Month: May 2022

The Flight Centre Travel Group Ltd (ASX: FLT) share price is outperforming most of its S&P/ASX 200 Index (ASX: XJO) peers on Wednesday.

Interestingly, there’s been no news from the company to explain today’s gains. However, international travel stocks rallied overnight amid more expectations of a strong recovery.

At the time of writing, the Flight Centre share price is $21.14, 4.45% higher than its previous close.

For context, the ASX 200 is currently boasting a 0.9% gain.

Let’s take a look at what might be driving the travel agent’s stock to outperform.

Flight Centre share price surges on Wednesday

It’s a good day on the ASX for the Flight Centre share price despite the company’s silence. And it’s joined in the green by many of its ASX 200 travel peers.

Right now, the Webjet Limited (ASX: WEB) share price is up 2% while Qantas Airways Limited (ASX: QAN) shares have gained 1.8%. At the same time, stock in Corporate Travel Management Ltd (ASX: CTD) is booming 4.3%.

The gains come after many international travel stocks took off overnight. Their rise was seemingly spurred by United Airlines Holdings Inc (NASDAQ: UAL)’s upgraded guidance.

The US$15 billion (AU$21.4 billion) airline announced it expects surging demand will see its total revenue per available seat mile increase this quarter, allowing its margins to remain steady despite higher oil prices.

The United Airlines share price surged 7.9% on the news. Meanwhile, the Ryanair Holdings (NASDAQ: RYAAY) share price gained 4.4% after the company released its earnings for the 12 months ended 31 March.

The budget airline slashed its losses to around $554 million over the 12 months. For comparison, the prior comparable period saw it record a loss of approximately $1.5 billion.

The news from the two airlines appeared to reverberate through the broader travel sector and, potentially, onto the ASX today.

Right now, Flight Centre’s stock is 14% higher than it was at the start of 2022. It has also gained 37% since this time last year.

The post Why is the Flight Centre share price among the ASX 200’s top performers today? appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• What’s boosting the Flight Centre share price on Monday?
• Why is the Flight Centre share price picking up altitude today?
• Broker says Flight Centre share price could takeoff and rise 24%
• When was the best ever day on the Flight Centre share price chart?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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 Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet Ltd. 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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Well, it’s three for three so far this week in terms of green days for the S&P/ASX 200 Index (ASX: XJO). The ASX 200 is once more rising today, recording a healthy gain of 0.94% to close in on 7,200 points at the time of writing.

But let’s delve a little deeper into these gains and take a look at the ASX 200 shares that are currently atop the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

South32 Ltd (ASX: S32)

Diversified ASX 200 mining company South32 is first up this Wednesday. So far today, a hefty 13.7 million South32 shares have traded on the share market. There’s been no major news out of the company that might explain this move. However, the South32 share price has rocketed higher today. It’s currently up more than 5% at $4.71 a share, perhaps assisted by some love from the ASX brokers. It’s this leap higher that is almost certainly behind the elevated trading volumes we are seeing. 

Telstra Corproation Ltd (ASX: TLS) 

ASX 200 telco Telstra is next up this Wednesday. So far today, a sizeable 15.43 million Telstra shares have swapped owners. The causes of this high volume are not quite clear with this one. Telstra is currently trading flat at $3.93 a share after initially rising to $3.97 at one point this morning. So perhaps it’s this bouncing around that has caused this volume. Or else maybe the company’s ongoing share buyback program. It’s not too clear.

Pilbara Minerals Ltd (ASX: PLS)

Our final and most traded ASX 200 share of the day so far goes to lithium stock Pilbara Minerals. Pilbara has had a notable 19.34 million shares trade hands as it currently stands. Again, we seem to have a rising share price to thank for these volumes. The Pilbara share price is currently up a robust 2.38% at $2.80 a share after rising as high as $2.97 in earlier trading. Today’s move means Pilbara is now up close to 10% over the past five trading days alone. No wonder so many shares are changing hands this Wednesday. 

