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Brokers' October Picks: Nigerian Breweries Tops Buy List
Lagos, 18 October 2026 · Gopexly Desk · Published 18 October 2026 at 15:00 · 5 min read
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Nigerian Breweries is the most widely recommended stock among six Nigerian brokerage and research firms for October 2026, with five of the six rating it Buy or Upside, according to a Nairametrics review published on 17 October. Seven other stocks drew four positive ratings each: Access Holdings, Ecobank Transnational (ETI), GTCO, BUA Cement, MTN Nigeria, Dangote Sugar and Aradel Holdings. The list is much shorter than in late September, when 14 stocks had at least four positive calls. We set out the targets, checked them against Friday's closing prices, and explain how to read a consensus list.
Who was surveyed
The review covers recommendations issued on 12 and 13 October by Cowry Asset Management, Morgan Capital Securities, Blue Marina Research, Arthur Steven Asset Management, First Securities Brokers and Futureview Financial Services. Only Buy or Upside ratings counted as positive.
The October consensus list
The table shows the brokers' average target, the reference price Nairametrics used (9 October) and the closing price on the Nigerian Exchange (NGX) on Friday, 16 October. The last column is our own calculation of the gap between the average target and Friday's close.
| Stock | Positive ratings | Average target | Price on 9 Oct | Close on 16 Oct | Gap to target at 16 Oct close |
|---|---|---|---|---|---|
| Nigerian Breweries | 5 | ₦97.51 | ₦74.60 | ₦75.00 | 30.0% |
| Access Holdings | 4 | ₦42.91 | ₦29.50 | ₦28.50 | 50.6% |
| ETI | 4 | ₦153.59 | ₦67.00 | ₦71.40 | 115.1% |
| GTCO | 4 | ₦159.95 | ₦131.50 | ₦124.80 | 28.2% |
| BUA Cement | 4 | ₦391.50 | ₦297.00 | ₦297.00 | 31.8% |
| MTN Nigeria | 4 | ₦1,214.83 | ₦840.00 | ₦825.00 | 47.3% |
| Dangote Sugar | 4 | ₦95.21 | ₦70.00 | ₦67.50 | 41.1% |
| Aradel Holdings | 4 | ₦2,557.09 | ₦1,377.00 | ₦1,499.90 | 70.5% |
Two notes. GTCO's price fell partly because it went ex-dividend on 13 October, when the NGX cut its reference price by the ₦1.00 interim dividend. Aradel rose 8.93% during the week, which narrowed its gap to the brokers' target.
What changed since September
Some picks looked cheaper in October simply because their prices fell. Aradel dropped from ₦1,550 to ₦1,377 between the two reviews, lifting its implied return from 67.1% to 85.7%. MTN Nigeria slipped from ₦890 to ₦840, raising its implied return from 39.8% to 44.6%. ETI, Access Holdings and GTCO offered slightly less upside than in September, while BUA Cement was unchanged.
Why Nigerian Breweries leads
Brokers' targets for the brewer ranged from ₦88.94 to ₦107.61. Nairametrics linked the support to the company's recovery:
- It moved from an accumulated loss of ₦72.17 billion at the end of 2025 to positive retained earnings of ₦13.65 billion by June 2026.
- It repaid its remaining ₦59.71 billion of bank borrowings, leaving no outstanding loans and ₦74.63 billion in cash.
- Cash generated from operations rose from ₦10.50 billion to ₦126.98 billion.
The risks named were weak consumer spending, higher production costs and foreign exchange pressure.
Wide targets mean more disagreement
A big average upside does not always mean brokers agree. ETI's average was lifted by Arthur Steven's target of ₦299.29, far above the others. MTN Nigeria and Aradel also had wide target ranges. By contrast, Dangote Sugar's targets sat in a narrow band of ₦87.88 to ₦102.
There were dissenters, too. Arthur Steven rated GTCO a Sell with a target of ₦79.32 and rated BUA Cement a Hold.
Who dropped off the list
- Zenith Bank fell from four positive ratings to two. Futureview kept its ₦147.88 target but moved to Hold after the price rose to ₦134.70. Arthur Steven rates it Sell at ₦102, and Blue Marina put the stock under review. Zenith then fell to ₦126.00 by Friday.
- NASCON lost support as its price rose from ₦160 to ₦188.90, prompting First Securities to move to Neutral. It closed the week at ₦171.00.
- AIICO moved to Hold at Blue Marina after its price rose to ₦4.14. Futureview and Arthur Steven remain positive.
- UBA and FCMB slipped from four positive ratings to three each, partly because some firms published shorter lists.
How to read a consensus list
A consensus list shows where professional analysts agree, not what will happen. Ratings change as prices move: a stock can lose its Buy rating simply because its price has risen towards the target, as Zenith, NASCON and AIICO showed. Targets are opinions, and brokers can be wrong.
What this means for investors
- Use it as a starting point. Check each company's earnings, debt, cash flow and dividend history before acting.
- Entry price matters. The same stock can be attractive at one price and fully valued at another.
- Look at the spread of targets. A narrow range suggests stronger agreement than a high average driven by one firm.
- Track the picks. You can follow these stocks and set price alerts on their Gopexly stock pages.
This is for information only and is not investment advice.
FAQ
Which stocks do Nigerian brokers recommend in October 2026?
A Nairametrics review of six firms found Nigerian Breweries had five positive ratings, while Access Holdings, ETI, GTCO, BUA Cement, MTN Nigeria, Dangote Sugar and Aradel had four each.
What is the target price for Nigerian Breweries?
Brokers' targets ranged from ₦88.94 to ₦107.61, with an average of ₦97.51, against a close of ₦75.00 on 16 October 2026.
Why did Zenith Bank drop off the list?
Its positive ratings fell from four to two after its price rose, one broker downgraded it to Hold and another put it under review. Arthur Steven rates it Sell.
Sources
This note is for education. It is not a recommendation to buy or sell any share.
Tags: NGX, Analyst Ratings, Nigerian Breweries, Bank Stocks, Stock Picks