Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
Crown Resorts Ltd (ASX: CWN)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating but reduced the price target on this casino and resorts operator’s shares to $10.50. The broker believes the market is too negative on Crown and should look beyond the short term headwinds it is facing. Especially given the upcoming opening of its Sydney casino, which it expects to win market share from its rivals. I think Morgan Stanley makes some great points and Crown could be worth considering as a long term investment.
CSL Limited (ASX: CSL)
Analysts at UBS have retained their buy rating and $346.00 price target on this biotherapeutics company’s shares. Although trading conditions are tricky for CSL because of the pandemic and its impact on plasma collections, it notes that the company has opportunities elsewhere in the business to offset this. Particularly given increasing demand for flu vaccines following the outbreak of COVID-19. I agree with UBS and believe recent weakness in the CSL share price is a buying opportunity for investors.
Fortescue Metals Group Limited (ASX: FMG)
A note out of Ord Minnett reveals that its analysts have upgraded this iron ore producer’s shares to a buy rating with an increased price target of $20.00. This follows an upgrade to its iron ore price forecasts after factoring in stronger than expected Chinese steel production. In light of this and its expectations that iron ore demand will remain strong in the near term, the broker is forecasting very generous dividends for the foreseeable future. I think Ord Minnet is spot on and Fortescue would be a top option for income investors.
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More reading
- Why the Qantas (ASX:QAN) share price is sinking lower today
- Top ASX shares to buy this week
- Here’s why some ASX dividend shares just go nowhere
- Half of ASX 200 stocks at risk as China-Australia relations hit new low
- 3 ASX 200 shares to buy with $3,000 this week
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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