Guess which 3 ASX 200 stocks just earned major broker upgrades!

Top brokers forecast 12-month share price gains of more than 12% for these ASX 200 stocks.

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Three S&P/ASX 200 Index (ASX: XJO) stocks just earned major upgrades from leading brokers.

One is an international plastics packaging company.

Another is a diversified mining services company with its own sizeable iron ore and lithium operations.

And the third is a uranium mining and exploration company with projects in Africa and Australia.

Any guesses?

Keep those in mind as we move on to the big reveal.

(Broker figures as of 2 May, courtesy of The Australian.)

ASX 200 stocks earning broker upgrades

The first ASX 200 stock earning a broker upgrade is Amcor PLC (ASX: AMC).

The Amcor share price is up 6% in 2024, currently trading at $15.04 a share.

But Macquarie believes the global plastics company has more gains to offer. The broker raised Amcor to an 'outperform' rating with a $15.40 price target.

Now that only represents a 2.4% upside from current levels. But don't forget the dividends. Amcor shares also trade on an unfranked dividend yield of 5.0%.

Which brings us to the second ASX 200 stock receiving a broker upgrade, Mineral Resources Ltd (ASX: MIN).

The Mineral Resources share price is up 5% year to date, currently trading for $74.40 a share.

And if Morgan Stanley has it right, those gains could be the tip of the iceberg.

The broker just upped its target price for Mineral Resources shares by 24% to $83.00 a share. That's almost 12% above current levels.

Mineral Resources shares trade on a fully franked trailing dividend yield of 1.2%.

Which brings us to the third ASX 200 stock earning a broker upgrade, Paladin Energy Ltd (ASX: PDN).

(Did you guess all three?)

The Paladin share price is up 54% in 2024, currently trading for $15.11 a share.

Now Paladin shares kicked off 2024 trading for 98 cents apiece. So, you'd be forgiven for thinking I've stuffed up my maths here.

However, on 11 April the company instituted a shareholder approved 10-1 reverse split.

This reduced the total number of shares from 2,984,656,146 to 298,465,615. And it meant that shares previously valued at $1.52 opened on the day at $15.20.

Not that shareholders enjoyed a ten-fold gain, mind you. As they held only 10% of their previous number of Paladin shares, they were equally well off.

As for what to expect next from this ASX 200 stock, amid a strong global outlook for uranium demand, Citi has upped its price target by 17% to $17.00 a share.

That's almost 13% above current levels.

Paladin doesn't pay dividends, as yet.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Amcor Plc. 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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