I think it is fair to say that earnings season moved up a gear this week with a number of Australia's biggest companies reporting their half-year results.
As you might expect, this has led to a great number of broker notes being released responding to the news.
Here are three shares that have been given buy ratings:
CSL Limited (ASX: CSL)
According to a note out of Credit Suisse, its analysts have retained their outperform rating and lifted the price target on its shares to $160.00 following the release of the biotherapeutics company's half-year results. Those results came in ahead of the broker's expectations, leading its analysts to revise their full-year estimates higher. Furthermore, although management has suggested that its Seqirus influenza business will only break-even this year, Credit Suisse believes this guidance is conservative. I would have to agree with Credit Suisse on CSL. I think it is a stand out buy and hold investment option.
Domino's Pizza Enterprises Ltd (ASX: DMP)
A note out of UBS reveals that its analysts are sticking with the struggling pizza chain operator and have retained their buy rating. The broker has, however, reduced its price target from $60.00 to $57.50 after its first-half result fell well short of its expectations. Whilst the broker thinks this makes its full-year target of 20% profit growth a bit of a stretch, it does believe that Domino's is capable of delivering a much stronger second-half. Especially now the company is working with food delivery aggregator services. I was very disappointed with yesterday's result and I agree that there's a good chance it will fail to meet its full-year guidance. But at the current share price it could be a great option for investors willing to buy and hold for the next few years.
Orora Ltd (ASX: ORA)
Analysts at Morgans have retained their add rating on the packaging company and given its shares an increased price target of $3.54. Orora's half-year result was ahead of Morgans' expectations yesterday, leading the broker to make an upward revision to its earnings growth estimates this year. Although I thought Orora's result was strong and believe it is the best packaging company on the ASX, I don't think this price target provides a compelling risk/reward. Instead, I would suggest investors wait opportunistically for a sizeable pull-back in its share price.