3 ASX All Ords shares raised to 'strong buy' status in May

Analysts say these are 3 of the best new buying opportunities in the market today.

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S&P/ASX All Ordinaries Index (ASX: XAO) shares rose by 0.49% in May, clawing back a sliver of their 2.72% fall in April.

Never-ending speculation as to what will happen next with interest rates is keeping volatility high.

Meantime, market analysts on CommSec see buying opportunities with three ASX All Ords shares.

Based on consensus forecasts, these stocks were raised to 'strong buy' status last month.

3 ASX All Ords shares lifted to strong buy ratings in May

Paladin Energy Ltd (ASX: PDN)

According to CommSec, the consensus rating for Paladin shares rose to a strong buy on 20 May.

Paladin Energy is a uranium miner operating various projects in Africa and Australia.

The Paladin share price is currently $14.43, up 5.87% today and up 2.85% over the past year.

The ASX All Ords share hit a 52-week high of $17.98 last month. Since then, it has fallen steeply.

Mader Group Ltd (ASX: MAD)

The consensus rating on Mader shares was upgraded to a strong buy on 31 May.

Mader Group is a maintenance services company contracting to the mining sector. The company provides specialised labour to maintain and repair heavy mobile and plant equipment. 

The Mader share price is currently $6.10, up 0.33% today and up 17.3% over the past year.

There was no official news from the ASX All Ords company last month.

DroneShield Ltd (ASX: DRO)

The consensus rating for this ASX All Ords share rose to a strong buy on 20 May.

DroneShield develops and sells hardware and software systems capable of detecting and defending against military drones.

The DroneShield share price is $1.31, up 0.77% today and up a staggering 444% over the past year.

Bell Potter upgraded its rating on DroneShield to buy at the beginning of the month. It put a 12-month share price target of $1 on the stock. At the time, the ASX All Ords share was trading for just 83 cents.

The broker said:

DroneShield is now well placed to capitalise on the growing demand for C-UAS solutions in response to current global tensions and the evolution of modern warfare. Our forecasts likely remain conservative relative to the current sales pipeline, however the risk of government delay remains prevalent in contracts of this nature. With the SP now trading near the issue price, we upgrade our recommendation to BUY.

If you had followed the broker's advice and bought DroneShield shares at the time, you would have made some very handsome short-term profits.

Over the month of May, the ASX All Ords share skyrocketed 36%, largely due to a major contract win announced on 22 May.

DroneShield told the market it had received a repeat order worth A$5.7 million from a United States Government customer for several of its CUxS (Counter-UxS) systems.

That news set off a steep and ongoing increase in the share price that is continuing this month.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and Mader Group. The Motley Fool Australia has positions in and has recommended Mader Group. 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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