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:
A2 Milk Company Ltd (ASX: A2M)
According to a note out of Morgans, its analysts have retained their add rating but slashed the price target on this infant formula company’s shares to $12.20. The broker notes that the company has reduced its guidance due to weaker than expected trading in the daigou channel. And while Morgans has reduced its earnings forecasts by almost a third for the next three years, it still believes its shares are good value at the current level. Especially given its strong performance on mainland China. The a2 Milk share price is trading at $10.22 this afternoon.
ELMO Software Ltd (ASX: ELO)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and lifted the price target on this cloud-based HR and payroll platform provider’s shares to $9.70. This follows the announcement of its acquisition of Webexpenses last week. Its analysts believe there are meaningful cross selling opportunities from the deal. And given its current share price, the broker feels the risk/reward on offer with its shares is compelling. The ELMO share price is fetching $6.60 on Monday.
Nufarm Ltd (ASX: NUF)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $4.80 price target on this agricultural chemicals company’s shares. It was pleased with the company’s improved performance during October and November. And while it isn’t getting overly carried away and notes that its key trading periods are still to come, it is certainly a positive. Especially given how it is experiencing growth in all segments. The Nufarm share price is trading at $4.29 today.
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More reading
- ASX 200 down 0.4%: NIB jumps, a2 Milk rebounds, WiseTech sinks lower
- Is the a2 Milk (ASX:A2M) share price in the buy zone after last week’s 22% decline?
- These are the 10 most shorted shares on the ASX
- ASX 200 Weekly Wrap: ASX hits new post-March high
- Synlait Milk (ASX:SM1) share price on watch after earnings halve due to a2 Milk (ASX:A2M) update
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 and recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia has recommended Elmo Software. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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