The post Here are the 3 most heavily traded ASX 200 shares on Wednesday appeared first on The Motley Fool Australia.

More reading

• Why BlueScope, Firefinch, Monash IVF, and South32 shares are pushing higher
• Top brokers name 3 ASX shares to buy today
• Macquarie reveals 2 sectors where bargain ASX shares still exist
• ASX 200 midday update: BlueScope and Fortescue rise, Boral tumbles
• Who wants to be a millionaire? If only you’d invested $10,000 in these ASX shares 10 years ago

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited. 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 positions in and has recommended Telstra Corporation 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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There are a lot of ASX tech shares that are struggling right now. Rising interest rates have sucked the momentum out of many businesses that haven’t been able to prove their profitability.

However, this doesn’t mean that all tech shares are unprofitable. In fact, there are a few ASX tech shares that are highly profitable when it comes to their bottom line margins. Yet, despite their wild profitability, all three of the companies below have succumbed to share price pressure this year. Perhaps now is the time to take a closer look.

Here’s a look at the most profitable ASX tech shares in the All Ords.

Profit margin royalty among ASX tech shares

Before we get started, to be clear, we are ranking profitability based on the earnings from continuing operations margin for the last 12 months. In other words, margins are what matters here — not the absolute dollar value of profits. In addition, this is only looking at tech companies inside the All Ordinaries Index (ASX: XAO).

Altium Limited (ASX: ALU)

Getting us underway is printed circuit board design software company, Altium. The famous ‘WAAAX‘ group constituent has recently achieved new heights in terms of revenue, but how does its profitability stack up?

Based on its earnings for the last 12 months, Altium is beating out 16 other profitable ASX tech shares in the All Ords. At the end of December 2021, the company had notched up US$41.53 million in earnings — representing an earnings margin of 20.5%.

Recently, Bell Potter reiterated its buy rating on Altium with a price target of $41.25 per share. The current $28.11 share price reflects a 60.6 times price-to-earnings (P/E) ratio. Interestingly, the multiple is still above average despite Altium shares falling 37% in value so far this year.

TechnologyOne Ltd (ASX: TNE)

Founded 35 years ago, TechnologyOne is an enterprise software company that doesn’t usually get the same level of media coverage as newer ASX tech shares. Yet, this is a business that has achieved new record profitability each financial year going all the way back to FY2012 — 10 years ago.

In FY21, TechnologyOne stayed on its upward profit trend, posting a record $72.7 million in net profits after tax (NPAT) — this represented a 15% increase from the prior year. Meanwhile, the all-important figure in this write-up is the 23.4% earnings margin.

Analysts are forecasting a nearly 16% growth in earnings in FY22. Currently, the company is trading on a 45 P/E. Notably, the TechnologyOne share price is down 20% year-to-date (YTD).

WiseTech Global Ltd (ASX: WTC)

The ASX tech share finding itself in the top spot has profits in spades. Logistics platform provider WiseTech Global also boasts the largest dollar amount of earnings in the last 12 months of those featured in this article.

A combination of strong top-line growth and the implementation of $20.2 million worth of cost reductions helped WiseTech deliver a strong first half of profits for the period ending December 31 2021. Ultimately, this supported the impressive 25.7% earnings margin.

The WiseTech Global share price trades on a P/E multiple of around 94 times. Since the start of the year, shares in the company have fallen by 30%.

The post You won’t find more profitable ASX tech shares than these companies right now appeared first on The Motley Fool Australia.

More reading

• Who wants to be a millionaire? If only you’d invested $10,000 in these ASX shares 10 years ago
• Why are ASX 200 tech shares having such a stellar start to the week?
• Analysts name 2 ASX shares to buy with ~50% upside potential
• Why I would invest $10,000 into these ASX 200 shares right now
• ASX 200 midday update: Block and Xero rebound, gold miners fall

Motley Fool contributor Mitchell Lawler 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 Altium and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.9% to 7,178.4 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are pushing higher:

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is up 1.5% to $18.16. Investors have been buying the steel producer’s shares after it upgraded its earnings guidance. Thanks to strong demand, BlueScope has lifted its underlying EBIT guidance for the second half of FY 2022 to between $1.375 billion to $1.475 billion. This compares to its prior guidance of $1.2 billion to $1.35 billion.

