It was another busy week for Australia's top brokers. This led to the release of a large number of broker notes.
Three ASX 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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Allkem Ltd (ASX: AKE)
According to a note out of Macquarie, its analysts have retained their outperform rating on this lithium miner's shares with an improved price target of $17.50. Macquarie made the move in response to the release of an update on the Mt Cattlin project. That update revealed plans to extend the life of the mine with underground mining. The Allkem share price was trading at $15.85 at Friday's close.
Lovisa Holdings Ltd (ASX: LOV)
A note out of UBS reveals that its analysts have retained their buy rating on this jewellery retailer's shares with a reduced price target of $23. While the broker is cautious on the retail sector, it remains positive on Lovisa. This is due to its store expansion plans and low price points. The latter should mean its sales are more resilient in the current environment. The Lovisa share price was fetching $18.03 at Friday's close.
Macquarie Technology Group Ltd (ASX: MAQ)
Analysts at Goldman Sachs have retained their buy rating and $77.20 price target on this technology company's shares. According to the note, the broker believes a recent update from a data centre peer supports its bullish view on Macquarie Technology. Goldman notes that the update highlights the benefits of artificial intelligence in driving demand (hyperscale & co-location) within the Australian data centre market. This bodes well for the company's data centres. The Macquarie Technology share price ended the week at $65.09.
