It has been another busy week for Australiaâs 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. Hereâs why brokers think these ASX shares are in the buy zone:
Allkem Ltd (ASX: AKE)
According to a note out of Morgans, its analysts have retained their add rating and lifted their price target on this lithium minerâs shares to $16.72. The broker was pleased with Allkemâs fourth quarter update and believes more of the same is coming in FY 2023 thanks to strong lithium prices and production from Naraha and Stage 2 of Olaroz. The Allkem share price is trading at $10.27 on Friday afternoon.
Liontown Resources Limited (ASX: LTR)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $1.85 price target on this lithium developerâs shares. This follows the appointment of Lycopodium Limited (ASX: LYL) to complete the engineering, procurement, construction management (EPCM) and commissioning services for the Kathleen Valley Lithium Project. Macquarie notes that this is an important step to ensuring that things remain on schedule. It expects production to commence in 2024. The Liontown share price is fetching $1.21 this afternoon.
Megaport Ltd (ASX: MP1)
Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this elasticity connectivity providerâs shares to $9.60. This follows a quarterly update which revealed stronger than expected growth and a maiden EBITDA profit. Goldman believes the latter de-risks funding concerns, which should be supportive of its valuation. Looking ahead, the broker now expects 30%+ revenue each year through to and including FY 2025. The Megaport share price is trading at $8.73 on Friday.
The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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More reading
- Do these 2 All Ords ASX shares offer a hefty upside?
- Is the Allkem share price dirt cheap? Broker tips 70% upside for investors
- Here are the top 10 ASX shares today
- Why Kelsian, Link, Liontown, and Zip shares are racing higher
- Liontown share price jumps 7% on ‘significant milestone’
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in 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 Scott Phillips.
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