Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
BHP Group Ltd (ASX: BHP)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted the price target on this mining giant’s shares to $43.00. According to the note, the broker felt BHP’s quarterly update was solid. It was particularly pleased with the miner’s copper production, which outperformed its expectations. Macquarie also notes that BHP reiterated its production and cost guidance for the full year. And with iron ore prices remaining elevated, a strong full year result is expected. I agree with Macquarie and feel BHP is a great option in the resources sector.
HUB24 Ltd (ASX: HUB)
According to a note out of Citi, its analysts have retained their buy rating and $15.20 price target on this investment platform provider’s shares. The broker was pleased with HUB24’s quarterly update. Furthermore, it believes the strong growth in advisers using its platform is a positive indicator of its future growth. I think Citi is spot on and would class HUB24’s shares as a buy at the current level.
National Australia Bank Ltd (ASX: NAB)
A note out of Goldman Sachs reveals that its analysts have reiterated their conviction buy rating and $29.84 price target on this banking giant’s shares. According to the note, NAB remains its preferred bank exposure. This is based on its view that NAB’s revenue momentum will remain superior to peers, driven by its overweight exposure to the SME market. It also believes it is on track to deliver top-of-peer growth over the next three years. I agree with Goldman Sachs and would be a buyer of its shares.
The post Top 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 Hub24 Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Hub24 Ltd. 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