Meantime, brokers have indicated a changed view on several ASX 200 shares, and have upgraded their ratings.

Let's check them out.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is $19.46, down 1.6% today.

Over the past month, this ASX 200 copper share has ripped 16%.

UBS upgraded Sandfire Resources shares to a hold rating this week.

The broker increased its 12-month price target from $16.75 to $20.

This implies just 3% upside ahead.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is $12.21, down 3.4% today.

Over the past year, this ASX 200 gold share has climbed 39%.

UBS upgraded Evolution shares to a buy rating this week.

The broker upped its price target from $13.80 to $14.

This suggests a potential 15% upside ahead.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is $34.84, up 0.6% today.

Over the past six months, this ASX 200 consumer staples share has recovered 18%.

JP Morgan upgraded Woolworths shares to a buy rating this week.

The broker lifted its 12-month price target from $35 to $37.

This implies a potential 6% upside ahead.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price is $78.13, up 0.7% today.

The market's largest consumer discretionary share has lifted 8% over the past month.

Morgans upgraded Wesfarmers shares to a buy rating with an $81.10 price target on Monday.

This indicates possible growth of 4% over the next year. 

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is $11.41, up 0.4% today.

Over the past six months, this ASX 200 uranium share has leapt 40%.

Macquarie upgraded the stock to a buy rating with a $13.25 target this week.

This suggests potential capital growth of 16% over the next year. 

National Australia Bank Ltd (ASX: NAB) 

The NAB share price is $37.05, down 1.9% today.

The ASX 200 bank share has fallen 13% in 2026.

Citi upgraded NAB shares to a hold rating this week.

The broker reduced its 12-month price target from $39.25 to $37.40.

This suggests almost no capital growth ahead.

The post 6 ASX 200 shares just upgraded by the experts appeared first on The Motley Fool Australia.

After kicking off the trading week on a positive note yesterday, investors couldn't keep up the momentum, with the index opening in the red this morning and staying that way all session. By the time the markets closed up shop, the ASX 200 had lost 0.39% and finished up at 8,657.8 points.

The US markets were closed for the Memorial Day public holiday last night, so the small gains we saw 'Stateside last Friday are still holding.

So, without further ado, it's now time to take stock of how the various ASX sectors fared amid today's frosty trading conditions.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Pitt Street has this week sent a research note to its clients, arguing that copper could be the best-performing metal in the 2020s, and has named two producers it says are well placed to benefit.

Let's have a look at what they're saying about copper supply first.

Deficits to grow

Pitt Street Research argues that copper has the potential to mirror gold's stellar performance, as "the emerging supply/demand gap … is only going to continue to grow''.

They added:

Global copper consumption is ~26.5Mt today, and the deficit is a modest ~200,000tpa. But consumption is forecast to rise sharply as EVs (~80kg copper vs ~25kg for ICE cars), renewable energy, grid infrastructure and data centres scale simultaneously. Bloomberg has estimated that demand will reach ~35Mt by 2035 and ~50Mt by 2050.  

Pitt Street said no major new world-class copper deposit had entered production at scale in more than a decade, and existing mines are ageing and ore grades are declining.

New discoveries also take 7-10 years to come into production, they said.

They added:

The crunch will mean significantly higher copper prices. We are already seeing an impact with LME copper prices up >50% in 18 months and believe more growth is to come. ASX will gain exposure to the upside in the copper price. However, not all copper companies are created equal. The companies that will do the best will be the companies that have high-quality projects in favourable jurisdictions with persistent operational performance.

Miners worth a look

In terms of ASX-listed copper producers, Pitt Street Research likes Evolution Mining Ltd (ASX: EVN) and Sandfire Resources Ltd (ASX: SFR).

While Evolution is mainly thought of as a gold producer, Pitt Street said it has strong copper exposure embedded in its high-quality assets.

Pitt Street said:

Ernest Henry is a large-scale iron oxide copper-gold (IOCG) deposit with a long mine life to at least 2040 and significant resource depth. The operation contains approximately 1.4Mt of copper and 2.8Moz of gold in resources, supporting long-term production of around 50kt copper per annum. Beyond Ernest Henry, Evolution also has exposure through Northparkes, creating a broader copper portfolio. Copper contributes approximately 25% of group revenue, with a strategic target of increasing this to 40% over time. This indicates a deliberate shift towards greater copper leverage.

And finally, to Sandfire, Pitt Street said it had diversified from a single asset producer into a diversified global copper company with producing assets in Europe and Africa.

Pitt Street said:

All things considered, we believe Sandfire represents a direct, scalable and relatively low-cost copper exposure, with both operational stability and growth. In the context of the copper price scenarios, it offers strong leverage in the base and bull cases, while remaining resilient in downside environments due to its cost position.

The post With an "extreme" copper crunch coming, here are 2 shares to buy appeared first on The Motley Fool Australia.

This disappointing mid-week session for Australian investors comes after a mixed night over on Wall Street.

The Dow Jones Industrial Average Index (DJX: .DJI) recovered from an early dip to post a 0.11% gain.

However, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) wasn't so lucky and ended up dropping 0.71%.

Let's get back to ASX shares now, though, and take a deeper dive into what was going on amongst the different ASX sectors today.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

As we head into the Wednesday lunch hour, the S&P/ASX 200 Index (ASX: XJO) is down 0.3%.

Here's how these three ASX 200 mining giants are tracking at this same time:

• Capstone Copper shares are up 4.5% at $13.84 each
• Sandfire shares are up 6.0% at $20.24 each
• BHP shares are up 2.8% at $61.42 each

Any guesses what links these three stocks together?

If you said they're all ASX copper shares, go to the head of the virtual class.

And, as you can likely guess by their surging shares today, global copper prices are heating up.

Sandfire, Capstone, and BHP shares lift on copper surge

The red metal gained 1.4% overnight to currently be trading for US$14,021. This sees the copper price up more than 47% in 12 months and trading right near its all-time highs.

