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:

Allkem Ltd (ASX: AKE)

According to a note out of Macquarie, its analysts have retained their outperform rating on this lithium miner’s shares with an improved price target of $21.00. Macquarie has lifted its earnings estimates for Allkem in response to stronger lithium price forecasts. This is being supported by growing demand for the electric vehicle battery ingredient. The Allkem share price was trading at $16.18 on Friday.

Jumbo Interactive Ltd (ASX: JIN)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this online lottery ticket seller’s shares with a trimmed price target of $15.20. Although Jumbo’s first quarter update was softer than Goldman was expecting, it remains positive. This is due to the company’s long term growth story through the SaaS business and its ability to improve market share within the growing digital lottery business. The Jumbo share price was fetching $14.30 at Friday’s close.

Suncorp Group Ltd (ASX: SUN)

Analysts at Credit Suisse have retained their outperform rating and $13.90 price target on this insurance giant’s shares. According to the note, the broker was pleased with Suncorp’s quarterly update and particularly its stronger than expected mortgage loan growth. Overall, it feels that this update supports its bullish view on the company. The Suncorp share price ended the week at $12.19.

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

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• Analysts say these ASX growth shares are buys
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• 3 ASX 200 lithium shares smashing all-time highs on Friday

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive 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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