It has been a busy week for Australiaâs top brokers after the holiday period. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Hereâs why brokers think these ASX shares are in the buy zone:
Allkem Ltd (ASX: AKE)
According to a note out of Goldman Sachs, its analysts have reiterated their buy rating and $15.20 price target on this lithium minerâs shares. Although the broker continues to expect lithium prices to fall materially in 2024, it remains positive on Allkem. This is due to its production growth plans, which the broker believes will support its earnings in the coming years despite falling prices. Allkem is the brokerâs top pick in the lithium industry. The Allkem share price is trading at $12.48 this afternoon.
Argosy Minerals Limited (ASX: AGY)
A note out of Macquarie reveals that its analysts have initiated coverage on this lithium developerâs shares with an outperform rating and 85 cents price target. The broker highlights that Argosy Mineralsâ operation in Argentina is due to commence commercial production in the first half of the year, which positions it to be profitable in FY 2023. The broker also sees scope for its production to grow meaningfully in the coming years. The Argosy Minerals share price is fetching 66.7 cents today.
Goodman Group (ASX: GMG)
Analysts at Citi have retained their buy rating but trimmed their price target on this industrial property companyâs shares to $21.10. According to the note, after a difficult year for REITs in 2022, the broker is cautiously optimistic that 2023 will be better. In light of this, it is positive on Goodman, particularly given its best-in-class balance sheet and potential for upside to its guidance. The Goodman share price is trading at $18.60 on Friday afternoon.
The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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More reading
- 3 ASX lithium shares forecasting maiden production in 2023
- Broker says Allkem share price can rise 20% even if lithium prices fall
- 5 things to watch on the ASX 200 on Friday
- Which ASX lithium shares are producing and which are not in 2023?
- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor James Mickleboro has positions in Allkem. 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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