4 ASX 200 shares just upgraded by top brokers (one with 67% upside!)

MotleyFool
2024-09-17

Top brokers have flagged four S&P/ASX 200 Index (ASX: XJO) shares to deliver some solid gains over the months ahead.

And it's a nicely diversified group of stocks, including a gold miner, a tech company, an iron ore miner, and a real estate investment trust (REIT).

Which companies do brokers think have a strong year ahead of them?

Read on!

(Broker data courtesy of The Australian, 16 September.)

Four ASX 200 shares with boosted outlooks

The first ASX 200 share getting a broker upgrade is Champion Iron Ltd (ASX: CIA).

Shares in the iron ore miner are down 0.5% at the time of writing, trading for $5.55 apiece.

Pressured by a slumping iron ore price, which has tumbled from US$144 per tonne in early January to US$92 per tonne today, the Champion Iron share price is down 16% over 12 months.

Champion Iron shares also trade on a 4.0% unfranked trailing dividend yield.

Bell Potter forecasts a big turnaround for Champion Iron. The broker started the miner at a buy rating with a $7.15 price target. That represents a 29% potential upside from current levels.

Bell Potter is optimistic about Champion's high-grade iron Canadian Bloom Lake mine's potential to reduce carbon emissions in steel making.

Which brings us to the second ASX 200 share earning a broker upgrade, BWP Trust (ASX: BWP).

Shares in the Australian REIT are up 0.3% today at $3.79. That sees the BWP Trust share price up 2% over 12 months. The REIT also trades on a 4.8% unfranked trailing dividend yield.

Morgan Stanley forecasts a solid year ahead for BWP. The broker raised the ASX REIT to an equal weight rating with a $4.00 price target. That represents a potential upside of just under 6% from current prices.

Moving on to the third ASX 200 share earning a broker upgrade, we have gold mining giant Northern Star Resources Ltd (ASX: NST).

The Northern Star share price is down 0.1% at $15.81 today. Buoyed by the soaring gold price and strong production, the Northern Star share price is up 40% over 12 months. The gold miner's shares also trade on a 2.5% unfranked trailing dividend yield.

With gold prices broadly forecast to keep pushing higher over the coming months, JPMorgan raised Northern Star shares to an overweight rating with a $16.80 price target. That represents a potential upside of more than 6% from current levels.

Rounding out the list of ASX 200 shares earning broker upgrades is WiseTech Global Ltd (ASX: WTC).

Shares in the logistics industry software as a service (SaaS) provider are up 0.2% at the time of writing, swapping hands for $131.66 apiece.

That sees the WiseTech share price up a whopping 95% over 12 months. The tech stock also trades on a slender, fully franked trailing dividend yield of 0.1%.

Despite the already soaring share price, and amid the ongoing AI revolution, Peloton Capital forecasts investors can still make some outsized gains from the tech stock.

The broker started WiseTech shares at a buy rating with a $220.00 price target. That represents a potential upside of 67% from the current share price.

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