These four ASX All Ords shares just earned hefty broker upgrades. Here's why

The ASX All Ords shares are forecast to surge as much as 98% over the year ahead.

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These four ASX All Ords shares could help the All Ordinaries Index (ASX: XAO) achieve a strong year of returns.

That's according to Barrenjoey and Citi.

The brokers raised their outlook for the four companies, with the price target for one stock 98% above today's levels.

Which companies are we looking at?

Read on!

(Broker data courtesy of The Australian.)

Four ASX All Ords shares with improved forecasts

The first ASX All Ords share earning a broker upgrade is Mirvac Group (ASX: MGR).

Shares in the diversified property group are up 2.1% today, trading for $1.91 apiece. Despite that lift, the Mirvac share price remains down 7% in 2024. Mirvac shares trade on an unfranked trailing dividend yield of 5.1%.

And Barrenjoey foresees a significant upswing ahead for the company. The broker raised Mirvac stock to an overweight rating with a $2.10 price target. That's 10% above current levels.

The second ASX All Ords share with an improved broker outlook is property investor, developer and manager Dexus (ASX: DXS).

The Dexus share price is up 1.1% at the time of writing at $6.52 a share. Shares remain down 14% in 2024. Dexus shares trade on a partly franked trailing dividend yield of 7.7%.

Barrenjoey has a bullish outlook for the company. The broker raised Dexus to a neutral rating with a $7.50 price target. That's more than 15% above current levels.

Which brings us to the third ASX All Ords share getting a broker upgrade, Iluka Resources Ltd (ASX: ILU), the largest global producer of zircon.

Shares in the critical minerals miner are up 0.3% today at $6.39. Shares remain down 4% in 2024. Iluka Resources shares trade on a fully franked trailing dividend yield of 1.1%.

Citi foresees strong share price growth from here. The broker raised Iluka to a buy rating with a $7.80 price target. That's 22% above current levels.

Rounding off the list of ASX All Ords shares earning a broker upgrade is resource explorer FireFly Metals Ltd (ASX: FFM)

The FireFly share price is, well, flying higher today. Shares are up 16.1% at the time of writing, trading for 81 cents apiece. That sees the FireFly share price up 26% in 2024.

Investors enthusiasm has been stoked by this morning's announcement that FireFly has hit "more outstanding wide high-grade copper-gold intersections" from its drilling campaign at the Green Bay Copper-Gold Project, located in Canada.

Even after today's big boost, Barrenjoey thinks the stock can run a lot further from here. The broker started FireFly Metals at an overweight rating with a $1.60 target price. That's some 98% above current levels.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 no position in any of the stocks mentioned. 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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