4 ASX shares scoring upgraded ratings this week

S&P/ASX 200 Index (ASX: XJO) shares are 0.55% higher at 8,669.7 points on Friday.

Meanwhile, brokers have indicated new confidence in several ASX shares this week.

Let’s take a look.

Iluka Resources Ltd (ASX: ILU)

The Iluka Resources share price is $8.09, up 5.8% today.

This ASX 200 mining share is having a strong year, up 37% so far in 2026.

Ord Minnett upgraded Iluka Resources shares to a buy rating on Monday.

The broker upped its 12-month price target from $8 to $9.

This implies a potential 11% upside ahead.

Qualitas Ltd (ASX: QAL)

The Qualitas share price is $2.88, down 0.4% today.

Over the past month, this ASX 200 financial share has soared 22%.

Morgans upgraded Qualitas shares to a buy rating on Monday.

The broker increased its 12-month price target from $2.60 to $3.50.

This suggests a potential 21% upside ahead.

The broker said:

Following QAL’s recent 3QFY26 update, the announced changes to residential real estate investment in the Federal Budget and the sale of a further interest in the comparable Metrics Credit, we have upgraded QAL to a BUY with a $3.50/sh price target.

Our valuation and recommendation change was driven almost entirely by a reduction to our discretionary valuation discount (+75 cps), reflecting our lower perceived risk as a) the company reiterates that FUM commitments continue to increase and b) FUM deployments set new records.

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is $20.58, up 13.7% today on news that the Mexican restaurant chain has abandoned its US expansion.

As a result, Guzman Y Gomez has closed its Chicago restaurants.

The company also announced increased FY26 earnings guidance for its Australian segment.

Guzman y Gomez now expects underlying FY26 earnings before interest, taxes, depreciation, and amortisation (EBITDA) of approximately $85 million, up 29% year over year.

Earlier this week, RBC Capital upgraded this ASX 200 retail share to a buy rating.

The broker gave Guzman Y Gomez shares a 12-month price target of $22, up from $20 previously.

Following today’s news, there’s just 4% upside left over the next year, based on the broker’s target.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price is $29.13, down 0.1% on Friday.

This ASX 200 tech share has fallen 23% over 12 months.

Morgans upgraded TechnologyOne shares from hold to accumulate this week.

This follows recent weakness in the TechnologyOne share price and the company’s 1H FY26 results.

The broker said:

TNE’s 1H26 result came in largely as expected, albeit with some FX headwinds, which otherwise would have seen its underlying result land ahead of consensus.

The group enters 2H26, with a strong pipeline of ‘Plus’ leads, which sees TNE well positioned to achieve the top end of its re-affirmed FY26 ARR/PBT Guidance.

Morgans lifted its 12-month target from $31.20 to $32.30, implying 11% potential upside ahead.

The post 4 ASX shares scoring upgraded ratings this week appeared first on The Motley Fool Australia.

More reading

• 4 ASX 200 stocks rocketing higher this week
• Why is everyone talking about Guzman Y Gomez, Tuas and Appen shares on Friday?
• Why are Guzman Y Gomez shares surging more than 15% higher?
• Guzman y Gomez exits US market, boosts Australia growth outlook
• This ASX tech stock just raised its dividend by 21%

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 Technology One. The Motley Fool Australia has recommended Qualitas and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.