S&P/ASX 200 Index (ASX: XJO) shares are in the red on Friday, down 0.1% to 8,634.3 points.
Brokers have indicated new confidence in several ASX shares this week.
Let's take a look.
Codan Ltd (ASX: CDA)
The Codan share price is $40.48, up 0.7% today.
This ASX 200 tech share is knocking it out of the park.
The Codan share price has lifted 40% in 2026 and 138% over 12 months.
Macquarie upgraded Codan shares from a neutral to outperform rating on Thursday.
The broker raised its target from $42 to $44.20, suggesting another 9% upside ahead.
Brambles Ltd (ASX: BXB)
The Brambles share price is $21.95, up 0.6% today.
This ASX 200 industrial share has weakened 3.7% in 2026 so far.
Jarden upgraded Brambles shares to a buy rating this week.
The broker shaved its 12-month price target from $25.60 to $25.15.
This implies a potential 15% upside ahead.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine Estates share price is $4.20, up 0.7% today.
Over the past six months, this ASX 200 wine share has fallen 21%.
Morgans upgraded Treasury Wine Estates shares to a buy rating yesterday.
The broker explained the rating change:
We see TWE's Investor Day on 4 June as a key share price catalyst. At this event, the company intends to share its detailed plans and targets for its portfolio and operating model to support a future state TWE.
TWE's recent trading update was positive with strong depletion growth, highlighting the strength of its brands. It also has the support of its banks with new debt commitments secured. 2H26 EBITS is on track to be higher than the 1H26.
Following material share price weakness, given its low trading multiples and our belief that new management can deliver more acceptable returns overtime, we upgrade to a BUY recommendation.
Inghams Group Ltd (ASX: ING)
The Inghams share price is $1.97, up 2.3% today.
This ASX 300 consumer staples share has fallen 22% in the calendar year to date.
Jarden upgraded ING shares to a buy rating this week.
The broker raised its 12-month price target from $2.50 to $2.70.
This implies a healthy potential 37% upside ahead.
Metcash Ltd (ASX: MTS)
The Metcash share price is $2.97, up 1.9% today.
This ASX 200 supermarket share has fallen 22% over six months.
Jefferies upgraded Metcash shares to a buy rating this week.
The broker lifted its target slightly from $3.45 to $3.50.
This indicates a potential 18% upside ahead.
The post 5 ASX shares with upgraded ratings this week appeared first on The Motley Fool Australia.
Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Jefferies Financial Group, Macquarie Group, and Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Macquarie Group and Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026