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 ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
City Chic Collective Ltd (ASX: CCX)
According to a note out of Citi, its analysts have retained their buy rating and $4.00 price target on this plus sized retailer’s shares. This follows the recent release of the results of one of its main rivals in the United States, Torrid. The broker believes this update points to City Chic’s US operations outperforming its rival. Though, it does note that Torrid will be increasing its marketing spend, which could increase competition. Nevertheless, it remains positive on the company and continues to forecast solid profit growth in the coming years. The City Chic share price is trading at $3.41 today.
South32 Ltd (ASX: S32)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $7.00 price target on this mining giant’s shares. Macquarie highlights that South32 is generating significant free cash flow. The broker expects this to continue and is forecasting huge free cash flow yields in the near term, which it expects to underpin big returns to shareholders. The South32 share price is fetching $4.94 on Monday.
Westpac Banking Corp (ASX: WBC)
Another note out of Citi reveals that its analysts have retained their buy rating and $27.00 price target on this banking giant’s shares. Citi has been looking at the banking sector, which has been booming despite global peers tumbling this year. And while its suspects that the recent sector outperformance may be hard to sustain given how revenue growth is difficult to find right now, it still sees a lot of value in the Westpac share price. In fact, Australia’s oldest bank remains its top pick among the majors. The Westpac share price is trading at $23.58 today.
The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor James Mickleboro owns Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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