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The ASX stocks enjoying the biggest upgrades, downgrades, and target price changes
ASX stocks enjoying the biggest upgrades, downgrades, and target price changes. What the major brokers loved and hated this week and why.
Source: Shutterstock, Market Index
Mentioned
Welcome to this week's ASX Broker Moves – your most comprehensive source for recent changes in major broker ratings and target prices for the Australian stock market.
The tables below contain data on ratings upgrades, downgrades, and initiations, as well as the biggest target price changes among the broker research reports we’ve received in the last two weeks (10 trading days).
You will find a full list of daily broker moves in our Evening Wrap.
RATING = UPGRADED ✅
Company | Broker | New Rating | Old Rating | Target Price | TP Upside% |
|---|---|---|---|---|---|
ALS (ALQ) | Ord Minnett | Accumulate | Hold | $20.95 | 7.6% |
ANZ Group (ANZ) | Morgans | Trim | Sell | $29.24 | -11.1% |
Boss Energy (BOE) | UBS | Neutral | Sell | $2.00 | 5.5% |
Bank of Queensland (BOQ) | Citi | Neutral | Sell | $6.60 | -6.8% |
BWP Trust (BWP) | Citi | Buy | Neutral | $4.00 | 9.0% |
Collins Foods (CKF) | RBC Capital Markets | Outperform | Sector Perform | $11.70 | 10.7% |
Capricorn Metals (CMM) | Bell Potter | Buy | Hold | $13.10 | 12.0% |
Dalrymple Bay Infrastructure (DBI) | Morgans | Accumulate | Hold | $4.73 | 10.0% |
Dalrymple Bay Infrastructure (DBI) | RBC Capital Markets | Outperform | Sector Perform | $4.70 | 9.3% |
Downer EDI (DOW) | Macquarie | Outperform | Neutral | $7.65 | 5.5% |
Evolution Mining (EVN) | Bell Potter | Buy | Hold | $10.55 | 13.3% |
Genesis Minerals (GMD) | Shaw and Partners | Buy | Hold | $5.40 | 1.9% |
Growthpoint Properties Australia (GOZ) | Macquarie | Outperform | Neutral | $2.58 | 0.4% |
GPT Group (GPT) | Macquarie | Outperform | Neutral | $5.77 | 8.5% |
Homeco Daily Needs Reit (HDN) | UBS | Buy | Neutral | $1.53 | 10.9% |
Harvey Norman (HVN) | Morgan Stanley | Equal Weight | Underweight | $7.60 | 5.3% |
Harvey Norman (HVN) | UBS | Buy | Neutral | $7.75 | 7.3% |
IGO (IGO) | Citi | Neutral | Sell | $4.40 | -8.1% |
JB HI-FI (JBH) | UBS | Neutral | Sell | $112.00 | -3.5% |
Judo Capital (JDO) | Citi | Buy | Neutral | $2.00 | 14.3% |
Kingsgate Consolidated (KCN) | Canaccord Genuity | Buy | Speculative Buy | $4.95 | 73.1% |
Lifestyle Communities (LIC) | Citi | Buy | Neutral | $7.00 | 17.4% |
Lendlease Group (LLC) | JPMorgan | Overweight | Neutral | $6.50 | 20.8% |
Lynas Rare Earths (LYC) | Macquarie | Neutral | Underperform | $14.50 | 0.8% |
Mirvac Group (MGR) | Citi | Buy | Neutral | $2.60 | 11.6% |
Megaport (MP1) | Citi | Buy | Neutral | $16.30 | 12.8% |
Newmont Corporation (NEM) | RBC Capital Markets | Outperform | Sector Perform | $95.00 | -19.1% |
NRW (NWH) | Macquarie | Outperform | Neutral | $4.45 | -2.6% |
Rural Funds Group (RFF) | UBS | Buy | Neutral | $2.10 | 6.3% |
Region Group (RGN) | Macquarie | Neutral | Underperform | $2.32 | -4.9% |
Regis Resources (RRL) | Bell Potter | Buy | Hold | $6.30 | 13.5% |
Reliance Worldwide (RWC) | Bank of America | Neutral | Underperform | $4.35 | 2.4% |
Service Stream (SSM) | CLSA | Outperform | Hold | $2.60 | 11.1% |
Service Stream (SSM) | Ord Minnett | Buy | Accumulate | $2.57 | 9.8% |
Suncorp Group (SUN) | UBS | Buy | Neutral | $23.15 | 12.3% |
Technology One (TNE) | Bell Potter | Hold | Sell | $35.75 | -4.2% |
TPG Telecom (TPG) | Jarden | Overweight | Neutral | $5.25 | 6.9% |
Ventia Services Group (VNT) | Ord Minnett | Accumulate | Hold | $5.25 | 4.4% |
Westpac Banking Corp. (WBC) | Citi | Neutral | Sell | $36.50 | -5.5% |
Wesfarmers (WES) | Morgan Stanley | Equal Weight | Underweight | $93.50 | 1.2% |
Worley (WOR) | RBC Capital Markets | Outperform | Sector Perform | $18.50 | 29.6% |
Xero (XRO) | Ord Minnett | Buy | Accumulate | $200.00 | 24.0% |
Broker rating upgrades since last update. Target Price Upside/Downside (“TP Upside %”) values in the last column are based on closing prices on most recent session's close.
