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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Allkem Ltd (ASX: AKE)
According to a note out of Morgans, its analysts have upgraded this lithium miner's shares to an add rating with an improved price target of $15.30. Morgans has updated its model to reflect the release of Allkem's technical studies for the Olaroz, Sal de Vida, Cauchari, James Bay and Mt Cattlin operations and projects. While costs are higher than expected, this has been offset by the addition of Cauchari in its model. The Allkem share price ended the week at $11.76.
Lifestyle Communities Ltd (ASX: LIC)
A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating on this retirement communities company's shares with an improved price target of $25.25. The broker has undertaken a detailed bottom-up analysis of the company's development pipeline. Following the analysis, the broker remains as bullish as ever and believes the company is well-positioned in a structurally growing sector. The Lifestyle Communities share price was fetching $16.20 at Friday's close.
ResMed Inc. (ASX: RMD)
Analysts at Macquarie have retained their outperform rating and $32.60 price target on this sleep treatment company's shares. The broker has been looking into the impact of obesity drugs on ResMed's growth outlook. Macquarie isn't concerned by the emergence of these drugs and continues to forecast strong growth in obstructive sleep apnoea patients through to 2033. In light of this, it sees recent weakness as a buying opportunity. The ResMed share price ended the week at $23.60.
