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:
Life360 Inc (ASX: 360)
According to a note out of Goldman Sachs, its analysts have initiated coverage on this location technology company’s shares with a buy rating and $7.50 price target. Goldman notes that Life360 is exposed to an estimated US$12 billion global total addressable market. In addition, the broker believes that Life360 is reaching a volume/pricing inflection point, with potential structural profitability tailwinds on the horizon. The Life360 share price is trading at $5.00 today.
New Hope Corporation Limited (ASX: NHC)
A note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this coal miner’s shares to $7.20. The broker is positive on the company due to higher-than-expected coal prices. It also sees the potential Acland approval (AWL) as an under-recognised catalyst, capable of adding +70 cents per share to market valuations. The New Hope share price is fetching $6.60 on Tuesday.
Xero Limited (ASX: XRO)
Analysts at Citi have retained their buy rating and $106.80 price target on this cloud accounting platform provider’s shares. This follows the investor day event of rival Intuit. Citi highlights that the Quickbooks owner is growing subs quicker than Xero in the US. However, Xero is outperforming outside the US and particularly in the UK. Overall, it hasn’t seen anything to change its view that Xero is well-placed for strong growth. The Xero share price is trading at $73.78 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
- Should you really be buying ASX shares in this market?
- Experts name 2 ASX growth shares to buy before the market rebounds
- These were the 5 best-performing ASX All Ords shares in September
- These were the best performers on the ASX 200 in September
- Top ASX shares to buy in October 2022
Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. and Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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