ASX Broker Moves: Upgrades for Carnarvon Energy, Hub24, Centuria Industrial Reit vs Price target cuts for Woodside Energy, Wesfarmers
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: Centuria Industrial Reit (CIP), Carnarvon Energy (CVN), Hub24 (HUB)
- Downgrades: Centuria Capital Group (CNI), Hub24 (HUB)
- Target price biggest increases: JB HI-FI (JBH), Liontown Resources (LTR), Hub24 (HUB), Qoria (QOR), The A2 Milk Company (A2M)
- Target price biggest cuts: Hillgrove Resources (HGO), Healthco Healthcare and Wellness Reit (HCW), Carnarvon Energy (CVN), Coventry Group (CYG), Harvey Norman (HVN), Wesfarmers (WES)
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
Bell Potter on Centuria Industrial Reit (ASX: CIP) ⬆️ and Centuria Capital Group (ASX: CNI) ⬇️: “We prefer CIP and DXC (Buy) amongst externally managed REITs (trade at 15-20% discount to BPe NAV, price discovery at book value, defensive / in-demand sub-sectors), APZ (Buy) and CWP (Buy) in the living sector, and HMC (Buy) amongst growth / fund manager names as we downgrade CNI where we see earnings risk to consensus and less levers outside of debt which is starting to see pockets of risk appear.” CIP UPGRADE TO BUY | CNI DOWNGRADE TO SELL.
Citi on JB HI-FI (ASX: JBH) ⬆️: “We update our retail outlook. We expect a strong 1H25 reporting period for most retailers with strength expected to continue into 2H25…Our 1H25e EBIT forecasts for both JB Hi-Fi and Harvey Norman sit ~7% above VA consensus. We believe the market is underestimating both sales and margins for these retailers.” PRICE TARGET RAISED TO $110 FROM $85.
Canaccord Genuity on Liontown Resources (ASX: LTR) ⬆️: “DecQ production of 88.6kt SC5.2 was well ahead of our modelled 41kt SC6 and VA consensus 64kt…Sales were also stronger than anticipated…Closing cash (net of capex/capitalised costs) of A$193m implies positive operating cash flow which we think is a solid outcome given this stage of the ramp-up and the current pricing environment. This should alleviate any near-term liquidity concerns.” PRICE TARGET RAISED TO $0.70 FROM $0.60.
UBS on Woodside Energy Group (ASX: WDS) ⬇️: “Our Gas hub price update lifts LNG prices by 2-3% over 2025-26…Our new LNG price forecast provides only modest EPS uplift [across our Aust. energy coverage] in 2025- 26 (~1-2%) however WDS sees a 10% lift, given our forecast now includes the announced asset swap with Chevron.” PRICE TARGET CUT TO $27.40 FROM $28.30.
Citi on Wesfarmers (ASX: WES) ⬇️: “We remain Sell rated on Wesfarmers given our FY25e earnings forecasts remain below consensus and it is trading at an even higher premium to the market than history. The weakness in the Lithium market significantly dampens the upside the market was expecting from the Lithium project.” PRICE TARGET CUT TO $59 FROM $61.
