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:
Image Source: Getty Images
CSL Limited (ASX: CSL)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $325 price target on this biotherapeutics giant's shares. While the broker acknowledges that CSL's recent update was softer than hoped, it believes it is onwards and upwards from here. In light of this, it appears to see recent weakness as a buying opportunity. The CSL share price ended the week at $260.98.
IDP Education Ltd (ASX: IEL)
A note out of Goldman Sachs reveals that its analysts have reiterated their buy rating on this language testing and student placement company's shares with a trimmed price target of $28.90. While the broker suspects that IDP Education could lose upwards of 30% of its share of Canadian language testing volumes over FY24/25, it is comfortable with its earnings estimates. Particularly given its long-term structural growth opportunity in student placements. The IDP Education share price was fetching $22.52 at Friday's close.
Megaport Ltd (ASX: MP1)
Analysts at UBS have retained their buy rating on this elastic interconnection services provider's shares with an improved price target of $12.50. UBS notes that Megaport has increased its earnings guidance for FY 2023 and expects to do the same for next year's guidance once its budget is finalised. The broker believes this is a sign that customer churn has been lower than expected since increasing prices. And with the company now cash flow positive, UBS feels the risk of another capital raising has dropped materially. The Megaport share price ended the week at $9.54.
