The biggest ASX broker upgrades, downgrades and price target changes for the second half of reporting season
- August 2025 reporting season has concluded, and while research analysts are taking a breather, we've stepped up our efforts to help you make sense of it all!
- The brokers have delivered several hundred ratings and price target changes for hundreds of ASX stocks that reported in the final two weeks of reporting season.
- This data is usually only available to clients of the big brokers, but we bring you all the critical updates, as well as invaluable insights into the data.
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.
Today is a bumper "Second Half of August Reporting Season Edition"! 🧐
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 since the 15 August. In each section, you'll also find valuable insights into the data to help you make the best possible decisions for your portfolio.
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% |
|---|---|---|---|---|---|
A2 Milk Company (A2M) | Citi | Buy | Neutral | $9.29 | -3.2% |
A2 Milk Company (A2M) | Morgans | Hold | Sell | $8.00 | -16.7% |
A2 Milk Company (A2M) | Ord Minnett | Buy | Hold | $9.40 | -2.1% |
Audinate Group (AD8) | UBS | Buy | Neutral | $7.10 | 50.4% |
Adairs (ADH) | Jarden | Buy | Overweight | $2.96 | 8.4% |
Alcidion Group (ALC) | Bell Potter | Buy | Hold | $0.13 | 36.8% |
Ampol (ALD) | JPMorgan | Overweight | Neutral | $35.90 | 22.1% |
Eagers Automotive (APE) | Canaccord Genuity | Buy | Hold | $28.00 | 1.3% |
ASX (ASX) | Bank of America | Neutral | Underperform | $69.50 | 11.1% |
AUB Group (AUB) | CLSA | Outperform | Hold | $38.85 | 15.9% |
Accent Group (AX1) | Morgans | Buy | Hold | $1.65 | 16.2% |
Bega Cheese (BGA) | Morgans | Accumulate | Hold | $6.08 | 4.3% |
Beacon Lighting (BLX) | Morgans | Accumulate | Hold | $3.80 | 9.8% |
Brambles (BXB) | Morgans | Hold | Trim | $25.70 | -1.0% |
Centuria Capital (CNI) | Bell Potter | Buy | Hold | $2.40 | -3.2% |
Coles Group (COL) | Bell Potter | Buy | Hold | $24.40 | 2.2% |
Charter Hall Retail (CQR) | Macquarie | Neutral | Underperform | $3.91 | -6.9% |
Civmec (CVL) | Morgans | Buy | Accumulate | $1.50 | 25.0% |
Downer EDI (DOW) | Ord Minnett | Accumulate | Hold | $7.70 | 6.5% |
Duratec (DUR) | Ord Minnett | Buy | Accumulate | $1.95 | 5.4% |
Endeavour Group (EDV) | Citi | Neutral | Sell | $4.54 | 18.8% |
Evolution Mining (EVN) | Barrenjoey | Neutral | Underweight | $8.10 | -6.5% |
Fineos Corporation (FCL) | RBC Capital Markets | Outperform | Sector Perform | $3.50 | 16.7% |
Flight Centre Travel (FLT) | RBC Capital Markets | Outperform | Sector Perform | $16.00 | 22.8% |
Goodman Group (GMG) | Morgans | Accumulate | Hold | $38.40 | 11.8% |
Guzman y Gomez (GYG) | RBC Capital Markets | Sector Perform | Underweight | $27.00 | 7.0% |
Helloworld Travel (HLO) | Morgans | Buy | Hold | $2.32 | 22.1% |
Healius (HLS) | E&P | Positive | Neutral | $1.05 | 22.1% |
HMC Capital (HMC) | Morgans | Buy | Hold | $4.20 | 9.1% |
Hub24 (HUB) | Jarden | Neutral | Underweight | $97.00 | -11.1% |
Hub24 (HUB) | JPMorgan | Neutral | Underweight | $101.00 | -7.4% |
Harvey Norman (HVN) | UBS | Buy | Neutral | $7.75 | 12.5% |
IGO (IGO) | UBS | Neutral | Sell | $5.75 | 10.2% |
Inghams Group (ING) | Morgans | Hold | Trim | $3.03 | 11.8% |
IPH (IPH) | JPMorgan | Overweight | Neutral | $5.20 | 13.8% |
Kelsian Group (KLS) | E&P | Positive | Neutral | $5.35 | 7.4% |
Lifestyle Communities (LIC) | Citi | Buy | Neutral | $7.00 | 23.2% |
Lovisa (LOV) | Citi | Neutral | Sell | $42.50 | -1.5% |
