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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Lovisa Holdings Ltd (ASX: LOV)
According to a note out of Bell Potter, its analysts have retained their buy rating on this fashion jewellery retailer's shares with a trimmed price target of $29. Although the company fell short of the broker's earnings expectations in FY 2023, it was pleased with its margins. In addition, Bell Potter remains positive on the medium term due to Lovisa's global rollout plans and its relative immunity to consumer spending pressures. The Lovisa share price is trading at $22.27 this afternoon.
Mineral Resources Ltd (ASX: MIN)
A note out of Morgans reveals that its analysts have retained their add rating and $84 price target on this mining and mining services company's shares. This follows the release of the company's FY 2023 results, which were ahead of expectations on an underlying basis. Morgans notes that FY 2024 is a big year for its iron ore and lithium operations and could be the key to unlocking years of bumper earnings. The Mineral Resources share price is fetching $70.18 today.
NextDC Ltd (ASX: NXT)
Analysts at Macquarie have retained their outperform rating on this data centre operator's shares with an improved price target of $17. Macquarie notes that NextDC's FY 2023 result and guidance for FY 2024 were in line with expectations. And while the broker was a touch disappointed with a slower ramp-up of two major hyperscale customers and its capital expenditure guidance, it remains positive. Particularly given its expectation that the increased capital expenditure will support higher-than-expected earnings down the line. The NextDC share price is trading at $13.33 on Wednesday.