Now, while Sandfire Resources and Capstone Copper are both fairly pure play copper stocks, BHP is a relative new comer to the ASX 200 copper stock list.

However, in the first half of the 2026 financial year, surging copper prices and increased production offered a big boost to BHP shares. Indeed, H1 FY 2026 marked the first time that, at US$8 billion, copper drove more than 50% of BHP's earnings, surpassing iron ore.

For the full 2026 financial year, BHP expects copper production to come in at the higher end of its guidance of between 1.9 million to 2.0 million tonnes.

And, with BHP stock charging higher this past month while Commonwealth Bank of Australia (ASX: CBA) shares have gone in retreat, BHP's crown as the biggest company on the ASX is looking more securely in place.

BHP currently has a market cap of some $312.6 billion, compared to a market cap of $260.9 billion for CBA shares.

What's driving the copper price higher?

You may have heard of copper referred to as 'Dr Copper', for the red metal's close links to the global economy.

If that link is in play today, then the near record copper prices we're seeing portend ongoing economic growth.

Among the reasons copper, and by correlation Sandfire, Capstone, and BHP shares, are enjoying another lift today is a reported rebound in demand from China. This comes as global supply growth remains tight.

The world's push towards electrification and the fast-rising demand from copper hungry AI-enabled data centres is also supporting copper's bull run.

Commenting on the surging copper price, Ewa Manthey, commodity strategist at ING Group, said (quoted by The Australian Financial Review):

Breaking above US$14,000 highlights how tight the copper market has become. Low inventories outside the US and ongoing supply constraints are leaving prices highly sensitive to any incremental demand.

The post Why are Sandfire, Capstone and BHP shares jumping in Wednesday's sinking market? appeared first on The Motley Fool Australia.

At the time of writing, the industrial base metal is trading around US$6.44 per pound.

That leaves copper prices up about 38% over the past year.

The move has also flowed through to ASX copper-related shares today.

BHP Group Ltd (ASX: BHP) is up 2.83% to $59.98, Rio Tinto Ltd (ASX: RIO) is 3.05% higher to $185.27, and Sandfire Resources Ltd (ASX: SFR) is in the green by 2.81% to $19.05.

Smaller copper names are also getting a lift, with 29Metals Ltd (ASX: 29M) jumping 10%.

Copper hits a record high

Copper has pushed further into record territory today.

According to Trading Economics, US copper futures climbed above US$6.40 per pound as supply concerns and stronger demand expectations lifted prices.

Copper is used in construction, power networks, EVs, industrial equipment, and data centres, linking it to several major spending trends.

Artificial intelligence (AI) is also adding another layer.

More data centres require more power infrastructure, and copper remains a key metal across wiring, motors, cooling systems, and grid connections.

Supply worries are adding fuel to the fire

While the demand outlook is only one side of the move, tight supply is also helping to push prices higher.

Copper is not a market that can quickly respond when buyers need more metal. New mines take years to develop, and existing operations can be affected by weather, accidents, delays, and processing issues.

That is why recent production concerns have received so much attention.

One example is the Grasberg mine in Indonesia, which is operated by PT Freeport Indonesia and is one of the world's largest copper mines. The mine has been working through a slower return to full output after a fatal mudslide last year.

There are also concerns around sulphuric acid, which is used in copper processing. Reports have pointed to tighter sulphur supply linked to Middle East disruption and China's move to restrict some exports.

ASX copper shares are in demand

For ASX investors, the most obvious names are the large miners.

BHP and Rio Tinto both have copper exposure, although they are still diversified businesses. That means copper is not the only driver of their earnings.

Sandfire gives investors more direct exposure to copper. The company has assets in Spain and Botswana, which makes its share price more sensitive to moves in the copper price.

There are also smaller companies such as 29Metals, AIC Mines Ltd (ASX: A1M), and FireFly Metals Ltd (ASX: FFM). These stocks can move more rapidly when copper rallies, but they also come with a higher risk.

The post Copper is going ballistic. Which ASX shares are riding the boom? appeared first on The Motley Fool Australia.

The S&P/ASX 200 Index (ASX: XJO) rose 0.91% to close at 8,744.4 points, marking the benchmark's first weekly gain in four weeks.

The long-term outlook for Australian mining is strong, with 5 key drivers behind a new commodities super cycle now underway.

However, the war in Iran and the global oil shock remains a short-term headwind that is expected to drive miners' costs higher in 2026.

As the world awaits Iran's response to the latest peace plan proffered by the US, share markets remain volatile.

Last week, only four of the 11 market sectors finished in the green.

Let's review.

Higher commodity prices boost ASX 200 mining shares

Several ASX 200 mining shares hit new records or multi-year highs as key commodities lifted over the week.

On Friday, the iron ore price was US$110.95 per tonne, up 3.5% over the week, due to strong buying from mainland China.

Trading Economics analysts said:

Sentiment was further lifted by a continued drawdown in steel inventories, which have now declined for seven consecutive weeks, pointing to potential restocking demand for raw materials.

On the macro front, China's manufacturing PMI remained in expansion territory, while policymakers in Beijing continued efforts to stabilize the real estate sector, improving the broader economic outlook.

Also last week, the gold price rose 2.2% to US$4,730 per ounce, and silver lifted 6.3% to US$80.61 per ounce.

The copper price increased 3.7% to US$6.25 per pound.

ASX 200 lithium shares had a strong week as lithium prices continued their recovery.

Lithium prices finally bottomed out in mid-2025 after a devastating two-year downward spiral.

Since then, the lithium spodumene price has more than quadrupled to US$2,792 per tonne on Friday.

The lithium carbonate price also reached its highest level since 2023 at US$28,949 per tonne, up 3.5% for the week.

Which ASX mining shares hit new highs last week?

The BHP Group Ltd (ASX: BHP) share price increased 5.48% to close out the week at $57.95.

BHP shares reached a 10-week high of $58.71 on Thursday, their highest level since the stock hit a record $59.39 on 3 March.

