A selection of ratings upgrades and downgrades, target price changes, and commentary for ASX stocks from major research houses for 29 September.
A relatively quiet past 24 hours on the big brokers' front!
They reacted positively to news from Boral Group (BLD) that the Stokes family were increasing their shareholding and influence over the company.
Elsewhere, brokers continued to be upbeat on Premier Investments (PMV) recent FY20 results release, and the Westpac Banking Corp (WBC) Austrac settlement.
| Australian Finance Group |
AFG |
Citi initiates buy rating on Australian Finance Group (AFG). Initiates $3.00 price target. Anticipates cyclical trends will provide tailwinds for earnings. |
| Bluescope Steel |
BSL |
Citi raises Bluescope Steel (BSL) price target from $13.60 to $14.00. Retains neutral rating. Cites cyclical tailwinds for those exposed to construction. |
| Boral |
BLD |
Citi upgrades Boral (BLD) rating from neutral to buy. Raises price target from $4.35 to $5.30. Cites rebound in construction market. Upcoming portfolio review could trigger re-rating by market. |
| Boral |
BLD |
Jefferies retains buy rating on Boral (BLD). Reviews board renewal. Is pleased with outcome. |
| Bubs Australia |
BUB |
Citi downgrades Bubs Australia (BUB) rating from neutral to sell. Lowers price target from $0.870 to $0.700. |
| Cleanaway Waste Management |
CWY |
Credit Suisse upgrades Cleanaway Waste Management (CWY) rating from neutral to outperform. Retains $2.45 price target. Notes recent share price declines as improving value proposition. |
| Mortgage Choice |
MOC |
Citi initiates buy rating on Mortgage Choice (MOC). Initiates $1.250 price target. Anticipates cyclical trends will provide tailwinds for earnings. |
| Premier Investments |
PMV |
Macquarie raises Premier Investments (PMV) price target from $22.13 to $24.22. Retains outperform rating. Reviews FY20 results. Is pleased with progress on margins, earnings growth. |
| Resolute Mining |
RSG |
Citi raises Resolute Mining (RSG) price target from $1.500 to $1.650. Retains buy rating. Anticipates a return to normal production after recent industrial action against the co. |
| Westpac Banking Corporation |
WBC |
Morgan Stanley raises Westpac Banking Corporation (WBC) price target from $17.40 to $17.50. Retains equalweight rating. Reviews Austrac settlement, no major change to outlook, slight increase in TP. |
| ZIP Co |
Z1P |
Citi retains sell rating on ZIP Co (Z1P). Retains $6.70 price target. Blames increasing competition concerns for maintaining rating. |
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