Australian Broker Moves 30 July

A selection of ratings upgrades and downgrades, target price changes, and commentary for ASX stocks from major research houses for 30 July.

In the big brokers’ spotlights today, mining behemoth Rio Tinto (RIO) after it reported first half results after the market closed Wednesday. Brokers' reactions were mixed, with all brokers admitting the results were better than expected, but each broker somehow drew a different conclusion on RIOs valuation and prospects going forwards.

Both IGO and St Barbara Mines (SBM) came in for some attention after each updated the market on quarterly production, and comments made at the ALS (ALQ) annual general meeting appeared to have been positively received. The big news however, is perhaps Credit Suisse's upgrade to each of the Big 4 Banks' price targets following APRA's guidance on dividends.

For each of these updates and more, see below.

Life360 Inc.	360	Credit Suisse lowers Life360 Inc. (360) price target from $4.80 to $4.40. Retains outperform rating. Blames slower growth.
Als Limited	ALQ	Macquarie raises Als Limited (ALQ) price target from $7.78 to $9. Retains outperform rating. Cites positive comments made by management at AGM.
Als Limited	ALQ	Morgan Stanley retains overweight rating on Als Limited (ALQ). Retains $8.80 price target.
Als Limited	ALQ	UBS raises Als Limited (ALQ) price target from $7.30 to $8.03. Retains neutral rating. Cites strong update despite challenging environment. Sees improvement as markets reopen.
Australia And New Zealand Banking Group Limited	ANZ	Credit Suisse raises Australia And New Zealand Banking Group Limited (ANZ) price target from $22.80 to $26.20. Retains outperform rating. Upgrades based upon APRA dividend guidance.
Ap Eagers Limited	APE	Macquarie raises Ap Eagers Limited (APE) price target from $6.50 to $7.80. Retains neutral rating. Notes business appears to be in a strong position.
Commonwealth Bank Of Australia.	CBA	Credit Suisse raises Commonwealth Bank Of Australia. (CBA) price target from $65 to $74.80. Retains neutral rating. Upgrades based upon APRA dividend guidance.
Champion Iron Limited	CIA	Macquarie raises Champion Iron Limited (CIA) price target from $2.90 to $3.40. Retains outperform rating. Expects upgrades as company has reported stronger than expected Q1 results.
Domino's Pizza Enterprises Limited	DMP	UBS downgrades Domino's Pizza Enterprises Limited (DMP) rating from buy to neutral. Raises price target from $50.80 to $64. Broker believes benefits of structural shifts towards online sales is factored in. Notes share price no longer represents significant value.
Igo Limited	IGO	Citi lowers Igo Limited (IGO) price target from $5.70 to $5.30. Retains neutral rating. Blames weaker than expected production report, FY21 expectations.
Igo Limited	IGO	Credit Suisse lowers Igo Limited (IGO) price target from $4.40 to $4. Retains underperform rating. Is pleased with reliable cash flow, but notes building costs may impact margins. Disappointing outlook at Tropicana.
Igo Limited	IGO	Macquarie lowers Igo Limited (IGO) price target from $5.50 to $5.30. Retains outperform rating. Blames higher costs, uninspiring quarterly results.
Igo Limited	IGO	Morgan Stanley lowers Igo Limited (IGO) price target from $5 to $4.75. Retains equalweight rating. Cites lower than expected guidance, higher costs.
Janus Henderson Group Plc	JHG	Citi raises Janus Henderson Group Plc (JHG) price target from $34 to $36. Retains buy rating. Upgrades earnings forecasts on the back of Q2 update. Sees valuation as attractive.
Livetiles Limited	LVT	Citi raises Livetiles Limited (LVT) price target from $0.29 to $0.30. Retains neutral rating. Warns that there remains significant risks to bookings and churn. Cautious on near term outlook whilst IT budgets remain under pressure.
National Australia Bank Limited	NAB	Credit Suisse raises National Australia Bank Limited (NAB) price target from $18.50 to $21.30. Retains outperform rating. Upgrades based upon APRA dividend guidance.
Nitro Software Limited	NTO	Morgan Stanley retains overweight rating on Nitro Software Limited (NTO). Retains $1.80 price target. Notes company continues to improve retention.
Rio Tinto Limited	RIO	Citi raises Rio Tinto Limited (RIO) price target from $96 to $100. Retains neutral rating. Broker believes RIO is well positioned to take advantage of improving conditions in China, sees better fundamentals for high-grade iron ore and aluminium markets. Notes share price reflects value.
Rio Tinto Limited	RIO	Goldman Sachs raises Rio Tinto Limited (RIO) price target from $93.40 to $96.20. Retains neutral rating. Describes H1 results as a "modest beat". Revised FY20 EPS estimates up by 7% and FY21 by 3% on revisions to our aluminium and copper production and price assumptions.
Rio Tinto Limited	RIO	Credit Suisse retains underperform rating on Rio Tinto Limited (RIO). Retains $86 price target. Says first half results better than expected. Expects continued solid performance led by iron ore, but remains concerned about falls in commodity prices.
Rio Tinto Limited	RIO	Macquarie lowers Rio Tinto Limited (RIO) price target from $111 to $110. Retains outperform rating. Notes first half results better than expected. Could continue to build momentum if iron ore prices can remain steady.
Rio Tinto Limited	RIO	Morgan Stanley retains equalweight rating on Rio Tinto Limited (RIO). Retains $91.50 price target. Says first half results better than expected. But can't see major growth drivers going forwards.
Rio Tinto Limited	RIO	UBS retains neutral rating on Rio Tinto Limited (RIO). Retains $102 price target. Notes first half results better than expected.
St Barbara Limited	SBM	Credit Suisse raises St Barbara Limited (SBM) price target from $3.45 to $3.70. Retains outperform rating.
St Barbara Limited	SBM	Macquarie raises St Barbara Limited (SBM) price target from $2.80 to $3. Retains underperform rating. Says FY21 guidance weaker than expected.
St Barbara Limited	SBM	Morgan Stanley retains overweight rating on St Barbara Limited (SBM). Retains $3.85 price target. Is pleased with Gwalia performance, but notes overall result worse than expected.
Tabcorp Holdings Limited	TAH	Citi raises Tabcorp Holdings Limited (TAH) price target from $3.40 to $3.70. Retains neutral rating. Broker likes trends in lottery and racing. Notes negative impact of covid on other parts of the business (e.g. pubs, clubs gaming and casinos as sports betting stalled). But still sees strong growth in wagering going forwards.
Westpac Banking Corporation	WBC	Credit Suisse raises Westpac Banking Corporation (WBC) price target from $17.90 to $20.60. Retains outperform rating. Upgrades based upon APRA dividend guidance.