BHP is now a whisker away from re-taking its traditional crown as the largest company on the ASX 200.

For now, Commonwealth Bank of Australia (ASX: CBA) remains at the top with just $2.6 billion in market cap separating it from BHP.

The Rio Tinto Ltd (ASX: RIO) share price lifted 3.93% to close at $178.72 after reaching a new all-time high of $180.33 on Friday.

The Mineral Resources Ltd (ASX: MIN) share price rose 4.27% to $69.55, after reaching a two-year high of $71.62 on Friday.

The market's largest ASX 200 lithium share, PLS Group Ltd (ASX: PLS) rose 1.95% to $6.26 on Friday.

PLS Group shares also set a new record last week at $6.38 apiece.

Other impressive gains among the miners

Fortescue Ltd (ASX: FMG) shares gained 6.3% to finish the week at $21.27.

ASX 200 copper share Sandfire Resources Ltd (ASX: SFR) lifted 7.33% to $18.01.

The Capstone Copper Corp (ASX: CSC) share price gained 4.3% to $12.37.

Nickel and lithium producer IGO Ltd (ASX: IGO) lifted 8.59% to $8.34 per share.

Lynas Rare Earths Ltd (ASX: LYC) shares closed the week 1.57% higher at $19.44 apiece.

What about ASX gold shares?

The gold price was US$4,730 per ounce on Friday, up 2.2% over the week and up 9.1% in the calendar year to date.

The market's largest ASX 200 gold share, Northern Star Resources Ltd (ASX: NST) edged 0.05% lower to $21.16 last week.

The Evolution Mining Ltd (ASX: EVN) share price lifted 7.4% to $13.05, and Newmont Corporation CDI (ASX: NEM) rose 4.33% to $160.35.

Regis Resources Ltd (ASX: RRL) and Vault Minerals Ltd (ASX: VAU) announced their merger last week.

The Regis Resources share price lost 2.97% to close at $6.85 while Vault Minerals lifted 3.98% to $4.70 per share.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the five trading days:

The post ASX 200 mining shares smash multi-year highs as key commodity prices rise appeared first on The Motley Fool Australia.

Meanwhile, the benchmark S&P/ASX 200 Index (ASX: XJO) is also lower after the Reserve Bank lifted interest rates again today.

ASX 200 shares are down 0.6%, with materials the weakest of the 11 market sectors today.

While key commodity prices are rising today, investors are worried about the impact of higher fuel prices on miners' earnings.

US and Iran launch new missile strikes

Fresh fighting between the US and Iran broke out overnight, with missile strikes launched in the Strait of Hormuz.

The new military action sent the Brent crude oil price to US$114 per barrel, its highest level since Russia invaded Ukraine in 2022.

At the time of writing, the copper price is US$5.84 per pound, up 0.85%.

Trading Economics analysts said escalating US-Iran tensions are raising concerns about demand for industrial metals like copper.

The analysts said:

A major downside risk for industrial metals is an extended shutdown of the Strait of Hormuz, which could intensify the energy shock and prompt central banks to adopt a more hawkish policy stance, which may dampen manufacturing output and reduce demand for industrial commodities.

On the supply side, copper stocks in warehouses monitored by the LME are still close to their highest levels since 2013, adding to the bearish outlook.

Big picture for copper

The Iran war is a short-term headwind that threatens to disrupt global industrial production due to fuel supply constraints and higher prices.

However, the bigger picture is that a multi-decade green energy transition is underway, and copper's role in electrification will continue to drive longer-term demand, as nations continue to build all the new infrastructure they need for renewable energy generation.

Copper is used in wiring, electric vehicles (EVs), wind turbines, solar energy systems, telecommunications, and electronic products.

The US added copper to its Critical Minerals List in November last year.

The copper price reached a record high of US$6.60 per pound in January. The red metal traded above US$6 per pound again last month.

With this backdrop in mind, here are four ASX copper shares that are buy-rated by the experts.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is $16.61, down 0.8% today and up 65% over 12 months.

Macquarie reiterated its buy rating on the market's largest pure-play ASX copper share last week.

The broker has a 12-month share price target of $19.30, implying 17% upside ahead.

The ASX copper share traded at an all-time high of $21.75 in January.

Develop Global Ltd (ASX: DVP)

The Develop Global share price is $5.31, down 1.7% today and up 66% over 12 months.

Bell Potter reiterated its buy rating on Develop Global shares this week.

The broker said:

Pioneer Dome's importance lies in its ability to provide timely liquidity for the Group, supporting de-leveraging and
financing of Sulphur Springs construction.

The resulting financial flexibility would allow DVP to act nimbly on any forthcoming organic and inorganic opportunities.

Bell Potter kept its 12-month share price target at $6.60, suggesting a potential 25% upside ahead.

The ASX copper share traded at a 52-week high of $6.03 in February.

Capstone Copper Corp CDI (ASX: CSC)

The Capstone Copper share price is $11.16, down 3.9% today and up 50% over 12 months.

Morgans is buy-rated on Capstone Copper shares but reduced its price target from $16 to $15.40 last month.

This still implies a potential 38% upside ahead.

The ASX copper share reached a record high of $17.83 in January.

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is 37 cents, down 5.9% today and up 104% over 12 months.

Morgans reiterated its buy rating on Aeris Resources shares this week after reviewing the miner's 3Q FY26 report.

The broker expects the ASX copper share to return to its 52-week high of 70 cents within a year.

This implies a potential capital gain of nearly 90% ahead.

Aeris Resources last traded at 70 cents apiece in January.

Morgans said:

Copper production missed on lower Tritton grades but this was offset by a solid cost performance and strong cash flow (+72% qoq), materially strengthening the balance sheet and funding flexibility.

Tritton is set up for a stronger 4Q26, while Constellation, Golden Plateau and the Peel acquisition underpin a longer-term production and mine life extension story.

Aeris Resources is in the process of acquiring Peel Mining Ltd (ASX: PEX) to access its South Cobar Copper Project.

