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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Capricorn Metals Ltd (ASX: CMM)
According to a note out of Bell Potter, its analysts have retained their buy rating on this gold miner's shares with an improved price target of $5.50. This follows the release of a quarterly update which was slightly ahead of expectations. All in all, the broker continues to believe Capricorn is a sector-leading gold producer with a strong balance sheet and an experienced management team. The Capricorn Metals share price is trading at $4.59 today.
Lynas Rare Earths Ltd (ASX: LYC)
A note out of Macquarie reveals that its analysts have retained their outperform rating on this rare earths producer's shares with an improved price target of $7.70. This follows news that the company's operating licence in Malaysia has been amended. Macquarie sees this as a big positive and notes that it will reduce the pressure on the Kalgoorlie ramp-up. The Lynas share price is fetching $7.13 today.
QBE Insurance Group Ltd (ASX: QBE)
Analysts at Goldman Sachs have retained their buy rating and $18.09 price target on this insurance giant's shares. This follows the release of a quarterly update from rival Chubb. Goldman believes there are positives for QBE from the update. For example, it believes the continued strong premium growth and rate in North America commercial insurance should bode favourably for QBE. It also highlights that Chubb says rate trends are ahead of loss cost inflation, which is a positive read through for margins. The QBE share price is trading at $15.42 on Wednesday.
