If you’re looking for some new additions to your portfolio in March, then you may want to check out the shares listed below.
These ASX shares have recently been upgraded to buy ratings by the team at Morgans. Here’s what the broker is saying about them:
Cochlear Limited (ASX: COH)
Morgans is positive on this hearings solutions specialist and upgraded its shares to an add rating with a $233.20 price target last week.
Its analysts were impressed with Cochlear’s half year results, which came in ahead of expectations thanks to strong sales growth and expanding margins. Looking ahead, the broker believes the company’s earnings profile is improving, potentially making it a good time to invest.
Morgans explained: “While we continue to believe a full recovery from COVID-based disruptions still has time to play out, improving demand and strong pipeline, coupled with management’s increasing confidence, is all suggestive of an improving earnings profile.”
Super Retail Group Ltd (ASX: SUL)
This retail conglomerate could be in the buy zone according to Morgans. Last week the broker upgraded its shares to an add rating with a $13.80 price target.
The broker notes that its shares have been sold off following its results and feels this has created a buying opportunity for investors.
Morgans commented: “Adjusting for the timing of Boxing Day, SUL’s 1H22 EBIT was 3% above our forecast. Sales were considerably better than expected, with BCF, Supercheap Auto and rebel all delivering double-digit LFLs on a two-year stack. There are no major changes to our full year EBIT estimates. We upgrade our rating from HOLD to ADD as today’s share price decline has put the stock on an FY23F P/E of 12.3x and EV/EBIT of 10.3x, which we see as too low for the quality of the business.”
The post Morgans just upgraded these ASX shares to buys appeared first on The Motley Fool Australia.
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More reading
- These were the best performing ASX 200 shares last week
- Top brokers name 3 ASX shares to buy today
- ‘Clear leader in a defensive industry’: Cochlear (ASX:COH) share price jumps on broker upgrade
- Morgans names 2 ASX 200 dividend shares to buy right now
- Here are the top 10 ASX shares today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cochlear Ltd. and Super Retail Group Limited. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. 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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