6 ASX shares upgraded by analysts this week

S&P/ASX 200 Index (ASX: XJO) shares are down 1.1% to 8.816.7 points on Friday.

This week, brokers see new potential in several ASX shares.

Let’s take a look at them.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is $1.41, down 2.6% today.

Over the past month, this ASX 200 energy share has lost almost a third of its value.

Morgans downgraded Karoon Energy shares from a trim to hold rating on Tuesday.

The broker said:

A good company in a difficult position, dealing with multiple operational issues, albeit enjoying a nice bump in earnings resulting from the Middle East conflict.

Operator LLOG advised of ongoing operational issues leading to a 41% downgrade to Who Dat production in 2026, an 11% downgrade at group level. Down 20% in two sessions, KAR is trading close to our revised target price.

As a result, we lift our Trim rating to HOLD with a A$1.67 target price.

Morgans has a 12-month price target of $1.90, which implies very healthy upside of 35% ahead.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine Estates share price is $4.78, down 0.6% today.

Over the past month, this ASX wine share has risen 10%.

Citi upgraded Treasury Wine Estates shares to a buy rating on Tuesday.

The broker lifted its 12-month price target from $4.25 to $5.50.

This implies a potential 15% upside ahead.

Liontown Ltd (ASX: LTR)

The Liontown share price is $1.96, down 4.1% today.

In 2026, this ASX 200 lithium share has gained 21% in value.

Lithium commodity prices are rapidly recovering from a devastating two-year decline.

The carbonate price is now 43% higher YTD, following a 58% rise in 2025.

Macquarie upgraded Liontown shares to a buy rating on Monday.

The broker lifted its 12-month price target from $2.20 to $2.30.

This implies a potential 17% upside ahead.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is $12.55, down 5% today.

In 2026, this ASX 200 gold share has dipped 1%.

Macquarie upgraded Evolution shares to a buy rating on Tuesday.

The broker shaved its 12-month price target from $14 to $13.

This suggests just 3% potential upside ahead.

Sims Ltd (ASX: SGM)

The Sims share price is $29.45, down 1.8% today.

Over the past month, this ASX industrial share has ripped 31%.

Jefferies upgraded Sims shares to a hold rating on Wednesday.

The broker lifted its 12-month price target from $19 to $31.

This indicates a potential 6% upside over the next year. 

Accent Group Ltd (ASX: AX1)

The Accent share price is 73 cents, down 0.7% today.

Over the past month, this ASX consumer discretionary share has soared 31%.

On Monday, Frasers Group plc (LSE: FRAS) made an unconditional on-market cash takeover offer of 65 cents per share.

Following the bid, Morgan Stanley upgraded Accent shares to a hold rating.

The broker has a 12-month target of 75 cents.

This suggests the ASX retail share is almost fully valued.

The post 6 ASX shares upgraded by analysts this week appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of Motley Fool Money. 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 Treasury Wine Estates. The Motley Fool Australia has recommended Accent Group and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.