Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here's why they are bullish on them:
Image Source: Getty Images
Rio Tinto Ltd (ASX: RIO)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating on this mining giant's shares with a trimmed price target of $124. Morgan Stanley is looking forward to an upcoming Oyu Tolgoi copper mine site visit in Mongolia. The broker believes this visit could help the market understand how copper will be a significant earnings contributor in the future for the miner. The Rio Tinto share price is trading at $114.09 on Wednesday.
Suncorp Group Ltd (ASX: SUN)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $14.53 price target on this insurance giant's shares. This follows the release of an update on the company's FY 2024 reinsurance renewal. The broker believes the update points to Suncorp wanting to focus on protecting its margins rather than capital/risk retention. Overall, the update was largely in line with expectations and Goldman remains as positive as ever on Suncorp's outlook. The Suncorp share price is fetching $13.48 today.
Telstra Group Ltd (ASX: TLS)
Analysts at UBS have upgraded this telco giant's shares to a buy rating with an improved price target of $4.75. The broker has been looking at the telco industry and was pleased with what it saw. It highlights that competition remains rational in the mobile market and Telstra is leading the way with its price increases. In addition, UBS points out that industry data appears to show that customer churn is low for Telstra despite the price increases and cost of living crisis. The Telstra share price is trading at $4.36 this afternoon.