Peel Mining announced court approvals today, with a shareholder vote scheduled for Monday, 15 June.

The post 4 ASX copper shares to buy now: experts appeared first on The Motley Fool Australia.

The long-term outlook for the mining sector is bright, but the ongoing fuel crisis presents a short to medium-term headwind.

ASX mining shares began the year well after a ripsnorting period of growth last year.

The ASX 300 Metals & Mining Index rose 9.7% in January and 9.3% in February, but fell 14.1% in March due to the oil shock.

In April, the index rose 5.2% as investors bought the dip.

However, as more stories of higher fuel costs at mining operations emerge, ASX mining shares may once again experience volatility.

Regardless, experts say there are good long-term buys amid all this uncertainty.

Here are five ASX mining shares with buy ratings this week.

Genesis Minerals Ltd (ASX: GMD)

The Genesis Minerals share price is $6, down 5.6% today.

In the YTD, this ASX 200 gold mining share has fallen 17.9%.

Shaw and Partners reiterated its buy rating on Genesis Minerals shares this week.

The broker has a $10 price target on the stock, suggesting a potential 58% upside ahead. 

In a new note, the broker said:

March quarter production was slightly below expectations, as was FY26 guidance commentary.

However, any perceived 2H weakness is largely driven by a reduction in third-party ore purchases.

Genesis Minerals Limited (ASX:GMD) owned mines ramp-up well in Q3, with better production expected Q4 and beyond.

Shaw & Partners noted that higher diesel prices had had only a minor impact on the gold producer's quarterly results.

GMD budgeted for diesel at A$1.10/L which would have been ~4% of costs.

GMD has found no interruption to supply, and can mitigate its diesel use if required. 

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is $16.52, down 1.1% today.

In the YTD, this ASX 200 copper mining share has fallen 8.3%.

Morgans upgraded its rating on Sandfire shares this week.

The broker moved from hold to accumulate with an unchanged 12-month price target of $20.40.

The target suggests a near-25% capital gain ahead.

Morgans said:

3Q26 production weakness was pre-flagged and driven by grade timing and weather impacts, with improving throughput at MATSA and grade uplift at Motheo to support a strong 4Q26 finish.

Costs remain well controlled but risks are building through potential Middle East conflict impacts.

Move to an ACCUMULATE (previously HOLD) rating with an unchanged A$20.40ps target price, with recent weakness presenting a more attractive entry point against a constructive copper outlook.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is $6.97, down 2.5% today.

In the YTD, this ASX 200 gold mining share has fallen 8.7%.

Macquarie maintained its buy rating on Regis Resources shares this week.

The broker lowered its price target from $9.70 to $9.50, which still suggests strong upside of 36% ahead.

Alkane Resources Ltd (ASX: ALK)

The Alkane Resources share price is $1.53, down 1.2% today.

In the YTD, this ASX gold mining share has lifted 10.7%.

Bell Potter renewed its buy rating on Alkane Resources shares this week.

The broker lifted its price target from $1.95 to $2.10.

The target suggests possible capital growth of 37% ahead.

In a new note, the broker said:

ALK offers multimine gold and antimony exposure across three attractive jurisdictions, a strong balance sheet and an operating platform focused on organic and inorganic growth options.

Valuation metrics are undemanding and we retain our Buy recommendation.

Newmont Corporation CDI (ASX: NEM)

The Newmont share price is $151.41, down 1.4% today.

In the YTD, this ASX gold mining share has edged 0.2% higher.

Citi renewed its buy rating on Newmont shares on Tuesday with a $215 target.

This suggests potential capital growth of 42% ahead.

The post 5 ASX mining shares to buy: experts appeared first on The Motley Fool Australia.

In fact, the S&P/ASX 200 Materials Index (ASX: XMJ) is up over 10% year to date. 

For context, the S&P/ASX 200 Index (ASX: XJO) is up less than 1% year to date. 

This morning, the team at Morgans have updated their outlook on three ASX materials stocks. 

Let's see what the broker had to say. 

Newmont Corp (ASX: NEM)

Newmont Corp engages in the exploration and acquisition of gold properties, containing copper, silver, lead, zinc, or other metals. 

The ASX materials company released its quarterly report last Friday. 

Morgans said the company delivered a strong beat across multiple operating and financial metrics, while completing its US$6bn buyback and announcing a further US$6bn program. 

The result reinforces NEM's positioning as a high-quality, cash-generative gold producer with strong balance sheet flexibility and increasing capacity to return capital to shareholders.

The broker has maintained its buy recommendation along with a $208 price target. 

From today's opening price of roughly $155.59, this price target indicates a potential upside of 34%. 

Year to date, it has hovered around a similar price and is up approximately 3% in that span. 

Regis Resources Ltd (ASX: RRL)

Regis Resources also released a quarterly report late last week. 

The gold production and exploration company reported sales for the quarter that beat Morgans' expectations whilst performing in line with company guidance. 

RRL continues to build a substantial cash balance, adding an additional A$198m bringing the total to A$1.12bn. Replenished ounces with group MRE exceeding 10% yoy resource growth underpinning future production.

We upgrade to BUY (from HOLD) following recent weakness across the gold sector which we believe has uncovered value in RRL underpinned by attractive immediate term cash generation paired with a structured capital management framework.

Sandfire Resources Ltd (ASX: SFR)

This ASX materials stock is a global mineral exploration and development company, largely focused on copper.

Its stock price is down 5% year to date. 

It also released a quarterly report last week. 

Morgans noted that 3Q26 production weakness was pre-flagged and driven by grade timing and weather impacts, with improving throughput at MATSA and grade uplift at Motheo to support a strong 4Q26 finish. 

Costs remain well controlled but risks are building through potential Middle East conflict impacts. Move to an ACCUMULATE (previously HOLD) rating with an unchanged A$20.40ps target price, with recent weakness presenting a more attractive entry point against a constructive copper outlook.

