Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

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It was another busy week for 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:

Fortescue Ltd (ASX: FMG)

According to a note out of Morgans, its analysts have upgraded this iron ore miner's shares to an add rating with a $23.00 price target. Its analysts upgraded the company's shares in response to a significant pullback in its share price last week after one of its institutional investors sold 100 million shares at a sizeable discount. Though, it is worth noting that Morgans concedes that this was a difficult upgrade to make. This is because its analysts continue to believe there are substantial risks and fundamental challenges still facing the company. The Fortescue share price ended the week at $18.75.

Treasury Wine Estates Ltd (ASX: TWE)

Analysts at Goldman Sachs have retained their buy rating on this wine giant's shares with a slightly trimmed price target of $14.70. The broker has been looking at consumer stocks ahead of earnings season and has declared Treasury Wine's results as a non-event. This is due to its tight earnings guidance range. However, all eyes should be on its outlook commentary. Goldman suspects that management could speak very positively about the first half of FY 2025 due to the soft comparable period and the acquisition of DAOU. And while it does see emerging short term risk in the second half from the Penfolds business, it remains positive. This is due partly to Penfolds' long term growth potential and the company's opportunity in the United States with the DAOU business. The Treasury Wine share price was fetching $12.04 at Friday's close.

Woolworths Group Ltd (ASX: WOW)

Another note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating and $40.20 price target on this supermarket giant's shares. Goldman highlights that the CEO of its key Australian supermarkets business is stepping down. Together with the exit of group CEO, Brad Banducci, Woolworths will now lose two key executives in September. While this doesn't look good on paper, Goldman Sachs isn't concerned. This is because it believes Banducci's replacement, Amanda Bardwell, will bring the skillset and experience to drive Woolworths to the next level of growth. In addition, Goldman believes that finding a new CEO for the Australian supermarkets business will not be difficult. This is due to the deep talent pool in the industry. The Woolworths share price ended the week at $34.30.

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Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has recommended Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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