Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here's why they are bullish on them:
Cochlear Limited (ASX: COH)
According to a note out of Citi, its analysts have upgraded this hearing solutions company's shares to a buy rating and with an improved price target of $235.00. This follows the release of a half year result that came in ahead of the broker's expectations. This has led to Citi upgrading its estimates and valuation accordingly. The Cochlear share price is trading at $218.00 today.
Coles Group Ltd (ASX: COL)
A note out of Morgans reveals that its analysts have retained their add rating but trimmed their price target on this supermarket operator's shares slightly to $19.70. Morgans notes that Coles' half year results were largely in line with expectations. It was also particularly pleased with its lower than expected COVID costs. Overall, Coles remains its key pick in the supermarkets sector. The Coles share price was fetching $17.85 on Wednesday.
Telstra Corporation Ltd (ASX: TLS)
Analysts at Morgan Stanley have retained their overweight rating and $4.60 price target on this telco giant's shares. This follows news that Telstra has signed an agreement with TPG Telecom Ltd (ASX: TPG) that will see the latter shares its mobile network. Morgan Stanley is a fan of the deal and believes it will be earnings per share accretive for Telstra and raise the value of its infrastructure assets. The Telstra share price is trading at $4.02.
