It has been another busy week for many of Australia's top brokers. This has led to the release of a number of broker notes.
Three 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 right now:
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Accent Group Ltd (ASX: AX1)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $2.45 price target on this footwear retailer's shares. This follows the release of a trading update from the Hype DC, Platypus, and The Athlete's Foot owner earlier this week. Morgan Stanley was very pleased with the company's performance and notes that its earnings guidance is comfortably ahead of consensus expectations. And with strong momentum continuing for key brands and tax cuts likely to boost consumer spending, the broker is feeling positive about the company's outlook. The Accent Group share price is trading at $2.17 on Friday.
Flight Centre Travel Group Ltd (ASX: FLT)
A note out of UBS reveals that its analysts have upgraded this travel agent's shares to a buy rating with an improved price target of $27.80. The broker made the move after boosting its earnings estimates for Flight Centre materially for the coming years. This was driven partly by its belief that airfares are coming down, which should lead to increased volume for the travel booker. In addition, the broker has undertaken consumer research and found that consumers are continuing to prioritise travel spending. Together with its older (and less impacted by higher rates) customer base, the broker believes this bodes well for its growth over the medium term. The Flight Centre share price is fetching $22.30 this afternoon.
Life360 Inc (ASX: 360)
Analysts at Bell Potter have retained their buy rating on this location technology company's shares with an improved price target of $19.00. According to the note, the broker believes that Life360 will release a strong half year result next month. It also sees potential for the company to upgrade its earnings guidance for FY 2024 given its stronger than expected start to the year. In light of this, and after rolling forward of its valuation base by a year, the broker has lifted its price target and is urging investors to pick up shares before its results release in August. The Life360 share price is trading at $16.13 at the time of writing.
