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Leading brokers name 3 ASX shares to buy today

James Mickleboro

With so many shares to choose from on the Australian share market, it can be hard 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 shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Evolution Mining Ltd (ASX: EVN)

According to a note out of Citi, its analysts have retained their buy rating and $4.40 price target on this gold miner’s shares. Although it acknowledges that its production was disappointing during December, the broker remains positive on the investment opportunity here. Especially given a sharp pullback in its share price over the last few months. Citi likes Evolution due to its ultra low all-in sustaining costs. I think Citi makes some good points and Evolution could be worth considering if you’re wanting exposure to gold.

Metcash Limited (ASX: MTS)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and lifted the price target on this wholesale distributor’s shares to $2.95. According to the note, the broker believes that cyclical issues that have been weighing on the company are now reversing. This could make it a good time to invest, especially given the underappreciated diversity of its earnings and conservative debt leverage. Whilst I think the broker makes some good points, I’d like to see a few strong quarters before investing.

Praemium Ltd (ASX: PPS)

Analysts at Goldman Sachs have retained their buy rating and 64 cents price target on this investment platform company’s shares following a quick look through its quarterly update. According to the note, Praemium delivered a result that was largely ahead of its expectations. For example, Australian closing platform FUA was A$7,093 million, ahead of Goldman’s estimate of A$6,882 million. I agree with Goldman and would be a buyer of Praemium’s shares.

The post Leading brokers name 3 ASX shares to buy today appeared first on Motley Fool Australia.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Praemium Limited. The Motley Fool Australia has recommended Praemium Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020