With so many shares to choose from on the ASX, it can be hard 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 shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Bravura Solutions Ltd (ASX: BVS)
According to a note out of Goldman Sachs, its analysts have retained their buy rating but trimmed the price target on this financial technology company’s shares to $4.80. The broker believes the recent pullback in the Bravura share price has created a buying opportunity for investors. Especially given its high degree of recurring revenues, which accounted for 77% of total revenue in FY 2020. It also feels its valuation is undemanding and that there is limited downside for its share price. I agree with Goldman and would be a buyer of its shares.
CSL Limited (ASX: CSL)
Analysts at Citi have upgraded this biotherapeutics company’s shares to a buy rating with an improved price target of $325.00. Although the broker acknowledges that plasma collections will be under pressure in the near term, it notes that demand for immunoglobulins remains strong and expects its current level of growth to be sustained for a number of years to come. I think Citi is spot on with CSL and it would be a great long term option for investors at the current level.
Rio Tinto Limited (ASX: RIO)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and $114.00 price target on this mining giant’s shares. This follows the exit of a number of executives in response to the Juukan destruction. The broker expects these exits to help the company regain trust with stakeholders. Outside this, Macquarie notes that iron ore prices remain strong and Rio Tinto stands to benefit greatly from this. I would have to agree with this recommendation too. I think Rio Tinto is a great pick in the resources sector.
These 3 stocks could be the next big movers in 2020
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More reading
- Why Althea, BrainChip, Rio Tinto, & Starpharma shares are pushing higher
- Rio Tinto could pull a shock move to end crisis
- ESG investing after the Rio (ASX:RIO) resignations
- Is another stock market crash coming?
- Smash low interest rates with these ASX dividend shares
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 owns shares of and has recommended Bravura Solutions Ltd. 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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