Two S&P/ASX 200 Index (ASX: XJO) shares just received upgrades from Macquarie.

If the broker's price targets prove out, Genesis Minerals Ltd (ASX: GMD) and APA Group (ASX: APA) could both enjoy share price gains north of 10% over the year.

Here's what's been happening with the two upgraded stocks.

(Broker data courtesy of The Australian.)

Macquarie raised ASX 200 gold share Genesis Minerals to an outperform rating with a $2.00 price target.

Genesis Minerals shares have already surged 71% over the past 12 months, trading for $1.80 apiece at the time of writing. Macquarie's price target represents a potential 11% gain from current levels.

At its half-year results, the ASX 200 share reported it had returned to profit following a $37 million loss in the prior corresponding half-year. Genesis reported a statutory net profit of $14.8 million, which it achieved "while laying the foundations on which to build" a 300,000 ounce per year Western Australian gold producer.

Over the six months, gold sales revenue came in at $209.1 million with gold sales of 70,077 ounces.

Genesis Minerals' managing director, Raleigh Finlayson said, "Genesis has put the building blocks in place to deliver on its stated strategy of establishing a premium 300,000 ounce gold producer and we look forward to presenting our five-year outlook to our shareholders later this month."

That five-year outlook was released last week, 21 March.

Which brings us to the second ASX 200 share getting upgraded to an outperform rating by Macquarie, energy infrastructure company APA Group.

APA Group's shares are down 17% over the past year, trading for $8.36 at the time of writing.

Macquarie's price target of $9.40 a share represents a potential 12% upside from here.

Over the six months to 31 December, APA achieved earnings growth, a modestly boosted interim dividend payout of 26.5 cents per share, and a 12.8% year on year increase in cash flow to $546 million.

The company also completed its acquisition of the Pilbara Energy System, which it labelled "a key milestone in the execution of APA's remote grid growth strategy".

The ASX 200 share trades on an unfranked trailing yield of 6.6%.