Once again brokers up and down Australia have been revaluating a number of shares on the ASX following recent share price movements.
Two shares which have found favour with brokers today and have been given upgrades are listed below. Should you follow their advice and snap them up today?
Brambles Limited (ASX: BXB)
Following a shock profit downgrade, the operator of the world's largest pallet pool has seen its shares fall a massive 17% in the last two weeks. However, a research note out of Morgans reveals that its analysts think this decline is a buying opportunity for investors. They have upgraded its shares from a hold rating to an add, with a price target of $11.61.
Whilst Brambles does look more attractive following the decline in its share price, I still feel it is a little on the expensive side at around 20x trailing earnings. I would hold tight and wait for the company to clarify its full-year earnings guidance when it announces its half-year results later this month.
Suncorp Group Ltd (ASX: SUN)
According to a research note out of Deutsche Bank, its analysts have upgraded the insurer from a hold rating to a buy this morning with a $14 price target. They believe its shares are trading at a big discount to its rival Insurance Australia Group Ltd (ASX: IAG) and I would have to agree.
Following the rollout of its new operating model, I think Suncorp is a great investment option at today's share price. In my opinion the insurer offers investors the best of both worlds. Potentially significant share price gains and a generous fully franked 5.2% trailing dividend.
