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S&P/ASX 200 Index (ASX: XJO) shares are trading higher on Tuesday, up 0.1% to 7,164.1 points shortly after the opening bell.
Meanwhile, these three ASX 200 shares have received broker upgrades, as per The Australian today.
Here are the details.
HSBC tips 25% upside on Allkem share price
Our first broker upgrade today is for Allkem Limited (ASX: AKE).
Allkem shares opened 1.2% up on Tuesday to $13.81 per share.
HSBC has raised its rating on the lithium share to buy with a $17.30 price target. This implies a 25% upside on today’s opening price.
Mineral Resources shares a buy with 20% upside, says CLSA
The Mineral Resources Ltd (ASX: MIN) share price opened at $64.20, up 0.23%.
CLSA predicts growth from here and has raised its rating on the mining share to buy.
The broker has slapped a $77 price target on the stock, implying a potential 20% upside for investors over the next 12 months.
The ASX 200 bank share to buy now: Jefferies
Broker Jefferies has upped its rating on National Australia Bank Ltd (ASX: NAB) shares to buy.
The bank share opened at $28.39 on Tuesday, up 0.46%.
NAB recently released its third-quarter update and announced a major on-market share buyback.
Following this news, another top broker, Goldman Sachs, is also recommending NAB shares as a buy.
Goldman said:
NAB has released its 3Q23 trading update, with unaudited cash earnings from continuing operations of A$1.9 bn, down 7% on the 1H23 average, but run-rating 5% above what was implied by our prior 2H23E forecasts.
Goldman Sachs has a $30.51 price target on the ASX 200 bank share. This implies a potential upside of 7.5% over the next 12 months.
If you’re considering buying NAB shares, you might like to check out a recent article by my colleague, Tristan: The pros and cons of buying NAB shares right now.