The post Are these ASX materials stocks a buy, hold or sell according to Morgans? appeared first on The Motley Fool Australia.

The world is waiting for a fresh round of negotiations between the US and Iran to begin, as the global oil shock continues.

Meanwhile, the International Monetary Fund has warned of a global recession given the long-tail impact of energy supply shocks.

Amid this ongoing turmoil, brokers have reduced their ratings on six ASX 200 shares this week.

Let's take a look.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is $231.83, up 0.5% today.

Over the past month, this ASX 200 bank share has lifted substantially, up 19%.

UBS downgraded Macquarie shares to a hold rating yesterday.

The broker considers the stock almost fully valued, given its 12-month price target of $235.

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is 7% lower on Friday at $4.91.

This ASX 200 healthcare share has skyrocketed 1,650% over 12 months.

Jefferies downgraded 4DMedical shares to a hold rating yesterday.

However, the broker believes this stock's value can continue to grow.

Its 12-month price target is $5.90, implying a potential 17% capital gain ahead.

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price is $22.39, up 0.09% today.

The ASX 200 insurance share has lifted 13% in the year to date (YTD).

Macquarie downgraded QBE shares to a hold rating with a $25.10 price target on Friday.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is $17.26, up 0.2% today.

The ASX 200 copper share has experienced a remarkable run over the past 12 months, rising 73%.

The copper commodity price climbed 42% in 2025 due to rising demand amid the green energy transition.

Sandfire Resources shares reached an all-time high of $21.75 per share in January.

Copper was sold off alongside other metals in February but has rebounded strongly since mid-March.

UBS downgraded Sandfire Resources shares to a sell rating today.

The broker reduced its 12-month price target from $17.70 to $16.75.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price is $28.64, down 3.8% today.

TechnologyOne lost a quarter of its valuation amid the tech wreck that began in 1H FY26.

The ASX 200 tech share is down 26% over the past six months but has rallied 4.5% this month amid a sector turnaround.

Morgans downgraded TechnologyOne shares to a hold rating today.

The broker has a price target of $31.20, implying a potential 9% upside ahead.

Reece Ltd (ASX: REH)

The Reece share price is $13.63, up 1% today.

This ASX 200 industrial share is down 12% year over year, but has lifted 13.6% over the past six months.

Morgans downgraded Reece shares to a hold rating today.

The broker reduced its 12-month price target from $17.70 to $14.10.

This still suggests a near-5% upside ahead.

The post 6 ASX 200 shares downgraded by brokers this week appeared first on The Motley Fool Australia.

What did Sandfire Resources report?

• Group copper equivalent (CuEq) production: 34.5kt for Q3 FY26; 106.5kt year to date
• MATSA CuEq production: 21.7kt in Q3 FY26 (YTD: 68.0kt); impacted by heavy rainfall and maintenance
• Motheo CuEq production: 12.8kt in Q3 FY26 (YTD: 38.5kt)
• Group sales revenue (unaudited): $408 million in Q3 FY26
• Underlying EBITDA: $220 million for the quarter, with a margin of 54%
• Net cash position: $76 million at 31 March 2026, up from $13 million at end-December 2025

What else do investors need to know?

The company retained its FY26 copper equivalent production guidance of 149kt–165kt, but now expects to finish in the lower half of the range. Operational challenges continued, especially at MATSA following a tragic fatality at the Magdalena mine and some weather-related disruptions.

Sandfire pressed ahead with exploration, investing $9 million regionally and $6 million near mine in Q3. The company also executed agreements with Havilah Resources to advance the Kalkaroo Copper-Gold project in South Australia, laying the foundations for a $70 million pre-feasibility study due by the second half of FY28.

What's next for Sandfire Resources?

Sandfire expects production for FY26 to come in at the lower end of guidance, as performance rebounds in the final quarter and cost controls remain a focus. Guidance for operating costs at MATSA and Motheo remains unchanged, but management continues to monitor supply chain risks.

Strategically, the company aims to grow through further exploration at its global projects, with Kalkaroo in South Australia shaping as a key growth opportunity. The upcoming $70 million pre-feasibility study at Kalkaroo aims to unlock further resource potential.

Sandfire Resources share price snapshot

Over the past 12 monts, Sandfire Resources shares have risen 81%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 12% over the same period.

View Original Announcement

The post Sandfire Resources lifts cash and revenue in March quarter update appeared first on The Motley Fool Australia.

I'm going to highlight two businesses that are some of the most highly rated stocks on the ASX with multiple buys.

Of course, just because analysts like a company doesn't automatically mean it's going to produce strong returns. Let's get into it.

Hub24 Ltd (ASX: HUB)

Hub24 offers clients the Hub24 platform, which offers advisers and their clients a large range of investment options, including managed portfolio solutions and enhanced transaction and reporting functionality for advisers and clients.

It also has wealth accounting software called Class, as well as being a provider of client portals for accountants and financial advisers called MyProsperity.

There are currently 13 ratings on the business, with 10 buy ratings. Of those 13 ratings, the average price target is $108.71, which tells us where analysts think the share price will be within a year. The price target suggests a possible rise of 23% from where it is at the time of writing.

The ASX share is growing at a very strong pace – in the FY26 half-year result, total revenue grew by 26% to $245.9 million, while underlying operating profit (EBITDA) grew 35% to $104.9 million and underlying net profit after tax (NPAT) rose 60% to $68.3 million.

Those numbers show strong scaling and revenue and even faster profit growth as margins improve.

The projection on CMC Markets suggests the business could generate $1.616 of earnings per share (EPS). That means it's now trading at 54x FY26's estimated earnings.

Sandfire Resources Ltd (ASX: SFR)

Sandfire is one of the largest copper miners on the ASX, with projects in Spain, Botswana, Australia and the US.

There have been 11 ratings on the business in the last three months, according to CMC Invest, with six of those being a buy. Of those ratings, the average price target is $18.92, which suggests a possible rise of 9% from where it is today.

