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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Catapult Group International Ltd (ASX: CAT)
According to a note out of Bell Potter, its analysts have retained their buy rating on this sports technology company's shares with an improved price target of $4.00. Having only recently revised its forecasts higher, there are no further changes in this note. However, that doesn't stop Bell Potter from bumping its valuation 21% higher. It made the move in response to the re-rating of comparable peers to higher multiples. Bell Potter has increased the multiple its applies in its EV/revenue valuation for Catapult from 4.75x to 5.5x. This is still short of some other ASX tech stocks with similar growth profiles. As a result, it feels that Catapult's shares still look good value. The Catapult share price is trading at $3.60 on Friday.
QBE Insurance Group Ltd (ASX: QBE)
A note out of Macquarie reveals that its analysts have retained their outperform rating on this insurance giant's shares with an improved price target of $21.30. This follows the release of QBE's third quarter trading update. Macquarie was pleased with the update, noting that everything was largely in line with expectations during the three months. And with catastrophes looking manageable in FY 2024 and the North American turnaround story showing promise, the broker believes that now is a good time to snap up shares in the insurer. The QBE share price is fetching $19.88 at the time of writing.
Web Travel Group Ltd (ASX: WEB)
Analysts at Shaw and Partners have retained their buy rating on this business to business travel technology company's shares with an increased price target of $6.60. This follows the release of the company's half year results. The broker was pleased with management's commentary on its outlook and particularly the reiteration of its medium term total transaction value target of $10 billion. Another positive was the company's decision to return funds to shareholders via a $150 million share buyback. All in all, the broker has boosted its earnings estimates and valuation accordingly. It believes this leaves the company's shares trading at an attractive level. The Web Travel share price is trading at $5.21 today.
