2 ASX 200 shares just upgraded by brokers

S&P/ASX 200 (ASX: XJO) shares are down 0.48% shortly after the market opening bell.

According to The Australian, Citi has commenced coverage of Carsales.Com Ltd (ASX: CAR). It’s got a buy rating on the digital marketplace and a 12-month price target of $25.80.

Carsales shares are down 0.73% at $23.03 apiece at the time of writing although are still up 14% in the year to date.

Meantime, Morgan Stanley has increased its rating on Mirvac Group (ASX: MGR) to overweight. It has slapped a $2.55 price target on the diversified property group.

The Mirvac share price is currently $2.31, up 2.21% in early trading, and is up 8.5% in the year to date.

Let’s take a look at the latest news pertaining to these ASX 200 shares.

Carsales.Com Ltd

Carsales is Australia’s leading online portal for buying and selling cars, motorbikes, trucks, caravans, and boats. It also operates in digital marketplaces across Oceania, Asia, and the Americas.

The last price-sensitive news we got for this ASX 200 share was the completion of its retail shortfall bookbuild on 5 April.

The company announced that the retail shortfall bookbuild component of its fully underwritten 1 for 14.01 pro-rata accelerated renounceable entitlement offer was done and dusted.

This was the final stage of the offer.

The retail component raised $121 million, with 6.1 million new Carsales shares issued at $19.95 per share.

That combined with the institutional offer gave Carsales $501 million of new capital.

Carsales intends to use the money to acquire an additional 40% of Brazilian car marketplace webmotors S.A. Carsales will use the balance to strengthen its books.

Mirvac Group

This property developer and manager operates in residential and master-planned communities, as well as the office and industrial, retail, and build-to-rent sectors.

The last price-sensitive announcement for this ASX 200 share came on 9 February. At that time, the real estate investment trust (REIT) reported its earnings results for the first half of FY23.

As my colleague Sebastian reported, Mirvac delivered higher operating profits and dividends but a substantial decline in statutory profits.

The news resulted in a sell-off, with the Mirvac share price share falling 4.6%.

Almost 21 million shares changed hands over the course of the day, making it among the top three most heavily traded ASX 200 shares.

The post 2 ASX 200 shares just upgraded by brokers appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Carsales.com. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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