It has been another busy week for Australia's top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
According to a note out of UBS, its analysts have retained their buy rating on this pizza chain operator's shares with a trimmed price target of $78.00. The broker has reduced its earnings per share estimates to reflect dilution from Domino's capital raising. However, it remains bullish on the investment opportunity here and was pleased to see management reaffirm guidance for FY 2023. The Domino's share price is trading at $66.04 on Friday.
Rio Tinto Ltd (ASX: RIO)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $121.00 price target on this mining giant's shares. This follows the release of the company's investor day update. Morgan Stanley was pleased with the update and particularly the miner's focus on technology. It also notes that the top end of Rio Tinto's iron ore shipments guidance for FY 2023 was in line with its own estimate. The Rio Tinto share price is fetching $111.63 this afternoon.
Temple & Webster Group Ltd (ASX: TPW)
Analysts at Goldman Sachs have retained their buy rating but trimmed their price target on this online furniture retailer's shares to $7.50. While the broker has reduced its earnings estimates slightly following Temple & Webster's trading update, it remains bullish. The broker believes that the company has one of the strongest long term structural growth opportunities under coverage and forecasts a 22% EBITDA CAGR over the next 10 years. The Temple & Webster share price is trading at $5.02 on Friday.
