Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

| More on:
A financial expert or broker looks worried as he checks out a graph showing market volatility.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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:

Macquarie Group Ltd (ASX: MQG)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating on this investment bank's shares with a trimmed price target of $248.00. This follows the release of the company's half year results. Although the broker acknowledges that Macquarie's earnings fell comfortably short of expectations, it remains positive on the bank and believes it offers multi-year earnings growth that the market isn't fully appreciating. In light of this, it sees value in its shares at current levels and is tipping them as a buy. The Macquarie share price last traded at $218.21.

Mineral Resources Ltd (ASX: MIN)

A note out of Bell Potter reveals that its analysts have retained their buy rating and $61.50 price target on this mining and mining services company's shares. This follows news that its founder and CEO, Chris Ellison, is stepping down after an investigation. Bell Potter notes that it continues to base its investment view on the fundamentals of its business rather than focus on the CEO scandal. It also believes that once the dust settles and proposed actions are taken, Mineral Resources will continue to be an attractive investment, and accordingly it maintains its buy recommendation. Though, it does concede that its share price could be volatile in the near term as its investigation continues and speculation mounts about what Ellison will do with his sizeable stake in the company. The Mineral Resources share price was fetching $38.20 at the end of yesterday's sessions.

Xero Ltd (ASX: XRO)

Analysts at Goldman Sachs have retained their conviction buy rating and $201.00 price target on this cloud accounting platform provider's shares. According to the note, the broker believes that Xero could outperform expectations when it releases its half year results next week. Goldman expects the company to report a 28% increase in revenue to NZ$1,025 million. This is ahead of the consensus estimate for revenue of NZ$998 million. It expects this to be underpinned by a 180,000 increase in subscribers and an 18% lift in average revenue per user. The latter reflects the significant re-pricing of plans through the period. The Xero share price last traded at $150.30.

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

More on Broker Notes

a man in a business suite throws his arms open wide above his head and raises his face with his mouth open in celebration in front of a background of an illuminated board tracking stock market movements.
Broker Notes

Analysts say these ASX shares are top buys in June

Brokers are urging investors to buy these shares. Let's find out why.

Read more »

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest and a surprised look on his face.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Woman and man calculating a dividend yield.
REITs

What price target does Macquarie have on Goodman Group shares?

Goodman Group posted an interesting set of numbers in Q3. Here's Macquarie's take.

Read more »

Miner looking at a tablet.
Broker Notes

Why Macquarie expects this ASX 200 copper stock to surge 36% in a year

Macquarie forecasts some hefty gains ahead for the ASX 200 copper miner. But why?

Read more »

two women celebrating good news on phone
Broker Notes

Top broker names 3 ASX All Ords stocks with between 30% and 77% upside

These 3 stocks offer compelling potential upside.

Read more »

Woman on her phone with diagrams of tech sector related elements linking with each other.
Broker Notes

A leading fund manager is buying these ASX 200 tech shares

Let's see why the fund manager has these shares in its focus portfolio.

Read more »

A young man wearing a black and white striped t-shirt looks surprised.
Broker Notes

Broker says these ASX 200 shares can rise 40% to 80%

Bell Potter sees scope for these shares to rocket from current levels.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Broker Notes

How this undervalued ASX All Ords share could rocket 80% in a year

A leading fund manager expects a big turnaround for this beaten-down ASX All Ords stock.

Read more »