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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Lendlease Group (ASX: LLC)
According to a note out of Citi, its analysts have retained their buy rating and $9.50 price target on this property developer's shares. This follows news that the company is selling its Australian Communities business, which the broker notes is in line with its strategy. Outside this, although the recent cancellation of a major US project has reduced its pipeline, it continues to see plenty of value in its shares at just 8x estimated earnings. The Lendlease share price ended the week at $7.30.
Neuren Pharmaceuticals Ltd (ASX: NEU)
A note out of Bell Potter reveals that its analysts have upgraded this biotechnology company's shares to a buy rating with an improved price target of $27. The broker made the move in response to the release of very encouraging phase 2 results for its NNZ-2591 product in Phelan-McDermid syndrome (PMS). Bell Potter now has far greater confidence in the treatment and has materially increased its probability of success in PMS and three other indications that are similarly characterised disorders. The Neuren share price was fetching $24.04 on Friday.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Goldman Sachs have retained their buy rating on this wine giant's shares with a trimmed price target of $12.40. According to the note, the broker has adjusted its financial model to reflect the completion of its capital raising and the acquisition of DAOU Vineyards. Goldman was pleased with the purchase and believes the pro-active transition into a more premium portfolio via acquisitions after multiple attempts of organic build is the right move. The Treasury Wine share price ended the week at $10.64.