Firefinch Ltd (ASX: FFX)

The Firefinch share price is up 5.5% to 96 cents. This morning the gold and lithium explorer released a positive update on the Morila Gold Mine in Mali. That update reveals that the Government of Mali has agreed to extend the establishment convention for the Morila Gold Mine for three years until 16 May 2025. This allows for the ramp-up of activities and gold production at Morila.

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is up 5% to $1.11. The catalyst for this was news that the fertility treatment company has signed an agreement to acquire PIVET Medical Centre. It is a provider of fertility services in Cairns and Perth. The deal will see Monash IVF pay an initial up-front cash consideration of $9.4 million on a debt free basis.

South32 Ltd (ASX: S32)

The South32 share price is up 5% to $4.69. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has retained its outperform rating and $6.90 price target on the mining giant’s shares. It believes that South32’s positive near term outlook bodes well for share buybacks.

The post Why BlueScope, Firefinch, Monash IVF, and South32 shares are pushing higher appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Top brokers name 3 ASX shares to buy today
• Macquarie reveals 2 sectors where bargain ASX shares still exist
• ASX 200 midday update: BlueScope and Fortescue rise, Boral tumbles
• ‘Strong demand’: Bluescope share price strengthens on guidance upgrade

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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It’s been a rather unusual year for the Wesfarmers Ltd (ASX: WES) share price. Wesfarmers shares have long enjoyed a strong reputation on the ASX. This could possibly be because of its long history as an ASX blue-chip, dividend-paying company. Or perhaps the fact that Wesfarmers is one of the most diversified businesses on the ASX, owning everything from top retailers like OfficeWorks and Bunnings to mining companies and a clothing line.

Whatever the reasons, Wesfarmers is a popular ASX 200 share. and one that rarely drops in value significantly outside major market crashes. Or at least that was true until August last year. That was when Wesfarmers hit its reigning all-time high of $67.20 a share.

But today, Wesfarmers shares are going for just $49.80 each. That’s a good 25% or so below that all-time high we saw last August. The company is also down a hefty 17% in 2022 so far.

So could Wesfarmers shares have further to fall? Or is this a buying opportunity for this ASX 200 blue-chip?

Wesfarmers share price: Is it a buy today?

Well, prominent brokers are mixed in their views on Wesfarmers shares today.

As my Fool colleague James covered on the weekend, broker Goldman Sachs has recently retained a sell rating on Wesfarmers shares. This broker reckons Wesfarmers could be heading to $38.60 over the next 12 months – a potential downside of more than 20%. Goldman reckons Wesfarmers will struggle with its earnings over the next few years, largely as a result of its Kmart brand, as well as lower margins.

However, another broker Morgans disagrees. It recently slapped an add rating on Wesfarmers, with a 12-month price target of $58.50. If that were to be the case, it would mean a 17% upside from where the shares stand today. Morgans described Wesfarmers as possessing “one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks”. It also added that “the company is run by a highly regarded management team and the balance sheet is healthy”.

Morgans sees the recent weakness we have seen in Wesfarmers shares as “a good entry point for longer term investors”.

Only time will tell which ASX broker proves to be the oracle when it comes to Wesfarmers shares.

At the current Wesfarmers share price, this ASX 200 blue-chip has a market capitalisation of $56.44 billion, with a dividend yield of 3.41%.

The post Could the Wesfarmers share price have already bottomed? appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• What’s dragging on the Wesfarmers share price on Monday?
• 2 ASX dividend shares I’d buy with $1,000
• Top brokers name 3 ASX shares to sell next week
• Top ASX dividend shares to buy in May 2022

Motley Fool contributor Sebastian Bowen 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 positions in and has recommended Wesfarmers 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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Shares in BHP Group Ltd (ASX: BHP) are tracking higher in Wednesday’s trade. At the time of writing, the BHP share price rests 3% in the green at $47.06.