Lovisa (LOV) | Jarden | Overweight | Neutral | $42.42 | -1.7% |
Mineral Resources (MIN) | UBS | Buy | Sell | $40.40 | 8.0% |
Monadelphous Group (MND) | Bell Potter | Hold | Sell | $19.50 | -9.2% |
Monadelphous Group (MND) | Morgans | Buy | Accumulate | $24.40 | 13.6% |
Megaport (MP1) | Jarden | Buy | Overweight | $16.77 | 2.0% |
Macquarie Group (MQG) | JPMorgan | Overweight | Neutral | $241.00 | 7.0% |
National Australia Bank (NAB) | Morgan Stanley | Overweight | Equal Weight | $42.50 | -0.7% |
Netwealth Group (NWL) | Jarden | Neutral | Underweight | $34.60 | 0.4% |
Netwealth Group (NWL) | JPMorgan | Neutral | Underweight | $34.00 | -1.4% |
Nuix (NXL) | Jefferies | Buy | Hold | $2.50 | -6.0% |
Nuix (NXL) | Moelis Australia | Buy | Hold | $2.66 | 0.0% |
OOH!Media (OML) | Morgan Stanley | Overweight | Equal-Weight | $2.00 | 19.0% |
Orora (ORA) | Jarden | Buy | Overweight | $2.60 | 25.0% |
Propel Funeral Partners (PFP) | E&P | Positive | Neutral | $5.73 | 10.6% |
Pilbara Minerals (PLS) | UBS | Neutral | Sell | $2.30 | -6.1% |
Pro Medicus (PME) | Wilsons | Overweight | Market Weight | $350.00 | 17.1% |
Polynovo (PNV) | Wilsons | Overweight | Market Weight | $1.62 | 23.2% |
Pepper Money (PPM) | Citi | Buy | Neutral | $2.40 | 11.6% |
Perenti (PRN) | CLSA | Outperform | Hold | $2.55 | 8.1% |
Peter Warren Automotive (PWR) | Jarden | Buy | Neutral | $2.30 | 21.1% |
Peter Warren Automotive (PWR) | Morgan Stanley | Overweight | Equal Weight | $2.30 | 21.1% |
Pexa Group (PXA) | Jarden | Buy | Overweight | $17.70 | 15.4% |
Qantas Airways (QAN) | Jarden | Overweight | Neutral | $12.90 | 9.8% |
Qantas Airways (QAN) | Ord Minnett | Buy | Accumulate | $13.80 | 17.4% |
Reece (REH) | Morgan Stanley | Equal Weight | Underweight | $12.00 | 7.5% |
Scentre Group (SCG) | CLSA | Outperform | Hold | $4.35 | 6.6% |
Seek (SEK) | Jefferies | Buy | Hold | $32.00 | 15.3% |
Stockland (SGP) | UBS | Buy | Neutral | $5.55 | -10.5% |
Sigma Healthcare (SIG) | Bell Potter | Hold | Sell | $2.85 | -8.7% |
Sigma Healthcare (SIG) | Morgans | Accumulate | Hold | $3.39 | 8.7% |
Smartgroup (SIQ) | Canaccord Genuity | Buy | Hold | $9.10 | 0.6% |
Super Retail Group (SUL) | E&P | Positive | Neutral | $19.14 | 1.8% |
Suncorp Group (SUN) | Bank of America | Buy | Neutral | $23.00 | 8.1% |
Tabcorp (TAH) | CLSA | Outperform | Hold | $0.99 | 1.0% |
Tabcorp (TAH) | E&P | Positive | Neutral | $1.04 | 6.1% |
Tabcorp (TAH) | Morgans | Accumulate | Hold | $1.02 | 4.1% |
Transurban Group (TCL) | Citi | Buy | Neutral | $16.10 | 10.3% |
Tourism Rentals (THL) | Morgans | Buy | Hold | $2.65 | 28.0% |
Wesfarmers (WES) | Citi | Neutral | Sell | $90.00 | -2.0% |
Waypoint Reit (WPR) | CLSA | Outperform | Hold | $2.84 | 7.2% |
Zip Co. (ZIP) | Jefferies | Buy | Underperform | $4.40 | 3.3% |
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 🧐
If you think that's a lot of upgrades, well it is, but wait until you scroll a little lower and see how many downgrades there were! For the most part, the table above contains stocks that suprised the big brokers in a good way.
There are there are some exceptions, though, like Guzman y Gomez (GYG), that delivered acutely disappointing results (judging by the plunge in GYG's stock price post-results), but which some brokers subsequently believed deserved a rating upgrade on valuation grounds (i.e., it appeared less overvalued after the heavy loss).
See below a frequency table to help summarise the deluge of information above. Generally, the most upgraded stocks earned their new ratings by delivering strong results and positive earnings suprises.
