Broker Watch

ASX Broker Moves: Upgrades for Fortescue, Lovisa, Liontown Resources vs Downgrades for Deterra Royalties, Genesis Minerals

Fri 17 Jan 25, 2:52pm (AEDT)
asx boker moves
Source: Shutterstock, Market Index

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Key Points

  • Upgrades: Aussie Broadband (ABB), Bellevue Gold (BGL), Coles Group (COL), Fortescue (FMG), Lovisa (LOV), Liontown Resources (LTR), Nanosonics (NAN), and Northern Star Resources (NST).
  • Downgrades: Deterra Royalties (DRR), Genesis Minerals (GMD), and Ora Banda Mining (OBM).
  • Target price biggest increases: Pro Medicus (PME), Superloop (SLC), Northern Star Resources (NST), Tabcorp (TAH), and Genesis Minerals (GMD).
  • Target price biggest cuts: St Barbara (SBM), Liontown Resources (LTR), Bellevue Gold (BGL), Emerald Resources (EMR), and 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 24-hours.

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


Broker Views Snippets

  • Ord Minnett on Bellevue Gold (ASX: BGL) ⬆️: The broker has marked to market various commodity prices for its mining coverage due to weaker commodity demand, higher market yields, and the potential for trade tariffs to be implemented, this results in 38% / 25.7% reductions in BGL's FY25 / FY26 earnings forecasts. UPGRADE TO HOLD.

  • Ord Minnett on Fortescue (ASX: FMG) ⬆️: The broker notes the stock's attractive valuation relative to its peers, as well as forecasts an improvement in Chinese steel production. UPGRADE TO BUY.

  • Morgan Stanley on Lovisa (ASX: LOV) ⬆️: "We see upside risk to FY25/26 store growth, given the acceleration in Jan-25, based on website data. If the run-rate is sustained, we think this will be positively received by the market given store growth is the key share price driver, in our view." UPGRADE TO OVERWEIGHT.

  • Goldman Sachs on CSL (ASX: CSL) and Resmed Inc (ASX: RMD) ⬆️: "Whilst RMD and CSL are navigating changes to their competitive landscape from new entrants, we believe the valuation multiple de-rate (both stocks at 10-year lows relative to the ASX200 index) is unwarranted considering the investments made to grow in their new operating environments." INITIATE AT BUY.

  • UBS on Genesis Minerals (ASX: GMD) ⬇️: "While we remain constructive on the name, strategy and management team, the stock has outperformed relatively and has run up to our NPV valuation...We see the risk reward as balanced, however if it were to bring forward Tower Hill and expand milling capacity this would present upside to our forecasts." DOWNGRADE TO NEUTRAL.


Rating UPGRADED

Company

Broker

New Rating

Old Rating

Price Target

PT Upside%

Aussie Broadband (ABB)

Jefferies

Buy

Hold

$4.40

20.9%

Bellevue Gold (BGL)

Ord Minnett

Hold

Lighten

$1.15

4.5%

Coles Group (COL)

CLSA

Outperform

Hold

$20.60

8.7%

Fortescue (FMG)

Ord Minnett

Buy

Accumulate

$21.10

11.7%

Lovisa (LOV)

Morgan Stanley

Overweight

Equal-Weight

$32.00

17.7%

Liontown Resources (LTR)

Ord Minnett

Hold

Lighten

$0.62

6.9%

Nanosonics (NAN)

Citi

Neutral

Sell

$3.40

4.0%

Northern Star Resources (NST)

Jarden

Neutral

Underweight

$15.80

-9.0%

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%

Deterra Royalties (DRR)

Ord Minnett

Accumulate

Buy

$4.40

8.1%

Genesis Minerals (GMD)

UBS

Neutral

Buy

$3.00

4.9%

Ora Banda Mining (OBM)

Moelis Australia

Hold

Buy

$0.83

7.8%

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 INITIATED

Company

Broker

New Rating

Old Rating

Price Target

PT Upside%

Cochlear (COH)

Goldman Sachs

Buy

 

$325.40

7.1%

CSL (CSL)

Goldman Sachs

Buy

 

$316.70

14.9%

Fisher & Paykel Healthcare (FPH)

Goldman Sachs

Neutral

 

$42.70

25.5%

Neuren Pharmaceuticals (NEU)

Ord Minnett

Buy

 

$29.30

138.6%

Resmed Inc (RMD)

Goldman Sachs

Buy

 

$48.90

30.3%

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%

Pro Medicus (PME)

