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:

Elders Ltd (ASX: ELD)

According to a note out of Macquarie, its analysts have retained their outperform rating and $14.35 price target on this agribusiness company’s shares. Macquarie was pleased to see Elders maintain its double-digit earnings growth target. And while it sees some risks due to wet weather, it remains positive due to its attractive valuation. The Elders share price ended the week at $10.22.

Life360 Inc (ASX: 360)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $7.60 price target on this location technology company’s shares. Goldman believes that Life360 had a solid Thanksgiving holiday season, which it feels eases any risk to its FY 2022 guidance. Outside this, the broker notes that the company’s subscription business trades at a discount to global subscription app peers when adjusting for its superior growth outlook. As a result, it sees scope for a re-rating as Life360 demonstrates pricing leverage, improving unit economics, and progresses to cash flow breakeven in FY 2023. The Life360 share price was fetching $5.63 at Friday’s close.

Pilbara Minerals Ltd (ASX: PLS)

Analysts at Morgans have upgraded this lithium miner’s shares to an add rating with a $4.70 price target. According to the note, the broker believes the selloff last week was an over-reaction and created a buying opportunity for investors. While Pilbara Minerals reported a reduction in BMX auction lithium prices month on month, Morgans isn’t concerned. Its analysts suspect that lithium inventories will need to be rebuilt early next year, which will be supportive of prices. The Pilbara Minerals share price ended the week at $4.10.

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

• Would you be rich if you’d invested in these ASX shares 10 years ago?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Brokers name 3 ASX shares to buy today
• Make or break: the one metric I’ll be watching for Pilbara Minerals shares next year
• Pilbara Minerals share price selloff ‘a significant over-reaction’: broker

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has recommended Elders. 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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