With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.
The good news is that brokers across the country are doing a lot of the hard work for you.
Three top shares that leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
BHP Group Ltd (ASX: BHP)
According to a note out of Macquarie, its analysts have retained their outperform rating and lifted the price target on this mining giant's shares to $51.00. The broker made the move after marking to market commodities prices for the December quarter. In addition to this, the broker commented that it expects the copper price bull run to continue. This should be supported by a sky high iron ore price. The BHP share price is trading at $45.26 this afternoon.
Fortescue Metals Group Limited (ASX: FMG)
A note out of Ord Minnett reveals that its analysts have upgraded this iron ore miner's shares to a buy rating with an improved price target of $29.00. According to the note, the broker has also marked to market its commodity forecasts. Ord Minnett is expecting a bumper result from Fortescue in FY 2021 and is particularly attracted to its strong free cash flow generation. This is expected to lead to generous dividend payments in the near term. The Fortescue share price is fetching $24.82 on Monday.
IDP Education Ltd (ASX: IEL)
Analysts at Morgan Stanley have retained their overweight rating and $24.00 price target on this student placement and language testing company's shares. According to the note, the broker believes IDP Education is in a strong position for growth once the pandemic passes. This is due to pent up demand and the lessening of competition. In addition, the broker notes that a potential deal between IDP Education and the British Council regarding the distribution of the IELTS could be a big positive. The IDP Education share price is trading at $19.96 today.
