Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Here’s why brokers think investors ought to buy them next week:
Lovisa Holdings Ltd (ASX: LOV)
According to a note out of Macquarie, its analysts have upgraded this fashion jewellery retailer’s shares to an outperform rating with an improved price target of $25.00. The broker notes that Lovisa has appointed a very experienced CEO. Macquarie feels this will help with its expansion into China and India, where it sees potential for a significant store network. The Lovisa share price ended the week at $22.82.
Rio Tinto Limited (ASX: RIO)
Another note out of Macquarie reveals that its analysts have retained their outperform rating and $133.00 price target on this mining giant’s shares. The broker notes that Rio Tinto has taken a number of steps that improve its ESG credentials. This includes a new start-up called Resolve and low-carbon aluminium production in Canada. Outside this, the broker believes the miner is generating strong free cash flows despite the weakness in iron ore prices. The Rio Tinto share price was fetching $90.25 at Friday’s close.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Morgans have retained their add rating and lifted their price target on this wine giant’s shares to $14.06. This follows news that the company is acquiring Frank Family Vineyards for $432 million. Morgans notes that this acquisition will fill a key cap in its portfolio. The broker also expects the deal to support Treasury Wine’s margin expansion plans. The Treasury Wine share price ended the week at $12.01.
The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia.
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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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates 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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