S&P/ASX 200 Index (ASX: XJO) shares are 0.2% higher at 8,714.9 points on Thursday.

Meanwhile, brokers have lifted their ratings on several ASX 200 shares this week. 

Let’s review. 

CSL Ltd (ASX: CSL)

The CSL share price is $177.29, up 1.7% today.

Over the past month, this ASX 200 healthcare share has ripped 32%.

RBC Capital upgraded CSL shares to a buy rating on Tuesday.

The broker raised its 12-month price target substantially from $148 to $213.

This implies a potential 20% upside ahead.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is $38.91, up 2.3% today.

Over the past month, this ASX 200 bank share has fallen 1%.

Citi upgraded NAB shares to a buy rating yesterday.

The broker increased its 12-month price target from $40 to $42.10.

This suggests a potential 8% upside ahead.

Lottery Corporation Ltd (ASX: TLC)

The Lottery Corporation share price is $4.86, up 0.7% today.

Over the past month, this ASX 200 consumer discretionary share has fallen 9%.

Morgans upgraded Lottery Corporation shares to a buy call today.

The broker reduced its 12-month price target from $5.60 to $5.40.

This implies a potential 11% upside ahead.

Ramsay Health Care Ltd (ASX: RHC)

The Ramsay Health Care share price is $55.06, up 0.4% today.

Over the past month, this ASX 200 healthcare share has risen 23%.

RBC Capital upgraded Ramsay Health Care shares to a buy call this week.

The broker increased its 12-month price target significantly from $52 to $68.

This indicates potential capital gains of 23% over the next year. 

Challenger Ltd (ASX: CGF)

The Challenger share price is $10.09, down 1.9% today.

Over the past month, this ASX 200 financial share has increased 4%.

UBS upgraded Challenger shares to a buy rating with a $11.50 price target.

This suggests a potential 14% upside ahead.

James Hardie Industries Plc (ASX: JHX)

The James Hardie share price is $37.38, up 0.2% today.

Over the past month, this ASX 200 materials share has fallen 15%.

Morgans upgraded James Hardie shares to an accumulate rating yesterday.

The broker shaved its 12-month price target from $45 to $43.

This suggests potential capital growth of 15% over the next year. 

Morgans said:

The positive company story and the growth trajectory are only partially offset by the tough macro, a 75bps rise in the 30-year mortgage rate over the past six months, and a peer multiple de-rate.

On this basis we upgrade to an Accumulate rating, whilst moderating our target price to A$43.00 (from A$45.00).

The post 6 ASX 200 shares boosted by brokers 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 CSL and The Lottery Corporation. The Motley Fool Australia has recommended CSL, Challenger, and The Lottery Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

South32 Ltd (ASX: S32) shares have fallen lower again in Thursday afternoon trade.

At the time of writing, the mining giant’s shares are down around 5% to $4.78 each.

Today’s decline means the shares have now fallen around 10% since hitting an all-time high of $5.30 last week.

But it’s not all bad news. The shares are still trading 35% higher for the year-to-date and are a huge 82% higher than 12 months ago.

Why are the shares falling this week?

There hasn’t been any price sensitive news out of South32 over the past week to explain the latest share price decline.

It looks like the selloff is a mixture of investors taking their profit off the table after a rally through July and August, combined with softer sentiment about ASX mining shares.

Renewed geopolitical tensions and higher oil prices has put pressure on inflation figures and commodity prices. These broad market pressures have seen some investors turn away from mining shares like South32.

Today is also South32’s ex-dividend day. The miner announced a 7.5 cents per share final dividend as part of its latest FY26 results announcement late last month. The shares are scheduled to be ex-dividend today, with payment on the 15th of October. 

It’s typical for share prices to decline on ex-dividend days because new buyers won’t receive any of the upcoming dividend. 

Now the question is, is the rally over for South32 shares? Or is there more upside ahead?

Let’s find out what the experts think.

Are South32 shares a buy, sell or hold now?

Going forward, it looks like brokers are quite optimistic about the outlook for S32 shares going forward.