Citi

Sell

$150.00

$100.00

50.0%

-40.6%

Superloop (SLC)

Morgans

Add

$2.40

$1.70

41.2%

11.6%

Northern Star Resources (NST)

Jarden

Neutral

$15.80

$13.10

20.6%

-9.0%

Tabcorp (TAH)

Morgans

Hold

$0.60

$0.50

20.0%

-4.0%

Genesis Minerals (GMD)

Bell Potter

Buy

$3.35

$2.80

19.6%

17.1%

Genesis Minerals (GMD)

Shaw and Partners

Buy

$3.30

$2.80

17.9%

15.4%

Coles Group (COL)

CLSA

Outperform

$20.60

$17.90

15.1%

8.7%

Aussie Broadband (ABB)

Jefferies

Buy

$4.40

$3.85

14.3%

20.9%

Lovisa (LOV)

Morgan Stanley

Overweight

$32.00

$28.50

12.3%

17.7%

Australian Clinical Labs (ACL)

Citi

Buy

$4.00

$3.60

11.1%

17.3%

Resolution Minerals (RMS)

RBC Capital Markets

Sector Perform

$3.00

$2.70

11.1%

-97.5%

Genesis Minerals (GMD)

Ord Minnett

Accumulate

$3.15

$2.90

8.6%

10.1%

Car Group (CAR)

Jarden

Underweight

$35.50

$32.75

8.4%

-8.0%

Capricorn Metals (CMM)

Ord Minnett

Buy

$8.10

$7.50

8.0%

14.9%

Nanosonics (NAN)

Citi

Neutral

$3.40

$3.15

7.9%

4.0%

Genesis Minerals (GMD)

UBS

Neutral

$3.00

$2.80

7.1%

4.9%

Genesis Minerals (GMD)

Macquarie

Outperform

$3.30

$3.10

6.5%

15.4%

Atlas Arteria (ALX)

Macquarie

Outperform

$5.53

$5.20

6.3%

11.3%

Regis Resources (RRL)

RBC Capital Markets

Outperform

$4.00

$3.80

5.3%

35.1%

Catalyst Metals (CYL)

Bell Potter

Buy

$4.45

$4.30

3.5%

35.7%

Fortescue (FMG)

Ord Minnett

Buy

$21.10

$20.50

2.9%

11.7%

Northern Star Resources (NST)

RBC Capital Markets

Sector Perform

$19.50

$19.00

2.6%

12.3%

Genesis Minerals (GMD)

Canaccord Genuity

Buy

$4.15

$4.05

2.5%

45.1%

South32 (S32)

Ord Minnett

Buy

$4.35

$4.25

2.4%

24.6%

Paladin Energy (PDN)

Morgan Stanley

Overweight

$10.25

$10.50

-2.4%

21.0%

Nextdc (NXT)

Morgans

Add

$20.00

$20.50

-2.4%

29.6%

Light & Wonder (LNW)

Morgans

Add

$175.00

$180.00

-2.8%

22.2%

Rio Tinto (RIO)

Morgans

Add

$125.00

$129.00

-3.1%

4.5%

Mineral Resources (MIN)

Ord Minnett

Accumulate

$42.00

$44.00

-4.5%

16.6%

Westgold Resources (WGX)

RBC Capital Markets

Outperform

$4.00

$4.20

-4.8%

48.7%

Jumbo Interactive (JIN)

Morgans

Add

$14.60

$15.80

-7.6%

16.6%

Smartgroup Corporation (SIQ)

Citi

Buy

$9.60

$10.45

-8.1%

23.6%

McMillan Shakespeare (MMS)

Citi

Buy

$18.40

$20.05

-8.2%

19.3%

Deterra Royalties (DRR)

Ord Minnett

Accumulate

$4.40

$4.80

-8.3%

8.1%

29METALS (29M)

Ord Minnett

Hold

$0.32

$0.35

-8.6%

45.5%

Mineral Resources (MIN)

Jarden

Sell

$27.60

$31.20

-11.5%

-23.4%

Emerald Resources (EMR)

Ord Minnett

Hold

$3.50

$4.00

-12.5%

-1.7%

Bellevue Gold (BGL)

Ord Minnett

Hold

$1.15

$1.35

-14.8%

4.5%

Liontown Resources (LTR)

Ord Minnett

Hold

$0.62

$0.74

-16.2%

6.9%

St Barbara (SBM)

RBC Capital Markets

Sector Perform

$0.40

$0.50

-20.0%

-88.5%

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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