Last week saw a large number of broker notes hitting the wires once again. Three buy ratings that caught my eye are summarised below.
Here’s why brokers think investors ought to buy them next week:
Afterpay Ltd (ASX: APT)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $115.00 price target on this payments company’s shares. This follows the release of a first quarter update which came in ahead of the broker’s expectations. Morgan Stanley notes that this was driven by its ANZ business, which offset slightly softer than expected US customer growth. Though, the latter should be boosted by new merchant additions in the second quarter. I agree with the broker on Afterpay and believe it would be a great long term option.
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted the price target on this banking giant’s shares to $20.00. According to the note, ANZ’s full year result came in ahead of its expectations after adjusting for its large notable items. This was driven by a better than expected performance from its markets business. Outside this, the broker likes ANZ for its credit quality outlook and dividend prospects. I think Macquarie is spot on and ANZ could be a good option for investors.
Coles Group Ltd (ASX: COL)
Analysts at Credit Suisse have retained their outperform rating and lifted the price target on this supermarket operator’s shares to $21.04. According to the note, the broker expects Coles to deliver a robust half year result following its positive start to FY 2021 and the prospect of a strong holiday season. The latter is expected to be underpinned by consumers holding more celebrations at home this year. I agree with Credit Suisse and would be a buyer of Coles’ shares.
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Returns as of 6th October 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and COLESGROUP DEF SET. 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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