ASX Upgrades and Downgrades: Iron ore and lithium miners, Computershare

Market Index provides daily updates for the latest broker upgrades and downgrades for ASX companies. 

Monday has been a relatively quiet day for broker updates, mostly unchanged ratings and posturing price targets for macroeconomic headwinds, rising interest rates and beaten up valuations.

Upgrades 

Computershare (ASX: CPU)

• Morgans upgraded to Add from Hold - $27.53 target price (from $23.97)

• Several upgrades for companies under 'diversified financials' sector thanks to rising bond yields

St Barbara (ASX: SBM)

• Macquarie upgraded to Outperform from Neutral - $1.10 target price

• June quarter result beat the broker's expectations, notably production and cash balance

Magellan Financial Group (ASX: MFG)

• Macquarie upgrades to Neutral from Underperform - $11.50 target price (from $13.25)

• Expects more outflows in September quarter but de-rating has reflected FUM outflows

Downgrades

Allkem (ASX: AKE)

• Credit Suisse retains Neutral rating - $11.00 target price (from $14.70)

• Recession risks and rising costs expose downside risks for miners, including lithium miners

Costa Group (ASX: CGC)

• Credit Suisse downgrades to Neutral from Outperform - $2.80 target price (from $3.70)

• FY22 earnings estimates downgraded on expectations of a weak harvest from Victoria, NSW and SA operations and a slow recovery for avocado pricing

Fortescue (ASX: FMG)

• Credit Suisse retains Neutral rating - $17.00 target price (from $20.00)

• Several target price downgrades for miners due to falling spot prices and cost side inflation

Medibank Private (ASX: MPL)

• Morgans downgrades to Hold from Add - $3.43 target price

• FY22 earnings downgraded on negative mark to market investment impacts (fluctuations of assets and liabilities)

Pilbara Minerals (ASX: PLS)

• Credit Suisse retains Neutral rating - $2.40 target price (from $3.00)

• Recession risks and rising costs expose downside risks for miners, including lithium miners