Company | Upgrade Frequency |
|---|---|
Tabcorp (TAH) | 3 |
The A2 Milk Company (A2M) | 3 |
Hub24 (HUB) | 2 |
Lovisa (LOV) | 2 |
Monadelphous Group (MND) | 2 |
Netwealth Group (NWL) | 2 |
Nuix (NXL) | 2 |
Peter Warren Automotive (PWR) | 2 |
Qantas Airways (QAN) | 2 |
Sigma Healthcare (SIG) | 2 |
RATING = DOWNGRADED ❌
Company | Broker | New Rating | Old Rating | Target Price | TP Upside% |
|---|---|---|---|---|---|
ARN Media (A1N) | Canaccord Genuity | Hold | Buy | $0.50 | 8.7% |
Aussie Broadband (ABB) | Jarden | Neutral | Overweight | $5.30 | 2.5% |
Abacus Group (ABG) | JPMorgan | Underweight | Neutral | $1.20 | -2.0% |
Apiam Animal Health (AHX) | Canaccord Genuity | Hold | Buy | $0.88 | 10.0% |
Air New Zealand (AIZ) | UBS | Sell | Neutral | $0.55 | 4.8% |
APA Group (APA) | Jefferies | Hold | Buy | $8.79 | -0.2% |
APA Group (APA) | JPMorgan | Neutral | Overweight | $8.80 | -0.1% |
Eagers Automotive (APE) | JPMorgan | Neutral | Overweight | $22.80 | -17.5% |
Eagers Automotive (APE) | Ord Minnett | Hold | Accumulate | $23.50 | -15.0% |
Aspen Group (APZ) | Moelis Australia | Hold | Buy | $4.43 | 2.1% |
Arafura Rare Earths (ARU) | JPMorgan | Neutral | Overweight | $0.19 | -2.6% |
Austal (ASB) | Argonaut Securities | Sell | Hold | $6.00 | -22.8% |
Abacus Storage King (ASK) | Citi | Neutral | Buy | $1.50 | 5.6% |
Avita Medical (AVH) | Bell Potter | Sell | Hold | $1.50 | 11.5% |
Aurizon (AZJ) | Morgans | Trim | Hold | $2.89 | -10.8% |
Baby Bunting Group (BBN) | Morgans | Trim | Hold | $2.50 | -7.4% |
Bendigo and Adelaide Bank (BEN) | Ord Minnett | Lighten | Hold | $11.00 | -17.5% |
BHP Group (BHP) | Citi | Neutral | Buy | $43.00 | -0.4% |
BHP Group (BHP) | Morgans | Hold | Accumulate | $43.90 | 1.6% |
Bank of Queensland (BOQ) | Jarden | Sell | Underweight | $6.00 | -17.5% |
Breville Group (BRG) | Ord Minnett | Hold | Accumulate | $35.00 | 3.8% |
Brambles (BXB) | Jarden | Sell | Neutral | $22.10 | -14.8% |
Brambles (BXB) | JPMorgan | Neutral | Overweight | $24.50 | -5.6% |
Brambles (BXB) | Macquarie | Neutral | Outperform | $25.50 | -1.7% |
Codan (CDA) | Macquarie | Neutral | Outperform | $27.15 | -12.1% |
Codan (CDA) | UBS | Neutral | Buy | $29.60 | -4.1% |
Codan (CDA) | UBS | Neutral | Buy | $29.60 | -4.1% |
Challenger (CGF) | Jefferies | Hold | Buy | $8.35 | 0.1% |
Charter Hall Group (CHC) | CLSA | Hold | Outperform | $23.67 | 1.0% |
Centuria Capital (CNI) | Macquarie | Underperform | Neutral | $2.04 | -17.7% |
Centuria Capital (CNI) | Moelis Australia | Hold | Buy | $2.45 | -1.2% |
Cochlear (COH) | CLSA | Hold | Outperform | $310.00 | 2.8% |
Cochlear (COH) | Morgans | Trim | Hold | $299.54 | -0.7% |
Charter Hall Retail (CQR) | Moelis Australia | Hold | Buy | $4.33 | 3.1% |
CSL (CSL) | Bell Potter | Hold | Buy | $240.00 | 12.7% |
CSL (CSL) | Ord Minnett | Hold | Buy | $258.00 | 21.2% |
Clinuvel Pharmaceuticals (CUV) | Morgans | Hold | Speculative Buy | $14.00 | 31.5% |
Domino's Pizza Enterprises (DMP) | Goldman Sachs | Neutral | Buy | $17.50 | 16.0% |
Deterra Royalties (DRR) | JPMorgan | Neutral | Overweight | $4.60 | 9.8% |
Deterra Royalties (DRR) | Macquarie | Neutral | Outperform | $4.20 | 0.2% |
Data#3 (DTL) | UBS | Neutral | Buy | $8.70 | -5.5% |
Data#3 (DTL) | Wilsons | Market Weight | Overweight | $8.67 | -5.9% |
Develop Global (DVP) | Canaccord Genuity | Hold | Speculative Buy | $4.40 | 14.0% |
Endeavour Group (EDV) | Jarden | Underweight | Neutral | $3.90 | 2.1% |
Endeavour Group (EDV) | Morgans | Hold | Accumulate | $4.15 | 8.6% |
EVT (EVT) | Jarden | Overweight | Buy | $16.34 | 16.4% |
EVT (EVT) | Ord Minnett | Accumulate | Buy | $18.94 | 34.9% |
Fortescue (FMG) | Barrenjoey | Neutral | Overweight | $20.00 | 3.6% |
Fortescue (FMG) | Bell Potter | Sell | Hold | $17.05 | -11.7% |
Fortescue (FMG) | CLSA | Underperform | Hold | $17.25 | -10.6% |
Fortescue (FMG) | Jarden | Underweight | Neutral | $16.00 | -17.1% |
Fortescue (FMG) | JPMorgan | Neutral | Overweight | $20.00 | 3.6% |
Fortescue (FMG) | Morgans | Trim | Hold | $16.60 | -14.0% |
Fortescue (FMG) | Ord Minnett | Accumulate | Buy | $20.00 | 3.6% |
