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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Chalice Mining Ltd (ASX: CHN)
According to a note out of Bell Potter, its analysts have retained their speculative buy rating on this mineral exploration company's shares with a reduced price target of $7.10. The broker believes that the post-scoping study selloff has created a buying opportunity for investors. This is because of the low costs of the Gonneville project, which it feels are more important to focus on compared with commodity price assumptions. It also highlights that as a long-life asset, Gonneville will be operating during many cycles so the assumptions don't really matter. The Chalice Mining share price ended the week at $3.31.
NextDC Ltd (ASX: NXT)
A note out of Citi reveals that its analysts have retained their buy rating on this data centre operator's shares with an improved price target of $15.45. While NextDC's billing ramp-up has been slower than it expected, Citi was pleased that its contracts are much larger than it was forecasting. In addition, it highlights that the current demand cycle is being driven by customers accelerating the move to the cloud, with the AI demand cycle yet to come. The NextDC share price was fetching $13.44 at Friday's close.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Macquarie have retained their outperform rating but cut their price target on this lithium miner's shares to $7.30. Macquarie was pleased with the company's performance in FY 2023 and highlights the strong free cash flow it is generating. The broker also sees potential for further capital returns in the form of special dividends or buybacks. The Pilbara Minerals share price was trading at $4.70 on Friday.