The gain today eclipses a 13% gain in BHP shares since trading resumed in January, placing the miner as one of the leading ASX shares this year to date. That well outperforms the S&P/ASX 200 Index (ASX: XJO), which is down 3.6% since the start of 2022.

Now reports have surfaced the mining giant is set to embark on another capital intensive program. News published overnight is that BHP is seeking to develop its interests in the key crop fertiliser, known as potash.

What is potash?

According to Mosaic Crop Nutrition, fertiliser potassium, or potash, stems from “an early production technique where potassium was leached from wood ashes and concentrated by evaporating the leachate in large iron pots (‘pot-ash’).”

Whereas Australian Potash states that potash simply refers to “potassium-bearing minerals or compounds”.

The compound is essential for the successful growth and yield of various essential crops, such as soy, corn and rice.

“Potassium, nitrogen, and phosphorus are the three macro-nutrients vital for plant growth,” Australian Potash goes on to say.

“Potassium helps the ‘blood flow’ of the plant, enabling sugars and waters to move around. It thickens cell walls, protects against drought and helps the plant defend against disease.”

What will the push into potash mean for BHP shares?

According to reports, BHP is seeking to up its stake in key potash assets in Canada. It comes amid a global supply shock of fertiliser from Russia-Ukraine tensions.

The sanctions placed on Russia have hurt global potash supplies. For context, Russia and Belarus account for almost 40% of global supply, per S&P Global.

Now the mining giant is stepping up to the potash plate. BHP is approving a US$5.7 million (AU$8.1 million) investment in the Jansen potash mine in Saskatchewan, the Australian Financial Review (AFR) reports.

BHP CEO Mike Henry spoke at the Bank of America resources conference in Miami. Henry said that if the company were to “bring on all four stages, and at prices just half of where they are today, we’d be generating US$4 billion to US$5 billion of EBITDA per year,” cited by the AFR.

Henry also said the move into potash “will bring greater cash flow and returns resilience”. The company is forecasting an internal rate of return (IRR) of 18% to 20% in stage two of the project with investors realising their initial investment after roughly four years. It will be interesting to see what this will mean for the BHP share price.

In real terms, it’s a lucrative value proposition. So much so, that Henry also predicted BHP’s potash segment could even grow as large as its petroleum division – pushing production of 16 million to 17 million tonnes of output across the project’s four stages.

Compared to its petroleum business, which averages US$3 billion (AU$4.3 billion) across five years, the growth into potash is set to match or even outpace even this large sum, should all go according to plan.

In the last 12 months the BHP share price has held a 7% loss despite rallying more than 13% this year to date.

The post Own BHP shares? Here’s what you need to know about the commodity predicted to be bigger than petroleum for the mining giant appeared first on The Motley Fool Australia.

More reading

• Why is the BHP share price charging 3% higher today?
• Macquarie reveals 2 sectors where bargain ASX shares still exist
• Experts name 2 ASX dividend shares to buy with big fully franked yields
• 2 ASX shares I have supreme confidence in: fund manager
• Is the Telstra share price cheap compared to other ASX 200 shares?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. Bank of America is an advertising partner of The Ascent, a Motley Fool company. 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 no position in any of the stocks mentioned. 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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ASX miners continue to have a stellar run in 2022 with several names eclipsing triple-digit gains since trading resumed in January.

Despite some commodity prices softening lately, the volatility has provided plenty of upside potential for market pundits.

For instance, the lithium carbonate price has cooled in recent weeks and now trades at 457,000 yuan/tonne, its lowest point since February 2022.

According to Trading Economics, “lithium carbonate production in China rose by 2% on the month and 30% on the year during April, while supply is projected to further increase in May”.

Nonetheless, the following three ASX mining shares have spiked more than 10% across Wednesday’s session. Let’s take a look.

