Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Hereâs why brokers think investors ought to buy them next week:
Lovisa Holdings Ltd (ASX: LOV)
According to a note out of UBS, its analysts have upgraded this fashion jewellery retailerâs shares to a buy rating with an increased price target of $29.00. UBS was impressed with Lovisaâs trading update and points out that it is outperforming its peers. The broker also highlights that the companyâs global expansion continues to gather pace with several new markets about to be entered. Combined, the broker has lifted its earnings estimates and valuation accordingly. The Lovisa share price was fetching $23.50 at Fridayâs close.
QBE Insurance Group Ltd (ASX: QBE)
A note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this insurance giantâs shares to $15.40. The broker wasnât overly surprised with QBEâs recent trading update. And while it sees a modest risk in QBEâs upcoming reinsurance renewal, it doesnât appear overly concerned given the supportive premium rate environment and the exit running yield of 3.7% on fixed income investments. All in all, while the broker has reduced its earnings estimates for FY 2022, higher yields has led to an increase in earnings beyond this. The QBE share price ended the week at $13.02.
Qantas Airways Limited (ASX: QAN)
Another note out of UBS reveals that its analysts have retained their buy rating and lifted their price target on this airline operatorâs shares to $7.60. This follows the release of a trading update last week which revealed a stronger than expected profit and lower net debt for the first half of FY 2023. UBS was pleased with the update and expects the strong form to continue into FY 2024. The Qantas share price was fetching $6.06 on Friday.
The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia.
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More reading
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- Own Qantas shares? Guess what the airline is being accused of now
- 3 ASX 200 shares on the coveted Goldman Sachs conviction list
- Why is the Qantas share price having such a top run this week?
- 5 of the craziest things making news on the ASX this week
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 Lovisa Holdings Ltd. The Motley Fool Australia has recommended Lovisa Holdings Ltd. 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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