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BUA Cement, UBA and MTN Nigeria have emerged among brokers’ leading stock picks for late September as analysts continue to identify buying opportunities despite the Nigerian equities market trading at record levels.
A Nairametrics review of recommendations from six brokerage firms showed that the three stocks received positive ratings from at least four brokers.
Eleven other stocks also attracted at least four positive recommendations.
The latest review follows Nairametrics’ July 2026 stock-buy analysis, when Zenith Bank led the brokers’ list with four Buy ratings, while UBA, Access Holdings, ETI, Fidelity Bank and GTCO received three positive ratings each.
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Two months later, the composition of the consensus list has shifted. Some of July’s leading picks retained brokers’ support; others lost ground, while several new names moved into the top group.
The latest reports also reveal sharp disagreements over the value of some popular stocks. In several cases, one broker’s Buy is another broker’s Hold or Sell, while a few unusually high targets significantly lift the average upside.
So, which stocks still command the strongest support, which new companies have entered the list, and where do brokers disagree most?
The recommendations come as Nigerian equities extend their record-breaking run.
The NGX All-Share Index gained 2.78% in the week ended September 18 to close at 249,804.56 points, lifting its year-to-date return to 60.53%. Market capitalization also rose to N162.16tn.
The rally continued Monday, September 21, when the benchmark index gained another 0.14% to a record 250,156.80 points.
The advance lifted the market’s year-to-date return to 60.76%, while market capitalisation increased by N228.25bn to an all-time high of N162.39tn.
The latest gain coincided with FTSE Russell’s reclassification of Nigeria from Unclassified to Frontier Market status, restoring Nigerian equities to its frontier-market indices after nearly three years.
Against this backdrop, Nairametrics examined recommendations from Cowry Asset Management, Morgan Capital, Blue Marina Research, Arthur Steven Asset Management, First Securities Brokers and Futureview Financial Services.
Banks remain prominent on consensus Buy list
Banks again accounted for the largest number of companies receiving positive recommendations across the six investment firms reviewed.
- UBA, Access Holdings, ETI, FCMB, GTCO and Zenith Bank each received four Buy or Upside ratings. Five of them, UBA, Access, ETI, GTCO and Zenith also appeared among the leading picks in Nairametrics’ July review, while FCMB has now joined the strongest consensus group.
The ratings were not identical. Target prices varied because the brokers used different earnings forecasts and valuation assumptions, while Arthur Steven issued contrary Sell ratings on GTCO and Zenith.
UBA: four positive ratings
Cowry, Blue Marina, First Securities and Futureview rated UBA positively, while Arthur Steven recommended Hold.
Their targets ranged from N50.13 to N66.07, giving an average of N59.31. This represents 33.1% upside from the brokers’ N44.55 reference price. Blue Marina also projected an 11.4% dividend yield.
UBA closed at N44.20 on Monday, up 6.12% year-to-date but still about 20% below its 52-week high. Brokers’ optimism reflects its low valuation, dividend potential, and geographically diversified earnings.
Access Holdings: four Buy ratings
Blue Marina, Arthur Steven, First Securities and Futureview rated Access Holdings a Buy.
Their targets ranged from N34.55 to N52.40, averaging N42.78. This implied 46.8% upside from the brokers’ reference price of N29.15.
The stock closed yesterday at N29.95; 43% year to date but remains 17% below its 52-week high. Brokers agree that the stock is undervalued, although their targets differ widely.
ETI: four Buy ratings
ETI received positive ratings from Blue Marina, Arthur Steven, First Securities, and Futureview.
The targets ranged from N107.63 to N296.02, producing an average of N158.10 and an apparent upside of 136% from N67. However, Arthur Steven’s N296.02 estimate distorts the average.
The median target of N114.37 implies a more moderate 70.7% upside. So far this year, it has gained 59%, at N66.95 yesterday, but still 32% below its 52-week high.
ETI’s low valuation supports the bullish view, but its multinational operations create currency, regulatory and country-specific credit risks.
FCMB: four Buy ratings
Morgan Capital, Blue Marina, First Securities and Futureview rated FCMB a Buy.
Their targets ranged narrowly from N12.90 to N14.38, averaging N13.53. This represented 21.8% upside from the brokers’ reference price of N11.10.
