Many of Australia’s top brokers have been busy adjusting their financial models and recommendations again. 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:
Orica Ltd (ASX: ORI)
According to a note out of Morgans, its analysts have retained their buy rating on this commercial explosives company’s shares with an improved price target of $25.35. This follows the release of a stronger than expected trading update earlier this week. In addition, the broker was pleased to see that Orica has settled its litigation in the United States and announced an acquisition in the country. Morgans believes that the latter will strengthen its US operations. Outside this, Morgans highlights that the company has leverage to attractive industry fundamentals, market leading positions, solid earnings growth, proven management team, and a strong balance sheet. The Orica share price is trading at $20.02 on Wednesday afternoon.
Perseus Mining Ltd (ASX: PRU)
A note out of Ord Minnett reveals that its analysts have upgraded this gold miner’s shares to a buy rating with an increased price target of $6.80. The broker made the move after Perseus Mining announced the sale of its Meyas Sand gold project in Sudan. Ord Minnett was pleased with the price that the company has received, especially given the difficulties operating in a country experiencing a civil war. Overall, it sees Perseus Mining as one of the best ways to gain exposure to the African gold industry and feels that the sale of the Meyas Sand gold project strengthens the quality of its portfolio. The Perseus Mining share price is fetching $5.19 at the time of writing.
Xero Ltd (ASX: XRO)
Analysts at Citi have retained their buy rating and $144.80 price target on this cloud accounting platform provider’s shares. According to the note, the broker believes that macro trends are positive for Xero. It highlights that business formation is accelerating in both Australia and the United States, while insolvency trends are improving. This combination points to positive demand for its platform according to the broker. Coupled with potential margin expansion from cost efficiencies and AI adoption, Citi believes Xero is well-placed to grow its earnings. The Xero share price is trading at $79.66 on Wednesday.
The post Top 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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Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.