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 ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Domino’s Pizza Enterprises Ltd (ASX: DMP)
According to a note out of Goldman Sachs, its analysts have retained their conviction buy rating and $112.60 price target on this pizza chain operator’s shares. Goldman believes that the trends for profit growth look strong thanks to operating leverage. Looking further ahead, the broker believes that the company has the balance sheet strength to build on its scale through further regional expansion via acquisitions. The Domino’s share price is fetching $88.16 on Monday afternoon.
Myer Holdings Ltd (ASX: MYR)
A note out of Citi reveals that its analysts have retained their (high risk) buy rating and 40 cents price target on this department centre operator’s shares. The broker acknowledges that the company is facing tough trading conditions and has cut its earnings forecasts to reflect this. However, it is pleased with the health of its balance sheet and sees value in its shares at the current level. The Myer share price is trading at 29 cents on Monday.
Woodside Petroleum Limited (ASX: WPL)
Analysts at Ord Minnett have upgraded this energy producer’s shares to a buy rating with an improved price target of $29.05. According to the note, the broker has lifted its oil price estimates to reflect OPEC’s decision to maintain its production cuts. It believes this will keep oil prices higher for longer, putting Woodside in a position to benefit from upcoming offtake agreements and potential asset sales. As a result, it sees a lot of value in its shares today. The Woodside share price is trading at $25.78 this afternoon.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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