Top brokers name 3 ASX shares to buy next week

Woman in celebratory fist move looking at phone

Woman in celebratory fist move looking at phone

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 retained their add rating on this lithium miner’s shares with a trimmed price target of $14.70. Morgans was reasonably pleased with Allkem’s quarterly update, noting that its Olaroz production came in ahead of expectations. And while lithium prices are expected to fall meaningfully in the coming quarter, it notes that prices are still well ahead of its long term expectations. The Allkem share price ended the week at $11.75.

Santos Ltd (ASX: STO)

A note out of Macquarie reveals that its analysts have retained their outperform rating on this energy producer’s shares with an improved price target of $9.95. Macquarie was pleased with the company’s performance during the last quarter. This has reinforced its view that the company’s shares are undervalued at the current level. The Santos share price was fetching $7.16 at Friday’s close.

Xero Limited (ASX: XRO)

Analysts at Goldman Sachs have retained their conviction buy rating on this cloud accounting platform provider’s shares with a slightly boosted price target of $126.00. Goldman has been looking into app data and believes that Xero is performing at least in line with expectations. In light of this, it remains positive and continues to believe that its shares are trading at a level that makes for an attractive entry point into a compelling global growth story. The Xero share price ended the week at $91.87.

The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia.

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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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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