Latin Resources Ltd (ASX: LRS)

The Latin Resources share price is up 13% today, extending gains from yesterday’s session when the company told investors it’s secured another “highly prospective tenement” at its Salinas Lithium Project in Brazil.

The move expands the project’s footprint to the east to cover additional strike extensions, as TMF reported yesterday.

Apparently, the tenement is “highly prospective, with known outcropping spodumene bearing pegmatites”.

The company said its addition expands Latin Resources’ strategic land package to over 6,230 hectares in the Salinas lithium corridor.

After this latest rally, the Latin Resources share price has gained 374% this year to date.

Metals Australia Ltd (ASX: MLS)

Shares of Metals Australia have surged another 12% today, continuing an upward trend that began last week.

On Monday, the company advised that it had intersected further thick lithium-bearing pegmatite intersections at the Manindi Project. The site is located 20 km southwest of the Youanmi Gold Mine in the Murchison District of Western Australia.

The company announced:

Infill drilling on 40m sections of the recently discovered, 500m strike length, Foundation Pegmatite has intersected depth extensions of the previously reported thick intersections of lithium bearing pegmatite identified in a 2022 drilling program.

The new intersections include a 12m pegmatite intersection in MNRC069 from 70m to 82m with intervals of purple Li-Rb bearing minerals.

The gain brings Metals Australia’s outsized return to 150% for the year to date.

Strike Resources Ltd (ASX: SRK)

The Strike Resources share price spiked 19% higher during intraday trading to 19 cents, its highest mark since early May.

At the time of writing, Strike shares have settled at 18 cents apiece, 12.5% higher.

Despite no market-sensitive updates from the company today, investors continue bidding up its share price on a volume roughly 40% of its four-week average.

Earlier this month, Strike posted its quarterly update for the three months ending 31 March 2022, providing an overview of its progress to date.

On the same day, it also provided an update on the Paulsens East Iron Ore Project.

The company said, “Mining operations have commenced with Paulsens East Lump DSO currently being stockpiled prior to delivery to Utah Point.”

After a difficult period in 2021, the Strike Resources share price has secured a 63% gain for the year to date.

The post 3 ASX mining shares surging more than 10% today appeared first on The Motley Fool Australia.

More reading

• Latin Resources share price races 9% higher on lithium update
• Why is the Latin Resources share price sliding today?
• Latin Resources share price sinks 10% despite lithium project update

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. 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 no position in any of the stocks mentioned. 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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The BHP Group Ltd (ASX: BHP) share price has been a strong performer on Wednesday.

In afternoon trade, the mining giant’s shares are up 3% to $46.97.

Why is the BHP share price charging higher?

Today’s rise by the BHP share price mirrors the gains made by the Big Australian’s NYSE listed shares overnight.

This may have been driven by positive sentiment in the materials sector and the mining giant’s presentation at Bank of America Securities 2022 Global Metals, Mining & Steel Conference last night.

What happened at the event?

At the event, BHP’s CEO, Mike Henry, spoke positively about the company’s performance in FY 2022 and its outlook.

Commenting on the company’s performance in FY 2022, he said:

Our Western Australian iron ore business remains on track to achieve full year production and unit cost guidance in spite of the state’s first COVID-19 wave. Amid record high prices, our Queensland metallurgical coal business delivered strong underlying performance. In copper, Spence production is increasing and the Olympic Dam smelter is performing strongly as it returns to full production following planned maintenance.

Looking ahead, Mr Henry remains confident that BHP is well-placed amid rising inflation and a potential economic downturn. He said:

Demand-led inflation though is expected to persist for some time which is a positive for commodity demand and pricing. There is obviously growing concern in some quarters of a further economic downturn.

However, BHP is very well positioned in this environment to continue to create value for our shareholders, partners, and the communities in which we operate. We bring together world-class resources; a strong balance sheet; and a differentiated operating capability, underpinned by our technical centres of excellence and our BHP Operating System.

All in all, this appears to have many believing that the recent weakness in the BHP share price could be a buying opportunity.

