It has been another busy week for Australia's top brokers. This has led to the release of a large number of broker notes.
Three 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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Flight Centre Travel Group Ltd (ASX: FLT)
According to a note out of Citi, its analysts have retained their buy rating and $25.85 price target on this travel agent's shares. The broker suspects that Flight Centre could be at the start of an upgrade cycle. With International airline capacity and more complex trips returning, it sees a pathway to an 18-24 month upgrade cycle from the travel agent. The Flight Centre share price is trading at $19.44 this afternoon.
Megaport Ltd (ASX: MP1)
Another note out of Citi reveals that its analysts have upgraded this network services company's shares to a buy rating with a $12.50 price target. The broker made the move for three key reasons. These are upside risks to FY 2024 consensus expectations, Megaport being a beneficiary of increased cloud adoption, and increased investment and focus on the customer to result in increased share-of-wallet. The Megaport share price is fetching $10.82 today.
Nufarm Ltd (ASX: NUF)
Analysts at Macquarie have retained their outperform rating on this agricultural chemicals company's shares with a trimmed price target of $6.25. Macquarie believes that the market isn't appreciating the long-term potential of Nufarm's seed-technology business. It estimates that the business trades at 4x EBITDA compared to 7x for global peers. The Nufarm share price is trading at $4.65 on Friday.
