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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Beach Energy Ltd (ASX: BPT)
According to a note out of Bell Potter, its analysts have retained their buy rating on this energy producer's shares with a trimmed price target of $2.18. Following the release of its quarterly update, the broker remains bullish. This is due to its strong, fully funded production growth outlook, which it highlights is diversified across five energy basins and across four separate gas markets. The Beach Energy share price is trading at $1.51 today.
Corporate Travel Management Ltd (ASX: CTD)
A note out of Morgans reveals that its analysts have retained their add rating on this corporate travel specialist's shares with an improved price target of $24.00. This follows news that the company has won a major contract from the UK Home Office. Morgans believes this should give the market confidence in the company's ability to achieve its guidance in FY 2023 and FY 2024. In fact, the brokers feels that FY 2024's guidance is now conservative. The Corporate Travel Management share price is fetching $21.56 today.
Nextdc Ltd (ASX: NXT)
Analysts at Citi have retained their buy rating on this data centre operator's shares with an increased price target of $14.45. This follows news that NextDC has reported a huge increase in contracted utilisation. Citi was pleased with the news and highlights that a key hyperscale customer is committing to a contract with a long billing ramp of 5 to 6 years. This compares to typical contracts of 2 to 3 years. The broker feels this points to a strong demand outlook. The NextDC share price is trading at $12.20 this afternoon.
