Top brokers name 3 ASX shares to buy next week

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:

Mineral Resources Limited (ASX: MIN)

According to a note out of Citi, its analysts have retained their buy rating and lifted their price target on this mining and mining services company’s shares to $76.00. The broker has become even more bullish on the company due to its belief that lithium prices will be higher for longer. This has led to Citi upgrading its earnings estimate materially for the coming years. And with Mineral Resources expected to provide an update on its lithium operations with its results next week, the broker suspects that consensus earnings estimates may need to be bumped higher. The Mineral Resources share price ended the week at $60.90.

Redbubble Ltd (ASX: RBL)

A note out of Morgans reveals that its analysts have retained their add rating but cut their price target on this ecommerce company’s shares to $1.65. The broker notes that Redbubble’s shares were sold off after its full year results following concerns about elevated operating expenses. While this is disappointing and the broker has adjusted its forecasts and valuation to accordingly, it still sees plenty of value in its shares at the current level. The Redbubble share price was fetching 93 cents at Friday’s close.

Treasury Wine Estates Ltd (ASX: TWE)

Analysts at Macquarie have upgraded this wine giant’s shares to an outperform rating with an improved price target of $15.00. This follows the release of a solid full year result for FY 2022 that was ahead of expectations. Macquarie was impressed with the success of Treasury Wine’s premiumisation of its portfolio and its transition away from China. This has led to the broker lifting its earnings estimates. It is now forecasting solid growth in the coming years. The Treasury Wine share price ended the week at $13.42.

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

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• ASX reporting season weekly wrap: Winners and losers
• Treasury Wine share price celebrates Friday with a more than two-year high
• Could these devastated ASX shares make a roaring comeback?
• Here are the top 10 ASX 200 shares today
• Why CSL, IPH, Renascor, and Treasury Wine 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 REDBUBBLE FPO. The Motley Fool Australia has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/Jj8hI0G