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:
Baby Bunting Group Ltd (ASX: BBN)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and lifted the price target on this baby products retailer’s shares to $3.50 following the release of its full year results. The broker was pleased to see Baby Bunting’s result smash its estimates in FY 2019. It also notes that the retailer’s competitive position has continued to improve in respect to buying power, online, and scale. The broker has upgraded its forecasts to reflect this and its price target accordingly. I agree with Morgan Stanley and feel Baby Bunting is one of the better options in the retail sector.
Jumbo Interactive Ltd (ASX: JIN)
Analysts at Morgan Stanley have also retained their overweight rating and lifted the price target on this lottery ticket seller’s shares to $24.00 following the release of its full year results. According to the note, the broker believes the sell off of its shares since its results release is a buying opportunity and that the market doesn’t appreciate or understand its growth trajectory. Instead of being driven by jackpot growth, the broker believes the shift to online lottery ticket buying will be the key driver of growth. And with total transactions up 61% year to date in FY 2020, the company has had a strong start. I think Morgan Stanley is spot on and would also class Jumbo’s shares as a buy.
Star Entertainment Group Ltd (ASX: SGR)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $4.80 price target on this casino and resort operator’s shares following the release of its full year results. According to the note, the company’s profit result came in slightly ahead of Goldman’s estimates and its analysts were pleased with management’s commentary in relation to trading during the first six weeks of FY 2020. Another positive was its cost savings, which led to the broker increasing its earnings forecasts for FY 2020 and through to FY 2022. I think Star could be worth taking a closer look at.
And here are three more top shares that have just been given buy ratings by a leading analyst.
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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 and recommends Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive 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. 2019