Capricorn Metals Ltd (ASX: CMM) recently reported first-quarter gold production results, which piqued the interest of the analyst team at Barrenjoey.

The Barrenjoey team has a bullish price target on Capricorn shares, after the company reported better-than-expected gold production for the quarter.

I’ll get to the specifics of that price target shortly, but first, let’s look at what the company reported.

Ramping up gold production

Capricorn said it had produced 31,218 ounces of gold from its Karlawinda gold project, up from 30,437 ounces in the previous quarter, while construction of the Karlawinda expansion project was successfully completed on schedule and within budget.

The company said it was now on track to produce 137,000 to 147,000 ounces of gold at an all-in sustaining cost of $1,900 to $2,100 per ounce in FY27.

Capricorn’s cash and gold on hand at the end of the September quarter was $535 million, up from $507 million at the end of the June quarter.

Development activities at the company’s Mt Gibson gold project also progressed, with detailed engineering complete and all major contracts finalised.

Analysts like the growth story

Barrenjoey said in their research report that the solid results during the quarter were an example of the company’s ability to execute well.

They added that Capricorn had bigger things planned:

CMM has made clearer its growth agenda unveiling a new business plan, which includes a production target of ~410koz in FY31, a large uplift on the 124koz delivered in FY26 and a prior business plan target of ~300kozpa. This growth is to come from an expansion of Karlawinda (to 150kozpa) and delivery of the Mt Gibson project (now ~260kozpa; prior business plan was ~150kozpa). This growth is projected to be high margin, with the prefeasibility study outlining all-in sustaining costs of less than $2000 per ounce.

Barrenjoey said the growth projects would be funded through cash.

They added:

We do not think this growth agenda is fully priced in, with the market at face value pricing in a discount for execution risk. We have high regard for the ability of management to execute, which has again been demonstrated this quarter, with the Karlawinda mill expansion commissioned on schedule and ramping up well. We think CMM looks attractive, with the share price a ~30% discount to our net present value.

Barrenjoey said Capricorn was trading at a higher multiple than many of its peers, but they believed this was justified by its robust growth pipeline.

The broker has a price target of $22.50 for Capricorn shares, compared with the current price of $14.85.

This would constitute a 51.5% increase if achieved. The company is valued at $6.58 billion.

The post This up-and-coming ASX gold producer could rise more than 50%: Broker appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

AGL Energy Ltd (ASX: AGL), Cochlear Ltd (ASX: COH), and WiseTech Global Ltd (ASX: WTC) shares have all slumped lower over the past month, likely due to macroeconomic headwinds, weaker energy prices, and shifts in investor sentiment.

Here’s the latest out of the ASX 200 shares, and what brokers expect next.

Brokers rate AGL shares as a SELL

AGL shares are down around 0.1% to $8.31 at the time of writing on Wednesday morning. The ASX energy shares are now down around 4% over the past month and 11% lower year to date.

Over the past month, AGL shares have come under pressure from softer wholesale electricity prices and government regulation changes have also added a layer of uncertainty.

Mild weather, higher renewable energy generation, and battery storage growth are pushing wholesale electricity prices lower and reducing high-price spikes.

At the same time, the government is trying to push for lower costs by introducing price caps and limiting price increases. This could put pressure on AGL’s margins going forward.

Brokers are mostly bearish on the outlook for the power company going forward. Market Index data shows the majority of brokers have a sell rating on AGL shares, and the $9.70 average target price implies a downside of around 16%, at the time of writing.

Brokers rate Cochlear shares as a HOLD

Cochlear shares have also slipped further into the red on Wednesday morning. At the time of writing, the shares are down around 0.2% to $129.99 each. The shares are down 7% over the past month and 50% lower year to date.

The shares fell around 14% in late September after the company announced to the ASX that it had received a class action claim filed against it in the Supreme Court of Victoria. 

The claim is on behalf of persons who acquired interests in Cochlear shares between 15 August 2025 and 21 April 2026 (inclusive). It relates to Cochlear’s forecast of underlying net profit for FY26. 

Cochlear said it denies the allegations set out in the claim and will be defending the proceedings. But the news rattled investor confidence and the shares have continued falling ever since.

The update comes off the back of ongoing operational headwinds. Looking ahead to FY27, the ASX healthcare company expects low-single-digit constant currency revenue growth and an underlying net profit between $330 million and $350 million. 

According to Market Index data, the majority of brokers have a hold rating on Cochlear shares. The $126.24 average target price implies a downside of around 3% at the time of writing.

