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:

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

According to a note out Citi, its analysts have retained their buy rating and $29.00 price target on this banking giant’s shares. Citi is feeling positive about the banking sector thanks to rising rates and the unprecedented levels of excess liquidity. Its analysts are expecting this to underpin strong returns and drive a meaningful increase in net interest margins. The ANZ share price ended the week at $23.55.

Charter Hall Group (ASX: CHC)

A note out of Goldman Sachs reveals that its analysts have initiated coverage on this property company with a buy rating and $16.50 price target. The broker made the move largely on valuation grounds. It highlights that Charter Hall trades at 11x EBITDA compared to its five-year average of 15x EBITDA. The broker also notes that its shares are trading at a sizeable discount to both the ASX 200 and ASX 200 REITs index and sees scope for that to change. The Charter Hall share price was fetching $12.32 at Friday’s close.

Mineral Resources Limited (ASX: MIN)

Analysts at UBS have retained their buy rating and $83.00 price target on this mining and mining services company’s shares. According to the note, UBS has been busy looking at what could happen if Mineral Resources decided to demerge its lithium operations and list them on Wall Street. The broker suspects that the business could command a 6x FY 2024 EBITDA multiple, which it estimates would give it a valuation of A$17 billion. This is notably more than the company’s entire market capitalisation of A$13 billion, which includes more than just its lithium operations. The Mineral Resources share price ended the week at $66.39.

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

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More reading

• Top broker values Mineral Resources rumoured lithium spin-off at $17 billion
• Brokers name 3 ASX shares to buy today
• Why has the ANZ share price been outperforming the ASX 200 this week?
• Here are the top 10 ASX 200 shares today
• Which ASX 200 bank share will win the great tech battle?

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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