Rating UPGRADED
Company | Broker | New Rating | Old Rating | Price Target | PT Upside% |
|---|---|---|---|---|---|
Centuria Industrial Reit (CIP) | Bell Potter | Buy | Hold | $3.25 | 14.0% |
Carnarvon Energy (CVN) | RBC Capital Markets | Outperform | Sector Perform | $0.18 | 50.0% |
Hub24 (HUB) | Ord Minnett | Buy | Hold | $73.00 | 0.8% |
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% |
|---|---|---|---|---|---|
Centuria Capital Group (CNI) | Bell Potter | Sell | Hold | $1.80 | -5.0% |
Hub24 (HUB) | Canaccord Genuity | Hold | Buy | $74.65 | 3.1% |
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% |
|---|---|---|---|---|---|---|
JB HI-FI (JBH) | Citi | Buy | $110.00 | $85.00 | 29.4% | 12.2% |
Liontown Resources (LTR) | Canaccord Genuity | Hold | $0.70 | $0.60 | 16.7% | -0.7% |
Hub24 (HUB) | Canaccord Genuity | Hold | $74.65 | $65.80 | 13.4% | 3.1% |
Liontown Resources (LTR) | Morgans | Retained | $0.68 | $0.60 | 13.3% | -3.5% |
Qoria (QOR) | Ord Minnett | Buy | $0.56 | $0.51 | 9.8% | 21.7% |
Hub24 (HUB) | Bell Potter | Buy | $79.20 | $73.00 | 8.5% | 9.3% |
Hub24 (HUB) | UBS | Neutral | $75.00 | $70.00 | 7.1% | 3.5% |
The A2 Milk Company (A2M) | Ord Minnett | Accumulate | $6.20 | $5.90 | 5.1% | 6.2% |
Wesfarmers (WES) | UBS | Sell | $69.00 | $66.00 | 4.5% | -5.3% |
Homeco Daily Needs Reit (HDN) | Bell Potter | Hold | $1.40 | $1.35 | 3.7% | 19.1% |
Dexus Industria Reit. (DXI) | Bell Potter | Hold | $2.90 | $2.80 | 3.6% | 6.2% |
Northern Star Resources (NST) | Bell Potter | Buy | $20.00 | $19.55 | 2.3% | 15.9% |
Vulcan Energy Resources (VUL) | Canaccord Genuity | Buy | $11.75 | $11.50 | 2.2% | 109.8% |
Aspen Group (APZ) | Bell Potter | Buy | $2.80 | $2.75 | 1.8% | 17.6% |
Santos (STO) | UBS | Buy | $8.25 | $8.15 | 1.2% | 15.7% |
Capstone Copper Corp. (CSC) | Citi | Buy | $13.50 | $13.60 | -0.7% | 35.7% |
Northern Star Resources (NST) | Goldman Sachs | Buy | $19.80 | $20.00 | -1.0% | 14.7% |
Northern Star Resources (NST) | Ord Minnett | Hold | $16.80 | $17.00 | -1.2% | -2.7% |
BHP Group (BHP) | Goldman Sachs | Buy | $46.80 | $47.50 | -1.5% | 15.2% |
Centuria Industrial Reit (CIP) | Bell Potter | Buy | $3.25 | $3.30 | -1.5% | 14.0% |
Northern Star Resources (NST) | Canaccord Genuity | Reduce | $22.85 | $23.30 | -1.9% | 32.4% |
Regal Partners (RPL) | Ord Minnett | Buy | $4.40 | $4.50 | -2.2% | 18.0% |
BHP Group (BHP) | Ord Minnett | Accumulate | $43.00 | $44.00 | -2.3% | 5.9% |
HMC Capital (HMC) | Bell Potter | Buy | $13.15 | $13.50 | -2.6% | 42.0% |
Wisetech Global (WTC) | Bell Potter | Buy | $136.25 | $140.00 | -2.7% | 14.5% |
Woolworths Group (WOW) | Citi | Neutral | $33.00 | $34.00 | -2.9% | 9.3% |
Woodside Energy Group (WDS) | UBS | Neutral | $27.40 | $28.30 | -3.2% | 6.5% |
Wesfarmers (WES) | Citi | Sell | $59.00 | $61.00 | -3.3% | -19.0% |
Harvey Norman (HVN) | Citi | Buy | $5.20 | $5.50 | -5.5% | 9.2% |
Coventry Group (CYG) | Bell Potter | Buy | $1.60 | $1.75 | -8.6% | 35.0% |
Carnarvon Energy (CVN) | RBC Capital Markets | Outperform | $0.18 | $0.20 | -10.0% | 50.0% |
Healthco Healthcare and Wellness Reit (HCW) | Bell Potter | Buy | $1.30 | $1.50 | -13.3% | 38.3% |
Hillgrove Resources (HGO) | Canaccord Genuity | Buy | $0.08 | $0.10 | -20.0% | 73.9% |
Biggest broker price target changes since last update. Price Target Upside/Downside (“PT Upside%”) values in the last column are based on closing prices 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.
