Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading to the release of a number of broker notes.
Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
Nick Scali Limited (ASX: NCK)
According to a note out of Citi, its analysts have retained their buy rating and lifted the price target on this furniture retailer’s shares to $12.05. This follows the release of Nick Scali’s half year results earlier this week. The retailer reported a half year net profit of $40.5 million, up 89.9% on the prior corresponding period. Citi was pleased with the result and expects the company to benefit from a favourable redirection of spending for the rest of the year. The Nick Scali share price is trading at $10.86 today.
Wesfarmers Ltd (ASX: WES)
A note out of the Macquarie equities desk reveals that its analysts have upgraded this conglomerate’s shares to an outperform rating with an improved price target of $60.00. According to the note, the broker believes Wesfarmers will benefit from strong consumer spending this year. It also suspects that low interest rates could give the housing market a big boost and support businesses like Bunnings, Target, and Kmart. The Wesfarmers share price is fetching $55.81 this afternoon.
Westpac Banking Corp (ASX: WBC)
Analysts at Morgans have retained their add rating and lifted the price target on this banking giant’s shares to $25.50. According to the note, the broker believes that credit impairment charges could surprise positively during earnings season. Especially given recent APRA data in relation to COVID-19 loan deferrals. Westpac is Morgans top pick in the sector and notes that its shares offer strong potential returns. It is expecting the bank to pay a $1.24 per share fully franked dividend in FY 2021. The Westpac share price is trading at $22.14 on Friday afternoon.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- Why the Wesfarmers (ASX:WES) share price has soared 24% in a year
- CBA (ASX:CBA) share price rises as bank cuts savings rate
- Westpac (ASX:WBC) share price to close gap with CBA (ASX:CBA) says Morgans
- 2 ASX dividend shares with very attractive yields
- ASX 200 falls 0.9%, Nick Scali reports, Vulcan jumps
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Brokers name 3 ASX shares to buy right now appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3aB3xz5
Leave a Reply