8 ASX shares just upgraded by the experts

S&P/ASX 200 Index (ASX: XJO) shares are 0.3% lower at 9,055.3 points on Friday.

As earnings season continues, brokers have declared greater confidence in several ASX 200 shares this week.

Let’s review. 

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is $6.76, up 0.8% today and down 23% over 12 months.

Over the past month, this ASX 200 consumer staples share has fallen 4%.

Citi upgraded A2 Milk shares to a buy rating on Tuesday.

The rating change came after A2 Milk released its FY26 results.

The broker increased its 12-month price target from $7 to $7.40.

This implies a potential 9% upside ahead.

The CSL share price is $167.94, down 1.9% today and down 26% over 12 months.

This ASX 200 healthcare share has ripped 38% amid a broader sector rebound over the past month.

Jarden upgraded CSL shares to a buy rating following the company’s FY26 report.

The broker has a 12-month price target of $207, suggesting 23% upside ahead.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is $7.88, up 1% today and down 10% over 12 months. 

Over the past month, this ASX 200 financial share has fallen 6%.

Citi upgraded IAG shares to a buy call following the insurer’s FY26 results.

The broker reduced its 12-month price target from $9 to $8.80.

This implies a potential 11% upside ahead for IAG shares.

The Fortescue share price is $17.88, down 0.4% today and down 9% over 12 months.

Over the past month, this ASX 200 iron ore mining share has fallen 4%.

Jefferies upgraded Fortescue shares to a hold rating yesterday.

This followed Fortescue’s FY26 earnings report.

Jefferies has a 12-month price target of $16.

This suggest a potential 10% downside ahead.

The Megaport share price is $18.50, down 4.2% today and up 34% over 12 months.

Over the past month, this ASX 200 tech share has fallen 2%.

Morgan Stanley upgraded Megaport shares to a buy rating with a $25 target today.

The change followed Megaport’s FY26 report this week.

This implies a potential 35% upside ahead.

The Mirvac share price is $1.90, down 0.2% today and down 21% over 12 months.

Over the past month, this ASX 200 real estate share has risen 10%.

Jefferies upgraded Mirvac shares to a buy call after reviewing the developer’s FY26 report.

The broker raised its 12-month price target from $1.80 to $2.09.

This indicates potential capital gains of 9% over the next year. 

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine Estates share price is $5.64, up 0.9% today and down 31% over 12 months.

Over the past month, this ASX 200 wine share has skyrocketed 22%.

Morgans upgraded Treasury Wine Estates shares after reviewing the company’s FY26 earnings.

The broker increased its 12-month target from $5.95 to $7.30.

This suggests a possible 30% upside ahead.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is $10.33, up 1.1% today and down 21% over 12 months.

Over the past month, this ASX 200 bank share has fallen 3%.

Jarden upgraded Bendigo Bank shares to a buy rating after the bank released its FY26 report.

The broker has an $11 target, which implies about 6% upside ahead.

Further reading

Check out 10 ASX 200 shares downgraded by analysts this week.

Learn of 7 ASX 200 shares that received reaffirmed buy ratings this week.