But, the most optimistic price target is $21.24, which implies a possible rise of 22% within the next year, based on the share price at the time of writing.

The most recent update from the ASX share was its quarterly update for the three months to March 2026, which showed copper equivalent production of 34.5kt in the third quarter of FY26. For the nine months to 31 March 2026, copper production was 106.5kt.

It also had a cash balance of $76 million at 31 March 2026, with the $63 million increase from 31 December 2025 reflecting "strong underlying operating cash flow". In the FY26 half-year result, revenue grew 17% and net profit jumped 88%, showing the operating leverage of miners when revenue increases as a result of a higher copper price.

The projection on CMC Invests suggests its EPS could grow to $1.01 in FY26 and $1.64 in FY27. That means it's trading at 17x FY26's estimated earnings and under 11x FY27's estimated earnings.

With the long-term outlook for copper looking positive amid electrification, batteries and renewable energy, this ASX share could be one to watch.

The post 2 ASX shares highly recommended to buy: Experts appeared first on The Motley Fool Australia.

In late morning trade on Thursday, two of the S&P/ASX 200 Index (ASX: XJO) stocks are outpacing the 0.1% losses posted by the benchmark index, while the other is trailing behind.

Here's what's happening.

DroneShield shares lift on growth outlook

DroneShield shares are outperforming today. Shares in the ASX 200 drone defence company are up 1.2% at the time of writing, trading for $3.49 apiece.

The stock is grabbing headlines again today following a market update highlighting the immense growth potential of its defence-oriented business model.

Indeed, the company estimates that the global counter-drone market is worth some US$60 billion, with both national defence and civilian customers seeking to secure potentially vulnerable assets.

Today's update follows yesterday's news that CEO Oleg Vornik was exiting the top role after more than 10 years at the helm. Angus Bean, who's been working as chief product officer, has stepped in as the new CEO.

DroneShield shares closed down 13.5% on Wednesday following the leadership shakeup, but remain up a whopping 315% since this time last year.

Sandfire shares sink amid weather woes

Unlike DroneShield shares, Sandfire Resources shares are taking a tumble today following the release of the miner's March-quarter results.

Shares in the ASX 200 copper miner are down 4.1% at the time of writing, trading for $17.39 each.

Sandfire reported copper equivalent (CuEq) production of 34,500 tonnes for the three months. The miner had a net cash balance of $76 million as at 31 March.

But Sandfire shares look to be under pressure, with the company citing persistent high rainfall and unplanned maintenance as likely seeing its full-year CuEq production come in towards the lower half of its guidance range of 149,000 to 165,000 tonnes.

Sandfire shares remain up 114% over 12 months.

Which brings us to the third ASX 200 stock grabbing headlines today.

Bendigo Bank shares rocket on earnings boost

Bendigo Bank shares are outperforming the benchmark and DroneShield shares today, following the release of the challenger bank's March-quarter trading update (Q3 FY 2026).

Bendigo Bank shares are up 8.3% at the time of writing, changing hands for $11.33 apiece.

Investors are bidding up the ASX 200 bank stock with Bendigo reporting unaudited cash earnings of $137.9 million for the quarter. That's up 7.6% from the quarterly average achieved in the first half of FY 2026.

On the bottom line, the bank reported a statutory net profit after tax (NPAT) of $109.4 million.

Bendigo Bank shares are up 14% in 12 months.

The post Why is everyone talking about Sandfire, Bendigo Bank, and DroneShield shares on Thursday? appeared first on The Motley Fool Australia.

What did Sandfire Resources report?

• Group copper equivalent (CuEq) production of 34.5kt in Q3 FY26, totalling 106.5kt for the nine months to 31 March 2026
• MATSA mine produced 21.7kt CuEq in the quarter; Motheo mine delivered 12.8kt CuEq
• Net cash balance of $76 million as at 31 March 2026, up $63 million from December 2025
• Group capital expenditure guidance for FY26 reduced by $15 million to $225 million
• Underlying operating costs: $86/t at MATSA and $44/t at Motheo, in line with guidance

What else do investors need to know?

Persistent high rainfall and unplanned maintenance limited MATSA's output in Q3, while Motheo's transition to higher grade ore was delayed. However, both mines recorded improvements in annualised ore mining and processing rates, with Motheo achieving a record 6.5Mt mined and 6.1Mt processed.

The company's FY26 copper equivalent production guidance remains at 149kt to 165kt, though full-year performance is now expected in the lower half of that range. Guidance for operating costs was reaffirmed, barring extended impacts from the Middle East conflict on freight and energy prices.

Sandfire also made its inaugural tax payment from Motheo and completed additional payments to Havilah Resources related to its Kalkaroo project. Management's next in-depth update will come with the full March 2026 Quarterly Report later this month.

What's next for Sandfire Resources?

Looking ahead, Sandfire expects an upswing in production volumes in the June quarter, particularly at Motheo as higher grade ore comes online. The company is aiming to meet the lower half of guidance ranges for both operations in FY26 and is keeping capital spending tightly managed following a slight delay in ramping up activity at Kalkaroo.

Management says FY26 cost guidance is on track for MATSA and Motheo, although external factors like freight and energy costs remain a watchpoint. Investors can expect a fuller financial and operational update with the upcoming official quarterly report release.

Sandfire Resources share price snapshot

Over the past 12 months, Sandfire Resources shares have risen 153%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 21% over the same period.

View Original Announcement

The post Sandfire Resources posts Q3 FY26 operations highlights and maintains guidance appeared first on The Motley Fool Australia.

In afternoon trade on Wednesday, the ASX 200 is up 2.6% as investors digest news of a two-week ceasefire in the Iran war.

And the copper miners are charging ahead of those gains. That's because a resolution in the Middle East conflict would reduce the forecast pressure on global growth and, accordingly, increase forecast demand for crucial industrial metals like copper.

Indeed, since the outbreak of the war at the end of February, the copper price has fallen by almost 8% to US$12,313 per tonne. Mind you, that's still up 41% since this time last year.

