Triple treat: 3 ASX 300 shares just upgraded by brokers (one with 33% upside)

The ASX 300 is lower on Tuesday amid broker upgrades on two tech shares and a mining stock.

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S&P/ASX 300 Index (ASX: XKO) shares are trading lower on Tuesday, down 0.9% to 7,010.9 points.

Meantime, brokers have upgraded an ASX 300 mining stock and two tech shares.

Let's check them out.

JPM: Go overweight on this oversold ASX 300 mining share

As reported in The Australian today, JPMorgan has raised its rating on mining share Alumina Limited (ASX: AWC) to overweight with a 12-month share price target of $1.

The Alumina share price is 75 cents on Tuesday, up 0.27%. This means there's a 33% potential upside available on this mining share over the next year if JPMorgan is right.

As reported not so long ago, Alumina shares haven't traded below $1 in a decade. They slipped into cents territory back in September and are down 51% in the year to date.

This ASX 300 mining share is a bit different. The company is a holding structure with one asset — a 40% stake in the world's largest alumina and bauxite producer, Alcoa World Alumina and Chemicals (AWAC).

In August, Alumina revealed a net loss after tax of US$43 million for 1H FY23. This was a big drop from the US$168 million net profit after tax (NPAT) reported for 1H FY22.

The CEO Mike Ferraro discussed several challenges, including troubles with annual permit renewals.

Jarden says buy on 2 ASX 300 tech shares

Our next ASX 300 company receiving a broker upgrade today is Data#3 Limited (ASX: DTL).

Jarden Securities has commenced coverage with a buy rating on the ASX 300 tech share.

The Data#3 share price is $7.90, up 0.57% at the time of writing. It is up 19% in the year to date.

Jarden has a 12-month share price target of $8.93.

This implies a potential 13% upside for ASX investors who buy Data#3 shares on Tuesday.

Jarden has also started coverage on a second ASX 300 tech share, Dicker Data Ltd (ASX: DDR).

The broker has given the stock an overweight rating. A target price was not published.

Dicker Data shares are trading for $11.63 on Tuesday, down 0.09%. They are up 14% in the year to date.

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Bronwyn Allen has positions in Alumina. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Dicker Data and JPMorgan Chase. The Motley Fool Australia has positions in and has recommended Dicker Data. 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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