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:
Domino’s Pizza Enterprises Ltd (ASX: DMP)
According to a note out of Goldman Sachs, its analysts have retained their conviction buy rating and lifted the price target on this pizza chain operator’s shares to $60.50. The broker made the move after looking through Domino’s most recent store data online. Domino’s has been growing its store network at a quicker than anticipated rate, leading to an upgrade its store expansion estimate for FY 2020. Goldman expects its store network to increase 8.2% now, instead of 7.6%. Overall, it continues to expect its global expansion to drive strong earnings growth over the coming years. I agree and would also be a buyer of its shares today.
Freedom Foods Group Ltd (ASX: FNP)
A note out of Citi reveals that its analysts have retained their buy rating and $5.90 price target on this food company’s shares. The broker notes that the company’s milk sourcing appears to have been unaffected by the terrible bushfires sweeping across Australia. And while Citi acknowledges that it could yet be impacted from higher milk prices, at this stage it remains positive on the investment opportunity. Whilst I think it would be best to be cautious in the near term, I feel that Freedom Foods is a great long term investment option.
Jumbo Interactive Ltd (ASX: JIN)
Analysts at Morgan Stanley have retained their overweight rating but trimmed the price target on this online lottery ticket seller’s shares to $21.00. According to the note, the broker appears to believe Jumbo’s recent share price weakness is a buying opportunity. It notes that the market was disappointed with the company’s recent guidance for a slowdown in profit growth in the first half. But the broker appears confident that this is just a temporary blip and the long-term growth story remains intact. I agree with Morgan Stanley and feel Jumbo’s shares are trading at an attractive level for a long-term investment.
The post Leading brokers name 3 ASX shares to buy right now 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 and recommends Jumbo Interactive Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited, Freedom Foods Group Limited, and 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. 2020