With so many shares to choose from on the ASX, 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:
Appen Ltd (ASX: APX)
According to a note out of Citi, its analysts have retained their buy rating but slashed their price target on this artificial intelligence solutions company’s shares to $32.60. This follows the company’s guidance downgrade last week after its largest clients switched their focus to other projects because of COVID-19. While this was disappointing and ended its earnings upgrades streak, Citi remains positive on the company. It believes it is well-placed to benefit from the higher spending on artificial intelligence and has opportunities to expand its addressable market. The Appen share price is trading at $25.38 this afternoon.
BHP Group Ltd (ASX: BHP)
Analysts at Ord Minnett have retained their buy rating and lifted their price target on this mining giant’s shares to $50.00. The broker made the move after increasing its iron ore price forecasts notably higher due to current supply constraints and strong demand from China. This is expected to lead to stronger than expected free cash flow for BHP in the near term. In light of this, it is forecasting a ~$2.39 dividend in FY 2021. Based on the current BHP share price of $42.64, this represents a fully franked 5.6% dividend yield.
Wesfarmers Ltd (ASX: WES)
A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted the price target on this conglomerate’s shares to $55.83. The broker has been looking at the household goods sector and believes the market is underestimating the boost to spending in this area due to more working from home. This has led to Credit Suisse lifting its sales forecasts for the Bunnings and Officeworks businesses. The Wesfarmers share price is fetching $51.03 on Monday.
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More reading
- These are 10 of the best performing ASX tech shares of 2020 so far
- 2 of the best ASX tech shares to buy and hold
- ASX 200 Weekly Wrap: ASX 200 hits a 6! Thank iron ore
- Top brokers name 3 ASX shares to buy next week
- Westpac (ASX:WBC) tips Australian dollar to hit 80 US cents in 2021
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 Appen Ltd. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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