These ASX stocks enjoyed the biggest broker upgrades this week

About this update from Ebos Group Limited

Welcome back to our weekly check up on the biggest moves from the biggest brokers that cover ASX stocks.They were certainty busy this week, in particular, with plenty of updates to their ratings and price targets for Aussie mining stocks. Like most Aussie investors, you've probably got a least a few of the stocks mentioned in the tables below in your portfolio.You're probably also acutely aware that the prices of several commodities key to Australia pulled back sharply in June. Generally, moves in commodity prices translates to updates to the assumptions that underpin ASX commodity stock valuations, as well as translating to moves in their share prices.So, there are a couple of moving targets for brokers to contend with (valuations vs share prices). This conundrum is probably most pronounced in the ASX lithium sector where lithium prices and sector constituent prices have both plunged.Very interestingly, this week share prices in the ASX lithium sector appear to have finally reached a level where the brokers are comfortable to upgrade their ratings.I note that Core Lithium ASX:CXO, IGO ASX:IGO x 2, Liontown Resources ASX:LTR, and Pilbara Minerals ASX:PLS each received ratings upgrades. Good news, right? Any rating upgrade is usually a welcome development for a stock, but I note in each of these cases, brokers were only comfortable to go as far as a neutral/hold, up from sell.Also note that the commentary accompanying each of these upgrades centred on the fact that share prices had fallen so far that sell ratings were no longer warranted. It wasn't a case of "stock specific positive developments have improved the value proposition in XYZ", if you get my drift. A similar theme accompanied ratings upgrades to Deterra Royalties ASX:DRR, Iluka Resources ASX:ILU, Ebos Group ASX:EBO, Lend Lease ASX:LLC, and Mirvac Group ASX:MGR, that is, share price plunges equals greater perceived value, equals rating upgrade. At least in the case of DRR, ILU, and MGR ratings went to buy/overweight.On the downgrades front, I note several gold stocks saw their ratings shaved, mainly from buy to neutral (Gold Road Resources (ASX: GOR), Newmont Corporation ASX:NEM, and Regis Resources ASX:RRL.There were also a few that saw the reverse effect to commodity stocks – recent share price success saw brokers less enthusiastic about their present valuations (Generation Development Group A...

View stock analysis, news, and events for Ebos Group Limited