Leading brokers name 3 ASX shares to buy today

With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Baby Bunting Group Ltd (ASX: BBN)

According to a note out of Citi, its analysts have retained their buy rating but cut their price target on this baby products retailer’s shares to $5.62. This follows the release of the company’s full year results, which fell short of expectations. However, the broker was pleased with Baby Bunting’s margin improvement which was driven by its new distribution centre and expansion in the luxury and private labels. Looking ahead, Citi remains positive and is forecasting solid earnings growth through to FY 2025. The Baby Bunting share price is trading at $4.82 today.

Insurance Australia Group Ltd (ASX: IAG)

A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this insurance giant’s shares slightly to $5.50. This follows the release of IAG’s FY 2022 results, which were largely pre-released last month. Macquarie likes the company due to its belief that it could be a good inflation hedge. The broker also feels that its shares are cheap at the current level. The IAG share price is fetching $4.50 on Monday.

ResMed Inc (ASX: RMD)

Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this sleep treatment company’s shares to $36.80. According to the note, the broker was reasonably pleased with ResMed fourth quarter update. And while it has reduced its earnings estimates through to FY 2025 to reflect higher costs, it remains very positive. The broker believes ResMed’s valuation is not demanding in the context of various near and long-dated tailwinds. The ResMed share price is trading at $33.53 this afternoon.

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

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More reading

• The ASX 200 company selling everything it makes due to its major competitor being out of the market: fundie
• 2 quality ASX shares Wilsons just bought
• Resmed share price dips despite profit and dividend boost
• Why Baby Bunting, PointsBet, ResMed, and Suncorp shares are dropping today
• Why 5E Advanced Materials, IAG, Magnis, and Woodside shares are pushing higher

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 Insurance Australia Group Limited and ResMed Inc. The Motley Fool Australia has recommended Baby Bunting. 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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