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:
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Allkem Ltd (ASX: AKE)
According to a note out of Morgans, its analysts have retained their add rating and lifted their price target on this lithium miner's shares to $16.65. Morgans has lifted its revenue assumptions to reflect Allkem's higher than expected lithium price guidance for the current quarter. Outside this, the broker likes Allkem due to its geographic and product diversification. The latter includes spodumene concentrate, lithium carbonate, and (very soon) lithium hydroxide from Naraha. The Allkem share price is trading at $13.19 on Wednesday.
Mineral Resources Limited (ASX: MIN)
A note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this mining and mining services company's shares to $66.00. This follows news that the company will increase production from the Wodgina and Mt Marion lithium spodumene mines in response to unprecedented global customer demand for lithium products. This has led to Citi upgrading its earnings forecasts accordingly. The Mineral Resources share price is fetching $60.75 today.
REA Group Limited (ASX: REA)
Analysts at Morgan Stanley have retained their overweight rating and $178.00 price target on this property listings company's shares. This follows news that rival Domain Holdings Australia Ltd (ASX: DHG) is acquiring campaign management technology platform provider Realbase. Morgan Stanley doesn't believe it will have an immediate impact on REA and notes that the company has a stake in a similar business, Realtair. The REA share price is trading at $131.31 this afternoon.
