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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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 reduced price target of $25. The broker has lowered its valuation for Lovisa to reflect the de-rating of its domestic peer group. However, it holds firm with its buy rating as it remains constructive on the company's ability to execute on a large and under-penetrated global roll-out opportunity. The Lovisa share price ended the week at $18.28.
TechnologyOne Ltd (ASX: TNE)
A note out of Goldman Sachs reveals that its analysts have reiterated their buy rating on this enterprise software provider's shares with a trimmed price target of $18.05. Goldman was pleased with TechnologyOne's results and the successful transition of its customer base to the cloud. Looking ahead, the broker believes the company is building the case for sustainable 10% to 15% ARR growth and sees upside to its 115% net revenue retention target. The TechnologyOne share price was fetching $15.00 on Friday.
Webjet Limited (ASX: WEB)
Analysts at Morgans have retained their add rating on this online travel agent's shares with a trimmed price target of $8.55. Morgans was pleased with Webjet's half-year results, noting that they were ahead of expectations. This was driven largely by a record result for the WebBeds business. And with plenty of market share still to win, the broker believes it is a share to buy. Particularly with its shares trading on multiples materially below five-year averages. The Webjet share price ended the week at $6.75.
