Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Here's why brokers think investors ought to buy them next week:
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Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Morgans, its analysts have retained their add rating but trimmed their price target on this banking giant's shares to $31.00. This follows the release of a stronger than expected full year profit in FY 2021. And while the broker was disappointed with a contraction in ANZ's home loan lending during the second half, it isn't enough to dampen its overall positive view. Morgans believes ANZ is well placed to benefit from structural tailwinds in Institutional banking. The ANZ share price ended the week at $28.14.
Fortescue Metals Group Limited (ASX: FMG)
A note out of Citi reveals that its analysts have retained their buy rating and $18.50 price target on this mining giant's shares. This follows the release of the company's quarterly update last week. Citi was pleased with the update and notes that Fortescue's production and costs were in line with expectations and its guidance is unchanged. The Fortescue share price was fetching $13.93 at Friday's close.
PointsBet Holdings Ltd (ASX: PBH)
Analysts at Bell Potter have retained their buy rating but trimmed their price target on this sports betting company's shares to $12.50. According to the note, the broker thought PointsBet's quarterly update was solid. It notes that the company delivered strong double digit percentage growth in each of its key metrics. However, the broker concedes that the loss of market share in the US took the shine off the update. Its analysts believe this was driven by competitors significantly increasing their marketing spend ahead of the commencement of the NFL season. Nevertheless, Bell Potter remains positive on the company's long term outlook and has held firm with its buy rating. The PointsBet share price ended the week at $8.25.
