2 broker upgrades on ASX All Ords shares to finish your week

As good as coffee for a Friday morning

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Investors chasing ASX All Ords shares shifting into the buy zone might be interested in the prospects of Cleanaway Waste Management Ltd (ASX: CWY) and Myer Holdings Ltd (ASX: MYR).

Each of these stocks has caught upgrades this week, making this a bullish Friday for Myer and Cleanaway.

Let's see what the experts say.

Woman smiling whilst shopping in a clothing store.

Image source: Getty Images

ASX All Ords shares in vogue

Cleanaway is in the waste management business and has about 260 facilities around the country.

Revenues were up 7.7% year over year in FY24, delivering a 15% boost in earnings at its August annual numbers.

The ASX All Ords share has been rated a buy from CLSA today. According to The Australian, the firm values Cleanaway and its operations at $3.16 per share.

Baker Young also rated Cleanaway a buy in early October, calling out the strengths of its FY24 earnings and potential growth moving forward.

Shares of the waste management player have underperformed this year but have been stable. The stock is up 7% since January, paying dividends of 5 cents per share in the last 12 months.

At the time of writing, it trades on a trailing price-to-earnings ratio (P/E) of 41 times. Meanwhile, according to CommSec, consensus also rates the ASX All Ords share a buy.

Myer's my stock

Myer is also catching a bid on Friday, with Canaccord assigning it a buy rating and a price target of $1.25.

The upgrade follows its $864 million deal to acquire Premier Investments' Apparel Brands business.

The merger promises to elevate the ASX All Ords shares' footprint to 783 stores and $4 billion in annual revenue, a big jump for the Aussie fashion icon.

The deal will see Premier shareholders owning 51.5% of Myer, and Premier's chair, billionaire Solomon Lew, joining Myer's board.

Investors have been bullish on Myer this year, rallying its stock more than 73% this year to date. It is racing towards its March 52-week high of $1.07 apiece.

Listed investment company WAM Research Limited (ASX: WAX) is also bullish on the stock, according to my colleague Tristan, running it as one of the top 20 positions in its portfolio.

It says the market is recognising the value in Myer's brands, which could "drive a higher valuation".

Foolish takeaway

Cleanaway Waste Management and Myer Holdings are two ASX All Ords shares that have caught the eye of brokers this week with their promising outlooks.

This makes for a cheery Friday morning here in the markets. Still, long-term thinking is critical.

In the last 12 months, Cleanaway is up 17%, whereas Myer has doubled in value.

Motley Fool contributor Zach Bristow 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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