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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CSL Ltd (ASX: CSL)
According to a note out of Citi, its analysts have retained their buy rating and $345.00 price target on this biotechnology company's shares. The broker notes that CSL's share price has fallen by approximately 10% over the past month as investors assess what Donald Trump's US election win could mean for its vaccines business and the pharmaceutical industry. Citi highlights that vaccines count for 15% of CSL's earnings. However, it isn't concerned. It suspects that CSL could get off lightly from potential legislation on drug pricing because its gross margin is lower the pharmaceutical industry average and many of its products are life-saving and have no substitutes. As a result, the broker sees the pull back as a buying opportunity for investors. The CSL share price is trading at $276.21 today.
JB Hi-Fi Ltd (ASX: JBH)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this retail giant's shares with an improved price target of $98.00. Bell Potter notes that all three of the company's businesses showed improvement through the first quarter. This was especially the case for the dominant JB Hi-Fi Australia business, which maintained most of the growth from the start of the quarter despite cycling relatively tougher comparable sales. It was also pleased to see the NZ business back in positive territory and The Good Guys business showing some meaningful improvement. All in all, the broker feels this momentum sets the tone for a good second quarter as it gains market share in the Australian Consumer Electronics and small appliances space. The JB Hi-Fi share price is fetching $89.69 at the time of writing.
Web Travel Group Ltd (ASX: WEB)
Analysts at Goldman Sachs have retained their buy rating and $6.70 price target on this business to business travel technology company. This follows news that the company is re-stating its financials for the past few years to reflects the adoption of new accounting standards. Goldman highlights that the earnings impact over FY 2024 and the first half of FY 2025 appear to be immaterial. As a result, it will not be making any changes to its financial forecasts or target price and continues to rate the WebBeds owner as a buy. The Web Travel share price is trading at $4.39 on Friday.
