Four ASX shares have just had their forecasts amended by top brokers.
Two received upgrades.
Two others were downgraded.
Which ASX shares are we talking about?
Read on!
(Broker data courtesy of The Australian.)
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Four ASX shares with amended outlooks
First up, we have S&P/ASX 200 Index (ASX: XJO) retail stock Harvey Norman Holdings Ltd (ASX: HVN).
Despite sliding 2.1% to $4.71 a share amid today's broader market selloff, the Harvey Norman share price is up 25% over the past 12 months. The ASX share also trades on a fully franked dividend yield of 4.7%.
And the analysts over at JP Morgan see significantly more upside ahead.
The broker raised Harvey Norman to an overweight rating, with a $5.60 price target. That represents a potential upside of almost 19% from current levels.
The second ASX share with an amended outlook is Fletcher Building Ltd (ASX: FBU), which E&P just restarted at a neutral rating.
Fletcher Building shares have tumbled 44.8% over the past 12 months, currently trading for $2.85 apiece.
The construction products provider's shares came under renewed pressure on Monday after reporting operational issues with a cement transport vessel. The impact on the company's FY 2025 earnings was forecast to be between $10 million and $30 million.
But with that now baked into the price, the stock could regain the positive momentum it had going over the prior month.
Which brings us to the first ASX share with a reduced rating, electronics retailer JB Hi-Fi Ltd (ASX: JBH).
The JB Hi-Fi share price is down 4.1% today at $67.37 a share. That comes after the ASX 200 retail stock hit new all-time intraday highs of $71.75 a share yesterday before ending the day at $70.30 a share.
Even with today's big retrace factored in, the JB Hi-Fi share price remains up 47.2% over 12 months. The stock also trades on a fully franked dividend yield of 4.1%.
And JP Morgan thinks it's just about at fair value now. The broker cut JB Hi-Fi to a neutral rating with a $70 price target.
The analysts at Jeffries are far more bearish, cutting JB Hi-Fi to an underperform rating with a $55.50 price target.
Which brings us to the fourth ASX share with an amended broker outlook, Syrah Resources Ltd (ASX: SYR).
The Syrah Resources share price is down a hefty 10.7% today at 25 cents a share. That sees shares in the All Ords mining stock down 64.8% over 12 months.
And according to Morgan Stanley, that's likely where the share price belongs.
The broker cut its target price for Syrah Resources by 38% to 25 cents a share.
As always, whether you're looking to buy a beaten-down ASX share or one that's been rocketing, be sure to do your own research first. Or just reach out for some expert advice.
