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:
Codan Limited (ASX: CDA)
According to a note out of Macquarie, its analysts have retained their outperform rating and $11.60 price target on this metal detector focused technology company’s shares. This follows the release of a trading update which revealed that it expects to report a record profit of $100 million in FY 2022. This was in line with the broker’s forecasts. Outside this, Macquarie feels that solid results from recently acquired businesses could boost confidence in future M&A optionality. The Codan share price ended the week at $7.87.
Endeavour Group Ltd (ASX: EDV)
A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating and $8.10 price target on this drinks giant’s shares. This follows an investor day update which revealed the company’s growth plans. This includes an increase in its growth capex to fund store expansions, hotel acquisitions, and its digital business. Goldman was pleased with its plans and is comfortable that the company’s balance sheet can fund this increased capex obligation. The Endeavour share price was fetching $7.25 at Friday’s close.
Pilbara Minerals Ltd (ASX: PLS)
Another note out of Macquarie reveals that its analysts have retained their outperform rating and $4.00 price target on this lithium miner’s shares. This follows the results of Pilbara Minerals’ fifth BMX auction. Macquarie notes that the auction received a winning bid of US$5,955 per dry metric tonne, which was well-ahead of its forecasts. In addition, Macquarie highlights that current lithium prices are significantly higher than its forecasts, which could mean major revisions to its earnings estimates if they don’t retreat. The Pilbara Minerals share price was trading at $2.91 at the end of the week.
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 positions in and has recommended Goldman Sachs. The Motley Fool Australia has recommended 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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