FCMB closed yesterday at N11.15 and has declined 7.47% year to date and remains 23% below its 52-week high.
The narrow target range signals strong agreement among the brokers. Blue Marina projected an 8.6% dividend yield, while First Securities estimated 7.46%.
GTCO: four Buy ratings, one Sell
Morgan Capital, Blue Marina, First Securities and Futureview valued GTCO between N150 and N172.
The average bullish target of N160.36 implies 23.4% upside from N130. Blue Marina and First Securities also projected double-digit dividend yields.
Arthur Steven, however, rated GTCO Sell with a target of N78.45. Its bearish estimate was excluded from the consensus average.
Zenith Bank: four Buy ratings, one Sell
Zenith received positive ratings from Cowry, Blue Marina, First Securities and Futureview.
Their targets ranged from N147.88 to N164.48, giving an average target of N154.73 and a potential upside of 20.5% from N128.40.
Arthur Steven rated the stock Sell with a target of N101. Despite that dissent, Zenith remains one of the strongest repeat picks from the July review.
Non-banking stocks broaden the consensus list
BUA Cement, MTN Nigeria, NASCON, Dangote Sugar, Honeywell Flour Mills, Nigerian Breweries, Aradel and AIICO also received four positive recommendations.
MTN, NASCON, and AIICO retain their places from July, while the remaining companies have joined the strongest late-September consensus group.
BUA Cement: four positive ratings
Cowry, Blue Marina, First Securities and Futureview valued BUA Cement between N362.79 and N435.75, while Arthur Steven rated it Hold.
The average target of N391.50 implies 31.8% upside from N297. The relatively close valuations make BUA Cement one of the stronger consensus picks, supported by pricing power and expectations of sustained infrastructure demand.
MTN Nigeria: four positive ratings
Cowry, Blue Marina, Arthur Steven and First Securities recommended MTN, while Futureview rated it Hold.
The targets ranged from N1,009.66 to N1,703, producing an average of N1,244.64 and a potential upside of 39.8% from N890. Excluding Arthur Steven’s higher estimate, the median target of N1,132.95 implies 27.3% upside.
Tariff increases and data growth support the bullish case, although foreign-currency costs and capital expenditure remain risks.
NASCON: four Buy ratings
Cowry, Blue Marina, First Securities and Futureview valued NASCON between N208 and N286.71.
The average target of N235.58 implies 47.2% upside from the brokers’ N160 reference price. However, NASCON subsequently rose to N176, reducing the remaining upside to approximately 33.9%.
Dangote Sugar: four Buy ratings
Blue Marina, Arthur Steven, First Securities and Futureview placed their targets between N87.88 and N100.75.
The average target of N94.71 implies 32.4% upside from N71.55. The narrow range suggests relatively strong agreement, although input costs and foreign-exchange exposure remain significant risks.
Honeywell Flour: four positive ratings
Honeywell received targets of between N400 and N425.32 from Blue Marina, Arthur Steven, First Securities and Futureview.
The average target of N409.32 implies 18.6% upside from N345.20. This was the tightest target range among the non-bank consensus selections, although its expected capital appreciation was also the lowest.
Nigerian Breweries: four Buy ratings
Blue Marina, Arthur Steven, First Securities and Futureview valued Nigerian Breweries between N88 and N107.61.
The average target of N95.49 implies a 27% upside from N75.20. The ratings reflect expectations of improved pricing and recovering margins, while weak consumer spending and financing costs remain concerns.
Aradel: four Buy ratings
Aradel received positive ratings from Blue Marina, Arthur Steven, First Securities, and Futureview.
Their targets ranged from N1,977.92 to N4,136, producing an average of N2,589.32 and an apparent upside of 67.1% from N1,550. Arthur Steven’s valuation significantly lifts the average; the median target of N2,121.68 implies a more moderate 36.9% upside.
AIICO: four Buy ratings
Blue Marina, Arthur Steven, First Securities and Futureview valued AIICO between N4.86 and N6.76.
The average target of N5.87 implies 55.7% upside from N3.77. AIICO therefore offers one of the highest average upsides estimates among the cleaner consensus picks, supported by expectations of underwriting growth and investment income.