Rating Upgrades Insights 🧐
To save you some trouble in isolating just those stocks that were bumped up to a buy or equivalent rating, here's the concise list:
NRW (NWH) x2
Service Stream (SSM) x2
BWP Trust (BWP)
Capricorn Metals (CMM)
Collins Foods (CKF)
Dalrymple Bay Infrastructure/Notes (DBI)
Downer EDI (DOW)
Evolution Mining (EVN)
GPT Group (GPT)
Genesis Minerals (GMD)
Growthpoint Properties Australia (GOZ)
Harvey Norman (HVN)
Homeco Daily Needs Reit (HDN)
Judo Capital (JDO)
Kingsgate Consolidated (KCN)
Lendlease Group (LLC)
Lifestyle Communities (LIC)
Megaport (MP1)
Mirvac Group (MGR)
Newmont Corporation (NEM)
Regis Resources (RRL)
Rural Funds Group (RFF)
Suncorp Group (SUN)
TPG Telecom (TPG)
Worley (WOR)
Xero (XRO)
RATING = DOWNGRADED ❌
Company | Broker | New Rating | Old Rating | Target Price | TP Upside% |
|---|---|---|---|---|---|
Alkane Resources (ALK) | Moelis Australia | Hold | Buy | $1.20 | 17.1% |
AMP (AMP) | Ord Minnett | Accumulate | Buy | $1.95 | 8.9% |
Arena Reit. (ARF) | Macquarie | Neutral | Outperform | $4.01 | 0.2% |
Abacus Storage King (ASK) | Citi | Neutral | Buy | $1.50 | 4.9% |
Bubs Australia (BUB) | Ord Minnett | Accumulate | Buy | $0.18 | 24.1% |
Brambles (BXB) | Macquarie | Neutral | Outperform | $25.20 | 1.2% |
Codan (CDA) | Macquarie | Neutral | Outperform | $27.15 | -10.8% |
Charter Hall Long Wale Reit (CLW) | JPMorgan | Underweight | Neutral | $4.30 | -5.5% |
Centuria Capital Group (CNI) | UBS | Sell | Neutral | $2.10 | -7.9% |
Centuria Office Reit (COF) | UBS | Sell | Neutral | $1.20 | -2.8% |
Curvebeam AI (CVB) | Bell Potter | Hold | Buy | $0.15 | 20.0% |
Catalyst Metals (CYL) | Morgans | Accumulate | Buy | $9.26 | 20.4% |
Doctor Care Anywhere Group (DOC) | Bell Potter | Hold | Buy | $0.17 | -12.8% |
Homeco Daily Needs Reit (HDN) | JPMorgan | Neutral | Overweight | $1.40 | 1.4% |
Homeco Daily Needs Reit (HDN) | Moelis Australia | Hold | Buy | $1.44 | 4.3% |
Lynas Rare Earths (LYC) | Euroz Hartleys | Hold | Buy | $13.00 | -9.7% |
New Hope Corporation (NHC) | Macquarie | Underperform | Neutral | $3.80 | -9.5% |
Northern Minerals (NTU) | Argonaut Securities | Hold | Speculative Buy | $0.04 | 2.6% |
NRW (NWH) | CLSA | Hold | Outperform | $4.70 | 2.8% |
NRW (NWH) | Morgans | Accumulate | Buy | $4.50 | -1.5% |
Ora Banda Mining (OBM) | Macquarie | Underperform | Outperform | $0.95 | -1.0% |
Ora Banda Mining (OBM) | Moelis Australia | Hold | Buy | $0.88 | -8.3% |
Paladin Energy (PDN) | Ord Minnett | Hold | Accumulate | $7.60 | -2.1% |
Pantoro (PNR) | Bell Potter | Sell | Hold | $4.40 | -14.7% |
Pantoro (PNR) | Moelis Australia | Hold | Buy | $4.50 | -12.8% |
Reece (REH) | Macquarie | Underperform | Neutral | $10.10 | -5.3% |
Westpac Banking (WBC) | UBS | Neutral | Buy | $38.00 | -1.7% |
Xero (XRO) | RBC Capital Markets | Sector Perform | Outperform | $187.00 | 15.9% |
Broker rating downgrades since last update. Target Price Upside/Downside (“TP Upside %”) values in the last column are based on closing prices on most recent session's close.
