It has been another busy week for many of 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 right now:
Aristocrat Leisure Limited (ASX: ALL)
According to a note out of Citi, its analysts have retained their buy rating on this gaming technology company’s shares with an improved price target of $59.00. The broker has been looking into industry data and believes that Aristocrat’s key RAID mobile game has returned to bookings growth after a subdued period. And while it suspects that its Social Casino bookings could be down slightly year on year, it expects this to still be significantly better than the broader market. In light of this and its positive outlook, the broker remains bullish and sees value in its shares at current levels. The Aristocrat share price is trading at $52.44 on Friday.
CAR Group Limited (ASX: CAR)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this auto listings company’s shares and lifted their price target on them to $41.40. The broker has been looking at CAR Group’s near-term earnings outlook ahead of its FY 2024 results. The good news is that Goldman remains confident that despite foreign exchange and Trader Interactive dealer headwinds, the carsales.com.au operator is well-placed to continue delivering >10% per annum earnings growth for the foreseeable future. As a result, the broker thinks that CAR Group’s shares are undervalued at current levels and remain its preferred classified stock heading into earnings season. The CAR Group share price is trading at $34.61 at the time of writing.
Nextdc Ltd (ASX: NXT)
Analysts at Macquarie have retained their outperform rating and $20.00 price target on this data centre operator’s shares. According to the note, Macquarie is feeling very positive about NextDC’s outlook. It highlights that the artificial intelligence boom and migration to the cloud will continue to drive increased demand for data centre capacity over the medium term. This is particularly the case given the need for space in centres for ChatGPT type platforms and cloud GPU services. All in all, Macquarie believes the future is bright for this data centre leader and thinks it could be a top pick for investors. The NextDC share price is fetching $18.23 today.
The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.
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More reading
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Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Nextdc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Car Group. 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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