Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
According to a note out of Citi, its analysts have retained their buy rating and $30.75 price target on this banking giant’s shares. This follows the release of ANZ’s half-year result earlier this week. Although the broker was disappointed to see the bank rethink its FY 2024 $8 billion cost base target and is now forecasting a $9.3 billion cost base, it remains positive. This is because Citi still expects >10% earnings per share and dividends per share growth in FY 2023 and FY 2024 as the cash rate rises. The ANZ share price is trading at $26.91 on Thursday.
Cochlear Limited (ASX: COH)
A note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this hearing solutions company’s shares to $244.50. This follows news that Cochlear has agreed to acquire Oticon Medical for A$170 million. Morgans believes the acquisition is a good one and will fortify the company’s position in the bone-anchored hearing aid segment. The Cochlear share price is fetching $229.08 today.
Liontown Resources Limited (ASX: LTR)
Analysts at Macquarie have retained their outperform rating and $2.50 price target on this lithium developer’s shares. This follows the company’s appearance at the broker’s investor conference this week. Macquarie is positive on Liontown, highlighting that it has offtake agreements with Tesla and LG Energy Solutions, is fully funded for stage one production, and will ultimately be targeting production of 500,000 tonnes per annum in FY 2026. The Liontown share price is trading at $1.46 this afternoon.
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Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 positions in and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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