Market Index data shows that the majority of brokers have a buy rating on the mining shares. The $5.13 average target price implies a potential 2% upside ahead.

On TradingView, sentiment is a little more dividend. Out of 13 analysts, six have a buy/strong buy rating and another six have a hold rating. One rates the stock as a sell.

The average target price of $5.31 implies a potential 11% upside for South32 shares, at the time of writing.

Joshua Baker from RaaS Group has a hold rating on South32 shares driven by stronger commodity price outlooks in key metals, including zinc. 

Elsewhere, Blake Halligan from Gray Perry Wealth Advisers has a sell rating on South32 shares. He said that given recent share price increase, commodity price volatility, global uncertainty and execution risk on major projects, investors may want to consider cashing in some gains at this stage of the cycle.

The team at Morgans downgraded South32 shares to a hold after reviewing its FY26 numbers, and increased its price target to $4.90. The broker said it thinks the earnings upcycle is now reflected in the latest price. It also noted the stock has outperformed even the pure copper producers.

The post South32 shares fall 10% from all-time high: Is the rally over? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Buy, hold, sell: NextDC, South32, CBA shares
• 33 ASX shares going ex-dividend next week
• Top 3 ASX shares I’d buy after the most recent sell-off
• South32 shares reach fresh 52-week high: Can they keep climbing?

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 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.

Macquarie Group Ltd (ASX: MQG) shares are moving higher on Thursday.

This comes despite another legal headache returning to investors’ radar after appearing largely settled.

At the time of writing, the investment bank’s stock is up 0.81% to $241.76.

That still leaves the stock down almost 8% over the past month, although it remains around 19% higher in 2026.

So, what’s going on?

What is the new claim about?

According to The Australian, Gordon Legal has launched a class action in the Supreme Court of Victoria against Macquarie Investment Management.

The action involves Rachelle Dessent and around 2,800 account holders who invested in the Shield Master Fund through Macquarie’s platform.

Macquarie agreed last September to compensate affected investors for the money they had put into Shield.

Around $480 million was invested in the fund between 2022 and its closure in 2024, with roughly $321 million coming through Macquarie’s platform.

But Gordon Legal says getting the original investment back doesn’t necessarily cover everything investors lost.

It says some investors potentially missed out on returns their superannuation could have earned if the money had been invested elsewhere.

Furthermore, the claim is also seeking compensation for the distress investors allegedly suffered.

Gordon Legal partner James Naughton told The Australian that some investors “have not been fully compensated for all their losses, even if they have already received payouts”.

Why is Shield still causing problems?

Shield was available through Macquarie’s superannuation platform from early 2022 until investments were stopped in 2023.

The fund later collapsed and was put into liquidation, leaving thousands of investors facing losses.

That ultimately left Macquarie facing regulatory action over the issue.

Last year, ASIC took Macquarie Investment Management to court after the company admitted it failed to place Shield on a watch list for extra monitoring.

Macquarie later agreed to pay around $321 million to roughly 3,000 affected investors.

What should investors watch?

At this stage, there’s no telling how much more this could end up costing Macquarie.

Gordon Legal is seeking further compensation, but no dollar figure has been put on the claim just yet.

Evidently, that makes it hard to know whether this could become another sizeable cost or something Macquarie can absorb easily.

Nonetheless, investors don’t seem too worried today, with the shares still trading slightly higher.

I’d be watching how the case develops and whether Macquarie ends up facing another sizeable payout over the Shield collapse.

The post Why Macquarie’s $321 million Shield problem is back in court appeared first on The Motley Fool Australia.

More reading

• 5 ASX shares I’d recommend to beginners
• 3 ASX 200 shares I’d buy if I couldn’t sell for 10 years
• Higher or lower: Where are CSL shares going next?
• 2 ASX shares I think could return more than Westpac
• Could a $1 million superannuation balance provide $50,000 a year in retirement?

Motley Fool contributor Aaron Teboneras 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 Macquarie Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.