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Leading brokers raise target prices for these 5 ASX shares

Leading brokers have this week announced revised target prices following recent company half-year results. Here are 5 ASX shares that have received favourable price upgrades:

Aurizon Holdings Ltd  (ASX: AZJ)

Morgan Stanley has raised the Aurizon Holdings share price target by 3.4% to $4.50. This is a surprise following the company’s half-year report that cited EBIT down 16% to $406 million, NPAT down 19% to $226.9 and dividends cut to $0.114 per share down from $0.14.

The Aurizon Holdings share price closed 1.3% lower at $4.54 today.

Megaport Ltd  (ASX: MP1)

Canaccord Genuity has raised the Megaport share price target by 2.6% to $4.00. Megaport is a provider of elasticity connectivity and network services interconnection across any location. The company recently announced its FY19 half year market update, which highlighted:

  • Revenue up 72% to $15.2m
  • Profit after direct network costs of $4.8m improved by $2.7m
  • Normalised EBITDA loss of $12.4m

Transurban Group (ASX: TCL)

The Transurban share price target was raised by 3.4% to $13.75 by UBS. This follows the company’s half-year results that posted a profit from ordinary activities of $145 million (down 56%) with revenue rising 30.2% to $1,286 million. Net profit took a significant hit due to stamp duty and integration costs due to their significant WestConnext acquisition.

The Transurban share price sits at $12.19, up almost 5% year to date.

IOOF Holdings Limited (ASX: IFL)

The IOOF Holdings share price target was raised 15% to $5.30 by Credit Suisse. This follows the company’s response to the Royal Commission’s Final Report that did not recommend banning the concept where financial planners sell their own employer’s products in what is potentially a conflict of interest.

The IOOF share price fell 2.8% today to $5.20.

Super Retail Group Ltd  (ASX: SUL)

The Super Retail share price target was raised 8.2% to $7.95 by Bell Potter. This follows a company update on H1FY19 trading.

The report was mixed in nature, with total group sales of $1.4 billion (up 6%), EBITDA of $166.2 million (up 11.3%) and all segments contributing to growth. The company is still facing significant headwinds, with similar brands citing challenging business conditions.

While Bell Potter has raised its Super Retail Group target price, this is still below other brokers’ target price. Citi had cut their target price by 4.3% to $9.00 and Macquarie also cut their target price by 4.6% to $8.30.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Transurban Group. The Motley Fool Australia owns shares of Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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