Broker Watch

ASX Broker Moves: Upgrades for Carnarvon Energy, Hub24, Centuria Industrial Reit vs Price target cuts for Woodside Energy, Wesfarmers

Wed 22 Jan 25, 1:11pm (AEDT)
asx boker moves
Source: Shutterstock, Market Index

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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.

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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