Four S&P/ASX 200 Index (ASX: XJO) shares just received some sizeable upgrades from leading brokers.
Three of them are outpacing the 0.6% gains posted by the ASX 200 on Friday morning.
One is lagging in the red.
Here's the scoop.
(Broker upgrade figures courtesy of The Australian.)
Four ASX 200 shares tipped for gains
First up, we have ASX 200 lithium share Allkem Ltd (ASX: AKE).
The Allkem share price is up 2.9% at the time of writing, trading at $10.35.
But Jarden Securities believes there are more gains ahead for Allkem, raising the stock to an 'overweight' rating with an $11.40 price target. That represents a potential 10.1% upside from current levels.
The second ASX 200 share getting an upgrade is medical imaging company Pro Medicus Ltd (ASX: PME).
The Pro Medicus share price is currently trading 1.4% higher at $94.60.
That still looks to be undervalued, according to JP Morgan. The broker's analysts have started their coverage of the stock at 'overweight' with a $100 price target on its shares. That represents a potential 5.7% upside from current levels.
Pro Medicus also pays out a small amount in dividends. Its shares trade on a fully franked trailing yield of 0.3%.
Which brings us to the third ASX 200 share getting an upgraded outlook, global packaging and distribution company Orora Ltd (ASX: ORA).
The Orora share price is down 1.2% at the time of writing, at $2.56. But Evans & Partners sees growth potential ahead, with a $3 price target on the company's shares. That represents a potential 17.2% upside from current levels.
And passive income investors take note. Orora shares trade on an unfranked trailing dividend yield of 6.8%.
Rounding off the list of the four ASX 200 shares enjoying broker upgrades is mining share Alumina Ltd (ASX: AWC), which owns 40% of Alcoa World Alumina & Chemicals (AWAC).
The Alumina share price is up 3.1% in late morning trade on Friday, at 90 cents.
But Barrenjoey sees that as a potential bargain, raising the mining stock to 'overweight' with a $1.10 price target on its shares. That represents a potential 22.2% upside from current levels.
