Four S&P/ASX 300 Index (ASX: XKO) shares were just re-rated by top brokers.
One operates in the credit-impaired consumer debt segment.
The second is a biopharmaceutical company.
The third provides vehicle fleet leasing, fleet management, and diversified financial services.
And the fourth is a New Zealand-based building and materials company.
Any guesses?
Keep those in mind.
(Broker figures courtesy of The Australian.)
Image source: Getty Images
ASX 300 shares getting re-rated
The first ASX 300 share getting re-rated is Credit Corp Group Ltd (ASX: CCP)
The Credit Corp share price is up 4.0% in intraday trading at $15.47 a share. That sees the stock up more than 23% over six months.
And Macquarie believes it's still undervalued after that strong run. The broker raised Credit Corp to an 'outperform' rating with an $18.32 price target. That represents a 19% potential upside from current levels.
Credit Corp shares also have a strong history of delivering reliable passive income. Over the past 12 months, the company has paid out 62 cents a share in fully franked dividends. That equates to a current trailing yield of 4.0%.
Which brings us to the second ASX 300 share getting a broker re-rate today, Neuren Pharmaceuticals Ltd (ASX: NEU).
The Neuren Pharmaceuticals share price is up 6.1% in intraday trading at $20.22 a share. Shares are now up a whopping 42% over six months.
And according to JP Morgan it still looks like a bargain at these levels.
The broker gave Neuren an 'overweight' rating and a $23.60 price target, representing a potential 17% upside from current levels. The company does not pay dividends at this time.
Also getting re-rated
Also getting re-rated today is ASX 300 share FleetPartners Group Ltd (ASX: FPR).
The FleetPartners share price is down 4.1% today at $3.31 a share. However, shares remain up 19% over six months.
And Morgan Stanley thinks today's sell-down is likely misguided. The broker increased its price target for FleetPartners by 22% to $3.90 a share and maintained its 'overweight' rating. That represents a potential 18% upside from current levels.
FleetPartners shares last delivered dividends in 2018.
Rounding off the list, the fourth ASX 300 share getting re-rated today is Fletcher Building Ltd (ASX: FBU).
(Did you guess all four?)
The Fletcher Building share price is down 3.0% today at $2.79 a share. The stock has tumbled 35% over six months.
Fortunately, Morgan Stanley believes the worst of the pain should be over.
While the broker cut its price target by 23% to $2.84 a share, Morgan Stanley maintained its 'equal-weight' rating.
Fletcher Buildings suspended its interim dividend payment for FY 2024 due to challenging trading conditions.