G8 Education (GEM) | Canaccord Genuity | Hold | Buy | $1.06 | 24.7% |
Gemlife Communities (GLF) | Morgans | Accumulate | Buy | $5.40 | 13.0% |
Genesis Minerals (GMD) | Barrenjoey | Underweight | Neutral | $3.95 | -12.4% |
Goodman Group (GMG) | Ord Minnett | Lighten | Hold | $32.50 | -5.4% |
Goodman Group (GMG) | UBS | Neutral | Buy | $36.63 | 6.6% |
GR Engineering Services (GNG) | Euroz Hartleys | Hold | Buy | $4.20 | -3.9% |
GPT Group (GPT) | CLSA | Hold | Outperform | $5.60 | 0.4% |
GPT Group (GPT) | Macquarie | Neutral | Outperform | $5.29 | -5.2% |
GPT Group (GPT) | Ord Minnett | Hold | Accumulate | $5.30 | -5.0% |
GQG Partners (GQG) | Jarden | Overweight | Buy | $2.50 | 43.3% |
Healthco Healthcare & Wellness (HCW) | Macquarie | Neutral | Outperform | $0.78 | 5.4% |
Helia Group (HLI) | Macquarie | Underperform | Neutral | $4.10 | -26.1% |
HMC Capital (HMC) | Bell Potter | Hold | Buy | $3.60 | -6.5% |
Hub24 (HUB) | UBS | Neutral | Buy | $112.00 | 2.7% |
Integral Diagnostics (IDX) | Wilsons | Market Weight | Overweight | $3.00 | 3.1% |
IDP Education (IEL) | CLSA | Underperform | Hold | $4.50 | -19.9% |
Infomedia (IFM) | CLSA | Hold | Outperform | $1.80 | 7.5% |
Infomedia (IFM) | UBS | Neutral | Buy | $1.85 | 10.4% |
IGO (IGO) | Citi | Sell | Neutral | $4.50 | -13.8% |
IGO (IGO) | Jarden | Overweight | Buy | $4.86 | -6.9% |
IGO (IGO) | Jefferies | Underperform | Hold | $4.20 | -19.5% |
Iluka Resources (ILU) | Argonaut Securities | Hold | Buy | $6.00 | -5.2% |
Iluka Resources (ILU) | Macquarie | Neutral | Outperform | $6.30 | -0.5% |
Iluka Resources (ILU) | Ord Minnett | Hold | Accumulate | $6.00 | -5.2% |
Imdex (IMD) | Jarden | Sell | Neutral | $2.75 | -8.9% |
Imdex (IMD) | Morgans | Hold | Accumulate | $3.45 | 14.2% |
Ingenia Communities Group (INA) | CLSA | Hold | Outperform | $6.51 | 10.3% |
Inghams Group (ING) | CLSA | Hold | Outperform | $2.70 | -0.4% |
Inghams Group (ING) | Jarden | Neutral | Overweight | $2.90 | 7.0% |
IPD Group (IPG) | PAC Partners | Sell | Hold | $3.87 | -10.4% |
IPH (IPH) | Canaccord Genuity | Hold | Buy | $4.95 | 8.3% |
James Hardie Industries (JHX) | CLSA | Underperform | Hold | $26.00 | -16.6% |
James Hardie Industries (JHX) | Ord Minnett | Sell | Hold | $29.00 | -7.0% |
James Hardie Industries (JHX) | UBS | Neutral | Buy | $36.00 | 15.5% |
Johns Lyng Group (JLG) | Canaccord Genuity | Hold | Buy | $4.00 | 2.6% |
Karoon Energy (KAR) | Morgans | Hold | Accumulate | $1.85 | 5.1% |
Liberty Financial (LFG) | Citi | Neutral | Buy | $4.50 | 6.6% |
Lynch Group (LGL) | Jarden | Neutral | Overweight | $2.25 | 1.8% |
Lifestyle Communities (LIC) | Citi | Neutral | Buy | $7.00 | 23.2% |
Lovisa (LOV) | Macquarie | Neutral | Outperform | $40.90 | -5.2% |
Lovisa (LOV) | Morgan Stanley | Equal Weight | Overweight | $42.00 | -2.6% |
Lovisa (LOV) | Morgans | Accumulate | Buy | $44.50 | 3.2% |
Lynas Rare Earths (LYC) | Jefferies | Hold | Buy | $12.50 | -9.9% |
Lynas Rare Earths (LYC) | Ord Minnett | Sell | Hold | $10.00 | -27.9% |
Lynas Rare Earths (LYC) | UBS | Neutral | Buy | $15.10 | 8.9% |
Mader Group (MAD) | Moelis Australia | Hold | Buy | $8.29 | -1.8% |
Macquarie Technology (MAQ) | Wilsons | Market Weight | Overweight | $71.30 | 16.7% |
Matrix Composites & Engineering (MCE) | Morgans | Hold | Speculative Buy | $0.25 | 12.6% |
Magellan Financial (MFG) | Morgans | Hold | Accumulate | $10.74 | 5.1% |
Magellan Financial (MFG) | UBS | Neutral | Buy | $10.70 | 4.7% |
Mineral Resources (MIN) | Citi | Sell | Neutral | $34.00 | -9.1% |
Mineral Resources (MIN) | E&P | Neutral | Speculative Buy | $38.00 | 1.6% |
Mineral Resources (MIN) | Morgans | Trim | Hold | $34.00 | -9.1% |
Mineral Resources (MIN) | Ord Minnett | Accumulate | Buy | $40.00 | 7.0% |
Megaport (MP1) | JPMorgan | Neutral | Overweight | $14.50 | -11.8% |
Monash IVF Group (MVF) | Bell Potter | Hold | Buy | $0.77 | 9.2% |
Monash IVF Group (MVF) | Wilsons | Market Weight | Overweight | $0.72 | 2.1% |
Nanosonics (NAN) | RBC Capital Markets | Underperform | Sector Perform | $4.00 | -10.7% |
