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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BlueScope Steel Limited (ASX: BSL)
According to a note out of Macquarie, its analysts have upgraded this steel producer's shares to an outperform rating with an improved price target of $24. The broker made the move after increasing its earnings estimates to reflect stronger-than-expected steel prices in the United States. It also highlights that its shares trade on notably lower-than-average multiples. The BlueScope share price is trading at $22.06 on Wednesday.
Lynas Rare Earths Ltd (ASX: LYC)
A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating and $7.50 price target on this rare earths producer's shares. Goldman highlights that the global neodymium (Nd) and praseodymium (Pr) market is dominated by China. This makes Lynas an important ex-China source of NdPr. In light of this, the broker believes investors should look through FY 2024 considering it is a transitional year and focus on its positive long-term outlook. The Lynas share price is fetching $6.03 today.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Morgan Stanley have retained their overweight rating and $14.35 price target on this wine giant's shares. This follows a tour of the company's luxury wine operations in the Barossa. The broker was pleased with what it saw and believes that Treasury Wine's margins are going to improve in the near term and support its earnings growth. The Treasury Wine share price is trading at $10.43 this afternoon.