And with investors hopeful that the war could be nearing an end, here's how these three leading ASX 200 copper stocks are tracking today and over the past 12 months:

• BHP Group Ltd (ASX: BHP) shares are up 3.6% today at $54.84 and up 55.0% in 12 months
• Sandfire Resources Ltd (ASX: SFR) shares are up 10.5% today at $18.26 and up 108.3% in 12 months
• Capstone Copper Corp (ASX: CSC) shares are up 9.2% today at $12.46 and up 85.4% in 12 months

While Sandfire Resources and Canadian-based Capstone Copper are relatively pure play copper stocks, you may be surprised to see BHP shares on this list.

But when BHP reported its half-year results (H1 FY 2026) in February, investors learned that at US$8 billion, copper contributed more than half the miner's earnings for the six months, surpassing iron ore for the first time.

For the full 2026 financial year, BHP expects to produce between 1.9 million and 2.0 million tonnes of the red metal.

ASX 200 copper stocks facing 'near-term risks'

When it comes to the US and Israeli war with Iran, investors would do well not to be overly exuberant amid the early ceasefire news.

"Investors shouldn't mistake this pause for a resolution," eToro market analyst Josh Gilbert said.

"A two-week ceasefire window is welcome news for risk assets broadly, but the reality is we've seen patterns like this before, and the underlying uncertainty can persist," he added.

And ASX 200 copper stocks like BHP and Sandfire could prove particularly vulnerable to a prolonged conflict in the Middle East.

That's according to the analysts at Goldman Sachs, who warn of potentially slumping global demand for the red metal, should the war persist (courtesy of The Australian Financial Review).

According to Goldman Sachs:

We see the near-term risks as skewed to the downside if strait flows remain disrupted for longer than our base case, which would keep energy prices higher for longer and likely slow global economic growth.

And the big one-year share price gains posted by BHP and its rival ASX 200 copper stocks may have been partly driven by overvalued global copper prices.

Goldman Sachs noted:

The copper price continues to trade well above our 2026 fair value estimate of about US$11,100 … which would fall below US$11,000 under our economists' severely adverse scenario of a 1.2 percentage point hit to global GDP growth from the energy price spike.

Our fair value estimate takes into account price support from the ex-US market balance and adds a 25% probability of broad strategic copper stockpiling. This means that the copper price is not being supported at the current level by fundamentals, making it vulnerable to another move lower should the economic outlook deteriorate and investors de-risk.

Stay tuned!

The post Why surging ASX 200 copper stocks like Sandfire and BHP shares are 'vulnerable' appeared first on The Motley Fool Australia.

Both the S&P/ASX 200 Index (ASX: XJO) and the gold price have been weaker since the start of the war in late February, which can present a buying opportunity.

Volatility remains

The Canaccord team does say to proceed with caution however.

They said in a research note to clients this week:

With the US appearing to now be actively seeking an off-ramp, our central case continues to be that a resolution to the conflict will be struck over the coming weeks. However, the risk of an escalation in hostilities and more prolonged conflict is still a scenario that needs to be factored into the investment strategy equation. We remain well diversified given elevated levels of uncertainty; however, we are not bearishly positioned.

On the interest rates front, Canaccord said the recent, second rate rise in Australia, "with a bias to do more", increases the risk of a sharper slowdown in growth later this year.

They said further:

Higher interest rates will weigh on consumption and business confidence, while global uncertainty linked to geopolitical tensions also threatens to dampen external demand over coming months. Governor Bullock acknowledged that a recession is not the Bank's central case and certainly not its objective but cautioned that failing to bring inflation under control would ultimately be more damaging to employment and long-term growth.

In terms of the equities they think could recover well in the case of the war scaling back, Canaccord has picked two miners and a financial company.

Evolution Mining Ltd (ASX: EVN)

Canaccord said that Evolution offers "clean leverage" to a recovery in the gold price, and to a lesser extent copper, underpinned by its "best in class" operational delivery.

They went on to say:

Gold has pulled back sharply on higher real yields, USD strength, and liquidity-driven selling, with investors using it as a source of funds during recent volatility, creating a dislocation between price and medium-term fundamentals. Importantly, we remain constructive over the medium term, with key structural tailwinds intact, including longer-term USD debasement and strong central bank demand. As liquidity pressures ease and positioning normalises, gold should recover, with EVN providing leveraged exposure. Iran de-escalation represents a key near-term catalyst for a recovery in gold.

Sandfire Resources Ltd (ASX: SFR)

Canaccord said as the ASX's largest copper-focused miner, Sandfire provides clean leverage to a recovery in copper.

They add:

The industrial metal has pulled back on cyclical growth concerns linked to the Iran conflict, creating an attractive entry point for investors willing to look through near-term uncertainty. While cyclical demand risks remain, structural drivers (EVs, energy storage, renewables) and a tight supply backdrop support a constructive medium-term outlook. Copper appears well placed to rebound over the coming months, assuming no prolonged escalation in Iran (not our base case), with Sandfire providing leveraged exposure

Pinnacle Investment Management Group Ltd (ASX: PNI)

Canaccord said the recent pullback in Pinnacle shares represents an attractive entry point for investors looking to position themselves for a broader equity market recovery.

They say the recent weakness in the shares reflects its leverage to the broader equity market, alongside concerns around private credit.

Canaccord says the company remains a "compelling medium-term proposition, given its diversified stable of affiliates with strong funds under management growth prospects''.

The post Three ASX 200 stock picks to consider now, to drive gains as markets and the gold price recover appeared first on The Motley Fool Australia.

ASX mining shares have been the worst hit by the war in Iran, with the materials sector losing 15.3% of its value since the conflict began.

Some investors took profits this month after a strong run for ASX 200 mining shares, amid fears that higher diesel prices and potential shortages could hurt earnings and production for 2H FY26.

ASX 200 mining shares have also declined alongside metals prices, with gold down 17%, silver down 22%, lithium carbonate down 8%, and copper down 7% over the month. Iron ore has demonstrated resilience, rising 7% over the period to US$106 per tonne on Friday.

