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:
Macquarie Group Ltd (ASX: MQG)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $148.00 price target on this investment bank’s shares. This follows the announcement of the acquisition of Waddell & Reed’s asset manager business for $2.3 billion. While the broker doesn’t seem 100% convinced by the acquisition in respect to strategy, it does see it as compelling financially. It is expected to be upwards of 3.5% earnings accretive in FY 2022 pre-synergies. The Macquarie share price ended the week at $141.82.
Metcash Limited (ASX: MTS)
A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted the price target on this wholesale distributor’s shares to $3.77. The broker believes Metcash has a very positive outlook which is being underappreciated by the market. It notes that reinvestments in the independent food retail sector have been made and traditionally generate a sizeable uplift in sales. It also believes the outlook for its hardware business has improved greatly in the last few months. The Metcash share price last traded at $3.22.
MyDeal.ComAu Pty Ltd (ASX: MYD)
Analysts at Morgans have retained their add rating and $1.70 price target on this ecommerce company’s shares. According to the note, the broker was pleased with its recent update, which saw its gross transaction value almost triple in November. It also notes that it is making stronger than expected progress with its private label offering. As a result, it suspects MyDeal could outperform its forecasts in FY 2021. The MyDeal share price closed the week at $1.26.
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More reading
- 5 things to watch on the ASX 200 next week
- The Nuix (ASX:NXL) share price zoomed 69% higher following its IPO
- Goldman says buy the Metcash (ASX:MTS) share price ahead of next week’s results
- ASX 200 rises on Thursday
- MyDeal (ASX:MYD) share price falls despite record November sales
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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