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:
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Azure Minerals Ltd (ASX: AZS)
According to a note out of Bell Potter, its analysts have retained their speculative buy rating and increased their price target on this lithium explorer's shares to $5.15. The broker made the move in response to recent updates from the 60%-owned Andover Lithium Project in Western Australia. Bell Potter feels that these updates point to the project being comparable to the Wodgina and Kathleen Valley projects. The Azure Minerals share price is trading at $2.81 on Wednesday.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Morgans reveals that its analysts have upgraded this lithium miner's shares to an add rating with an improved price target of $5.90. This follows news that the company's drilling program has resulted in a significant increase in the mineral resource estimate for the Pilgangoora project. It feels this makes its shares attractively priced at the current level. The Pilbara Minerals share price is fetching $5.28 this afternoon.
Xero Limited (ASX: XRO)
Analysts at Citi have retained their buy rating and $141.90 price target on this cloud accounting platform provider's shares. Citi notes that Xero has increased its prices in the UK. And while this increase is only expected to lift total ARPU by 2%, the broker highlights that it increases its confidence in its revenue growth forecasts. Especially if subs growth is weaker due to soft macro conditions. Importantly, the broker feels it points to Xero's market position in the UK being strong. The Xero share price is trading at $121.38 today.