The post Why is the BHP share price charging 3% higher today? appeared first on The Motley Fool Australia.

More reading

• Macquarie reveals 2 sectors where bargain ASX shares still exist
• Experts name 2 ASX dividend shares to buy with big fully franked yields
• 2 ASX shares I have supreme confidence in: fund manager
• Is the Telstra share price cheap compared to other ASX 200 shares?
• How big is the BHP dividend yield going to be in 2022 and 2023?

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Sayona Mining Ltd (ASX: SYA) share price is charging ahead during mid-Wednesday afternoon despite no news from the company.

At the time of writing, the emerging lithium producer’s shares are up 10% to 29.7 cents.

What’s powering Sayona shares forward?

Following a rebound on the S&P/ASX 200 Index (ASX: XJO) today, investors are bidding up the Sayona share price.

In contrast, the ASX 200 Index is up 0.84% to 7,172.3 points after strong gains were recorded on Wall Street overnight.

Although the last release from the company came in late April, Sayona shares were pounded last week.

Falling to a 6-week low of 22 cents, it appears investors believe the share price was trading at attractive levels.

It’s worth noting that Sayona shares are significantly down their all-time high of 39 cents reached on 19 April.

Looking at its peers, Allkem Ltd (ASX: AKE) is up 2.24% and Liontown Resources Limited (ASX: LTR) is 3.53% higher.

Furthermore, fan favourite Lake Resources N.L. (ASX: LKE) is treading 3.08% above yesterday’s close.

A catalyst as to which Sayona shares are storming much higher could be because of the large discount from where it was trading a few weeks ago.

Sayona share price snapshot

Since this time last year, the Sayona share price has soared by 840% in value.

In 2022, the company’s shares have continued their impressive trajectory, up 130%.

The robust gains have come on the back of renewed optimism in the lithium market in recent times.

Based on valuation grounds, Sayona Mining has a market capitalisation of roughly $1.83 billion.

The post Here’s why the Sayona share price is up 10% today appeared first on The Motley Fool Australia.

More reading

• Lighting up the market: ASX lithium stocks surge again on Tuesday
• Own ASX lithium shares? Here’s a global expert’s outlook on lithium demand (and supply)
• Why are ASX lithium shares off to such a flying start this week?
• Here’s why ASX lithium stocks are rocketing higher today
• Here’s why the Sayona share price outperformed today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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 no position in any of the stocks mentioned. 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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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:

Goodman Group (ASX: GMG)

According to a note out of Citi, its analysts have retained their buy rating and $29.50 price target on this industrial property company’s shares. Citi was pleased with Goodman’s third quarter update and believes that recent weakness has created a good entry point for investors. And even though management has upgraded its earnings per share growth guidance again, the broker feels it could still be conservative. The Goodman share price is trading at $19.08 this afternoon.

Mineral Resources Limited (ASX: MIN)

A note out of Credit Suisse reveals that its analysts have initiated coverage on this mining and mining services company’s shares with an outperform rating and $73.00 price target. Credit Suisse believes that the company’s shares are very attractively priced. Particularly given its lithium exposure and pipeline of projects which are expected to support its growth in the coming years. The Mineral Resources share price is fetching $60.14 today.

South32 Ltd (ASX: S32)

Analysts at Macquarie have retained their outperform rating and $6.90 price target on this mining giant’s shares. This follows the release of a strategy and business update earlier this week. Macquarie is confident in South32’s near term outlook following the update, noting that the company is aiming to grow its production by 20% over the next couple of years. Overall, the broker believes this bodes well for earnings and ultimately share buybacks. The South32 share price is trading at $4.71 on Wednesday.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Macquarie reveals 2 sectors where bargain ASX shares still exist
• 2 ASX shares I have supreme confidence in: fund manager
• Lighting up the market: ASX lithium stocks surge again on Tuesday
• Broker names 3 reasons the South32 share price could be cheap
• ASX 200 midday update: Brambles takeover talks end, resources shares charge higher

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. 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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