With the US and Iran still negotiating a 15-point plan for peace, it is hoped this war and the ensuing global oil shock will be over soon.

This may have motivated some investors to take up new or enhanced positions in ASX 200 mining shares last week, given the bright long-term outlook for the sector and the opportunity to buy the dip.

Reflecting the miners' fightback last week, the S&P/ASX 300 Metal & Mining Index (ASX: XMM) rose 4.4% while the benchmark S&P/ASX 200 Index (ASX: XJO) gained 1% to finish at 8,516.3 points.

Seven of the 11 market sectors finished in the green last week.

Let's recap.

ASX 200 mining shares fight back

The BHP Group Ltd (ASX: BHP) share price increased 6.1% to close at $50.37 on Friday.

BHP shares reached a record $59.39 on 3 March before the war prompted investors to take profits.

Despite last week's rebound, the ASX 200's largest mining stock remains 13.8% lower over 30 days.

Rio Tinto Ltd (ASX: RIO) shares lifted 4.3% to $153.23 last week, while Fortescue Ltd (ASX: FMG) gained 6.5% to $20.19.

The Mineral Resources Ltd (ASX: MIN) share price soared 9.7% to $56.69.

South32 Ltd (ASX: S32) shares increased 1.3% to $4.03 per share.

ASX 200 copper share Sandfire Resources Ltd (ASX: SFR) lifted 1.8% to $15.88, while Capstone Copper Corp (ASX: CSC) edged 0.6% lower to $10.14.

ASX 200 lithium shares had a ripsnorter of a week, with PLS Group Ltd (ASX: PLS) rocketing 21.8% to close at $5.15 on Friday.

The Liontown Ltd (ASX: LTR) share price soared 20.9% to $1.77, and Core Lithium Ltd (ASX: CXO) gained 11.9% to 24 cents.

Nickel and lithium producer IGO Ltd (ASX: IGO) lifted 16.5% to $7.93 per share.

Lynas Rare Earths Ltd (ASX: LYC) shares closed the week 2.7% higher at $10.08 apiece.

Bauxite and alumina producer Alcoa Corporation CDI (ASX: AAI) lifted 3.5% to $85.95 per share.

What about ASX gold shares?

The market's largest ASX 200 gold share, Northern Star Resources Ltd (ASX: NST) rose 0.3% to close at $18.55 on Friday.

The Evolution Mining Ltd (ASX: EVN) share price lifted 0.4% to $12.46, and Newmont Corporation CDI (ASX: NEM) rose 3.1% to $146.85.

Among the mid-caps, Vault Minerals Ltd (ASX: VAU) shares lifted 2.1% to $3.96, and Regis Resources Ltd (ASX: RRL) rose 1.1% to $6.26.

Gold and copper miner, Greatland Resources Ltd (ASX: GGP) fell 3.5% to $9.76.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the five trading days:

The post ASX 200 mining shares rebound after March sell-off creates opportunities appeared first on The Motley Fool Australia.

While that is disappointing for our portfolios, the short term pain could have created some compelling buying opportunities.

But which ASX 200 shares are buys? Let's take a look at five that Wilsons thinks have been oversold.

Wilsons says these ASX 200 shares have been oversold

Wilsons highlights that ASX growth shares and those linked to financial markets have undertaken a major de-rating.

This includes hearing solutions company Cochlear Ltd (ASX: COH), investment platform provider Hub24 Ltd (ASX: HUB), and investment management company Pinnacle Investment Management Group Ltd (ASX: PNI).

Wilsons points out that these ASX 200 shares are now trading on lower than average PE ratios despite having positive outlooks. It explains:

Growth stocks and companies with earnings leverage to financial markets have de-rated as bond yields have risen and risk assets weakened, creating selective opportunities on a medium-term view. Pinnacle (PNI) and HUB24 (HUB) trade below five-year average P/E multiples while retaining strong structural growth and offering meaningful leverage to an eventual equity market recovery. Cochlear (COH) trades at a decade-low P/E, with its Nexa product cycle supporting medium-term earnings acceleration.

What else?

Also catching the eye of Wilsons is Amcor (ASX: AMC). Its shares are trading close to 52-week lows despite having defensive qualities and being well-placed for growth from just the synergies of the Berry acquisition. It adds:

Cyclicals outside mining have also weakened on global and domestic growth concerns. We remain cautious on domestic cyclicals given a soft backdrop and RBA tightening but see more compelling opportunities offshore. Amcor (AMC), while arguably a defensive given its consumer staples end-market exposure, has been impacted by cyclical packaging demand concerns. However, it remains well positioned to deliver double-digit EPS growth from Berry synergies alone. On this basis, its single-digit P/E appears attractive.

Finally, Wilsons thinks copper miner Sandfire Resources Ltd (ASX: SFR) is an ASX 200 share that offers an attractive risk/reward following recent weakness in the mining sector. It commented:

The broader mining sector has sold off on cyclical growth concerns. While uncertainty remains elevated, miners appear well placed to rebound if the conflict de-escalates over the next few weeks. Within the sector, Sandfire Resources (SFR) offers an attractive risk/reward, supported by tight copper fundamentals, structural demand tailwinds, and valuation upside.

The post 5 oversold ASX 200 shares to buy according to Wilsons appeared first on The Motley Fool Australia.

By the time trading wrapped up today, the ASX 200 had gained a healthy 1.09% after initially rallying even harder this morning (up 2% at one point). This session's rise leaves the index at 8,692.6 points.

This happy Tuesday for the Australian markets follows an optimistic start to the American trading week in the early hours of this morning (our time).

The Dow Jones Industrial Average Index (DJX: .DJI) returned from the weekend with a spring in its step, rising 0.5%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) was even more enthusiastic, gaining a rosy 1.38%.

But let's return to the local markets now and take stock of how the different ASX sectors were lifted, or not, by today's market tide.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.