Four well-known (ASX: XJO) shares were just rerated by leading brokers. Three earned upgrades while one was downgraded. Here's what's happening.
(Broker courtesy of .) The first ASX 200 share getting an upgrade is ( ), Australia's biggest lottery company. The Lottery Corp share price is up 1.
4% in morning trade today at $4.97. That sees the stock up 3.
1% so far in 2024. And the betting company could stand to benefit from the upcoming tax returns most Aussie households will be receiving. While some people will use that to pay down debt, add to savings, or invest in ASX stocks, I imagine others will he happy to take a punt with some of their upcoming refunds.
Citi sees some solid growth ahead, in either case. The broker raised the Lottery Corp to a 'buy' rating with a $5.60 price target.
That represents a potential upside of just under 13% from current levels. Lottery Corp shares also trade on a fully franked trailing yield of 2.9%.
Which brings us to the second ASX 200 share getting a broker upgrade, speciality retailer ( ). Premier also could be one to benefit from the upcoming tax refunds and other cost-of-living relief measures contained in the federal budget. The Premier share price is up 2.
1% today at $29.44, which sees shares up 4.4% year to date.
Premier shares also trade on a fully franked dividend yield of 4.2%. And CLSA forecasts another potential 9% share price gain from here.
The broker raised Premier Investments to an 'accumulate' rating with a $32 price target. R.