Rating Downgrades Insights 🧐
To save you some trouble in isolating just those stocks that were dumped to a sell or equivalent rating, here's the concise list:
Centuria Capital Group (CNI)
Centuria Office Reit (COF)
Charter Hall Long Wale Reit (CLW)
New Hope Corporation (NHC)
Ora Banda Mining (OBM)
Pantoro (PNR)
Reece (REH)
Company/Ticker | Frequency Downgrade |
|---|---|
Homeco Daily Needs Reit (HDN) | 2 |
NRW (NWH) | 2 |
Ora Banda Mining (OBM) | 2 |
Pantoro (PNR) | 2 |
RATING = INITIATED 🌟
Company | Broker | New Rating | Target Price | TP Upside% |
|---|---|---|---|---|
Life360 (360) | Citi | Buy | $47.00 | -5.2% |
Alcoa Corporation (AAI) | Barrenjoey | Overweight | $63.00 | 26.2% |
Alcoa Corporation (AAI) | Ord Minnett | Buy | $63.00 | 26.2% |
Alkane Resources (ALK) | Bell Potter | Buy | $1.45 | 41.5% |
Amcor (AMC) | Goldman Sachs | Buy | $16.50 | 32.0% |
Accent Group (AX1) | Goldman Sachs | Buy | $1.70 | 25.5% |
Energy One (EOL) | Jefferies | Buy | $20.00 | 21.0% |
GBM Resources (GBZ) | Canaccord Genuity | Speculative Buy | $0.08 | 116.2% |
Golden Horse Minerals (GHM) | Shaw and Partners | Buy | $0.81 | 30.6% |
Gemlife Communities (GLF) | JPMorgan | Overweight | $5.30 | 17.3% |
Infragreen Group (IFN) | Morgans | Buy | $1.30 | 19.3% |
Minerals 260 (MI6) | Barrenjoey | Overweight | $0.30 | 57.9% |
Minerals 260 (MI6) | Ord Minnett | Buy | $0.30 | 57.9% |
Nick Scali (NCK) | Goldman Sachs | Neutral | $21.00 | -10.1% |
Ora Banda Mining (OBM) | Barrenjoey | Overweight | $1.20 | 25.0% |
Ora Banda Mining (OBM) | Ord Minnett | Accumulate | $1.20 | 25.0% |
Qoria (QOR) | Goldman Sachs | Buy | $0.72 | 18.0% |
Temple & Webster Group (TPW) | Goldman Sachs | Buy | $27.65 | 15.4% |
Tetratherix (TTX) | Ord Minnett | Hold | $4.30 | -3.2% |
Virgin Australia (VGN) | UBS | Buy | $4.10 | 23.1% |
Broker rating initiations since last update. Target Price Upside/Downside (“TP Upside %”) values in the last column are based on closing prices on most recent session's close.
