Many of Australiaâs top brokers have been busy adjusting their financial models again, leading to the release of a number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Hereâs why they are bullish on them:
CSL Limited (ASX: CSL)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $339.00 price target on this biotherapeutics companyâs shares. This follows the release of a quarterly update from one of CSLâs rivals, which revealed a sharp reduction in plasma collection costs. Morgan Stanley hasnât factored this into its model, but highlights that if CSL were to experience the same type of reduction, its earnings would be well ahead of estimates in FY 2024. The CSL share price is trading at $300.84 this morning.
Rural Funds Group (ASX: RFF)
A note out of Bell Potter reveals that its analysts have retained their buy rating and $2.65 price target on this agricultural property companyâs shares. Bell Potter highlights that the companyâs shares have been crushed over the last 18 months. This has left them trading at a 31% to their net asset value. It points out that this implies a downward correction in property values comparable to that seen in US agricultural land values in 1932-33 and 1985-87. The broker sees this as highly unlikely. The Rural Funds share price is fetching $1.94 today.
Westpac Banking Corp (ASX: WBC)
Analysts at Goldman Sachs have retained their buy rating on this banking giantâs shares with a trimmed price target of $24.67. The broker was pleased with Westpac’s net interest margin management during the first half of FY 2023, noting that its exit margin was stable compared to the deteriorating margins of peers. And while Westpac has walked away from its cost target, Goldman still expects a broadly flat cost trajectory over the next two years. It expects this to see Westpac outperform peers in this relatively difficult inflationary environment. The Westpac share price is trading at $21.66 on Wednesday.
The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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More reading
- Hoping to bag the boosted Westpac dividend? You’ll need to buy shares today
- What are brokers saying about the CSL share price in May?
- The Westpac share price could offer a 20% return: Goldman Sachs
- 5 things to watch on the ASX 200 on Tuesday
- Why Lynas, Piedmont Lithium, Westpac, and Woodside shares are rising
Motley Fool contributor James Mickleboro has positions in CSL and Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has positions in and has recommended Rural Funds Group. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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