With so many shares to choose from on the Australian share market, it can be difficult to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Deep Yellow Ltd (ASX: DYL)
According to a note out of Morgans, its analysts have retained their speculative buy rating on this uranium company’s shares with an improved price target of $2.56. The broker has been busy updating its outlook and forecasts for Deep Yellow to reflect a series of changes at the corporate, project, and macro level. It notes that key revisions include adjustments to first production timing at Tumas, its cash position, and an uplift in its bull-case uranium price assumption. This has ultimately led to a sizeable upgrade to its valuation. The Deep Yellow share price is trading at $2.38 on Monday afternoon.
Nick Scali Limited (ASX: NCK)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this furniture retailer’s shares with a reduced price target of $25.00. The broker notes that Nick Scali’s half-year profit was comfortably ahead of expectations. It notes that this was driven by strong gross margins and operating leverage, which was well assisted by revenue growth of 13%. One negative was that its written sales orders in the ANZ market were only up 3.1% on the prior corresponding period. This was a slower start than it was expecting. Nevertheless, it remains positive. Bell Potter highlights that it continues to favour category outperformers such as Nick Scali and sees lower risk on margins in manoeuvring revenue growth vs other retailers in its coverage. The Nick Scali share price is fetching $18.26 at the time of writing.
Northern Star Resources Ltd (ASX: NST)
Another note out of Bell Potter reveals that its analysts have retained their buy rating on this gold miner’s shares with an improved price target of $35.00. This follows the release of a half-year update that was largely in line with expectations. While the broker concedes that there is uncertainty relating to how quickly the business can rectify remaining disruptions, it believes it is worth sticking with the miner. This is especially the case given its belief that Northern Star will hit a cashflow inflection point in FY 2028. At that point, it sees potential for capital returns or buybacks should KCGM reach capacity ahead of cash outlays for the Hemi operation. The Northern Star share price is trading at $28.85 this afternoon.
The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor James Mickleboro 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 recommended Nick Scali. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.