Nine Entertainment (NEC) | Goldman Sachs | Neutral | Buy | $1.75 | 4.8% |
Nine Entertainment (NEC) | Ord Minnett | Hold | Accumulate | $1.80 | 7.8% |
Newmont Corporation (NEM) | Macquarie | Neutral | Outperform | $111.00 | -0.8% |
NIB (NHF) | Macquarie | Underperform | Neutral | $5.60 | -27.1% |
NIB (NHF) | UBS | Neutral | Buy | $8.60 | 12.0% |
Nickel Industries (NIC) | Macquarie | Neutral | Outperform | $0.73 | 4.3% |
Paladin Energy (PDN) | Argonaut Securities | Hold | Buy | $8.00 | 1.9% |
Paladin Energy (PDN) | Ord Minnett | Accumulate | Buy | $7.70 | -1.9% |
Pilbara Minerals (PLS) | Bell Potter | Hold | Buy | $2.10 | -14.3% |
Pilbara Minerals (PLS) | CLSA | Hold | Outperform | $2.10 | -14.3% |
Pilbara Minerals (PLS) | E&P | Neutral | Positive | $2.60 | 6.1% |
Pilbara Minerals (PLS) | Jarden | Overweight | Buy | $2.20 | -10.2% |
Pilbara Minerals (PLS) | Jefferies | Hold | Buy | $2.10 | -14.3% |
Pilbara Minerals (PLS) | Morgans | Hold | Buy | $2.30 | -6.1% |
Perpetual (PPT) | UBS | Neutral | Buy | $22.50 | 3.5% |
PWR Holdings (PWH) | Bell Potter | Hold | Buy | $7.75 | -0.4% |
PWR Holdings (PWH) | E&P | Neutral | Positive | $7.88 | 1.3% |
PWR Holdings (PWH) | Morgans | Accumulate | Buy | $8.50 | 9.3% |
Qantas Airways (QAN) | JPMorgan | Neutral | Overweight | $11.60 | -1.3% |
Qube (QUB) | CLSA | Hold | Outperform | $4.65 | 10.7% |
Readytech (RDY) | Wilsons | Market Weight | Overweight | $2.63 | 12.4% |
Regis Healthcare (REG) | JPMorgan | Neutral | Overweight | $8.00 | 1.9% |
Regis Healthcare (REG) | RBC Capital Markets | Sector Perform | Outperform | $8.25 | 5.1% |
Reece (REH) | Bank of America | Neutral | Buy | $12.30 | 10.2% |
Reece (REH) | Macquarie | Underperform | Neutral | $10.10 | -9.5% |
Reece (REH) | Morgans | Trim | Hold | $11.10 | -0.5% |
Region Group (RGN) | Macquarie | Underperform | Neutral | $2.21 | -9.4% |
Ridley Corporation (RIC) | CLSA | Hold | Outperform | $3.00 | -3.2% |
Resolute Mining (RSG) | Barrenjoey | Neutral | Overweight | $0.80 | 24.0% |
Resolute Mining (RSG) | Macquarie | Neutral | Outperform | $0.75 | 16.3% |
Resolute Mining (RSG) | Ord Minnett | Hold | Buy | $0.80 | 24.0% |
Reliance Worldwide (RWC) | JPMorgan | Neutral | Overweight | $4.35 | 3.8% |
Reliance Worldwide (RWC) | Morgans | Hold | Buy | $4.50 | 7.4% |
Reliance Worldwide (RWC) | Ord Minnett | Hold | Accumulate | $4.55 | 8.6% |
South32 (S32) | Macquarie | Neutral | Outperform | $2.70 | -0.7% |
Scentre Group (SCG) | Ord Minnett | Hold | Accumulate | $3.90 | -4.4% |
Siteminder (SDR) | Wilsons | Market Weight | Overweight | $7.00 | 1.3% |
Seek (SEK) | Ord Minnett | Accumulate | Buy | $31.00 | 11.7% |
Sandfire Resources (SFR) | Argonaut Securities | Hold | Buy | $13.00 | 3.8% |
Sandfire Resources (SFR) | Canaccord Genuity | Hold | Buy | $12.50 | -0.2% |
Sandfire Resources (SFR) | Jarden | Neutral | Buy | $11.00 | -12.1% |
Sandfire Resources (SFR) | UBS | Neutral | Buy | $13.10 | 4.6% |
SKS Technologies Group (SKS) | Morgans | Accumulate | Buy | $3.15 | 9.4% |
Supply Network (SNL) | E&P | Neutral | Positive | $35.38 | -5.7% |
Spark New Zealand (SPK) | Morgan Stanley | Underweight | Equal Weight | $2.20 | -5.2% |
Service Stream (SSM) | Ord Minnett | Accumulate | Buy | $2.35 | 13.0% |
Super Retail Group (SUL) | Jarden | Neutral | Overweight | $18.00 | -4.3% |
Super Retail Group (SUL) | JPMorgan | Neutral | Overweight | $18.00 | -4.3% |
Super Retail Group (SUL) | Ord Minnett | Accumulate | Buy | $19.00 | 1.0% |
Solvar (SVR) | Bell Potter | Hold | Buy | $1.60 | -9.3% |
Tasmea (TEA) | Shaw and Partners | Hold | Buy | $4.40 | 8.4% |
The Lottery Corporation (TLC) | CLSA | Hold | Outperform | $6.00 | 2.0% |
The Lottery Corporation (TLC) | Jefferies | Hold | Buy | $6.15 | 4.6% |
The Lottery Corporation (TLC) | Macquarie | Neutral | Outperform | $5.50 | -6.5% |
Telstra Group (TLS) | Jarden | Neutral | Overweight | $4.80 | -1.8% |
Telstra Group (TLS) | JPMorgan | Neutral | Overweight | $4.75 | -2.9% |
Telix Pharmaceuticals (TLX) | JPMorgan | Neutral | Overweight | $16.50 | 13.0% |
