There have been 2 upgrades and 0 downgrades from the 7 stockbrokers monitored by FNArena so far this week.
In the good books
Delorean Corporation Limited (DEL) was upgraded to Speculative Buy from Hold by Morgans
Morgans upgrades its rating for Delorean Corp to Speculative Buy from Hold on a stronger outlook for growth and a stronger balance sheet, following a successful a $4.5m share placement.
The broker’s target rises by 5% to $0.215 as domestic energy prices have been rising on higher fuel costs. It’s thought wholesale electricity pricing should assist the economics for grid exports relating to the company’s project pipeline.
Worley Limited (WOR) was upgraded to Outperform from Neutral by Macquarie
Macquarie expects Worley will benefit from the redeployment of Russian oil and gas to other regions as governments are imposing bans on Russian imports, as well as from the new energy transition.
With 45% of Worley’s revenue currently from the Americas, Macquarie expects the US is likely to increase investment in oil, gas and renewable energy to improve energy self security. Contract wins and earnings delivery will confirm the broker’s outlook.
Earnings per share forecasts increase 2%, 5%, 10% and 17% through to FY25. The rating is upgraded to Outperform from Neutral and the target price increases to $15.26 from $12.60.
The above was compiled from reports on FNArena. The FNArena database tabulates the views of seven major Australian and international stockbrokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS. Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.