Brokers rate WiseTech shares as a BUY

WiseTech shares are also down on Wednesday morning. At the time of writing, the shares have fallen around 0.5% to $31.79 each. Over the past month WiseTech shares have tumbled 12%, and they’re also down 54% for the year-to-date.

There hasn’t been any price sensitive news out of the company over the past month to explain the latest selloff. 

But it’s been well-documented that the business has been smashed by a combination of headwinds over the past few months. Including an overall investor rotation away from tech shares, a series of regulatory investigations, and governance concerns. 

The company’s FY26 results announcement in August didn’t help confidence either. On the surface the earnings result was positive, and earnings were in line with analyst expectations. But its EBITDA figures came in short of market forecasts and investors rushed to sell up.

But it looks like the experts are still confident that WiseTech shares can bounce back over the next year. Market Index data shows all brokers have a strong buy rating on the shares. The $58.07 target price implies an upside of around 82% at the time of writing.

The post AGL, Cochlear, WiseTech shares: Buy, hold, sell appeared first on The Motley Fool Australia.

More reading

• How much passive income can I earn from a $950,000 superannuation balance?
• Here are the top 10 ASX 200 shares today
• 3 defensive ASX shares I’d buy in a market sell-off
• How much superannuation do I need to earn $56,000 per year in passive income?
• Tech shares shine while ASX 200 plunges to 4-month low

Motley Fool contributor Samantha Menzies 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 Cochlear and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Wesfarmers Ltd (ASX: WES) share price has come back sharply from its highs.

At around $75.86 on Wednesday, the shares are now roughly 20% below their 52-week peak.

That is a meaningful pullback for one of the ASX’s best-known blue chips. But has it gone far enough to create a top buying opportunity?

Here is how I see it.

Why I like Wesfarmers

Wesfarmers owns a collection of businesses that already have strong positions in their respective markets.

Bunnings remains the standout for me. Its scale, brand strength, and dominant position in home improvement give Wesfarmers a business that would be extremely difficult to replicate.

Kmart has also become an increasingly important part of the group, with its value-focused offering giving consumers a reason to keep shopping even when household budgets are under pressure.

Officeworks adds another established retail business, while Wesfarmers also has exposure to industrial and other operations.

That mix means the company is not relying on a single product or customer group to drive earnings.

I also like the way Wesfarmers has approached capital allocation over many years. Management has shown a willingness to invest where it sees attractive returns and move away from businesses where the opportunity becomes less compelling.

For a long-term investor, I think that discipline is a major part of what makes Wesfarmers stand out.

The earnings outlook still looks healthy

The recent weakness in the Wesfarmers share price would concern me more if analysts were also expecting profits to fall.

That is not currently the case. Wesfarmers generated earnings per share (EPS) of $2.53 in FY26. Consensus forecasts indicate EPS could increase to $2.72 in FY27, $2.90 in FY28, and $3.11 in FY29.

By FY29, earnings would be around 23% above the FY26 level, which would give the business a reasonable base from which to grow.

The dividend is also expected to move higher alongside earnings. Consensus estimates point to dividends per share of $2.34 in FY27, $2.49 in FY28, and $2.71 in FY29.

For me, that adds another layer to the investment case. Wesfarmers is not just relying on share price appreciation to generate returns.

Is the valuation attractive enough?

This is where I would keep expectations sensible. At $75.86, Wesfarmers is trading on a P/E ratio of around 28 times estimated FY27 earnings.

That is still a premium valuation, so I would not describe the shares as cheap simply because they have fallen 20%.

But the picture improves as earnings grow. By FY29, today’s price would represent roughly 24 times forecast earnings.

I think that is easier to justify for a business with the quality of Bunnings, the momentum of Kmart, and a strong long-term record of capital allocation.

Foolish takeaway

I think Wesfarmers is becoming a much easier share to buy at around $76.

The valuation still asks investors to pay for quality, so I would not expect a bargain-style return simply because the shares are 20% below their high.

But I think the combination of strong businesses, steady earnings growth, and rising dividends makes today’s price look increasingly reasonable.

For me, that is enough to put Wesfarmers back near the top of my ASX buy list.

The post Down 20%: Is the Wesfarmers share price a top buy? appeared first on The Motley Fool Australia.

More reading

• How much passive income can I earn from a $950,000 superannuation balance?
• How much passive income can I make from a $100,000 ASX share portfolio?
• 3 defensive ASX shares I’d buy in a market sell-off
• Buy, hold, sell: Goodman, Wesfarmers, BHP shares
• Wesfarmers vs Woolworths: Which ASX dividend share looks better this month?

Motley Fool contributor Grace Alvino has positions in Wesfarmers. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Wesfarmers. The Motley Fool Australia has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.