold | $33.45 | $30.05 | 11.3% | -7.9% |
Car Group (CAR) | Morgans | Add | $41.40 | $37.20 | 11.3% | 10.3% |
Northern Star Resources (NST) | Morgan Stanley | Equal-Weight | $17.30 | $15.55 | 11.3% | -5.5% |
Generation Development Group (GDG) | Ord Minnett | Buy | $5.00 | $4.50 | 11.1% | 0.0% |
Seven West Media (SWM) | Jefferies | Hold | $0.20 | $0.18 | 11.1% | 11.1% |
Qantas Airways (QAN) | Macquarie | Neutral | $9.30 | $8.40 | 10.7% | -2.2% |
Domino's Pizza Enterprises (DMP) | Morgans | Hold | $33.00 | $30.00 | 10.0% | -1.0% |
Johns Lyng Group (JLG) | Citi | Neutral | $3.95 | $4.55 | -13.2% | 8.8% |
29METALS (29M) | Morgan Stanley | Equal-Weight | $0.23 | $0.29 | -20.7% | 17.9% |
Audinate Group (AD8) | Macquarie | Neutral | $7.70 | $10.20 | -24.5% | -1.4% |
Pilbara Minerals (PLS) | Macquarie | Neutral | $2.30 | $3.25 | -29.2% | 8.0% |
Biggest broker price target changes since last update (moves >+10% and <-10% are shown). 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.
