2 ASX 200 stocks drawing fresh buy ratings this week 

The S&P/ASX 200 Index (ASX: XJO) has rallied in the last two weeks and is back on track for a solid year of growth. 

Since July 24, Australia's benchmark index has climbed an impressive 5.2%. 

In fact, the ASX 200 hit a new all-time high during Wednesday's session. 

This has reignited some positive outlooks on ASX 200 shares. 

Two in particular have drawn positive ratings from the team at Bell Potter and Macquarie this week. 

Here's the latest from the broker. 

SGH Ltd (ASX: SGH)

SGH is a diversified industrial and investment group, with interests in heavy-equipment sales, service and equipment hire, media and broadcasting, oil and gas, and developable property.

It has had a relatively flat year, down just 1% in 2026. 

However a new report from Bell Potter suggests that it could be a strong buy candidate. 

The broker said the ASX 200 company's mining outlook is improving. 

According to the report:

• Mining equipment demand is showing positive signs.
• Major suppliers Sandvik and Epiroc reported strong growth in new orders, which has historically been a good indicator for SGH's WesTrac business.
• Equipment sales across manufacturers were mixed, but the increase in new orders suggests demand should remain healthy.
• Australia's forecast for steady iron ore production growth over the next few years should support ongoing spending on mining equipment and maintenance.
  

The mining business remains solid, construction is slowing, and Boral has become the main earnings growth engine for SGH. Bell Potter expects only modest profit growth over the next couple of years but remains positive because of the company's strong cash flow, disciplined capital management, and shareholder returns.

Based on this guidance, the broker has a buy rating on this ASX 200 stock along with an increased price target of $51. 

From yesterday's closing price, this indicates a 10% upside. 

Life360 Inc (ASX: 360)

Life360 shares came under heavy pressure over the last 12 months as investors rotated out of the technology sector.

It remains down 25% in the last 12 months, however Bell Potter and Macquarie are anticipating a rebound. 

Macquarie has a $31.10 price target on this ASX 200 stock, while Bell Potter has a buy rating and $35.00 price target on the ASX tech stock. 

Bell Potter said: 

We see the stock as reasonable value trading on a 2027 EV/EBITDA multiple of c.25x which is a discount to the Technology One multiple of c.29x. We believe Life360 deserves to trade on a similar if not higher multiple than Technology One given it is global, a market leader and has higher forecast earnings growth over the next few years.

These targets suggest upside potential of 7% to 18%. 

The post 2 ASX 200 stocks drawing fresh buy ratings this week  appeared first on The Motley Fool Australia.

Motley Fool contributor Aaron Bell 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 Life360. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026