S&P/ASX All Ords Index (ASX: XAO) shares fell 8% in March due to the war in Iran and skyrocketing oil and gas prices.
Energy prices and supply chain networks impact almost all corners of the global economy.
So it wasn’t surprising to see a broad market sell-off over the first three weeks of March as multiple industries assessed the damage.
The sell-off now leaves room for investors to buy the dip.
A two-week ceasefire is underway amid hopes of a long-term deal between the US and Iran soon.
Brokers have reviewed their ratings after many shares fell, and they see good opportunities across a number of industries.
Here are some of the ASX All Ords shares elevated to strong buy consensus ratings after last month’s turmoil.
6 ASX All Ords shares newly upgraded to strong buy ratings
These ASX shares have just been upgraded to strong buy consensus ratings among analysts on the CommSec platform.
A consensus rating represents the average rating among analysts.
Kingsgate Consolidated Ltd (ASX: KCN)
The Kingsgate Consolidated share price fell 38% in March alongside a big fall in the gold price.
In April so far, the ASX All Ords gold share is up 19% to $5.22 at yesterday’s close.
MA Financial is among the brokers that have upgraded Kingsgate shares.
The broker also lifted its 12-month share price target from $6.85 to $6.95.
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle Investment Management share price fell 10% in March.
This month, the ASX All Ords financial shares is up 4% to $14.63.
Canaccord Genuity is buy-rated on Pinnacle shares with a $24.53 target.
Zip Co Ltd (ASX: ZIP)
The Zip share price fell 19% in March.
This month, the ASX All Ords financial share is up 19% to $1.84.
Blackwattle holds Zip shares in its Small Cap Quality Fund.
Portfolio managers Robert Hawkesford and Daniel Broeren describe Zip as ‘one of the most compelling value opportunities on the ASX‘.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price fell 20% in March.
This month, the ASX All Ords copper share is up 9% to $15.19.
Canaccord Genuity is buy-rated on WA1 Resources shares with a $32 target.
Macquarie Technology Group Ltd (ASX: MAQ)
The Macquarie Technology share price fell 12% in March.
In April so far, the ASX All Ords tech share is up 12% to $66.60.
Canaccord Genuity is also buy-rated on this stock with a $95 target.
Santana Minerals Ltd (ASX: SMI)
The Santana Minerals share price fell 27% in March.
This month, the ASX All Ords gold share is up 2% to 68 cents.
Shaw & Partners has a buy rating and a $2.15 target on Santana Minerals shares.
Further reading
Check out 7 ASX 200 shares just upgraded to strong buy ratings, too.
The post 6 ASX All Ords shares elevated to strong buy status after March sell-off appeared first on The Motley Fool Australia.
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More reading
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- Zip shares plunge again after yesterday’s 19% surge. Here’s what changed
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- Are Zip shares still a buy after soaring 20%
- 2 ASX shares highly recommended to buy: Experts
Motley Fool contributor Bronwyn Allen has positions in Zip Co. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pinnacle Investment Management Group. The Motley Fool Australia has positions in and has recommended Pinnacle Investment Management Group. The Motley Fool Australia has recommended Ma Financial Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.