S&P/ASX 200 Index (ASX: XJO) shares are down 0.27% to 8,331 points on Thursday amid several broker upgrades.

Let's take a look at three of them.

3 ASX 200 shares just re-rated by brokers

Go overweight on Australia's No. 1 ASX 200 REIT, says broker

As reported in The Australian, Barrenjoey has given Goodman Group (ASX: GMG) shares a double ratings upgrade.

The broker has upgraded Goodman stock from underweight to overweight because of the outlook for earnings growth from data centres.

Barrenjoey has also lifted its 12-month target price on Goodman shares by 17% to $41.

Barrejoey analyst Ben Brayshaw said:

GMG's strategy to develop operating assets for its DC pipeline implies a meaningful shift in its long-term revenue growth outlook and positions it to extract more value for shareholders.

Brayshaw now predicts an end value for the company's data centre pipeline of $245 billion, up significantly from his previous estimate of $125 billion.

Brayshaw says:

We estimate it should support above consensus earnings through to 2030, with a 'low-to-mid-teens' Operating EPS CAGR.

Yesterday, Goodman Group announced a dividend payment of 15 cents per share to be paid on 25 February. The ex-dividend date will be 31 December.

The Goodman Group share price is $37.26, down 0.94% at the time of writing. The ASX real estate investment trust (REIT) has risen by 48.4% over the year to date.

Time to buy this ASX lithium share, says Bell Potter

Bell Potter has upgraded Pilbara Minerals Ltd (ASX: PLS) from a hold rating to a buy rating with an unchanged 12-month target price of $2.95.

Bell Potter analyst James Williamson says recent share price weakness was due to a reduction in short positions on Pilbara Minerals in recent weeks.

The ASX 200 lithium share has slumped 24.4% over the past 30 days.

He says lithium markets have stabilised, and commodity prices have risen slightly due to a rebalancing of supply and demand.

Several Australian lithium miners have put their mines into care and maintenance due to low commodity prices. Other producers have continued digging but have cut their production.

This has led to a reduction of about 50,0000 tonnes of Lithium Carbonate Equivalent going into the global market from Australia, says Williamson. This is the equivalent of about 4% of this year's supply.

Williamson has reduced his forecast for the global oversupply next year. He now thinks the market will return to deficit in 2026, not 2027, as he had previously anticipated.

Williamson says Pilbara Minerals has a low-cost operation in a tier-one jurisdiction. This, along with the recent share price weakness, makes the ASX lithium stock a buy.

The Pilbara Minerals share price is $2.37, up 4.2%.

Broker expects retail share to defy consensus expectations

Bell Potter has a buy rating on auto retailer Eagers Automotive Ltd (ASX: APE).

The broker has a 12-month share price target of $13 on the ASX consumer discretionary share.

The broker is optimistic that Eagers will surpass consensus expectations in the second half.

Bell Potter expects solid revenue growth and margin expansion, commenting:

APE should continue to grow revenue via a mix of inorganic and organic growth.

The company is also looking to drive margin expansion by buying existing dealership properties (to reduce rent), increasing penetration in finance and insurance (F&I) (higher margin) and through productivity initiatives (technology).

Together, management are expecting ~200bps of margin improvement from these initiatives, which would be extremely material (pre-COVID margins of 2.9%).

Eagers shares are trading at $11.19, down 7.6%.

This makes the retail share the third biggest faller of the ASX 200 today.