Best buy for 2023: Expert’s pick for the one ASX share to grab right now

Believe it or not, most professional investors are wary of revealing their highest conviction ASX share in public.

There are some good reasons why this is so.

It could be because they want to keep it as a secret sauce for their fund. Or because they don’t want to be embarrassed later if the stock tanks.

So when an expert singles out one particular company as the best stock to own this year, you have to admire his or her courage.

And that’s exactly what we saw with Shaw and Partners senior investment advisor Adam Dawes this week:

Global copper shortage is imminent

Dawes, appearing on Switzer TV Investing, was asked for his “best stock for 2023”.

And in a show of consistency, it was the same stock he was bullish about in December.

“Any real exposure to copper is probably the best thing on our market now that OZ Minerals Limited (ASX: OZL) will leave to go to BHP Group Ltd (ASX: BHP),” he said.

“We think Sandfire Resources Ltd (ASX: SFR) is one of the best stocks that you could put in the portfolio for 2023.”

Dawes conceded the Sandfire share price has already rallied in recent weeks due to the coming global copper shortage.

In fact, the stock has rocketed 26.5% since the start of December.

“But I still think there’s room to move with Sandfire,” said Dawes.

“They’ve got a mine in Botswana, they’ve got a mine in Spain. I think Sandfire is naturally going to attract a lot of the capital that was going to Oz Minerals.”

The structural growth themes for copper demand remain irresistible to Dawes.

“Staying with battery metals, staying with that green theme, and a little bit further down the supply chain. SFR is my best pick for 2023.”

Plenty of other professionals are also excited about Sandfire’s future.

According to CMC Markets, seven out of 13 analysts recommend the stock as a strong buy. However, three of the others do think it’s a strong sell.

Maqro Capital head of trading Mark Gardner this week also named Sandfire Resources as one of three ASX shares he would target to cash in on the copper shortage.

The post Best buy for 2023: Expert’s pick for the one ASX share to grab right now appeared first on The Motley Fool Australia.

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More reading

• Why Bega Cheese, IAG, Northern Star, and Sandfire shares are dropping
• Here are the top 10 ASX 200 shares today
• Investing in ASX 200 copper shares? Here’s the outlook for the red metal in 2023
• ‘Exploration breakthrough’: What’s going on with this ASX 200 copper share today?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. 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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