Last week saw a 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:
Nitro Software Ltd (ASX: NTO)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $3.50 price target on this document productivity software company’s shares. This follows the release of Nitro’s fourth quarter update last week. That update saw Nitro record a 64% increase in annualised recurring revenue (ARR) to US$27.7 million. Morgan Stanley was pleased with Nitro’s stronger than expected ARR and its growing proportion of subscription revenues. The broker believes the company is well-placed to continue its solid growth. The Nitro share price ended the week at $3.13.
Macquarie Group Ltd (ASX: MQG)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and lifted the price target on this investment bank’s shares to $155.00 ahead of its upcoming third quarter update. According to the note, the broker expects Macquarie’s third quarter profit to be roughly flat on the prior corresponding period. Looking further ahead, Morgan Stanley feels the company is positioned to outperform the market consensus estimate for FY 2021. The Macquarie share price last traded at $131.40.
Webjet Limited (ASX: WEB)
Analysts at Credit Suisse have upgraded this online travel agent’s shares to an outperform rating with an improved price target of $5.40. According to the note, the broker believes Webjet is well-positioned to bounce back in 2022 from pent-up demand and market share gains in both the B2C and B2B segments. Credit Suisse is still expecting a sizeable loss from Webjet in FY 2021, before forecasting a return to profitability in FY 2022. The Webjet share price ended the week at $4.78.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and Webjet Ltd. The Motley Fool Australia has recommended Nitro Software 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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