Leading brokers have been as busy as ever making changes to financial models and recommendations.
Three shares that have fared well today are listed below. Here's why they have been given buy ratings:
Corporate Travel Management Ltd (ASX: CTD)
According to a note out of Morgan Stanley, it has retained its overweight rating but cut its price target on the corporate travel specialist's shares to $27.00. Although the broker expects the short seller attack to weigh on the company's shares for a while, it still sees a lot of value in them at these levels. Especially given that its actual issues are more to do with poor communication from management and are not customer-related. I agree with Morgan Stanley on Corporate Travel Management. I think it could be a good share to buy, but it may trade flat for some time.
Smartgroup Corporation Ltd (ASX: SIQ)
A note out of Morgan reveals that its analysts have upgraded Smartgroup's shares to an add rating with an $11.65 price target. According to the note, the broker believes that novated lease demand will have been solid so far in FY 2019 despite weakness in new car sales. So with Smartgroup's shares falling significantly since its results release in August, Morgans thinks that now could be an opportune time to pick up shares. While it isn't a share that I'm overly interested in, at under 17x estimated FY 2019 earnings it does look reasonably good value.
Treasury Wine Estates Ltd (ASX: TWE)
Another note out of Morgan Stanley reveals that its analysts have upgraded this global wine company's shares to an overweight rating with a $20.00 price target. According to the note, the broker believes that its share price decline over the last couple of months has created a buying opportunity for investors. Morgan Stanley has suggested that concerns over its China business are overdone and believes that its growth in the country remains strong. I agree with the broker on this one as well and think Treasury Wine could be a good long-term investment.