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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Coles Group Ltd (ASX: COL)
According to a note out of Citi, its analysts have retained their buy rating on this supermarket giant's shares with an improved price target of $20.20. Citi was impressed with Coles' first-half result, noting that it came in comfortably ahead of its expectations. Looking ahead, the broker believes shopping trends are favourable for Coles. It also feels the market is being too negative on the Ocado partnership. The Coles share price ended the week at $18.08.
IDP Education Ltd (ASX: IEL)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this language testing and student placement company's shares with a trimmed price target of $35.70. Although IDP's half-year earnings were a touch below expectations, Goldman was impressed with its revenue growth and operating leverage. The broker expects this trend to continue and is forecasting double-digit revenue growth and further margin expansion through to at least FY 2025. The IDP share price was fetching $29.11 at Friday's close.
Qantas Airways Limited (ASX: QAN)
Analysts at Morgans have retained their add rating on this airline operator's shares with a slightly reduced price target of $8.35. This follows the release of a strong half-year result which revealed earnings at the top end of its guidance range. Morgans was perplexed by the market's poor reaction to the result, particularly given the prospect of strong travel demand continuing well into FY 2024. In light of this, it believes a buying opportunity has arrived for investors. The Qantas share price ended the week at $6.16.
