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 Group Ltd (ASX: ANZ)
According to a note out Citi, its analysts have retained their buy rating and $29.00 price target on this banking giant's shares. Citi is feeling positive about the banking sector thanks to rising rates and the unprecedented levels of excess liquidity. Its analysts are expecting this to underpin strong returns and drive a meaningful increase in net interest margins. The ANZ share price ended the week at $23.55.
Charter Hall Group (ASX: CHC)
A note out of Goldman Sachs reveals that its analysts have initiated coverage on this property company with a buy rating and $16.50 price target. The broker made the move largely on valuation grounds. It highlights that Charter Hall trades at 11x EBITDA compared to its five-year average of 15x EBITDA. The broker also notes that its shares are trading at a sizeable discount to both the ASX 200 and ASX 200 REITs index and sees scope for that to change. The Charter Hall share price was fetching $12.32 at Friday's close.
Mineral Resources Limited (ASX: MIN)
Analysts at UBS have retained their buy rating and $83.00 price target on this mining and mining services company's shares. According to the note, UBS has been busy looking at what could happen if Mineral Resources decided to demerge its lithium operations and list them on Wall Street. The broker suspects that the business could command a 6x FY 2024 EBITDA multiple, which it estimates would give it a valuation of A$17 billion. This is notably more than the company's entire market capitalisation of A$13 billion, which includes more than just its lithium operations. The Mineral Resources share price ended the week at $66.39.
