These four ASX All Ords shares could help the All Ordinaries Index (ASX: XAO) achieve a strong year of returns.
That's according to Barrenjoey and Citi.
The brokers raised their outlook for the four companies, with the price target for one stock 98% above today's levels.
Which companies are we looking at?
Read on!
(Broker data courtesy of The Australian.)
Image source: Getty Images
Four ASX All Ords shares with improved forecasts
The first ASX All Ords share earning a broker upgrade is Mirvac Group (ASX: MGR).
Shares in the diversified property group are up 2.1% today, trading for $1.91 apiece. Despite that lift, the Mirvac share price remains down 7% in 2024. Mirvac shares trade on an unfranked trailing dividend yield of 5.1%.
And Barrenjoey foresees a significant upswing ahead for the company. The broker raised Mirvac stock to an overweight rating with a $2.10 price target. That's 10% above current levels.
The second ASX All Ords share with an improved broker outlook is property investor, developer and manager Dexus (ASX: DXS).
The Dexus share price is up 1.1% at the time of writing at $6.52 a share. Shares remain down 14% in 2024. Dexus shares trade on a partly franked trailing dividend yield of 7.7%.
Barrenjoey has a bullish outlook for the company. The broker raised Dexus to a neutral rating with a $7.50 price target. That's more than 15% above current levels.
Which brings us to the third ASX All Ords share getting a broker upgrade, Iluka Resources Ltd (ASX: ILU), the largest global producer of zircon.
Shares in the critical minerals miner are up 0.3% today at $6.39. Shares remain down 4% in 2024. Iluka Resources shares trade on a fully franked trailing dividend yield of 1.1%.
Citi foresees strong share price growth from here. The broker raised Iluka to a buy rating with a $7.80 price target. That's 22% above current levels.
Rounding off the list of ASX All Ords shares earning a broker upgrade is resource explorer FireFly Metals Ltd (ASX: FFM)
The FireFly share price is, well, flying higher today. Shares are up 16.1% at the time of writing, trading for 81 cents apiece. That sees the FireFly share price up 26% in 2024.
Investors enthusiasm has been stoked by this morning's announcement that FireFly has hit "more outstanding wide high-grade copper-gold intersections" from its drilling campaign at the Green Bay Copper-Gold Project, located in Canada.
Even after today's big boost, Barrenjoey thinks the stock can run a lot further from here. The broker started FireFly Metals at an overweight rating with a $1.60 target price. That's some 98% above current levels.
