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 200 shares are in the buy zone:
CSL Limited (ASX: CSL)
According to a note out of Citi, its analysts have retained their buy rating and $334.00 price target on this biotherapeutics company’s shares ahead of its full year results release. Although it has concerns about the impact of the coronavirus on plasma collections, it isn’t enough for a change of rating. It believes CSL’s shares are good value after their recent pullback and holds firm with its buy rating. I agree with Citi on CSL and would be a buyer of its shares today.
Corporate Travel Management Ltd (ASX: CTD)
Analysts at Morgans have upgraded this travel company’s shares to an add rating with a $12.85 price target. According to the note, the broker made the move on valuation grounds after a sharp pullback in the Corporate Travel Management share price. This has left it trading at a sizeable discount to the broker’s valuation. In addition to this, it believes that corporate travel demand has been stronger than expected recently and it could surprise to the upside in FY 2021. Another positive is its current liquidity. The broker estimates that this will be enough to last until the end of FY 2022 if necessary. While I think Morgans makes some great points, I’m staying clear of the travel sector until the crisis passes.
Ramsay Health Care Limited (ASX: RHC)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating but trimmed the price target on this private hospital operator’s shares to $72.50. Although the broker notes that Ramsay is operating in an environment where elective procedures are being pushed back because of the pandemic, it feels investors should overlook this and focus on the future. Macquarie’s analysts remain very positive on Ramsay’s long term outlook and believe it is well-positioned for growth once the pandemic passes. I agree with Macquarie and feel Ramsay would be a great buy and hold option.
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- ASX 200 down 1.15%: NAB downgraded, Telstra asset sale, gold miners rocket
- Coronavirus: What does lockdown mean for ASX retail shares like JB Hi-Fi?
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 CSL Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended Ramsay Health Care 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.
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