S&P/ASX 200 Index (ASX: XJO) mining shares are outperforming today, up 0.8%, while the broader index is up 0.5%.

Here are some new ratings and 12-month share price targets on 3 ASX 200 mining shares.

Catalyst Metals Ltd (ASX: CYL)

The Catalyst Metals share price is $6.89, up 3.5% today and down 15% over 12 months. 

Morgans has a buy rating on this ASX 200 gold share following its June quarter report. 

The broker said: 

CYL reported record production at Plutonic in Q4 to close out FY26, but we expect a softer FY27 outlook when guidance is released in late Sep-26.

Permitting timelines, the ramp-up of multiple new mines and a better understanding of processing capability are likely to drive a rebase of the Sep-25 10-year plan, potentially delaying the pathway to ~200kozpa.

As a result, we have amended our production forecasts and cost assumptions.

Following an analyst change, we retain our BUY recommendation with a revised price target of A$11.33 per share.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is $22.49, up 0.5% today and up 84% over 12 months. 

Morgans downgraded the ASX 200 copper share from accumulate to hold after its FY26 results.

The broker said: 

SFR resumed dividends with a 35cps final dividend (+86% vs expectations) and we see scope for this to build further as its cash balance continues to grow with no drawn debt, supported by a favourable base metals price environment.

SFR’s asset quality, management quality and balance sheet strength, alongside emerging growth optionality, underpin its case as a core copper exposure for long-term investors, though the stock appears fully valued at current prices.

Move to HOLD (previously ACCUMULATE) with a $23ps target price.

PLS Group Ltd (ASX: PLS)

The PLS Group share price is $5.31, up 2.3% today and up 132% over 12 months.

Morgans has a sell call on this ASX 200 lithium share.

Analyst Annabelle Sleeman explained:

Depleted lithium inventories leave scope for short-term upside, though we see the medium-term outlook as more volatile given uncertainty around supply and demand drivers.

PLS delivered an in-line FY26 Underlying EBITDA result and surprised with a maiden 5cps fully franked final dividend (22% FCF payout).

We view PLS as fairly valued at current levels, with its premium to peers already reflecting the company’s best-in-class execution, balance sheet and growth optionality.

The post Buy, hold, sell: PLS Group, Catalyst Metals, Sandfire Resources shares appeared first on The Motley Fool Australia.

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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 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.

Orthocell Ltd (ASX: OCC) shares are down more than 35% over the past year, but the analysts at Bell Potter believe a recovery is on the cards.

They have a bullish share price target on the company, which I’ll get to shortly.

Biotech focused on bone and soft tissue repair

So what does the company actually do?

In their own words:

Orthocell is a regenerative medicine company focused on regenerating mobility for patients by developing products for the repair of a variety of bone and soft tissue injuries. Orthocell’s portfolio of products include a platform of collagen medical devices which facilitate tissue reconstruction and healing in a variety of dental and orthopaedic reconstructive applications.

Now let’s look at the company’s recent full-year results release.

Orthocell generated $13.2 million in revenue for FY26, up 45%, but its net loss also increased, jumping 59% to $13.6 million.

Chief Executive Officer Paul Anderson said:

FY26 was an important step in Orthocell’s evolution as a global regenerative medicine company, with record revenue and continued progress across established markets and selected international opportunities. We delivered record revenue of $13.2 million, up 45% on FY25, including a record June quarter of $3.8 million. Remplir and Striate were the principal drivers, supported by continued strength in Australia and growing contributions from the United States and other international markets.

Mr Anderson said Australia was the company’s most established market and was expected to continue growing, while FY26 was the first full year of Remplir’s availability in the US.

He said further re the US market:

We are very pleased with this first-year progress, while recognising that the path from surgeon interest to hospital approval, first use and repeat ordering can extend over several months. In FY27, our priority is to deepen adoption within the established footprint by investing in targeted sales, education and marketing initiatives that support distributors and surgeons as Remplir becomes part of routine clinical practice and repeat use grows.

Shares looking cheap according to broker

Bell Potter said in its note to clients that the US would be the market to watch.

They said:

US access expanded strongly in FY26, but revenue has yet to scale in line with the footprint. The key watchpoint now shifts to repeat utilisation and revenue conversion, which management has highlighted as a core FY27 priority. This is consistent with our prior view and leaves the broader thesis intact. We maintain our Buy (speculative) rating and reduce valuation to $1.13 from $1.19 following earnings adjustments.

Orthocell shares are currently changing hands for 72.5 cents. The company is valued at $196.1 million.

The post Bell Potter says this ASX biotech could rise 56% 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 recommended Orthocell. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are up 0.4% to 9,014.6 points on Thursday.

Let’s check out some new ratings on ASX shares today.  

Magellan Financial Group Ltd (ASX: MFG)

The Magellan Financial Group share price is $8.54, up 2.8% today and down 19% over 12 months. 

Morgans has an accumulate rating on this ASX 200 financial share after Magellan’s FY26 results.

The broker said: 

MFG’s group operating profit after tax (A$145m) was down 9% on the pcp (A$159m) and 2% above consensus (A$142m).

Guidance was the main factor weighing on the result, with management flagging numerous headwinds for FY27 — which shapes up as a consolidation year — alongside signs of a slowdown in Barrenjoey growth in 2H26 (despite otherwise impressive overall numbers).

Our price target falls from A$11.26 to A$10.25. While MFG faces some near-term pressures, we continue to believe the company is well positioned to drive medium-term growth.

South32 Ltd (ASX: S32)

The South32 share price is $5.19, up 0.7% today and up 97% over 12 months.

Morgans downgraded this ASX 200 mining share from accumulate to hold after South32’s FY26 report.

The broker said:

With S32’s share price outperforming even its pure-copper ASX peers year-to-date on larger cycle leverage, we downgrade our rating to HOLD (from Accumulate).

S32 delivered a broadly in line FY26 result, with FY27 guidance on unit cost and capex reflecting existing market expectations of continued cost pressure.

Don’t count on S32 returning a meaningful part of the Alcoa deal proceeds, with the company going as far as talking down its commitment to its ordinary dividend.

Similar to some of its peers, S32’s earnings have enjoyed a healthy upcycle, our concern is that it is starting to increasingly look factored in (while the company arguably swaps its earnings clout for a mid-cycle M&A war chest post Alcoa deal).

Australian Finance Group Ltd (ASX: AFG)

The Australian Finance Group share price is $1.52, up 2.2% today and down 43% over 12 months. 

Jonathan Tacadena from MPC Markets has a sell rating on this S&P/ASX 300 Index (ASX: XKO) financial share. 

On The Bull this week, Tacadena said:  

This mortgage broking group reported net profit after tax of $49 million in full year 2026, up 39 per cent on the prior corresponding period.

AFG grew its network to more than 4300 brokers. While profit growth looks good on paper, the company faces a difficult operating backdrop, in our view.

Australia’s property market is slumping, and the major banks recently confirmed residential mortgage applications had been significantly falling since the Federal Government’s budget in May. AFG’s earnings momentum appears difficult to sustain moving forward.

The valuation should be pricing in rising volume risk, not last year’s growth. We see more downside than upside.

The post Buy, hold, sell: South32, Australian Finance Group, Magellan shares appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in Magellan Financial Group. 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.