Many of Australia’s top brokers have been busy adjusting their financial models and recommendations. This has led to a number of broker notes being released this week.
Three ASX shares that brokers have named as buys this week are listed below. Here’s why their analysts are feeling bullish on them right now:
ANZ Group Holdings Ltd (ASX: ANZ)
According to a note out of Citi, its analysts have retained their buy rating on this banking giant’s shares with a trimmed price target of $39.25. Citi has been looking into the potential impact of proposed housing tax changes. The broker suspects that the changes could slow credit growth and has adjusted its estimates to reflect this. The good news is that Citi believes mortgage growth will moderate more than business lending growth, which leaves ANZ, with its strong business franchise, better positioned to handle the slowdown. As a result, the broker has named ANZ as its preferred major bank at present. The ANZ share price is trading at $34.46 on Wednesday afternoon.
Life360 Inc. (ASX: 360)
Another note out of Citi reveals that its analysts have retained their buy rating on this location technology company’s shares with a trimmed price target of $28.25. Citi highlights that app data suggests that Life360 had a strong month in the United States in May. In addition, international markets showed stronger momentum. And while it is only one month of the year, the broker suspects this strength could lead to Life360 outperforming subscription revenue expectations. The Life360 share price is trading at $22.30 on Wednesday.
Minerals 260 Ltd (ASX: MI6)
A note out of Bell Potter reveals that its analysts have retained their speculative buy rating and $1.35 price target on this gold developer’s shares. The broker highlights that Minerals 260 has released more positive drilling results from the Bullabulling Gold Project. Bell Potter points out that the results continue to confirm the continuity and grade of mineralisation at Bullabulling. They also demonstrate that key deposits remain open at depth and along strike. And with high-grade hits below the existing pit-shells and along the more recently identified footwall shear zones, Bell Potter believes there are strong high-grade targets emerging. Outside this, the broker notes that Minerals 260 has a very strong balance sheet and enough cash to fund it through to a final investment decision in early 2027. The Minerals 260 share price is fetching 76 cents at the time of writing.
The post Top brokers name 3 ASX shares to buy now 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 Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.