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 outlined below. Here’s why they are bullish on them:
Gentrack Group Ltd (ASX: GTK)
According to a note out of Bell Potter, its analysts have retained their buy rating on this utilities software company’s shares with a reduced price target of $8.80. This follows the announcement of the bolt-on acquisition of Middle East airport technology and services provider, Dubai Technology Partners (DTP), for US$10 million. Bell Potter is positive on the news and believes that broader trends are supportive of the acquisition. Outside this, it remains upbeat on Gentrack due to the large secular tailwinds in rapidly shifting energy production and consumption trends. It expects these to drive increased complexity within grids, billing platform requirements, and broader digital transformations. The Gentrack share price is trading at $4.85 on Monday.
ResMed Inc. (ASX: RMD)
A note out of Morgans reveals that its analysts have retained their buy rating on this sleep disorder treatment company’s shares with a trimmed price target of $41.72. This follows the release of a third-quarter update which Morgans described as solid. It highlights that the company delivered double-digit revenue and earnings growth, further margin expansion, and strong cash flow generation. The broker also points out investors are seemingly focusing on variability in US device growth while pondering if the Noctrix acquisition is merely a plug to a slowing core. However, it views these concerns as myopic and manageable. As a result, Morgans thinks now could be an opportune time to invest. The ResMed share price is fetching $28.89 at the time of writing.
Xero Ltd (ASX: XRO)
Analysts at Citi have retained their buy rating and $112.65 price target on this cloud accounting platform provider’s shares. According to the note, the broker was pleased to see news that Xero has lifted its prices in Australia. Citi expects this to boost its revenue per user metric in the market. And while it suspects the increase could cause some level of churn, it is supportive of the move and remains bullish on the investment opportunity here. The Xero share price is trading at $82.86 on Monday afternoon.
The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in ResMed and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Gentrack Group, ResMed, and Xero. The Motley Fool Australia has positions in and has recommended Gentrack Group, ResMed, and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.