Temple & Webster (TPW) | RBC Capital Markets | Sector Perform | Outperform | $26.00 | 8.8% |
Vicinity Centres (VCX) | Bank of America | Underperform | Neutral | $2.35 | -9.3% |
Westpac Banking Corp. (WBC) | Morgans | Trim | Hold | $30.95 | -19.8% |
Wesfarmers (WES) | Morgans | Trim | Hold | $83.20 | -9.4% |
Woolworths Group (WOW) | Macquarie | Neutral | Outperform | $30.30 | 5.2% |
Woolworths Group (WOW) | Morgan Stanley | Equal Weight | Overweight | $30.50 | 5.9% |
Wisetech Global (WTC) | E&P | Neutral | Positive | $123.00 | 20.8% |
Wisetech Global (WTC) | Jarden | Underweight | Neutral | $82.00 | -19.4% |
Wisetech Global (WTC) | Macquarie | Neutral | Outperform | $108.50 | 6.6% |
Wisetech Global (WTC) | RBC Capital Markets | Sector Perform | Outperform | $120.00 | 17.9% |
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 🧐
So... many... downgrades!!! 179 to be precise 🤯. I thought about whether I'd show them all, knowing it would be one very long scroll down... and down... but there they are. Surely, this means that the big brokers were more often disappointed than they were pleased – but it could also mean that their expectations were out of whack!
To be fair, some of the stocks in the above table didn't do anything wrong, on the contrary, if we look at the likes of Eagers Automotive (APE), Codan (CDA), Brambles (BXB), and Lovisa (LOV) – their results were very well received and triggered in huge share price gains. It's that last bit that a few of the brokers usually took umbrage with, that is, the increase in the stock's price had diminished the value the broker perceived still remained.
Generally, you can tell a "good downgrade" from a "bad downgrade" by checking what the broker did with their target price. The "good downgrades" were generally accompanied by target price increases, representing higher perceived valuations for those stocks.
You'll find detailed data and analysis on price target increases (and decreases) below, but for now, here's a useful frequency table below to help make sense of the very, very long table above! 4 mining stocks at the top of the list... hmmm... is that cyclical low in place!? 🤔
Company | Downgrade Frequency |
|---|---|
Fortescue (FMG) | 7 |
Pilbara Minerals (PLS) | 6 |
Mineral Resources (MIN) | 4 |
Sandfire Resources (SFR) | 4 |
Wisetech Global (WTC) | 4 |
Brambles (BXB) | 3 |
Codan (CDA) | 3 |
GPT Group (GPT) | 3 |
IGO (IGO) | 3 |
Iluka Resources (ILU) | 3 |
James Hardie Industries (JHX) | 3 |
Lovisa (LOV) | 3 |
Lynas Rare Earths (LYC) | 3 |
PWR Holdings (PWH) | 3 |
Reece (REH) | 3 |
Reliance Worldwide Corporation (RWC) | 3 |
Resolute Mining (RSG) | 3 |
Super Retail Group (SUL) | 3 |
The Lottery Corporation (TLC) | 3 |
RATING = INITIATED 🌟
Company | Broker | New Rating | Old Rating | Target Price | TP Upside% |
|---|---|---|---|---|---|
Australian Clinical Labs (ACL) | Wilsons | Overweight | $3.80 | 33.3% | |
Astron Corporation (ATR) | Morgans | Speculative Buy | $1.60 | 263.6% | |
Gemlife Communities (GLF) | Morgans | Buy | $5.25 | 9.8% | |
Healius (HLS) | Wilsons | Market-Weight | $0.75 | -12.8% | |
Sonic Healthcare (SHL) | Wilsons | Overweight | $32.00 | 33.1% | |
Turaco Gold (TCG) | Macquarie | Outperform | $0.80 | 60.0% | |
Telix Pharmaceuticals (TLX) | Morgan Stanley | Overweight | $25.60 | 75.3% |
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 > +50% 🚀
Company | Broker | Rating | New TP | Old TP | TP Change% | TP Upside% |
|---|---|---|---|---|---|---|
Hub24 (HUB) | JPMorgan | Neutral | $101.00 | $43.00 | 134.9% | -7.4% |
Zip Co. (ZIP) | Jefferies | Buy | $4.40 | $2.10 | 109.5% | 3.3% |
Lovisa (LOV) | Jarden | Overweight | $42.42 | $22.87 | 85.5% | -1.7% |
Lovisa (LOV) | Citi | Neutral | $42.50 | $22.98 | 84.9% | -1.5% |
Temple & Webster (TPW) | Macquarie | Outperform | $31.30 | $17.60 | 77.8% | 31.0% |
Autosports Group (ASG) | UBS | Neutral | $3.15 | $1.80 | 75.0% | -5.4% |
Perenti (PRN) | Macquarie | Outperform | $2.65 | $1.52 | 74.3% | 12.3% |
Arafura Rare Earths (ARU) | JPMorgan | Neutral | $0.19 | $0.11 | 72.7% | -2.6% |
