Leading brokers name 3 ASX shares to buy today

Bank of Queensland Limited (ASX:BOQ) shares are one of three that brokers have named as buys this week. Here's why…

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Countless broker notes have hit the wires this week with buy and sell recommendations

Three shares that have found favour with brokers and been given a buy rating are listed below. Here's why they think investors should buy them:

Bank of Queensland Limited (ASX: BOQ)

According to a note out of Morgans, it has retained its add rating and $11.50 price target on this regional bank's shares. The broker has held firm with its rating ahead of Bank of Queensland's full year results release later this week. Morgans expects the bank to report cash earnings of $362 million in FY 2018. It has also forecast a final fully franked dividend of 38 cents per share and a special 10 cents per share dividend. If this does occur, it means that its shares are currently offering a 7.9% forward yield. While I would still choose other banks ahead of it, that special dividend does make it a tempting option.

Rio Tinto Limited (ASX: RIO)

A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and $91.00 price target on the mining giant's shares after its Robe River joint venture approved the US$1.55 billion expenditure budget to fund a number of mine replacements. The miner, which holds a 53% stake in the joint venture, will develop these projects in order to continue to produce its premium Pilbara Blend iron ore and Robe Valley lump and fine products in the coming years. Macquarie had already factored this into its forecasts, meaning no changes have been made to its rating or price target. I agree with the broker that Rio Tinto's shares are a buy at these levels.

Senex Energy Ltd (ASX: SXY)

Analysts at Citi have retained their buy (high risk) rating and 56 cents price target on this energy producer's shares. According to the note, while the broker appears concerned with LNG markets and the optimism in the share market around rising crude oil prices, it remains positive on the Senex Energy investment proposition. While I do think Senex Energy could be worth a look, I agree with Citi that investors shouldn't get carried away with rising oil prices. This may mean it is worth holding out for a potential pullback before investing.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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