3 dominant ASX 200 shares just upgraded by top brokers

MotleyFool
2024-09-18

Three market-dominating S&P/ASX 200 Index (ASX: XJO) shares just earned upgrades from leading brokers.

One is a major Australian energy provider.

The second makes up one of the big four Aussie banks.

And the third is a $3.8 billion coal miner.

Which companies are we talking about?

I'm glad you asked!

(Broker data courtesy of The Australian.)

Three top ASX 200 shares earning broker upgrades

National Australia Bank Ltd (ASX: NAB) is the first ASX 200 share to receive an upgraded broker rating.

Shares in the big four Aussie bank are up 0.7% today, trading for $39.14 apiece. That sees the NAB share price up 32% over the past 12 months. Atop those share price gains, NAB shares also trade on a 4.3% fully franked trailing dividend yield.

Morgan Stanley is enthusiastic about NAB shares, raising the bank stock to an overweight rating. But while Morgan Stanley may have raised its rating, the broker's price target of $38.00 is some 3% below the current NAB share price.

Moving on to the second dominant ASX 200 share earning a broker upgrade, we have Origin Energy Ltd (ASX: ORG).

Shares in the Australian energy provider are up 3.2% in late morning trade, changing hands for $9.85 each. With those intraday gains factored in, the Origin Energy share price is up 14% over the past 12 months.

Along with those share price gains, Origin Energy shares trade on a 5.6% fully franked trailing dividend yield.

And Macquarie forecasts more gains ahead. The broker raised the energy provided to an outperform rating with a $10.43 price target. That represents a potential upside of just under 6% from the current Origin Energy share price.

Which brings us to the third ASX 200 share receiving a broker upgrade, New Hope Corp Ltd (ASX: NHC).

Shares in the Aussie coal miner are up 4.2% at the time of writing, swapping hands for $4.50 each. Amid lower coal prices, down some 12% since this time last year, the New Hope share price is down 26% over the past 12 months.

But long-term shareholders won't be out quite that much, with New Hope shares trading on an 8.7% fully franked trailing dividend yield.

Morgans Financial believes the Aussie coal miner is now trading at a bargain. The broker raised New Hope to an add rating with a $5.20 price target. That represents a potential upside of almost 16% from the current New Hope share price.

Foolish takeaway

Whether you're looking to invest in ASX 200 shares in the banking, utility, or mining sectors, do your own research first. If you're uncomfortable with that or simply feel time-poor, seek expert advice.

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