Brokers name 3 ASX shares to buy today

It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Bapcor Ltd (ASX: BAP)

According to a note out of Citi, its analysts have retained their buy rating and $8.03 price target on this auto parts retailer’s shares. The broker continues to rate Bapcor as its top pick in the sector and expects the company to continue to benefit from the lack of supply of new vehicles for longer than previously thought. The Bapcor share price is trading at $6.40 on Friday afternoon.

Megaport Ltd (ASX: MP1)

A note out of Macquarie reveals that its analysts have retained their outperform rating but cut their price target on this network as a service provider’s shares to $16.00. While Macquarie has trimmed its price target to reflect rising rates, it remains very positive and sees major upside potential for its shares. In addition, it suspects that the market is being too conservative with revenue estimates ahead of its quarterly update this month. The Megaport share price is fetching $6.80 today.

Pilbara Minerals Ltd (ASX: PLS)

Another note out of Macquarie reveals that its analysts have their outperform rating and $4.20 price target on this lithium miner’s shares. This follows the release of the results from the company’s latest BMX lithium auction. Macquarie was impressed with the price that the company commanded and notes that it is materially higher than its estimates for FY 2023. The Pilbara Minerals share price is trading at $2.38 this afternoon.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Data#3, Netwealth, New Hope, and Pilbara Minerals shares are pushing higher
• The best and worst ASX All Ords mining shares of FY22
• Pilbara Minerals share price drops on latest BMX lithium auction update
• 3 ASX lithium shares that flew in FY22, and 1 that sank

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. has positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended Bapcor and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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