Many of Australia's top brokers have been busy adjusting their financial models and recommendations again. This has led to the release of a number of broker notes this week.
Three ASX shares that brokers have named as buys this week are listed below. Here's why their analysts are feeling bullish on them right now:
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Evolution Mining Ltd (ASX: EVN)
According to a note out of UBS, its analysts have retained their buy rating on this gold miner's shares with an improved price target of $4.60. The broker feels that gold is going through a structural shift that could drive its price to A$4,000 per ounce. In light of this, the broker believes that previously flagged risks around FY 2025 guidance and medium-term cost profiles are now insignificant. Overall, it thinks that the sector is looking undervalued based on its updated gold price forecasts. The Evolution Mining share price is trading at $3.83 today.
Lovisa Holdings Ltd (ASX: LOV)
A note out of Bell Potter reveals that its analysts have retained their buy rating and $36.00 price target on this fashion jewellery retailer's shares. This follows news that its CEO, Victor Herrero, will be leaving the company next year. Bell Potter notes that he will be replaced by John Cheston, who is the current CEO of Smiggle. While the broker sees leadership transition risk, it believes the CEO appointment aligns well to drive the next leg of growth and lift the penetration of a global business built by Herrero. Its analysts anticipate a smooth transition over the next 12 months and expect Cheston's background to assist continued execution in Lovisa's ~40 markets globally. The Lovisa share price is fetching $29.56 on Wednesday.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Goldman Sachs have reiterated their buy rating and $13.00 price target on this wine giant's shares. This follows the release of a business update and a Treasury Americas investor presentation. The broker highlights that its business update revealed that management has reiterated its guidance for FY 2024. It was pleased with this and believes it alleviates recent concerns of a US-led downgrade. In addition, the broker notes that its investor presentation provided a Luxury Strategy deep dive that was encouraging. Goldman points out that it leans into the continued premiumisation trend in the US and provides scaled synergies of both the Treasury Wine and DAOU luxury portfolios. The Treasury Wine share price is trading at $12.12 this afternoon.
