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:
Costa Group Holdings Ltd (ASX: CGC)
According to a note out of Citi, its analysts have retained their buy rating and $3.75 price target on this horticulture company’s shares. The broker has been looking at wholesale pricing trends for last month and found them to be favourable for Costa. It notes that mushrooms and avocado prices were particularly strong in October. The Costa share price last traded at $3.56. This means this price target implies potential upside of over 5% excluding dividends.
ResMed Inc. (ASX: RMD)
A note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this sleep treatment-focused medical device company’s shares to $30.99. This follows the release of a stronger than expected first quarter update last week. This was driven by strong sales growth and margin expansion thanks partly to increased demand for ventilators due to COVID-19. In light of this strong performance, Morgans has increased its earnings estimates and price target accordingly. Based on the current ResMed share price, this price target implies potential upside of almost 11%.
Westpac Banking Corp (ASX: WBC)
Analysts at Credit Suisse have retained their outperform rating and $20.60 price target on this banking giant’s shares. The broker was pleased with its in-line full year result. It also believes it has eased fears over its credit quality, which was weighing heavily on investor sentiment. And while it acknowledges that its outlook remains challenging, it is positive on the investment opportunity here. This price target would mean upside of over 16% excluding dividends for the Westpac share price.
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Returns as of 6th October 2020
More reading
- ASX 200 finished 2% higher on Tuesday
- Why the ResMed (ASX:RMD) share price smashed the market in October
- Rising jobs and house loans place these ASX shares in focus
- Big brokers upgrade Resmed (ASX:RMD) share price target
- Here’s how much Westpac’s (ASX:WBC) new dividend is worth
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended ResMed Inc. 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.
The post Leading brokers name 3 ASX shares to buy today appeared first on Motley Fool Australia.
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