S&P/ASX 200 Index (ASX: XJO) shares are up 0.5% to 9,009.5 points on Friday.
Brokers have indicated new confidence by raising their ratings on several ASX 200 shares this week.
Let's see a sample.
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Westpac Banking Corp (ASX: WBC)
The Westpac share price is $38.30, up 0.4% today and up 13% over 12 months.
There is no news from Westpac this week.
UBS reiterated its buy rating with a 12-month price target of $45 on Thursday.
This suggests a potential 17% upside ahead for the ASX 200 bank share.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is $58.11, up 0.6% today and up 103% over 12 months.
Mineral Resources released its 4Q FY26 report this week, revealing record mining and lithium volumes.
The company said it had achieved or exceeded guidance across all business segments and reduced net debt.
Morgans raised its rating from accumulate to buy with an unchanged price target of $68 this week.
This implies a 17% upside ahead.
The broker said:
MIN delivered a strong 4Q26 result, with production and cost beats across mining services, iron ore and lithium.
FY26 guidance was achieved or exceeded across every segment.
Net debt reduced to A$4.3bn (-8% below expectations) and is now below 2x ND/EBITDA on our FY26 EBITDA forecasts.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is $7.23, up 0.7% today and up 12% over 12 months.
Whitehaven released its 4Q FY26 report this week.
The coal miner reported managed full-year run-of-mine (ROM) coal production and sales at the top end of its guidance.
Morgans upgraded the ASX 200 coal share from accumulate to buy this week.
The broker reduced its 12-month price target from $9.20 to $8.50.
This suggest a potential 18% upside ahead.
Morgans said:
Guidance delivered – WHC delivered in FY26 with ROM Coal production and Coal Sales coming in at the top end of guidance, while unit costs and capex tracked towards the lower end of their respective ranges.
Refinanced for added flexibility – Recent refinancing has lowered funding costs and extended debt maturities, leaving WHC better placed to navigate commodity market volatility and focus on FY27 operational delivery.
Queensland was firing – A strong rebound from Blackwater and Daunia drove an inline ROM Coal production result, highlighting the production leverage power of the Queensland portfolio and more than offsetting ongoing operational challenges at Narrabri.
Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is $1.27, up 5.4% today and up 57% over 12 months.
This week, the gold miner reported June quarter production of 41,643 ounces, up from 40,745 ounces in the March quarter.
Full-year production was 143,539 ounces, a new record that exceeded the guidance midpoint.
The full-year average all-in sustaining cost was A$2,827 per ounce.
Jarden upgraded the ASX 200 gold share on Wednesday with a 12-month target of $1.35.
This implies a potential 6% lift over the next year.
James Hardie Industries plc (ASX: JHX)
James Hardie shares are $37.07 apiece, down 0.5% today and down 10% over 12 months.
Morgans upgraded James Hardie shares to a hold rating after reviewing the building materials suppliers' 1Q FY27 report.
Analyst Liam Schofield said:
This result is better than expected.
Higher growth in FY27 reduces the heavy lifting required in FY28 to achieve consensus' US$1.45/sh EPS forecast.
