Top brokers name 3 ASX shares to buy today

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

| More on:
A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements

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

sdf

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:

BHP Group Ltd (ASX: BHP)

According to a note out of Morgans, its analysts have retained their add rating on this mining giant's shares with an improved price target of $48.70. This follows the release of a strong quarterly update from the Big Australian last week. Morgans was pleased with its performance and particularly its copper operations, which delivered production comfortably ahead of expectations. This leaves BHP well-placed to achieve the top end of its copper guidance in FY 2025. The broker was also pleased to see that its iron ore production held up despite negative weather impacts during the three months. As a result, it remains positive on BHP and sees lots of value in its shares at current levels. The BHP share price is trading at $37.63 on Wednesday.

Nextdc Ltd (ASX: NXT)

A note out of Ord Minnett reveals that its analysts have retained their buy rating and $28.00 price target on this data centre operator's shares. The broker acknowledges that there are concerns about slowing demand from hyperscalers. However, it feels that these concerns are overdone and that recent weakness has created a buying opportunity. Particularly given that it estimates that NextDC's current valuation is pricing in only existing contracts and no new wins. This seems unlikely given how there is still demand from non-hyperscale customers. As a result, it thinks investors should be buying its shares now while they are down. The NextDC share price is fetching $10.96 at the time of writing.

Northern Star Resources Ltd (ASX: NST)

Analysts at Macquarie have resumed coverage on this gold miner's shares with an outperform rating and $27.00 price target. According to the release, the broker has been looking at the company's acquisition of De Grey Mining Ltd (ASX: DEG), which is nearing completion. It was pleased with the transaction and expects it to be accretive to production and net asset value. Macquarie's base case for De Grey's Hemi operation is grounded in its definitive feasibility study, which pointed to an annual output of 530,000 ounces of gold over a decade. However, Macquarie believes that an underground mine could boost production by 8% to 570,000 ounces annually. Northern Star is Macquarie's top pick of the large cap gold producers. The Northern Star share price is trading at $20.81 this afternoon.

Motley Fool contributor James Mickleboro has positions in Nextdc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended BHP Group. 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 businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Broker Notes

Bell Potter names the best ASX shares to buy

Let's see which shares the broker is bullish on this month.

Read more »

Business man at desk looking out window with his arms behind his head at a view of the city and stock trends overlay.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

I young woman takes a bite out of a burrito n the street outside a Mexican fast-food establishment.
Broker Notes

How much upside does Macquarie see for Collins Foods shares?

The company is scheduled to report on 24 June.

Read more »

A team in a corporate office shares a pizza while standing around a table chatting about the Domino's share price.
Broker Notes

JP Morgan upgrades Domino's Pizza shares

Does the broker expect things to turn around?

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Broker Notes

Can CBA and Telstra shares keep rising?

Let's see what one broker is saying about these giants.

Read more »

Business man at desk looking out window with his arms behind his head at a view of the city and stock trends overlay.
Broker Notes

Top brokers name 3 ASX shares to buy next week

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

Read more »

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

These ASX 200 shares could rise 25% to 80%

Analysts think big returns could be on offer from these shares.

Read more »

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 »