ASX 300 shares are slightly lower on Tuesday afternoon, down 0.17% as earnings season continues.
As reported in The Australian, various stocks are receiving broker upgrades after the companies released their 1H FY24 earnings results yesterday.
Let's take a look at this trio in the ASX 300.
Image source: Getty Images
ASX 300 shares upgraded following half-year reports
Adairs shares upgraded as dividends resume
The Adairs Ltd (ASX: ADH) share price is $2.15, up 1.9% amid news of two broker upgrades today.
Morgans has raised its rating on the ASX 300 retail stock to add, with a 12-month share price target of $2.40. Wilsons has bumped up its rating to market-weight with a $2 price target.
Yesterday Adairs reported an 18.9% decline in statutory net profit after tax (NPAT) to $17.7 million for 1H FY24. Perhaps investors were expecting worse given the 13.35% rise in the Adairs share price yesterday.
Adairs also announced the resumption of dividends after not paying a final dividend in FY22. The ASX 300 retailer will pay a fully franked interim dividend of 5 cents per share (cps), down from 8 cps in 1H FY23.
Mayne Pharma share price up 22% in two days
The Mayne Pharma Group Ltd (ASX: MYX) share price is $6.57, up 8.87% at the time of writing.
Wilsons has raised its rating on the ASX 300 stock to overweight. However, its new 12-month share price target is well below today's value at $7.38.
Yesterday, Mayne Pharma reported a 43% increase in revenue to $188 million and underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $8 million. The 1H FY24 EBITDA contrasts starkly with last year's 1H FY23 EBITDA loss of $25.7 million.
Investors were pleased and pumped up Mayne Pharma shares by 13.74% during the session on Monday.
Wilsons tips 25% potential upside on ASX 300 healthcare share
The Nanosonics Ltd (ASX: NAN) share price is 4.94% higher on Tuesday at $2.76.
JP Morgan has upgraded the ASX 300 healthcare stock to neutral with a $2.80 share price target. Wilsons has also upgraded Nanosonics shares to overweight with a more ambitious $3.45 price target.
Yesterday, the infection prevention company reported a 2% decline in revenue to $79,638 million and a 41% decline in NPAT to $6,168 million in 1H FY24. As my colleague James reported, softer sales and significantly higher expenses put a drag on the company's earnings.
ASX 300 investors punished the stock yesterday to the tune of a 13.92% fall in the share price. Perhaps they overdid it, if today's near-5% bump is anything to go by.