TARGET PRICE INCREASES > +20% 🚀
Company | Broker | Rating | New TP | Old TP | TP Change% | TP Upside% |
|---|---|---|---|---|---|---|
Ioneer (INR) | Canaccord Genuity | Speculative Buy | $0.40 | $0.25 | 60.0% | 196.3% |
Codan (CDA) | Macquarie | Neutral | $27.15 | $17.00 | 59.7% | -10.8% |
4DMEDICAL (4DX) | Bell Potter | Speculative Buy | $1.05 | $0.70 | 50.0% | -44.1% |
Boab Metals (BML) | Shaw and Partners | Buy | $0.60 | $0.40 | 50.0% | 81.8% |
Harvey Norman (HVN) | UBS | Buy | $7.75 | $5.25 | 47.6% | 7.3% |
Tabcorp (TAH) | Morgan Stanley | Overweight | $1.15 | $0.78 | 47.4% | 15.0% |
Newmont Corporation (NEM) | RBC Capital Markets | Outperform | $95.00 | $66.00 | 43.9% | -19.1% |
Doctor Care Anywhere Group (DOC) | Bell Potter | Hold | $0.17 | $0.12 | 41.7% | -12.8% |
Harvey Norman (HVN) | Morgan Stanley | Equal Weight | $7.60 | $5.40 | 40.7% | 5.3% |
Tuas (TUA) | Citi | Buy | $9.95 | $7.10 | 40.1% | 33.0% |
Tesoro Gold (TSO) | Morgans | Speculative Buy | $0.21 | $0.15 | 40.0% | 268.4% |
Pantoro (PNR) | Bell Potter | Sell | $4.40 | $3.15 | 39.7% | -14.7% |
Aeris Resources (AIS) | Morgans | Speculative Buy | $0.43 | $0.31 | 38.7% | 21.1% |
Harvey Norman (HVN) | Bell Potter | Buy | $8.30 | $6.00 | 38.3% | 15.0% |
Collins Foods (CKF) | RBC Capital Markets | Outperform | $11.70 | $8.50 | 37.6% | 10.7% |
DUG Technology (DUG) | Wilsons | Overweight | $2.35 | $1.73 | 35.8% | -7.1% |
Tuas (TUA) | Morgan Stanley | Overweight | $9.50 | $7.00 | 35.7% | 27.0% |
Minerals 260 (MI6) | Morgans | Speculative Buy | $0.35 | $0.26 | 34.6% | 84.2% |
Iperionx (IPX) | Canaccord Genuity | Speculative Buy | $8.90 | $6.65 | 33.8% | 34.4% |
Nexted Group (NXD) | Ord Minnett | Speculative Buy | $0.40 | $0.30 | 33.3% | 122.2% |
Sunstone Metals (STM) | Shaw and Partners | Buy | $0.04 | $0.03 | 33.3% | 90.5% |
Wesfarmers (WES) | Morgan Stanley | Equal Weight | $93.50 | $70.70 | 32.2% | 1.2% |
Ioneer (INR) | Ord Minnett | Speculative Buy | $0.25 | $0.19 | 31.6% | 85.2% |
NRW (NWH) | CLSA | Hold | $4.70 | $3.60 | 30.6% | 2.8% |
Super Retail Group (SUL) | UBS | Neutral | $18.25 | $14.00 | 30.4% | 7.5% |
Service Stream (SSM) | CLSA | Outperform | $2.60 | $2.00 | 30.0% | 11.1% |
Evolution Mining (EVN) | Bell Potter | Buy | $10.55 | $8.15 | 29.4% | 13.3% |
Regis Resources (RRL) | Bell Potter | Buy | $6.30 | $4.90 | 28.6% | 13.5% |
Lunnon Metals (LM8) | Shaw and Partners | Buy | $0.75 | $0.60 | 25.0% | 141.9% |
DUG Technology (DUG) | Ord Minnett | Buy | $2.89 | $2.32 | 24.6% | 14.2% |
Siteminder (SDR) | Citi | Buy | $8.00 | $6.45 | 24.0% | 14.3% |
Ballard Mining (BM1) | Bell Potter | Speculative Buy | $0.80 | $0.65 | 23.1% | 70.2% |
Genesis Minerals (GMD) | Shaw and Partners | Buy | $5.40 | $4.40 | 22.7% | 1.9% |
Westpac Banking Corp. (WBC) | Citi | Neutral | $36.50 | $29.75 | 22.7% | -5.5% |
Lynas Rare Earths (LYC) | Bell Potter | Sell | $9.35 | $7.65 | 22.2% | -35.0% |
Lynas Rare Earths (LYC) | Bell Potter | Sell | $9.35 | $7.65 | 22.2% | -35.0% |
JB HI-FI (JBH) | Morgan Stanley | Underweight | $101.80 | $83.40 | 22.1% | -12.3% |
ALS (ALQ) | Ord Minnett | Accumulate | $20.95 | $17.25 | 21.4% | 7.6% |
Minerals 260 (MI6) | Bell Potter | Speculative Buy | $0.34 | $0.28 | 21.4% | 78.9% |
Capricorn Metals (CMM) | Bell Potter | Buy | $13.10 | $10.80 | 21.3% | 12.0% |
Collins Foods (CKF) | Morgans | Buy | $12.20 | $10.10 | 20.8% | 15.4% |
Biggest broker target price changes since last update. Target Price Upside/Downside (“TP Upside %”) values in the last column are based on closing prices as on most recent session's close.
