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:
Rio Tinto Limited (ASX: RIO)
According to a note out of Morgan Stanley, its analysts have upgraded this mining giant’s shares to an overweight rating with an improved price target of $110.50. The broker believes there is upside risk to expectations thanks to an improving housing outlook in China and strong demand for aluminium. Morgan Stanley also highlights that the company’s shares have pulled back materially from recent highs. The Rio Tinto share price was trading at $95.83 at the end of the week.
Webjet Limited (ASX: WEB)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating but trimmed their price target on this online travel agent’s shares to $6.90. The broker has been looking at the Omicron variant of COVID-19 and the impact it could have on travel markets. While it does expect it to push back Webjet’s recovery, it remains positive. Goldman continues to see a long term growth story in the Webjet business. The Webjet share price was fetching $5.49 at Friday’s close.
Westpac Banking Corp (ASX: WBC)
Analysts at Morgans have retained their add rating and $30.50 price target on this banking giant’s shares. According to the note, the broker believes the market is pricing Australia’s oldest bank’s shares as a value trap. However, it doesn’t believe this is the case and instead sees significant value in them. All in all, it feels the recent pullback is a buying opportunity for investors. The Westpac share price ended the week at $20.85.
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 owns Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Webjet Ltd. and Westpac Banking Corporation. 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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