Brokers name 3 ASX shares to buy now

It has been another busy week for Australia’s top brokers. This has led to the release of a number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

BHP Group Ltd (ASX: BHP)

According to a note out of Goldman Sachs, its analysts have retained their buy rating on this mining giant’s shares with a lowered price target of $49.40. This follows the release of a slightly weaker than expected second quarter update. While not overly impressed with the quarter, the broker has seen enough to remain positive. It also continues to forecast an attractive 5% dividend yield in FY 2024. The BHP share price is trading at $46.04 on Friday.

Suncorp Group Ltd (ASX: SUN)

A note out of Citi reveals that its analysts have retained their buy rating on this insurance giant’s shares with an improved price target of $15.55. Citi is feeling confident ahead of the release of Suncorp’s results next month. It expects strong premium increases to be a big boost to its profits. Citi also suspects that Suncorp will have ended the period with some catastrophe allowance to spare. The Suncorp share price is fetching $14.15 this morning.

Treasury Wine Estates Ltd (ASX: TWE)

Analysts at Morgan Stanley have retained their overweight rating on this wine giant’s shares with a trimmed price target of $13.75. The broker has updated its financial model to reflect the acquisition of the DAOU luxury wine brand. While the broker has increased its earnings estimates, its valuation takes a small hit due to integration risks. The Treasury Wine share price is trading at $10.47 today.

The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.

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More reading

• Are BHP shares a buy following the miner’s Q2 update?
• 5 things to watch on the ASX 200 on Friday
• BHP shares tumble after missing expectations in second quarter
• 5 things to watch on the ASX 200 on Thursday
• Brokers say these high-yield ASX dividend shares are buys

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has recommended Treasury Wine Estates. 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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