Four S&P/ASX 200 Index (ASX: XJO) shares just received some sizeable upgrades from leading brokers.
Three of them are outpacing the 0.6% gains posted by the ASX 200 on Friday morning.
One is lagging in the red.
Here's the scoop.
(Broker upgrade figures courtesy of The Australian.)
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Four ASX 200 shares tipped for gains
First up, we have ASX 200 lithium share Allkem Ltd (ASX: AKE).
The Allkem share price is up 2.9% at the time of writing, trading at $10.35.
But Jarden Securities believes there are more gains ahead for Allkem, raising the stock to an 'overweight' rating with an $11.40 price target. That represents a potential 10.1% upside from current levels.
The second ASX 200 share getting an upgrade is medical imaging company Pro Medicus Ltd (ASX: PME).
The Pro Medicus share price is currently trading 1.4% higher at $94.60.
That still looks to be undervalued, according to JP Morgan. The broker's analysts have started their coverage of the stock at 'overweight' with a $100 price target on its shares. That represents a potential 5.7% upside from current levels.
Pro Medicus also pays out a small amount in dividends. Its shares trade on a fully franked trailing yield of 0.3%.
Which brings us to the third ASX 200 share getting an upgraded outlook, global packaging and distribution company Orora Ltd (ASX: ORA).
The Orora share price is down 1.2% at the time of writing, at $2.56. But Evans & Partners sees growth potential ahead, with a $3 price target on the company's shares. That represents a potential 17.2% upside from current levels.
And passive income investors take note. Orora shares trade on an unfranked trailing dividend yield of 6.8%.
Rounding off the list of the four ASX 200 shares enjoying broker upgrades is mining share Alumina Ltd (ASX: AWC), which owns 40% of Alcoa World Alumina & Chemicals (AWAC).
The Alumina share price is up 3.1% in late morning trade on Friday, at 90 cents.
But Barrenjoey sees that as a potential bargain, raising the mining stock to 'overweight' with a $1.10 price target on its shares. That represents a potential 22.2% upside from current levels.
