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 leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Altium Limited (ASX: ALU)
According to a note out of Citi, its analysts have retained their buy rating and $35.40 price target on this electronic design software company’s shares. Citi has been looking at Altium’s Octopart search engine business and estimates that site visits were up 68% year on year during the September quarter. This bodes well for its first half results. As does the fact that Altium has not been discounting its licenses in the US, UK, Germany, and Australia. The Altium share price is trading at $33.54 today.
Fortescue Metals Group Limited (ASX: FMG)
A note out of Ord Minnett reveals that its analysts have retained their buy rating but trimmed their price target on this iron ore miner’s shares slightly to $25.00. Although the broker has downgraded its iron ore price estimates for the next few years, it remains positive on Fortescue. This is due to its attractive valuation following a recent and significant pullback. The Fortescue share price is fetching $14.89 today.
IDP Education Ltd (ASX: IEL)
Analysts at Morgan Stanley have retained their overweight rating and lifted their price target on this language testing company’s shares to $40.20. The broker remains very positive on IDP Education’s growth prospects due to its acquisition of the British Council’s (BC) India IELTS operations, its digital business, and efficient cost structure. The IDP Education share price is trading at $34.79 on Tuesday.
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Motley Fool contributor 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 and has recommended Altium and Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Altium. 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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