Lynas Rare Earths (LYC) | Citi | Sell | $9.50 | $5.50 | 72.7% | -31.5% |
Chalice Mining (CHN) | UBS | Neutral | $1.70 | $1.00 | 70.0% | -5.0% |
Emvision Medical Devices (EMV) | Bell Potter | Buy | $2.95 | $1.74 | 69.5% | 47.5% |
Johns Lyng Group (JLG) | CLSA | Hold | $4.00 | $2.40 | 66.7% | 2.6% |
Peter Warren Automotive (PWR) | Morgan Stanley | Overweight | $2.30 | $1.40 | 64.3% | 21.1% |
Codan (CDA) | Moelis Australia | Buy | $30.05 | $18.43 | 63.0% | -2.7% |
Eagers Automotive (APE) | Canaccord Genuity | Buy | $28.00 | $17.20 | 62.8% | 1.3% |
Codan (CDA) | Bell Potter | Hold | $27.80 | $17.25 | 61.2% | -10.0% |
Codan (CDA) | UBS | Neutral | $29.60 | $18.50 | 60.0% | -4.1% |
Codan (CDA) | UBS | Neutral | $29.60 | $18.50 | 60.0% | -4.1% |
Codan (CDA) | Macquarie | Outperform | $27.15 | $17.00 | 59.7% | -12.1% |
Codan (CDA) | Macquarie | Neutral | $27.15 | $17.00 | 59.7% | -12.1% |
Peter Warren Automotive (PWR) | Jarden | Buy | $2.30 | $1.45 | 58.6% | 21.1% |
Netwealth Group (NWL) | JPMorgan | Neutral | $34.00 | $21.50 | 58.1% | -1.4% |
Codan (CDA) | Canaccord Genuity | Buy | $28.26 | $17.90 | 57.9% | -8.5% |
IDP Education (IEL) | UBS | Buy | $7.80 | $4.95 | 57.6% | 38.8% |
Megaport (MP1) | Jarden | Buy | $16.77 | $10.67 | 57.2% | 2.0% |
Eagers Automotive (APE) | Ord Minnett | Hold | $23.50 | $15.00 | 56.7% | -15.0% |
Lifestyle Communities (LIC) | Citi | Buy | $7.00 | $4.50 | 55.6% | 23.2% |
Lifestyle Communities (LIC) | Citi | Neutral | $7.00 | $4.50 | 55.6% | 23.2% |
Perenti (PRN) | CLSA | Outperform | $2.55 | $1.65 | 54.5% | 8.1% |
Objective Corporation (OCL) | Shaw and Partners | Buy | $23.90 | $15.50 | 54.2% | 14.2% |
Johns Lyng Group (JLG) | Macquarie | Neutral | $4.00 | $2.60 | 53.8% | 2.6% |
Tyro Payments (TYR) | Macquarie | Neutral | $1.23 | $0.82 | 50.0% | -0.8% |
Wesfarmers (WES) | Citi | Neutral | $90.00 | $60.00 | 50.0% | -2.0% |
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 were several hundred target prices increased in the second half of August 2025 reporting season, and so it would be silly to list them all! So, find in the table above only those target price increases of 50% or greater (yes, even using this high benchmark there are still plenty!).
Personally, I think it's a far more valuable to look at which stocks garnered the greatest number of target price increases, and if this also corresponds to the greatest size of target price increase. That's why I constructed the table below. These were the stocks most favoured by the big brokers in the back half of August 2025 reporting season ✅.
Note, again, as there were so many target price changes, I have limited the search to only those stocks that received an increase of greater than +5%, or as per the decreases table later below, a decrease of less than -5%.
I think it's clear from the table below, and the corresponding table for decreases at the end of this article, which ASX stocks appear to be hitting their performance goals and therefore beating market expectations (👍) and which are doing the exact opposite (👎)!
Ticker | Frequency TP Increase > +5% | Average TP Increase > +5% |
|---|---|---|
Coles Group (COL) | 9 | +8.9% |
Qantas Airways (QAN) | 9 | +17.9% |
Super Retail Group (SUL) | 9 | +20.3% |
Aussie Broadband (ABB) | 8 | +29.0% |
Codan (CDA) | 8 | +54.5% |
Hub24 (HUB) | 8 | +29.9% |
Megaport (MP1) | 8 | +26.3% |
Westpac Banking Corporation (WBC) | 8 | +9.4% |
Brambles (BXB) | 7 | +18.2% |
Mineral Resources (MIN) | 7 | +11.1% |
Pilbara Minerals (PLS) | 7 | +16.4% |
Seek (SEK) | 7 | +15.0% |
Eagers Automotive (APE) | 6 | +41.0% |
Harvey Norman (HVN) | 6 | +28.7% |
Lovisa (LOV) | 6 | +45.9% |
NRW (NWH) | 6 | +16.2% |
Perenti (PRN) | 6 | +39.5% |
Siteminder (SDR) | 6 | +22.8% |
Tabcorp (TAH) | 6 | +33.3% |
Zip Co. (ZIP) | 6 | +46.6% |
Adairs (ADH) | 5 | +20.7% |
Imdex (IMD) | 5 | +16.5% |
Kelsian Group (KLS) | 5 | +13.4% |
National Australia Bank (NAB) | 5 | +9.8% |
Netwealth Group (NWL) | 5 | +20.1% |
Pro Medicus (PME) | 5 | +17.4% |
TARGET PRICE DECREASES > -25% 🪓
