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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Champion Iron Ltd (ASX: CIA)
According to a note out of Goldman Sachs, its analysts have retained their buy rating on this iron ore miner's shares with a trimmed price target of $7.60. This follows the release of a stronger than expected quarterly update. The broker notes that Champion Iron's production was 15% ahead of its expectations, which it feels demonstrates Bloom Lake's ability to run above nameplate of 15Mtpa. Goldman was also pleased to see sales ahead of expectations and record shipments. As a result, it continues to believe that the miner's shares are undervalued and sees opportunities for Bloom Lake to continue operating ahead of nameplate capacity. The Champion Iron share price is trading at $5.95 this afternoon.
Pointsbet Holdings Ltd (ASX: PBH)
A note out of Bell Potter reveals that its analysts have retained their buy rating and 63 cents price target on this sports betting company's shares. This follows the release of Pointsbet's fourth quarter update this week. Bell Potter was pleased to see the company upgrade its earnings guidance for the year. This was driven by a stronger gross margin and lower than expected marketing expense. Outside this, the broker believes the company's shares are undervalued based on its sum of the parts valuation. It also suspects that it could become a takeover target in the future. The Pointsbet share price is fetching 52 cents at the time of writing.
Rio Tinto Ltd (ASX: RIO)
Analysts at Morgans have retained their add rating on this mining giant's shares with a slightly trimmed price target of $128.00. According to the note, the broker was relatively pleased with the miner's performance during the first half, noting that its result was largely in line with expectations. Key positives include the performance of its aluminium and copper operations. And while the broker was a touch disappointed with the later than expected commencement of production at Simandou and fears it could pose a risk for Rio Tinto's production growth target, it remains positive and sees value in its shares. The Rio Tinto share price is trading at $117.93 on Friday afternoon.
