With so many shares to choose from on the Australian share market, it can be difficult to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares that leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
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Cettire Ltd (ASX: CTT)
According to a note out of Bell Potter, its analysts have retained their speculative buy rating on this online luxury products retailer's shares with a reduced price target of $2.00. Bell Potter notes that Cettire delivered FY 2024 sales in line with expectations, but its adjusted EBITDA missed consensus and its own estimates. In light of this and lower margin assumptions, the broker has reduced its earnings estimates and valuation accordingly. Nevertheless, it sees plenty of value in its shares. Especially given its belief that trading conditions will improve in the near future. Bell Potter also highlights that given the uncertainties ahead as the company resolves its audit issues, it rates the stock as a speculative buy. The Cettire share price is trading at $1.29 this afternoon.
De Grey Mining Limited (ASX: DEG)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this gold developer's shares with a slightly improved price target of $1.40. This follows the release of its annual report and the recent approval of a $150 million debt funding from the Northern Australia Infrastructure Facility. With the flagship Mallina Gold Project essentially fully funded, alongside regional exploration and expansion upside, and trading at a discount to peers, the broker believes De Grey Mining shares are great value. Particularly based on its long term gold price estimate of US$1,800 per ounce. At this price, it estimates that its shares trade at ~0.85x net asset value. Whereas the peer average is ~1.2x NAV. The De Grey share price is fetching $1.19 on Monday.
Fortescue Ltd (ASX: FMG)
Analysts at Morgans have retained their add rating on this iron ore miner's shares with a trimmed price target of $22.00. According to the note, the broker was relatively pleased with Fortescue's full year results and final dividend. Looking ahead, the broker believes that its valuation is attractive. Especially given its belief that there will be a gradual recovery in iron ore prices as demand conditions normalise. The Fortescue share price is trading at $18.26 on Monday afternoon.
