The S&P/ASX 300 Index (ASX: XKO) is trading lower today, down 0.55% or almost 40 points at the time of writing.
Meantime, three ASX 300 shares have been upgraded by top brokers, as reported in The Australian today.
Let's see why these ASX shares are attracting positive attention.
14% upside on James Hardie share price: Citi
The first ASX 300 share we'll look at is building materials supplier James Hardie Industries plc (ASX: JHX).
Citi has raised its 12-month price target on James Hardie shares by 23% to $42.50.
The re-rating comes after the company released its fourth quarter and full-year FY23 results yesterday.
In early trading today, the James Hardie share price is $36.88, up 0.22% on yesterday's close.
The stock rose by 8.3% yesterday, with ASX investors appearing to be very pleased with the numbers.
The company announced a record US$3,777.1 million in global net sales over the 12 months ending 31 March 2023, up 4% on the prior corresponding period (pcp).
Citi analyst Sam Seouw said James Hardie shares are a buy. He reckons the results show the company's last profit downgrade, announced in November 2022, was likely its last.
Jarden Securities has also raised its rating on these ASX 300 shares to overweight.
James Hardie released its 2023 annual report on form 20-F this morning.
UBS raises AGL share price target by 19%
Among the ASX 300 shares dominating headlines in recent years is utilities provider AGL Energy Limited (ASX: AGL).
As my Fool colleague Tristan points out, there has been much kerfuffle over its plan to close coal power plants and transition to renewable energy and batteries, which is a capital-intensive exercise.
But UBS sees light at the end of the tunnel and has raised its share price target on AGL by 19% to $9.60.
In early trading on Wednesday, the AGL share price is $8.90, up 0.68%. The new price target implies a potential upside of 7.9% over the next 12 months.
AGL insiders appear to share this confidence, with nine directors investing more of their own money in AGL shares in 2023.
PointsBet shares to outperform: Credit Suisse
Our next broker upgrade among ASX 300 shares is for online sports betting company Pointsbet Holdings Ltd (ASX: PBH).
This will come as welcome news to PointsBet investors, who have gritted their teeth through a 20% share price slide over Monday and Tuesday.
The stock was sold down after PointsBet announced the sale of its United States arm on Monday.
As my Fool colleague James covered, Pointsbet is selling its US operations for US$150 million ($222 million). Shareholders will receive the net proceeds as capital returns. The company estimates returns of between $1.07 and $1.10 per share.
Credit Suisse has raised its rating on PointsBet shares to outperform. The broker now expects the PointsBet share price to ascend to $1.60 over the next 12 months.
The PointsBet share price is recovering on Wednesday, up 5.9% at the time of writing to $1.44.