Target Price Increases Insights 🧐
There are just too many target price increases to show them all (the table would be a very long scroll down to the bottom!), so we've used a +20% target price increase hurdle in the above table. In the table below, we have expanded our analysis to account for target price increases of greater than +5%. It demonstrates the most consistently rewarded ASX stocks over the last two weeks.
Company (Ticker) | Frequency TP⬆️ >+5% | Average TP Change% |
|---|---|---|
Service Stream (SSM) | 5 | +14.2% |
Collins Foods (CKF) | 4 | +22.7% |
DUG Technology (DUG) | 4 | +19.7% |
Graincorp (GNC) | 4 | +7.2% |
NRW (NWH) | 4 | +15.7% |
ANZ Group (ANZ) | 3 | +9.4% |
COG Financial Services (COG) | 3 | +8.2% |
Catalyst Metals (CYL) | 3 | +12.2% |
Harvey Norman (HVN) | 3 | +42.2% |
Homeco Daily Needs Reit (HDN) | 3 | +7.8% |
TARGET PRICE DECREASES > -10% 🪓
Company | Broker | Rating | New TP | Old TP | TP Change% | TP Upside% |
|---|---|---|---|---|---|---|
Boss Energy (BOE) | UBS | Neutral | $2.00 | $3.50 | -42.9% | 5.5% |
EQ Resources (EQR) | Morgans | Speculative Buy | $0.06 | $0.10 | -40.0% | 100.0% |
Immutep (IMM) | Bell Potter | Speculative Buy | $0.46 | $0.70 | -34.3% | 87.8% |
Northern Minerals (NTU) | Argonaut Securities | Hold | $0.04 | $0.06 | -33.3% | 2.6% |
Reece (REH) | Macquarie | Underperform | $10.10 | $14.90 | -32.2% | -5.3% |
Lotus Resources (LOT) | Macquarie | Outperform | $0.26 | $0.35 | -25.7% | 40.5% |
Inghams Group (ING) | UBS | Neutral | $2.80 | $3.65 | -23.3% | 10.2% |
Nufarm (NUF) | RBC Capital Markets | Sector Perform | $2.75 | $3.50 | -21.4% | 15.1% |
ARN Media (A1N) | Morgan Stanley | Underweight | $0.40 | $0.50 | -20.0% | -18.4% |
Xero (XRO) | RBC Capital Markets | Sector Perform | $187.00 | $230.00 | -18.7% | 15.9% |
Curvebeam AI (CVB) | Bell Potter | Hold | $0.15 | $0.18 | -16.7% | 20.0% |
Guzman y Gomez (GYG) | UBS | Neutral | $26.50 | $31.00 | -14.5% | 5.6% |
Trajan Group (TRJ) | Ord Minnett | Buy | $1.25 | $1.46 | -14.4% | 66.7% |
Alkane Resources (ALK) | Moelis Australia | Hold | $1.20 | $1.40 | -14.3% | 17.1% |
Domino's Pizza (DMP) | UBS | Buy | $19.00 | $22.00 | -13.6% | 31.2% |
Domino's Pizza (DMP) | Morgan Stanley | Equal Weight | $15.55 | $18.00 | -13.6% | 7.4% |
Ebos Group (EBO) | Ord Minnett | Accumulate | $33.00 | $37.80 | -12.7% | 28.9% |
Bluescope Steel (BSL) | Macquarie | Outperform | $25.45 | $29.05 | -12.4% | 13.0% |
Paragon Care (PGC) | Ord Minnett | Buy | $0.50 | $0.56 | -10.7% | 58.7% |
SGH (SGH) | Macquarie | Outperform | $53.20 | $59.20 | -10.1% | 8.0% |
Bubs Australia (BUB) | Ord Minnett | Accumulate | $0.18 | $0.20 | -10.0% | 24.1% |
Biggest broker target price changes since last update. Target Price Upside/Downside (“TP Upside %”) values in the last column are based on closing prices as on most recent session's close.
Target Price Decreases Insights 🧐
There were relatively fewer target price decreases, so we've used a -10% target price decrease hurdle in the above table. In the table below, we have expanded our analysis to account for target price decreases of greater than -5%. It demonstrates the most consistently punished ASX stocks over the last two weeks.
Company (Ticker) | Frequency TP⬇️ >-5% | Average TP Change% |
|---|---|---|
Domino's Pizza Enterprises (DMP) | 2 | -13.6% |
Iluka Resources (ILU) | 2 | -9.0% |
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).
Target Price (TP): The price at which the broker expects the stock will be trading at some point in the future, generally within the next 12 months.
