Investors that are looking for big returns might want to check out the ASX stocks in this article.
That's because Bell Potter has just named them as buys and tipped them to rise strongly from current levels. Here's what the broker is saying about them:
Image source: Getty Images
Boss Energy Ltd (ASX: BOE)
If you're looking for exposure to the booming uranium industry, then Boss Energy could be the ASX stock to buy. Last week, Bell Potter put a buy rating and $5.90 price target on the uranium miner's shares. This implies potential upside of 45% for investors from current levels.
Bell Potter believes that recent share price weakness has created a buying opportunity for investors. It said:
We continue to see value in BOE given the pull back in the uranium sector. BOE maintains a stable balance sheet with sufficient liquidity to execute the ramp up of Honeymoon whilst progressing growth projects across Honeymoon and Alta Mesa. We continue to see Honeymoon as a low-cost restart operation, which has the capacity to generate strong margins in the current pricing environment.
Coronado Global Resources Inc (ASX: CRN)
The broker also thinks investors should be buying this coal miner's shares. Ahead of its quarterly update, Bell Potter has put a buy rating and $1.85 price target on its shares. This suggests that upside of 29% is possible for investors over the next 12 months.
It believes Coronado Global is positioned to benefit from supply constraints and industry consolidation. It said:
Throughout 2024, CRN should realise improved production volumes and subsequent cost benefits following the self-funded investment across its Australian and US operations. We expect CRN to generate improved free cash flow and shareholder returns going forward. Our buy recommendation is underpinned by a supply constrained met coal environment, supporting long term prices. We see the potential for CRN to participate in industry consolidation.
Coventry Group Ltd (ASX: CYG)
Bell Potter is a fan of Coventry Group and sees it as an ASX stock to buy.
It is a multi-disciplinary industrial supply and services company that is primarily engaged in the distribution of industrial fasteners and specialist building supplies.
Bell Potter has put a buy rating and $2.00 price target on its shares. This implies potential upside of 38% for investors from current levels. It said:
In our view, transitory cycle challenges should not deter investors from the 30-50% mid-term earnings upside potential we see in the turnaround of Konnect Australia (KAA) and growing track record of delivery by management.
