Top brokers name 3 ASX shares to buy next week

With most brokers taking a break over the holiday period, there haven’t been many notes hitting the wires.

But never fear! Summarised below are three recent recommendations that remain very relevant today. Here’s what brokers are saying about these ASX shares:

Allkem Ltd (ASX: AKE)

According to a note out of Citi, its analysts have a buy rating and $17.80 price target on this lithium miner’s shares. While the broker suspects that lithium prices may have peaked amid slowing electric vehicle demand in China, it doesn’t appear too concerned. This is due to Allkem locking in strong contracted prices. Combined with production growth, Citi remains positive on the company’s outlook. The Allkem share price ended the week at $11.91.

Corporate Travel Management Ltd (ASX: CTD)

A note out of Macquarie reveals that its analysts have an outperform rating and $19.95 price target on this corporate travel specialist’s shares. The broker acknowledges that industry data shows that corporate travel activity softened in the United States in November, putting Corporate Travel Management at risk of falling short of first half expectations. However, with its shares down heavily over the last 12 months and trading at an attractive level, the broker appears to believe this is more than priced in. The Corporate Travel Management share price was fetching $15.62 at Friday’s close.

Xero Limited (ASX: XRO)

Analysts at Bell Potter have a buy rating and $97.90 price target on this cloud accounting platform provider’s shares. According to the note, the broker has taken positives from the recent release of the first quarter update from rival Intuit (the owner of Quickbooks). Bell Potter notes that the update revealed softness in the Australian market for QuickBooks, which could bode well for Xero. In addition, it notes that Intuit commented that it believes that digitisation rather than macro remains the key driver for cloud accounting. This is likely to be a positive for Xero in the current economic environment. The Xero share price ended the week at $71.62.

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

• Here are the top 10 ASX 200 shares today
• 3 ASX growth shares to buy with huge upside potential – analysts
• 5 things to watch on the ASX 200 on Friday
• Experts says these ASX 200 mining shares can rocket higher in 2023
• Top ASX shares to buy in January 2023

Motley Fool contributor James Mickleboro has positions in Allkem and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended Corporate Travel Management. 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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