Company | Broker | Rating | New TP | Old TP | TP Change% | TP Upside% |
|---|---|---|---|---|---|---|
Cettire (CTT) | RBC Capital Markets | Underperform | $0.20 | $0.90 | -77.8% | -36.5% |
HMC Capital (HMC) | Bell Potter | Hold | $3.60 | $8.15 | -55.8% | -6.5% |
Imexhs (IME) | Morgans | Speculative Buy | $0.35 | $0.75 | -53.3% | 59.1% |
Audinate Group (AD8) | Shaw and Partners | Hold | $4.90 | $9.50 | -48.4% | 3.8% |
ARN Media (A1N) | Canaccord Genuity | Hold | $0.50 | $0.95 | -47.4% | 8.7% |
Nuix (NXL) | Shaw and Partners | Buy | $3.10 | $5.70 | -45.6% | 16.5% |
Monash IVF Group (MVF) | Wilsons | Market Weight | $0.72 | $1.25 | -42.4% | 2.1% |
Step One Clothing (STP) | Morgans | Speculative Buy | $0.87 | $1.50 | -42.0% | 65.7% |
Mach7 Technologies (M7T) | Morgans | Buy | $0.81 | $1.37 | -40.9% | 157.1% |
Reece (REH) | Bank of America | Neutral | $12.30 | $19.90 | -38.2% | 10.2% |
Telix Pharmaceuticals (TLX) | JPMorgan | Neutral | $16.50 | $26.25 | -37.1% | 13.0% |
Bravura Solutions (BVS) | Macquarie | Neutral | $2.03 | $3.17 | -36.0% | -9.4% |
Camplify (CHL) | Ord Minnett | Buy | $0.67 | $1.03 | -35.0% | 44.1% |
Audinate Group (AD8) | UBS | Buy | $7.10 | $10.85 | -34.6% | 50.4% |
Johns Lyng Group (JLG) | Canaccord Genuity | Hold | $4.00 | $6.10 | -34.4% | 2.6% |
James Hardie Industries (JHX) | CLSA | Underperform | $26.00 | $39.50 | -34.2% | -16.6% |
Healius (HLS) | Macquarie | Neutral | $0.80 | $1.20 | -33.3% | -7.0% |
Monash IVF Group (MVF) | Bell Potter | Hold | $0.77 | $1.15 | -33.0% | 9.2% |
Reece (REH) | Macquarie | Underperform | $10.10 | $14.90 | -32.2% | -9.5% |
Step One Clothing (STP) | Bell Potter | Buy | $0.85 | $1.25 | -32.0% | 61.9% |
Cyclopharm (CYC) | Bell Potter | Buy | $1.50 | $2.20 | -31.8% | 52.3% |
Audinate Group (AD8) | Macquarie | Underperform | $4.30 | $6.30 | -31.7% | -8.9% |
G8 Education (GEM) | UBS | Neutral | $0.90 | $1.30 | -30.8% | 5.9% |
GQG Partners (GQG) | Jarden | Overweight | $2.50 | $3.60 | -30.6% | 43.3% |
James Hardie Industries (JHX) | Ord Minnett | Sell | $29.00 | $41.50 | -30.1% | -7.0% |
Reece (REH) | Morgan Stanley | Equal Weight | $12.00 | $17.00 | -29.4% | 7.5% |
Wisetech Global (WTC) | Macquarie | Neutral | $108.50 | $152.70 | -28.9% | 6.6% |
G8 Education (GEM) | Canaccord Genuity | Hold | $1.06 | $1.49 | -28.9% | 24.7% |
James Hardie Industries (JHX) | UBS | Neutral | $36.00 | $50.00 | -28.0% | 15.5% |
Retail Food Group (RFG) | Bell Potter | Buy | $2.60 | $3.60 | -27.8% | 83.7% |
Domino's Pizza (DMP) | Goldman Sachs | Neutral | $17.50 | $23.90 | -26.8% | 16.0% |
Reece (REH) | Morgans | Trim | $11.10 | $14.80 | -25.0% | -0.5% |
Domino's Pizza (DMP) | Morgan Stanley | Equal Weight | $18.00 | $24.00 | -25.0% | 19.4% |
Monash IVF Group (MVF) | RBC Capital Markets | Sector Perform | $0.75 | $1.00 | -25.0% | 6.4% |
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 Decreases Insights 🧐
Ratings go up and down based on perceived value, but target prices are one of two critical inputs in determining what that value is (the other being the stock price). Put simply, brokers don't cut their target prices if a stock is shooting the lights out.
It follows, if you own a stock that has found itself in the target price decreases list above, or worse – at the top of the target price decrease frequency table above – then you might want to rethink your portfolio management acumen!
Note in the table above, only those target price increases of 25% or greater are shown (otherwise the table would have been too long), and in the table below, only target price decreases < -5% are considered for frequency tabluation.
Ticker | Frequency TP Decrease < -5% | Average TP Change < -5% |
|---|---|---|
Woolworths Group (WOW) | 9 | -8.0% |
Domino's Pizza Enterprises (DMP) | 7 | -17.9% |
James Hardie Industries (JHX) | 7 | -25.3% |
Wisetech Global (WTC) | 7 | -13.7% |
Reece (REH) | 6 | -27.2% |
Guzman y Gomez (GYG) | 5 | -14.8% |
Inghams Group (ING) | 5 | -19.1% |
Reliance Worldwide Corporation (RWC) | 5 | -11.1% |
South32 (S32) | 5 | -9.2% |
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.