If you’re looking for a few new additions to your portfolio in March, then look no further.
Analysts at Morgans have picked out a number of ASX shares that they class as their best ideas for the month.
The first three I looked at can be found here. Whereas below are three more that the broker rates highly:
QBE Insurance Group Ltd (ASX: QBE)
This insurance giant’s shares could be in the buy zone according to Morgans. Especially given premium increases and its positive cost cutting outlook. The broker currently has an add rating and $13.50 price target on its shares.
It said: “With strong rate increases still flowing through QBE’s insurance book, and further cost-out benefits to come, we expect QBE’s earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on ~12x FY22F PE.”
ResMed Inc (ASX: RMD)
Another ASX share that the broker rates highly is ResMed. It believes the medical device company has a very bright future thanks to its digital platform. Morgans has an add rating and $40.46 price target on the company’s shares.
Its analysts commented: “While we believe the next few quarters will likely be volatile, as Covid-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.”
Santos Ltd (ASX: STO)
If you’re looking for options in the resources sector, then Morgans has got your back. Its analysts like Santos due to its growth profile and its diversified earnings base. Furthermore, it believes this energy producer’s shares are still great value after recent gains. The broker has an add rating and $9.00 price target on its shares.
Morgans explained: “We expect the resilience of STO’s growth profile and diversified earnings base see it best placed to outperform against a backdrop of a broader sector recovery. While pre-FEED, we see Dorado as likely to provide attractive growth for STO, while its recent acquisition increasing its stake in Darwin LNG has increased our confidence in Barossa’s development.”
The post 3 more of Morgans’ best ASX share ideas for March appeared first on The Motley Fool Australia.
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More reading
- You can’t pick the bottom, but these 4 ASX shares are already bargains: expert
- 5 things to watch on the ASX 200 on Wednesday
- Here’s why the QBE (ASX:QBE) share price is sliding 5% today
- Up 14% in a week. Here’s why this expert says Santos (ASX:STO) shares are undervalued
- The oil price just hit a 13-year high, and these ASX 200 shares are surging
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 recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. 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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