It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
BHP Group Ltd (ASX: BHP)
According to a note out of Citi, its analysts have upgraded this mining giant’s shares to a buy rating with an improved price target of $56.00. While the broker concedes that BHP and its peers have underwhelmed during the March quarter, it thinks investors should overlook this due to the significant cash flow the company is generating thanks to sky high commodity prices. The BHP share price is trading at $48.60.
Endeavour Group Ltd (ASX: EDV)
A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating and lifted their price target on this alcohol retailer’s shares to $8.30. While its third quarter trading update was softer than the broker expected, Goldman remains positive. This is due partly to the company’s less price-sensitive portfolio and high consumer loyalty. The Endeavour share price is fetching $7.70.
Megaport Ltd (ASX: MP1)
Another note out of Citi reveals that its analysts have retained their buy rating but cut their price target on this network as a service provider’s shares to $16.60. While Citi was disappointed with Megaport’s quarterly update and has downgraded its estimates accordingly, it isn’t enough to dampen its bullish view. Citi continues to believe Megaport will be a big winner from the trend towards multi-cloud connectivity. The Megaport share price is trading at $8.97.
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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 and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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