Morgans names 3 more of the best ASX shares to buy in August

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer

Analysts at Morgans have been busy picking out what they believe are the best ASX shares to buy in August. You can read about the first three here.

Three more that have made the broker’s best ideas list are named below. Here’s why the broker is bullish on them:

Macquarie Group Ltd (ASX: MQG)

The first ASX share to look at is this investment bank. Morgans is a fan of the company due to its exposure to a number of long term structural growth areas. In addition, it feels that its trading businesses are well-placed to profit in the current volatile markets. It explained:

We continue to like MQG’s exposure to long-term structural growth areas such as infrastructure and renewables. The company also stands to benefit from recent market volatility through its trading businesses, while the company continues to gain market share in Australian mortgages.

Morgans has an add rating and $215.00 price target on Macquarie’s shares.

QBE Insurance Group Ltd (ASX: QBE)

The broker is also very positive on this insurance giant. Its analysts believe QBE could be an ASX share to buy thanks to its attractive valuation and positive outlook. The latter is being driven by rising rates and cost reductions. Morgans commented:

With strong rate increases still flowing through QBE’s insurance book, and further cost-out benefits to come, we expect QBE’s earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on ~9.1x FY23F PE.

The broker has an add rating and $14.76 price target on QBE’s shares.

ResMed Inc (ASX: RMD)

A final ASX share that makes the broker’s best ideas list is ResMed. Morgans believes that the medical device company is well-placed for growth over the long term thanks to its digital business. It explained:

While we believe the next few quarters will likely be volatile, as COVID-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.

Morgans has an add rating and $37.95 price target on ResMed’s shares.

The post Morgans names 3 more of the best ASX shares to buy in August appeared first on The Motley Fool Australia.

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More reading

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 ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed 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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