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 Morgans, its analysts have upgraded this lithium miner’s shares to an add rating with an improved price target of $15.70. The broker highlights that concerns over lithium demand in China weighed heavily on lithium shares last week. This is despite spot prices remaining largely unchanged. The broker sees this as a buying opportunity and suspects its shares could rebound strongly if spot prices remain steady into the new year. The Allkem share price ended the week at $14.00.

Aristocrat Leisure Limited (ASX: ALL)

Another note out of Morgans reveals that its analysts have retained their buy rating and $43.00 price target on this gaming technology company’s shares. Morgans notes that Aristocrat’s shares tumbled into the red last week following the release of its FY 2022 results. The broker believes this has also created a buying opportunity. Particularly given its belief that Aristocrat will deliver NPATA growth of 14.7% in FY 2023 and 7.9% in FY 2024. The Aristocrat share price was fetching $36.20 at Friday’s close.

Breville Group Ltd (ASX: BRG)

Analysts at Goldman Sachs have retained their buy rating on this appliance manufacturer’s shares with a trimmed price target of $23.40. According to the note, Breville’s first half performance so far has been a touch softer than it was expecting. However, thanks partly to its strong position in the at-home coffee market, the broker continues to forecast double digit earnings growth through to FY 2025. The Breville share price ended the week at $20.31.

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

• Brokers name 3 ASX shares to buy today
• IGO shares dip as investors hear of ‘a pipeline of growth opportunities’ at AGM
• 3 ASX 200 shares that announced supersized dividends this week
• ASX lithium shareholders rejoice! Expert tips lithium price to hit $100K
• Allkem share price up on broker upgrade: Analyst says it’s too soon ‘to underweight the sector’

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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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