Brokers upgrade 2 ASX 200 shares following earnings results

Here's why brokers have given these two shares a ratings boost.

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The S&P/ASX 200 Index (ASX: XJO) is down 0.77% at 7,140 points today as earnings season continues and brokers update their ratings following the release of full-year FY23 results.

As reported in The Australian today, these two ASX 200 shares have attracted a re-rating.

Let's take a look.

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Macquarie raises Mirvac shares to outperform

The Mirvac Group (ASX: MGR) share price is down 0.63% to $2.38 at the time of writing on Thursday.

The ASX 200 property developer released its full-year FY23 results yesterday.

Mirvac revealed an operating profit of $580 million, 3% down on FY22 but in line with revised guidance.

The company exchanged 1,638 properties during FY23. Sales were impacted by rising interest rates, lower first home buyer activity, and fewer development launches.

The ASX 200 property share paid a full-year distribution of 10.5 cents per share, up 3% on FY22.

Following the results, Macquarie has raised its rating on Mirvac shares to outperform.

The broker has put a 12-month price target of $2.66 on the ASX 200 share.

This implies a potential upside of 12%.

Another top broker, JP Morgan, is not so optimistic.

It cut its rating on Mirvac shares to underweight with a $2.30 price target.

Mirvac shares are up 11.8% in the year to date.

Rating boost for Transurban shares

The Transurban Group (ASX: TCL) share price is currently down 3.9% to $13.31.

The toll road operator released its full-year FY23 results yesterday.

The highlights included a record proportional earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2.5 billion.

The company declared a final dividend of 31.5 cents per share, 3.5% franked to be paid on 21 August.

The full-year payout for FY23 came to 58 cents per share, up 40% on FY22.

And the company says it expects to bump up the full-year dividend by 7% to 62 cents in FY24.

On the back of the results, E&P has raised its rating on the ASX 200 share to neutral.

The Transurban share price is up 4.6% in the year to date.

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Bronwyn Allen has positions in Macquarie Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended JPMorgan Chase, Macquarie Group, and Transurban Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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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