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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Collins Foods Ltd (ASX: CKF)
According to a note out of Morgans, its analysts have retained their add rating and lifted their price target on this quick service restaurant operator's shares to $12.40. The broker made the move in response to stronger-than-expected profit growth during the first half. Overall, the broker believes the result demonstrates the strength of the KFC brand. The Collins Foods share price ended the week at $11.24.
IGO Ltd (ASX: IGO)
A note out of Bell Potter reveals that its analysts have put a buy rating and $11.30 price target on this battery materials miner's shares. Bell Potter believes that IGO's shares have been oversold. Especially given the long-term earnings potential of its lithium assets, which it feels offers excellent leverage to the electrification thematic. And with its Greenbushes Lithium Mine the lowest-cost producer, it feels it could become an attractive takeover option. The IGO share price was fetching $8.34 on Friday.
Macquarie Group Ltd (ASX: MQG)
Analysts at Morgan Stanley have retained their overweight rating and $202 price target on this investment bank's shares. The broker believes that Macquarie's shares are cheap. And while it acknowledges that it needs catalysts for a rerate, it appears to believe they are coming in FY 2025. So much so, the broker is forecasting more than 20% earnings per share growth on normalising performance fees and gains on sale in the next financial year. It also highlights that commodities income is stabilising, which has been a concern for the market. The Macquarie share price ended the week at $167.79.
