Last week saw a large number of broker notes hitting the wires once again. Three buy ratings that caught my eye are summarised below.
Here’s why brokers think investors ought to buy them next week:
BHP Group Ltd (ASX: BHP)
According to a note out of Goldman Sachs, its analysts have retained their buy rating and lifted their price target on this mining giant’s shares to $37.80. The broker lifted its price target to reflect higher than expected iron ore prices. In addition to this, it notes that BHP has a strong balance sheet and could use this for share buybacks or value-accretive acquisitions. It also likes the miner due to its strong free cash flow generation and high returning green/brownfield projects. I agree with Goldman Sachs and would be a buyer of its shares.
National Australia Bank Ltd (ASX: NAB)
Analysts at UBS have upgraded this banking giant’s shares to a buy rating with an improved price target of $20.50. According to the note, the broker believes that the outlook for the banks is not as bleak as it looked just a few weeks ago. In light of this, it sees value in NAB’s shares after they underperformed the market during the crisis. I agree with UBS and think NAB and the rest of the big four banks look good value at present.
Qantas Airways Limited (ASX: QAN)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $5.20 price target on this airline operator’s shares. This follows an announcement by Qantas that its domestic capacity could be back to upwards of 40% of pre-pandemic levels by the end of July. It also notes that there is speculation that international travel between Australia and New Zealand could commence from next month. This would be a positive. As long as there is no second wave, I think Qantas could be a good option for investors.
And here are more top shares which analysts have just given buy ratings to…
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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