The All Ordinaries Index (ASX: XAO) could enjoy an extra boost from three ASX All Ords shares that leading brokers have just tipped for some strong outperformance.
If the brokers are correct, these stocks could gain 19%, 36%, and a whopping 266% over the next 12 months.
Which promising ASX All Ords companies are we talking about?
Read on!
(Broker price data, courtesy of The Australian.)
These ASX All Ords shares could be set to surge into 2025
The first ASX All Ords share tipped to outperform is IPH Ltd (ASX: IPH).
Shares in the intellectual property (IP) services company are up 1.0% in morning trade on Wednesday, trading for $5.39 apiece. This sees the IPH share price down 15% in 2024. IPH stock also trades on a partly franked trailing dividend yield of 6.5%.
Barrenjoey believes this company could run a lot higher from here. The broker started IPH at an overweight rating with a $6.40 price target. That represents a potential upside of almost 19% from current levels.
At the company's FY 2024 results, the ASX All Ords share reported a 14% year on year increase in underlying net profit after tax (NPAT) of $112.4 million. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 15% from FY 2023 to $195.5 million.
Moving on to the second ASX All Ords share earning a really big broker upgrade, we have Novonix Ltd (ASX: NVX).
Shares in the battery materials and technology company are up 4.1% today, changing hands for 71 cents apiece. That leaves the Novonix share price down 4% in 2024.
Jeffries believes that's seriously underpriced. The broker started Novonix at a buy rating with a $2.60 price target, according to The Australian. That represents a whopping potential upside of 266% from current levels.
Novonix reported its quarterly results on 30 October. Highlights included US$9 million of grants received from the US Department of Energy (DOE) to support its manufacturing projects, along with $2.5 million in cash receipts from customers during the quarter. The company ended the quarter with cash holdings of US$37.4 million.
Which brings us to the third ASX All Ords share earning a broker upgrade, Infomedia Ltd (ASX: IFM).
Shares in the software-as-a-service (SaaS) provider are up 1.6% at the time of writing on Wednesday, trading for $1.38 apiece. That leaves the Infomedia share price down 4% in 2024. Infomedia stock also trades on a fully franked trailing dividend yield of 3.0%.
And Moelis envisions a big year ahead for the company. The broker started Infomedia at a buy rating with a $1.88 price target. That represents a potential upside of 36% from current levels.
For its FY 2024 results, Infomedia reported $140.8 million in total revenue, up 8% year on year. NPAT was up 32% from FY 2023 to $12.7 million.
